Sociedad Matriz SAAM (SMSAAM) Q2 2026 earnings summary

Executive summary

• Operates in 12 countries with over 100 ports and a fleet of 203 tugboats, making it the largest operator in the Americas and third globally in towage; also a leading regional player in air cargo logistics with operations in 8 airports across 3 countries.

• Completed acquisition of the remaining 30% of Intertug, now holding 100% ownership; added two new tugboats in Chile and Mexico.

• Restarted operations with Emirates and secured a contract with Copa Airlines.

• Remolcadores segment drove growth, offsetting cost pressures and currency volatility.

Financial highlights

• Consolidated revenues for 2Q26 reached $171.1M, up 11% year-over-year; EBITDA grew 4% to $53.1M, but net income attributable to the controller fell 17% to $18.0M.

• For the first half of 2026, revenues rose 10% to $332.5M, EBITDA increased 3% to $103.0M, and net income attributable to the controller decreased 6% to $37.7M.

• Towage/Remolcadores segment revenues grew 12% to $144.2M, with EBITDA up 7% to $49M and margin improvement to 34%.

• Air logistics/Logística Aérea segment revenues increased 8% to $26.7M, but EBITDA margin declined to 32.6% due to higher costs.

• Cost of sales increased 10% to $119M, and administrative expenses rose 22% to $26.9M in Q2.

Outlook and guidance

• Plans to invest approximately $120M in new tugboats, major vessel maintenance, infrastructure, and sustainability projects.

• Focus on diversification, efficiency improvements, and continued industry consolidation.

• Pursuing inorganic growth opportunities and participating in new contract tenders.

• Management highlights resilience in core segments despite cost inflation and currency volatility.

• Continued focus on operational efficiency and growth in Remolcadores and Logística Aérea.