Empresas Copec reported adjusted EBITDA of $1.04 billion for the second quarter of 2026, marking the first time the figure has surpassed $1 billion, according to a company presentation dated August 19. Traditional EBITDA reached $1.03 billion, reflecting a 30.1% year-over-year increase and a 17.9% sequential gain.
Net income nearly doubled to $440 million from the prior-year period, while revenue totaled $9.25 billion, exceeding analyst forecasts of $8.46 billion. Earnings per share came in at $0.34, well above the $0.1962 estimate, and the stock traded 0.29% higher at $6,028.20.
The forestry division, led by subsidiary Arauco, contributed $415 million in EBITDA, up from $355 million a year earlier. Arauco recorded a $124 million non-operating gain from the sale of 29,500 hectares of eucalyptus plantations for $217 million to a Chilean forestry investment fund. Pulp production reached 1.12 million tons, with sales volumes at 1.19 million tons. Regional pulp prices showed divergence, with China’s NBSK at $641 per ton and Europe’s at $1,650 per ton.
The energy segment delivered EBITDA of $604 million, up 68.2% year-over-year. Copec’s Chilean operations reported EBITDA of 452.8 billion Chilean pesos, while Terpel, operating across five Latin American markets, posted EBITDA of 509.3 billion Colombian pesos. LPG distributor Abastible saw EBITDA rise to 74.4 billion Chilean pesos, with Colombia and Peru driving volume growth.
Copper operations, including a 40% stake in Mina Justa via Cumbres Andinas, contributed $287 million in EBITDA, up from $225 million. Physical sales declined to 28 kilotons from 33 kilotons, while cash costs increased to $1.59 per pound. LME copper prices averaged $6.50–$6.60 per pound in July.
Capital expenditures totaled $920 million, with 80% allocated to forestry and the Sucuriú project in Brazil, where physical progress reached 74.5% by July 31. The project is slated to commence operations in Q4 2027. Arauco’s leverage ratio improved to 3.13x from 4.09x a year earlier, while total financial debt stood at $13.4 billion with net debt at $10.4 billion. The company issued $260 million in UF-denominated bonds in the local market at spreads of 79–81 basis points.
