REG - Jardine Matheson Hdg - PT Astra 2026 First Quarter Financial Statements

Jardine Matheson HoldingsAnnouncement

29/04/2026 12:30

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RNS Number : 4356C  Jardine Matheson Hldgs Ltd  29 April 2026

 

 
 
            29 April 2026

PT Astra International Tbk
2026 First Quarter Financial Statements

The following announcement was issued today by the Company's 85.9%-owned
subsidiary, Jardine Cycle & Carriage Limited, which holds 50.1% of PT
Astra International Tbk.

For further information, please contact:

Jardine Matheson

Harry Thompson
 
(852) 2843 5343

Astra
Boy Kelana
Soebroto
(65) 21 5084 3888

29th April 2026

PT ASTRA INTERNATIONAL TBK (the "Company" or "Astra")
2026 FIRST QUARTER FINANCIAL STATEMENTS

Highlights

●      Earnings per share decreased by 15% to Rp146. Excluding
non-recurring charges, it decreased by 7% to Rp170

●      Overall performance impacted by minimal contribution from gold
mining, lower volumes in heavy equipment and mining services, as well as
several non-recurring charges

●      Improved performance in other businesses

●      Announced third tranche of Rp2.0 trillion share buyback program

"In the first quarter of 2026, the Group's earnings declined primarily due to
lower contribution from its Heavy Equipment, Mining, Construction and Energy
division. Nevertheless, the other businesses delivered improved performance,
partially offsetting the decline.

In line with the commitment to strengthen shareholder returns, Astra continued
to execute share buyback programs during the quarter. Since November 2025,
Astra has completed a total buyback of Rp2.7 trillion. United Tractors has
also continued its share buyback programs during the quarter. Since it started
the programs in November 2025, the total buyback amounted to Rp3.0 trillion.

Looking ahead, market conditions are expected to remain challenging amid
geopolitical tensions. We will continue to navigate near term challenges with
prudence and discipline, while staying focused on creating value for all
stakeholders."

Rudy

President Director

Astra group ("the Group") Results

                                                           For the period ended 31st March
                                                           2026                   2025                      Change

Rp bn
Rp bn
%
 Net revenue                                               78,668                 83,361                    (6)
 Net income*                                               5,850                  6,932                     (16)
 Less:                                                     (964)                  (462)                     N/A

Non-recurring charges**
 Net income excluding non-recurring charges**              6,814                  7,394                     (8)
                                                           Rp                     Rp
 Net earnings per share*                                   146                    171                       (15)
 Net earnings per share excluding non-recurring charges**  170                    183                       (7)
                                                           As at 31st March 2026  As at 31st December 2025  Change

Rp bn
Rp bn
%
 Shareholders' funds                                       232,765                228,906                   2
                                                           Rp                     Rp
 Net asset value per share                                 5,810                  5,692                     2

* Profit attributable to owners of the parent

** Non-recurring charges and fair value adjustments in equity investments

 

The financial results for the three months ended 31st March 2026 and 2025, as
well as the financial position as at 31st March 2026 are unaudited and have
been prepared in accordance with Indonesian Financial Accounting Standards.

PRESIDENT DIRECTOR'S STATEMENT

Performance
The Group's consolidated net revenue for the first quarter of 2026 was Rp78.7
trillion, 6% lower than last year. The Group's net income was Rp5.9 trillion,
16% lower than last year. The decline was primarily driven by lower
contribution from the Group's Heavy Equipment, Mining, Construction and Energy
division, due to minimal contribution from gold mining, as well as lower
volumes in heavy equipment and mining services businesses. In addition, during
the period, the Group recorded several non-recurring charges and fair value
adjustments in equity investments. Excluding these items, the Group's net
income declined by 8% to Rp6.8 trillion.

The net asset value per share at 31st March 2026 increased by 2% to Rp5,810.

Net debt at 31st March 2026, excluding the Group's Financial Services
subsidiaries, was Rp1.8 trillion, compared to net cash of Rp7.2 trillion at
31st December 2025, mainly due to the acquisition of Arafura Surya Alam, a
gold mining company, and share buyback. Net debt of the Group's Financial
Services subsidiaries was Rp66.0 trillion at 31st March 2026, up from Rp64.9
trillion at 31st December 2025.

