Salmones Camanchaca S A : Earnings Report 2025 - Q3

About this update from Salmones Camanchaca Sa

Salmones Camanchaca S.A. and Subsidiaries Earnings Report on the Consolidated Financial Statements For the period ended September 30, 2025 About Salmones Camanchaca Salmones Camanchaca S.A. is a vertically integrated salmon producer engaged in breeding, egg production, recirculating hatcheries for Atlantic salmon and pass-through or lake hatcheries for Coho salmon, fish farming sites in estuary, fjord and oceanic waters used mainly for Atlantic salmon, primary and secondary processing, and marketing and sales of Atlantic and Coho salmon through four sales offices in its main markets. The Company's Atlantic and Coho salmon harvest target for 2025and 2026 is between 62,000 and 64,000 MT WFE. Salmones Camanchaca has 1,800 employees on average, 60% of whom work in its value-added plant. The main Atlantic salmon sales markets are USA, Brazil and Latinamerica. Key Highlights of Q3 2025 Revenues in Q3 2025 reached USD 103 million , 43% higher than Q3 2024 due to a greater volume of Atlantic salmon sold (+72%) at slightly lower prices (-4%). Year-to-date, revenues were USD 278 million, 2% lower than the first nine months of 2024. Atlantic salmon harvests in Q3 2025 reached 19,855 MT WFE, 60% higher than those in Q3 2024 (12,418 MT WFE), with an average harvest weight of 5.2 Kg WFE (5.1 Kg WFE in Q3 2024). As of September 2025, Atlantic harvests reached 43,893 MT WFE , 29% higher than the previous year, closing September with an inventory of 9.8 thousand MT WFE, over 3 thousand MT WFE higher than in September 2024. The quarterly cost of harvested Atlantic salmon (ex-cage, live weight) was USD 3.62/Kg (or USD 3.89/Kg WFE) , 11% lower than that recorded in Q3 2024 (USD 4.08/Kg live fish), a decrease originated by the higher average weight, lower feed cost, better sanitary conditions, and greater operational efficiencies. With this, the accumulated ex-cage cost as of September reached USD 3.90/Kg live weight (USD 4.19/Kg WFE), 14% lower than the USD 4.52/Kg of 2024. The total processing cost for Atlantic salmon, including the transportation of harvested biomass, was USD 0.91/Kg WFE in the quarter, lower than the USD 1/Kg objective, and 18% lower than Q3 2024, due to a higher processed volume, a greater proportion of sites in the X region -with lower logistic cost-, a significant drop in packaging cost and operational efficiencies. As of September 2025, this cost reached USD 1.03/Kg WFE , lower than in 2024 (USD 1.13/Kg WFE). There were no extraordinary mortalities in the quarter , exhibiting survival rates superior to those registered in the industry. Consequently, Gross Margin for the quarter was USD 22.1 million, which is more than double the amount achieved in Q3 2024. Year-to-date through September 2025, this margin reached USD 53.0 million , an increase of USD 23.3 million compared to what was obtained in 2024. EBITDA was USD 21.6 million in Q3 2025, USD 12.4 million higher than the comparable quarter of 2024, and in the Year to Date September 2025, EBITDA reached USD 54 million , almost double the USD 28.2 million registered in 2024. EBIT reached USD 16.2 million in this quarter , more than 4 times the amount registered in Q3 2024 when it was USD 3.5 million. Thus, EBIT/Kg1 WFE of Atlantic salmon was USD 1.04 in Q3 2025, compared to USD 0.39 in Q3 2024. Year-to-date through September 2025, this indicator was USD 0.96, versus USD 0.47 in 2024. In the case of Coho salmon , sales were only 59 MT WFE, with an EBIT/Kg 1 WFE of USD 1.57 in Q3 2025 , which compares favorably to a negative EBIT/Kg of USD 1.28 in Q3 2024 (sales of 1,726 MT WFE). Year-to-date through September 2025, this indicator was USD 0.11, versus a negative USD 1.05 in 2024. Net Income for Q3 2025 was a profit of USD 12.1 million, almost three times the result of Q3 2024 (USD 4.1 million). Financial Expenses decreased 39% to USD 2.2 million due to a lower debt level and a lower interest rate, reflecting both low base rate (SOFR) and margin. There was a positive Fair Value effect of USD 2.6 million, which compares to the positive USD 6.2 million in Q3 2024, a drop attributed to the lower expected prices at the close of September 2025 vs the previous year. As of September 2025, Net Income reached USD 22.5 million, more than double that registered in 2024, with a positive Fair Value effect of USD 1.8 million compared to the positive USD 16.3 million of 2024. ‌1 EBIT/Kg calculation presented by Salmones Camanchaca as an indicator of profitability of the units actually sold and shipped to final buyers/customers, therefore excludes any provision made on inventories. These provisions are made on the inventory of finished products both in Chile and in international offices and are related to eventual situations where the estimated sales prices are lower than the cost of those products (Net Realization Value or NRV). The variation of said effects is shown in the EBITDA and in the EBIT, where in the case of Atlantic, it had a positive effect in Q3 2025 of USD 0.2 million (positive USD 0.9 million in Q3 2024) and for Coho a negative USD 0.1 million (positive USD 1.3 million in Q3 2024) due to the sale of inventories at better realization prices than those estimated in the provision. Year-to-date through September, the effects were a positive USD 0.2 million for Atlantic (positive USD 1.9 million through September 2024), and a positive USD 0.7 million for Coho (positive USD 5.4 million through September 2024). In the now terminated Joint Venture (JV) of the trout business, which only has 10 MT WFE remaining in inventories as of September 30, 2025, there was a loss for Salmones Camanchaca of USD 0.5 million in the quarter (negative USD 1.1 million in Q3 2024) and a loss of USD 1.6 million year-to-date through September 2025 (USD 5.2 million loss in 2024). The Cash balance as of September 30, 2025, was USD 10.7 million, and the Net Financial Debt decreased by 25% to USD 86 million, compared to September 2024 (USD 115 million). The Net Debt to EBITDA ratio decreased to 1.14 times, significantly below the range agreed upon with the syndicated loan banks (less than 4 times). On September 9, the Company completed a positive long-term debt refinancing process, extending terms, amounts, and improving its interest rate margins . A revolving line of USD 125 million was established, which has a 5-year term with semi-annual interest payments and, at its maturity, the payment of the entire principal. The contract grants the possibility of requesting an additional disbursement under the same structure, up to USD 15 million, although this is not committed. In accordance with IFRS 9, given the new conditions agreed upon for the term and interest rate regarding the previous financing, this refinancing generated a financial income of USD 1 million, which will be reversed over the life of the loan. With the stockings carried out and under normal productive parameters, Atlantic salmon harvests for 2025 are estimated to be in the range of 59 to 61 thousand MT WFE, while Coho harvests are estimated at approximately 3.5 thousand MT WFE . For 2026, Atlantic and Coho harvests are estimated at 55-60 thousand MT and 4-5 thousand MT respectively. For the last 12 months ending in September 2025, an improvement was achieved in biological indicators compared to the end of September 2024 . These improvements were seen in smolt productivity, harvest weight and antiparasitic usage (-35%) at the operating sites. Key Figures ThUSD Q3 2025 Q3 2024 Δ% 9m 2025 9m 2024 Δ% Operating revenue 103,379 72,369 42.8% 277,597 283,994 (2.3%) EBITDA* before fair value adjustments 21,593 9,235 133.8% 54,034 28,212 91.5% EBIT** before fair value adjustments 16,154 3,537 356.7% 37,320 12,319 202.9% EBIT margin % 15.6% 4.9% 1,074 Pb 13.4% 4.3% 911 Pb Net fair value adjustments to biological assets 2,647 6,214 (57.4%) 1,805 16,324 (88.9%) Net income (loss) for the period 12,093 4,072 197.0% 22,538 10,043 124.4% Earnings per share (USD) 0.1630 0.0549 197.0% 0.3038 0.1354 124.4% Atlantic salmon Harvest volumes (MT WFE) 19,855 12,418 