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Q3 2025 results Manuel Arriagada, CEO Daniel Bortnik, CFO 13 November 2025 - Santiago, Chile This English version of the presentation is a free translation from the Spanish version. In case of any differences between these two versions, the Spanish version prevails.
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2 1. Operating revenues increased 43% to USD 103m, due to higher Atlantic sales (+72%) with slightly lower prices (-4%). 2. Atlantic harvests reached 19.9 thousand MT WFE, 60% higher than Q3 24 with an average weight of 5.2 Kg. 3. Atlantic live weight ex-cage cost decreased 11% to USD 3.62/Kg, the lowest in the last 20 quarters, due to a higher average harvest weight, lower feed cost, better sanitary conditions, and greater operational efficiencies. 4. Atlantic processing cost decreased 18% to USD 0.91/Kg due to scale, a greater proportion coming from the XI Region with lower logistic cost, and cost reduction initiatives mainly in packaging. 5. There were no extraordinary mortalities in the quarter, exhibiting total survival rates superior to industry comparables. 6. EBITDA of USD 21.6m in the quarter, USD 12.4m higher than Q3 24. 7. Atlantic EBIT/Kg was USD 1.04, vs USD 0.39 in Q3 24. 8. Net Financial Debt (NIBD) decreased 25% in 12 months to USD 86m, and the NIBD/EBITDA ratio (LTM) dropped to 1.14x from 3.95x. 9. Syndicated debt refinancing: USD 125m for 5 years with improved rate conditions, plus an additional uncommitted facility of USD 15m. 10. 2025 harvests estimated of 59 to 61 thousand MT for Atlantic, 3.5 thousand MT for Coho. For 2026, harvests are estimated to be between 55-60 thousand MT for Atlantic and 4-5 thousand MT for Coho. Highlights: Q3 25 vs Q3 24
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3 Financial Highlights EBITDA and EBIT/kg WFE* USD million and USD/kg WFE Revenues Million USD EBIT/Kg calculation presented by Salmones Camanchaca as a profitability indicator of the units actually sold and shipped to final buyers/customers, therefore excludes any provision made on inventories. 9.2 20.9 19.7 12.7 21.6 0.12 0.78 0.88 0.74 1.04 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 EBITDA EBIT/Kg 72.4 120.5 103.9 70.3 103.4 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
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4 Harvest & Stockings Atlantic harvest Thousand MT WFE Atlantic Smolt Stocking (millions units) Atlantic Harvest volume (1,000 MT) Coho Smolt Stocking (millions units) Total Stocking (millions units) Coho Harvest volume (1,000 MT) • In Q3 25, Atlantic harvests 60% higher than Q3 24, with a harvest weight of 5.2 Kg. • 2025 Harvest plan of Atlantic at 59- 61 thousand TM and ~3.5 thousand TM for Coho. • Increase in Atlantic stockings in 2025 for harvests in 2026-27. • No increase in Coho stockings in 2025. • Chilean Atlantic stockings* increased by 3% year-to-date vs 2024 and Coho decreased by 10%. • Chilean Atlantic harvests for 2025 )% higher and 4% estimated for 2026. * Source: Aquabench ** Source: Kontali 12 - 13 59 - 61 0.8 13.5 14 - 15 10.7 44.1 2.8 ~3.511.4 12.5 11.7 47.7 0.8 4.5 11.1 6.4 17.8 8.8 9.9 11.6 12.4 13.7 12.6 11.4 18-19 15-17 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 2025
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5 Operational review 2
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6 Atlantic biology Mortality rate SC vs Industry (ex-SC) SC vs Industry indicators (closed cycles as of September 2025) Indicator Industry average SC Mortality (%) 12.0% 6.5% FCRe acum (WFE) 1.31 1.27 SGR (Specific Growth rate) 0.72 0.79 Length of cycle (months) 14.2 13.4 Grs antibiotic/MT produced 381 469 Average harvest weight (Kg) 5.12 5.11 Source: Aquabench 0.31% 0.28% 0.27% 0.42% 0.94% 0.83% 0.46% 0.68% 0.95% 0.38% 0.37% 0.47% 0.70% 0.62% 0.75% 0.77% 0.68% 0.77% 0.93% 0.95% 0.91% 0.71% 0.59% 0.54% Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Salmones Camanchaca Industria (ex-SC)
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7 Atlantic farming cost Atlantic salmon LW ex-cage cost (USD/kg) • Q3 25 LW cost at USD 3.62/kg, 11% lower vs Q3 24: - Higher biomass with a higher harvest weight - Lower feed costs - Better sanitary conditions - Greater operational efficiencies 4.69 4.55 4.91 4.64 4.08 4.05 4.20 4.06 3.62 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 Feed OPEX Smolt Labor Health Others
