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, mainly due to lower pulp prices and the absence of non-core asset sales.

• EBITDA was $260 million (margin 13.9–14.0%), down 22% QoQ and 40% YoY.

• Net income fell to $34 million, a 58% QoQ and 77% YoY decrease, impacted by lower EBITDA and negative FX effects.

Financial highlights

• Operating costs increased 1–1.5% QoQ and 3% YoY, mainly due to higher sales volumes.

• CapEx for the quarter was $176 million, down from $327 million in Q2 and $194 million a year ago.

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

• Net debt at quarter-end was $5,056 million, with a cash position of $844–$914 million.

• Net debt/EBITDA ratio increased to 3.79x from 3.65x last quarter and 3.3x a year ago.

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 due to supply curtailments and higher wood chip costs.

• Softys margin improvement initiatives are underway, targeting a 15% margin by late 2026 or early 2027.

• Forward-looking statements highlight risks and uncertainties, particularly those in risk management disclosures and Note 3 of the financial statements.

• Pulp market shows minor recovery in short fiber, but long fiber remains weak due to overcapacity and substitution effects.