US tariff refund and lower costs boost Blumar's bottom line

Chilean salmon farming and wild catch company Blumar’s aquaculture division progressed from an operating loss of US $1.7 million in the second quarter of 2025 to an operating profit of $17.4m in the same period this year, despite a price drop that meant it ended with the same sales income for a greater volume of fish.

The differences were that its overall revenues grew from $113m to $127m due to tariff refunds from the United States, and that ex-cage costs were the lowest for some time, reports Fish Farming Expert's Chilean sister site, Salmonexpert.cl.

Sales of Atlantic salmon, excluding the effect associated with the return of tariffs, reached $113m, remaining at similar levels to the same period in 2025. The volume sold increased 4%, compensating for an average price 4% lower than that recorded in Q2 2025.

Tariff ruling

From April 2025, Chilean salmon imports to the US were subject to an additional 10% tariff, impacting the company’s results in that market. Following a US court ruling eliminating those tariffs in February 2026, the company recognised a $14m refund in Q2 2026, an effect included in the reported revenues and results of the aquaculture segment.

The average selling price of Atlantic salmon during Q2 2026 reached $6.68/kg whole fish equivalent, compared to $6.97/kg WFE for the same period in 2025. Although this remained below the same period of the previous year, during Q2 2026 the spot price showed a recovery compared to Q1 2026, as supply and demand balanced in the main markets.

In terms of production, Q2 2026 saw a significant improvement in the productivity of harvested farms, reaching an ex-cage cost of $4.24/kg WFE, a 12% decrease compared to Q1 2026 and an 8% decrease compared to Q2 2025, marking the lowest level in recent quarters.

This improvement was accompanied by a 96% survival rate and an average harvest weight of 5.5 kg. The quarter's performance was favourable in both of Blumar’s production regions, with Aysén showing a notable recovery compared to the first quarter due to improved health and production conditions at the farms.

First half results

Blumar’s Atlantic salmon sales in the first half of the year reached $206.7m, 20% lower than in H1 2025, explained by the lower performance recorded during the first quarter, a period affected by lower volumes and sales prices, along with production events in some farms in the Aysén Region.

Overall, Blumar’s second-quarter consolidated revenues reached $407.3m, of which 54% came from the salmon farming segment, and 46% came from the fishing segment, where fishmeal and fish oil represented 23%, frozen jack mackerel 17% and products derived from white fish 6% of the overall total.

“The second-quarter results reflect improved performance in both business segments,” said Blumar chief executive Gerardo Balbontín.

“In fishing, higher prices for fishmeal and fish oil contributed positively to the results, while in salmon farming we observed a recovery in production costs and health indicators, along with the resolution of the tariff process in the United States. However, in the salmon farming business, the accumulated result for the first half of the year remains below the previous year, and we continue working to consolidate production efficiency for the second half of the year.”

Looking ahead to the second half of the year, Blumar will maintain its focus on production efficiency and cost management, as well as monitoring the evolution of the El Niño phenomenon and its potential effect on the availability of marine ingredients.