Salmones Camanchaca (SALMOCAM) Q1 2026 earnings summary

Executive summary

• Revenue increased 2.3% year-over-year to US$106 million, driven by higher Atlantic and Coho salmon volumes, but offset by an 8% drop in Atlantic prices.

• EBITDA fell 53% to US$9.3 million due to lower prices and extraordinary mortality costs of US$2.3 million.

• Net loss for the quarter was US$3.8 million, a decrease of US$7.8 million compared to the same quarter last year.

• Main business is Atlantic salmon farming, with integrated operations from genetics to global sales.

• Company operates mainly in North America, Asia, and Latin America, with most sales exported.

Financial highlights

• Atlantic salmon harvests rose 3% to 13,000 tons WFE, but average harvest weight dropped from 5.1 to 4.6 kg.

• Cost ex-cage for Atlantic salmon decreased 6% year-over-year to US$3.96/kg due to lower feed and smolt costs and operational efficiencies.

• Processing cost increased 12% to US$1.22/kg WFE, impacted by lower primary processing volume, lower average weight, currency appreciation, and higher value-added product share.

• Total cost per kg for Atlantic salmon was US$5.48, down 2% from 1Q25.

• Gross margin before fair value was MUS$ 10,243, down from MUS$ 18,946 year-over-year.

Outlook and guidance

• Estimated 2026 Atlantic salmon harvests are 58-60k tons WFE; Coho expected at 4-5k tons.

• Atlantic salmon seeding projected to grow ~4% in 2026 for higher 2027 harvests.

• No material uncertainties regarding going concern.

• Awaiting outcome of US tariff refund request, with potential positive impact.

• New IFRS standards adopted in 2026 had no significant impact; further changes expected in 2027.