Empresas CMPC (CMPC) Q1 2026 earnings summary

Executive summary

• Focused on cost discipline, operational efficiency, and integrated value chain development, with sustainability initiatives and a new structure introduced in 3Q25.

• Guaíba mill maintenance, both scheduled and unscheduled, led to lower production and higher cash costs for hardwood pulp.

• Natureza project remains on track, with board decision expected in 2026; enabling conditions advancing across all workstreams.

• Margin recovery at Biopackaging and efficiency gains in Softys contributed to segment performance.

• Middle East conflict and Brazilian real appreciation impacted costs and margins, prompting hedging and cost optimization.

Financial highlights

• Sales were $1,817 million, flat year-over-year and down 3.9% sequentially.

• Consolidated EBITDA was $255 million (14.1% margin), down 2.4% sequentially and 8.1% year-over-year.

• Net income reached $25 million, down 33.5% quarter-on-quarter and 50.2% year-over-year, mainly due to lower forest plantation valuations and higher financial expenses.

• CapEx was $185 million, up 24% year-over-year, with 56% for maintenance and 35% for growth.

• Operating costs decreased 4% sequentially, stable year-over-year; financial costs rose 17% year-over-year.

Outlook and guidance

• Expectation of progressive leverage normalization through 2026, driven by operational efficiencies, working capital optimization, and potential asset monetization.

• Natureza project decision expected in 2026, with progress on engineering, permits, and financing.

• Dividend policy for 2026 set at 30% of distributable net income.

• Continued focus on cost discipline and efficiency programs, especially in Softys and Biopackaging.