Revenue Growth, Higher Selling Prices and Expanding Export Markets Strengthen the Company’s Financial Performance.
ICN News – PTBA Delivers Strong Financial Turnaround in 9M 2026
PT Bukit Asam (Persero) Tbk (PTBA), one of Indonesia’s leading state-owned coal mining companies and a member of the MIND ID Group, recorded a significant improvement in financial performance during the first nine months of 2026.
As of September 30, 2026, the company posted a net profit attributable to owners of the parent entity of IDR 4.41 trillion, surging 216.4% compared with IDR 1.39 trillion in the corresponding period of 2025. Revenue also increased by 12.4% to IDR 35.20 trillion, from IDR 31.33 trillion a year earlier.
The substantial improvement in profitability was primarily supported by stronger average selling prices (ASP), improved coal prices in the global market, and disciplined cost management.
PTBA’s EBITDA reached IDR 7.19 trillion, more than double the IDR 3.56 trillion recorded in the same period last year. The company also achieved a net profit margin of 13% and an EBITDA margin of 20%.
Revenue Growth Supported by Higher Coal Prices
PTBA’s revenue growth was largely driven by an 18% year-on-year increase in its average selling price. The strengthening of global coal prices was reflected in the Newcastle and ICI-3 indices, which rose by 25% and 26%, respectively.
The higher selling prices successfully offset a 4% decline in sales volume during the reporting period.
In terms of market composition, domestic sales accounted for approximately 52% of total sales, while exports contributed the remaining 48%.
PTBA’s five largest export destinations were Bangladesh, Vietnam, India, Cambodia, and Thailand. Export sales reached 15.61 million tonnes, up from 14.88 million tonnes in the same period of 2025.
Operational Performance
During January–September 2026, PTBA recorded coal production of 34.41 million tonnes, compared with 35.90 million tonnes in the corresponding period last year.
Total coal sales reached 32.23 million tonnes, while coal transportation volume stood at 27.08 million tonnes.
The company nevertheless demonstrated a stronger operational recovery in the third quarter of 2026. On a quarter-on-quarter basis, production increased by 17%, while sales volume rose by 2%. The average selling price also improved by 7% compared with the previous quarter.
The company’s operational performance is summarized below:
Operational Indicators| 9M 2026
Coal Production| 34.41 million tonnes
Coal Sales| 32.23 million tonnes
Domestic Sales| 16.62 million tonnes
Export Sales| 15.61 million tonnes
Coal Transportation| 27.08 million tonnes
Stripping Ratio| 5.59x
Cost Efficiency Supports Profitability
Despite a 36% annual increase in fuel prices, PTBA managed to maintain relatively stable production costs.
The company’s cost of revenue amounted to IDR 27.94 trillion, increasing by only around 1% year-on-year. This was supported by a reduction in the stripping ratio from 5.98x to 5.59x, alongside lower production and transportation volumes.
Meanwhile, operating profit rose substantially to IDR 5.11 trillion, compared with IDR 1.60 trillion in the first nine months of 2025.
Finance costs also declined to IDR 136.52 billion, from IDR 247.93 billion in the corresponding period last year.
President Director Highlights Operational Discipline and Growth Strategy
President Director of PT Bukit Asam, Bambang Ismawan, emphasized that the company’s achievement reflected its ability to navigate industry dynamics and operational challenges throughout 2026.
In his statement on October 29, 2026, he said:
“Amid the evolving dynamics of the coal industry and operational challenges throughout 2026, PTBA successfully delivered solid financial performance growth in the first nine months of the year. This achievement was driven by a continued recovery in production during the third quarter, optimization of our sales mix to capitalize on stronger coal prices, and disciplined cost and operational management.”
He further emphasized the company’s commitment to improving efficiency across its business value chain, optimizing domestic and export market opportunities, and accelerating logistics infrastructure development to support sustainable business growth and long-term value creation.
Strengthening Logistics Infrastructure and Future Business Development
Looking ahead, PTBA has established its 2026 operational targets as follows:
FY2026 Targets| Volume
Coal Production| 49.55 million tonnes
Coal Sales| 49.51 million tonnes
Coal Transportation| 41.00 million tonnes
Stripping Ratio| 5.63x
Capital Expenditure| IDR 3.64 trillion
One of the company’s strategic priorities is the development of the Tanjung Enim–Kramasan logistics project, which is expected to strengthen coal transportation capacity and improve supply-chain efficiency.
As of September 30, 2026, PTBA’s total assets reached IDR 51.55 trillion, up 17% from IDR 43.92 trillion at the end of 2025. Total equity increased to IDR 27.24 trillion, while cash and cash equivalents stood at IDR 4.89 trillion.
The company also recorded net cash generated from operating activities of IDR 4.44 trillion, representing a 9% increase year-on-year.
Moving Towards a Sustainable Energy Business
Beyond its core coal mining operations, PTBA continues to pursue business diversification through energy-related investments and coal downstream development.
Corporate Secretary Division Head Eko Prayitno stated that the company would continue strengthening its business fundamentals through operational efficiency, supply-chain optimization, and the acceleration of strategic projects.
He also highlighted the importance of developing energy businesses and coal downstream initiatives as part of PTBA’s transformation into a sustainable energy company.
These initiatives are expected to enhance the company’s competitiveness and generate long-term value for shareholders and other stakeholders.
A Stronger Financial Foundation for Future Growth
PT Bukit Asam’s performance in the first nine months of 2026 demonstrates how stronger coal selling prices, disciplined cost management, and operational improvements can significantly enhance profitability, even amid lower production and sales volumes.
The 216.4% increase in net profit, combined with higher export volumes and improved operating margins, reflects the company’s ability to capitalize on favorable market conditions.
Going forward, the successful execution of its logistics infrastructure projects, operational efficiency initiatives, and business diversification strategy will be important factors in determining PTBA’s long-term growth prospects.
For a major Indonesian coal producer with an established domestic market and expanding export presence, these developments represent an important step towards strengthening its position in the national and international coal industry.
Source: PT Bukit Asam (Persero) Tbk, 9M2026 Earnings Release, October 29, 2026.
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