Empresas Copec (COPEC) Q2 2026 earnings summary

Executive summary

• EBITDA for 2Q26 reached US$1,029 million (Adjusted: US$1,037 million), up 44.3% year-over-year and 19.7% sequentially, driven by strong energy and forestry performance.

• Net income attributable to controllers was US$440 million for 2Q26, up 92.6% year-over-year and 61.8% sequentially, mainly due to asset sales and improved sector results.

• Revenues for 2Q26 were US$9,246 million, a 28.8% increase year-over-year and 17.8% sequentially.

• Major asset sales included forestry assets in Chile (US$217 million) and a 50% stake in Puerto Coronel (US$65 million).

• Significant progress was made at the Sucuriú project (74.4% complete, ahead of schedule), and a US$450 million equity support agreement was established for Arauco.

Financial highlights

• EBIT for 2Q26 was US$556 million, up 47.9% year-over-year and 10.9% sequentially.

• Gross profit for 2Q26 increased 28.4% to US$1,369 million, with main contributions from Copec (US$767 million), Arauco (US$392 million), and Abastible (US$176 million).

• Adjusted EBITDA for 2Q26 was US$1,037 million, up 30.1% year-over-year and 17.9% sequentially.

• Net income for 1H26 was US$712 million, up 63.0% year-over-year.

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

Outlook and guidance

• Sucuriú Mill is on track for 3.5 million tons/year capacity, with operations expected to begin in 4Q27.

• Equity support agreement with Arauco provides up to US$450 million between 2027 and 2028 for liquidity and credit metric improvement.