Salmones Camanchaca S A : Earnings Report 2025 - Q4

About this update from Salmones Camanchaca Sa

Salmones Camanchaca S.A. and Subsidiaries Earnings Report on the Consolidated Financial Statements For the period ended December 31, 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 2026, under normal conditions, is approximately 65,000 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 Q4 2025 Revenues in Q4 2025 reached USD 108 million, 10% lower than Q4 2024, mainly due to a 7% lower price and a 3% lower sales volume of Atlantic salmon. Accumulated revenues were USD 386 million, 5% lower than in 2024. Atlantic salmon harvests in Q4 2025 reached 14.4 thousand MT WFE, 5% higher than in Q4 2024 (13.7 thousand MT WFE), with an average harvest weight of 5.1 Kg WFE (5.5 Kg WFE in Q4 2024). Accumulated harvests as of December reached 58.3 thousand MT WFE, 22% higher than the previous year, closing December with an inventory of 7.3 thousand MT WFE, twice the level as of December 2024. The quarterly cost of harvested Atlantic salmon (ex-cage, live fish) was USD 4.17/Kg (USD 4.49/Kg WFE), 3% higher than in Q4 2024 (USD 4.05/Kg live weight), explained by a lower average harvest weight as well as higher treatment and oxygen-mitigation system costs. With this, the accumulated ex-cage cost for this year reached USD 3.97/Kg live weight (USD 4.27/Kg WFE), 9% lower than the USD 4.38/Kg live weight of 2024. The total processing cost of Atlantic salmon, including transportation of the harvested biomass, was USD 1.03/Kg WFE in the quarter, slightly higher than the target of USD 1/Kg, and 8% higher than in Q4 2024, a development explained mainly by a higher volume processed in third-party plants. For 2025, total processing cost reached USD 1.03/Kg WFE, lower than in 2024 (USD 1.08/Kg WFE). Consequently, Gross Margin for the quarter was USD 15.4 million, that is, 27% lower tha...

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