ANTM’s revenue expanded 66.7% YoY to IDR 71.03 trillion in 9M25. This growth was supported by a 64.3% YoY increase in gold sales to IDR 58.67 trillion, a 171.9% YoY improvement in nickel ore sales to IDR 9.53 trillion, and a 22.5% YoY increase in alumina sales to IDR 1.37 trillion in 9M25.

ANTM delivered strong profitability through 9M25. The company’s gross profit increased 167.7% YoY to IDR 10.98 trillion in 9M25, lifting its GPM to 15.2% from 9.5% in 9M24.

ANTM maintains its gold sales target in the range of 30–40 tons for 2026. ANTM’s gold sales still increased 19.6% YoY to 34.2 tons in 9M25. To support its 2026 sales target, ANTM is ensuring a smooth supply flow from Freeport following the operational incident.

ANTM continues to strengthen nickel downstream development in Indonesia. Nickel ore production increased 71.9% YoY to 12.55 million wmt in 9M25, enabling the company to expand processing into higher-value products such as NPI and MHP.

To ensure stable alumina production, ANTM continues to secure sufficient bauxite supply. ANTM’s bauxite production increased 262.9% YoY to 2.31 million tons in 9M25.

By PHINTRACO SEKURITAS | Research
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