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Important Note: The results provided below reflect the audited consolidated results of PT Harum Energy Tbk. (“the Company”) for the 6-months period ending 30 June 2026 (“1H 2026”), which include the results of PT Mahakam Sumber Jaya (“MSJ”), PT Layar Lintas Jaya (“LLJ”), PT Santan Batubara (“SB”), PT Karya Usaha Pertiwi (“KUP”), PT Bumi Karunia Pertiwi (“BKP”), PT Harum Nickel Perkasa (“HNP”), PT Nickel Cobalt Asia(“NCA” formerly PT Tanito Harum Nickel), Nickel International Capital Pte., Ltd. (“NICAP”), PT Harum Nickel Industry (“HNI”), PT Infei Metal Industry (“IMI”), PT Position (“POS”), PT Westrong Metal Industry (“WMI”), and PT Blue Sparking Energy (“BSE”). The report below is prepared by the management and unaudited.
Nickel continues to drive operational growth, with 1H 2026 sales volume rising 69% YoY to 56,371 tonnes. ASP increased 32% YoY to USD 15,958/tonne, supported by stronger nickel prices and the increasing contribution from MHP sales. The significant increase in volume reflects the successful rampup of BSE, reinforcing nickel as the Company's key earnings driver. For 1H 2026, nickel accounted for approximately 97% of revenue.
Coal performance remained subdued, as anticipated, with sales volume declining 92% YoY. Following the delayed government approvals earlier this year, production is progressing according to the planned back-end-loaded schedule, with a meaningful ramp-up expected in 2H 2026 to the 3MT production target.
Revenue surged 67% YoY to USD 1.079 billion in 1H 2026, driven primarily by higher nickel sales volumes with the commencement of commercial MHP sales, and stronger ASP. The strong topline growth reflects the successful ramp-up of downstream nickel operations, with nickel continuing to offset the declining contribution from coal and reinforcing the Company's transformation into a nickel-led business.
EBITDA increased 140% YoY to USD 264.5 million, with the EBITDA margin expanding to 24% from 17% in 1H 2025. The improvement was driven by higher nickel sales volumes, stronger pricing, larger contribution from higher-margin MHP sales and increasing benefits from vertical integration.
Consolidated Net Profit surged 229% YoY to USD 129.3 million or 3.3x from 1H 2025. The strong growth reflects improved performance from the nickel business and the absence of prior period pressures.
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