Jakarta, April 30, 2026 — PT TIMAH (Persero) Tbk (“the Company”; IDX: TINS) today announced its Consolidated Financial Statements for the period ended March 31, 2026.
Overall, tin prices in the first quarter of 2026 showed a significant strengthening amid high volatility, driven by tightening supply and stronger market speculation sentiment. However, the upward momentum began to face pressure as global inventories rose and signs of supply recovery emerged, while escalating geopolitical risks further heightened uncertainty and added pressure on costs and supply chain stability.
The average London Metal Exchange (LME) Cash Settlement Price for refined tin in the first quarter of 2026 was USD48,679.68 per metric ton, an increase of 34.7% compared to USD31,804.37 per metric ton in the same period of the previous year.
On the demand side, the structure of tin consumption showed a positive improvement. Approximately 50% of demand is supported by the solder segment, which is integrated with the semiconductor and electronics industries. The outlook for this segment remains strong, driven by long-term structural trends such as the acceleration of artificial intelligence (AI), the expansion of data centers, the development of energy storage, and increasing investment in electrical infrastructure.
Tin inventories in LME warehouses at the end of March 2026 stood at 8,700 tons, up 60.7% from 5,415 tons at the beginning of 2026.
Based on the CRU Tin Monitor, global refined tin production in the first quarter of 2026 reached 90,645 tons, while global refined tin consumption in the first quarter of 2026 was estimated at 89,036 tons.
Financial Performance
The Company recorded revenue of Rp5.47 trillion, an increase of 160.50% in the first quarter of 2026 from Rp2.10 trillion in the first quarter of 2025, in line with higher sales volume and a higher average selling price of refined tin.
The Company recorded operating profit of Rp1.88 trillion, significantly higher than Rp0.15 trillion in the first quarter of 2025, with EBITDA reaching Rp2.1 trillion, up 450.84% from Rp0.38 trillion in the first quarter of 2025. The Company’s net profit in the first quarter of 2026 was Rp1.5 trillion, or 595% of the Company’s predetermined target of Rp252 billion.
The Company’s total assets in the first quarter of 2026 rose 11.62% to Rp15.23 trillion from Rp13.64 trillion at the end of 2025. Meanwhile, the Company’s liabilities stood at Rp5.27 trillion, up 1% from Rp5.23 trillion at the end of 2025.
The equity position of Rp9.96 trillion increased by 18.4% compared to Rp8.41 trillion at the end of 2025, in line with the profit recorded in the first quarter of 2026.
The Company’s financial performance showed solid results, reflected in several key financial ratios, including a Quick Ratio of 105.1%, a Current Ratio of 276.1%, a Debt to Asset Ratio of 6.9%, and a Debt to Equity Ratio of 10.6%.
“In the first quarter of 2026, the Company recorded solid financial performance, supported by significant operational achievements and the consistent implementation of continuous optimization and efficiency strategies across all business lines. As a result, the Company managed to exceed its predetermined profit target,” said Restu Widiyantoro, President Director of PT TIMAH (Persero) Tbk.
Operational Performance
As of the first quarter of 2026, the Company recorded tin ore production of 6,312 tons of Sn, up 96% compared to 3,225 tons of Sn in the same period of the previous year. This increase was driven by higher productivity and a greater number of operating units at several production assets, including the Company’s Production Suction Vessels (KIP), Production Suction Pontoons (PIP), and Partnership Onshore Mines (small-scale mines and onshore suction pontoon mines). In addition, during the first quarter of 2026 one dredger unit (KK), namely KK Singkep 1, was in operation, whereas it was not operating in the same period of the previous year. Production performance was also supported by improved supervision and security of the Mining Business Permit Areas (WIUP) and production areas, as well as support from a Government Task Force deployed within the Company.
During the first quarter of 2026, the Company consistently undertook various initiatives to strengthen its operational and production performance. In onshore mining, it increased the number of operating units and reinforced exploration activities through guide drilling to ensure more precise excavation directions aligned with the established Work Plan blocks. In offshore mining, the Company operated one dredger unit (KK) and continued to optimize the operational performance of its Production Suction Vessels (KIP). Performance improvement efforts were further supported by optimizing the KIP tailings processing facilities to enhance processing effectiveness, as well as strengthening the productivity of the Production Suction Pontoons (PIP).
Refined tin production rose 82% to 5,630 metric tons of Sn compared to 3,095 metric tons of Sn in the same period of the previous year. Refined tin sales rose 113% to 6,009 metric tons compared to 2,824 tons in the same period last year. The average selling price of refined tin was USD49,221 per metric ton, up 51% from USD32,495 per metric ton in the previous year.
In the first quarter of 2026, the Company recorded refined tin sales dominated by export markets at 97%, while domestic sales accounted for 3%. The six main export destination countries were China 48%; India 11%; South Korea 10%; Italy 6%; Singapore 5%; and the Netherlands 4%.
Current Conditions and Future Prospects
The Company is currently demonstrating sustained strengthening, supported by improved operational and production performance. Increased tin ore production volumes, the optimization of both onshore and offshore mining, and strengthened governance and supervision of operational areas have been the key drivers of the Company’s performance improvement. On the external side, the upward trend in tin prices amid tight global supply has also provided positive support to financial performance, further reinforcing the Company’s growth prospects going forward.
Performance Highlights (Q1 2026 vs Q1 2025)
| Description | Q1 2026 | Q1 2025 | Change (%) |
|---|---|---|---|
| Tin ore production – Ton Sn (Onshore) | 3,041 | 1,611 | 89% |
| Tin ore production – Ton Sn (Offshore) | 3,271 | 1,614 | 103% |
| Tin ore production – Ton Sn (Total) | 6,312 | 3,325 | 96% |
| Refined tin production – Metric Ton | 5,630 | 3,095 | 82% |
| Refined tin sales – Metric Ton | 6,009 | 2,824 | 113% |
| Average selling price – US$/Metric Ton | 49,221 | 32,495 | 51% |
About PT TIMAH (Persero) Tbk
PT TIMAH (Persero) Tbk, a subsidiary of the Indonesian mining holding company MIND ID, is a leading tin producer and the largest tin exporter in the world, with tin mining and smelting operations in the provinces of Bangka Belitung, the Riau Islands, and Riau. A Limited Liability Company since 1976 and listed on the Indonesia Stock Exchange since 1995, PT TIMAH (Persero) Tbk runs a vertically integrated tin business, from exploration, mining, smelting, and refining of tin metal to marketing that serves both international and domestic customers. Its refined tin products under the brands “Banka Tin,” “Kundur Tin,” and “Mentok Tin” hold an international reputation and are registered on the London Metal Exchange (LME). PT TIMAH (Persero) Tbk, a member of the International Tin Association (ITA), currently has four main business lines: tin mining, tin downstream products (tin chemical and tin solder), non-tin mining (coal and nickel), and competency-based businesses including property, shipyards, and agribusiness.
