Astra’s Nine-Month Net Income Falls 12% to 21.602 Trillion Rupiah
Key Facts
Astra International reported unaudited results on October 28 for the nine months ended September 30, 2026, posting net income of 21.602 trillion Indonesian rupiah, down 12% from the corresponding period in 2025. Net income was 24.565 trillion rupiah excluding non-recurring items, a 1% year-on-year decline. Net revenue was nearly unchanged at 243.869 trillion rupiah, compared with 243.608 trillion rupiah a year earlier. The divergence between revenue and net income reflects pressure on some group businesses and the impact of non-recurring items on the reported result. Segment results showed mixed performance, with growth in automotive and financial services offset by a sharp decline in mining and heavy equipment solutions.
Non-recurring items totaled 2.963 trillion rupiah in the nine months, compared with 244 billion rupiah in the corresponding period of 2025. The company said these items consisted mainly of impairment losses and fair value adjustments to equity investments. Excluding them, net income was 24.565 trillion rupiah, compared with 24.717 trillion rupiah a year earlier. This measure indicates a modest 1% decline, while reported net income fell 12%. The performance picture therefore differs depending on whether the result includes the impact of non-recurring items. The company did not report net income in dollars and presented its results in Indonesian rupiah.
By segment, automotive net income rose 8% to 9.787 trillion rupiah, while financial services income increased 6% to 7.152 trillion rupiah. By contrast, mining and heavy equipment solutions income fell 28% to 5.068 trillion rupiah. In Indonesia’s wholesale automotive market, sales rose 21% to 679,000 vehicles in the nine months of 2026, while Astra’s sales increased 13%. The company’s total market share was 49%, with Toyota and Daihatsu continuing to lead the market, according to an Astra statement. The figures show an expanding automotive market, but the company’s sales growth was slower than that of the overall market.
In financial services, new financing rose 8% to 92.5 trillion rupiah in the nine months. Astra attributed the increase to growth in new automotive financing and multi-cycle financing. This coincided with a 6% increase in the segment’s net income to 7.152 trillion rupiah, according to the company’s results. Astra attributed weakness in mining and heavy equipment solutions to a halt in production at the Martabe gold mine during part of the year and a decline in the national coal production share. The company said the lower share weakened demand for heavy equipment and mining services and reduced coal mining volumes.
Operating pressures were reflected in sales volumes: Komatsu heavy equipment sales fell 17% to 3,000 units in the nine months of 2026. Coal sales declined 23% to 7.1 million tonnes, while gold sales were 54,000 ounces, compared with 178,000 ounces in the same period of 2025. The company linked the decline in gold to the halt in production at the Martabe mine during the earlier part of the year, as part of its explanation for the lower contribution from mining activities. Despite this, the segment’s performance in the third quarter grew 15% year on year, improving from previous quarters. President Director Rudy said the improvement was based mainly on higher mining services volumes and the resumption of production at Martabe, alongside continued growth in automotive businesses.
Against this backdrop, Astra said group net income in fiscal 2025 was 32.8 trillion rupiah, down 3% from the previous year, in results published on February 26, 2026. The company attributed that annual decline mainly to lower contributions from mining services, coal mining and new automotive businesses. It also said it had completed share buybacks totaling 10.0 trillion rupiah between November 2025 and September 2026, alongside an ongoing 8.0 trillion rupiah buyback program. A voluntary offer is also under way to buy up to 4.95% of Astra Otoparts shares at 3,600 rupiah per share, for a maximum value of about 858 billion rupiah. The offer period runs from October 13 to November 11, 2026, while management said it expects the factors that supported the third-quarter improvement to continue supporting performance in the fourth quarter.