59.9% 43,893 33,972 29.2% Sales volumes (MT WFE) 15,285 8,892 71.9% 37,677 32,155 17.2% Ex-cage costs (USD/kg live weight) 3.62 4.08 (11.4%) 3.90 4.52 (13.6%) Ex-cage costs (USD/kg WFE) 3.89 4.39 (11.4%) 4.19 4.86 (13.6%) Processing costs (USD/kg WFE) 0.91 1.11 (17.7%) 1.03 1.13 (9.5%) Price (USD/kg WFE)*** 6.42 6.72 (4.4%) 6.80 6.84 (0.6%) EBIT/kg WFE (USD)*** 1.04 0.39 165.0% 0.96 0.47 103.3% Inventories (MT WFE) 9,764 6,605 47.8% Coho salmon Harvest volumes (MT WFE) 0 0 - 0 1,139 - Sales volumes (MT WFE) 59 1,726 (96.6%) 2,256 9,779 (76.9%) Ex-cage costs (USD/kg WFE) 0.00 0.00 - 0.00 3.51 - Processing costs (USD/kg WFE) 0.00 0.00 - 0.00 1.26 - Price (USD/kg WFE)*** 6.63 4.75 39.7% 5.44 4.76 14.2% EBIT/kg WFE (USD)*** 0.06 (1.28) - 0.11 (1.05) - Inventories (MT WFE) 3 336 (99.1%) Financial Debt 96,372 127,659 (24.5%) Net Financial Debt 85,702 114,868 (25.4%) Equity Ratio 50.5% 45.8% 470 Pb Net Financial Debt / LTM EBITDA 1.14 3.95 (71.1%) * EBITDA: Gross margin before fair value adjustments + depreciation - administrative expenses - distribution costs ** EBIT: Gross margin before fair value adjustments - administrative expenses - distribution costs *** EBIT/kg and price per kg are presented by Salmones Camanchaca as profitability indicators on sales to end customers and they exclude any inventory provisions. These provisions apply to finished goods inventories in Chile and at international sales offices and are related to situations where the estimated sales prices are lower than the cost of those products (Net Realization Value or NVR). Operating revenue (USD million) Harvest (Th MT WFE) 15,1 16,2 14,0 13% 13% 10% 5% 7,1 16% 3,5 19,9 EBIT (USD million) EBIT Margin (%) 120,5 103,9 103,4 72,4 70,3 17,0 12,4 12,6 11,4 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Financial Review Results for the 3rd quarter of 2025 Salmones Camanchaca harvested 19,855 MT WFE of Atlantic salmon in Q3 2025, 60% higher than the Q3 2024 harvest (12,418 MT WFE), with a harvest weight of 5.2 Kg WFE, slightly higher than in Q3 2024. The volume sold reached 15,285 MT WFE, 72% higher than the same period in 2024. Regarding Coho, sales only reached 59 MT WFE (the number of stocking sites were reduced from 3 to 1), much lower than the 1,726 MT WFE sold in Q3 2024 from the 2023-2024 season. The average selling price of Atlantic salmon was USD 6.42/Kg WFE, 4% lower than in Q3 2024, and the Coho price was USD 6.63/Kg WFE, 40% higher than the same period in 2024. These sales generated total revenues of USD 103 million, 43% higher than those registered in Q3 2024, mainly due to the higher sales registered for Atlantic salmon, despite its lower prices and the lower volume of Coho sales. The ex-cage cost (live weight) for Atlantic salmon this quarter was the lowest in the last 5 years, reaching USD 3.62/Kg, 11% lower than the amount registered in Q3 2024, explained by the higher average weight, lower feed cost, better sanitary conditions, and greater operational efficiencies. The processing costs (primary and secondary) for Atlantic salmon totaled USD 0.91/Kg WFE, 18% lower than that registered in Q3 2024, an evolution mainly explained by the higher processed volumes, a greater proportion of sites in the X region which has lower logistics cost, a significant drop in packaging cost and various implemented savings initiatives. During the quarter, there were no extraordinary mortalities, with fish survival rates superior to those registered by the industry. The Gross Margin registered was USD 22.1 million, more than double the amount achieved in Q3 2024 when it reached USD 8.9 million. The Company's administration and sales expenses (SG&A) reached USD 5.9 million in Q3 2025, 11% higher than Q3 2024, mainly due to the higher volume sold during the quarter and increased costs associated with the larger frozen inventory. As a percentage of revenues, SG&A decreased from 7.4% to 5.8% in Q3 2025. EBIT before Fair Value (FV) for Q3 2025 was USD 16.2 million, compared to USD 3.5 million in Q3 2024. The EBIT/Kg WFE for Atlantic salmon was USD 1.04/Kg WFE in Q3 2025, compared to USD 0.39/Kg WFE in Q3 2024. For Coho, it was a positive USD 1.57 versus a negative USD 1.28 in Q3 2024. The calculation of EBIT/Kg presented by Salmones Camanchaca as a profitability indicator for the units effectively sold and dispatched excludes variations in realizable value provisions made on inventories. These provisions reached USD 0.2 million for Atlantic at the end of September (USD 0.9 million in 2024) and there were none for Coho (USD 0.7 million in 2024). The net Fair Value (FV) adjustment for Q3 2025 was a positive USD 2.6 million, compared to USD 6.2 million in Q3 2024, a difference mainly explained by lower expected prices at the end of September 2025 compared to those in September 2024. The long-term debt refinancing generated financial income of USD 1.0 million due to the application of the IFRS 9 standard, from the decrease in the present value of the future cash flows of the new debt compared to the previous one, which was soon to mature. This is a positive accounting effect that will be amortized over the life of the loan. Financial expenses decreased 39% compared to Q3 2024 to USD 2.2 million in the quarter, associated with a lower level of debt, a decrease in the interest rate, and a lower margin applied due to the improvement in the Net Debt to EBITDA ratio. The Other Gains/Losses recorded a negative USD 0.8 million (negative USD 1.2 million in Q3 2024), mainly explained by the Trout business in the Joint Venture, which generated a loss of USD 0.5 million in the quarter (lower than the USD 1.1 million loss in Q3 2024). As a result, the Company recorded Net Income of USD 12.1 million in Q3 2025, compared to USD 4.1 million in Q3 2024. Cash Flow Q3 2025 In Q3 2025, a Net Cash Flow of a positive USD 2.6 million was generated, compared to the negative USD 1.8 million in Q3 2024, explained by: A Cash Flow from Operations of USD 4.9 million, compared to USD 10.6 million in Q3 2024, a decrease explained by higher payments to suppliers due to increased activity in the quarter, and the advance payment of accrued interest until the signing of the debt refinancing mentioned. The above was offset by the collection of higher sales for the period. A Cash Flow from Investing which used USD 2.0 million in Q3 2025, compared to USD 4.6 million used in Q3 2024, for the maintenance of existing fixed assets and the preparation of new sites. A Cash Flow from Financing of zero, with no financing activities, which compares to the negative USD 8.0 million in Q3 2024 due to the voluntary debt payment in July of that year. As of September 30, 2025, Salmones Camanchaca maintained a Cash balance of USD 10.7 million. The company also has unused and available credit lines of USD 49.7 million, resulting in a total liquidity available of approximately USD 60 million, compared to USD 43 million at the end of September 2024. Results as of September 30, 2025 During the first nine months of 2025, Salmones Camanchaca harvested 43,893 MT WFE of Atlantic salmon, 29% higher than the harvest in the same period of 2024 (33,972 MT WFE). There were no Coho harvests in 2025, compared to 1,139 MT WFE as of September 2024. As a result, total harvests reached 43,893 MT WFE, 25% more than the 35,111 MT WFE in the same period of 2024. Revenues as of September 2025 reached USD 278 million, 2% lower than the previous year (USD 284 million). The higher volume of Atlantic salmon sold this year (37,677 MT WFE vs 32,155 MT WFE in 9m 2024) and the higher price of Coho salmon (+14%) compensated for the lower volume of Coho salmon sold (2,256 MT WFE vs 9,779 MT WFE in 9m 2024) and the lower price of Atlantic salmon (-1%). The cost of goods sold decreased compared to September 2024, mainly due to the decrease in harvesting costs, explained by a higher harvest weight, better sanitary conditions, greater productive efficiencies, and a drop in the cost of feed. With this, the accumulated ex-cage cost of live Atlantic salmon as of September 2025 was USD 3.90/Kg, 14% lower than that registered through September 2024. Extraordinary