BRMS - Soft 2Q26, Though New Offtake Deal May Offer Relief

KBVS Update
Wednesday, 5 August 2026

BRMS - Soft 2Q26 Results, Though New Offtake Deal May Offer Relief
(Maintain BUY with TP at IDR750/ sh)

■ 2Q26 revenue fell to USD26mn (-62.1% QoQ / -54.3% YoY) as pushback activities at Poboya Palu halted active mining, forcing reliance on stockpiles. Production dropped to 6.3koz (-57.4% QoQ), with lower grade (0.9 g/t) and weaker ASP (USD4,138/oz) compounding the pressure.

■ Margins compressed sharply: gross margin to 45.1% (vs. 62.6% in 1Q26), EBITDA margin to 22.5% (vs. 44.4%), with a net loss of USD5mn in 2Q26. 1H26 net profit of USD13mn reached only 14.1% of our FY26F estimate.

■ BRMS signed a strategic agreement with ANTM (through Jun '28) to ease domestic gold sales pressure amid an oversupplied local market.

■ We revise TP to IDR750/sh (from IDR1,060) on lower production estimates (60.9koz, -20.1%) and softer gold prices.

Regards,
Ashalia Fitri – KBVS Research Team