Empresas Copec, the holding controlled by the Angelini family, earned US$289 million in the third quarter of 2026, 45.6% more than the US$198 million of the same period of 2025, according to the results it filed with the CMF on Thursday, November 5, as reported by Diario Financiero and La Tercera. In the first nine months it earned US$1.001 billion, 57.6% more than the US$635 million of 2025.
Compared with the second quarter, when it earned US$440 million, profit fell 34.4%. The boost came from energy, with better industrial margins, inventory revaluation, lubricants and the Terpel and Abastible subsidiaries, and from the forestry division, thanks to higher pulp and panel prices, according to DF.
View the data as a table
| Quarterly profit | US$289 |
| January-September profit | US$1,001 |
| Quarterly adjusted EBITDA | US$889 |
| Quarterly revenue | US$9,198 |
Empresas Copec's third-quarter 2026 results
| Metric | Q3 2026 | Q3 2025 | Change |
|---|---|---|---|
| Profit | US$289 million | US$198 million | +45.6% |
| Revenue | US$9.198 million | US$7.347 million | +25.2% |
| Adjusted EBITDA | US$889 million | — | +27.4% |
| January-September profit | US$1.001 million | US$635 million | +57.6% |
| January-September sales | US$26.296 million | — | +19.9% |
| January-September adjusted EBITDA | US$2.806 million | — | +22.8% |
Source: Empresas Copec, financial statements as of September 30, 2026, as reported by Diario Financiero and La Tercera. La Tercera reports EBITDA of US$2.703 billion through September (+27%); the table shows the adjusted EBITDA reported by DF.
Which subsidiary earned most: fuels, Arauco and Abastible
The fuels subsidiary Copec earned US$554 million in nine months, versus US$362 million in 2025, and its EBITDA rose 48% to US$1.214 billion, according to La Tercera. Arauco turned its result around: it earned US$100 million, from a US$10 million loss. Part of the forestry improvement comes from asset sales, including the 50% stake in Puerto Coronel, which Arauco sold to the Von Appen family for US$65 million.
| Subsidiary | Jan-Sep 2026 profit | Jan-Sep 2025 profit |
|---|---|---|
| Copec (fuels) | US$554 million | US$362 million |
| Arauco (forestry) | US$100 million | loss of US$10 million |
| Abastible (LPG) | US$66 million | US$53 million |
| Igemar (fishing) | US$10 million | loss of US$20 million |
| Corpesca | US$5 million | US$3 million |
Source: La Tercera, November 5, 2026, based on Empresas Copec's financial statements.
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See advertising optionsTax reform, debt and the Sucuriú project
The company estimated that the tax reform enacted in October will have a positive accounting effect of about US$192 million, to be booked in the fourth quarter with no cash impact, according to La Tercera and GBM. Its net financial debt to adjusted EBITDA ratio fell to 2.95 times at the end of September, from the previous quarter.
In Brazil, Arauco's Sucuriú pulp mill is 81.1% complete, 6.2 points ahead of schedule, and start-up is still planned for the fourth quarter of 2027, according to DF. It will increase Arauco's pulp production capacity by 70%, according to La Tercera. "Financial discipline is an essential element of our strategy," said CEO Eduardo Navarro.
- Nov 5, 2026Third-quarter resultsProfit of US$289 million
- Nov 13, 2026Analyst webcast
- Q4 2026Tax reform effectAbout US$192 million in accounting gains
- Q4 2027Sucuriú start-up+70% pulp capacity
What is the tax reform that adds US$192 million to Copec
The reform is Law 21,850, published in the Official Gazette on October 17, 2026. Its core change is a gradual cut in the corporate income tax from 27% to 23%, starting November 1, 2026, according to a summary by law firm Carey. For a company with deferred tax liabilities, a lower future rate shrinks that liability on the balance sheet, and the difference is booked as an accounting gain. That is why Copec records a positive effect, while companies with deferred tax assets must book charges.
| Change under Law 21,850 | From | Who it matters to |
|---|---|---|
| Corporate tax falls gradually from 27% to 23% | Nov 1, 2026 | Large companies |
| Full integration: corporate tax is 100% creditable for owners | 2027-2028, phased | Shareholders |
| Capital gains on actively traded shares become non-taxable | Jan 1, 2027 | Stock investors |
| VAT exemption on the first sale of new homes | Dec 1, 2026, for one year | Homebuyers |
Source: Carey, summary of Law 21,850. The SII is preparing the circulars and resolutions to implement each measure.
How Copec shares reacted
The results came on a bad day for the market: Copec shares fell 2.8% on Thursday, dragged down by Wall Street's slump, according to DF. We covered it in Wall Street's worst drop since 2025.
Copec is one of the heaviest companies in the IPSA, the index of the main stocks on the Santiago Stock Exchange. How it is built and which companies are in it is in our guide to the IPSA in 2026.
Under the reform, from 2027 gains on selling actively traded shares will be tax-exempt, a relevant change for direct investors. The steps to open a brokerage account and buy Chilean shares are in how to invest on the Santiago Stock Exchange. This article is informative and is not a buy or sell recommendation.
Frequently asked questions
How much did Empresas Copec earn in Q3 2026?
US$289 million, 45.6% more than in the same quarter of 2025.
How much has it earned in 2026?
US$1.001 billion between January and September, 57.6% more than a year earlier.
Who controls Empresas Copec?
The Angelini group. Its main subsidiaries are Copec (fuels), Arauco (forestry), Abastible (LPG) and Igemar (fishing).
What effect does the tax reform have on Copec?
An estimated positive accounting effect of US$192 million, to be booked in the fourth quarter of 2026 with no cash impact.
