Salmones Camanchaca (SALMOCAM) Q4 2025 earnings summary

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%.