Aerial view of a Salmones Camancha salmon farm in Chile.
Photo: Salmones Camancha.
Salmones Camanchaca presented its Q1 2025 results, in which one of the highlights was the outstanding increase in its Atlantic salmon harvest. Specifically, 12.6 thousand WFE (Whole Fish Equivalent) tons were harvested, an increase of 27% over the first three months of the previous year, with sales of 13 thousand tons, 6% more than in Q1 2024, and with prices 3% higher.
The same was not true for Coho salmon, where there was no harvest. Due to the reduction in the stockings of this species, which went from 3 to 1 site in the 2024-25 season, Coho sales fell by 65% compared to the same period of the previous year.
Thus, although 2 thousand tons of Coho salmon were sold with a price recovery of 11% - the species continues to be affected by lower dollar prices in the Japanese market, the primary destination for Chilean Coho -, this drop in sales volume was noted in quarterly revenues, which, as of March 31, 2025, were USD 104 million, 11% less than in the same period of 2024.
Nevertheless, Salmones Camanchaca was pleased with its first quarter 2025 results, which it said have demonstrated "strong operational and financial performance." With stockings completed and under normal production parameters, the company's 2025 Atlantic salmon harvest is estimated to be in the range of 55-60 thousand tons WFE, while Coho is estimated at approximately 2 thousand tons WFE, 3.5 thousand tons WFE for the 25-26 season.
In its results release, the Chilean salmon producer highlighted especially the improvements in its operations and in the sanitary condition of farmed fish, where it maintains low mortalities compared to the rest of the industry. This, together with various operational optimization programs, it said, resulted in cost reductions and greater efficiencies.
As an example, the company highlighted the quarterly cost of harvested Atlantic salmon (ex-cage, live weight), which reached USD 4.20/kg, 14% less than in the first quarter of 2024, and explained this by alluding to the recovery of average harvest weights, the good sanitary condition of the harvested sites, and the decrease in feed costs.
In this context, Salmones Camanchaca's EBITDA in the first quarter of 2025 was USD 19.7 million, which compares very favorably with USD 4.3 million in the first quarter of 2024. In percentage terms, this is an increase of more than 358%.
The Chilean company thus seems to be consolidating the recovery of its salmon division, which was already noted at the end of last year. So, the Q4 2024 results not only showed an increase in earnings for both the quarter and the full year, but also allowed Camanchaca group to close the year with positive results.
Commenting on the Q1 2025 results, the company's Vice President, Ricardo García Holtz, highlighted the work in efficiency and productivity that Salmones Camanchaca has been developing since 2022, "which has yielded results with concrete progress in productivity, reflected in the improvement of results," he said.
"Taking advantage of our installed capabilities, the organic growth plan in Atlantic salmon is progressing hand in hand with reductions in Net Financial Debt, which decreased by 36% to USD 87 million. This will lead to lower financial expenses and a lower spread," García Holtz continued.
However, despite these improvements, the Vice President of Salmones Camanchaca also pointed out the challenges faced by the company, such as the aquaculture regulations that are still being discussed in Chile or the omnipresent U.S. tariffs.
"There remain significant regulatory risks, to which commercial risks associated with tariffs in our main market were added in April, for which we have reinforced the healthy diversification of markets and formats to mitigate them," he stated.
"In summary, the first few months of the year with good performance, but with great caution due to the national and international context," Ricardo García Holtz concluded.
