Empresas CMPC (CMPC) Q3 2025 earnings summary

Executive summary

• Third quarter 2025 sales were $1,865 million, down 2% quarter-over-quarter and 6% year-over-year, with EBITDA at $260 million (13.9–14.0% margin) and net income at $34 million, reflecting declines due to lower pulp prices and the absence of non-core asset sales.

• EBITDA declined 22% QoQ and 40% YoY, and net income dropped 58% QoQ and 77% YoY, mainly due to lower pulp prices and negative FX effects.

Financial highlights

• Pulp EBITDA was $162 million (22.5% margin), Softys $95 million (10.9–11% margin), and BioPackaging $18 million (6.8% margin).

• Pulp sales were $721 million, Softys $873 million, and BioPackaging $266 million.

• Operating costs increased 1–1.5% QoQ and 3% YoY.

• CapEx for the quarter was $67–176 million, down from the previous quarter.

• Free cash flow was -$18 million in 3Q25.

Outlook and guidance

• Management expects deleveraging as pulp prices recover, with further liquidity possible from monetizing non-core assets.

• Pulp price increases have been implemented in China and are expected to continue globally, though long fiber remains weak.

• Softys is targeting a 15% margin by late 2026 or early 2027, focusing on brand and cost optimization amid high competition and currency headwinds.

• Forward-looking statements highlight risks and uncertainties, including those in financial disclosures.