CMPC reported consolidated sales of $1.87 billion in the third quarter of 2025, down 2% from the previous quarter and 6% year-on-year, based on figures released by Empresas CMPC S.A. The decline reflected weaker pulp prices and reduced demand in consumer markets, partly offset by higher sales volumes in the tissue business. Adjusted EBITDA totaled $260 million, 22% lower than in the second quarter and 40% below the same period in 2024. The EBITDA margin reached 14%, compared with 17% in the previous quarter. Net income was $34 million, less than half the previous quarter's result.

In the pulp segment, sales reached $721 million, 5% lower than the previous quarter and 16% below a year earlier. The result was driven by reduced international pulp prices, partly compensated by higher volumes. Segment EBITDA was $162 million, 21% lower quarter-on-quarter and 49% below last year. CMPC reported that total pulp production reached 1.09 million tons, a 3% increase from the previous quarter and 4% higher year-on-year. Short-fiber pulp (BHKP) accounted for 883 thousand tons, up 1% quarter-on-quarter and 5% year-on-year, while long-fiber pulp (BSKP) production totaled 210 thousand tons, 13% higher quarter-on-quarter and 1% below last year.

Sales volumes of pulp to third parties reached 989 thousand tons, with a 2% increase from the previous quarter and 3% growth from last year. Short-fiber volumes rose 3% quarterly and 6% annually, offsetting a 2% quarterly and 6% annual decline in long-fiber pulp. The average net export price was $689 per ton for long fiber and $507 per ton for short fiber, representing decreases of 5% and 8% respectively from the prior quarter.

Forestry product sales within the pulp segment totaled $160 million, up 1% quarter-on-quarter and 4% lower year-on-year. Sales volumes increased 12% compared with the previous quarter, driven by higher deliveries of pulpwood, sawlogs, and sawn timber. The price of forest products declined 10% quarter-on-quarter and 11% year-on-year.

The company's main pulp plants operated normally. Annual installed capacities remain at 360 thousand tons in Laja, 528 thousand tons in Pacífico, 370 thousand tons in Santa Fe I, 1.13 million tons in Santa Fe II, 430 thousand tons in Guaíba I, and 1.95 million tons in Guaíba II, totaling approximately 4.8 million tons per year. Maintenance activities were carried out as scheduled without affecting production continuity.

The Softys division recorded sales of $873 million, up 7% from the previous quarter and 3% higher year-on-year. The division's adjusted EBITDA reached $95 million, an increase of 16% quarter-on-quarter and a 13% decline from last year. The EBITDA margin stood at 10.9%, compared with 10% in the previous quarter and 12.8% a year earlier. Tissue sales volumes rose 7% quarterly and 5% annually to 217 thousand tons. In personal care, diaper volumes grew 5% from the previous quarter and 21% year-on-year to 2.22 billion units, while feminine care rose 2% quarterly and 6% annually to 539 million units. Other products, mainly wet wipes, increased 14% quarterly and 45% year-on-year to 788 million units.

The Biopackaging division posted sales of $266 million, up 4% from the previous quarter and 4% lower year-on-year. The adjusted EBITDA was $18 million, stable quarter-on-quarter and 31% below last year, with a margin of 6.8%. Sales volumes reached 215 thousand tons, representing a 7% quarterly increase and 4% annual decrease. Volumes rose in cartons, paper sacks, corrugated papers, and molded pulp trays, while cartonboard volumes remained 11% below last year's level.

CMPC noted that the pulp market continued under challenging conditions during the quarter, with prices reaching historic lows in real terms in August 2025 due to excess supply in China. The company observed partial recovery signs in short-fiber pulp toward the end of the quarter, while long-fiber demand remained weak.

Despite regional demand stagnation in consumer markets and exchange rate pressures, CMPC stated that operational stability and efficiency measures helped sustain performance. The company expects gradual stabilization in global pulp prices and continued focus on cost optimization and production efficiency in the following quarters.