Empresas CMPC, the forestry and paper group controlled by the Matte family, closed the third quarter of 2026 with a loss of US$7.2 million, compared with a profit of US$33.8 million in the same period of 2025. Through September, year-to-date profit reached US$26.3 million, 84% less than the US$164.5 million a year earlier, according to financial statements filed with the CMF and reported by Diario Financiero on November 5. Its rival Arauco, by contrast, reversed its losses and earned US$99.5 million in nine months (Diario Financiero).
View the data as a table
| Third-quarter result | US$-7.2 |
| January-September profit | US$26.3 |
| January-September sales | US$5,665 |
| Operating cash flow | US$849 |
Why CMPC lost money in the third quarter
Sales were not the problem: they totaled US$5,665 million through September, 1% more than in 2025. The company attributes the drop in profit to higher wood, transport and raw material costs and higher financial expenses. A US$11 million deferred tax expense linked to the agreement to sell its Corrugated business also weighed. Year-to-date adjusted EBITDA was US$777 million, although the comparison with 2025 is distorted: that year the sale of Tensa contributed US$46 million (Diario Financiero).
The negative quarter follows a weak first half. Between April and June CMPC earned just US$9 million, 89% less than a year earlier, and closed the first half with US$33 million (Diario Financiero). "Our goal is to consolidate a more focused, competitive and financially solid CMPC," CEO Francisco Ruiz-Tagle, who will leave the post in April 2027, wrote in his letter to investors.
CMPC and Arauco: how the two forestry groups fared
Arauco, a subsidiary of Empresas Copec, earned US$27.7 million in the third quarter, compared with a loss of US$215,000 a year earlier. Through September it has accumulated US$99.5 million, against a US$10.3 million loss in 2025. Its revenue rose 2.5%, to US$4,681 million, with pulp and wood each contributing about US$2,340 million. But its operating result fell 18.3%, to US$310.5 million, because costs grew faster than sales (Diario Financiero).
The difference between the two lies largely outside operations: Arauco booked an exchange-rate gain of US$55.1 million, versus a US$90.7 million loss a year earlier. Both face the same underlying problem: costs rising faster than prices, with weak pulp demand in China and Europe, according to Arauco itself.
| Indicator (Jan-Sep 2026) | CMPC | Arauco |
|---|---|---|
| Q3 result | US$-7.2 million | US$27.7 million |
| Year-to-date profit | US$26.3 million | US$99.5 million |
| Same period of 2025 | US$164.5 million | US$-10.3 million |
| Sales / revenue | US$5,665 million (+1%) | US$4,681 million (+2.5%) |
| Operating indicator | Adjusted EBITDA US$777 million | Operating result US$310.5 million (-18.3%) |
Sources: Diario Financiero (CMPC) and Diario Financiero (Arauco), based on September 2026 financial statements filed with the CMF.
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See advertising optionsWhat it means for CMPC shareholders
CMPC is one of the companies in the IPSA, so its results weigh on the mutual funds, pension funds and ETFs that track the index. In Chile, listed corporations must distribute at least 30% of net distributable profit as dividends, unless the shareholders' meeting unanimously agrees otherwise, under Law 18,046; with lower annual profit, the base for that minimum also shrinks.
The company is in the middle of a reorganization: it is selling Corrugated, has already sold Tensa and will change CEO in April. Other industrial companies in the index also struggled in the quarter, such as Grupo CAP, which lost US$71 million.
- 2025Sale of TensaContributes US$46 million to that year's adjusted EBITDA.
- Q2 2026US$9 million profit89% less than a year earlier.
- Q3 2026US$7.2 million lossWith a US$11 million charge for the Corrugated sale.
- April 2027CEO departsFrancisco Ruiz-Tagle.
CMPC in the third-quarter earnings season
CMPC is one of the few large Chilean companies that ended the quarter in the red. Among those that have already published July-September figures, Empresas Copec earned US$289 million (+45.6%), LATAM Airlines US$441 million (+16.3%) and Banco de Chile CLP 287,734 million (-1.8%). On the other side are Grupo CAP, which lost more than US$70 million, and CMPC. The table summarizes what each one reported.
| LATAM Airlines | US$441 million | +16.3% |
| Empresas Copec | US$289 million | +45.6% |
| Arauco | US$27.7 million | From a loss |
| Banco de Chile | CLP 287,734 million | -1.8% |
| Santander Chile | CLP 237,000 million approx. | -4.2% |
| Cencosud | CLP 50,247 million | Revenue +9.2% |
| CCU | CLP 16,271 million | +5% |
| CMPC | -US$7.2 million | From a US$33.8 million profit |
| Grupo CAP | Loss of more than US$70 million | — |
The contrast with Copec, Arauco's owner, is striking: its profit rose 45.6% thanks to the fuel business, while its forestry arm was only just returning to positive territory. In CMPC's case, the market will watch in coming months for the closing of the Corrugated sale and whether wood and freight costs start to ease. Pulp is a commodity sold in dollars, so the exchange rate and Chinese demand will also weigh on the fourth quarter.
Frequently asked questions about CMPC's results
How much did CMPC lose in the third quarter of 2026?
US$7.2 million, versus a profit of US$33.8 million in the third quarter of 2025.
Why did CMPC's earnings fall?
Because of higher wood, transport and raw material costs, higher financial expenses and a tax charge tied to the sale of Corrugated.
How much did Arauco earn through September 2026?
US$99.5 million, versus a US$10.3 million loss in the same period of 2025.
Who controls CMPC?
The Matte family, through its investment companies. The company trades on the Santiago Stock Exchange.
How much did CMPC sell through September 2026?
US$5,665 million, 1% more than in the same period of 2025. Its operating cash flow rose 11%, to US$849 million.
Which business is CMPC selling?
Its Corrugated (cardboard boxes) business. The sale agreement generated a US$11 million deferred tax expense in the quarter. It had previously sold Tensa.
When does CMPC's CEO step down?
Francisco Ruiz-Tagle will leave the CEO post in April 2027, according to the investor letter cited by Diario Financiero.
