Overview
Macquarie's assessment of United Tractors' May 2026 operations shows a split performance across business lines. Gold output recovered following a restart at the Martabe mine after April's weakness, but other segments displayed softness, particularly in mining equipment sales.
Gold and mining operations
Gold production rebounded in May once Martabe resumed operations after a subdued April. At the same time, indicators from the company's mining services pointed to cautious behaviour among mining customers. Lower overburden removal at PAMA was noted by Macquarie as a sign of continued prudence, despite coal production remaining relatively steady.
Equipment sales and Komatsu market share
United Tractors' Komatsu market share in the first five months of 2026 was 17%, down from 20% recorded in fiscal year 2025. The mining segment saw a marked decline in Komatsu unit sales, down 52% year-on-year, which Macquarie attributed to muted mining capital expenditure and conservative customer spending. Forestry sales also fell, registering a 10% year-on-year decrease.
Non-mining segments
In contrast, non-mining equipment lines performed more strongly over the same period. Agricultural equipment sales rose 36% year-on-year, while construction equipment sales increased 19% year-on-year, according to Macquarie's report.
Coal production and prices
Owned coal mining volumes showed resilience through May 2026 but lost momentum during the month. On benchmark pricing, Macquarie recorded modest declines last week: ICI 1-4 was down between 0.8% and 1.6% versus June averages, while ICI 5 declined 0.3%. Prices nevertheless remained higher than in recent months, with gains of roughly 3% to 6% against May and 7% to 16% against April.
Five-month tracking
Macquarie noted that metrics over the first five months of the year continued to track the broker's full-year estimates for United Tractors, reflecting a mixed but not uniformly deteriorating picture across business lines.
Analysis prepared from Macquarie's monthly observations of United Tractors' segment performance and price movements. The report highlights recovery in gold production alongside ongoing weakness in mining-equipment demand and modest strength in select non-mining equipment categories.