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8 Atlantic finished product: all-in cost Atlantic Finished Product Cost (USD/kg WFE) • Total cost at USD 4.81/Kg WFE, 70 cents or 13% lower vs Q3 24. • Ex-cage cost decreased by 11% vs Q3 24, and 23% lower than Q3 23. • Processing cost at USD 0.91/Kg WFE, decreased by 18% vs Q3 24, and lower than the target of USD 1/Kg, due to a higher processed volume, higher harvest from centers coming from the X Region, and operational improvements mainly in packaging. 5.04 4.89 5.28 4.99 4.39 4.35 4.51 4.37 3.89 0.98 1.10 1.18 1.12 1.11 0.96 1.06 1.20 0.91 6.02 5.99 6.46 6.11 5.50 5.31 5.58 5.57 4.81 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 Excage cost Processing cost
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9 Atlantic farming sustainability • Fish in Fish Out ratio at 0.23, well below the comparable cycle (0.49) and the previous cycle (0.34). • Farming’s length of cycle lower than average level. • Reduction in the use of antibiotics. • ASC certified harvested biomass at 88% in Q3 25. Indicator Q3 2023 Q3 2024 Q3 2025 FIFO Ratio 0.49 0.34 0.23 Length of cycle/Fallow period (months) 14/10 15/9 14/10 Escapes (# of fish) 0 0 0 Average antibiotic treatments 2.9 5.0 2.9 Antibiotic usage (g/MT) 640.5 947.5 703.4 Antiparasitic usage (g/MT) 6.6 1.7 2.7 ASC certified harvest biomass 46% 42% 88% Atlantic sustainability indicators (closed cycles)
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10 Markets 3
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11 Atlantic salmon price • Higher 2025 Chilean supply*: 9% o Q1: 4% Q2: 16% o Q3: 13% Q4: 5% • Higher 2025 Norwegian supply*: 11% o Q1: 13% Q2: 27% o Q3: 14% Q4: -4% • Prices remain at a low level during the third quarter. UB Miami 3-4 Mid Trim D (USD per LB) * Source: Kontali 2.00 3.00 4.00 5.00 6.00 7.00 8.00 1 2 4 5 7 8 10 11 13 14 16 17 19 20 22 23 25 26 28 29 31 32 34 35 37 38 40 41 43 44 46 47 49 50 52 Min-Max (2015-2023) 2025 2024 Avg (2015 - 2023)
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12 Salmones Camanchaca Atlantic price achievement * RRM = Return or Price obtained for WFE primary processed fish (Premium quality) Return on Raw Material (RRM)* Base 100: January 2023 • Significant RMP variations in the last 2-3 years • Better returns in the first half of the year • Strategy: • Value added • Diversification of markets and formats • Contracts favor market position. - 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 80 85 90 95 100 105 110 MT WFE Sales volume RMP Salmones Camanchaca
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13 32.1% (49,6%) 31.9% (28,3%) 17.4% (4,8%) 16.5% (13,1%) 1.2% (3,5%) 0.9% (0,8%) North America LATAM ex. Chile Europe & Eurasia Asia Chile Others Atlantic’s sales & value-added strategy mix (% of sales volume WFE) Distribution by product type 15,285 MT Q3 2025 (Q3 2024) • The North American market continues to be the largest market with 32%, but with a decrease from 50% in Q3 24. • In 2nd place, LATAM Ex. Chile, with 32% up from 28% in Q3 24. • Value-added sales at 70%. • Good market development through flexibility in production of different formats and destinations. 41% 28% 15% 28% 19% 38% 36% 25% 30% 34% 41% 53% 46% 52% 37% 40% 50% 43% 25% 31% 32% 26% 29% 25% 24% 25% 27% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2025 HOG Fillets Portions
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14 Coho’s sales & value-added strategy mix (% of sales volume WFE) • LATAM ex Chile as the main market with 40% (26% in 9m 2024), followed by Europe & Eurasia with 30% (13% in 9m 2024). • Value added at 99%. Distribution by product type H1 2025 (H1 2024) 2,256 MT 16% 1% 26% 53% 37% 7% 9% 9% 1% 59% 77% 56% 44% 59% 72% 57% 62% 99% 25% 22% 18% 3% 4% 21% 34% 29% 0% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2025 HOG Fillets Portions 40.3% (26,0%) 29.7% (13,5%) 14.0% (40,6%) 12.7% (18,3%) 2.2% (0,9%) 1.2% (0,7%) LATAM ex. Chile Europe & Eurasia Asia North America Chile Others
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15 Financial review 4
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16 9.2 -2.6 7.3 5.6 0.7 1.7 -0.3 21.6 EBITDA Q3 2024 Atlantic price (Q 2024) Atlantic COGS (Q 2024) Atlantic Volume (Mg 2024) Atlantic Mortality Coho Others EBITDA Q3 2025 EBITDA Q3 25 vs Q3 24: waterfall Higher EBITDA by USD 12.4m (USD million) • EBITDA of USD 21.6m, an increase of USD 12.4m vs Q3 24: - Lower COGS. - Higher sales volumes, largely due to high harvest. - No extraordinary mortality in the quarter. - Better Coho performance. - Partially offset by lower Atlantic prices.