mortalities through September 2025 reached USD 1.6 million, related to SRS events in two cultivation sites during the first half, double that registered through September 2024. Despite this, fish survival rates were significantly higher than the industry average. The total processing cost for Atlantic salmon, including harvest, was USD 1.03/Kg WFE, slightly higher than the long-term objective of USD 1/Kg, and lower than in 2024 (USD 1.13/Kg WFE), explained mainly by higher processed volumes, lower packaging costs, and various savings initiatives. As a result, the Gross Margin in the first nine months of 2025 was USD 53 million, an increase of USD 23.3 million compared to what was obtained in 2024 when it reached USD 29.7 million. The Company's administrative and sales expenses decreased from USD 17.4 million in the first nine months of 2024 to USD 15.7 million in 2025, mainly due to lower distribution costs associated with lower fresh product sales. As a percentage of revenues, SG&A decreased from 6.1% to 5.7% in the period. EBIT of the operation before FV adjustments was USD 37.3 million through September 2025, USD 25 million higher than the same period of 2024, when it was USD 12.3 million. Sales of Atlantic salmon for the semester generated an EBIT/Kg WFE of USD 0.96, superior to USD 0.47 in 2024, mainly explained by lower costs of sales. Coho, for its part, generated an EBIT/Kg WFE of USD 0.11, superior to the negative USD 1.05 of 2024 due to a recovery in the selling price (USD 5.44 vs USD 4.76 in 9m 2024). The result of the net Fair Value adjustment as of September 2025 was a positive USD 1.8 million, compared to the positive USD 16.3 million of 2024, mainly due to the lower expected prices at the close of September 2025 vs September 2024. As already mentioned, the long-term debt refinancing generated financial income of USD 1 million due to the application of the IFRS 9 standard. For their part, financial expenses fell by 29% relative to September 2024, to USD 7.6 million, associated with the lower debt level, the decreases in the interest rate, and the margin, the latter explained by the reduction of the Net Debt to EBITDA ratio. Other Gains/Losses reflect a result of a negative USD 2.2 million compared to a negative USD 5.4 million in 2024, mainly explained by the results of the joint account in the Trout business, of which only an inventory of 10 MT WFE remains to be liquidated as of September. With all the above, the Net Profit after taxes as of September 2025 reached USD 22.5 million, more than double that registered in 2024 when it reached USD 10.0 million. Cash Flow as of September 30, 2025 During the first 9 months of 2025, a Net Cash Flow of a negative USD 27.3 million was generated, which compares to a negative USD 11.5 million in 2024, and which is explained by: A positive Cash Flow from Operations (generation) of USD 17.9 million, versus USD 28.5 million in 2024, a reduction explained by higher payments to suppliers due to increased purchases from higher production, lower Coho sales, but partially compensated by the collection of an insurance indemnity for a claim in 2020. A negative Cash Flow from Investing (use) of USD 11.8 million, lower than the USD 16.8 million used in investments in 2024. The investments were focused on asset maintenance and the preparation of Atlantic sites in the XI region within the Company's production plan. A negative Cash Flow from Financing (use) of USD 33.9 million, due to the voluntary pre-payment of financial debt to the banks at the beginning of the year of USD 31 million, and the payment of dividends in Q2 2025 of USD 2.9 million, which compares to a negative flow of USD 23.0 million in 2024 due to the voluntary debt pre-payment in that period. Balance Sheet Assets During the first nine months of 2025, the Company's Total Assets remained stable with respect to the end of 2024, at USD 452 million. There was an increase in Current Assets of USD 9 million, reaching USD 319 million, mainly due to an increase in Atlantic inventories of USD 21.7 million (9,764 MT WFE vs 3,575 MT WFE in December 2024), and an increase in Biological Assets of USD 17.1 million (characteristic of the increase in Coho biomass prior to harvest and a greater Atlantic biomass), compensated by a USD 27.3 million reduction in the cash balance due to voluntary reductions in financial liabilities. Non-Current Assets decreased by 6.4%, reaching USD 133 million, mainly due to a net decrease from depreciation and investments of USD 6.6 million in property, plant, and equipment, added to a USD 2.6 million decrease in tax credit receivables related to the payment of taxes. Liabilities and Equity The Company's Total Liabilities decreased by 9% or USD 21.8 million with respect to the end of 2024 and reached USD 224 million through September 2025. Current Liabilities decreased by USD 16 million, reaching USD 103 million, primarily associated with the voluntary prepayment of debt compensated by higher accounts payable due to increased purchases from higher production. Non-Current Liabilities decreased by 5% compared to the close of 2024, reaching USD 121 million due to a USD 8.9 million decrease in non-current financial liabilities associated with the voluntary prepayment of debt. Consequently, as of September, Net Financial Debt decreased by 6% or USD 5.7 million with respect to December 2024, reaching a balance of USD 85.7 million. The Company's Equity increased by USD 21.6 million through September 2025, reaching USD 228 million, an increase mainly explained by the results of the period. With this, the equity to total assets ratio reached 50%, superior to the 46% at the close of 2024 and above the 40% limit agreed upon with the banks. Operational Performance The results of Salmones Camanchaca are mainly related to three key factors: The price of Atlantic salmon , amongst other sensitive to Norwegian and Chilean supply conditions and North American demand. Farming practices and performance at sea, and their environmental-sanitary conditions , which affect survival, feed conversion ratios, growth rates, the use of various tools to improve fish health and welfare, determining a large part of farming costs (ex-cage). The cost of feed , which explains approximately 45% of the unit of live weight cost at harvest. Product Prices The price for Atlantic salmon sold by Salmones Camanchaca during Q3 2025 was USD 6.42 per Kg WFE, 30 cents of a dollar lower than in Q3 2024. The Company is permanently attentive to reacting to market changes, seeking formats and destinations that capture better returns for the raw material, along with the capacity for value-added production that allows for commercial agreements to mitigate price volatility. 9,0 8,0 7,0 6,0 5,0 4,0 Salmones Camanchaca Atlantic Salmon Price (USD/kg WFE) Raw Material Return (USD/kg WFE) Salmones Camanchaca Base 100: January 2023 7,80 7,83 6,88 7,03 6,76 6,70 6,95 7,18 6,42 6,54 6,56 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 Volumen de venta RMP Salmones Camanchaca Price per kg is presented by Salmones Camanchaca as a profitability indicator on sales to end customers. Raw Material Return is the final product price less distribution and specific secondary processing costs. It is a price measurement before selecting the final destination for harvested fish and provides a homogeneous aggregate indicator for the Company's products. Atlantic salmon Q3 2025 Q3 2024 Δ Δ % 9m 2025 9m 2024 Δ Δ % Harvest volumes MT WFE 19,855 12,418 7,437 60% 43,893 33,972 9,921 29% Sales volumes MT WFE 15,285 8,892 6,394 72% 37,677 32,155 5,522 17% Sales ThUSD 98,174 59,738 38,436 64% 256,032 219,783 36,249 16% Average sales price USD/kg WFE 6.42 6.72 -0.30 (4%) 6.80 6.84 -0.04 (1%) Coho salmon Q3 2025 Q3 2024 Δ Δ % 9m 2025 9m 2024 Δ Δ % Harvest volumes MT WFE 0 0 0 - 0 1,139 (1,139) - Sales volumes MT WFE 59 1,726 (1,667) (97%) 2,256 9,779 (7,522) (77%) Sales ThUSD 390 8,196 (7,806) (95%) 12,274 46,568 (34,294) (74%) Average sales price USD/kg WFE 6.63 4.75 1.88 40% 5.44 4.76 0.68 14% Salmones Camanchaca harvested 19,855 MT WFE of Atlantic salmon in Q3 2025, with