PT Astra 2026 Third Quarter Financial Statements

Astra’s profits fell 12% despite stable revenue, with mining sharply down and cash depleted.

What the company is saying

Astra frames its third quarter as resilient, highlighting stable net income excluding non-recurring items at Rp24.6 trillion and a 1% increase in earnings per share to Rp616. The company emphasizes growth in Automotive (up 8%) and Financial Services (up 6%), while acknowledging a 28% drop in Mining Solutions & Heavy Equipment net income and a 12% overall profit decline when non-recurring items are included. Management attributes weaker mining results to lower gold sales from the Martabe mine’s earlier shutdown and reduced coal quotas, but notes a third quarter recovery. The narrative stresses disciplined capital allocation, referencing Rp10.0 trillion in share buybacks and new buyback programs at United Tractors and Astra Agro Lestari. President Director Rudy projects continued operational efficiency and selective growth, while the group pursues a voluntary tender offer for Astra Otoparts to increase its stake from 80% to 84.95%. The tone is measured, with explicit acknowledgment of both headwinds and operational improvements.

What the data suggests

Net revenue was flat year-on-year at Rp243,869 billion versus Rp243,608 billion, but net income excluding non-recurring items slipped 1% to Rp24,565 billion. Including Rp2,963 billion in non-recurring losses, net income dropped 12% to Rp21,602 billion. Segment results diverged: Automotive net income rose 8% to Rp9,787 billion, Financial Services climbed 6% to Rp7,152 billion, but Mining Solutions & Heavy Equipment plunged 28% to Rp5,068 billion, driven by a 70% collapse in gold sales (54,000 oz vs 178,000 oz) and a 23% fall in coal sales. Net cash outside Financial Services fell sharply from Rp7,152 billion to Rp1,874 billion, mainly due to the Arafura Surya Alam acquisition and buybacks. Net debt in Financial Services increased to Rp66,700 billion. Shareholders' funds grew 4% to Rp238,103 billion, and net asset value per share rose 5% to Rp5,999. The company is actively deploying capital: Rp10,000 billion in buybacks completed, with ongoing and new programs totaling up to Rp10,400 billion, and a tender offer for Astra Otoparts up to Rp858 billion. The data shows Astra’s core businesses offsetting mining weakness, but overall profitability and liquidity are under pressure.

Analysis

The announcement is a factual, data-rich quarterly update with minimal promotional language. Nearly all key claims are realised and supported by disclosed financial and operational figures, including revenue, net income (both including and excluding non-recurring items), segmental performance, and capital actions. Forward-looking statements are limited to ongoing or announced share buybacks and a tender offer, which are routine capital management activities with clear timelines and no exaggerated benefit claims. There is no evidence of narrative inflation or overstatement; the tone is measured, and the company openly discloses both positive and negative trends (e.g., declining mining segment profits, lower cash balances). The only minor limitation is that results are unaudited, but this is clearly stated. No large, speculative capital outlays are paired with long-dated, uncertain returns. The gap between narrative and evidence is negligible.

Risk flags

• ●Mining Solutions & Heavy Equipment net income fell 28% due to lower gold and coal sales, exposing the group to commodity price and volume volatility. The Martabe mine’s production pause and reduced national coal quotas directly impacted segment profitability.
• ●Net cash outside Financial Services dropped by 74% to Rp1,874 billion, raising concerns about liquidity and the group’s ability to fund further acquisitions or withstand shocks without additional borrowing.
• ●The group’s net income is increasingly reliant on Automotive and Financial Services, heightening concentration risk if these segments face downturns. Mining, previously a strong contributor, is now a drag on overall performance.
• ●Ongoing and new share buyback programs, totaling over Rp10 trillion, and the Astra Otoparts tender offer represent significant capital outlays. If operational cash flow does not recover, these actions could further strain liquidity.
• ●Results are unaudited, so there is a risk that final audited figures may differ, especially given the scale of non-recurring items and recent acquisitions.

