Salmones Camanchaca reported a net loss of US$3.8 million in Q1 2026, reversing a US$4 million profit in the same quarter last year, as SRS disease outbreaks and falling prices eroded margins.
Revenue rose 2% to US$106 million, supported by higher volumes of Atlantic salmon and coho. But EBITDA fell 52% to US$9.3 million, and EBIT per kilo dropped from US$1.02 to US$0.35.
SRS outbreaks at multiple sites caused extraordinary mortality costs of US$2.8 million. Atlantic salmon prices fell 8% due to a global supply increase, while ex-cage costs declined 6% to US$3.96/kg on lower feed costs and operational efficiencies.
Processing costs rose 15% to US$1.22/kg WFE, driven by lower harvest weights, currency appreciation, a higher share of value-added products, and reduced throughput at the primary processing plant.
Harvests reached 13,000 tonnes, up 3% year-on-year, with no coho harvested in the quarter.
Ricardo GarcÃa, vice president of Salmones Camanchaca, said the company “started 2026 with health challenges from SRS that disrupted the original plan,” alongside the global supply increase weighing on prices.
GarcÃa said the company expects conditions to improve: no global supply growth is forecast for the remainder of the year, Asian demand is rising, and the SRS situation has normalised. Financial costs fell 33% on lower SOFR rates, with net debt to EBITDA at 1.79x.