Street Calls of the Week
Introduction & Market Context
A.F.P. Habitat (HABITAT), Chile’s largest pension fund administrator by assets under management, presented its Q2 2025 results on September 21, 2025, showcasing strong financial performance despite challenging market conditions. The company maintains its leadership position in the Chilean pension fund industry with a commanding 27.1% market share of total assets under management.
The presentation highlighted Habitat’s continued profitability growth and investment outperformance, even as the company faced modest headwinds in contributor retention. Recent fundamentals data shows the company’s stock trading at 1,231.8 CLP as of September 30, 2025, reflecting continued investor confidence beyond the presentation period.
Quarterly Performance Highlights
AFP Habitat reported impressive financial results for Q2 2025, with net profit increasing by 22.7% year-over-year to 80.2 billion CLP, significantly outpacing revenue growth. This performance was driven by strong investment returns and effective cost management.
The company’s key performance indicators showed mixed results in the contributor base but strong asset growth. While Habitat Contributors decreased slightly by 0.1% and market share declined by 0.3% to 16.4% compared to June 2024, the company’s total assets under management (AUM) grew substantially by 12.7% to 53.98 trillion CLP.
As shown in the following chart of key performance indicators, the company also saw growth in average base salary (+6.5%) and voluntary pension products:
The company’s income statement reveals that ordinary revenues increased by 4.9% to 130.8 billion CLP, while the operational result of the business grew by 3.5% to 77.9 billion CLP. Most notably, profitability of the obligatory reserve surged by 146.9%, contributing significantly to the overall profit growth.
Detailed Financial Analysis
AFP Habitat’s financial indicators demonstrate consistent growth across multiple metrics. Revenue for the first half of 2025 reached 130.8 billion CLP, representing a 4.9% increase compared to the same period in 2024. EBITDA showed particularly strong performance, increasing by 19.5% to 116.8 billion CLP.
The following chart illustrates the company’s key financial indicators over recent periods:
Revenue growth was primarily driven by fees from mandatory contributions, which increased by 4.8% to 121.1 billion CLP. While this category represents the bulk of revenue, fees from voluntary affiliates showed remarkable growth of 207.9%, albeit from a small base.
On the expense side, employee-related costs increased by 8.7% to 28.7 billion CLP, with sales staff wages rising at a faster rate (+13.5%) than administrative staff (+6.8%). Other operating expenses grew by 5.0%, with notable increases in administration expenses and other operating expenses, partially offset by decreases in commercialization and computer expenses.
The balance sheet remains strong, with total assets increasing by 12.3% to 643.1 billion CLP. There was a significant shift in the liability structure, with current liabilities increasing by 133.9% and non-current liabilities decreasing by 42.3%, suggesting a change in debt maturity profile or financing strategy.
Competitive Industry Position
AFP Habitat maintains a dominant position in the Chilean pension fund industry. The company’s investment performance has been particularly strong, ranking first for D Fund and second for A, B, C, and E Funds in the 12 months from July 2024 to June 2025.
The following chart shows AFP Habitat’s nominal return on investment compared to competitors:
In terms of market share, AFP Habitat leads the industry with 27.1% of total assets under management, significantly ahead of its nearest competitors. The company’s position is even stronger in the voluntary pension (APV) segment, where it commands a 37.6% market share.
The following chart illustrates AFP Habitat’s market leadership in assets under management:
While Habitat ranks third in terms of contributors with a 16.4% market share, it maintains the second-highest average salary base among contributors at 1,536,211 CLP, trailing only Cuprum. This higher-income contributor base helps explain Habitat’s outsized share of assets despite not leading in contributor numbers.
The following chart shows AFP Habitat’s position in the industry regarding contributors:
The company’s average salary base has increased by 2.7% since December 2024, as illustrated in the following industry comparison:
Stock Performance & Outlook
AFP Habitat’s stock has shown strong performance, with the price reaching 1,091 CLP by June 2025, representing a significant increase from previous years. The company’s market capitalization has grown by 35.2% to 1.17 billion USD.
Recent fundamentals data shows continued positive momentum, with the stock trading at 1,231.8 CLP as of September 30, 2025, representing a further 12.9% increase from the June 2025 figure presented in the slides.
The stock has traded between 820 CLP and 1,259 CLP over the past 52 weeks, with the current price near the high end of that range, indicating strong investor confidence in the company’s performance and outlook.
The company’s continued market leadership, strong investment returns, and solid financial performance suggest a positive outlook, though the slight decrease in contributor market share bears monitoring as a potential long-term concern if the trend continues.
Full presentation:
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.