Kiwoom Research | 1H26 Equity Update - 10 September 2026 PT. Aneka Tambang Tbk. (ANTM) Robust Base Metal Margins Fuel Bottom-Line Growth Key Takeaways: * Solid Bottom-Line Expansion. Profitability margins improved significantly across the board. This culminated in a 36% y/y net income growth to IDR 6,389 bn in 1H26, supported by robust gross and operating profits. * Resilient Nickel & Ferronickel Performance. The nickel ore and ferronickel segments demonstrated robust performance. These segments acted as key growth drivers with segment revenues expanding by 28% y/y and 56% y/y respectively. * Downstream Commitment. The company continues to accelerate its downstream integration. This includes notably advancing the EV battery ecosystem and the Smelter Grade Alumina projects. Recommendation: "BUY” We maintain our BUY recommendation with a 12-month target price of IDR 4,100. Our target price is constructed using a relative valuation approach with a target P/E multiple of 10.55x. This represents a 28.13% upside potential from the last closing price of IDR 3,200 (as of 9 Sep 2026). This valuation implies the stock trading at a 2026F P/E of 10.55x and P/BV of 2.41x. Downside risks include: 1) Unfavorable movements in global gold and nickel prices; 2) Delays in the downstream projects; 3) Potential regulatory shifts affecting domestic ore sales and RKAB approvals. Adrian Djie Equity Research KIWOOM SEKURITAS INDONESIA