Sigdo Koppers (SK) Q3 2025 earnings summary

Executive summary

• Q3 revenue rose 5.5% to US$1,003.6M, EBITDA increased 17.9% to US$147.1M and attributable net income grew 92.1% to US$35.7M.

• 9M25 revenue increased 6.1% to US$3,011.8M, EBITDA rose 7.2% to US$403.1M and attributable net income grew 53.0% to US$79.3M.

• Mining-related activity generated 80% of consolidated EBITDA, while 65% of revenue came from outside Chile.

• Results benefited from gross-margin improvement and expense containment amid geopolitical volatility affecting commodities, supply chains and financial markets.

Financial highlights

• Q3 gross profit rose 16.4% to US$216.2M; gross margin expanded 200 bps to 21.5%, and EBITDA margin increased 150 bps to 14.7%.

• Q3 operating income rose 23.0% to US$102.3M, with operating margin up 150 bps to 10.2%; total net income increased 62.3% to US$62.6M.

• 9M gross profit increased 6.1% to US$598.5M and operating income grew 5.9% to US$271.1M.

• 9M net finance costs fell 13.8% to US$82.6M; Q3 net financial expense declined 22.8% YoY.

• Q3 financial income rose 45.2% to US$7.1M and financial costs fell 12.9% to US$22.8M, while foreign-exchange losses increased to US$5.2M from US$2.0M.

Segment performance

• Enaex Q3 revenue rose 10.6% to US$555.6M, EBITDA increased 14.5% to US$102.5M and net income grew 23.2% to US$51.3M; physical sales rose 6.0%.

• Magotteaux revenue increased 4.6% to US$238.8M and physical sales rose 6.3%; EBITDA edged down 0.3% to US$20.1M, while net income fell 19.2% to US$2.5M.

• Puerto Ventanas revenue rose 15.5% to US$46.1M and EBITDA increased 61.5% to US$12.6M; port transfers grew 80.9%. Fepasa revenue fell 9.9% to US$21.5M.

• SKIC revenue fell 25.9% to US$86.7M; EBITDA turned positive at US$9.7M from a US$2.8M loss, and net income was US$12.3M.

• SKC revenue rose 7.6% to US$72.6M and EBITDA increased 13.9% to US$10.6M; net income was US$0.08M versus a US$2.7M loss.