Fourth Quarter 2025 |
February 26th, 2026 |
4Q25 Results Webcast |
Monday, March 2nd, 2026 |
10:30 Hrs. EST (NY Time) |
12:30 Hrs. Santiago Time |
Please register at investor.empresascopec.cl |
EBITDA in 4Q25 was US$ 599 million, representing a decrease of 7.3% compared to 4Q24, as a result of a decline in the forestry business, partially offset by improved performance in the energy sector, and was 6.7% lower than in 3Q25, associated with a decline in the energy business. Profit was higher by US$ 51 million, due to stronger results in the mining sector, mainly driven by higher copper prices, and an increase in the energy sector, driven by favorable volumes and industrial margins at Copec and higher physical sales in Latin America for Abastible. This was offset by lower operating performance at Arauco, explained by a decrease in pulp revenues due to a drop in prices and physical sales, and a reduction in panel and wood volumes. Profit reached US$ 242 million, an increase over the third quarter, explained by stronger non-operating performance in the forestry business due to favorable exchange rate effect and higher income in the mining business, mainly due to higher copper prices and physical sales. These effects were partially offset by lower results at Copec. |
Profit was US$ 877 million, lower than the previous year, as a result of a drop in pulp prices and a positive effect in 2024 from the sale of forestry assets, which was partially offset by an improvement in energy, explained by growth in both sales volumes and Copec's industrial margin, as well as Gasib's consolidation by Abastible. |
Arauco reports 43% progress on the Sucuriú Project, 74% in the expansion of the MDF production line in Zitácuaro and 75% in the OSB capacity expansion at Trupán-Cholguán. Also, Marcobre issued an international bond for US$400 million. Finally, Empresas Copec reaffirms its long-term vision at its Investor Day 2025 and is acknowledged in "La Voz del Mercado" as one of the companies that stands out most for its corporate governance practices and sound management. |
Leverage was 3.58x at the end of 4Q25, higher than the 2.60x and 3.25x reported in 4Q24 and 3Q25, respectively, reflecting an increase in the level of net financial debt in both periods and a decrease in Ebitda of 12 months compared to the previous quarter. |
EBITDA
4Q25 / 4Q24 4Q25 / 3Q25 2025 / 2024Highlights
Net Debt/ EBITDA
4Q 25 | 3Q 25 | 4Q 24 | 4Q25 / 4Q24 | 4Q25 / 3Q25 | Accum 25 | Accum 24 | Chg. 25 / 24 | |
Revenues | 7,701 | 7,348 | 6,952 | 10.8% | 4.8% | 29,638 | 28,750 | 3.1% |
EBIT | 221 | 290 | 288 | (23.2%) | (23.8%) | 1,320 | 1,587 | (16.8%) |
EBITDA* | 599 | 642 | 646 | (7.3%) | (6.7%) | 2,730 | 3,024 | (9.7%) |
Adjusted EBITDA** | 714 | 698 | 648 | 10.2% | 2.3% | 3,000 | 3,392 | (11.5%) |
Total profit | 258 | 217 | 195 | 32.2% | 18.8% | 950 | 1,166 | (18.5%) |
Profit attributable to controllers | 242 | 198 | 191 | 26.4% | 22.0% | 877 | 1,111 | (21.1%) |
Profit attributable to minority | 17 | 19 | 4 | 300.9% | (13.5%) | 73 | 55 | 33.3% |
EBITDA Margin | 7.8% | 8.7% | 9.3% | (16.3%) | (11.0%) | 9.2% | 10.5% | (12.4%) |
Net Debt / EBITDA | 3.58 | 3.25 | 2.60 | 37.8% | 10.2% | 3.58 | 2.60 | 37.8% |
Net Debt / Adjusted EBITDA | 3.26 | 3.07 | 2.31 | 40.9% | 6.0% | 3.26 | 2.31 | 40.9% |
* EBITDA = Operating Income + Depreciation + Amortization + Fair value cost of timber harvested.
**Adj. EBITDA = Net Income + fin. costs - fin. income + tax + dep & amort + fair value cost of timber harvested - gain from changes in biological assets + exchange rate differences (For
Figures in US$ million
Contact Information:
Cristián Palacios
Director of Finance and IR
+562 24617042
cristian.palacios@empresascopec.cl
Olivia Tafra
Head of Finance & IR
+562 24617015
olivia.tafra@empresascopec.cl
Nicolás Carvallo
Senior Finance & IR Analyst
+562 24617046
nicolas.carvallo@empresascopec.cl
Vicente Ureta
Senior Finance & IR Analyst
+562 24617029
vicente.ureta@empresascopec.cl
Belén Jungmann
Finance & IR Analyst
+562 24617000
Belen.jungmann@empresascopec.cl
Earnings ReleaseHIGHLIGHTS
Progress on the Sucuriú Project
During the fourth quarter of 2025, the Sucuriú Project continued to move forward as planned, reaching 43% overall progress as of December 31. The on-site workforce reached approximately 8,500 workers, consolidating the transition to the mechanical assembly phase that began during the period.
Civil construction reached a 58% of progress, with solid execution on the main EPC fronts, which allowed for the accelerated mobilization of electromechanical assembly contractors. Significant progress was made in critical areas of the process, including boilers, evaporation plant, lime kiln, fiber line, and drying area. Likewise, the first imported equipment for the recovery boiler arrived on site, representing a significant milestone in the installation of strategic assets for the process.
In the logistics area, on February 6th, 2026, the first stone of the railway project was laid in Inocência. The initiative involves an estimated investment of R$ 2.400 billion, with the acquisition of 26 locomotives and 721 wagons, and a transport capacity of up to 9,600 tons per day. The route will include 45 km of railway track plus 9 km of internal track at the plant, connecting to the Rumo Malha Norte network. The railway project will be completed by the end of 2027, in line with the start-up of the plant.
Expansion of MDF and OSB Production Capacity
Arauco is advancing two panel expansion projects. The first is located in Zitácuaro, Mexico, and involves a US$312 million investment in a new MDF production line with an annual capacity of 300,000 m³. Through this project, ARAUCO strengthens its presence in North America by integrating processes into a closed-loop, effluent-free, and sustainable system, further consolidating its position as a key player in forestry innovation in the region. As of December 31, 2025, the project was 74% complete..
Additionally, construction is underway on a new OSB production line at the Trupán-Cholguán complex in the Ñuble Region of Chile. This project represents an investment of US$100 million. As of January 31, 2026, it had reached 75% completion.
Marcobre issues its first international bond, for US$400 million
In January 2026, Marcobre S.A.C., a subsidiary of Cumbres Andinas, successfully completed the issuance of a US$400 million international bond with a ten-year maturity, bullet repayment, and a fixed annual interest rate of 5.75%.
Together with the US$300 million five-year syndicated loan, also structured with a bullet maturity, obtained in December 2025, the transaction enabled the company to refinance its existing debt and improve its maturity profile.
Empresas Copec reaffirms its long-term vision at Investor Day 2025
Empresas Copec held a new edition of its Investor Day, presenting analysts and institutional investors the strategic guidelines that will determine its growth in the coming years. The Company highlighted its focus on natural resources, energy, and innovation, along with an active management of its portfolio and a commitment to sustainability as a structural part of its value proposition.
The event also included presentations by Group executives, who discussed strategic and operational milestones in their main businesses. They highlighted the progress of the Sucuriú project in Brazil, the development of Abastible's business in Europe through Gasib, and the progress of the Justa Subterránea project. They also discussed the scope and performance of Copec's different businesses, from its network of gas stations and convenience stores to lubricants, electromobility, and energy solutions, highlighting their scale and contribution to the Group's results.
Investor Day 2025 reaffirmed Empresas Copec's commitment to creating value over time, guided by a comprehensive vision of growth that connects financial, social, and environmental aspects.
SIMPLIFIED OWNERSHIP STRUCTUREHIGHLIGHTS
Empresas Copec is once again honored in "La Voz del Mercado"
For the seventh consecutive year, the Company was honored with the La Voz del Mercado Award, granted by EY, the Santiago Stock Exchange, and the Chilean Institute of Directors (IdDC). The distinction highlights companies that trade on the Santiago Stock Exchange and stand out for their Corporate Governance practices and sound management.
The award, which was also received by Banco de Chile and CCU, reinforces a business approach focused on sustainability and based on governance principles that guide its development.
La Voz del Mercado gathers the perceptions of directors, investors, analysts, and intermediaries on the quality of corporate governance of the most traded companies in the local market.
Financial Management Recognitions
In 2025, the Finance and Investor Relations team of Empresas Copec received several recognitions reflecting its commitment to market best practices and its ability to deliver excellence in management. The team was honored at the Alas20 Awards in the Investor Relations category, an initiative that recognizes organizations in Latin America and Spain that stand out for their leadership and transparency in the public disclosure of information on sustainable development practices, investor relations, and responsible investment.
They also received significant distinctions in the 2025 Institutional Investor rankings in the categories of Best CEO, Best CFO, Best IR Program, Best IR Team, and Best IR Event, demonstrating the team's high standards and its ability to maintain a strong, timely, and professional relationship with the financial community.
In addition, Rodrigo Huidobro was awarded first place in the Best Finance Executive category in the 2025 edition of Marcas Ciudadanas, a study conducted by Cadem that recognizes companies and leaders most highly regarded for their contribution, consistency, and impact on people's lives. This achievement underscores the strength, rigor, and strategic vision with which he has guided the Company's financial performance.
On January 11, 2026, ARAUCO received in New York the "Development Financial Institution-Backed Deal of the Year" award granted by LatinFinance. The award recognizes the multilateral financing secured by the company in 2025 for the Sucuriú project in Mato Grosso do Sul, Brazil, structured through an A/B loan backed by IFC and a syndicate of international banks. This recognition highlights market confidence in ARAUCO's financial management.
ESG HIGHLIGHTS
Copec exceeds 90 fast charging stations and leads the electromobility network in Latin America
The subsidiary announced that it has surpassed 90 fast charging stations nationwide through Copec Voltex, thus consolidating the most extensive and powerful electric charging network in Latin America. Of the total, 30 of these points exceed 360 kW of power, allowing ultra-fast recharging in just 10 minutes, with state-of-the-art equipment, multiple connectors, and smart monitoring systems.
The network already covers all regions of Chile, from Arica to Punta Arenas, including urban areas and strategic interurban routes.
Copec plans to continue expanding this infrastructure during 2026, with new charging points, solutions for logistics fleets, and continuous improvements in user experience.
Arauco highlights the role of forests in its sustainable management at COP30
The forestry subsidiary participated in the summit held in Belém do Pará, Brazil, where it shared its vision on how to reconcile development and biodiversity protection, reinforcing the value of Nature-Based Solutions in climate action.