an average harvest weight of 5.2 Kg WFE (5.1 Kg WFE in Q3 2024), a 60% higher volume than Q3 2024, totaling 43,893 MT WFE for the nine months through September 2025, 29% higher than in the same period of 2024. There were no Coho harvests in 2025. In Q3 2025, sales of Atlantic and Coho were 15,344 MT WFE, 45% higher than Q3 2024, generating total revenues of USD 103 million (43% higher than Q3 2024). Year-to-date through September, these sales were 39,933 MT WFE, 5% lower than 9m 2024, generating total revenues of USD 278 million (2% lower than the same period of 2024). Revenues Revenues by market segment Year to Date September 2025 Product or species North America Europe & Eurasia Asia LATAM excl. Chile Chile Others TOTAL ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Atlantic 92,960 32,782 33,876 86,647 7,743 2,158 256,167 Coho 1,685 3,712 1,514 5,046 208 183 12,348 Others 0 0 0 0 9,081 0 9,081 TOTAL 94,646 36,494 35,389 91,694 17,032 2,342 277,597 Distribution % 34.1% 13.1% 12.7% 33.0% 6.1% 0.8% 100.0% Revenues by market segment Year to Date September 2024 Product or species North America Europe & Eurasia Asia LATAM excl. Chile Chile Others TOTAL ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ Atlantic 101,126 17,450 26,530 58,676 12,582 3,418 219,784 Coho 9,983 6,652 20,705 12,517 474 748 51,078 Others 0 0 0 0 13,132 0 13,132 TOTAL 111,109 24,102 47,236 71,193 26,188 4,167 283,994 Distribution % 39.1% 8.5% 16.6% 25.1% 9.2% 1.5% 100.0% Note: Revenues include the effects of provisions on national and international inventories. The Company defines its value-added products as those that involve processing of the whole salmon. These products represented 69% of total Atlantic sales through September 2025, lower than the 79% in the same period of 2024 due to the sale of a larger share of whole fresh salmon to Brazil. In Coho, this proportion went from 66% to 91% in 2025, an increase attributable to the higher whole fish production of the previous year. The North American market's share decreased this year to 34% versus 39% in 2024, as it is impacted by the U.S. 10% tariff on products imported from Chile. Asia and Chile decreased their share, going from 17% to 13% and 9% to 6%, respectively. On the other side, LATAM and Europe & Eurasia markets increased, moving from 25% to 33% and 9% to 13%, respectively. The Company's other businesses such as processing services for third parties, leasing farming concession sites, sale of smolts and sale of by-products, totaled revenues of USD 9.1 million through September 2025, lower than the USD 13.1 million in 2024. The income presented in these tables includes the effects of changes in provisions. Other Businesses - Trout JV As of September 2025, Salmones Camanchaca maintains 4 sea farming concessions leased to Caleta Bay for Trout farming, but where the Company no longer participates. This year, the Trout Joint Venture (JV) sold inventories for 523 MT WFE compared to 1,444 MT WFE in Q3 2024, hence the effects on other gains/losses that affected the Company this year with a loss of USD 1.6 million in 9m 2025, lower than the loss of USD 5.2 million in 9m 2024. This result has accumulated in recent years in a payable account to the JV which, as of September, reaches USD 12 million, fully provisioned to this date and which will be paid in 2025 provided the formal and definitive termination of this association occurs. Sanitary and Productive Conditions Mortality for Atlantic salmon in Q3 2025 was 1%, compared to 1.2% in Q3 2024 and 2.6% in Q3 2023 (comparable zone cycle). The ex-cage cost for Atlantic salmon in Q3 2025 was USD 3.89/Kg WFE (equivalent to USD 3.62/Kg live weight), 11% lower than that registered in Q3 2024 and 23% lower than Q3 2023 (similar sites from the previous cycle). This cost is mainly explained by a higher biomass with greater average weight, lower feed cost, better sanitary conditions, and greater operational efficiencies. Atlantic salmon mortality* (%) Atlantic salmon ex-cage live weight cost (USD/kg) 2,6% 2,4% 1,8% 1,9% 1,9% 1,5% 1,2% 1,2% 0,8% 1,0% 1,0% 4,91 4,69 4,55 4,64 4,98 3,62 4,06 4,05 4,08 4,20 4,27 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 * Total quarterly mortality (number of fish) including both closed and open sites. The following table shows the seasonally adjusted evolution as of June in the last 12 rolling months (LTM) of the main productive and sanitary variables in the closed cycle of Atlantic salmon, and improvement (+) or deterioration (-) compared to the previous year and cycle. Biological Indicators Sustainability Indicators Atlantic salmon FCRb (Live weight) Productivity kg WFE/smolt Average harvest weight kg WFE Antibiotic use Gr/MT Antiparasitic treatments Gr/MT Average antibiotic treatments Number of escaped fish Cycle duration / Fallow periods FIFO Ratio LTM 2020 1.17 5.3 5.4 515.0 11.3 1.9 37,150 17/7 0.59 LTM 2021 1.16 4.0 5.0 606.1 6.7 2.9 0 16/8 0.59 LTM 2022 1.12 3.9 4.6 718.5 7.6 3.0 0 15/9 0.50 LTM 2023 1.07 4.8 5.2 358.8 4.8 1.7 0 14/10 0.48 LTM 2024 1.11 4.3 4.7 427.7 6.9 1.6 1,795 14/10 0.30 LTM 2025 1.12 4.9 5.3 470.3 4.5 2.4 0 14/10 0.26 25/24 - + + - + - + = + 25/23 - + + - + - = = + Biological and sustainability conditions have shown a positive trend in recent years. This Q3 2025 LTM shows improvements in productivity, average weight, and a lower use of antiparasitics (-35%) compared to Q3 2024 LTM. The FIFO ratio is already below the long-term objectives and shows a significant improvement in this period. As of the date of this report, Salmones Camanchaca has 2 sites in High Dissemination Site condition, i.e. sites with an average sea lice count of more than 3 ovigerous females. However, both centers are being harvested as planned with stable conditions. Figure 1: Comparison of Weekly Abundance of Ovigerous Females in the Chilean Industry Source: Aquabench Processing costs (primary and secondary) totaled USD 0.91/Kg WFE, 18% lower than the USD 1.11/Kg WFE of Q3 2024, mainly explained by greater scale in the processed volume, a greater proportion of sites in the X region with lower logistics cost, a significant drop in packaging cost due to product mix and operational efficiencies. As a result, the total cost of the finished product was USD 4.81/Kg WFE, 70 cents lower than Q3 2024 and 121 cents lower than the previous cycle in Q3 2023. With this background, the total costs of Atlantic salmon in similar farming districts or zones have decreased by 20%, or 121 cents of a dollar, over the last two years. Costs (USD/kg WFE) Q3 2023 Q3 2024 Q3 2025 Ex cage (WFE) 5.04 4.39 3.89 Harvest and primary processing (WFE) 0.32 0.35 0.34 Value-added processing (WFE) 0.65 0.76 0.58 Processing cost (WFE) 0.98 1.11 0.91 Total cost of finished product (WFE) 6.02 5.50 4.81 Total Finished Product Cost (USD/Kg WFE) and Harvest Volume (thousands of MT WFE) of Atlantic Salmon by Quarter 17,8 19,9 11,1 6,4 8,8 9,9 11,6 12,4 13,7 12,6 11,4 5,83 6,85 6,02 5,99 6,46 6,11 5,50 5,31 5,58 5,57 4,81 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Ex-cage Harvest and primary processing Value added processing Harvest volume Feed Costs The price of feed for fish over 2.0 Kg, which represents approximately 50% of the Company's total feed cost, remained in line with Q3 2024. These costs impact the Company's results with a lag, as the fish must be harvested and sold before the costs are reflected in the final results. Sea Water Grow-out Feed Price (Salmones Camanchaca) Base 100 Q3 2024 100 102 102 103 100 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Source: Internal data, Salmones Camanchaca price including pigment. Excludes medicated feed, feed additives and supplements Price of main ingredients USD/MT (Base 100: Q3 2024) 130 120 110 100 90 80 70 60 50 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Fishmeal Fish oil Vegetable oil Viscera meal Feather meal Soya meal Sunflower meal Grain meal Source: Internal data, Salmones Camanchaca Subsequent Events Starting on October 29, Russia temporarily banned exports from seven Chilean processing plants due to sanitary observations, including that of Salmones Camanchaca. The