– Third quarter year-over-year growth is mainly driven by the recovery of volumes in the salmon segment, following the sharp productive decline last year caused by an algal bloom.

Blumar reported its consolidated financial results at the close of the third quarter of 2025, a period marked by the recovery of events that occurred in 2024, such as the algal bloom, the salmon processing plant fire in Magallanes, and the delay in the sardine and anchovy season. These effects explain the significant year-over-year variations in revenues, EBITDA, and accumulated profits at the consolidated level.

As of September 30, 2025, consolidated revenues reached US$ 568.7 million, representing a 30% increase compared to the same period last year. Pre-fair value EBITDA totaled US$ 82.2 million, 22% higher than the accumulated figure for 2024. These results reflect, primarily, higher volumes of salmon harvesting and sales.

“It is important to remember that our salmon business was severely affected by the algal bloom in the first quarter of 2024, which generated a very reduced comparative base in volumes and results. Therefore, the year-over-year variations in 2025 are mainly due to operational normalization,” said Blumar’s general manager, Gerardo Balbontín.

When analyzing exclusively the third quarter of 2025, revenues reached US$ 163.9 million, 19% more than in the same period last year. However, the company recorded a net loss of US$ 5.3 million, a result influenced by the decline in fish meal and fish oil selling prices.

Aquaculture Segment: Normalized Volume, More Demanding Costs, and Challenged Prices

In the aquaculture business, accumulated 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 productive recovery after the bloom in the first quarter of last year. The average salmon price fell 5% year-over-year, from US$ 7.24/kg wfe to US$ 6.90/kg wfe, affected by tariffs in the U.S. and greater global salmon supply.

During 2025, the company has operated in a more demanding cost environment, and in the third quarter an increase in cost of sales was observed compared to previous quarters. 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 generated lower productivity in some facilities during the period.

Despite this quarterly pressure, the accumulated ex-cage cost through September shows an 8.8% decrease compared to last year, reaching US$ 4.68/kg wfe, supported by lower feed costs, higher volumes, and better productivity in the cultivation centers.

Fishing Segment: Lower International Prices and Regulatory Effects on Operations

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

In the quarter, operations were marked by lower fishing yield for fish meal compared to the third quarter of 2024, due to poorer quality of raw material available in the center-south zone.

Additionally, the delay by the authority in publishing fishing quotas affected industry planning during the season, limiting the ability to timely capture part of the available resource.

“The quarter’s results show that Chilean fishing continues to operate with a level of regulatory uncertainty that complicates industrial planning. Delays in key definitions, 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 like Blumar,” said Balbontín.

The company indicated that toward year-end it will continue to focus on efficiency and operational discipline, in a context of prices and costs that continues to be challenging for the industries. In that regard, the company continues to advance with the Faro and ContraCorriente projects, which seek to deepen efficiency and productivity in fishing and salmon, respectively.