Investment Rating - The report does not explicitly state an investment rating for the industry or the specific company ANTAM TBK Core Insights - In Q4 2025, ANTAM's nickel pig iron production decreased by 35% quarter-on-quarter to 2,755 tons, and sales fell by 3% to 2,346 tons, marking a year-on-year decline of 43% and 70% respectively [1] - Nickel ore production increased by 3% quarter-on-quarter to 3.56 million wet tons, with sales rising by 9% to 3.35 million wet tons, reflecting a year-on-year growth of 35% and 27% respectively [2] - Gold production reached 153 kilograms, a 1% increase quarter-on-quarter but a 44% decrease year-on-year, while sales dropped by 31% quarter-on-quarter and 78% year-on-year to 3,331 kilograms [3] - Silver production fell by 11% quarter-on-quarter to 888 kilograms, with sales increasing by 41% quarter-on-quarter to 2,521 kilograms, showing a year-on-year growth of 37% [4] - Bauxite production decreased by 45% quarter-on-quarter to 514,374 wet tons, while sales surged by 914% quarter-on-quarter to 785,972 wet tons, with a year-on-year increase of 23% [4] - Alumina production rose by 6% quarter-on-quarter to 47,465 tons, with sales also increasing [5][6] Summary by Sections Nickel Business - ANTAM's nickel pig iron production and sales saw significant declines in Q4 2025, while nickel ore production and sales experienced growth [1][2] Gold Business - The gold segment faced challenges with production and sales declining significantly year-on-year, despite a slight quarter-on-quarter increase in production [3] Silver Business - Silver production decreased, but sales showed a positive trend quarter-on-quarter and year-on-year [4] Bauxite and Alumina - Bauxite production saw a sharp decline, but sales increased dramatically, while alumina production and sales showed moderate growth [4][5][6] Strategic Initiatives - ANTAM is focusing on downstream integration to enhance value, including the construction of a gold processing plant and participation in the electric vehicle battery ecosystem in Indonesia [8][9]

Investment Rating - The report does not explicitly state an investment rating for the industry or company [7]. Core Insights - The report highlights a significant decline in nickel pig iron production and sales for ANTAM in Q4 2025, with production down 35% quarter-on-quarter and 43% year-on-year, while sales decreased by 3% quarter-on-quarter and 70% year-on-year [1]. - Conversely, nickel ore production and sales showed growth, with production increasing by 3% quarter-on-quarter and 35% year-on-year, and sales rising by 9% quarter-on-quarter and 27% year-on-year [2]. - In the gold segment, ANTAM's production reached 153 kg, a 1% increase quarter-on-quarter but a 44% decrease year-on-year, while sales fell by 31% quarter-on-quarter and 78% year-on-year [3]. - Silver production decreased by 11% quarter-on-quarter and 47% year-on-year, while sales increased by 41% quarter-on-quarter and 37% year-on-year [4]. - Bauxite production saw a significant decline of 45% quarter-on-quarter and 26% year-on-year, but sales surged by 914% quarter-on-quarter and 23% year-on-year [4]. - Alumina production increased by 6% quarter-on-quarter and 13% year-on-year, with sales also rising [5][6]. Summary by Sections Nickel Pig Iron - Q4 2025 production was 2,755 tons, down 35% quarter-on-quarter and 43% year-on-year [1]. - Q4 2025 sales were 2,346 tons, down 3% quarter-on-quarter and 70% year-on-year [1]. Nickel Ore - Q4 2025 production was 3,560,856 tons, up 3% quarter-on-quarter and 35% year-on-year [2]. - Q4 2025 sales were 3,349,487 tons, up 9% quarter-on-quarter and 27% year-on-year [2]. Gold - Q4 2025 production was 153 kg, up 1% quarter-on-quarter but down 44% year-on-year [3]. - Q4 2025 sales were 3,331 kg, down 31% quarter-on-quarter and 78% year-on-year [3]. Silver - Q4 2025 production was 888 kg, down 11% quarter-on-quarter and 47% year-on-year [4]. - Q4 2025 sales were 2,521 kg, up 41% quarter-on-quarter and 37% year-on-year [4]. Bauxite - Q4 2025 production was 514,374 wet tons, down 45% quarter-on-quarter and 26% year-on-year [4]. - Q4 2025 sales were 785,972 wet tons, up 914% quarter-on-quarter and 23% year-on-year [4]. Alumina - Q4 2025 production was 47,465 tons, up 6% quarter-on-quarter and 13% year-on-year [5]. - Q4 2025 sales were 45,453 tons, with an increase noted [6].