Sigdo Koppers (SK) Q1 2026 earnings summary

Executive summary

• Q1 2026 consolidated revenue rose 8.6% YoY to US$1,080.6m; EBITDA increased 23.6% to US$149.7m, with margin expanding 170 bps to 13.9%.

• Recurring profit attributable to controlling owners increased 50.5% to US$32.0m, supported by higher operating profit and lower non-operating losses.

• 80% of consolidated EBITDA came from business relationships with mining activity; 61% of revenue was generated outside Chile.

Financial highlights

• Gross profit rose 21.2% to US$226.8m; gross margin expanded 220 bps to 21.0%.

• Operating profit increased 30.2% to US$103.2m; operating margin improved 160 bps to 9.6%.

• Profit before tax rose 46.1% to US$82.2m; net income increased 29.1% to US$55.6m as income tax expense doubled to US$26.7m.

• SG&A totaled US$123.5m, up from US$106.4m YoY; SG&A-to-sales ratio rose 70 bps to 11.4%.

Segment performance

• Enaex revenue rose 24.7% to US$611.7m and EBITDA increased 16.2% to US$101.7m; physical sales grew 6.9% to 507,300 tons, while EBITDA margin fell 120 bps to 16.6%.

• Magotteaux revenue increased 2.1% to US$271.3m, while EBITDA fell 5.1% to US$24.3m and physical sales volume declined 4.1% to 150,200 tons.

• PVSA revenue rose 15.5% to US$45.6m and EBITDA increased 14.6% to US$9.1m; port cargo transfers grew 23.8%. Fepasa revenue fell 1.9%.

• SKIC revenue fell 43.1% to US$69.5m amid project-billing seasonality; EBITDA turned positive at US$6.2m and net income was US$1.3m. Operations were Chile-only from Q2 2025; backlog was US$274m.

• SKC revenue increased 4.8% to US$82.8m and EBITDA rose 14.5% to US$13.2m; net income fell 69.0% to US$0.4m, reflecting extraordinary tax impacts.