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17 Q2 2025 Profit & Loss • Revenue of USD 103m, 43% higher than Q3 24 due to higher volume of Atlantic sold (+72%), with slightly lower prices (-4%). • SG&A at USD 5.9m vs USD 5.4m in Q3 24: • Higher sales volume and costs associated with a larger frozen inventory. • Fair Value of USD 2.6m vs USD 6.2m in Q3 24, due to lower prices expected at the close of Sep- 25 vs Sep-24. • Non-operational results improve by USD 2.3m: • Lower losses from ACP Trout: -USD 0.5m vs. -USD 1.1m in Q3 24. • Lower financial expenses: -USD 2.2m vs. -USD4.5m due to lower debt and a decrease in interest rate and margin. • Financial income of USD 1m (IFRS 9 refinancing accounting effect). • Trout JV: only the sale of 10 MT WFE remains to finalize it and close the balances. Condensed profit and loss statement (Thousand USD) Q3 2025 Q3 2024 Δ Total Revenues 103,379 72,369 31,010 SG&A -5,946 -5,368 -578 EBITDA 21,593 9,235 12,358 Depreciation and amortization 5,439 5,698 -259 EBIT 16,154 3,537 12,617 Fair value adjustments 2,647 6,214 -3,567 EBIT after fair value 18,801 9,751 9,050 Non operational items -2,240 -4,499 2,259 Financial costs -2,195 -3,595 1,400 Trout JV -484 -1,081 597 Other non operational items 439 177 262 Profit before tax 16,561 5,252 11,309 Estimated taxation -4,468 -1,180 -3,288 Net profit for the period 12,093 4,072 8,021
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18 Q3 2025 Cash Flow • Operating cash flow of USD 4.9m, due to higher collections (increase in sales), offset by higher payment to suppliers (greater activity) and prepayment of accrued interest from the refinancing. • Investments of -USD 2.0m, focused on maintenance and preparation of new farming centers. • Zero financing cash flow. • Net Financial Debt of USD 86m, • Net Financial Debt/LTM EBITDA Ratio at 1.14x (covenant limit with Banks < 4x) • Equity Ratio at 50% (covenant limit with Banks > 40%). Cash Flow (USD million) Financial ratios evolution 8.1 4.9 -2.0 0.0 -0.2 10.7 Cash end Q2 2024 Operational cashflow Investments Debt and equity Δ exchange rates on cash Cash end Q2 2025 1.27 2.46 3.66 11.05 5.18 3.95 1.86 1.35 1.44 1.14 47% 43% 41% 44% 47% 46% 46% 50% 50% 50% 20% 25% 30% 35% 40% 45% 50% 55% 60% -1 1 3 5 7 9 11 13 15 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 NIBD/EBITDA LTM Equity/Assets ratio
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19 Revolving Credit Facility (RFC): 2025 • Long-term debt restructuring: − Revolving credit facility for USD 125m. − Uncommitted facility of up to $15m to be used until Mar-28, under the same structure, maturity, conditions, and guarantees. • Closing: September 9, 2025 • 5-year term, with semi-annual interest payments and 100% principal payment at maturity. • Interest rate: SOFR + margin of 2.40% and 3.90%, with better conditions than the RCF 2021. • All-in rate decreases from 6.9% to 6.5% annually • Duration increases from 3.8 years to 4.3 years • Same Covenants measured semi-annually: • Net Debt to EBITDA < 4.0x • Equity Ratio > 40%
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20 Estimates 5
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21 33 34 48 58 57 42 49 55 52 62-64 60-64 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E 2026E Atlantic Coho • 2021: Algae bloom in Comau • 2022-2023: Recovery, with an increase in Coho. • 2024: Atlantic recovery, +8%; Coho reduction from 3 to 1 sea- farm. • 2025E & 2026E: Increase in Atlantic, 1 site per year. Salmones Camanchaca’s growth plan Harvest volume* (Thousand MT WFE) 59- 61,000 MT ATLANTIC ~3,500 MT COHO
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This English version of the presentation is a free translation from the Spanish version. In case of any differences between these two versions, the Spanish version prevails.