Empresas Copec (COPEC) Q2 2026 earnings summary

Executive summary

• Adjusted EBITDA reached US$1,037 million, up 30.1% year-over-year and 17.9% quarter-over-quarter, driven by strong energy and forestry performance, including significant asset sales.

• Net income attributable to controllers was US$440 million for 2Q26, up 92.6% year-over-year and 61.8% sequentially, reflecting improved margins and non-operating gains.

• Major asset sales included 29,500 hectares of eucalyptus forests in Chile for US$217 million and a 50% stake in Puerto Coronel for US$65 million.

• Sucuriú project in Brazil advanced to 74.5% completion, ahead of schedule, with operations set for 4Q27.

• Equity support agreement established for Arauco, providing up to US$450 million between 2027-2028 for liquidity and credit metric support.

Financial highlights

• EBITDA was US$1,029 million, up 44.3% year-over-year and 19.7% quarter-over-quarter.

• Net financial debt stood at US$10,428 million, with a Net Debt/EBITDA ratio of 3.13x.

• CAPEX totaled US$920 million, mainly allocated to forestry and energy.

• Gross profit for 2Q26 was US$1,369 million, with main contributions from Copec, Arauco, and Abastible.

• Operating cash flow for 1H26 was US$1,089 million, up 32.4% year-over-year.

Outlook and guidance

• Pulp market in China remains challenging with weak demand and high inventories; Europe shows stable but seasonally softer demand.

• Sucuriú mill expected to achieve highly competitive cash costs ($200–$240/ton delivered to China) by year 3–4 post-ramp-up.

• Wood products in North America and Brazil show positive outlooks, while Chile faces price pressure from oversupply.

• Energy margins may normalize if oil prices decline, but industrial customer segment expected to remain robust.

• Sucuriú Mill on track for 3.5 million tons/year capacity, operations set for 4Q27.