Sigdo Koppers (SK) Q2 2025 earnings summary

Executive summary

• Q2 revenue rose 7.8% YoY to US$1,013,642 thousand, EBITDA increased 6.4% to US$134,933 thousand, and net income attributable to the parent rose 80.0% to US$22,337 thousand.

• H1 revenue advanced 6.4% to US$2,008.2M, EBITDA rose 1.9% to US$256.0M, and controlling-interest net income increased 31.1% to US$43.6M.

• Mining-related activity generated 75% of consolidated EBITDA; 56% of revenue was generated outside Chile.

Financial highlights

• Q2 gross profit increased 5.3% to US$197,745 thousand; gross margin declined 50 bps to 19.5%.

• Q2 operating income rose 3.5% to US$89,560 thousand; operating margin declined 40 bps to 8.8%.

• Q2 total net income rose 27.5% to US$43,115 thousand; net income attributable to the parent increased 80.0% to US$22,337 thousand.

• EBITDA margin was 13.3%, down 20 bps YoY; net non-operating loss narrowed 33.5% to US$21,386 thousand.

• H1 net income reached US$86.2M, up 19.0%.

Segment performance

• Enaex Q2 revenue rose 11.4% to US$519.1M, EBITDA increased 16.3% to US$93.2M, and net income grew 24.4% to US$45.8M; physical sales rose 4.9%.

• Magotteaux Q2 revenue increased 1.8% to US$252.7M, while EBITDA fell 10.6% to US$22.8M and net income declined 16.6% to US$6.1M; weaker Casting margins weighed on results.

• PVSA Q2 revenue rose 4.2% to US$41.3M; EBITDA declined 3.5% to US$9.3M and net income fell 24.9% to US$1.8M. Port transfers fell 5.0%; Fepasa freight volume rose 7.0%.

• SKIC Q2 revenue declined 5.8% to US$108.3M, while EBITDA rose 83.6% to US$4.0M; Q2 results reflect Chile operations only, and backlog stood at US$368M.

• SKC Q2 revenue rose 3.9% to US$76.4M, EBITDA increased 8.7% to US$14.1M and net income was US$2.3M; distribution and rental revenue rose 21.0% and 20.9%.