Empresas CMPC

What it is

CMPC turns trees into everyday products. It produces and sells pulp, paper, packaging and tissue, organised into three product segments, with the pulp and forestry side generating most of the revenue.

In Brazil it can produce about 2 million tonnes of eucalyptus pulp a year at its Guaíba mill, and it sells across South America and Mexico. The company was founded in 1920 and is headquartered in Santiago, Chile.

Who owns it

The company is controlled by one of Chile’s oldest business dynasties. The Matte Group is the largest shareholder with about 33% of the shares, while the second and third largest hold roughly 19% and under 3%.

That second block is a related Matte-family vehicle. Forestal Constructora y Comercial del Pacífico Sur and BlackRock are the second and third largest holders, at about 19% and 2.9%. In practice the family steers the company through a coordinated set of holdings, leaving the rest of the stock — the free float — in the hands of pension funds and the public.

Who runs it

A third-generation family member chairs the board. Jorge Bernardo Larraín Matte became chairman on 24 April 2025, taking over from longtime chairman Luis Felipe Gazitúa.

Day-to-day, an outside professional runs the business. Francisco Ruiz-Tagle has been chief executive since 2018, and Fernando Hasenberg Larios has been chief financial officer since 2021.

The money, in plain words

Sales eased last year. Revenue fell to US$7.48 billion in 2025 from US$7.74 billion in 2024 — a drop of about 3.5% (our calculation), driven by softer pulp prices.

Profit fell much harder. Net profit dropped to US$201.7 million in 2025 from US$491 million in 2024, so the company now keeps only about 2.7 cents of profit per dollar of sales — a net margin of 2.4%, thin and typical of a year of weak pulp prices.

For every dollar owners have put in, the company earned about 2 cents back last year — a return on equity of 2.0% (our calculation), low and showing how cyclical this business is. It sits on US$812 million of cash, a useful cushion against price swings.

The shares trade at about 16 times earnings — a price-to-earnings ratio of 16.4, which means investors pay roughly 16 dollars for each dollar of yearly profit. The data records no dividend for the period — a dividend yield of 0%.

What it is doing now

CMPC is betting big on Brazil. It is advancing a roughly R$25 billion (about US$4.77 billion) plan, called Natureza, to build a new pulp mill in Barra do Ribeiro in Rio Grande do Sul, adding 2.5 million tonnes of eucalyptus pulp a year.

Construction is expected to begin in 2026, subject to final environmental approvals, with operations planned for 2029, and the project will be put to the board for a final decision in mid-2026.

What to watch

• The pulp price. Profit swings with global pulp prices, which is why a strong 2024 turned into a much weaker 2025.
• The Natureza decision. A nearly US$5 billion mill is a large bet for a company worth about US$2.9 billion today; approval and financing terms will matter.
• Family control. The Matte family’s combined stake gives it firm control, so minority holders rely on its judgment.

This is news, not investment advice.