Salmones Camanchaca (SALMOCAM) Q2 2026 earnings summary

Executive summary

• Revenue increased 35% year-over-year to $94.6 million for the quarter and 15.4% to MUS$200,968 for the six months ended June 30, 2026, driven by higher volumes of Atlantic (+36%) and Coho (tripled), despite lower prices for both species.

• EBITDA rose 11% to $14.1 million, aided by a $7.4 million extraordinary tariff refund from the US.

• Net income for the quarter was $3.2 million, down $3.2 million from the same quarter last year, while the six-month period ended with a net loss of MUS$620 compared to a profit of MUS$10,445 in the prior year.

• Gross margin before fair value adjustments declined to MUS$25,228 from MUS$30,935 year-over-year.

• The company’s main business is the production and sale of Atlantic and Coho salmon, with sales concentrated in North America, Asia, and Latin America.

Financial highlights

• Gross margin and EBIT per kg for Atlantic salmon (excluding tariff effects) were pressured by a 10% price drop for Atlantic and 15% for Coho.

• Cost ex-cage for Atlantic salmon increased 6% year-over-year to $4.29/kg, mainly due to SRS-related costs at two centers.

• Total cost per kg for finished Atlantic salmon rose 9% to $6.08/kg, with processing costs up 22% to $1.46/kg WFE.

• Operating cash flow for the six months was MUS$22,494, up from MUS$13,059 year-over-year.

• Cash and equivalents increased to MUS$17,764 from MUS$10,532 at year-end 2025.

Outlook and guidance

• Harvest guidance for 2026 maintained at 58-60k tons for Atlantic and 4.5k tons for Coho.

• Atlantic salmon seedings expected to grow ~10% in 2026 versus the previous cycle, supporting higher 2027 harvests.

• No material uncertainties regarding going concern were identified.

• The company is in compliance with all financial covenants and expects to maintain access to committed credit lines.