ANTM - 9M25 above

ANTM - 9M25 above Aneka Tambang (ANTM) reported 3Q25 revenue of IDR13.0 tn (-60.4% qoq, -35.0% yoy) and net profit of IDR1.28 tn (-50.2% qoq, +96.4% yoy), bringing 9M25 earnings to IDR5.98 tn (+171.4% yoy, 81% of consensus). Despite normalization after record 2Q gold sales, margins remained solid with GPM at 21.1% and EBITDA margin at 15.4%, supported by higher alumina and bauxite contribution. Gold sales reached 34,164 kg (+20% yoy), nickel ore 11.23 mn wmt (+97% yoy), and ferronickel 8.18 k TNi, while bauxite sales surged +1,033% yoy to 1.10 mn wmt. (Source : Company, KBVS Research)