Salmones Camanchaca (SALMOCAM) Q3 2025 earnings summary

Executive summary

• Operating revenues rose 43% year-over-year to USD 103m, driven by a 72% increase in Atlantic salmon sales volume despite a 4% drop in prices.

• EBITDA reached USD 21.6m, up USD 12.4m from Q3 2024, with EBIT per kg at USD 1.04 versus USD 0.39 last year.

• Net profit for the quarter was USD 12.1m, nearly triple the prior year’s USD 4.1m, with year-to-date net income at USD 22.5m, more than double the prior year.

• No extraordinary mortalities occurred, and survival rates exceeded industry averages.

• Significant cost reductions were achieved in ex-cage and processing costs, with ex-cage cost at a five-year low.

Financial highlights

• Atlantic harvests totaled 19.9 thousand MT WFE, 60% higher year-over-year, with an average weight of 5.2 kg.

• Net financial debt decreased 25% to USD 86m, with NIBD/EBITDA (LTM) at 1.14x, down from 3.95x.

• Q3 2025 EBITDA before fair value: USD 21.6m (+134% YoY); EBIT before fair value: USD 16.2m (+357% YoY).

• Cash balance as of September 30, 2025: USD 10.7m; total liquidity available: USD 60m.

• Operating cash flow was USD 4.9m, with investments of USD 2.0m focused on maintenance and new farming centers.

Outlook and guidance

• 2025 harvests estimated at 59-61 thousand MT for Atlantic and 3.5 thousand MT for Coho; 2026 guidance is 55-60 thousand MT for Atlantic and 4-5 thousand MT for Coho.

• Growth plan targets continued Atlantic volume increases, with one new site per year.

• Global Atlantic salmon supply expected to grow 9% in 2025, with Chilean supply up 9%.