Arauco has been a pioneer in carbon neutrality without resorting to external offsets and in adopting the Nature Positive standard in Latin America, achievements that are part of its sustainable management model. In addition, it has implemented initiatives aimed at strengthening the resilience of territories, such as the development of species adapted to water and heat stress, the use of cutting-edge environmental monitoring tools, and reinforced fire prevention and fighting systems.
Its presence at the event helped strengthen international alliances and highlight the contribution of forests as a cornerstone of the bioeconomy and natural capital. The company emphasized that producing from nature, with innovation and regeneration criteria, is key to moving from commitments to long-term climate action.
Terpel moves forward with its commitment to the energy transition
The Copec subsidiary took a new step in its strategy after approving the merger with Parque Solar Planeta Rica S.A.S., a transaction that reinforces the diversification of its portfolio and its commitment to reducing emissions and developing renewable energy in Colombia.
With this integration, the company adds to its operations a photovoltaic project of more than 26 MWp located in the department of Córdoba, with the capacity to generate more than 45,000 MWh per year, enough energy to supply more than 23,000 homes. The initiative allows for the expansion of renewable generation and strengthens the contribution to the national energy supply.
This milestone is part of Terpel's vision to consolidate its position as a key player in Colombia's energy transition through a comprehensive energy efficiency offering that includes sustainable mobility, solar photovoltaic generation, and energy marketing.
4Q25 / 4Q24. Net income attributable to owners of the controlling interest, net of minority interests, reached US$242 million, an increase of US$51 million compared to the fourth quarter of 2024. This is mainly explained by an increase of US$ 103 million in non-operating income, partially offset by a decrease of US$ 67 million in operating income.
In the forestry sector, Arauco recorded a decline in its operating income, mainly due to a decrease in pulp prices and volumes and lower physical sales of panels and sawn timber. This was partially offset by increases in panel prices and lower unit production costs for dissolving pulp and bleached softwood.
Figures in US$ million
The improvement in operating income in energy is explained by an increase in Abastible, which reported higher operating income due to an increase in sales volumes in Latin America and the consolidation of its new subsidiary Gasib, which operates in Spain and Portugal. Additionally, Copec Chile reported higher sales volumes and an increase in industrial margin.
Gross profit grew 9.2%, reaching US$ 1.074 billion. This was mainly contributed by the subsidiaries Copec, with US$ 524 million; Arauco, with US$ 328 million; Abastible, with US$ 199 million; Igemar, with US$ 14 million; and Sonacol, with US$ 12 million.
Non-operating income increased compared to the previous year, as a result of higher income from related companies, specifically Mina Justa and Metrogas, a decrease in other expenses, and a favorable exchange rate effect.
Income Statement | 4Q 25 | 3Q 25 | 4Q 24 | 4Q25 / 4Q24 | 4Q25 / 3Q25 | Accum 25 | Accum 24 | Chg. 25 / 24 |
Revenues | 7,701 | 7,348 | 6,952 | 10.8% | 4.8% | 29,638 | 28,750 | 3.1% |
Cost of sales | (6,627) | (6,312) | (5,968) | (11.0%) | (5.0%) | (25,290) | (24,318) | (4.0%) |
Administration & distribution expenses | (853) | (746) | (696) | (22.5%) | (14.4%) | (3,029) | (2,845) | (6.5%) |
Operating Income | 221 | 290 | 288 | (23.2%) | (23.8%) | 1,320 | 1,587 | (16.8%) |
Other income | 123 | 133 | 205 | (39.9%) | (7.7%) | 359 | 631 | (43.1%) |
Other expenses | (59) | (52) | (120) | 51.2% | (13.0%) | (221) | (347) | 36.2% |
Other gains (losses) | 0 | (1) | (13) | 103.6% | 150.7% | (4) | (19) | 81.1% |
Financial cost | (168) | (157) | (140) | (19.8%) | (6.8%) | (629) | (629) | 0.0% |
Financial revenues | 35 | 32 | 19 | 84.9% | 9.3% | 132 | 144 | (8.7%) |
Share of profits of associates | 107 | 90 | 34 | 218.1% | 19.5% | 331 | 231 | 43.2% |
Foreign exchange differences | 40 | (9) | (1) | 3515.0% | 548.5% | (11) | (16) | 33.3% |
Other results | (9) | (8) | (14) | 37.9% | (13.9%) | (45) | (41) | (9.1%) |
Non Operational income | 71 | 28 | (32) | 322.4% | 149.3% | (88) | (45) | (94.9%) |
Income tax expense | (34) | (101) | (61) | 44.5% | 66.8% | (282) | (376) | 24.9% |
Total profit | 258 | 217 | 195 | 32.2% | 18.8% | 950 | 1,166 | (18.5%) |
Profit attributable to controllers | 242 | 198 | 191 | 26.4% | 22.0% | 877 | 1,111 | (21.1%) |
Profit attributable to minority | 17 | 19 | 4 | 300.9% | (13.5%) | 73 | 55 | 33.3% |
EBIT | 221 | 290 | 288 | (23.2%) | (23.8%) | 1,320 | 1,587 | (16.8%) |
Depreciation & Amortization, and adjustments | 299 | 265 | 258 | 16.2% | 12.9% | 1,080 | 997 | 8.3% |
Fair value cost of timber harvested | 79 | 87 | 101 | (21.9%) | (9.3%) | 330 | 441 | (25.0%) |
EBITDA | 599 | 642 | 646 | (7.3%) | (6.7%) | 2,730 | 3,024 | (9.7%) |
CONSOLIDATED RESULTS
4Q25 / 3Q25. Profit increased by US$ 44 million compared to the previous quarter, mainly due to higher non-operating income and lower taxes.
The forestry sector recorded a decrease in EBITDA of 2.5% as a result of lower prices for pulp and sawn timber, and lower panel volumes. This was offset by an increase in physical sales of pulp and sawn timber.
The energy sector saw its EBITDA decrease by 8.7% measured in dollars, explained by Copec Chile, associated with an increase in administrative expenses and distribution costs, partially offset by higher industrial margins.
Non-operating income was positive, due to a favorable exchange rate effect and gains from related companies and joint ventures, mainly from an increase in Mina Justa's results.
2025 / 2024. Net income attributable to the owners of the controlling interest, net of minority interests, reached US$ 877 million, which is US$ 234 million lower than the result recorded as of December 2024. This is explained by a decrease of US$ 267 million in operating income and a more unfavorable non-operating income of US$ 43 million.
In the forestry sector, Arauco recorded a decline in operating income, mainly due to a drop in pulp prices. This was partially offset by higher volumes and lower unit costs in this segment, coupled with an increase in panel prices.
The higher operating income in energy is explained by an improvement in Copec Chile, as a result of higher sales volumes, along with a favorable industrial margin, partially offset by a negative inventory revaluation effect. Meanwhile, Abastible reported higher operating income than the previous year, mainly due to the consolidation of its new subsidiary Gasib. In addition, its operations in Chile, Colombia, and Ecuador performed better.
Gross profit decreased by 1.9% to US$ 4.348 billion. This was mainly contributed by the subsidiaries Copec, with US$2.051 billion; Arauco, with US$1.537 billion; Abastible, with US$645 million; Igemar, with US$67 million; and Sonacol, with US$51 million.
Non-operating income decreased compared to the previous year, due to lower other income by function, associated with the sale of Arauco's forestry assets in Brazil in 2024, partially offset by a decrease in other expenses by function and an increase in earnings from related companies and joint ventures, which are accounted for using the equity method, explained by an improvement in the results of Alxar Internacional (Mina Justa).
Quarterly EBITDA Quarterly Net Income668
616
432
655
598
844
770 764
646
776
712
642
599
155
166
228
288
404
191 208
228
198
242
59
-9
-31
*Figures in US$ millions
4Q 25 | 3Q 25 | 4Q 24 | 4Q25 / 4Q24 | 4Q25 / 3Q25 | Accum 25 | Accum 24 | Var 25 / 24 | |
EBITDA Forestry | 288 | 296 | 408 | (29.4%) | (2.5%) | 1,305 | 1,763 | (26.0%) |
Energy | 322 | 353 | 247 | 30.1% | (8.7%) | 1,436 | 1,240 | 15.8% |
Copec | 229 | 263 | 194 | 18.0% | (12.9%) | 1,090 | 989 | 10.2% |
Abastible | 79 | 73 | 40 | 94.9% | 7.4% | 284 | 198 | 43.8% |
Sonacol | 15 | 17 | 13 | 11.0% | (12.2%) | 62 | 54 | 15.2% |
Fishing | (3) | (1) | (2) | (68.0%) | (264.2%) | 12 | 44 | (72.8%) |
Others | (8) | (5) | (8) | (2.5%) | (41.5%) | (23) | (24) | (4.2%) |
TOTAL | 599 | 642 | 646 | (7.3%) | (6.7%) | 2,730 | 3,024 | (9.7%) |
CAPEX Forestry | 695 | 907 | 469 | 48.1% | (23.5%) | 2,489 | 1,356 | 83.6% |
Energy | 252 | 135 | 404 | (37.7%) | 86.5% | 556 | 741 | (24.9%) |
Fishing | 5 | 30 | 13 | (63.9%) | 15.6% | 39 | 34 | 15.5% |
Others | 5 | 2 | 3 | 55.7% | 105.3% | 14 | 3 | - |
TOTAL | 955 | 1,074 | 888 | 7.5% | (11.1%) | 3,099 | 2,134 | 45.2% |
EBITDA change by business (4Q 25 v/s 4Q 24) (MMUS$)
EBITDA change by business (4Q 25 v/s 3Q 25) (MMUS$)
75
0
1
646
120
599
2
2
8
642
31
599
4Q 24 Energy Fishing Others Forestry 4Q 25 2Q 25 Forestry Energy Fishing Others 3Q 25
EBITDA change by business (Accum 25 v/s Accum 24) (MMUS$)
196 1
32
459
3,024
2,730
Accum 24 Energy Others Fishing Forestry Accum 25
Figures in US$ million
4Q25 / 4Q24. Arauco reported a profit of US$ 51 million as of December 2025, which compares unfavorably with the profit of US$ 105 million for the same period in 2024. This is explained by a drop in operating income of US$ 95 million, partially offset by an increase in non-operating income of US$ 13 million.
Consolidated revenues were down 8.6%, reflecting lower pulp sales, which decreased by 10.6%, due to a drop of 8.0% in prices and 2.0% in volumes. Meanwhile, revenues from the wood business declined 6.5% as a result of a drop in volumes of sawn timber and panels of 8.9% and 7.1%, respectively. On the other hand, unit sales costs for dissolving pulp and bleached softwood decreased 13.8% and 1.0%, respectively. In contrast, there were increases in the costs of bleached hardwood and unbleached softwood, of 7.3% and 7.1%, respectively.
There was an increase in non-operating income, as a result of a decrease in other expenses and a favorable result in the share of profits of related companies.
Pulp
Markets remained stable during the fourth quarter of 2025, allowing for price increases, mainly in softwood. In addition, there was a decline in global inventory levels.
