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Salmones Camanchaca (SALMOCAM) investor relations material
Salmones Camanchaca Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q4 2025 revenues fell 10% year-over-year to USD 108 million, mainly due to a 7% lower price and 3% lower sales volume of Atlantic salmon, with a high comparison base.
EBITDA for Q4 2025 was USD 13.6 million, down 35% year-over-year, impacted by weaker prices and sales volume; full-year EBITDA increased 38% to USD 67.7 million.
Atlantic harvests increased 5% to 14.4 thousand MT WFE in Q4, with inventory levels doubling compared to Q4 2024.
Net income for Q4 2025 was USD 3.0 million, down from USD 3.9 million in Q4 2024; full-year net income rose 83% to USD 25.5 million.
The company completed the termination and liquidation of its Trout joint venture in 2025.
Financial highlights
Gross margin for Q4 2025 was USD 15.4 million, 27% lower year-over-year; full-year gross margin was USD 68.4 million, up USD 17.6 million from 2024.
EBIT before fair value adjustments for Q4 2025 was USD 8.5 million (down 44%); full-year EBIT was USD 45.8 million (up 67%).
Net financial debt at year-end was USD 92.7 million, with a NIBD/EBITDA ratio of 1.37x, down from 1.86x in 2024.
Distributable net income for 2025 was USD 24.9 million, up from USD 5.7 million in 2024.
Cash balance at year-end was USD 10.5 million, down from USD 38.0 million in 2024.
Outlook and guidance
Atlantic harvests for 2026 are estimated at 58–61 thousand MT WFE, with Coho at 4–5 thousand MT WFE.
Price recovery is expected in 2026, with stocking levels set to support higher harvests in 2027.
Global Atlantic salmon supply is expected to grow 2% in 2026, with Chilean harvests up 1%.
- Atlantic salmon harvests rose 27%, EBITDA quadrupled, and net debt fell over 30% in Q1 2025.SALMOCAM
Q1 202512 Mar 2026 - Q2 2024 revenue jumped 49% to $94.5M, with net income at $7.2M on strong volume growth.SALMOCAM
Q2 20241 Feb 2026 - Q3 2024 EBITDA surged to USD 9.2m, with net profit rebounding to USD 4.1m.SALMOCAM
Q3 202414 Jan 2026 - Q4 revenue up 27%, profitability and margins rebounded, with further growth and stable prices ahead.SALMOCAM
Q4 202426 Dec 2025 - EBITDA up 13% to US$80.6M despite 5% revenue drop; net income rose 8% to US$30.3M.SALMOCAM
Q2 202525 Nov 2025 - Strong volume growth and cost reductions drove higher profits and improved financial health.SALMOCAM
Q3 202525 Nov 2025
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