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Empresas Copec (COPEC) investor relations material
Empresas Copec Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary12 Nov, 2025
Executive summary
EBITDA for Q3 2025 was US$642 million, down 15.9% year-on-year, mainly due to lower forestry performance, partially offset by strong energy division results.
Net income reached US$198 million, down 51% year-on-year, reflecting challenging forestry market conditions and asset sales, but consistent with recent trends when adjusted for one-time effects.
Consolidated sales were US$7,348 million, up 0.9% year-on-year and 2.3% quarter-on-quarter.
Energy division (Copec, Abastible, Terpel) delivered robust EBITDA growth, with Copec and Abastible up 19% and 14% year-on-year, respectively.
Mina Justa mine posted strong EBITDA of US$236 million, up 35% year-on-year, driven by higher volumes, favorable copper prices, and lower cash costs.
Financial highlights
EBITDA margin declined to 8.3%–8.7% in Q3 2025 from 8.7%–10.5% in prior periods.
Net financial debt/EBITDA increased to 3.26x, up from 2.47x a year ago, reflecting higher CapEx and lower EBITDA.
CapEx for the quarter was US$1,074 million, with 84% allocated to forestry and 13% to energy.
Arauco's EBITDA dropped to US$296 million from US$463 million year-on-year; net income nearly zero versus US$231 million last year, impacted by lower pulp prices and absence of prior asset sales.
Total financial debt was US$11,710 million; net debt was US$9,020 million.
Outlook and guidance
Management expects Latin American fuel markets to grow in line with GDP for the next decade, with flexibility to adapt to electromobility adoption.
Sucuriú project is on track at 25.7% completion, with sufficient fiber supply secured for mill startup and significant financing in place.
No anticipated need for shareholder cash contributions for Mina Justa Subterránea; financing will combine internal cash flow and debt.
Pulp prices in China have stabilized at low levels; no significant recovery expected for softwood in the short term.
European pulp demand remains weak, with stable sales expected but no signs of improvement.
Softwood pulp price recovery outlook?
Copec's flexible EMobility strategy details?
Hybrid bond's impact on Arauco's credit metrics?
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Next Empresas Copec earnings date
Investor Day 202519 Nov, 2025
Next Empresas Copec earnings date
Investor Day 202519 Nov, 2025
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Frequently asked questions
Empresas Copec S.A. is a Chile-based conglomerate engaged in the energy and natural resources sectors. The company operates through subsidiaries in industries such as fuel distribution, forestry, and fishing. In the energy sector, it is involved in the retail and wholesale distribution of liquid fuels, lubricants, and related products. Through its forestry business, Empresas Copec manages plantation forests and produces pulp and wood products. The company also has interests in electric mobility, renewable energy, and industrial fishing. Empresas Copec S.A. is headquartered in Santiago, Chile, and its shares are listed on the Santiago Stock Exchange.
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