Salmones Camanchaca, a Chilean salmon farmer listed in Santiago, said on Wednesday 11 November that its net profit for the first nine months of 2026 fell 62% to US$8.6 million from US$22.5 million a year earlier. Atlantic salmon harvests were 10% lower over the period, and one farm in Aysén, a southern Chilean region, was harvested early after a case of ISA (infectious salmon anaemia) virus.
Key Facts
•Profit. Nine-month profit US$8.6 million, down from US$22.5 million; third quarter US$9.2 million.
•Harvest. Atlantic harvest: 16.3 thousand tonnes in the quarter (down 18%), 39.7 thousand in nine months (down 10%).
•ISA. One isolated case at an Aysén farm in September; harvest done by mid-October.
•Revenue. Quarterly sales US$78 million, down 25%; nine-month sales US$279 million, flat year on year.
•Outlook. The company maintains its 2026 Atlantic harvest guidance of 58,000 to 59,000 tonnes.
What Happened
Salmones Camanchaca’s results release of 11 November reports third-quarter revenue of US$78 million, 25% below the same quarter of 2025, because it sold 25% less Atlantic salmon. Revenue for nine months was US$279 million, in line with 2025.
Third-quarter harvests were 16.3 thousand tonnes of Atlantic salmon, 18% below a year earlier, measured as whole fish equivalent (the live weight before processing). Over nine months the company harvested 39.7 thousand tonnes, 10% less than in 2025, and it harvested no Coho, a Pacific salmon species.
EBITDA (operating profit before interest, tax and depreciation) was US$17.8 million in the third quarter, 18% below US$21.6 million a year earlier, and includes US$10.0 million of one-off operating gains. For nine months it was US$41.2 million against US$54.0 million in 2025.
Net profit was US$9.2 million in the third quarter against US$12.1 million a year earlier, a fall of about 24%. The 62% drop is the nine-month comparison, which also carries a first-half loss of US$0.6 million reported in the company’s August release.
The November release says an isolated case of ISA virus was detected at one farm in Aysén in September. That farm is now fully harvested at an average 4.0 kg per fish, and the company reported no extraordinary mortality (unusual fish deaths) in the quarter.
Why It Matters
North America is the company’s main market, taking 42% of nine-month sales against 34% a year earlier, the company’s management report says. That share includes US$7.4 million of refunded US tariffs (duties repaid after the US Supreme Court ruled the president lacked the power to impose them); without the refund it was 40%.
Chilean salmon, including Camanchaca’s, has faced a 12.5% US tariff since 24 July 2026 under Section 301 of the US Trade Act of 1974 (a law that lets Washington impose tariffs), the company’s management report states. The company says this leaves risks of higher access costs in its main market.
Costs also moved: the cost of a live fish leaving the cage rose 9% to US$3.94 a kilo in the quarter. The company blames low oxygen at one farm and the early harvest of the ISA-hit farm, which also raised processing costs.
What to Watch Next
Ricardo García Holtz, the company’s vice president, said a large volume of harvests is planned for the rest of the year, with the focus on managing risks from El Niño, the Pacific warming pattern. The company maintains its 2026 guidance of 58,000 to 59,000 tonnes of Atlantic salmon and about 4,000 tonnes of Coho, which implies roughly 18,000 to 19,000 tonnes of Atlantic harvest in the fourth quarter.
The release gives no date for the fourth-quarter results. Our Chile coverage follows the sector.
What Is Not Known
The release does not name the affected farm or say whether Sernapesca, Chile’s fisheries regulator, has confirmed the case. It also gives no separate figure for what the ISA case cost, beyond saying it lifted harvest and processing costs.
Frequently Asked Questions
Why did Salmones Camanchaca profit fall 62%?
The 62% compares nine-month profit of US$8.6 million with US$22.5 million in 2025, as harvests fell 10% and farming and processing costs rose, the company says. The third quarter alone was down about 24%.
Did the ISA case cause heavy fish deaths?
No. The release reports no extraordinary mortality in the third quarter and says the affected farm had very low mortality over its cycle.
Sources: Salmones Camanchaca, third-quarter 2026 results release, 11 November 2026; Salmones Camanchaca, management report, a regulatory filing (Análisis Razonado) Q3 2026; Salmones Camanchaca, trading update, October 2026; Salmones Camanchaca, second-quarter 2026 results release, 12 August 2026.
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