PT Medco Energi Internasional (MEDC) Q1 2026 earnings summary

Executive summary

• Q1 2026 production reached 169 mboepd, up 18% year-over-year, with oil & gas, power, and mining segments all contributing to growth.

• Net income surged 282% year-over-year to USD 67.4 million, mainly due to contributions from Amman Mineral and higher oil prices.

• EBITDA rose to USD 351 million, reflecting a 5.7% year-over-year increase, driven by higher revenues and disciplined cost management.

• Amman Mineral Internasional contributed USD 34 million in net income in Q1 2026.

• Power sales increased, supported by renewable capacity expansion and successful project completions.

Financial highlights

• Revenue grew 19.2% year-over-year to USD 668 million, with oil & gas revenue up 21% and power revenue down 2% despite higher sales volume.

• Gross profit remained stable at USD 232 million, with a margin of 34.7%.

• Operating cash flow increased 29.7% year-over-year to USD 273 million.

• Consolidated gross debt reduced by USD 126 million from FY 2025, with RG net debt/EBITDA improving to 1.7x.

• Cash and cash equivalents stood at USD 598 million, reflecting ongoing debt management.

Outlook and guidance

• 2026 production guidance maintained at 165–170 mboepd for oil & gas and 4,550 GWh for power.

• Capex guidance for 2026 set at USD 400–430 million for oil & gas and USD 15 million for power.

• Cash cost expected to remain below USD 10 per boe.

• Continued focus on portfolio enhancements, project ramp-ups, and further debt reduction.