Chile · Business
Key Facts
- Empresas Copec posted a first-half 2026 net profit of about US$712 million. That is up from US$437 million a year earlier.
- Second-quarter profit alone reached US$440 million, the group’s strongest three months in the period.
- Energy and mining led the gains. Higher copper prices helped a lot, while the forestry arm Arauco was weaker.
- Copec sealed an alliance with the ride-hailing app Cabify. It took effect on 1 August 2026.
- Cabify drivers get fuel discounts, access to Copec Voltex charging points, plus maintenance and financing deals.
- Chief executive Eduardo Navarro credited the “strategic diversification” of the group’s portfolio.
A Chilean giant built on gasoline and pulp is quietly betting on your next ride across Santiago — and its bumper earnings hint the wider economy is finding its feet again.
The Copec profit for the first half of 2026 came in strong, and the company chose the same week to step further into new mobility. Empresas Copec, the big Chilean energy-and-forestry group tied to the Angelini family, earned about US$712 million between January and June. That is well above the US$437 million it made in the same stretch of 2025.
A bigger Copec profit, and what powered it
Numbers like these can feel abstract, so here is the plain version. Copec makes money in several very different businesses, and this year the mix worked in its favour.
The engine was energy and mining. Copec owns a stake in a copper operation, and copper prices have been high, so that side of the house did well.
The forestry arm, a huge pulp-and-wood-panel maker called Arauco, had a softer time. Weak pulp prices hurt, though a second-quarter lift and some asset sales cushioned the blow.
The second quarter did most of the heavy lifting, delivering US$440 million on its own. Chief executive Eduardo Navarro put the result down to the “strategic diversification” of the portfolio — a fancy way of saying that when one business dips, another can carry the load.
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The Copec and Cabify alliance, explained
Here is the part that says a lot about where Copec is heading. On 1 August the company teamed up with Cabify, a ride-hailing app that competes with Uber across Chile.
The deal is aimed squarely at Cabify’s drivers. It bundles fuel discounts, access to Copec’s electric-charging network, plus car maintenance like oil changes and some financing options.
The fuel savings are tiered. Top-ranked drivers can shave as much as CLP 350 (about US$0.38) off each litre for a set number of fill-ups a month, with smaller cuts for everyone else.
There is a green thread running through it too. Drivers going electric can plug into Copec Voltex, the group’s charging network that now stretches from Copiapó in the north to Castro in the south.
Cabify says it wants to cut its average emissions per kilometre by a third by 2029. Its Chile boss, Álvaro Pásquez, said the firm plans to “expand aggressively” in the country in the coming years.
Why a fuel giant is chasing rides
At first glance, a company famous for petrol stations and pine forests helping an app feels odd. Look closer and the logic is simple.
Cabify drivers buy a lot of fuel and, increasingly, a lot of electricity. Locking them into Copec’s pumps and chargers turns a rival trend — the shift away from petrol — into a new stream of customers.
Copec’s Arturo Natho framed it neatly. “Mobility is evolving and people need increasingly integrated solutions,” he said, casting the group as a one-stop shop for however you choose to get around.
It is a familiar playbook worldwide. The old fuel retailer wants to own the driver’s whole journey, whether that car runs on diesel or a battery.
What strong profits say about Chile
Zoom out and the Copec result is a small window into the wider economy. When a company this size, spread across fuel, forests and copper, lifts its profit by well over half, it usually means several parts of Chile are ticking along.
Copper is doing the most work. The metal is Chile’s biggest export, and firm prices flow through to jobs, taxes and company earnings.
The government is leaning into that. This month the mining minister, Daniel Mas, unveiled fresh measures to cut red tape and lift copper output, with officials talking up a push toward six million tonnes a year.
If you live in or invest across Latin America, results like these are worth a glance. They suggest Chile’s blue-chip firms are still generating cash, still investing, and still willing to bet on newer businesses like electric mobility — the kind of confidence that tends to show up later in hiring, share prices and the peso in your pocket.
Frequently Asked Questions
How much did Empresas Copec earn in the first half of 2026?
Empresas Copec reported a net profit of about US$712 million for January to June 2026. That is up from US$437 million in the same period a year earlier, with US$440 million of it coming in the second quarter.
What is the Copec and Cabify alliance?
It is a partnership, effective 1 August 2026, that gives Cabify’s ride-hailing drivers fuel discounts and access to Copec’s electric-charging network. It also bundles in car maintenance, such as oil changes, and financing deals to lower drivers’ running costs.
What drove Copec’s higher profit?
Energy and mining did the heavy lifting, helped by high copper prices. The forestry arm, Arauco, was weaker on soft pulp prices, but asset sales and a stronger second quarter softened the impact.
Why does this matter for Chile’s economy?
Strong profits at a company spanning fuel, forestry and copper point to several parts of the economy holding up. High copper prices, plus the government’s push to lift output, are a big reason Chilean corporate earnings look healthy.
Sources: Diario Financiero; Chócale; La Tercera; Empresas Copec investor materials; Bloomberg and Mining.com on Chile’s copper strategy.
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