Top 30 Indonesian Metal Public Companies - Q3 2025 Revenue & Performance

1) Overall companies' performance (Q3 2025 snapshot)
PT Aneka Tambang Tbk (ANTM) - Q3 profit ~Rp 5.97 T / ≈ USD 357 m
Bayan Resources Tbk (BYAN) - Q3 profit ~Rp 8.71 T / ≈ USD 523 m
Adaro Energy Tbk / Alamtri Resources (ADRO) - Q3 profit ~Rp 5.03 T / ≈ USD 301 m
Indo Tambangraya Megah Tbk (ITMG)
PT Bukit Asam Tbk (PTBA) - Q3 profit ~Rp 1.39 T / ≈ USD 83 m
Vale Indonesia Tbk (INCO) - Q3 profit ~USD 27.2 m (reported) / revenue ~USD 278.6 m
PT Timah Tbk (TINS) Q3 profit data noted (smaller net)
Harum Energy Tbk (HRUM) Q3 profit reported
Merdeka Copper Gold Tbk (MDKA) 9M revenue ~USD 1.3 bn
Amman Mineral Internasional Tbk (AMMN) reported significant quarterly loss
Golden Energy & Resources / GEMS major coal & miner with published Q3 profit
Bumi Resources Tbk (BUMI) mining group with reported profit
PT Merdeka Gold Resources / EMAS recently listed precious metals miner
Borneo Olah Sarana Sukses (BOSS) mining/metal services entity
Baramulti Suksessarana (BSSR) coal/miner name in sector lists
Indika Energy Tbk (INDY) diversified energy & coal/mining support
Mitrabara Adiperdana Tbk (MBAP) mining & logistics group
Sumber Mineral Global smaller listed miner mention
J Resources / PSAB gold miner & IDX-listed entity
Wilton (SQMI) nickel / metal producer
Bumi Resources Minerals (BRMS) - minerals segment of Bumi - reported profit sample
Transcoal Pacific Tbk - coal & related mining
Petrosea Tbk - mining & infrastructure services
Elnusa Tbk - oil & mining services
TBS Energi Utama Tbk - energy & mining exposure
Trimegah Bangun Persada (nickel interests via Harita Group) nickel miner referenced
Merdeka Battery Materials (MBMA) battery & metals material unit
PT Timah Smelting or related TINS subsidiaries
IDX Mining Index Small Caps various smaller metals & mining tickers routinely included in sector lists
Other junior metal miners & resources stocks additional emerging names on the IDX metals/mining screener
2) Revenue results of major public companies in Indonesia summarized (per company)
1. PT Aneka Tambang Tbk (ANTM)
Q3 2025 Net Profit: ~Rp 5.97 trillion ≈ USD $357.7m. Antam reported strong profitability driven by gains in gold and nickel product segments and higher downstream margins, delivering solid volume increases versus prior quarters.
2. Bayan Resources (BYAN)
Q3 2025 Profit: ~Rp 8.71 trillion ≈ USD $521.8m. One of the largest mining profits in Indonesia in Q3, helped by volume consistency and contract pricing.
3. Adaro Energy (ADRO)
Q3 2025 Profit: ~Rp 5.03 trillion ≈ USD $301.3m. Continued cash-generating performance despite pricing pressure on coal benchmarks.
4. Indo Tambangraya Megah (ITMG)
Q3 2025 Net Profit: ~Rp 2.18 trillion ≈ USD $130.6m. Mid-cap performance reflected dampened coal prices but stable operational execution.
5. PT Bukit Asam Tbk (PTBA)
Q3 2025 Profit: ~Rp 1.39 trillion ≈ USD $83.3m. Volume growth offset by weaker realized pricing yields.
6. Vale Indonesia (INCO)
Q3 2025 Profit: ~Rp 874.8 billion ≈ USD $52.4m. Nickel concentrate operations delivered modest profit growth due to efficiencies and stable product cycles.
7. PT Timah (TINS)
Q3 2025 Profit: ~Rp 602.4 billion ≈ USD $36.1m. Tin price and product mix effects weighed on margins; still profitable.
8. Harum Energy (HRUM)
Q3 2025 Profit: ~Rp 622.3 billion ≈ USD $37.3m. Operating cash flows remained positive amid tighter margins.
9. Merdeka Copper Gold (MDKA)
FY9M/Revenue: USD $1,298m. Merdeka's metal portfolio drove scale, though revenue was down ~22% YoY due to weaker nickel.
10. Amman Mineral Internasional (AMMN)|
Q3 2025 Net Loss: ~Rp -2.98 trillion ≈ USD -$178.5m. Large quarterly loss largely tied to smelter export constraints and operational blockages.
3) Key trends & insights from Q3 2025
Commodity Pricing & Margins:
Across Indonesian metal producers, Q3 earnings outcomes underscored the impact of slower pricing for key metals like nickel and tin, with relatively modest profit for concentrate-focused firms. Some companies saw strong earnings due to diversification into higher-value segments like gold (e.g., ANTM), while others struggled due to smelter operational issues (e.g., AMMN).
Downstream & Processing Focus:
Downstream processing gains such as refined nickel and gold products contributed to better margins at mid-tier producers. The sectors shift toward value-added metal products rather than primary ore exports was a notable theme.
Smelter & Export Permits:
Operational bottlenecks, such as export permit complications and smelter shutdowns, particularly affected AMMNs earnings for Q3 2025, reversing previous profitability.
Market Valuation:
The Indonesian metals & mining index showed elevated Earnings multiples relative to recent history, reflecting investor confidence in longer-term commodity demand and earnings growth prospects.
4) Outlook for Q4 2025 and beyond
Demand Prospects:
Global metal demand particularly for nickel, copper, and gold will shape the outlook. Continued growth in EV batteries and renewables could support sustained demand for nickel and copper, though shifts in technology (e.g., LFP batteries reducing nickel dependency) could moderate long-term copper and nickel pricing upside.
Policy Influence:
Indonesia's export policies and local processing requirements remain key variables. Potential production adjustments (e.g., reduced nickel output to stabilize prices) could tighten supply and ultimately improve realized prices for Indonesian miners.
Operational Expansion:
Major producers like Merdeka and Antam are expected to continue investing in downstream processing and HPAL-type facilities, which could yield improved earnings in the medium term.
5) Conclusion
Indonesia's metal and mining sector during Q3 2025 delivered mixed financial outcomes, with several top miners and metal producers reporting solid profits (e.g., Antam, Bayan) while others faced operational challenges or modest earnings (e.g., Timah, Amman). The overall industry continued to show growth in market valuation and investor confidence, even amid softening pricing for base metals.
Looking ahead, policy shifts, commodity demand trends, and downstream processing expansion will be pivotal for shaping industry performance in Q4 2025 and into 2026. While the near-term earnings environment remains cyclical, fundamentals suggest that Indonesia's position as a key global metals supplier particularly for nickel, copper, and gold will support long-term value creation.

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