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Empresas Copec SA
SGO:COPEC

Watchlist Manager
Empresas Copec SA
SGO:COPEC
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Price: 6 350 CLP 0.79%
Market Cap: 8.3T CLP

Empresas Copec SA
Investor Relations

Empresas Copec is a Chilean holding company built around two main businesses: fuel distribution and forestry products. Through Copec, it sells gasoline, diesel, lubricants, and convenience-store items to drivers, trucking fleets, industrial customers, and other fuel users in Chile and nearby markets. Through Arauco, it makes and sells wood pulp, lumber, panels, and related forest products used by paper makers, builders, and manufacturers. The company makes money mostly by buying, processing, transporting, and selling these products through large, asset-heavy supply chains. In fuels, it earns from retail stations, bulk deliveries, and associated services. In forestry, it earns from managing timberlands and turning wood into industrial materials that are sold to customers around the world. What makes Empresas Copec different is that it sits in two basic industries that are tied to real physical demand: transportation fuel and wood-based materials. That gives it a mix of consumer-facing cash flow from service stations and industrial exposure from pulp and lumber, with each business using scale, logistics, and long-term assets to compete.

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Last Earnings Call
Fiscal Period
Q1 2026
Call Date
May 11, 2026
AI Summary
Q1 2026

Adjusted EBITDA: Empresas Copec reported adjusted EBITDA of $880 million, up 11% year-on-year and 23% quarter-on-quarter, helped mainly by a very strong Energy division.

Energy boost: Copec, Terpel, and Abastible all benefited from higher oil-linked inventory revaluation effects, strong lubricants performance, and better industrial margins; management said the quarter included some nonrecurring upside.

Forestry softer: Forestry was weaker because pulp prices were still below last year’s level and wood products volumes were down, although some pulp prices have improved recently.

Mina Justa strong: The Mina Justa investment continued to deliver strong cash generation, with EBITDA above $200 million again in the quarter.

Sucuriú advancing: The Sucuriú project reached 62.1% physical progress by quarter-end, with construction at 73% and railway work at 15.8%; the ramp-up is still expected in Q4 2027.

Balance sheet: Net debt to adjusted EBITDA improved to 3.1, even as CapEx rose to $790 million, reflecting the company’s ongoing investment cycle and stronger trailing EBITDA.

Outlook: Management said the fuel and pulp markets remain volatile, but they see a healthier tone in Europe and a positive outlook for wood products, while China remains under pressure.

Key Financials
Adjusted EBITDA
$880 million
Energy division EBITDA
$571 million
Forestry EBITDA
$261 million
Arauco pulp EBITDA
$194 million
Wood products EBITDA
$84 million
Mina Justa EBITDA
above $200 million
Cumbres Andinas EBITDA
$224 million
Net income
$272 million
CapEx
$790 million
Net debt to adjusted EBITDA
3.1
Sucuriú physical progress
62.1%
Sucuriú construction progress
73%
Sucuriú railway progress
15.8%
Equity contribution to Arauco
$1.2 billion
Already injected into Arauco
$750 million
Remaining equity contribution to Arauco
$450 million
Terpel EBITDA
COP 529 billion
Terpel net income
COP 211 million
Abastible EBITDA
CLP 76 billion
Abastible Colombia volume growth
42.8%
Ecuador volume growth
6.1%
Dissolving pulp price
$880 per ton
Hardwood price
$600 to $610 per ton
Softwood price
around $680 per ton
Pulp price vs 1Q 2025
about 4.2% lower
Other Earnings Calls

Management

Mr. Eduardo Navarro Beltran
CEO & GM
No Bio Available
Mr. Rodrigo Huidobro Alvarado
Chief Financial Officer
No Bio Available
Mr. Cristian Palacios Gonzalez
Director of Finance & IR
No Bio Available
Ms. Dolores Ugarte Perez
Legal Advisor & Secretary of the Board
No Bio Available
Ms. Maria Francisca Riveros Novoa
Communications Manager
No Bio Available
Mr. Lorenzo Gazmuri Schleyer
Manager of Sales and Chief Executive Officer of Copec S.A
No Bio Available
Mr. Jorge Valdivieso Scott
Head of Corporate Research
No Bio Available
Marianne Haramoto
Director of Sustainability and Corporate Affairs
No Bio Available

Contacts

Address
SANTIAGO
LAS CONDES
Av. El Golf 150 Piso 17
Contacts
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