Business Activities
The Group's net income by division in the first quarter of 2026, compared with
the same period last year, is set out in the table below:

 

                                                     Net Income by Division
                                                                         For
                                                                         the
                                                                         per
                                                                         iod
                                                                         end
                                                                         ed
                                                                         31s
                                                                         t
                                                                         Mar
                                                                         ch
                                                     2026      2025      Change
                                                     Rp bn     Rp bn
%
 Automotive & Mobility                               2,366     2,271     4
 Financial Services                                  2,267     2,142     6
 Heavy Equipment, Mining, Construction & Energy      408       1,955     (79)
 Agribusiness                                        298       221       35
 Infrastructure                                      343       260       32
 Information Technology                              53        36        47
 Property                                            115       47        145
 Net Income*                                         5,850     6,932     (16)
 Less:                                               (964)     (462)     N/A

Non-recurring charges**
 Net Income excluding non-recurring charges**        6,814     7,394     (8)

* Profit attributable to owners of the parent

**Non-recurring charges and fair value adjustments in equity investments

 

Automotive & Mobility
Net income from the Group's Automotive & Mobility division increased by 4%
to Rp2.4 trillion, from Rp2.3 trillion in the same period last year, supported
by improved performance from the mobility and components businesses, despite
lower car sales. During the period, the division recorded a fair value loss on
equity investments of Rp241 billion in relation to Goto, compared to Rp456
billion in the same period last year. Excluding the fair value loss, the
division's net income in the first quarter of 2026 was Rp2.6 trillion, 4%
lower compared to the first quarter of 2025, which was Rp2.7 trillion.

●      The wholesale car market increased by 2% to 209,000 units in
the first quarter of 2026. Astra's market share of 49% was impacted by the
soft mass market segment and overall increased competition.

●      The wholesale motorcycle market decreased by 4% to 1.6 million
units in the first quarter of 2026. Astra Honda Motor continued to hold a
strong market share of 78%.

●      The net income contribution from Astra Otoparts, the Group's
component business, increased by 10% to Rp447 billion in the first quarter of
2026, with higher contribution from all segments.

●      Serasi Autoraya, the Group's transportation and logistics
solutions business, recorded a 14% increase in vehicles under contract to
28,800 units.

●      OLXmobbi, the Group's used car business, booked a 9% increase
in sales to 8,200 units.

Financial Services
Net income from the Group's Financial Services division increased by 6% to
Rp2.3 trillion, due to higher contribution from consumer financing on larger
loan portfolios.

●      The Group's consumer finance businesses saw a 5% increase in
new amounts financed to Rp32.0 trillion. The net income contribution from the
Group's car-focused finance companies increased by 5% to Rp609 billion. The
net income contribution from Federal International Finance, the Group's
motorcycle-focused finance business, increased by 3% to Rp1.2 trillion.

●      The Group's heavy equipment-focused finance companies saw new
amounts financed increased by 10% to Rp4.4 trillion. The net income
contribution from these businesses increased by 16% to Rp64 billion.

●      The Group's general insurance company, Asuransi Astra Buana,
reported a 7% increase in net income contribution to Rp404 billion, largely
due to higher operating and investment income. The Group's life insurance
company, Asuransi Jiwa Astra, reported a 47% increase in net income
contribution to Rp44 billion.

Heavy Equipment, Mining, Construction and Energy
Net income from the Group's Heavy Equipment, Mining, Construction & Energy
division decreased by 79% to Rp408 billion. During the quarter, United
Tractors recognised non-recurring charges of Rp723 billion in its nickel and
geothermal businesses. Excluding these items, the division's net income was
Rp1.1 trillion, down 42% compared to the prior year. The lower results were
mainly due to the absence of gold sales from Martabe Gold Mine, and the impact
on customer demand for heavy equipment and mining services as a result of
lower national coal RKAB allocation in 2026.

●      Komatsu heavy equipment sales decreased by 20% to 1,107 units,
mainly due to lower demand in the mining sector.

●      Mining services provider Pamapersada Nusantara recorded 7%
lower overburden removal at 236 million bank cubic metres.

