Salmones Camanchaca (SALMOCAM) Q2 2025 earnings summary

Executive summary

• Consolidated revenue for 1H 2025 was US$425 million, down 5% year-over-year, mainly due to a 12% drop in Salmones from reduced Coho production, while Mussel farming revenue rose 55%.

• EBITDA increased 13% to US$80.6 million, driven by lower costs in Salmones and strong Fishing performance, which contributed 55% of EBITDA.

• Net income rose 8% year-over-year to US$30.3 million, and net financial debt decreased by US$20 million in six months and US$33 million in twelve months.

Financial highlights

• EBITDA for 1H 2025 reached US$80.6 million, up from US$71.5 million in 1H 2024, with an EBITDA margin of 18.9%.

• EBIT was US$58.0 million, up from US$50.6 million year-over-year.

• Net profit for the semester was US$30.3 million, compared to US$28.1 million in 1H 2024.

• Gross margin for 1H 2025 was US$92.3 million, up 5.4% year-over-year.

• Financial expenses dropped to US$9.6 million due to lower average bank debt and interest rates.

Outlook and guidance

• Atlantic salmon harvest plan for 2025 is 58–60k tons, with Coho at approximately 3.5k tons.

• Atlantic salmon seeding to increase by about 5k tons for 2026 harvest; Coho seeding expected to rise 40% in 2026.

• The company is preparing for regulatory changes in fishing quotas starting January 2026, which will reduce industrial quotas and impact future capture volumes.

• The abalone business is being wound down, with remaining inventory expected to be sold over the next three quarters.