BLUMAR’S RESULTS SHOW RETURN TO NORMALISED AQUACULTURE OPERATIONS

Blumar’s results show return to normalised aquaculture operations. Year-on-year growth in the third quarter is mainly explained by the recovery of volumes in the salmon segment, following last year’s sharp production drop caused by an algae bloom.

Blumar released its consolidated financial results for the third quarter of 2025, a period marked by the recovery from events that took place in 2024, such as the algal bloom, the fire at the salmon processing plant in Magallanes, and the delayed sardine and anchovy season. These events explain the significant year-on-year variations in consolidated revenue, EBITDA, and accumulated net income.

As of September 30, 2025, consolidated revenues reached US$ 568.7 million, a 30% increase compared to the same period last year. Pre-fair value EBITDA totalled US$ 82.2 million, up 22% from 2024. These results mainly reflect higher salmon harvest and sales volumes.

“It is important to remember that our salmon business was heavily affected by the algae bloom in the first quarter of 2024, which resulted in a very low basis for comparison in terms of volumes and results. Therefore, the year-on-year variations in 2025 are mainly due to operational normalisation,” said Blumar’s general manager, Gerardo Balbontín.

Looking exclusively at the third quarter of 2025, revenue reached US$ 163.9 million, up 19% from the same period last year. However, the company recorded a net loss of US$ 5.3 million, influenced by a decline in fishmeal and fish oil prices.

Aquaculture segment: normalised volume, higher costs, and challenging prices

In the aquaculture business, cumulative revenues as of September 30, 2025, grew 62%, equivalent to US$ 127.6 million, compared to the same period in 2024, driven by a 69% increase in sales volume, following the recovery in production after the bloom in the first quarter of last year. The average price of salmon fell 5% year-on-year, from US$7.24/kg wfe to US$6.90/kg wfe, affected by tariffs in the US and increased global supply of salmon.

During 2025, the company has operated in a more demanding cost environment, and in the third quarter there was an increase in the cost of sales compared to previous quarters. The unit cost of sales reached US$6.83/kg wfe in the quarter, above the levels of Q1 (US$6.50) and Q2 (US$6.49), influenced by a more challenging health situation in Aysén that led to lower productivity in some centres during the period.

Despite this quarterly pressure, the cumulative ex-cage cost to September shows a decrease of 8.8% compared to the previous year, reaching US$ 4.68/kg wfe, supported by lower feed costs, higher volumes, and improved productivity at the farming centres.

Fishing segment: lower international prices and regulatory effects on operations

In fishing, cumulative revenues remained relatively stable, with an increase of US$ 2.3 million (+1%), reflecting a year with lower prices for fishmeal (-18%) and fish oil (-51%), partially offset by a 23% increase in revenues from frozen horse mackerel.

During the quarter, operations were marked by lower fishing yields for fishmeal compared to the third quarter of 2024, due to poorer quality raw materials available in the south-central region.

In addition, the delay by the authorities in publishing fishing quotas affected the industry’s planning during the season, limiting its ability to catch part of the available resources in a timely manner.

“The results for the quarter show that Chilean fishing continues to operate under a level of regulatory uncertainty that hinders industrial planning. Delays in key decisions, such as fishing quotas, directly impact the efficiency and profitability of the sector. Having timely and stable rules is essential to protect employment, investment, and the development of companies such as Blumar,” said Balbontín.

The company indicated that toward the end of the year, it will continue to focus on efficiency and operational discipline, in a context of prices and costs that continues to be challenging for industries. Along these lines, the company continues to move forward with the Faro and ContraCorriente projects, which seek to increase efficiency and productivity in fishing and salmon farming, respectively.

Image: ©Fish Focus