In China, demand remains stable, in a context of oversupply of pulp and paper capacity. During the fourth quarter of 2025, there was an increase in demand for unbleached pulp due to restrictions on recycled pulp imposed by China, which allowed prices for this grade of pulp to rise. The printing and writing paper industry has remained stable with a slight seasonal increase in demand for the end product. The tissue industry remains stable, despite increases in pulp prices, which has made it challenging to pass these on to end products. In terms of prices, softwood declined at the beginning of the quarter; however, at the end of the quarter, it showed an increase, while hardwood presented hikes throughout the quarter.
In Europe, the fourth quarter of 2025 was complex in economic terms. However, it was possible to implement price increases for hardwood. The printing and writing paper industry remains weak, with some companies reducing their production. The tissue industry seems stable, despite the fact that demand has decreased due to higher imports of jumbo rolls from Brazil and Asia.
Figures in US$ millio n .
*A dj. EBITDA info rmed by A rauco was US$ 319 millio n for 4Q25, US$ 281millio n for 3Q25 and US$ 407 millio n for 4Q24. A dj. EBITDA = Net Inco me +fin. costs - fin. inco me +tax + dep & amo rt +fair value cost of timber harvested - gain fro m changes in bio lo gical assets + exchange rate differences
**Includes energy sales.
The dissolving pulp market remained stable for most of the quarter, while the Lyocell segment continued to face oversupply conditions. The price gap between paper-grade and dissolving pulp narrowed throughout the quarter due to higher prices for hardwood.
Changes | 4Q25 / 4Q24 | 4Q25 / 3Q25 | Accum 25 / 24 |
Volume | |||
Pulp | (2.0%) | 8.6% | 3.4% |
Panels | (7.1%) | (7.6%) | (3.9%) |
Sawn timber* | (8.9%) | 3.8% | (6.8%) |
Prices | |||
Pulp | (8.0%) | (0.9%) | (13.9%) |
Panels | 3.7% | 2.6% | 3.7% |
Sawn timber* | (4.6%) | (6.2%) | (4.6%) |
*Includes Plywood |
ARAUCO | 4Q 25 | 3Q 25 | 4Q 24 | 4Q25 / 4Q24 | 4Q25 / 3Q25 | Accum 25 Accum 24 | Chg. 25 / 24 |
Sales | 1,519 | 1,509 | 1,662 | (8.6%) | 0.6% | 6,085 6,546 | (7.0%) |
Pulp** | 779 | 738 | 871 | (10.6%) | 5.6% | 3,061 3,429 | (10.7%) |
Wood Products** | 739 | 771 | 790 | (6.5%) | (4.1%) | 3,023 3,116 | (3.0%) |
EBITDA* | 288 | 296 | 408 | (29.4%) | (2.5%) | 1,305 1,763 | (26.0%) |
EBIT | 23 | 43 | 118 | (80.6%) | (47.1%) | 299 652 | (54.2%) |
Non operating income | 27 | (11) | 14 | 97.2% | 343.9% | (218) (5) | (4338.8%) |
Net income | 51 | (0) | 105 | (51.1%) | - | 41 476 | (91.3%) |
ARAUCO
Market situation
Sawn timber and remanufacturing
During the fourth quarter of 2025, sales volumes were lower than in the previous year. Production also declined due to the closure of a sawmill in Chile, which accounted for approximately 15% of Arauco's production. In addition, markets have shown weak demand, affected by slower economic growth, reduced construction activity, instability arising from geopolitical factors, and uncertainty associated with changes in tariffs set by the United States.
In remanufacturing, the market continues to experience weak demand due to a decline in construction and home improvement activity. This adds to the uncertainty generated by U.S. tariffs.
Plywood
The market showed a negative trend, with sales volumes decreasing in some regions.
In the United States, demand remained stable and prices stayed relatively firm, despite the implementation of tariffs.
Panels (MDF, PB, Melamines)
In the United States, demand remained under pressure, mainly due to the existing oversupply across all regions. Prices stayed competitive amid a high level of uncertainty associated with the implementation of tariffs.
In Latin America, MDF sales showed a positive trend, with signs of recovery in demand. Meanwhile, PB demand remained solid, with slight price increases observed in some countries.
4Q25 / 3Q25. Arauco reported a profit of US$ 51 million, representing an increase over the previous quarter as a result of higher non-operating income.
EBITDA decreased by 2.5% due to a 6.2% drop in sawn timber prices and a 7.6% decline in panel volumes. This was offset by an increase in pulp and sawn timber volumes of 8.6% and 3.8%, respectively. Meanwhile, unit sales costs for bleached softwood, bleached hardwood, and dissolving pulp increased by 6.9%, 6.7% and 0.2%, respectively, while those for unbleached softwood decreased by 0.4%.
Non-operating income improved by US$ 38 million due to a favorable exchange rate effect and a positive variation in other expenses.
2025 / 2024. Arauco recorded a profit of US$ 41 million as of December 31, 2025, which compares unfavorably with the profit of US$ 476 million for the same period in 2024. This is explained by a decline in operating and non-operating income of US$ 353 million and US$ 213 million, respectively.
Consolidated revenue as of December 31, 2025, decreased by 7.1%, reflecting lower sales of pulp and wood products. Sales in the pulp business decreased by 10.7% as a result of a drop in prices of 13.9%, partially offset by an increase in sales volumes of 3.4%. Meanwhile, revenues from the timber business fell by 3.0%, as a result of a decline in panel and sawn timber volumes of 3.9% and 6.8%, respectively. On the other hand, there were decreases in unit sales costs for bleached hardwood and softwood pulp, unbleached softwood, and dissolving pulp of 3.9%, 2.0%, 2.6%, and 7.3%, respectively.
Non-operating income was lower than in the previous year, due to lower other income associated with the sale of forestry assets in Brazil in the third quarter of 2024, and an unfavorable exchange rate effect, slightly offset by a decrease in other expenses.
Production by Business
1,166
1,075
1,162
1,250
525 486
385
127 124 111
1,313 1,306
Sales Volumes by Business
1,273
1,247 1,281 1,287
1,148
1,189
468
413 436
149 128 126
4Q 24 3Q 25 4Q 25 4Q 24 3Q 25 4Q 25Wood products
4Q25 / 4Q24. Copec recorded a profit of Ch$ 64.420 billion, higher than the Ch$ 41.562 billion reported as of December 2024, explained by higher operating and non-operating income.
Consolidated EBITDA reached Ch$ 215.992 billion, representing an increase of 8.1% over the previous year, due to a hike in Copec Chile, partially offset by a slight decrease in Terpel.
EBITDA in Chile expanded by 9.9%, totaling Ch$ 114.085 billion, due to a 6.4% growth in sales volumes, explained by a 16.3% increase in the industrial channel and a higher industrial margin, partially offset by a negative inventory revaluation effect.
Terpel's EBITDA in local currency decreased 3.2% compared to the previous year, mainly due to a reduction of 1.6% in sales volumes, explained primarily by lower physical sales in Ecuador and Colombia, by 15.9%, and 0.4% respectively, offset by an increase of 4.5% in Panama, 2.8% in the Dominican Republic, and 4.4% in Peru. The VNG business recorded a 10.6% drop in volumes, mainly due to a 87.0% decrease in Peru, offset by a 11.1% increase in Colombia.
Meanwhile, Copec's consolidated non-operating income was favorable at 30.9%, as a result of an increase in other income and a reduction in other expenses.
COPEC CONSOLIDATED (Including Terpel) | 4Q 25 | 3Q 25 | 4Q 24 | 4Q25 / 4Q24 | 4Q25 / 3Q25 | Accum 25 | Accum 24 | Chg. 25 / 24 |
Revenues* | 5,255,502 | 5,033,793 | 4,638,284 | 13.3% | 4.4% | 20,118,193 | 19,171,060 | 4.9% |
EBITDA* | 215,992 | 254,784 | 199,799 | 8.1% | (15.2%) | 1,038,600 | 945,139 | 9.9% |
EBIT* | 151,274 | 195,915 | 146,602 | 3.2% | (22.8%) | 802,481 | 724,247 | 10.8% |
Non operating income* | (43,886) | (23,713) | (63,505) | 30.9% | (85.1%) | (129,283) | (195,767) | 34.0% |
Net income | 64,420 | 99,045 | 41,562 | 55.0% | (35.0%) | 426,813 | 323,058 | 32.1% |
Figures in millions of Chilean pesos
COPEC CHILE | 4Q 25 | 3Q 25 | 4Q 24 | 4Q25 / 4Q24 | 4Q25 / 3Q25 | Accum 25 | Accum 24 | Chg. 25 / 24 |
Revenues | 2,892,103 | 2,720,257 | 2,485,303 | 16.4% | 6.3% | 11,152,224 | 10,693,905 | 4.3% |
EBITDA | 114,085 | 140,131 | 103,784 | 9.9% | (18.6%) | 624,210 | 523,440 | 19.3% |
EBIT | 71,788 | 102,940 | 70,567 | 1.7% | (30.3%) | 474,092 | 391,084 | 21.2% |
Non operating income | (17,641) | 849 | (30,093) | 41.4% | (2178.4%) | (35,777) | (65,490) | 45.4% |
Net income | 32,853 | 57,630 | 17,357 | 89.3% | (43.0%) | 279,418 | 199,264 | 40.2% |
Copec Chile physical sales (thousand of m3) | 2,993 | 2,840 | 2,813 | 6.4% | 5.4% | 11,546 | 10,845 | 6.5% |
Gas stations channel | 1,680 | 1,603 | 1,684 | (0.3%) | 4.8% | 6,600 | 6,481 | 1.8% |
Industrial channel | 1,313 | 1,237 | 1,129 | 16.3% | 6.1% | 4,946 | 4,363 | 13.4% |
Copec Chile market share | 57.7% | 57.9% | 58.9% | (2.1%) | (0.4%) | 58.6% | 58.5% | 0.2% |
EBITDA Blue Express* | 7,221 | 5,681 | 6,885 | 4.9% | 27.1% | 23,630 | 22,212 | 6.4% |
Figures in millions of Chilean pesos
*This Ebitda is included in the EBITDA of Copec Chile
TERPEL | 4Q 25 | 3Q 25 | 4Q 24 | 4Q25 / 4Q24 | 4Q25 / 3Q25 | Accum 25 | Accum 24 | Chg. 25 / 24 |
Revenues | 9,653,349 | 9,664,300 | 9,731,070 | (0.8%) | (0.1%) | 38,147,135 | 36,569,101 | 4.3% |
EBITDA | 415,491 | 479,428 | 429,408 | (3.2%) | (13.3%) | 1,763,119 | 1,810,367 | (2.6%) |
EBIT | 323,914 | 388,911 | 343,915 | (5.8%) | (16.7%) | 1,397,084 | 1,433,531 | (2.5%) |
Non operating income | (106,976) | (102,869) | (150,807) | 29.1% | (4.0%) | (397,355) | (562,283) | 29.3% |
Net income | ||||||||
Profit attributable to controllers | 128,643 | 173,391 | 109,720 | 17.2% | (25.8%) | 628,486 | 530,756 | 18.4% |
Profit attributable to minority interest | 6.5 | 8.4 | 4.7 | 37.1% | (22.9%) | 37.0 | 29.2 | 26.9% |
Terpel physical sales (thousand of m3) | 2,925 | 2,937 | 2,973 | (1.6%) | (0.4%) | 11,535 | 11,336 | 1.8% |
Colombia | 2,261 | 2,252 | 2,270 | (0.4%) | 0.4% | 8,845 | 8,596 | 2.9% |
Panama | 240 | 238 | 230 | 4.5% | 0.7% | 946 | 980 | (3.4%) |
Ecuador | 286 | 303 | 340 | (15.9%) | (5.4%) | 1,190 | 1,229 | (3.2%) |
Dominican Republic | 60 | 53 | 59 | 2.8% | 13.9% | 220 | 246 | (10.6%) |
Peru | 78 | 91 | 74 | 4.4% | (14.8%) | 334 | 286 | 17.1% |
Gazel VNG physical sales (thousand of m3) | 47 | 54 | 53 | (10.6%) | (12.4%) | 209 | 223 | (6.5%) |
Colombia | 46 | 46 | 41 | 11.1% | (0.2%) | 177 | 178 | (0.3%) |
Peru | 2 | 8 | 12 | (87.0%) | (81.2%) | 32 | 46 | (30.7%) |
Figures in millions of Colombian pesos | ||||||||
COPEC
4Q25 / 3Q25. Net income fell Ch$ 34.625 billion, as a result of a decline in operating and non-operating income.
