This article first appeared on GuruFocus .
-
Pulp Business Revenue:$607 million, up 8% quarter-over-quarter, down 9% year-over-year.
-
Softys Revenue:$868 million, down 1% quarter-over-quarter, up 9% year-over-year.
-
Biopackaging Revenue:$254 million, down 5% quarter-over-quarter, down 12% year-over-year.
-
Consolidated EBITDA:$262 million, with Pulp contributing 59%, Softys 39%, and Biopackaging 2%.
-
Net Income:$37 million, up from $34 million in the previous quarter and $10 million in the fourth quarter of 2024.
-
Capital Expenditures:$179 million, compared to $176 million in the previous quarter and $261 million in the fourth quarter of last year.
-
Net Debt:Approximately $5 billion, decreased 1% quarter-on-quarter, increased 3% year-on-year.
-
Net Debt-to-EBITDA Ratio:3.97 times, compared to 3.79 times in the previous quarter and 3.15 times in the fourth quarter of 2024.
-
Cash:$900 million.
-
Warning! GuruFocus has detected 5 Warning Signs with XSGO:CMPC.
-
Is XSGO:CMPC fairly valued? Test your thesis with our free DCF calculator.
Release Date: January 30, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
-
Empresas CMPC SA ( XSGO:CMPC ) reported a 6% quarter-on-quarter increase in Pulp sales, driven by higher international prices and increased sales volume of hardwood pulp.
-
The company's fourth quarter EBITDA increased to $262 million, with the Pulp segment contributing 59% of this figure.
-
Net income rose to $37 million, up from $34 million in the previous quarter and $10 million in the fourth quarter of 2024, aided by higher EBITDA and favorable exchange rate differences.
-
The company achieved a AAA rating from the carbon disclosure project, highlighting its leadership in managing climate risk and responsible resource use.
-
Empresas CMPC SA ( XSGO:CMPC ) successfully negotiated contracts for 100% of its volume for 2026, indicating strong demand in certain regions.
Negative Points
-
Softys and Biopackaging segments experienced declines, with Softys decreasing by 1% and Biopackaging by 5% quarter-on-quarter due to lower sales volumes.
-
Operating costs increased by 1% quarter-over-quarter and 2% year-over-year, driven by higher sales volume and consolidation expenses.
-
Biopackaging EBITDA fell by 61% from the prior quarter and 63% year-over-year, reflecting lower volumes and a challenging market environment.
-
The net debt-to-EBITDA ratio increased to 3.97 times in the fourth quarter of 2025, up from 3.79 times in the third quarter and 3.15 times in the fourth quarter of 2024.
-
Softwood pulp production decreased by 14% quarter-over-quarter and 6% year-over-year, reflecting maintenance schedule fluctuations and lower sales to Asia, China, and Europe.
Q & A Highlights
Q: Can you break down how much of the Softys margin growth came from pricing, mix, volumes, and cost normalization? What gives you confidence that Softys margins can continue expanding, especially given the recent appreciation of local currencies against the US dollar? A: Francisco Edwards, CEO: The improvement in Softys margins was due to better volumes and successful price increases despite competitive challenges in Latin America. The appreciation of local currencies is beneficial as it allows us to increase prices in dollar terms, positively impacting results. We are confident in continued margin expansion due to these factors.
Q: What are the next steps for the Natureza project, and how are you preparing the balance sheet for its potential approval? A: Francisco Edwards, CEO: We are in the process of obtaining environmental permits and expect to present the project to the Board by mid-2026. We are preparing the company responsibly to maintain investment-grade status, working closely with rating agencies, and advancing our monetization plan to strengthen the balance sheet.
Q: What is the expectation for cash costs in the Pulp segment, particularly for softwood and hardwood? A: Francisco Edwards, CEO: We are ending the year with improved costs compared to last year. For softwood, costs have increased slightly but are not structural. We are working on improving efficiency and expect to see cost reductions in the future. For hardwood, we are competitive and continue to focus on cost improvements.
Q: What are the long-term margin expectations for the Biopackaging segment, and what are the plans to achieve them? A: Francisco Edwards, CEO: The Biopackaging segment has faced challenges due to market conditions, but we are confident in our product quality and customer loyalty. We are focusing on markets that value service and plan to grow sales in the US. We believe in the future of paper alternatives for packaging and are working on improving production costs and sales.
Q: Are there any expected impacts from the fires in Chile on your production? A: Sebastian Moraga Zuniga, VP Finance, Administration and Technology: We have lost less than 2,000 hectares, which is not significant relative to our total forest base. Our facilities are not affected, and we are well-prepared to handle the fire season without impacting operations.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
