MDKA Posts Positive Q1 2026 Earnings as Gold and Nickel Production Drives Growth
Tue 30 Jun 2026, 10:10 AM
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PT Merdeka Copper Gold Tbk (MDKA) recorded a positive bottom line in the first quarter of 2026, driven by higher contributions from gold and nickel ore, as well as improved profitability across its mining portfolio, according to research by Ciptadana Sekuritas Asia (June 30, 2026). The results exceeded market expectations, particularly at the operational level.
Revenue reached USD 620 million, growing 2% quarter-on-quarter and 24% year-on-year, equivalent to 15% of Ciptadana’s full-year 2026 projection and 19% of market consensus.
EBITDA surged to USD 251 million, increasing 218% quarter-on-quarter and 294% year-on-year, equivalent to 28% of Ciptadana’s projection — exceeding consensus at 26%.
PATMI Turns Positive to USD 57 Million Driven by Pani Gold and Nickel
MDKA’s profit after tax and minority interest (PATMI) turned positive to USD 57 million, compared with a loss of USD 27 million in the fourth quarter of 2025 and a loss of USD 4 million in the first quarter of 2025.
The improvement was driven by three main factors: higher limonite (nickel ore) sales supported by stronger volumes and contract prices; higher gold revenue in line with a higher average selling price (ASP) for gold and the first gold sales from EMAS; and improved NPI profitability following an increase in LME nickel prices.
The results drove significant margin expansion across all business lines. Gross margin surged to 35.1% from 8.3% in the previous quarter, EBITDA margin increased to 40.5% from 13.0%, and net margin turned positive to 9.3% from minus 4.5%.
Summary of MDKA First Quarter 2026 Performance (USD million)
Indicator | Q1 2026 | Q4 2025 | Q1 2025 | QoQ | YoY |
|---|---|---|---|---|---|
Revenue | 620 | 608 | 502 | +2% | +24% |
EBITDA | 251 | 79 | 64 | +218% | +294% |
PATMI | 57 | (27) | (4) | N/A | N/A |
Gross Margin (%) | 35,1 | 8,3 | 11,5 | — | — |
EBITDA Margin (%) | 40,5 | 13,0 | 12,7 | — | — |
Net Margin (%) | 9,3 | (4,5) | (0,7) | — | — |
Source: Ciptadana Sekuritas Asia Research, June 30, 2026
MDKA’s operational recovery is considered high quality as it is supported by two segments simultaneously — precious metals and downstream nickel — rather than relying on a single commodity. This provides healthier revenue diversification compared with previous periods, when MDKA’s performance was more dependent on nickel price volatility.
Conclusion
MDKA recorded a high-quality operational recovery in the first quarter of 2026, with PATMI turning positive to USD 57 million, supported by dual contributions from gold and nickel. The stronger margin profile provides confidence that earnings will continue to improve alongside the ramp-up of the Pani Gold Project production. The combination of commodity diversification and operational efficiency serves as an important foundation for MDKA’s future growth trajectory.
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