EBITDA decreased by Ch$ 38.791 billion, explained by an increase in administrative expenses, higher distribution costs, and an unfavorable inventory revaluation effect at Copec and Terpel, partially offset by a higher industrial margin in Chile.
Volumes increased 5.4% in Chile, due to hikes of 6.1% in the industrial channel and 4.8% in the gas station channel. Meanwhile, Terpel saw a decrease of 0.4% mainly due to declines of 5.4% and 14.8% in Ecuador and Peru, respectively, partially offset by increases of 0.4% in Colombia, 0.7% in Panama, and 13.9% in the Dominican Republic.
Non-operating income dropped Ch$ 20.174 billion, reflecting an increase in other expenses, a net negative effect on other gains (losses), and a less favorable effect on exchange differences.
2025 / 2024. Copec recorded a profit of Ch$ 426.813 billion, higher than the Ch$ 323.057 billion reported at the end of December 2024, explained by higher operating and non-operating income.
Consolidated EBITDA reached Ch$ 1.038.600 billion, representing an increase of 9.9% over the previous year, due to an increase in Copec Chile, partially offset by lower results in Terpel.
In Chile, EBITDA expanded by 19.3% to Ch$ 624.210 billion, mainly due to a favorable industrial margin and a 6.5% growth in sales volumes, explained by a 13.4% increase in the industrial channel and a 1.8% hike in gas stations. These effects were partially offset by a negative inventory revaluation effect.
Terpel's EBITDA in local currency decreased 2.6% compared to the previous year, mainly due to a negative inventory revaluation effect, offset by higher performance on lubricants. Meanwhile, volumes grew 1.8% in consolidated basis, explained by increases of 2.9% in Colombia, and 17.1% in Peru, offset by a decrease of 3.4% in Panama, 3.2% in Ecuador and 10.6% in the Dominican Republic. In the VNG business, there was a 30.7% and 0.3% drop in volumes in Colombia and Peru, respectively.
Meanwhile, Copec's consolidated non-operating income was favorable at 34.0%, as a result of favorable exchange rate differences and lower financial costs.
4Q25 / 4Q24. Abastible reported a profit of Ch$ 23.033 billion, representing an increase compared to the loss of Ch$ 65 million in the previous year. This is due to higher operating and non-operating income and a less unfavorable tax result.
On a consolidated basis, EBITDA increased 89.4% reaching Ch$ 73.710 billion. There were increases in EBITDA from operations in Chile, Colombia, and Ecuador of 105.9%, 76,4% and 40.0%, respectively, offset by a decrease of 18.6% in Peru. In addition, the contribution of the new subsidiary, Gasib, which operates in Spain and Portugal, is noteworthy.
Liquefied gas volumes in Peru, Colombia, Ecuador, and Chile
increased by 14.3%, 13.9%, 7.1% and 1.7% compared to the previous
year, totaling 153 thousand, 77 thousand, 176 thousand and 121 thousand tons, respectively, while in Spain and Portugal they remained stable reaching 70 thousand tons.
Non-operating income increased Ch$ 3.231 billion at consolidated level, due to higher other net gains (losses) and other income.
4Q25 / 3Q25. Abastible recorded a higher profit by Ch$ 4.136 billion, as a result of improved non-operating income and lower tax expenses, partially offset by a decline in operating income.
Operating income decreased by Ch$ 4.054 billion, as a result of higher distribution costs and administrative expenses, offset by growth in volumes sold in Iberia, Colombia, Peru, and Ecuador, by 54.2%, 9.9%, 3.0% and 0.2%, respectively, offset by a decline in volumes in Chile of 20.2%.
Non-operating income increased Ch$ 3.453 billion, due to higher financial income and other gains.
2025 / 2024. Abastible recorded a profit of Ch$ 75.727 billion, representing an increase compared to the Ch$ 51.561 billion recorded the previous year. This is due to higher operating income, mainly associated with the consolidation of Gasib, partially offset by a more unfavorable non-operating result.
EBITDA increased by 45.2%, reaching Ch$ 270.563 billion. EBITDA hikes were observed in Colombia, Chile, and Ecuador, of 39.8%, 8.9%, and 36.3% respectively, offset by a decrease in Peru of 12.6%. In addition, the contribution of the new subsidiary operating in Spain and Portugal was significant.
* Figures in EUR million.
* Figures in US$ million.
* Figures in thousand peruvian soles.
* Figures in million colombian pesos.
* Figures in million chilean pesos.
* Figures in million chilean pesos.
As of December 2025, liquefied gas volumes in Colombia, Peru, and Ecuador increased by 10.3%, 12.9%, and 9.7% compared to the previous year, totaling 278 thousand, 572 thousand, and 667 thousand tons, respectively. Meanwhile, Chile recorded a decrease of 1.2% for a total of 555 thousand tons. Gasib's sales volume reached 248 thousand tons, representing an increase of 4.2% compared to the previous year.
ABASTIBLE CONS. (Includes Chile, Colombia, Perú, Ecuador, Spain and Portugal) | 4Q 25 | 3Q 25 | 4Q 24 | 4Q25 / 4Q24 | 4Q25 / 3Q25 | Accum 25 | Accum 24 | Chg. 25 / 24 |
Sales | 478,637 | 484,942 | 399,657 | 19.8% | (1.3%) | 1,951,851 | 1,495,744 | 30.5% |
EBITDA | 73,710 | 69,045 | 38,928 | 89.4% | 6.8% | 270,563 | 186,390 | 45.2% |
EBIT | 39,235 | 43,290 | 21,702 | 80.8% | (9.4%) | 160,971 | 120,217 | 33.9% |
Non operating income | (5,489) | (8,942) | (8,720) | 37.1% | 38.6% | (30,836) | (22,283) | (38.4%) |
Net income | 23,033 | 18,897 | (65) | - | 21.9% | 75,727 | 51,561 | 46.9% |
ABASTIBLE CHILE | 4Q 25 | 3Q 25 | 4Q 24 | 4Q25 / 4Q24 | 4Q25 / 3Q25 | Accum 25 | Accum 24 | Chg. 25 / 24 |
Sales | 156,660 | 177,588 | 132,954 | 17.8% | (11.8%) | 660,752 | 609,736 | 8.4% |
EBITDA | 19,635 | 26,920 | 9,538 | 105.9% | (27.1%) | 85,428 | 78,476 | 8.9% |
Abastible Chile LPG physical sales (thousand of tons) | 121 | 152 | 119 | 1.7% | (20.2%) | 555 | 561 | (1.2%) |
COLGAS (Colombia) | ||||||||
Sales | 342,246 | 316,428 | 309,328 | 10.6% | 8.2% | 1,287,974 | 1,025,946 | 25.5% |
EBITDA | 69,096 | 53,953 | 39,176 | 76.4% | 28.1% | 223,380 | 159,772 | 39.8% |
Colgas Colombia LPG physical sales (thousand of tons) | 77 | 70 | 67 | 13.9% | 9.9% | 278 | 252 | 10.3% |
SOLGAS (Perú) | 4T 25 | 3T 25 | 4T 24 | 4T25 / 4T24 | 4T25 / 3T25 | Acum 25 | Acum 24 | Var 25 / 24 |
Sales | 427,211 | 430,458 | 504,377 | (15.3%) | (0.8%) | 1,798,633 | 1,851,848 | (2.9%) |
EBITDA | 46,112 | 41,180 | 56,644 | (18.6%) | 12.0% | 184,961 | 211,646 | (12.6%) |
Solgas Perú LPG physical sales (thousand of tons) | 153 | 148 | 134 | 14.3% | 3.0% | 572 | 507 | 12.9% |
DURAGAS (Ecuador) | 4T 25 | 3T 25 | 4T 24 | 4T25 / 4T24 | 4T25 / 3T25 | Acum 25 | Acum 24 | Var 25 / 24 |
Sales | 54.9 | 53.6 | 49.3 | 11.2% | 2.4% | 207.4 | 171.0 | 21.3% |
EBITDA | 5.3 | 6.3 | 3.8 | 40.0% | (16.3%) | 21.3 | 15.6 | 36.3% |
Duragas Ecuador LPG physical sales (thousand of tons) | 176 | 176 | 164 | 7.1% | 0.2% | 667 | 608 | 9.7% |
GASIB (Spain and Portugal) | 4T 25 | 3T 25 | 4T 24 | 4T25 / 4T24 | 4T25 / 3T25 | Acum 25 Acum 24 | Var 25 / 24 | |
Sales | 63.2 | 56.5 | - | - | 11.9% | 292.7 - | - | |
EBITDA | 18.2 | 10.0 | - | - | 81.1% | 59.2 - | - | |
Gasib Spain and Portugal LPG physical sales (thousand of tons) | 70 | 45 | 70 | (0.5%) | 54.2% | 248 238 | 4.2% | |
ABASTIBLE
4Q25 / 4Q24. Igemar recorded a loss attributable to the owners of the controlling interest of US$ 15.7 million, which compares favorably with the loss of US$ 23.4 million reported during the previous year.
Both the operating income and the non-operating income were less unfavorable.