Russian agency reported that these suspensions are preventive and reversible. The short-term effects of this measure are estimated to be limited, given that a large part of the sales scheduled for that market have already been made. As occurred in the past, the Company estimates that the flows planned for that market can be diverted to other markets, so no material impacts are anticipated. Salmones Camanchaca neither registers nor has information about other events subsequent to September 30, 2025, that materially affect its operations or its financial results. Company Outlook Industry Projections According to Kontali figures, as of the date of this report, the global supply of Atlantic salmon for 2025 will grow by 9% compared to 2024, a more pronounced growth than initially forecast for this year. Indeed, supply grew 14% in H1 2025 due to a strong Norwegian boost that benefited from good biological conditions, and a 6% forecast for the second half, with lower Norwegian growth. For Chile, Kontali forecasts a 9% increase in the year's harvest, also with lower growth in H2 2025. For 2026, projections indicate slight or zero global growth, with 4% for Chile. Based on the current stocking and harvest plan, Salmones Camanchaca estimates 2025 harvests to be between 59 and 61 thousand MT WFE of Atlantic salmon and approximately 3.5 thousand MT WFE of Coho. For 2026, the Atlantic and Coho harvest is estimated to be 59-64 thousand MT. Main Risks and Uncertainties External variables might materially impact on the Company's annual performance. The main variable affecting revenue is the price of Atlantic salmon, while the main variable affecting costs are the sanitary and environmental status of farming sites and fish feed prices. Salmon farming is exposed to various risks that Salmones Camanchaca manages using a risk matrix that guides the Company in order to: i) review and update the critical risk inventory and generate a map that helps manage risks; ii) assess these risks on the basis of impact and probability parameters that indicate priorities; iii) implement an internal control plan based on the risk map that focuses resources on the most vulnerable areas; iv) generate strategies to reduce their probability and impact, including insurance wherever this is feasible and financially attractive. These risk maps guide management to continuously mitigate each risk and establish the corresponding responsibilities, as well as review the frequency and severity of internal controls to validate the effectiveness of its mitigating measures. Phytosanitary Risks The Company is exposed to the risk that disease or parasites can affect biomass, increase mortality or reduce growth, and thereby affect costs, production volumes and sales. Examples of these risks are increases in parasitic concentrations, outbreaks of SRS or ISA in 2008-2009. Salmones Camanchaca has adopted standards to reduce these risks and comply with the requirements of the authority, such as fallow periods, fish density in cages, monitoring and reporting the biomass and its biological condition, vaccinations against ISA and SRS, smolt production in closed hatcheries, harvests in wellboats, coordinated anti-parasite baths, net cleaning, and supplemental oxygen for fish farms. The risks associated with increased concentrations of parasites can result in early harvests, under certain circumstances, with consequent lower harvest weights that may limit their usability. These increases in parasitic load may be caused by treatments losing their efficacy, as populations become resistant. The Company rigorously applies anti-parasitic treatments and diversifies its treatment options to mitigate these risks. Natural Risks The Company is exposed to natural hazards that may affect its business, such as pronounced oxygen deficiency events or harmful algae blooms, such as those seen in the Reñihue and Comau fjords between the end of Q4 2020 and the beginning of Q2 2021. It is also exposed to volcanic eruptions such as the Calbuco volcano in 2015, storm surges, tsunamis, earthquakes, natural predators, water pollution and other factors that can threaten the biomass and production infrastructure, such as the severe currents produced by heavy rains in May 2020 that affected the Punta Islotes site. Furthermore, it is exposed to external risks that affect people working in aquaculture, such as highly contagious diseases that limit normal production, intermediate or final logistic chains that can limit production and sales, such those imposed by the COVID-19 pandemic. The Company is constantly monitoring these variables and seeking the best available sites, the latest risk prevention technologies and tools available in Chile, developing contingency plans, and negotiating appropriate insurance coverage for these risks, where available. Fire Risks Salmones Camanchaca's industrial facilities, processing plants and hatcheries are exposed to the risk of fires caused internally, for example working with heat, handling flammable products, short circuits, etc. or caused by nature, for example earthquakes, volcanic eruptions, tsunamis or adjacent forest fires. Salmones Camanchaca has introduced preventive measures to protect itself from this risk, which include teams of experts responsible for these risks at each location, updated maintenance plans for equipment and facilities that keep incandescent sources of heat near its plants under control, a water network with water storage tanks where the risk is greater and other measures. The Company has insurance policies to cover these risks, together with additional coverage for compensation due to stoppages at the locations where it is possible. The value-added plant operated by Salmones Camanchaca in Tomé, Bio Bio region, was exposed to an imminent fire during the first few days of February 2023, due to multiple catastrophic fires in the Maule, Bio Bio and Araucanía regions. No one was harmed and there was no damage to the plant due to the preventive measures taken by the Company, including its significant investment in 2022 in water networks constructed to NFPA (National Fire Protection Association) standards, together with a responsible response from the risk managers. Product Sale Price Risks The Company exports its products to numerous markets and evaluates the prices it obtains, net of taxes and/or tariffs, using a broad commercial network. The Company adjusts the speed of its sales in accordance with production and market conditions, which are constantly in flux. However, it does not accumulate inventory in order to gain from sale prices fluctuations in the future. Starting with shipments made on April 5, 2025, the US Government imposed a 10% tariff on revenue from products from many countries, including Chilean and Norwegian salmon. This sudden measure, which is contrary to Chile's free trade agreements, has impacted the prices obtained by exporters. However, due to other effects on demand-which has been impacted by higher inflation in the US-and on supply-where a significant influx of Norwegian product was observed-it is difficult to determine the isolated effect of the tariff, beyond the initial uncertainty. Despite the 10% confirmation for Chilean salmon, made on August 1, risks of disruptions to the Company's access to its main market still remain. Prices are highly dependent on supplies from Norway and Chile and on fluctuations in exchange rates used by the Company's major trading partners, which affects demand in these markets. Demand may also fall for external reasons, such as in the restaurant and hotel segment in 2020 due to the COVID-19 pandemic. Salmones Camanchaca has sought to safeguard against this risk through diversifying its commercial network and flexing its range of products to enable its raw material to be sent to any market. The Company complies with production standards and protocols applied by the country with the strictest requirements in the world, in order to take advantage of all available commercial opportunities. However, there is a risk that occasionally some markets may be limited because of tariff, para-tariff, war