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Empresas Copec (COPEC) investor relations material
Empresas Copec Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
EBITDA for Q2 2025 was $712M, down 7.5% year-over-year and 8.2% sequentially, mainly due to weaker forestry performance, partially offset by strong energy and wood products results.
Net income for the quarter was $228M, up 9.6% sequentially but down 20.6% year-over-year, with accumulated H1 2025 EBITDA at $1.5B.
Consolidated sales reached $7.18B, nearly flat year-over-year and down 3.1% sequentially.
All geographies saw volume growth except Chile, with the Gasim acquisition in Europe contributing positively.
Energy segment EBITDA increased YoY, while forestry EBITDA declined due to lower pulp prices.
Financial highlights
EBITDA margin was 9.3–10% for 2Q25, and return on capital employed was 9.5–10.5%.
Net debt to EBITDA was 2.9x–2.92x, reflecting ongoing investments but improved from 3.0x in 2Q24.
CapEx reached $591M in Q2, primarily allocated to forestry projects, with 16% to energy.
Cash holdings stood at $2.8B, with total financial debt at $11.2B and net debt at $8.4B.
Gross profit for 2Q25 was $1.07B, down 6.9% YoY; operating income was $376M, down 9.9% YoY.
Outlook and guidance
Pulp prices are expected to remain weak, with some signs of bottoming, but oversupply and global tariff uncertainties persist.
Seasonality may bring some positive effects, but demand in Europe and China remains subdued.
North American wood products markets remain challenging, while South America shows potential for price increases.
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