A total of 10.7 thousand tons of frozen fish and 647.8 thousand cases of canned fish were sold, representing increases of 51.7% and 296.5% compared to December 2024. On the other hand, 3.9 thousand tons of fishmeal and 1.3 thousand tons of fish oil were sold, representing decreases of 47.0% and 45.0%.
During the period, increases were observed in the prices of frozen fish and fishmeal, of 27.8% and 12.3%, respectively. On the other hand, there was a decrease of 5.0% in canned fish and 3.9% in fish oil.
Total processed fisheries reached 82 thousand tons, 14.8% more than at the end of the fourth quarter of 2024.
Regarding related companies, Corpesca recorded a loss of US$ 3.1 million, which compares positively with the loss of US$ 9.0 million reported in the same period last year. Meanwhile, Caleta Vitor recorded a loss of US$ 1.0 million, which compares negatively with the profit of US$ 1.4 million at the end of December 2024.
4Q25 / 3Q25. Income was lower by US$ 4.7 million, as a result of lower non-operating income and a less favorable tax effect, offset by higher operating income.
The higher operating income is explained by an increase in the prices of frozen fish, fishmeal, fish oil, and canned fish, of 31.9%, 12.3%, 5.8%, and 0.2%, respectively, and lower distribution costs.
On the other hand, lower sales volumes of fish oil, fishmeal, and frozen fish were recorded, of 76.9%, 63.4%, and 34.0%, respectively, partially offset by an increase in canned fish.
2025 / 2024. Igemar recorded a loss attributable to the owners of the controlling interest of US$ 35.4 million, which compares favorably with the loss of US$ 38.0 million recorded in the previous year. This is due to higher non-operating income, partially offset by lower operating income.
During the period, there were decreases in the prices of fishmeal, fish oil, and canned goods of 13.1%, 47.1% and 2.9%, respectively, and an increase in the price of frozen fish of 3.1%.
A total of 13.4 thousand tons of fish oil, 54.3 thousand tons of fish meal, 2.5 million cases of canned fish, and 64.3 thousand tons of frozen fish were sold, representing increases of 17.1%, 1.7%, 21%, and 157.7% respectively compared to December
2024.
Total processed fisheries reached 352 thousand tons, 15.7% more than at the end of the fourth quarter of 2024.
Figures in US$ million
*Ebitda = Operating Income + Depreciation + Amortization
Regarding related companies, Corpesca recorded a profit of US$ 0.1 million, which compares positively with the loss of US$ 11.8 million reported in the same period last year. Meanwhile, Caleta Vitor recorded a profit of US$ 12.3 million, a positive comparison with the loss of US$ 4.6 million at the end of December 2024.
IGEMAR CONSOLIDATED | 4Q 25 | 3Q 25 | 4Q 24 | 4Q25 / 4Q24 | 4Q25 / 3Q25 | Accum 25 | Accum 24 | Chg. 25 / 24 |
Sales | 110.8 | 108.3 | 85.4 | 29.8% | 2.3% | 471.5 | 399.5 | 18.0% |
EBITDA | (3.4) | (0.9) | (2.0) | (68.0%) | (264.2%) | 12.1 | 44.5 | (72.8%) |
EBIT | (6.6) | (10.6) | (8.4) | 21.5% | 37.8% | (16.0) | 21.3 | (174.9%) |
Non operating income | (16.2) | (10.8) | (25.5) | 36.4% | (49.7%) | (44.6) | (73.4) | 39.3% |
Net income | (15.7) | (11.0) | (23.4) | 33.0% | (42.3%) | (35.4) | (38.0) | 6.9% |
Physical sales Fishmeal (tons) | 3,952 | 10,798 | 7,458 | (47.0%) | (63.4%) | 54,340 | 53,424 | 1.7% |
Fish Oil (tons) | 1,290 | 5,596 | 2,347 | (45.0%) | (76.9%) | 13,432 | 11,468 | 17.1% |
Canned Fish (cases) | 647,757 | 643,180 | 426,956 | 51.7% | 0.7% | 2,534,193 | 2,093,855 | 21.0% |
Frozen Fish (tons) | 10,736 | 16,260 | 2,707 | 296.5% | (34.0%) | 64,250 | 24,934 | 157.7% |
Total fish processed (tons) | 81,892 | 20,511 | 71,357 | 14.8% | 299.3% | 352,325 | 304,597 | 15.7% |
PESQUERA IQUIQUE-GUANAYE (IGEMAR)
Sonacol
4Q25 / 4Q24. Profit increased to Ch$ 4.268 billion, due to an increase in operating and non-operating income.
2025 / 2024. Profit reached Ch$ 30.993 billion, higher than the Ch$ 22.425 billion recorded at the end of December 2024. This is explained by an increase in operating income.
It should be noted that Sonacol is currently classified as "assets held for sale" in Empresas Copec's balance sheet.
RELATED COMPANIES
Metrogas and AGESA
4Q25 / 4Q24. Metrogas reported a profit of Ch$ 8.280 billion, up from Ch$ 1.222 million at the end of the fourth quarter of 2024, due to an increase in operating and non-operating income.
Agesa reported a drop in profit of Ch$ 6.9 million, associated with a decline in operating income.
2025 / 2024. Metrogas reported a profit of Ch$ 100.239 billion, which compares negatively with the profit of Ch$ 221.297 billion recorded at the end of the fourth quarter of 2024, which is explained by lower operating and non-operating income, associated with a decline in volumes and higher financial costs, together with favorable effects recorded in 2024, due to the update of the provision for lawsuits.
Figures in US$ million
*Ebitda = Operating Income + Depreciation + Amortization
**EBITDA includes impariment reverse of mining assets for US$82 million
Figures in US$ millio n
* Figures in millio n Chilean pesos.
Agesa, meanwhile, reached a profit of US$ 87.0 million, down from US$ 114.1 million in the previous year.
Cumbres Andinas (Mina Justa)
Marcobre is the owner of Mina Justa. The company that owns Marcobre is Cumbres Andinas, which has Minsur as shareholder with a 60% interest and Alxar Internacional, a subsidiary 100% owned by Empresas Copec, with the remaining 40%.
4Q25 / 4Q24. Cumbres Andinas reported a profit of US$ 246 million, which compares favorably with the US$ 155 million reported for the same period last year, mainly due to higher copper prices (+20.4% vs. 2024), offset by a decrease of 19.4% in sales volumes, reaching 34 thousand tons of copper, with 22 thousand tons of cathodes and 12 thousand tons of concentrates. In turn, the material processed was 4.6 million tons, higher than the 4.4 million tons reported the previous year. The average cash cost for the period reached 1.8 US$/lb, compared to 1.2 US$/lb the previous year.
2025 / 2024. Cumbres Andinas reported a profit of US$ 638 million, higher than the US$ 373 million recorded in the fourth quarter of the previous year. This is explained by an increase in copper prices (+8.9% vs 2024) and higher physical sales at Mina Justa, which increased by 8.4%, reaching 130 thousand tons of copper, with 89 thousand tons of concentrates and 41 thousand tons of cathodes. The material processed was 18.2 million tons, higher than the 16.6 million tons reported the previous year, and the average cash cost for the period reached 1.4 US$/lb, representing a decrease from the 1.5 US$/lb of the previous year.
CUMBRES ANDINAS | 4Q 25 | 3Q 25 | 4Q 24 | 4Q25 / 4Q24 | 4Q25 / 3Q25 | Acum 25 | Acum 24 | Var 25 / 24 |
Sales | 450 | 338 | 394 | 14.2% | 33.2% | 1,465 | 1,132 | 29.4% |
EBITDA | 394 | 236 | 266 | 48.2% | 66.8% | 1,072 | 743 | 44.2% |
Net income | 246 | 137 | 155 | 59.1% | 79.4% | 638 | 373 | 71.2% |
Physical sales | 34 | 31 | 42 | (19.4%) | 7.1% | 130 | 120 | 8.4% |
Cathodes (kT) | 12 | 11 | 9 | 39.9% | 9.4% | 41 | 33 | 23.3% |
Concentrates (kT) | 22 | 20 | 33 | (34.8%) | 5.8% | 89 | 87 | 2.7% |
Treated Ore (kT) | 4,578 | 4,863 | 4,416 | 3.7% | (5.8%) | 18,242 | 16,592 | 9.9% |
Cash-cost (C1) (US$/lb) | 1.8 | 1.3 | 1.2 | 46.2% | 36.5% | 1.4 | 1.5 | (5.9%) |
Net income from other affiliates and associates | 4Q 25 | 3Q 25 | 4Q 24 | 4Q25 / 4Q24 | 4Q25 / 3Q25 | Accum 25 | Accum 24 | Chg. 25 / 24 |
Sonacol* | 7,353 | 9,342 | 3,085 | 138.4% | (21.3%) | 30,993 | 22,425 | 38.2% |
Metrogas* | 8,280 | 38,811 | 1,222 | 577.5% | (78.7%) | 100,239 | 221,297 | (54.7%) |
Agesa | 16.0 | 33.5 | 23.0 | (30.2%) | (52.1%) | 87.0 | 114.1 | (23.7%) |
Corpesca | (3.1) | 4.9 | (9.0) | 65.4% | (163.4%) | 0.1 | (11.8) | 101.1% |
Caleta Vitor | (1.0) | 10.5 | 1.4 | (173.0%) | (109.5%) | 12.3 | (4.5) | 377.0% |
OTHER AFFILIATES
Figures in US$ millio n
* Leverage = Net financial debt / Total equity
** ROCE = (A nualized EBIT +Gain fro m changes in fair value of bio lo gical assets +Financial inco me) / (Total current assets - Total current liabilities +No n-current bio lo gical assets +P ro perty, P lant and Equipment - Net
no n-current assets classified as held for sale)
Simplified Balance Sheet Statement | Dec-25 | Dec-24 | Chg. 25 / 24 |
Current assets | 9,097 | 8,466 | 7.4% |
Non-current assets | 24,113 | 20,015 | 20.5% |
TOTAL ASSETS | 33,210 | 28,482 | 16.6% |
Short term financial debt | 1,763 | 1,326 | 33.0% |
Other current liabilities | 3,461 | 2,662 | 30.0% |
Total current liabilities | 5,224 | 3,988 | 31.0% |
Long term financial debt | 10,787 | 8,875 | 21.5% |
Other non-current liabilities | 2,279 | 2,129 | 7.0% |
Total non-current liabilities | 13,066 | 11,004 | 18.7% |
TOTAL LIABILITIES | 18,290 | 14,992 | 22.0% |
Non-controlling interests | 601 | 529 | 13.6% |
Shareholder's Equity | 14,318 | 12,960 | 10.5% |
TOTAL EQUITY | 14,919 | 13,489 | 10.6% |
Leverage* | 0.66 | 0.58 | 12.5% |
Net financial debt | 9,774 | 7,855 | 24.4% |
ROCE** | 7.2% | 9.9% | (2.6%) |
As of December 31, 2025, consolidated current assets increased by 7.4% compared to December 31, 2024. This is mainly explained by higher accounts receivable and other receivables and an increase in inventories at Copec. This was partially offset by lower trade receivables and other accounts receivable at Arauco and other current financial assets at the Parent Company.