Bottom line

Astra’s stable revenue masks a 12% drop in net income, with mining segment profits hit hard by lower gold and coal sales after operational disruptions and quota cuts. Automotive and Financial Services are performing well, but the group’s cash reserves have been depleted by acquisitions and aggressive share buybacks, leaving net cash at just Rp1,874 billion. The company is betting on a mining rebound and continued strength in its core businesses, but faces immediate liquidity and concentration risks. The Astra Otoparts tender offer and ongoing buybacks will further test the balance sheet in the coming weeks. Investors should focus on audited full-year results, the completion of the tender offer, and whether mining’s third-quarter recovery is sustained. The key takeaway: Astra’s operational strengths are being tested by sector-specific shocks and capital allocation decisions that have sharply reduced its financial flexibility.

Announcement summary

(LSE:JAR) PT Astra International Tbk reported consolidated net revenue of Rp243,869 billion for the first nine months of 2026, stable compared to Rp243,608 billion in the same period of 2025. Net income excluding non-recurring items was Rp24,565 billion, down 1% from Rp24,717 billion in 2025. Net income including non-recurring items was Rp21,602 billion, a decrease of 12% from Rp24,473 billion last year. Non-recurring items totaled Rp2,963 billion, mainly due to impairment and fair value adjustments in equity investments. Net earnings per share excluding non-recurring items increased by 1% to Rp616, while net earnings per share including non-recurring items decreased by 11% to Rp541. Shareholders' funds as at 30th September 2026 were Rp238,103 billion, up 4% from Rp228,906 billion at 31st December 2025. Net asset value per share rose 5% to Rp5,999. Net cash at 30th September 2026, excluding Financial Services subsidiaries, was Rp1,874 billion, down from Rp7,152 billion at 31st December 2025, mainly due to the acquisition of Arafura Surya Alam gold mining company and share buybacks. Net debt of Financial Services subsidiaries increased to Rp66,700 billion from Rp64,900 billion. By segment, Automotive net income rose 8% to Rp9,787 billion, Financial Services net income increased 6% to Rp7,152 billion, Mining Solutions & Heavy Equipment net income fell 28% to Rp5,068 billion, and Others net income rose 36% to Rp2,558 billion. The wholesale motorcycle market grew 4% to 5.0 million units, with Honda motorcycle sales up 3% and market share stable at 77%. The wholesale car market increased 21% to 679,000 units, with Astra's sales up 13% and market share at 49%. The Component division's net income contribution rose 15% to Rp1,400 billion. Consumer finance receivables increased 6% to Rp132,000 billion, and new amounts financed rose 8% to Rp92,500 billion. The motorcycle-focused finance division contributed Rp3,600 billion in net income, up 4%, and car-focused finance companies contributed Rp1,900 billion, up 6%. Insurance companies contributed Rp1,400 billion, up 9%. Mining Solutions & Heavy Equipment reported 7% lower overburden removal at 766 million bank cubic metres, Komatsu sales down 17% to 3,000 units, coal sales down 23% to 7.1 million tonnes, and gold sales at 54,000 oz versus 178,000 oz last year. The Others segment recorded non-recurring items of Rp766 billion and reported net income of Rp1,800 billion, up 7%. Astra completed Rp10,000 billion in share buybacks from November 2025 to September 2026 and has an ongoing Rp8,000 billion buyback programme. United Tractors announced a share buyback of up to Rp2,000 billion and Astra Agro Lestari up to Rp400 billion, both for October to December 2026. Astra is conducting a voluntary tender offer for up to 4.95% of Astra Otoparts' shares at Rp3,600 per share, with a maximum value of Rp858 billion, from 13 October to 11 November 2026. If fully subscribed, Astra's ownership in Astra Otoparts will increase from 80% to 84.95%. The financial results are unaudited and prepared in accordance with Indonesian Financial Accounting Standards. Rudy is President Director of Astra.

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