Blumar’s salmon division swung to a net loss of $3.1 million in the first quarter of 2026, down from a profit of $18.5 million in Q1 2025, the Chilean company reported.
Atlantic salmon revenues fell 35%, driven primarily by lower harvest volumes. The average selling price dropped 8%, while ex-cage cost held near flat at $4.81/kg WFE, up just 0.2% from $4.80/kg WFE in Q1 2025.
Of total Atlantic salmon harvested in the quarter, 64% came from Magallanes and 36% from the Aysén region. The ex-cage cost fell 5% compared to Q4 2025, which Blumar attributed to improved production performance in Aysén.
The fishing segment prevented a deeper group-level decline. Consolidated operating revenues reached $192.4 million, down 8% year-on-year. Group EBITDA pre-fair value adjustment came in at $34.3 million, versus $35.5 million in Q1 2025.
The fishing division contributed $34.4 million in EBITDA; the salmon division contributed negative $115,000. Gross margin for the group totalled $42.9 million, with the fishing segment accounting for $42.6 million and salmon just $350,000.
Group net profit attributable to controlling shareholders was $15.6 million, compared to $28 million in Q1 2025.
Blumar’s salmon performance in the coming quarters will depend on harvest volume recovery and whether Atlantic salmon prices stabilise. The cost structure remains broadly stable, but the revenue gap from reduced harvests leaves the aquaculture division with little margin for further price weakness.
