Sociedad Matriz SAAM (SMSAAM) Q1 2025 earnings summary

Executive summary

• Achieved consolidated revenues of $148 million in 1Q25, up 6% year-over-year, with EBITDA of $49.4 million (+16%) and net income of $18.3 million (-17%).

• Growth driven by improved service mix, contract renewals, special services in towage, and recovery in air cargo imports in Chile.

• Maintained robust liquidity, strong cash position, and healthy leverage, supporting sustainable growth.

Financial highlights

• Revenues increased 6% to $148.1 million compared to 1Q24, mainly from Towage (+5%) and Air Logistics (+7%).

• EBITDA margin improved to 33.4% from 30.4% in 1Q24.

• Net income attributable to controlling interest fell 17% year-over-year to $18.3 million, due to lower non-operating results and absence of prior-year extraordinary gains.

• Operating income rose 39% to $23.8 million.

• Total assets grew 4% to $1.85 billion as of March 2025.

Outlook and guidance

• Investment plan of ~$80 million for 2025 focused on new towage vessels, major maintenance, infrastructure, and sustainability.

• Continued development of Aerosan operations and pursuit of organic and inorganic growth opportunities.

• Confirmation of AA credit rating with stable outlook by Humphreys and Feller Rate.

• Ongoing industry consolidation and volatility in Chilean export markets expected.