PT United Tractors (UNTR) Q1 2026 earnings summary

Executive summary

• Net revenue for Q1 2026 was Rp28.6 trillion, down 17% year-over-year, mainly due to no gold sales and lower construction machinery and mining contracting segments.

• Net profit attributable to owners was Rp643 billion, an 80% decrease year-over-year, with adjusted net profit (excluding non-recurring charges) at Rp1.8 trillion, down 44%.

• Non-recurring charges of Rp1.2 trillion included payments related to forest area utilization and impairment on geothermal investment.

Financial highlights

• Net revenue: Rp28.6 trillion (Q1 2026), down from Rp34.3 trillion (Q1 2025).

• Net profit: Rp643 billion (Q1 2026), down from Rp3.2 trillion (Q1 2025).

• Adjusted net profit: Rp1.8 trillion (Q1 2026), down from Rp3.2 trillion (Q1 2025).

• Earnings per share: Rp181 (Q1 2026), down from Rp878 (Q1 2025).

• Net gearing ratio: 5% as of March 2026, compared to a net cash position at December 2025.

Outlook and guidance

• Lower national coal production quota (RKAB) for 2026 is expected to continue impacting mining contracting and construction machinery demand.

• Gold mining operations resumed in March 2026 after regulatory approval, but gold sales remain low.