Indonesia’s leading heavy equipment distributor and mining contractor, United Tractors (UNTR),
has released its operational performance figures for June and the first half of 2025. The report highlights a dynamic interplay
between robust Komatsu heavy equipment sales and slight contractions within its mining services division, offering a critical
lens for investors assessing the company’s resilience in evolving market conditions.

Heavy Equipment Sales: Komatsu’s Continued Dominance

UNTR’s flagship Komatsu heavy equipment sales demonstrated a strong cumulative performance despite monthly fluctuations.
In June 2025, the company recorded sales of 379 units.
This figure represented an 18.1% month-on-month (MoM) decline and a modest 2.8% year-on-year (YoY) decrease for the single month.

However, the six-month cumulative picture paints a much brighter scene. For 1H25, Komatsu sales impressively
reached 2,728 units, marking a substantial 27.1% year-on-year increase. This strong momentum means
UNTR has already achieved 59% of its ambitious 2025 target of 4,600 units, positioning the company well to meet or
even exceed its annual projections.

The heavy equipment market share remained a steadfast anchor for UNTR, holding firm at a consistent 26% throughout 1H25.
This level mirrored its 5M25 share, though it registered a slight dip from 28% in 1H24. Such stability underscores
UNTR’s entrenched position as a key player, consistently capturing a significant slice of the Indonesian heavy equipment pie.

Mining Contractor Segment: Navigating Production Headwinds

Within its mining contractor operations, UNTR reported some softening in production volumes for the first half of 2025.
Coal production volume for 1H25 totaled 68.4 million tons. This figure reflects a minor
1.6% year-on-year contraction compared to the same period in the previous year.

Similarly, overburden removal, a critical metric for mining efficiency, also saw a decline.
The company moved 532.8 million bank cubic meters (bcm) of overburden during 1H25,
representing a more significant 9.4% year-on-year decrease. These dips in mining volumes suggest that UNTR’s
mining services arm is navigating a period of adjusted operations, potentially influenced by commodity price fluctuations or
strategic recalibrations in response to market demand.

Investor Outlook: Diversified Strength in a Dynamic Market

UNTR’s mid-2025 operational update showcases a compelling narrative of diversified strengths. The robust performance of its
Komatsu heavy equipment distribution acts as a powerful revenue engine, propelling the company towards its annual goals.
This segment’s strong trajectory provides a vital counterweight to the more cyclical nature of its mining services business.

For investors, these figures underscore UNTR’s ability to maintain a strong market presence across its core operations.
While the mining segment faces some headwinds, the impressive heavy equipment sales highlight the company’s capacity to leverage
industrial demand. UNTR’s multifaceted business model, encompassing heavy machinery, mining, and even gold mining (via its
subsidiaries), positions it as a resilient player in Indonesia’s industrial landscape, capable of adapting to the ebbs and
flows of commodity markets. Future performance will hinge on its continued ability to optimize operations and capitalize on
growth opportunities across its diverse portfolio.