RMKE: Hauling Road Operations Strengthen the Foundation of Performance 2026

JAKARTA - PT RMK Energy Tbk (RMKE) shares closed up on Wednesday, January 7 trading at Rp6,775 per share. In the last 12 months, RMKE's share price has recorded a significant spike from the range of Rp486-Rp500 at the beginning of last year to have touched a high of Rp6,800 per share, or an increase of more than 1,000% year-on-year (YoY).

The impressive stock performance is in line with the strengthening of the fundamental business of coal logistics which is the backbone of the company. RMKE continues to strengthen its operational ecosystem through the integration of road hauling which connects the mining area directly to the main transportation facilities. This infrastructure is increasingly strategic in line with the implementation of a ban on transporting coal through public roads in South Sumatra starting in 2026, which structurally increases the role of special hauling lines and railway modes as the backbone of distribution.

As part of the medium-term growth strategy and preparation for entering 2026, RMKE has completed the construction of a new hauling road that has been connected to three new customers, PT Wiraduta Sejahtera Langgeng (WSL), PT Duta Bara Utama (DBU), Menambang Muara Enim (MME). These three new customers have the potential to increase additional new volumes in 2026 by 3 million tons.

To keep up with the significant volume growth, the Company also plans* to increase infrastructure capacity by building a new container yard that doubles the loading station capacity from 4 million tons to 8 million tons per year, as well as expanding port capacity from 20 million tons to 28 million tons per year.

In terms of financial performance, operational strengthening began to be reflected in the third quarter of 2025, where RMKE recorded operating revenue of IDR 546.7 billion, growing 5.7 percent year-on-year. The contribution to revenue was relatively balanced, derived from the coal sales segment of 53.5% and coal services of 46.5%, reflecting the company's success in diversifying revenue sources.

Along with revenue growth, RMKE managed to post a net profit of Rp138.2 billion, of which 81.2 percent came from the Company's services segment.

Looking ahead to 2026, RMKE targets sustainable growth through the optimization of existing assets and the expansion of coal logistics services. The company projects that coal services volume will increase gradually from around 8 million tons in 2025 to more than 12 million tons in 2026. With increased capacity and measured capital expenditure, RMKE estimates that revenue will reach around IDR 4.1 trillion with net profit of around IDR 800 billion in 2026.

In addition, the company targets the addition of 2-3 *new customers* by 2026, including potential large-scale contracts as the hauling line connected to the mine of PT Bukit Asam Tbk (PTBA) is completed, as well as the development of existing contracts to be integrated with other mines.

"With a cash position of over Rp250 billion and improving performance, we target a dividend distribution with a minimum ratio of 20%. We estimate this year's dividend value can exceed Rp40 billion and will be much larger than last year, thus providing added value for shareholders," said Vincent Saputra, President Director of RMKE, Friday, January 9.

In line with this view, Bernadus Wijaya, CEO of Sucor Sekuritas, assessed that the strengthening of RMKE's performance was supported by an increasingly integrated business model and clearer growth visibility.

"RMKE is now not only dependent on coal sales, but has transformed into an integrated logistics player with solid hauling road and port infrastructure. This provides revenue stability while opening up room for sustainable growth amid tightening coal transportation regulations," said Bernadus.

To support future expansion, RMKE also plans to continue issuing bonds in February 2026 with a target fund collection of around IDR 600 billion, with a coupon that is more competitive than previous issuances. With the issuance of future bonds, RMKE can still maintain the debt ratio or DER at 0.6 times and meet existing credit provisions. This debt ratio is still very small compared to other infrastructure companies.