or sanitary measures. Should this occur, the Company believes that it is sufficiently diversified across various markets to divert trade elsewhere, although this may result in price decreases in the short-term depending on market conditions. Purchase Price Risks The Company is exposed to changes in the price of salmon feed, which represent about half its farming costs. Salmones Camanchaca ensures its diets achieve a balance between feed cost and nutritional quality at each fish development stage. The Company aims to produce a final product that contains the same amount of Omega 3 as wild salmon, as well as keeping the marine sourced feed compared to farmed fish (the fish in-fish out ratio) to less than 1:1. The Company has feed contracts with prices adjusted quarterly, on an ingredient cost plus defined margin basis. During the last few years, the prices of the main consumables used in production have remained stable, but raw material prices and global inflation began to rise during the second half of 2021, which have tended to decrease in recent quarters. Regulatory Risks Aquaculture is strictly regulated by laws and regulations, so significant changes could have an impact on the Company's results. These regulations are mainly established by the General Law on Fisheries and Aquaculture, and its associated regulations that assign concessions, manage the biomass and set preventive sanitary standards. The Company is constantly monitoring changes in regulations to anticipate and mitigate any potential impact. The regulations governing salmon farming densities were changed with effect from Q4 2016, and a smolt stocking reduction program was introduced (SRP) as an alternative to the general density regime. This program requires stocking and farming densities to be reduced when sanitary performance has fallen, or when smolt stockings are expected to grow in the area. The SRP mechanism gives producers the option to replace a reduction in density, when appropriate, with a smolt stocking plan that considers growth containment with respect to the previous cycle, so maintaining densities at maximum permitted levels. Since the Company's policy has been to use its assets to provide services to third parties/producers, it has routinely leased out several farming sites. Regulations attribute the history of concession use to the concession owner, enabling the Company to increase its smolt stocking and harvesting as it recovers farming sites leased to third parties, without affecting optimum density or smolt stocking in these areas. Therefore, as leased concession contracts expire, the Company expects Atlantic salmon harvests to grow to potentially 55,000 to 70,000 MT WFE at its own farming sites, plus another 15,000 to 20,000 MT WFE of other species. Most of the concessions held by Salmones Camanchaca for farming fish are of indefinite duration. However, in order to retain the concession, the current regulation requires a minimum amount of use to avoid their expiry. This has led the Company to operate some of its sites under risk of expiration at minimum capacity, which results in unproductive expenditure and generates a contradiction between the regulations requiring concessions to be used and regulations that restrict smolt stocking growth to retain favorable sanitary conditions. Examples of these risks are limitations on smolt stocking due to anaerobic marine conditions in the concessions, the obligatory use of concessions to avoid them lapsing, and changes in anchoring requirements, all of which can materially impact costs. The financial statements could be affected by changes in economic policies, specific regulations and other standards introduced by the authorities. Social and Political Risks Specific social or political situations, such as riots or violence, may result in the Company's facilities being attacked and temporary operational and logistical interruptions, which may affect operational or commercial continuity. This may affect farming sites, processing plants, logistics using roads or ports, access to public services such as customs or health authorities, labor availability, or security at onshore facilities if there are strikes or protests. These situations can affect and delay harvests and export shipments. For example, the social unrest during the second half of 2019 and sabotage at the Maqui beach farming site in 2020. The Company continuously monitors these situations to ensure that its staff, facilities and products are safe, and regularly evaluates mitigating measures, including whether insurance policies are cost-effective. There is a risk that accessibility to one or several markets may be limited as a consequence of tariff measures, para-tariff measures, wars, or sanitary restrictions imposed by these markets. In these cases, the Company estimates that it possesses sufficient diversification and presence in the different markets to react and divert trade towards other locations, although depending on the conditions, this may cause price decreases in the short term. Criminal Liability of Legal Entities Since the enactment of Law 20,393 and its subsequent amendments, the Company is liable for specific crimes committed by people working for it or providing significant services. A conviction could damage its reputation, result in fines, or in extreme cases the legal entity could be terminated. The Company has mitigated these risks by implementing a Crime Prevention Model under Law 20,393 ("CPM"), which describes the organization, administration and supervision required to prevent these crimes, such as the crime of water pollution. This model has been certified uninterruptedly since 2015 and it has gradually incorporated the amendments to Law 20,393, which attests to its diligence in fulfilling its management and supervisory duties. The Company assessed the impact of the Economic Crime Law with the help of Deloitte and Albagli & Zalianski. It has adapted its CPM, trained its staff, and strengthened its compliance department, seeking to reinforce preventive measures to mitigate the risks associated with this legislation. Liquidity Risks Liquidity risk is the risk of potential mismatches between the funds needed for investments in assets, operating expenses, finance costs, repayment of debt as it matures and dividend payments, and funding sources such as product sales revenue, collections from customers, disposal of financial investments and access to financing. Salmones Camanchaca conservatively and prudently manages this risk by preparing cash flow forecasts that meet the expected conditions and maintain sufficient liquidity with access to third-party financing facilities, while carefully ensuring that it complies with all its financial obligations. Accordingly, it restructured its debt in 2013, 2017, 2020, 2021 and 2025. Interest rate risk. The Company is exposed to interest rate risk since its long-term financing includes a variable interest rate component, which is adjusted every six months and aligned with market conditions. The Company evaluates its hedging options but has not used them during recent years. Exposure to this risk has increased as a result of increased rates worldwide and increased borrowing. Foreign Exchange Risks A substantial proportion of Salmones Camanchaca's revenue arises from contracts and commercial agreements in US dollars. However, given the diversity and importance of markets other than the North American market, which have historically represented close to 50% of total exports, any devaluation of the US dollar against these markets' currencies and/or the Chilean Peso, could have an impact on market demand and consequently on prices, which would affect the financial performance of the Company. Corporate policy is to agree income, cost and expenses in US dollars whenever possible. The Company does not habitually hedge against local currency appreciation to cover Chilean peso expenses paid from export proceeds. The Company borrows from financial institutions in U.S. dollars. Credit Risks Surplus cash investment risk The Company has a highly conservative policy for investing