At the consolidated level, the company reported increases in revenue, pre-fair value adjustment EBITDA, and net income during the second quarter and first half of 2026, driven primarily by the fishing segment and the recognition of U.S. tariff refunds in the salmon segment.On a year-to-date basis, the aquaculture segment remained below the results recorded in the first half of 2025, although it showed a recovery during the second quarter.
Blumar reported consolidated revenue of US$214.9 million during the second quarter of 2026, up 10% compared to the same period in 2025. Pre-fair value adjustment EBITDA reached US$45.8 million, 45% higher than in the second quarter of 2025, while net income totaled US$24.3 million, compared to US$2.0 million in the same period of the previous year.
On a year-to-date basis, at the end of the first half of the year, revenue totaled US$407.3 million, 1% higher than in the same period of 2025. Pre-fair value adjustment EBITDA reached US$78.2 million, up 16% compared to the first half of 2025, while net income totaled US$40.0 million, 33% higher than in the same period of the previous year.
The quarterly results were mainly driven by the performance of the fishing segment, supported by higher sales volumes and higher fishmeal and fish oil prices, amid lower industry-wide raw material availability associated with the El Niño phenomenon. The aquaculture segment also posted improved results during the quarter, driven by the recognition of refunds for tariffs previously paid in the United States and improved production costs. On a year-to-date basis, however, the aquaculture segment remained below the results achieved in the first half of 2025, due to lower sales volumes and prices during the first quarter of the year.
In the fishing segment, quarterly revenue increased by 6%, while first-half revenue rose by 27%, driven by higher sales volumes and prices for fishmeal and fish oil. According to figures from the International Fishmeal and Fish Oil Organisation (IFFO), fishmeal and fish oil prices increased by 90% and 70%, respectively, compared to the same period in 2025, amid lower supply from Peru. The segment’s EBITDA reached US$23.2 million in the quarter and US$57.7 million in the first half, 20% and 63% higher, respectively, than the figures recorded in 2025.
In the aquaculture segment, the average selling price of Atlantic salmon decreased by 4% in the quarter and 6% in the first half compared to the same periods in 2025, while the ex-cage cost stood at US$4.24 per kilogram during the quarter, 8% lower than a year earlier. The company also recognized US$14.1 million related to refunds of tariffs previously paid in the United States, following the invalidation of those tariffs in February 2026.
As a result, the segment’s EBITDA increased by 83% in the quarter to US$22.6 million, while the business returned to profitability after recording a US$9.5 million loss in the same period of 2025. On a year-to-date basis, the segment’s EBITDA reached US$20.5 million, below the US$31.8 million recorded in 2025, mainly due to lower sales volumes and prices during the first quarter.
“The second-quarter results reflect improved performance across both business segments. In fishing, the higher-price environment for fishmeal and fish oil contributed positively to results, while in salmon, we saw an improvement in production costs and health indicators, together with the resolution of the U.S. tariff process. Nevertheless, the salmon business’s year-to-date results for the first half remain below the previous year, and we continue working to consolidate production efficiency as we move into the second half of the year,” said Gerardo Balbontín, Chief Executive Officer of Blumar.
Looking ahead to the second half of the year, Blumar will remain focused on production efficiency and cost management, while continuing to monitor the evolution of the El Niño phenomenon and its potential impact on the availability of raw materials for the fishing business.
