Grupo CAP, one of the companies in the IPSA, remains in the red. The parent of Compañía Minera del Pacífico (CMP), Chile's largest iron ore producer, reported an attributable loss of US$71.0 million in the third quarter of 2026, compared with a loss of US$15.7 million in the same period of 2025, according to Diario Financiero. The financial statements were filed with the CMF, Chile's financial regulator, on Friday, November 6, according to The Rio Times.
That brings the cumulative loss for January to September to US$127.8 million, almost double the US$71.7 million of the same period last year. Nine-month revenue totals US$1,251.6 million (-5.4%) and EBITDA falls 32.8%, to US$198.2 million. The bright spot is cash: operating cash flow rises 62.1%, to US$320.5 million.
View the data as a table
| Quarterly loss | US$-71.0 |
| Loss through September | US$-127.8 |
| EBITDA | US$198.2 |
| Operating cash flow | US$320.5 |
Why Grupo CAP lost US$71 million in the quarter
The company attributed the result to several factors, according to DF. In mining, higher ocean freight costs, linked to Middle East tensions, outweighed the improvement in the iron ore reference price over the year, and the third-quarter reference price was lower than a year earlier. The realized price through September is down 10.1%, and adjustments on sales not yet settled subtracted US$54.8 million.
Add to that the weather: extreme events in late July temporarily affected production and logistics in the Elqui and Huasco valleys, although operations normalized in the following weeks. In the industrial business, Cintac contributed less because of delays and adjustments on engineering and construction projects in Chile and Peru, and start-up costs for its housing business. Lower financial expenses and favorable exchange differences partly offset this.
How much each CAP business contributed through September
| Business (January to September) | 2026 revenue | Change | Other figure |
|---|---|---|---|
| Mining (CMP) | US$951.1 million | -2.2% | Realized price -10.1% |
| Industrial (Cintac and Huachipato) | US$272.1 million | — | EBITDA -US$6.4 million; loss US$58.8 million |
| Infrastructure (Aguas CAP, Tecnocap, Ports) | US$72.9 million | -5.9% | EBITDA US$44.5 million; profit US$17.5 million |
| Consolidated | US$1,251.6 million | -5.4% | EBITDA US$198.2 million (-32.8%) |
Source: Diario Financiero and The Rio Times, based on Grupo CAP's financial statements through September 2026 filed on November 6.
The three businesses add up to slightly more than the consolidated total because sales between group companies are eliminated on consolidation. In infrastructure, which includes the Aguas CAP desalination plant, Tecnocap and CAP Puertos Multipropósito, profit fell from US$22.4 million to US$17.5 million. The contrast with other index companies is stark: in the same earnings season, Empresas Copec raised its quarterly profit by 45.6%.
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See advertising optionsThe third quarter was worse than the whole first half
In August, CAP had reported a loss of US$56.9 million for the first half, with revenue of US$887.8 million (+8.2%) and EBITDA of US$176.3 million (+4.9%), as mining grew in output and shipments, according to DF. Subtracting those figures from the nine-month totals, the third quarter would have had revenue of only about US$363.8 million and EBITDA of about US$21.9 million (Pauta Financiera calculation, which may differ from the quarterly figures the company reports).
The turn is sharp because the first half had shown progress: mining revenue grew 14.8%, to US$681.6 million, with shipments up 7.5%, and Huachipato's loss narrowed from US$26.1 million to US$15.4 million, according to DF. In the third quarter, by contrast, mining came to explain almost all of the loss.
| Period | Revenue | EBITDA | Result |
|---|---|---|---|
| First half 2026 | US$887.8 mill, | US$176.3 mill, | -US$56.9 mill, |
| Third quarter 2026 (calculated) | US$363.8 mill, | US$21.9 mill, | -US$71.0 mill, |
| January to September 2026 | US$1,251.6 mill, | US$198.2 mill, | -US$127.8 mill, |
Source: DF for the first half and DF for January to September. Third quarter: revenue and EBITDA calculated by Pauta Financiera as the difference; the quarterly loss is the reported figure.
What Nicolás Burr said and what it means for shareholders
"We are facing external conditions that have pressured results, and we are responding with concrete actions," said Grupo CAP CEO Nicolás Burr, according to DF. The Huachipato steel mill in Talcahuano has not produced steel since 2024 and is now listed as "continuity operations" within the industrial business.
For CAP shareholders, a company without profits has no basis for paying dividends while the loss lasts, unless the shareholders' meeting decides otherwise using retained earnings. The results come in a week in which the IPSA rose 2.75%, as we reported in the weekly market close. This article is informative and does not constitute investment advice.
- early 2026Sale of TASALowers industrial business revenue
- late JulyExtreme weather in Elqui and HuascoHits output and logistics
- Aug 7, 2026Loses US$56.9 million in the half
- Nov 6, 2026Loses US$71 million in the quarterUS$127.8 million through September
Frequently asked questions about Grupo CAP's results
How much did Grupo CAP lose in the third quarter of 2026?
US$71.0 million attributable to its shareholders, against US$15.7 million a year earlier.
How much has it lost so far in 2026?
US$127.8 million from January to September, compared with US$71.7 million in the same period of 2025.
What is Grupo CAP?
It is a Chilean group with iron ore mining (CMP), industrial (Cintac and Huachipato) and infrastructure (desalinated water, ports and other services) businesses. Its shares are part of the IPSA.
Why did the iron ore price CAP receives fall?
The realized price fell 10.1% through September because ocean freight rose more than the reference price and there were negative adjustments on sales not yet settled.
