Empresas Copec S.A. (COPEC) Earnings Call Transcripts

Empresas Copec S.A.'s Latest Earnings Call - Q1 FY2026

In the first quarter of 2026, Empresas Copec reported an adjusted EBITDA of $880 million, reflecting an 11% year-over-year increase and a 23% quarter-over-quarter rise. The strong performance was primarily driven by the energy division, which saw a significant inventory revaluation effect linked to rising oil prices. Management maintained guidance for the Energy division, expecting EBITDA between $1.2 billion and $1.4 billion for the full year, indicating a solid outlook despite some pressures in the forestry segment. Overall, the results exceeded market expectations, which could positively influence the stock price moving forward.

Reported metrics

Guidance from management

Management maintained guidance for the Energy division, expecting EBITDA between $1.2 billion and $1.4 billion for the full year 2026, indicating confidence in the division's performance despite market challenges.

What management said

Okay. Thank you, everyone, for joining us today for this webcast call. Thank you, Jan Franco, which is a broad online Thank you, Marcelo also for joining us here at the room. So the first question is from Marcio Farid, Goldman Sachs. This is in fuels. How much of the fuels earnings is attributed to inventory revaluation? And how much do you think can lead to higher margins

Thank you, Rodrigo. Also from Marcio Farid, would Copec be willing to support Arauco beyond the $450 million that is committed? What is the limit here and what's needed to support the investment-grade at Arauco?

What analysts pressed on

Analysts expressed concerns about the sustainability of the energy division's performance given the reliance on inventory revaluation effects. Additionally, there were questions regarding potential CapEx overruns and production cost increases related to the Sucuriu project amid volatile market conditions.

Main topics on the call

• Strong Energy Division Performance — The energy division achieved an EBITDA of $571 million, up from $310 million year-over-year, driven by inventory revaluation linked to rising oil prices. Management noted, "the first quarter is usually stronger than the ...
• Forestry Segment Weakness — The forestry division reported a decline in EBITDA to $261 million due to lower pulp prices and increased costs. Management highlighted, "we see lower pulp prices and increased costs," indicating ongoing challenges in th...
• Mina Justa Copper Mine Performance — Mina Justa generated an EBITDA of $224 million, benefiting from favorable copper pricing. Management stated, "we should continue to see a very strong EBITDA generation and net income generation" from this asset, signalin...
• CapEx Focus on Sucuriu Project — CapEx for the quarter reached $790 million, primarily directed towards the Sucuriu project, which is progressing well with a physical progress of 62%. Management emphasized, "we are focused almost exclusively in carrying...

Read the full Empresas Copec S.A. transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 24 Empresas Copec S.A. earnings call transcripts on record, spanning March 12, 2020 to May 11, 2026. Based on this history, Empresas Copec S.A. reports quarterly. The most recent call on file is dated May 11, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

COPEC

Exchange

SNSE

Country

CL

Sector

Consumer Discretionary

Industry

Specialty Retail

Calls on record

24

First call

March 12, 2020

Most recent

May 11, 2026

Reporting cadence

quarterly