Salmones Camanchaca marine site. Atlantic salmon sales have been particularly high until September.
Photo: Salmones Camanchaca.
Camanchaca presented its financial results for the first nine months of 2025, reporting an 8% year-on-year increase in revenues, which reached USD 660 million. This increase was driven by sales growth across all business lines in the Chilean seafood company.
Although prices were lower, higher sales volumes of fishmeal, fish oil, and frozen jack mackerel offset the final result, causing the Fishing business to increase its revenue by 14%, registering a total of USD 282 million.
Meanwhile, in the Salmon business, revenues grew 2%, reaching USD 342 million. This increase was explained by higher sales of Atlantic salmon—in Q3 2025, this increase was 60% compared to Q3 2024—which more than offset the 4% drop in its price, as well as lower sales of Coho salmon and a reduction in costs.
In addition, through September 2025, the Mussels business increased its revenues by 30% to USD 36.6 million, driven in this case by both higher prices and increased sales volume of mussels.
EBITDA increased to USD 117 million, of which 52% came from the Fishing Division, which reached USD 60.6 million in EBITDA, while 47% originated from Salmon, which contributed USD 54.9 million in EBITDA. The Farming Division, meanwhile, is bearing the costs of the end of the abalone farming and production season this year, which, through September, generated a loss of USD 3.2 million, diluting the strong performance of mussels.
Thus, at the end of the first nine months of the year, Camanchaca's cumulative after-tax result was a profit of USD 43 million, higher than that recorded in September 2024.
"The recovery of results in our three businesses is clear evidence that Chile has great potential in marine protein production, which we hope will be valued by the new government to cement a national vision that will boost the sector's development, removing the obstacles that have been placed in its path in recent years," said Camanchaca's General Manager, Ricardo García Holtz, commenting on the results.
Chile is currently immersed in an electoral process, but this is not the first time that García Holtz has questioned the country's government about its intentions for the fishing and aquaculture sectors. In May, during the presentation of the first quarter results, he already spoke of "evident regulatory risks in Chile," while in August, when presenting the H12025 results, he concluded that the main challenge for the Chilean industry will be regulations on salmon farming and fisheries legislation.
Commenting further on the performance of each of its business lines, Camanchaca highlighted that its own and third-party pelagic catches processed at the company's plants reached 336,000 MT, 42% higher than the 237,000 MT in the same period of 2024, with a significant recovery in the north, explained by purchased artisanal catches and industrial fishing for jack mackerel and mackerel.
Meanwhile, in the south, there was a notable decline in fishmeal yields. According to Camanchaca's release, this was due to the decision by Subpesca (Chile's Undersecretariat of Fisheries) to bring forward the artisanal fishing season and allow the catch of undersized juvenile fish.
Moreover, the company also highlighted the growth in jack mackerel catches, which increased by 14% to 143,000 MT, mostly used to make products for direct human consumption, with 92,000 MT frozen and over 750,000 boxes of canned goods.
Nevertheless, Camanchaca also warned that the Scientific Committee of the South Pacific Regional Fisheries Management Organisation (SPRFMO), which regulates jack mackerel catches in the South Pacific, recommended a quota increase for 2026 of just over 5%, which, added to the loss of the industrial fraction, would mean lower quotas for 2026.
For its part, through September, in the Salmon Division, Atlantic salmon harvests were 29% higher than in the same period in 2024, reaching 44,000 MT (WFE), with sales of 36,000 MT and prices of USD 7.71/kg, down 4%. Costs, meanwhile, fell 14% in this period to USD 3.90/kg WFE, driven by higher harvest weights, better health conditions, greater production efficiencies, and lower feed costs.
"In recent years, we have implemented a series of efficiency measures in almost all of the company's businesses, which, combined with improved salmon health and greater fishing availability, have allowed us to improve our results despite facing lower prices this year and other challenges such as regulations and tariffs in the U.S., where we have already had to pay more than USD 12 million in tariffs for the exportation of our products," explained García Holtz.
An example of these efficiencies referred to by Camanchaca's General Manager are Salmones Camanchaca's three strategic facilities—a hatchery and two processing plants—which have recently obtained Zero Waste Program certification from SCS Global Services, the official certification body for the Zero Waste Certification Standard (SCS-110)
The operations evaluated were the Piscicultura Río Petrohué hatchery, a land-based RAS facility, the primary processing plant in San José de Calbuco, both of them in the Los Lagos region, and the secondary processing plant in Tomé, in Biobío, which recovered 94.79%, 96.83%, and 97.21% of their waste, respectively.