Chilean salmon-farming firm Salmones Camanchaca saw its profits for Q4 2025 fall 22.9 percent to USD 3 million (EUR 2.6 million), compared to the USD 3.9 million (EUR 3.3 million) posted in the same quarter of 2024, as top-line revenues slipped while costs inched up.
The company’s revenues in Q4 reached USD 108 million (EUR 92.8 million), which was 10.5 percent lower than the USD 120 million (EUR 103 million) posted in Q4 2024, mainly attributable to a 6.9 percent drop in prices to an average of USD 6.11 (EUR 5.25) per kilogram whole fish equivalent (WFE). Another factor dragging on revenues was a 2.8 percent drop in volume sold of Atlantic salmon to 16,724 metric tons (MT) WFE, according to the company’s Q4 report.
EBITDA fell to USD 13.6 million (EUR 11.7 million) in Q4 2025, which was down 34.8 percent from EBITDA of USD 20.9 million (EUR 17.9 million) in the same quarter of 2024.
EBIT per kilogram WFE of Atlantic salmon was USD 0.57 (EUR 0.49) in Q4 2025, compared to USD 0.90 (EUR 0.77) in Q4 2024. In the case of coho salmon, improved sales prices and lower costs led to an EBIT per kilogram WFE of USD 0.36 (EUR 0.31) in the closing quarter of 2025, comparing favorably with EBIT per kilogram of USD -0.65 (EUR -0.56) in Q4 2024.
The company’s Atlantic salmon harvests for the last quarter of 2025 reached 14,358 MT WFE, which was 4.9 percent higher than in Q4 2024 when it reached 13,689 MT WFE. The average harvest weight was 5.1 kilograms WFE, compared to 5.5 kilograms WFE in Q4 2024.
The quarterly ex-cage cost of harvested Atlantic salmon inched up 3 percent to USD 4.49 (EUR 3.86) per kilogram WFE, compared to Q4 2024’s ex-cage costs of USD 4.35 (EUR 3.74) per kilogram WFE. Salmones Camanchaca said this was due to a lower average harvest weight as well as higher treatment, oxygen, and mitigation system costs.
The total processing cost of Atlantic salmon, including the transport of harvested biomass, was USD 1.03 (EUR 0.88) per kilogram WFE in the quarter, aligning with the firm’s target of USD 1 (EUR 0.85) per kilogram but still 7.9 percent higher than in Q4 2024, mostly owing to a higher volume processed at third-party plants.
Helping the company maintain a USD 3 million profit during the quarter was the fact its financial expenses decreased 42 percent year over year to USD 1.9 million (EUR 1.6 million) thanks to decreased debt levels and lower interest rates.
For the full year 2025, net profits surged to USD 25.5 million (EUR 21.9 million), jumping 83.4 percent when compared to the bottom line of USD 13.9 million (EUR 11.9 million) in 2024. However, revenues totaled USD 386 million (EUR 331 million), decreasing 4.6 percent from 2024 revenues of USD 404 million (EUR 347 million).
Atlantic harvests for all of 2025 reached 58,251 MT WFE, marking a 22.2 percent boost from the previous year.
EBIT per kilogram WFE for Atlantic salmon in 2025 was USD 0.84 (EUR 0.72), compared to USD 0.62 (EUR 0.53) in 2024, and USD 0.16 (EUR 0.14) for coho salmon, compared to USD -1.00 (EUR -0.86) in 2024.
The firm’s 2025 EBITDA reached USD 67.7 million (EUR 58.1 million) – 37.7 percent above the USD 49.1 million (EUR 42.2 million) recorded in 2024.
Salmones Camanchaca Vice President Ricardo García said in a release that the company’s financial performance has been the result of operational improvements and production efficiencies that allowed for contained costs and higher margins, even when considering a year with depressed prices due to higher salmon supply, compounded by tariffs levied by the U.S., which increased downward pressure on exporter prices.
García was also critical of what he sees as undue regulatory pressure that has gripped Chile under the government of President Gabriel Boric.
“The industry has endured nearly four years of regulatory and judicial harassment, driven by a radicalized environmentalist ideology that seeks depopulation and economic contraction in Southern Chile, funding local organizations from abroad that fuel conflict, litigation, and obstruction of progress, doing so directly or by infiltrating the government,” he said.
García expressed optimism, though, with the incoming government of José Antonio Kast, who will assume the presidency on 11 March.
“We are hopeful that the newly elected authorities will unblock the gridlock that has constrained industry development for many years. Chile has significant untapped advantages that would contribute to greater growth, more jobs, higher tax revenues, and increased vitality for the south and for Chile in general,” he said.
As for 2026, Salmones Camanchaca said that with the stocking it has executed and considering normal production parameters, it forecasts that Atlantic salmon harvests will be in a range of 58,000 to 61,000 MT WFE, while coho harvest is estimated between 4,000 and 5,000 MT WFE, bringing the total estimated harvest for the year between 62,000 and 66,000 MT WFE.