Pulp and paper used to be the engine of Chile’s Matte family business, and now a bank is pulling the load. The family controls Empresas CMPC (CMPC, a Chilean pulp, paper and packaging group) and the bank-led financial group Bicecorp.
As of 9 November 2026, the latest results show CMPC in a quarterly loss while Bicecorp earns more than five times what CMPC earned in the first half. For US investors with Chilean exposure, that changes where the family’s profit and risk now sit.
Key Facts
- Loss. CMPC lost US$7.2 million in the third quarter, against a US$33.8 million profit a year earlier.
- Banks. Bicecorp, the family’s bank-led group, earned US$189 million in the first half, up 59.8%.
- Gap. Bicecorp’s first-half profit was more than five times that of CMPC.
- Exit. CMPC chief executive Francisco Ruiz-Tagle will leave in April 2027; no successor is named.
- Cash. CMPC agreed to sell its Chilean corrugated packaging business for US$420 million and forest land for US$365.5 million.
- Power Index. Chile ranks 3rd of 14 in The Rio Times Latin America Power Index, with 62.9 points (November 2026 edition).
The Matte family controls a paper giant and a bank group, and this year the bank, not the mills, is carrying the profits.
CMPC Slides From Profit Into Loss
CMPC reported a third-quarter loss of US$7.2 million on Thursday 5 November 2026. A year earlier it had earned a profit of US$33.8 million.
Over the nine months to September, profit fell 84% to US$26.3 million, including a US$11 million deferred-tax charge tied to the packaging sale. Sales still rose about 1% to US$5.665 billion.
The slide began earlier in the year. First-half profit was about US$33 million, down 74% from about US$131 million.
Even so, 2024 had been a solid year, with profit of US$491 million, up 4.4% from US$470 million. The company is still planning a large new mill abroad, as our report on CMPC’s Brazil mill permit explains.
Bicecorp Becomes the Family’s Main Earner
Bicecorp, also known as Grupo BICE, earned CLP 183,076 million (about US$189 million) in the first half of 2026, up 59.8%. That is profit attributable to its controlling shareholders, converted at CLP 967 per US$1, the market rate of 9 November 2026.
Its lending arm, Banco BICE, alone earned about CLP 151 billion (about US$156 million), up 98%. The Matte family also took control of Grupo Security, a Chilean bank and insurance group, which was merged into Bicecorp, so part of the jump reflects that merger.
Set against CMPC’s first-half profit of about US$33 million, Bicecorp earned more than five times as much. These are group profits and are not adjusted for the family’s ownership share.
The family’s power company also had a weaker half. Colbún, a Matte-controlled electricity producer, said on Wednesday 29 July 2026 that first-half profit fell 53% to US$60.9 million from US$130.6 million.
Asset Sales and a New Chief Executive
CMPC agreed in September 2026 to sell its Chilean corrugated packaging business to Smurfit Westrock, a global packaging group, for US$420 million. We covered the deal in our report on the packaging sale.
On Wednesday 21 October 2026, CMPC’s subsidiary Forestal Mininco agreed to sell about 60,000 hectares in Chile’s Maule region for US$365.5 million. The buyer is Bosques San Pedro, linked to JPMorgan Natural Capital, an investment business.
The land is about 5% of CMPC’s forest area, and closing is expected within about three months. Our report on the forest land sale has the details.
On Friday 30 October 2026, CMPC told Chile’s financial regulator, the CMF (Comisión para el Mercado Financiero), that chief executive Francisco Ruiz-Tagle will leave. He has held the job since 2018 and stays until April 2027.
The board has opened a search for a successor and has named no one. Bernardo Larraín Matte became chairman in 2025.
In Plain English
CMPC makes pulp, paper and packaging, while Bicecorp is a financial group whose main arm is Banco BICE. The Matte family controls both, along with the power company Colbún.
Deferred tax is tax a company expects to pay later. Forestal Mininco is CMPC’s forestry subsidiary.
Why It Matters
The mechanism is simple: when a family’s industrial core earns less, the rest of the group must carry the weight. Bicecorp earned more than five times what CMPC did in the first half.
CMPC’s planned Natureza pulp mill in Brazil’s Rio Grande do Sul state would cost several billion dollars, and the state environmental agency Fepam has granted a preliminary licence. The board has not yet taken a final investment decision.
What To Watch Next
The first checkpoint is around January 2027, when the forest land sale is expected to close. That is about three months after the agreement of Wednesday 21 October 2026.
The second checkpoint is April 2027, when chief executive Ruiz-Tagle is due to leave. The board’s search for a successor is open, so a name could come at any time before then.
What Is Not Known
Whether CMPC will need new capital from its owners is not known. The same is true of the final decision on its Brazil mill.
The successor to Ruiz-Tagle is not known, and neither is the board’s final decision on the Natureza mill. See our Chile hub for more.
For now the bank runs faster than the mills. The next filings will show whether CMPC can restore the balance.
Frequently Asked Questions
How much did CMPC lose in the third quarter?
CMPC lost US$7.2 million in the third quarter of 2026. A year earlier it had earned a profit of US$33.8 million.
Who earns more, CMPC or Bicecorp?
Bicecorp earned more than five times CMPC’s first-half profit, at US$189 million against about US$33 million. These are group profits and are not adjusted for ownership share.
Is CMPC’s chief executive leaving?
Yes, Francisco Ruiz-Tagle will leave and stays until April 2027. The board has opened a search and has not named a successor.
Will CMPC build its Brazil pulp mill?
The preliminary licence is granted, but the board has not taken a final investment decision. The planned cost is several billion dollars.
Sources: Empresas CMPC results and notices to Chile’s financial regulator, the CMF (cmfchile.cl). Colbún press release of Wednesday 29 July 2026 (colbun.cl) and Bicecorp financial statements at the CMF (cmfchile.cl).
In depth
This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error
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