Non-current assets increased by 20.5% compared to the end of 2024, mainly due to an increase in property, plant, and equipment at Copec and Arauco, the latter associated with the Sucuriú project in Brazil. There was also an increase in other non-current financial and non-financial assets at Arauco.
Total current liabilities increased by 31.0% compared to the end of 2024. There was an increase in trade accounts payable and other accounts payable at Copec and Arauco, and a hike in other financial liabilities at Arauco, partially offset by a decrease in other current financial liabilities at Abastible.
Meanwhile, non-current liabilities increased by 18.7%, reflecting a rise in other non-current financial liabilities at Arauco related to the progress of the Sucuriú project, together with an increase in non-current lease liabilities at Copec and Arauco.
Overall, the Company's equity increased by 10.6% compared to December 31 of 2024, mainly due to higher retained earnings, coupled with an increase in other reserves.
CASH FLOW STATEMENT ANALYSIS
Operating cash flow at the end of December 2025 decreased compared to the same period last year, mainly due to higher payments to suppliers for the supply of goods and services at Abastible and Copec, which was offset by higher collections from the sale of goods and provision of services at Copec and Abastible.
On the other hand, investment cash flow recorded higher net cash outflows compared to 2024. This is mainly explained by higher purchases of property, plant, and equipment associated with the Sucuriú project, together with lower cash flows from the loss of control of subsidiaries in Arauco, associated with the sale of forestry assets in Brazil in 2024.
Cash flow from financing activities shows lower net cash outflows, mainly due to a decrease in loan payments by Arauco and the Parent Company, and higher amounts from long-term loans in Arauco.
CASH FLOW STATEMENT | dic-25 | dic-24 | Chg. 25 / 24 | ||
Cash flow s from (used in) operating activities | 2,004 | 2,115 | (5.2%) | ||
Cash flow s from (used in) investing activities | (2,846) | (945) | (201.1%) | ||
Cash flow s from (used in) financing activities | 1,120 | (558) | 300.6% | ||
Net increase (decrease) in cash and cash equivalents | 278 | 611 | (54.5%) | ||
Figures in millio n US$ |
CONSOLIDATED BALANCE SHEET ANALYSIS
Total financial debt: US$ 12,551 million
Cash and cash equivalents: US$ 2,777 million
Net debt : US$ 9,774 million
Debt by Type
Debt by Currency
Chilean UF 37.3%
Arauco 69.1%
Debt by Company
Bonds 65.8%
4.60 4.57
Chilean Pesos 1.5%
Others 14.2%
Bank Debt 20.1%
US Dollar 42.8%
Net Debt / EBITDA
Others 11.9%
Colombian Pesos 6.5%
EC Holding 11.6%
Copec 13.0%
Abastible 2.8%
Igemar 3.5%
4.01
4.16
3.62
3.58
4.03 3.86
3.33
3.25
3.58
2.79
2.81
3.03
2.77 2.91
2.47
2.60
2.37
2.16 2.09 1.95 1.92 1.99
Dividend distribution and Dividend Yield* Figures in US$ million
765 5.7%
4.3%
3.5%
1.6% 1.4% 2.1% 2.3% 1.8%
2.5% 2.3%
3.7%
1.3%
0.4%
528
424
387
290
308
253
262 223
268
267
302 315
55
7.2%
Financial Debt Maturities
Figures in US$ million
4,757
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Dividends (MM USD) Dividend Yield*Dividend Yield is calculated based on dividends paid per calendar year, market value and exchange rate at the end of each period
**The dividends indicated correspond to those paid by Empresas Copec during the calendar year
*** As of December 2025
2,777
1,751
965 895 926 1,193
227
933
International risk rating | |
Fitch Ratings | BBB / negative outlook |
Standard and Poor's | BBB / negative outlook |
Local risk rating | |
Feller-Rate | AA / stable outlook / 1ª Class Level 1 |
Fitch Ratings | AA / negative outlook / 1ª Class Level 1 |
227 134 345 89 90
BREAKDOWN AND DEBT INDICATORS
BREAKDOWN BY OPERATING SEGMENTS
Payments for acq. affiliates and
*Includes A lxar, Empresas Co pec parent company and others
Figures in tho usand US$
(Accumulated as of December 2025)
Figures as of December 2025 | Arauco | Copec | Abastible | Sonacol | Igemar | Others* | Subtotal | Elimin. | Total |
Revenues from external clients | 6,084,142 | 21,007,058 | 2,038,087 | 37,203 | 471,109 | 353 | 29,637,952 | - | 29,637,952 |
Revenues between segments | - | 153,504 | 14,718 | 49,288 | 439 | 1,425 | 219,374 | (219,374) | - |
Interest Income | 62,560 | 30,336 | 9,088 | 329 | 491 | 75,224 | 178,028 | (46,128) | 131,900 |
Interest Expense | (409,724) | (150,852) | (38,443) | (3,063) | (26,597) | (46,839) | (675,518) | 46,128 | (629,390) |
Interest expense, net | (347,164) | (120,516) | (29,355) | (2,734) | (26,106) | 28,385 | (497,490) | - | (497,490) |
Income (loss) from the reporting segment | 40,879 | 505,983 | 94,444 | 32,570 | (45,300) | 321,603 | 950,179 | - | 950,179 |
EBIT | 298,717 | 841,338 | 169,085 | 50,941 | (15,977) | (26,463) | 1,317,641 | 2,278 | 1,319,919 |
Depreciation | 663,715 | 194,444 | 94,875 | - | 24,613 | 545 | 978,192 | - | 978,192 |
Amortization | 12,190 | 53,776 | 20,450 | - | 3,478 | 626 | 90,520 | - | 90,520 |
Fair value cost of timber harvested | 330,199 | - | - | - | - | - | 330,199 | - | 330,199 |
EBITDA | 1,304,821 | 1,089,558 | 284,410 | 50,941 | 12,114 | (25,292) | 2,716,552 | 11,209 | 2,730,039 |
Share in income (loss) of associates | (3,865) | 3,217 | 1,915 | - | (2,188) | 1,104,649 | 1,103,728 | (772,714) | 331,014 |
Income (expense) from income taxes | (39,804) | (198,638) | (42,335) | (11,648) | 15,249 | (4,943) | (282,119) | - | (282,119) |
Investments by segment | |||||||||
Payments for acq. prop., plant and equip. | 1,648,384 | 278,758 | 180,130 | 21,243 | 20,832 | 13,941 | 2,163,288 | - | 2,163,288 |
Acquisition other long term assets | 788,892 | - | 9,122 | - | - | - | 798,014 | - | 798,014 |
associates | 44,670 | 39,942 | - | - | 18,000 | 281 | 102,893 | - | 102,893 |
Purchase of intangible assets Other Payments for Investments | 7,395 | 20,817 | 6,429 | - | 16 | 12 | 34,669 | - | 34,669 |
Total investments | 2,489,341 | 339,517 | 195,681 | 21,243 | 38,848 | 14,234 | 3,098,864 | - | 3,098,864 |
Country of origin of operating revenue Operating revenues - local (chile) | 3,433,718 | 11,567,678 | 679,077 | 37,203 | 421,323 | 353 | 16,139,352 | - | 16,139,352 |
Operating revenues - foreign (foreign companies) | 2,650,424 | 9,439,380 | 1,359,010 | - | 49,786 | - | 13,498,600 | - | 13,498,600 |
Total operating revenues | 6,084,142 | 21,007,058 | 2,038,087 | 37,203 | 471,109 | 353 | 29,637,952 | - | 29,637,952 |
Assets by segment | 21,304,763 | 7,236,750 | 1,886,071 | 264,944 | 938,885 | 1,578,335 | 33,209,748 | - | 33,209,748 |
Equity method investments | 483,542 | 10,256 | 11,213 | - | 233,226 | 943,042 | 1,681,279 | - | 1,681,279 |
Liabilities by segments | 11,621,285 | 4,529,710 | 1,292,210 | 177,758 | 537,387 | 131,998 | 18,290,348 | - | 18,290,348 |
Country of origin of non-current | |||||||||
assets | |||||||||
Chile | 9,247,531 | 2,463,414 | 552,007 | - | 666,362 | 1,236,164 | 14,165,478 | - | 14,165,478 |
Foreign | 7,561,997 | 1,447,699 | 937,532 | - | 151 | - | 9,947,379 | - | 9,947,379 |
Total non current assets | 16,809,528 | 3,911,113 | 1,489,539 | - | 666,513 | 1,236,164 | 24,112,857 | - | 24,112,857 |
Chile | Colombia | USA/Canada | Panama | Argentina | Brazil | Uruguay | Ecuador | Dominican Republic | Peru | México | Spain | Others | Total | ||
Revenues | 16,139,352 | 7,552,745 | 1,012,114 | 785,452 | 526,648 | 515,004 | 454,938 | 913,806 | 185,788 | 1,027,061 | 180,577 | 307,788 | 36,679 | 29,637,952 | |
Non current assets | 14,165,478 | 1,059,263 | 644,789 | 292,000 | 692,438 | 4,029,604 | 1,797,681 | 98,652 | 3,529 | 480,820 | 402,858 | 356,821 | 88,924 | 24,112,857 | |
Others include Portugal. Figures in thousand US$ | |||||||||||||||
BREAKDOWN BY OPERATING SEGMENTS
Figures as of December 2024
Arauco
Copec
Abastible
Sonacol
Igemar
Others*
Subtotal
Elimin.
Total
Income (loss) from the reporting segment
Country of origin of operating revenue
Operating revenues - local (chile)
Operating revenues - foreign (foreign companies)
Total operating revenues
6,545,247
20,193,221
1,572,525
39,340
399,192
21
28,749,546
-
28,749,546
*Includes A lxar, Empresas Co pec parent company and others
Figures in tho usand US$
Investments by segment Payments for acq. prop., plant and equip.