its cash surpluses. This policy encompasses both the quality of financial institutions, and the type of financial products used. Its policy has been to reduce the use of credit when it has cash surpluses. Sales Risks The Company has credit insurance policies covering most sales that do not require immediate payment. The remaining sales are backed by letters of credit, advance payments, or are sales to customers with a long history of good payment performance. Operational stoppages at ports, customs or other facilities, as well as protests, marches or road blockages, may delay shipments of our products to the markets where they are sold. Therefore, the Company maintains surplus liquidity to cover these circumstances. Business Continuity Risks The Company operates an ERP platform called SAP version HANA, which produces the financial statements and is fed by specific peripheral systems, such as Mercatus, BUK, Innova, etc. These databases contain cloud security systems and protocols, firewalls, continual monitoring systems, the latest antivirus software that prevents and detects attacks in a timely manner, and other security measures. The Company is continually testing this security by conducting Ethical Hacking and Ethical Phishing to identify any vulnerabilities. However, despite these precautions, the Company is subject to attacks that may affect its data security leading to the potential risk of operational interruption, which could have financial consequences. Products for Human Consumption Risks Salmones Camanchaca operates its farming, harvesting, processing and logistics processes to high quality standards that exceed regulatory requirements, to ensure that its entire value chain guarantees that its products for human consumption are safe. However, accidental or unintentional contamination, such as an interruption in the cold chain, or malicious sabotage, which is not promptly detected by our quality protocols, could potentially cause health problems for some consumers, resulting in liability claims and associated costs. Financial Statements Net Income Statement Consolidated (ThUSD) Q2 2025 Q2 2024 Operating revenue 103,379 72,369 Costs of sales (81,279) (63,464) Gross margin 22,100 8,905 Administrative expenses (2,879) (2,838) Distribution costs (3,067) (2,530) Sales and administrative expenses (5,946) (5,368) EBIT* before fair value adjustments 16,154 3,537 Depreciation 5,439 5,698 EBITDA** before fair value adjustments 21,593 9,235 Net fair value adjustments to biological assets 2,647 6,214 EBIT after fair value 18,801 9,751 EBITDA after fair value adjustments 24,240 15,449 Financial costs (2,195) (3,595) Share of net income at associates 14 176 Exchange differences (213) 142 Other gains (losses) (829) (1,223) Financial income 983 1 Total non-operating expenses (2,240) (4,499) Net income (loss) before taxes 16,561 5,252 Income taxes (4,468) (1,180) Net income (loss) for the period attributable to owners of the parent company 12,093 4,072 6m 2025 6m 2024 277,597 283,994 (224,562) (254,252) 53,035 29,742 (8,141) (7,941) (7,574) (9,482) (15,715) (17,423) 37,320 12,319 16,714 15,893 54,034 28,212 1,805 16,324 39,125 28,643 55,839 44,536 (7,625) (10,771) 387 428 (26) 138 (2,150) (5,377) 1,014 9 (8,400) (15,573) 30,725 13,070 (8,187) (3,027) 22,538 10,043 * EBIT: Gross Margin before Fair Value - Administrative expenses - Distribution costs ** EBITDA: Gross Margin before Fair Value + Depreciation - Administrative expenses - Distribution costs Statement of Financial Position MUS$ 30-09-2025 31-12-2024 30-09-2024 Cash and cash equivalents 10,670 37,962 12,791 Other financial assets, current 50 49 928 Other non-financial assets, current 6,454 8,512 15,872 Trade and other receivables, current 15,128 21,160 11,448 Related party receivables, current 49,740 47,322 43,942 Inventories 65,778 44,030 54,251 Biological assets, current 162,263 145,126 163,516 Current tax assets 8,966 5,937 904 Total current assets 319,049 310,098 303,652 Other financial assets, non-current 27 27 27 Other non-financial assets, non-current 112 112 112 Recoverable rights, non-current 4,907 7,214 7,023 Equity method investments 4,042 3,530 3,593 Intangible assets other than goodwill 6,981 6,981 6,972 Property, plant, and equipment 116,833 123,467 125,263 Long-term deferred taxes 569 1,010 929 Total non-current assets 133,471 142,341 143,919 Total assets 452,520 452,439 447,571 Other financial liabilities, current 381 24,472 19,602 Operating lease liabilities, current 500 441 473 Trade and other payables, current 92,442 80,907 84,354 Related party payables, current 2,535 5,821 4,161 Other provisions, current 3,979 3,319 2,902 Current tax liabilities 198 347 0 Employee benefit provisions, current 2,989 3,736 2,087 Total current liabilities 103,024 119,043 113,579 Other financial liabilities, non-current 95,991 104,895 108,057 Operating lease liabilities, non-current 939 1,238 1,481 Trade and other payables, non-current 809 0 42 Deferred tax liabilities 22,612 19,711 18,317 Employee benefit provisions, non-current 852 841 1,181 Total non-current liabilities 121,203 126,685 129,078 Total Liabilities 224,227 245,728 242,657 Share capital 139,814 139,814 139,814 Share premium 2,286 2,286 2,286 Retained earnings 64,335 42,942 40,786 Other reserves 21,858 21,669 22,028 Total equity 228,293 206,711 204,914 Total equity and liabilities 452,520 452,439 447,571 Statement of Cash Flows MUS$ Q3 2025 Q3 2024 9m 2025 9m 2024 CASH FLOW FROM (USED BY) OPERATING ACTIVITIES Proceeds Proceeds from sales of goods and services 97,180 116,819 196,476 212,046 Payments Payments to suppliers for goods and services -81,401 -80,376 -163,660 -172,603 Payments to and on behalf of employees -8,676 -7,139 -16,719 -15,919 Dividends received 0 513 0 513 Interest paid -2,217 -5,717 -5,017 -6,127 Interest received 0 9 31 9 Income taxes refunded (paid) 0 -2 0 -2 Other cash inflows (outflows) 0 0 1,948 0 Flujo (utilizado en) procedente de actividades de operación 4886 24,107 13,059 17,917 CASH FLOW FROM (USED BY) INVESTING ACTIVITIES Proceeds from disposals of property, plant and equipment 0 5 0 5 Purchases of property, plant and equipment -2,047 -8,283 -9,707 -12,135 Net cash flows from (used by) investing activities -2,047 -8,278 -9,707 -12,130 CASH FLOW FROM (USED BY) FINANCING ACTIVITIES Loan repayments 0 -15,000 -31,000 -15,000 Dividends paid 1 0 -2,865 0 Net cash flows from (used by) financing activities 1 -15,000 -33,865 -15,000 Effects of exchange rate changes on cash and cash equivalents -247 89 628 -506 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 2,593 918 -29,885 -9,719 CASH AND CASH EQUIVALENTS AT THE START OF THE PERIOD 8,077 13,632 37,962 24,269 CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 10,670 14,550 8,077 14,550 This English version of the report is a free translation from the Spanish version. In case of any differences between these two versions, the Spanish version prevails. Statement of Changes in Equity MUSD Share Capital Share premium Foreign currency translation reserve Actuarial gains and losses on defined benefit plans reserve Other reserves Total other reserves Retained earnings (accumulated losses) Total Equity Opening balance as of January 1, 2024 139,814 2,286 -1,525 31 23,515 22,021 30,743 194,864 Change in equity Provisioned dividends Comprehensive income Income (Loss) for the period 10,043 10,043 Other comprehensive income -130 137 7 7 Final balance as of September 30, 2024 139,814 2,286 -1,655 168 23,515 22,028 40,786 204,914 Opening balance as of January 1, 2024 139,814 2,286 -1,970 124 23,515 21,669 42,942 206,711 Change in equity Provisioned dividends 1,719 1,719 Dividends paid -2,864 -2,864 Comprehensive income Income (Loss) for the period 22,538 22,538 Other comprehensive income 126 65 189 189 Final balance as of September 30, 2025 139,814 2,286 -1,845 189 23,515 21,859 64,334 228,293 Additional Information Analysis of Key Financial Indicators This section compares the Company's key financial indicators based on its consolidated financial statements as of September 30, 2025, compared to December 31, 2024. 