Salmones Camanchaca feeding station. Lower feed costs have been one of the keys to the strong financial results achieved in Q3 2025.
Photo: Salmones Camanchaca.
Salmones Camanchaca presented its Q3 2025 results report yesterday, which showed the favorable operational and financial performance of the Chilean company thanks to an Atlantic salmon harvest 60% higher than in the same period last year, and a year-on-year revenue 43% higher.
Specifically, Camanchaca's Atlantic salmon harvest in the third quarter was 20,000 tons, as mentioned, 60% up compared to the same quarter last year. The cumulative total for September, meanwhile, reached 44,000 tons, 29% more than in the first nine months of 2024.
However, this remarkable increase in harvest was not the only factor influencing the financial results. According to the Chilean company, the cost of Atlantic salmon harvested during the quarter reached USD 3.89/kg WFE, meaning that Salmones Camanchaca managed to reduce its Q3 2024 costs by 11%.
In its statement commenting on the results, the company said that this improvement was due to the higher average weight of harvested salmon, lower feed costs, improved health conditions, and operational efficiencies implemented. As a result, the cumulative ex-cage cost this year was USD 3.90/kg WFE, 14% lower than in the same period last year.
Thus, driven by a 72% increase in the volume of Atlantic salmon sold, albeit at slightly lower prices, Salmones Camanchaca's revenues in the third quarter of 2025 were, as mentioned above, 43% higher than in the same period of 2024, reaching USD 103 million. In the year to September, revenues were USD 278 million, 2% lower than in September 2024.
Based on these figures, EBITDA for the third quarter was USD 22 million, USD 12 million higher than in the same quarter last year, while for the first nine months of the year, this result reached USD 54 million, almost double the USD 28 million recorded in the same period in 2024.
With these results and no extraordinary mortalities during the quarter, Salmones Camanchaca stated that it continues to record operational improvements in the favorable health condition of farmed fish, with survival rates above the industry average.
The Chilean salmon farming company emphasized that this, together with operational improvement programs, resulted in lower costs and higher margins, as highlighted by its Vice President, Ricardo García Holtz, when taking stock.
"The company continues to systematically strive for operational improvements and production efficiencies that enable us to lower costs and increase margins in a weak price environment such as that seen in 2025," he said.
"In addition to the abundance of Norwegian product, this year we have faced adversity in the main market due to tariffs in the U.S., and we have redoubled our efforts to achieve diversification and overcome a bad year in terms of prices," García Holtz continued.
"This 2025, we expect to reach 60,000 tons of Atlantic salmon harvests, which will be an important milestone for Salmones Camanchaca. We hope this will be valued by the next government, in whom we place our hopes for facilitating the development of the sector," the company's Vice President concluded, referring to the open debate in Chile on the future law governing the industry.
It should be noted that just before the end of the third quarter of 2025, Salmones Camanchaca announced that it had obtained the backing of three renowned international banks for its long-term refinancing. The agreement signed with DNB Bank ASA, Cooperative Rabobank U.A., and Banco Santander-Chile involved an extension of the terms and an improvement in financial costs for the Chilean salmon farming company, in a transaction worth up to USD 140 million.