Acquisition other long term assets
Payments for acq. affiliates and associates
Purchase of intangible assets
Total investments
Share in income (loss) of associates Income (expense) from income taxes
EBIT
Depreciation Amortization
Fair value cost of timber harvested
EBITDA
Revenues from external clients | 6,545,247 | 20,193,221 | 1,572,525 | 39,340 | 399,192 | 21 | 28,749,546 | - | 28,749,546 |
Revenues between segments | 899 | 134,263 | 12,335 | 35,750 | 293 | 1,438 | 184,978 | (184,978) | - |
Interest Income | 66,355 | 35,698 | 5,952 | 486 | 506 | 73,941 | 182,938 | (38,496) | 144,442 |
Interest Expense | (397,923) | (175,543) | (22,596) | (5,382) | (22,682) | (43,787) | (667,913) | 38,496 | (629,417) |
Interest expense, net | (331,568) | (139,845) | (16,644) | (4,896) | (22,176) | 30,154 | (484,975) | - | (484,975) |
(Accumulated as of December 2024)
476,281 | 388,476 | 66,153 | 23,940 | (44,500) | 255,803 | 1,166,153 | - | 1,166,153 |
651,593 | 766,787 | 128,029 | 44,076 | 21,344 | (25,010) | 1,586,819 | (172) | 1,586,647 |
657,533 | 169,354 | 56,344 | - | 20,502 | 429 | 904,162 | - | 904,162 |
13,709 | 52,417 | 13,464 | - | 2,625 | 560 | 82,775 | - | 82,775 |
440,512 | - | - | - | - | - | 440,512 | - | 440,512 |
1,763,347 | 988,558 | 197,837 | 44,076 | 44,471 | (24,021) | 3,014,268 | 9,864 | 3,024,132 |
- | - | - | - | - | - | - | - | - |
(45,792) | 3,060 | 1,572 | - | (17,288) | 1,248,009 | 1,189,561 | (958,386) | 231,175 |
(170,400) | (171,134) | (38,606) | (9,416) | 7,592 | 6,266 | (375,698) | - | (375,698) |
838,844 | 312,641 | 76,725 | 17,431 | 33,649 | 3,496 | 1,282,786 | - | 1,282,786 |
383,912 | - | - | - | - | - | 383,912 | - | 383,912 |
126,842 | 32,085 | 283,188 | - | - | 313,104 | 755,219 | (313,104) | 442,115 |
6,137 | 18,329 | 955 | - | - | - | 25,421 | - | 25,421 |
1,355,735 | 363,055 | 360,868 | 17,431 | 33,649 | 316,600 | 2,447,338 | (313,104) | 2,134,234 |
3,735,001 | 11,158,077 | 636,394 | 39,340 | 386,353 | 21 | 15,955,186 | - | 15,955,186 | |
2,810,246 | 9,035,144 | 936,131 | - | 12,839 | - | 12,794,360 - | 12,794,360 | ||
Assets by segment | 18,159,312 | 6,050,670 | 1,601,590 | 227,894 | 937,923 | 1,504,151 | 28,481,540 | - | 28,481,540 |
Equity method investments | 406,611 | 9,621 | 8,659 | - | 238,498 | 835,470 | 1,498,859 | - | 1,498,859 |
Liabilities by segments | 9,435,597 | 3,763,818 | 1,119,751 | 155,903 | 476,363 | 40,832 | 14,992,264 | - | 14,992,264 |
Country of origin of non-current assets Chile | 9,195,687 | 2,058,475 | 414,800 | - | 460,468 | 931,451 | 13,060,881 | - | 13,060,881 |
Foreign | 4,614,699 | 1,039,798 | 1,151,634 | (35,750) | 263 | 183,540 | 6,954,184 | - | 6,954,184 |
Total non current assets | 13,810,386 | 3,098,273 | 1,566,434 | (35,750) | 460,731 | 1,114,991 | 20,015,065 | - | 20,015,065 |
Others include Germany, Australia and Israel. Figures in thousand US$
Breakdown by countryChile | Colombia | USA/Canada | Panama | Argentina | Brazil | Uruguay | Ecuador | Dominican Republic | Peru | Mexico | Spain | Others | Total | ||
Revenues | 15,955,186 | 6,940,254 | 1,060,511 | 911,261 | 486,079 | 591,342 | 499,079 | 1,023,905 | 47,868 | 1,026,425 | 186,074 | 21,562 | - | 28,749,546 | |
Non current assets | 13,060,881 | 869,699 | 665,967 | 297,526 | 672,411 | 1,286,657 | 1,763,397 | 102,652 | 3,262 | 513,921 | 230,404 | 528,231 | 20,057 | 20,015,065 |
FINANCIAL STATEMENTS
STATEMENT OF COMPREHENSIVE INCOME BY FUNCTION Dec-25 Dec-24 Chg. 25 / 24
Revenue 29,637,952
Cost of sales (25,289,526)
Gross profit 4,348,426
Other income 358,819
Distribution costs (1,741,018)
Administrative expenses (1,287,489)
Other expense (221,085)
Other gains (losses) (3,570)
Finance income 131,900
Financial costs (629,390)
28,749,546 3.1%
(24,318,122) 4.0%
4,431,424 (1.9%)
631,145 (43.1%)
(1,576,633) 10.4%
(1,267,972) 1.5%
(346,539) (36.2%)
(18,883) (81.1%)
144,442 (8.7%)
(629,417) (0.0%)
Share of profit (loss) of associates and joint ventures accounted for using equity method
331,014
231,175 43.2%
Foreign exchange differences (10,635)
Gains (losses) on net monetary position (44,674)
Profit (loss) before tax 1,232,298
Income tax expense (282,119)
Profit (loss) from continuing operations 950,179
Profit (loss) from discontinued operations 0
Profit (loss) 950,179
(15,935) (33.3%)
(40,956) 9.1%
1,541,851 (20.1%)
(375,698) (24.9%)
1,166,153 (18.5%)
0
1,166,153 (18.5%)
Profit (loss), attributable to
Profit (loss), attributable to owners of parent 876,851
Profit (loss), attributable to non-controlling interests 73,328
Total profit (loss) 950,179
1,111,159 (21.1%)
54,994 33.3%
1,166,153 (18.5%)
Figures in tho usand US$
reclassified to profile, before tax Other comprehensive income that will not be reclassified to profile | 2,724 | (1,017) | 367.8% |
Components of other comprehensive income, before tax | 0 | 0 | - |
Exchange differences on translation | 0 | 0 | - |
Gains (losses) on exchange differences on translation, before tax | 402,404 | (57,599) | 798.6% |
Reclassification adjustments on exchange differences on translation, before tax | 965 | 0 | - |
Other comprehensive income, before tax, exchange differences on translation | 403,369 | (57,599) | 800.3% |
Gains (losses) from remeasurements of assets at fair value through other comprehensive income, before tax. | 0 | 0 | - |
Other comprehensive income, before tax, available-for-sale financial assets | 0 | 0 | - |
Cash flow hedges | 0 | 0 | - |
Gains (losses) on cash flow hedges, before tax | 488,955 | 6,690 | 7,208.7% |
Reclassification adjustments on cash flow hedges, before tax | 0 | (6,747) | 100.0% |
Adjustments for amounts transferred to initial carrying amount of hedged items | 0 | 0 | - |
Other comprehensive income, before tax, cash flow hedges | 488,955 | (57) | 857,915.8% |
Other comprehensive income, before tax, gains (losses) from investments in equity instruments | (10,512) | (8,934) | (17.7%) |
Other comprehensive income, before tax, gains (losses) on revaluation | (4,430) | 745 | (694.6%) |
Other comprehensive income, before tax, actuarial gains (losses) on defined benefit plans | (4,974) | (301) | (1,552.5%) |
Share of other comprehensive income of associates and joint ventures accounted for using equity method | 0 | 0 | - |
Other comprehensive income, before tax | 872,408 | (66,146) | 1,418.9% |
Income tax relating to defined benefit plans of other comprehensive income | 0 | 0 | - |
Income tax relating to components of other comprehensive income | 0 | (135,171) | 100.0% |
Income tax relating to exchange differences on translation of other comprehensive income | (312) | (2,450) | 87.3% |
Income tax relating to investments in equity instruments of other comprehensive income | 0 | 0 | - |
Income tax relating to available-for-sale financial assets of other comprehensive income | 0 | 0 | - |
Income tax relating to cash flow hedges of other comprehensive income | (131,971) | (531) | (24,753.3%) |
Income tax relating to changes in revaluation surplus of other comprehensive income | 0 | 0 | - |
Income tax relating to defined benefit plans of other comprehensive income | 17 | 427 | (96.0%) |
Reclassification adjustments on income tax relating to components of other comprehensive income | 0 | 0 | - |
Aggregated income tax relating to components of other comprehensive income | (132,266) | (137,725) | 4.0% |
Other comprehensive income | 742,866 | (204,888) | 462.6% |
Total comprehensive income | 1,693,045 | 961,265 | 76.1% |
Comprehensive income, attributable to owners of parent | 1,591,336 | 954,323 | 66.8% |
Comprehensive income, attributable to non-controlling interests | 101,709 | 6,942 | 1,365.1% |
FINANCIAL STATEMENTS | |||
STATEMENT OF COMPREHENSIVE INCOME | Dec-25 | Dec-24 | Chg. 25 / 24 |
Profit (loss) | 950,179 | 1,166,153 | (18.5%) |
Other comprehensive income, before tax, gains (losses) on revaluation | (1,158) | (62) | (1,767.7%) |
Other comprehensive income, before tax, actuarial gain (losses) to defined benefit plans | 0 | 0 | |
Other Comprehensive Income, before tax, gains (losses) from remeasurements of defined benefit plans | (131) | 5 | (2720.0%) |
Share of other comprehensive income of associates and joint ventures accounted for using equity method that will not be | 4,013 | (960) | 518.0% |
Figures in thousand US$
FINANCIAL STATEMENTS
BALANCE SHEET - ASSETS | Dec-25 | Dec-24 | Chg. 25 / 24 |
Assets | |||
Current assets | |||
Cash and cash equivalents | 2,461,976 | 2,070,930 | 18.9% |
Other current financial assets | 314,559 | 275,710 | 14.1% |
Other current non-financial assets | 282,130 | 319,172 | (11.6%) |
Trade and other receivables, current | 2,540,033 | 2,463,674 | 3.1% |
Trade and other current receivables | 6,050 | 16,481 | (63.3%) |
Inventories | 2,739,429 | 2,443,187 | 12.1% |
Current biological assets | 236,333 | 315,500 | (25.1%) |
Current tax assets | 204,429 | 184,645 | 10.7% |
Total current assets other than assets or disposal groups classified as held for sale or as held for distribution to owners | 8,784,939 | 8,089,299 | 8.6% |
Non-current assets or disposal groups classified as held for sale | 311,952 | 377,176 | (17.3%) |
Total current assets | 9,096,891 | 8,466,475 | 7.4% |
Non-current assets Other non-current financial assets | 366,118 | 121,301 | 201.8% |
Other non-current non-financial assets | 783,294 | 191,436 | 309.2% |
Non-current rights receivables | 179,714 | 117,109 | 53.5% |
Non-current receivables to related parties | 2,582 | 3,684 | (29.9%) |
Investments accounted for using equity method | 1,681,279 | 1,498,859 | 12.2% |