30-09-2025 31-12-2024 Liquidity Indicators 1) Current Liquidity 3.10 2.60 2) Acid Ratio 0.88 1.02 3) Working Capital (USD million) 216.0 191.1 Debt Indicators 4) Net debt ratio 0.93 1.01 5) Current Liabilities / Total Liabilities 0.46 0.48 6) Non-Current Liabilities / Total Liabilities 0.54 0.52 Profitability Indicators (9 meses) (12 meses) 7) Return on Equity 9.9% 6.7% 8) Return on Assets 11.7% 11.2% Notes: 1) Current liquidity: Current Assets / Current Liabilities 2) Acid ratio: Current Assets Net of Inventory and Biological Assets / Current Liabilities 3) Working capital: Current Assets - Current Liabilities 4) Net debt ratio: Total Liabilities - Available Cash / Total Equity 7) Return on equity: Net income (loss) attributable to owners of the parent company / Total equity 8) Return on assets: Gross margin before fair value adjustment / Total assets The current liquidity ratio increased by 19%, due to an increase in current assets (+3%) and a decrease in current liabilities (-13%), variations already explained in the Balance Sheet analysis. Working capital increased by 13% and reached USD 216 million. The quick ratio decreased by 13% compared to the close of 2024 due to the decrease in current assets net of inventory and biological assets (-USD 29.9 million), and a smaller decrease in current liabilities (-USD 16.0 million). These variations were explained previously in the Balance Sheet analysis. The net indebtedness ratio decreased to 0.93 from 1.01 in December 2024, due to the lower increase in liabilities net of cash (+USD 5.5 million) versus the increase in Equity (+USD 21.6 million). The proportion of long-term liabilities increased from 0.52 to 0.54. These variations have already been explained previously in the analysis of the financial position. Return on Equity registered 9.9% through September 2025 and Return on Assets registered 11.7%, mainly due to the margins and results of the period. Accumulated Indicators 30/09/2025 30/09/2024 a. Atlantic salmon sites harvested during the period 9 9 b. Atlantic salmon harvest volumes for the period (MT WFE) / Site 3,990 3,775 c. Atlantic salmon farming density (kg/m3) 8.9 8.5 d. Atlantic salmon marine group survival rate at harvest 93% 93% e. Coho salmon sites harvested during the period 0 1 f. Coho salmon harvest volumes for the period (MT WFE) / Site 0 1,139 g. Coho salmon farming density (kg/m3) NA 7.21 h. Coho salmon marine group survival rate at harvest NA 97% i. Operational EBIT before fair value adjustments (USD million) 37.3 12.3 j. Atlantic salmon EBIT/kg WFE* 0.96 0.47 k. Coho salmon EBIT/kg WFE* 0.11 (1.05) Notes: a and e. Atlantic and Coho salmon sites harvested during the period b and f. Harvest volumes during the period (MT WFE) / Number of harvested sites, expressed in MT WFE / Site. c and g. Average farming density, expressed in kg per cubic meter for sites harvested during the corresponding period. d and h. Survival rate for harvested fish groups compared to smolt stocking. A harvest group is fish of a similar origin and strain. i. Gross margin before fair value adjustment - administrative expenses - distribution costs for the salmon farming division j and k. (Gross margin before fair value adjustment - administrative expenses - distribution costs) / kg WFE of own Atlantic/Coho salmon sold * EBIT/kg is presented by Salmones Camanchaca as a profitability indicator on sales to end customers and it excludes any inventory provisions. Biomass Fair Value For the quarter ended September 30, 2025 (ThUSD) Gain (loss) on fair value of biological assets Cost of biological assets harvested and sold As of 30/09/2025 As of 30/09/2024 As of 30/092025 As of 30/09/2024 Salmonids 29,412 36,714 (27,607) (20,390) The net effect of the fair value adjustment of the salmon biomass is reflected in two accounts: "Gain (loss) on fair value of biological assets" records the estimated gain or loss for the period from valuing the biomass of live and harvested fish at the end of each month that will be sold in future periods. It can be positive or negative based on changes in the biomass, its cost, the quality of concessions and the market price. A gain of USD 29.4 million was recorded for the fair value adjustment of the live and harvested biomass as of September 30, 2025, compared to a gain of USD 36.7 million as of the same date last year. "Cost of biological assets harvested and sold" records the realized gain or loss on the live biomass, and the biomass harvested in current and prior periods that was sold in the current period. This account reverses the estimated gain or loss for the current and prior periods, and the result of the transaction is recorded in operating revenue and cost of sales. The net effect on the biomass sold as of September 30, 2025, was a negative margin of USD 27.6 million, after reversing the positive margin forecast in prior periods, compared to a negative margin of USD 920.4 million as of the same date last year. The net effect of the fair value adjustments on the salmon biomass as of September 30, 2025, was positive USD 1.8 million, compared to positive USD 16.3 million as of September 30, 2024. Differences between the market and book values of principal assets Biological assets include the following. Biological assets include groups of breeders, eggs, smolts and fish at marine grow-out sites. They are evaluated at initial recognition and throughout their growth. Live fish inventories at all their freshwater stages, which are breeders, eggs, fry and smolts. These are valued at accumulated cost as of the reporting date. The fair value valuation criteria for fish at marine grow-out sites includes the value of the concession as a component of the farming risk, in accordance with the definition in IAS 41. Therefore, a valuation model has been adopted that calculates the Fair Value Adjustment (FVA) by applying a risk factor to the expected biomass margin at each marine grow-out site. The estimated fair value of fish biomass is based on the volume of fish biomass, average biomass weights, accumulated biomass costs for each site, estimated remaining costs and estimated sales prices. Volume of fish biomass The volume of fish biomass is an estimate based on the number of smolts in the sea, an estimate of their growth, identified mortality in the period, average weights, and other factors. Uncertainty with respect to the volume of biomass is normally lower in the absence of bulk mortality events during the cycle, or if the fish catch acute diseases. The biomass is the weight when it is calculated for each farming site. The target harvest weight depends on each site. Accumulated Costs Accumulated costs for farming sites at the date of the fair value calculation are obtained from the Company's accounts. Remaining Costs Estimated remaining costs are based on the forecast direct and indirect costs that will affect the biomass at each site through to final harvest. This estimate is refined at each calculation, and uncertainty reduces as the harvest approaches. Operating revenue Operating revenue is calculated using several sales prices forecast by the Company for each month based on future price information from public sources, adjusted to historical price behavior from the main destination market for our fish. This is reduced by the costs of harvesting, processing, packaging, distribution and sale. A fair value adjustment is applied to all fish at marine grow-out sites, under the current model. Changes in the fair value of biological assets are recorded in the statement of net income for the period. All biological assets are classified as current biological assets, as they form part of the normal farming cycle that concludes with harvesting the fish. The gain or loss on the sale of these assets may vary in comparison to their calculated fair value at the reporting date. The Company uses the following method. Stage Asset Valuation Fresh water Eggs, fry, smolts and breeders Direct and indirect accumulated costs at their various stages. Sea water Salmon Fair value includes prices, costs and volumes that are estimated by the Company.

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