PTBA – Margins recover in 3Q25, but still lags yoy

PTBA – Margins recover in 3Q25, but still lags yoy Bukit Asam (PTBA) booked 3Q25 net profit of IDR561 bn (+27.0% qoq, -53.2% yoy), bringing 9M25 profit to IDR1.39 tn (-56.8% yoy), still below our estimates (51.8%) and consensus (42.9%). Revenue reached IDR10.88 tn in 3Q25 (+3.7% qoq, -1.2% yoy), while cost pressure persisted with 9M25 cost of revenue up 10.8% yoy to IDR27.76 tn, mainly from higher mining services expenses. Gross and net margins improved sequentially (GPM 12.1%, NPM 5.2%), reflecting early recovery as coal prices gradually rebound from 2Q25 lows. (Source : Company)