Chilean seafood company Blumar has reported its consolidated financial results for the third quarter of 2025.
Blumar said Q3 2025 was marked by recovery from events that occurred in 2024, such as algal bloom, a fire at its salmon processing plant in Magallanes, and the delay of the sardine and anchovy season. The company said these effects explain the significant year-on-year variations in revenues, gross operating profit, and accumulated profits at the consolidated level.
As of September 30, 2025, Blumar's consolidated revenues reached US$568.7 million, which represents an increase of 30 per cent compared to the same period of the previous year. Pre-fair value gross operating profit totaled US$82.2 million, 22 per cent higher than the cumulative figure for 2024.
Blumar said these results mainly reflect higher volumes of salmon harvesting and sales.
"It is important to remember that our salmon business was strongly affected by the algal bloom in the first quarter of 2024, which generated a very reduced base of comparison in volumes and results," said Blumar General Manager Gerardo Balbontín. "Therefore, the year-on-year variations of this 2025 respond mainly to operational normalisation."
When analyzing only Q3 2025, revenues reached US$163.9 million, 19 per cent more than in the same period of the previous year. However, the company recorded a net loss of US$5.3 million, a result influenced by the fall in the sale prices of fishmeal and fish oil.
In the aquaculture segment, Blumar's accumulated revenues as of September 30, 2025 grew by 62 per cent, equivalent to US$127.6 million, compared to the same period in 2024, driven by a 69 per cent increase in sales volume, after the productive recovery after the bloom of the first quarter of last year.
The average price of salmon fell five per cent year-on-year, from US$7.24/kg wfe to US$6.90/kg wfe, affected by tariffs in the US and a higher global supply of salmon.
During 2025, Blumar 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 centers during the period.
Despite this quarterly pressure, the cumulative exchange cost to September shows a decrease of 8.8 per cent compared to the previous year, reaching US$4.68/kg wfe, supported by lower feed costs, higher volumes and better productivity in the farming centres.
In fisheries, cumulative revenues remained relatively stable, with an increase of US$2.3 million (one per cent), reflecting a year with lower prices in meal (18 per cent decrease) and oil (51 per cent decrease), partially offset by a 23 per cent increase in revenues from frozen horse mackerel.
In the quarter, the operation was marked by a lower yield of fishing for meal compared to the third quarter of 2024, due to a lower quality of raw materials available in the south-central area.
Additionally, the delay in the publication of fishing quotas affected the planning of the industry during the season, limiting the ability to catch part of the available resource in a timely manner.
"The results of the quarter show that Chilean fishing continues to operate with a level of regulatory uncertainty that hinders industrial planning," said Balbontin. "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."
The company indicated that towards the end of the year that it will continue to focus on efficiency and operational discipline, in a context of prices and costs that continues to be challenging for industries.