Intangible assets other than goodwill | 631,089 | 616,440 | 2.4% |
Goodwill | 475,832 | 420,212 | 13.2% |
Property, plant and equipment | 15,033,906 | 12,851,035 | 17.0% |
Assets by right of use | 1,578,150 | 1,235,687 | 27.7% |
Non-current biological assets | 3,101,604 | 2,747,894 | 12.9% |
Investment property | 23,434 | 22,686 | 3.3% |
Deferred tax assets | 255,855 | 188,722 | 35.6% |
Total non-current assets | 24,112,857 | 20,015,065 | 20.5% |
Total assets | 33,209,748 | 28,481,540 | 16.6% |
Figures in tho usand US$
FINANCIAL STATEMENTS
BALANCE SHEET - LIABILITIES AND EQUITY | Dec-25 | Dec-24 | Chg. 25 / 24 |
Current liabilities | |||
Other current financial libilities | 1,609,815 | 1,202,884 | 33.8% |
Liabilities on current leasings | 153,463 | 123,171 | 24.6% |
Trade and other current payables | 2,830,395 | 1,961,446 | 44.3% |
Other current payables to related parties | 4,601 | 8,713 | (47.2%) |
Other short-term provisions | 13,136 | 13,889 | (5.4%) |
Current tax liabilities | 166,138 | 146,145 | 13.7% |
Current provisions for employee benefits | 20,750 | 17,016 | 21.9% |
Other current financial liabilities | 247,940 | 291,454 | (14.9%) |
Total current liabilities other than liabilities included in disposal groups classified as held for sale | 5,046,238 | 3,764,718 | 34.0% |
Liabilities included in disposal groups classified as held for sale | 177,758 | 223,225 | (20.4%) |
Total current liabilities Non-current liabilities Current tax liabilities, non-current tax liabilities | 5,223,996 7,256 | 3,987,943 0 | 31.0% |
Other non-current financial liabilities | 9,301,030 | 7,759,801 | 19.9% |
Liabilities on non current leasings | 1,486,290 | 1,115,465 | 33.2% |
Other non-current accounts payable | 56,981 | 38,061 | 49.7% |
Non-current liabilities | 23,924 | 26,207 | (8.7%) |
Other long-term provisions | 63,340 | 54,792 | 15.6% |
Deferred tax liabilities | 1,908,214 | 1,805,942 | 5.7% |
Non-current provisions for employee benefits | 152,719 | 134,843 | 13.3% |
Other non-current non-financial liabilities | 66,598 | 69,210 | (3.8%) |
Total non-current liabilities | 13,066,352 | 11,004,321 | 18.7% |
Total liabilities | 18,290,348 | 14,992,264 | 22.0% |
Issued capital | 686,114 | 686,114 | 0.0% |
Retained earnings | 14,536,249 | 13,898,831 | 4.6% |
Other reserves | (904,065) | (1,625,017) | (44.4%) |
Equity attributable to owners of parent | 14,318,298 | 12,959,928 | 10.5% |
Non-controlling interests | 601,102 | 529,348 | 13.6% |
Total equity | 14,919,400 | 13,489,276 | 10.6% |
Total equity and liabilities | 33,209,748 | 28,481,540 | 16.6% |
Figures in tho usand US$
Figures in tho usand US$
FINANCIAL STATEMENTSSTATEMENT OF CASH FLOWS | Dec-25 | Dec-24 | Chg. 25 / 24 |
Cash flow s from (used in) operating activities | |||
Classes of cash receipts from operating activities | |||
Receipts from sales of goods and rendering of services | 33,375,788 | 31,981,688 | 4.4% |
Receipts from royalties, fees, commissions and other revenue | 312 | 606 | (48.5%) |
Receipts from premiums and claims, annuities and other policy benefits | 0 | 0 | |
Receipts from leasing and subsequent sale of those assets | 38,222 | 23,075 | 65.6% |
Other cash receipts from operating activities | 782,091 | 891,925 | (12.3%) |
Payments to suppliers for goods and services | (29,477,889) | (28,208,126) | (4.5%) |
Payments to and on behalf of employees | (1,369,259) | (1,248,353) | (9.7%) |
Payments for premiums and claims, annuities and other policy benefits | 0 | 0 | |
Payments from manufacturing or acquiring assets to lease to others and subsequently sale | (10,655) | (11,687) | 8.8% |
Other cash payments from operating activities | (426,501) | (437,626) | 2.5% |
Dividends paid | (353,724) | (327,981) | (7.8%) |
Dividends received | 260,244 | 236,191 | 10.2% |
Interest paid | (573,138) | (576,018) | 0.5% |
Interest received | 110,866 | 124,549 | (11.0%) |
Income taxes refund (paid) | (357,983) | (336,994) | (6.2%) |
Other inflow s (outflow s) of cash | 5,851 | 3,516 | 66.4% |
Net cash flow s from (used in) operating activities | 2,004,225 | 2,114,765 | (5.2%) |
Figures in tho usand US$
FINANCIAL STATEMENTSSTATEMENT OF CASH FLOWS (continuation) | Dec-25 | Dec-24 | Chg. 25 / 24 |
Cash flow s from (used in) investing activities | |||
Cash flow s from losing control of subsidiaries or other businesses | 2,049 | 1,001,105 | (99.8%) |
Cash flow s used in obtaining control of subsidiaries or other businesses | (41,372) | (364,128) | 88.6% |
Cash flow s used in the purchase of non-controlling interests | (16,851) | (23,182) | 27.3% |
Other cash receipts from sales of equity or debt instruments of other entities | 1,931 | 7,109 | (72.8%) |
Other cash payments to acquire equity or debt instruments of other entities | (42,113) | (26,526) | (58.8%) |
Other cash receipts from sales of interests in joint ventures | 0 | 0 | |
Other cash payments to acquire interests in joint ventures | (2,557) | (28,279) | 91.0% |
Loans to related parties | 0 | (5,500) | 100.0% |
Proceeds from sales of property, plant and equipment | 71,717 | 44,700 | 60.4% |
Purchase of property, plant and equipment | (2,163,288) | (1,282,786) | (68.6%) |
Proceeds from sales of intangible assets | 2,697 | 12 | 22,375.0% |
Purchase of intangible assets | (34,669) | (25,421) | (36.4%) |
Proceeds from other long-term assets | 2,135 | 5,512 | (61.3%) |
Purchase of other long-term assets | (798,014) | (383,912) | (107.9%) |
Cash advances and loans made to other parties | 19 | 86 | (77.9%) |
Cash receipts from repayment of advances and loans made to other parties | 0 | 18 | (100.0%) |
Cash payments for future contracts, forw ard contracts, option contracts and sw ap contracts | 0 | 0 | |
Cash receipts from future contracts, forw ard contracts, option contracts and sw ap contracts | 0 | 28,599 | (100.0%) |
Cash receipts from related parties | 1,117 | 1,251 | (10.7%) |
Income taxes refund (paid) | 0 | 0 | |
Other inflow s (outflow s) of cash | 170,821 | 105,961 | 61.2% |
Net cash flow s from (used in) investing activities | (2,846,378) | (945,381) | (201.1%) |
Figures in tho usand US$
FINANCIAL STATEMENTSSTATEMENT OF CASH FLOWS (continuation) | Dec-25 | Dec-24 | Chg. 25 / 24 |
Cash flow s from (used in) financing activities | |||
Payments for changes in ow nership interests in subsidiaries that do not result in a loss of control | 0 | (3,600) | 100.0% |
Proceeds from issuing shares | 0 | 569 | (100.0%) |
Proceeds from issuing other equity instruments | 0 | 0 | |
Payments to acquire or redeem entity's shares | 0 | 0 | |
Payments of other equity instruments | 0 | 0 | |
Proceeds from long term borrow ings | 2,220,817 | 967,121 | 129.6% |
Proceeds from short term borrow ings | 797,572 | 1,836,618 | (56.6%) |
Proceeds from borrow ings | 3,018,389 | 2,803,739 | 7.7% |
Loans from related parties | 0 | 0 | |
Payments of borrow ings | (1,603,586) | (3,168,358) | 49.4% |
Payments of finance lease liabilities | 0 | 0 | |
Payments of lease liabilities | (205,428) | (202,641) | (1.4%) |
Loan payments to related parties | 0 | 0 | |
Proceeds from government grants | 0 | 0 | |
Dividends paid | 0 | 0 | |
Interest paid | 0 | 0 | |
Income taxes refund (paid) | 0 | 0 | |
Other inflow s (outflow s) of cash | (88,995) | 11,800 | (854.2%) |
Net cash flow s from (used in) financing activities | 1,120,380 | (558,491) | 300.6% |
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes | 278,228 | 610,893 | (54.5%) |
Effect of exchange rate changes on cash and cash equivalents | 112,819 | (120,150) | 193.9% |
Net increase (decrease) in cash and cash equivalents | 391,047 | 490,743 | (20.3%) |
Cash and cash equivalents at beginning of period | 2,070,930 | 1,580,187 | 31.1% |
Cash and cash equivalents at end of period | 2,461,977 | 2,070,930 | 18.9% |
ANNEX Adjusted EBITDA Calculation
As of the first quarter of 2013, Empresas Copec presents an alternative Ebitda calculation, which has been called "Adjusted Ebitda". This methodology, adopted by the subsidiary Arauco in 2012 has the advantage of including profits from related companies. These may be especially relevant for Empresas Copec, given the importance that some of these may acquire.
*4Q25 and 3Q25 includes provision from forestry fires, provisions from property, plants and equipment, and others. 4Q24 includes impairment of goodwill and property, plant, and equipment.
Figures in US$ million
The calculation of adjusted EBITDA is as follows:
4Q 25 | 3Q 25 | 4Q 24 | 4Q25 / 4Q24 | Accum 25 | Accum 24 | Chg. 25 / 24 | |
Net Income | 258 | 217 | 195 | 32.2% | 950 | 1,166 | (18.5%) |
(-)Financial Costs | (168) | (157) | (140) | 19.8% | (629) | (629) | (0.0%) |
(-) Financial Income | 35 | 32 | 19 | 84.9% | 132 | 144 | (8.7%) |
(-) Income Tax | (34) | (101) | (61) | (44.5%) | (282) | (376) | (24.9%) |
(+) Depr & Amort | 302 | 270 | 265 | 13.9% | 1,092 | 1,012 | 8.0% |
(+) Fair value cost of timber harvested | 79 | 87 | 101 | (21.9%) | 330 | 441 | (25.0%) |
(-) Gain from changes in fair value of biological assets | 57 | 116 | 129 | (55.6%) | 205 | 159 | 28.7% |
(-) Exchange rate differences | 40 | (9) | (1) | (3515.0%) | (11) | (16) | (33.3%) |
(-) Others* | (6) | (5) | (33) | (80.4%) | (42) | (56) | (24.9%) |
Adjusted EBITDA** | 714 | 698 | 648 | 10.2% | 3,000 | 3,392 | (11.5%) |
Compared to traditional calculated EBITDA (EBITDA = Operating Income + Depreciation + Amortization + Fair value cost of timber harvested), differences may arise given the calculation methodologies.
Adjusted EBITDA
1,090
800 824 835 792 796
711 698 714
648
610
514 532
Figures in millions of dollars