Empresas Copec reported adjusted EBITDA of $1,037 million for the second quarter of 2026, the first time the figure has exceeded $1 billion, reflecting a 30.1% increase from the prior-year period and a 17.9% rise quarter-over-quarter. Traditional EBITDA totaled $1,029 million, up 44.3% year-over-year and 19.7% from Q1 2026. Revenue reached $9.25 billion, surpassing analyst expectations of $8.46 billion.
Net income surged 92.6% year-over-year to $440 million, while earnings per share came in at $0.34, compared with a consensus estimate of $0.1962. The company’s stock traded at $6,028.10, up 0.28% from the previous close, within a 52-week range of $5,702.10 to $7,949.00.
The energy division contributed $604 million in EBITDA, a 68.2% increase year-over-year, despite a 6.6% decline in consolidated volumes to 2.63 million cubic meters. Copec Chile reported EBITDA of 452.8 billion Chilean pesos, while Terpel posted 509.3 billion Colombian pesos. Abastible’s EBITDA rose to 74.4 billion Chilean pesos, with regional volumes up in Colombia and Peru but down in Ecuador and Chile.
Arauco’s forestry division delivered EBITDA of $415 million, including a $124 million gain from the sale of eucalyptus forests in Valdivia. Pulp prices strengthened, with China NBSK averaging $641 per ton in June 2026, up $74 from the prior month. European NBSK prices reached $1,650 per ton. Wood products EBITDA rose to $113 million, with panel production totaling 1.35 million cubic meters and sales up 3.7% year-over-year.
Mina Justa’s copper division contributed $287 million in EBITDA, a 27.4% increase year-over-year, on sales of $405 million from 28,000 tons of copper. Cash costs rose to $1.59 per pound, while London Metal Exchange copper prices averaged $6.50 per pound in July 2026. The underground expansion aims to increase reserves by 30% and extend the mine’s life by five years, with operations expected to commence in 2028.
Arauco completed the sale of its 50% stake in Inversiones Puerto Coronel S.A. to Neltume Ports S.A. for $65 million on August 12, 2026, generating a pre-tax gain of approximately $26 million. The company also issued UF-denominated bonds in Chile totaling $260 million, with demand exceeding supply by nearly twofold. An equity support agreement with Arauco provides up to $450 million in funds available between 2027 and 2028.
The Sucuriú pulp mill project, 74.5% complete as of July 31, 2026, is on track for a fourth-quarter 2027 startup. The facility is described as the world’s largest, with projected cash costs to China of $200 to $240 per ton in years three to four of operation.
