CMPC reported softer financial results in the third quarter of 2025, as weaker international pulp prices continued to weigh on the group’s performance despite stronger volumes in the Softys tissue and personal care division.
Sales and Profitability
Consolidated sales reached USD 1,865 million, down 2% from the previous quarter and 6% from the same period in 2024. The quarter-over-quarter decrease is largely due to the sale of non-essential assets in Q2. Excluding this effect, sales would have grown 2%.
The year-over-year decline reflects a significantly lower average selling price for pulp, partly offset by higher Softys revenue.
Adjusted EBITDA totaled USD 260 million, a 22% decrease from Q2 and 40% lower than a year earlier, driven mainly by weaker pulp prices and the absence of gains recorded in Q2 from the asset sale. The consolidated EBITDA margin fell to 14.0%, down from 17.4% in the previous quarter and 21.8% in Q3 2024.
Net income was USD 34 million, down from USD 81 million in Q2 and USD 147 million a year earlier. In addition to lower EBITDA, the quarter was impacted by negative foreign-exchange effects on Softys operations.
Segment Performance
Pulp:
Sales declined 5% quarter-over-quarter and 16% year-over-year, reflecting significantly lower international pulp prices. Adjusted EBITDA for the segment dropped to USD 162 million, down 21% from Q2 and 49% from last year.
Softys (Tissue and Personal Care):
Softys sales grew 7% quarter-over-quarter and 3% year-over-year, supported by higher volumes and better average prices in local currencies. The business operates in a challenging environment, with market oversupply in Brazil, stagnant demand in Mexico and weakening consumption in Argentina.
Adjusted EBITDA reached USD 95 million, up 16% from Q2 but 13% lower year-over-year due to currency depreciation, inflation and higher selling expenses.
Biopackaging:
Sales totaled USD 266 million, up 4% from Q2 and down 4% from Q3 2024. Adjusted EBITDA was USD 18 million, unchanged from the previous quarter and 31% lower year-over-year, affected by lower volumes and higher administrative expenses.
In terms of revenue contribution for the quarter, Softys accounted for 47% of sales, Pulp for 39%, and Biopackaging for 14%.
Costs and Debt
Operating costs rose 1% quarter-over-quarter and 3% year-over-year, mainly due to higher volumes in Pulp and Softys, and the consolidation of Falcon, the Brazilian personal care business acquired earlier in 2025.
The Net Debt / Adjusted EBITDA ratio increased to 3.79x, compared with 3.65x in Q2 and 3.30x a year earlier. Gross financial debt rose 4% from Q2 to USD 5,970 million.
Capital Markets Activity
During the quarter, CMPC completed two major sustainable hybrid bond issuances:
- USD 405 million in Chile, and
- USD 600 million in the United States.
These instruments—classified 50% as equity by rating agencies—were issued under the company’s sustainable financing framework and will be used for refinancing, investments and corporate purposes.
Outlook
The company notes that the global pulp market remains challenging, particularly for long-fiber grades, though short-fiber prices showed signs of stabilisation late in the quarter. CMPC continues to focus on operational efficiency, cost control and strengthening of its downstream businesses to offset volatility in global pulp markets.
CMPC is a multinational pulp, paper, tissue, personal care and packaging company with operations in nine countries across the Americas and commercial offices in the United States, Germany and China. Founded 105 years ago, CMPC employs more than 27,000 people and manages industrial, forestry and consumer-goods operations with a strong focus on sustainable fibre-based products.
Source: CMPC
