Blumar, one of Chile’s leading fishing and aquaculture companies, reported its financial results as of June 30, 2025. During the first half of the year, the company achieved operational revenues of US$ 404.8 million, representing a 35% increase compared to the same period in 2024.
Growth was led by the aquaculture segment with an increase in cumulative revenues of US$ 136.6 million, 113% higher than in the first half of 2024. This result is explained by larger scheduled harvests for the current period and recovery following the algal bloom, which negatively impacted harvests in that period. This contributed to achieving greater sales volumes of Atlantic salmon, with 119% growth compared to the same period of the previous year.
“The semester results confirm that we are on the right path in the company’s transformation. We grew in revenues and profits, advanced in efficiency and productivity, and have a more solid foundation to face the volatility of international markets,” stated Blumar’s General Manager, Gerardo Balbontín.
The company also highlighted a 14% reduction in ex-cage costs during the second quarter of 2025, attributed to lower feed costs and greater productivity in cultivation centers. With this, Blumar achieved pre-adjusted fair value EBITDA of US$ 31.8 million in the aquaculture segment.
“We have seen lower feed costs and increased production volumes, allowing us to reduce indirect unit costs, which has been strengthened by better productive performance of our cultivation centers,” highlighted Blumar’s Salmon Business Manager, Pedro Pablo Laporte.
Blumar reported profits of US$ 30.1 million during the first half of 2025, well above the US$ 5.5 million obtained in the same period of the previous year. This result primarily reflects the recovery of the aquaculture business, which contributed US$ 9 million. Added to this is the contribution of the fishing segment with US$ 21 million, which together allowed for consolidating significantly better performance compared to the same period of the previous year.
In the fishing business, Blumar recorded cumulative revenues of US$ 147.4 million, representing an 18% decline compared to the first half of the previous year. This is explained by a decrease in the average price of fish meal and lower fish oil volumes, although this was partially offset by an 11% increase in frozen jack mackerel sales, recorded during the first half of the current year. With this, the company also anticipated that during the next semester an increase in fish oil sales volumes is expected.
In terms of production, as of the end of June 2025, the company processed 232 thousand tons of pelagic fishing, 9% more than in the same period of 2024, driven by greater third-party supply in the center-south zone, where last year a late start to the fishing season was recorded.
Likewise, frozen jack mackerel production grew 24%, with 93.2% of the raw material being destined for human consumption, compared to 71% of the previous year.
“We observe good results in fishing destined for human consumption. However, we regret that the Fractionation Law recently approved in parliament will affect this growing segment in the future. We believe that this regulation constitutes a regulatory expropriation, which is why we have decided to take legal action against the State of Chile to protect our workers and shareholders,” emphasized Balbontín.
