Chilean salmon-farming firm Salmones Camanchaca posted a net loss of USD 3.8 million (EUR 3.2 million) for the first quarter of 2026, compared to profits of USD 4 million (EUR 3.4 million) in the same quarter one year ago.
The company said in a release that the result was due to lower sales prices, higher processing costs, and extraordinary mortality.
Salmones Camanchaca harvested 13,000 metric tons (MT) of Atlantic salmon during the quarter, which was 3 percent higher than Q1 2025. There was no harvest of coho salmon in the period.
The firm’s Q1 top-line revenues increased 2 percent year over year to USD 106 million (EUR 90.5 million) thanks to higher sales volumes of Atlantic and coho salmon, but prices obtained for its Atlantic salmon fell 8 percent during the quarter, pressured by a 9 percent boost in supply from Norway and 20 percent from Chile, according to the firm.
Ex-cage costs fell 6 percent year over year to USD 3.96 (EUR 3.38) per kilogram due to lower feed costs and operational efficiencies, but processing costs rose 15 percent over the same period to USD 1.22 (EUR 1.04) per kilogram whole fish equivalent (WFE), pressured by lower harvest weights, exchange rate appreciation, a higher share of value-added products, and lower economies of scale at the company’s primary processing plant.
In the three-month period, some of Salmones Camanchaca’s farming centers were hit by outbreaks of salmon rickettsial syndrome (SRS), resulting in extraordinary mortalities of USD 2.8 million (EUR 2.4 million), the company noted.
As a result, the company’s EBITDA dropped 52 percent to USD 9.3 million (EUR 7.9 million), with EBIT per kilogram decreasing from USD 1.02 (EUR 0.87) to USD 0.35 (EUR 0.30).
“We started 2026 with health challenges due to the SRS that altered the original plan, which together with the global supply increase that reduced prices are the reasons for our lower result,” Salmones Camanchaca Vice President Ricardo García said.”However, we have a good projection for the rest of the year since worldwide, there is no expected growth in supply, demand is increasing especially in Asia, and the health situation has normalized, all of which is a favorable scenario for our margins.”
García also highlighted the government’s increased collaboration with salmon farming as another reason for a projected favorable scenario, providing the sector with the opportunity to grow sustainably and with greater efficiency.
“The challenge is to respond quickly to regulatory changes as they materialize,” he said.
The Q1 results came after the firm’s net profits surged to USD 25.5 million (EUR 21.9 million) in 2025, jumping 83.4 percent when compared to the bottom line of USD 13.9 million (EUR 11.9 million) in 2024. However, revenues totaled USD 386 million (EUR 331 million), decreasing 4.6 percent from 2024 revenues of USD 404 million (EUR 347 million).
Atlantic harvests for all of 2025 reached 58,251 MT WFE, marking a 22.2 percent boost from the previous year.
Moving forward, Salmones Camanchaca said that with the stocking it has executed and considering normal production parameters, it forecasts that Atlantic salmon harvests will soon be in a range of 58,000 to 61,000 MT WFE, while coho harvests are estimated at between 4,000 and 5,000 MT WFE.
