Empresas CMPC (CMPC) Q2 2026 earnings summary

Executive summary

• Pulp price recovery and efficiency gains at Softys drove quarterly performance, while Biopackaging faced margin pressure from oversupply and seasonality.

• Sales rose 5% quarter-over-quarter, led by Softys' volume recovery in Brazil and Mexico and higher hardwood pulp prices.

• Net income dropped 65% quarter-over-quarter and 89% year-over-year, mainly due to foreign exchange losses from BRL and MXN appreciation and lower hyperinflation adjustments.

• Asset monetization and efficiency initiatives are underway to strengthen the balance sheet and reduce leverage.

• Significant progress was made on the Natureza port project and innovation with the inauguration of Chile’s first lignin pilot plant.

Financial highlights

• Consolidated sales reached $1,916 million, up 5% quarter-over-quarter and flat year-over-year.

• Adjusted EBITDA was $270 million (14.1% margin), up 6% quarter-over-quarter, down 19% year-over-year.

• Net income was $9 million, down 65% quarter-over-quarter and 89% year-over-year.

• CapEx was $170 million, down both quarter-over-quarter and year-over-year.

• Operating cash flow rose to $344 million, up 55% quarter-over-quarter and 25% year-over-year.

Outlook and guidance

• Management expects leverage to decline in coming quarters, driven by improved results, cash flow, and asset monetization.

• Biopackaging is expected to benefit from operational and efficiency initiatives toward year-end.

• The Natureza investment decision remains subject to value creation and prudent risk management principles.

• Asset monetization program continues to strengthen the balance sheet and support investment-grade rating.

• No change in CapEx guidance, but ongoing focus on efficiency and strict cash use.