Empresas Copec (COPEC) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $9,198m, up 25.2% YoY; EBITDA was $814m, up 26.8%, and Adjusted EBITDA was $889m, up 27.4%.

• Q3 profit attributable to owners reached $289m, up 45.6% YoY; 9M profit was $1,001m, up 57.6%.

• Q3 results fell QoQ from a strong Q2 that included a $124m forestry-asset-sale effect; weaker forestry and energy EBITDA also weighed on the quarter.

Financial highlights

• Q3 revenue increased 25.2% YoY to $9,198m; operating income rose 54.6% to $448m and total profit rose 54.3% to $335m.

• 9M revenue grew 19.9% to $26,296m; operating income rose 37.1% to $1,506m and EBITDA increased 26.9% to $2,703m.

• 9M Adjusted EBITDA increased 22.8% to $2,806m; gross profit rose 20.5% to $3,944m.

• 9M operating cash flow was $1,794m, up 29.4%; cash ended September at $2,877m, versus $2,462m at year-end 2025.

Outlook and guidance

• Sucuriú was 81.1% complete at September 30, 6.2% ahead of baseline schedule; the 3.5m-ton annual-capacity mill is scheduled to start operations in Q4 2027.

• Zitácuaro’s 300,000 m³ MDF line was 93% complete; first panel is expected by end-January 2027. Chile’s new OSB line was 92% complete, with first commodity panel expected late November–December 10, 2026.

• Tamarico II acquisition adds a 165 MWp solar plant and 725 MWh battery system, expandable to 925 MWh; Copec Flux will acquire the project-owning company after commercial operation begins.