Chilean salmon-farming company AquaChile reported drops in revenue and profits during the opening quarter of 2026.
In Q1, the firm reported consolidated sales of USD 482 million (EUR 414 million), which was slightly lower than the USD 501 million (EUR 430 million) it reported in the first quarter of 2025. According to results posted by its parent company Empresas Agrosuper, the company attributed the drop to lower prices in international markets that were largely brought on by high global supply.
More specifically, Agrosuper noted that in the global salmon market, supply grew by 13 percent compared to the same period of the previous year.
As a result, prices in several markets dropped. In the U.S., for instance, the Q1 price of fresh fillets of Chilean-origin Atlantic salmon decreased by 2.1 percent compared to the same quarter of the previous year.
However, other markets still provided growth opportunities for AquaChile and other salmon farmers.
The Brazilian market saw a significant increase in import volumes, expanding 40.2 percent compared to the same period of the previous year, with particular growth in coho salmon in different formats.
Specifically regarding coho, shipments of frozen fillets to all markets experienced a strong expansion during the first quarter of 2026. The growth of fillets and added value for the Japanese market was a particular standout, where volume expanded 40 percent compared to the same quarter of the previous year.
Still, the low prices, as well as tariffs that the U.S. continued to impose, made for a challenging environment for the industry in Q1, the company said.
The firm’s net income totaled USD 44.1 million (EUR 37.8 million) in Q1, compared to USD 54.4 million (EUR 46.7 million) in Q1 2025, marking a year-over-year drop of 18.9 percent.
AquaChile’s gross margin came in at USD 131 million (EUR 112 million) during the three-month period, representing a slight improvement when compared to USD 130 million (EUR 111 million) in the same quarter of 2025. However, a jump in distribution costs to USD 56.8 million (EUR 48.7 million), compared to costs of USD 42.5 million (EUR 36.5 million) in Q1 2025, hit the firm’s bottom line.
AquaChile achieved a Q1 EBITDA of USD 81 million (EUR 69.5 million), with an operating margin of 9.4 percent.
Elsewhere in the Q1 report, Agrosuper said it had invested USD 20 million (EUR 17.2 million) in its aquaculture segment in the first quarter of 2026, which remained flat from the same period in 2025.
The Q1 results come after AquaChile posted USD 1.88 billion (EUR 1.59 billion) in top-line revenues during the full year of 2025, which was up from the USD 1.65 billion (EUR 1.39 billion) it reported for 2024.