●      United Tractors' coal mining subsidiaries recorded higher own
coal sales of 4.0 million tonnes, including 0.9 million tonnes of
metallurgical coal, compared with 3.2 million tonnes in the first quarter of
2025, which included 1.1 million tonnes of metallurgical coal.

●      United Tractors' gold mining recorded 93% lower gold sales at
4,000 oz, compared to 57,000 oz during the same period of last year, due to
the absence of gold sales from Martabe Gold Mine following the temporary halt
of its operations. In March 2026, the Martabe Gold Mine has received approval
from the Ministry of Environment (KLH) to resume operations.

●      United Tractors' nickel mining business comprises
majority-owned Stargate Pasific Resources and 20.1%-owned Nickel Industries
Limited ("NIC"). United Tractors recognised equity income from NIC for the
3-month in arrears based on NIC's results from the final quarter of 2025.

Agribusiness
Net income from the Group's Agribusiness division increased by 35% to Rp298
billion, mainly due to a 6% increase in crude palm oil ("CPO") and derivative
product sales to 457,000 tonnes with a relatively stable CPO prices at
Rp14,556/kg.

Infrastructure
The Group's Infrastructure division reported a 32% increase in net income to
Rp343 billion, driven by increased tariffs and higher traffic volume. The
Group's toll road concessions generated 14% higher daily toll revenue during
the period.

Information Technology
The Group's Information Technology division reported a 47% increase in net
income to Rp53 billion, due to higher revenue from its information technology
solutions business and improved operating margin.

Property
The Group's Property division reported a 145% increase in net income to Rp115
billion, mainly driven by contribution from its newly acquired industrial
warehouse assets.

Corporate Actions
In March 2026, Astra announced its third buyback program of Rp2.0 trillion,
starting from 16 March until 15 June 2026.

In April 2026, United Tractors also announced its third buyback program of
Rp2.0 trillion, starting from 1 April until 30 June 2026.

Under both of these programs, the shares are being repurchased in accordance
with the Financial Services Authority regulation related to share buybacks
under significantly fluctuating market conditions.

These programs reflect management's confidence in the Group's prospects and
its ability to generate sustainable cash flows, while also supporting the
government's efforts to maintain capital market stability.

Prospects
Looking ahead, market conditions are expected to remain challenging amid
geopolitical tensions. We will continue to navigate near term challenges with
prudence and discipline, while staying focused on creating value for all
stakeholders.

Rudy

President Director

29th April 2026

For further information, please contact:

PT Astra International Tbk

Boy Kelana Soebroto, Chief of Corporate Affairs

Tel: +62 - 21 - 5084 3888

 

-end-

 

About Astra

Astra is one of Indonesia's largest public companies, comprising 322
subsidiaries, joint ventures, and associate companies, supported by more than
190,000 employees. The company's diversified business model creates synergies
and opportunities across industry sectors including automotive & mobility,
financial services, heavy equipment, mining construction & energy,
agribusiness, infrastructure, information technology, and property. The
company has a sustainability framework which includes Astra's 2030
Sustainability Aspirations. It will guide Astra in the transition journey to
be a more sustainable business by 2030 and beyond. Astra wishes to contribute
to the strength and resilience of the Indonesian economy while supporting an
inclusive and prosperous society.

Astra has a strong record of public and social contributions through four
pillars, which consist of health, education, environment, and entrepreneurship
as well as nine foundations to contribute to the growth of the Indonesian
economy while encouraging a more inclusive and prosperous society. Established
in 2010, Astra's Semangat Astra Terpadu Untuk (SATU) Indonesia Awards
programme, has recognised the contribution of 792 young Indonesians at the
national and provincial level across the nation. The SATU Indonesia Awards
programme is integrated with Astra's wide range of community activities
through 1,500 Desa Sejahtera Astra in 35 provinces throughout Indonesia.

For more about Astra, visit.astra.co.id, and follow us on Instagram
@satu_indonesia, TikTok @satu_indonesia, YouTube SATU Indonesia, X (Twitter)
@satu_indonesia, LinkedIn PT Astra International Tbk, and Facebook Semangat
Astra Terpadu.

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