Empresas Copec (COPEC) Q2 2025 earnings summary

Executive summary

• EBITDA for Q2 2025 was $712 million, down 7.5% year-over-year and 8.2% sequentially, mainly due to weaker forestry but strong energy and mining performance.

• Net income for Q2 2025 was $228 million, up 9.6% sequentially but down 20.6% year-over-year, with accumulated H1 2025 EBITDA at $1.5 billion.

• Consolidated sales reached $7.18 billion, nearly flat year-over-year and down 3.1% from Q1 2025.

• Energy segment, including Copec and Abastible, delivered robust results, offsetting declines in forestry.

• Sucuriú project advanced to 13.2% completion, ahead of schedule.

Financial highlights

• EBITDA margin for Q2 2025 was between 9.3% and 9.9%.

• Net income at $228 million; cash holdings at $2.7–2.8 billion.

• CapEx reached $591 million, mainly allocated to forestry (Sucuriú project), with 81% to forestry and 16% to energy.

• Pulp EBITDA at $259 million, wood products EBITDA at $138 million, Mina Justa EBITDA at $225 million and net income at $139 million.

• Net financial debt/EBITDA at 2.9–2.92x, improved from 3.03x in 2Q24.

Outlook and guidance

• Pulp prices expected to remain weak, with some signs of bottoming and potential recovery.

• Energy and wood products segments expected to maintain solid performance.

• Sucuriú project progressing on schedule, with further updates expected by year-end and operations targeted for end-2027.

• Uncertainty persists due to U.S. tariffs and global trade tensions.

• North American wood products markets remain challenging, while South America shows potential for price increases.