July 2025. Echeverría Izquierdo is reaping the benefits of the drastic decision it outlined in 2020 and implemented in the following years, when it defined two priority areas and left behind business lines that had been relevant until then. In recent years, the mandate has been to focus on the mid-range segments of the housing market and on the construction of productive projects with an emphasis on mining.
This year, the company projects sales of around $600 billion, an 11% increase, maintaining the growth pace achieved over the last decade.
On both fronts, the objective has been to take these businesses to new levels. While in housing it deepened its entry into residential rental with a portfolio of multifamily buildings, in the mining sector it launched a progressive diversification that it complemented with its expansion into services. In this way, it expanded its scope of action from project execution to operations throughout the entire useful life.
‘We made a very difficult strategic decision by modifying our business model, focusing on two areas. That meant closing some operations; we brought the infrastructure company to an end, took the Pilotes Terratest subsidiary into mining, and the construction company focused exclusively on large-scale high-rise buildings,’ recalled Pablo Ivelic, CEO of Echeverría Izquierdo.
With this formula, both businesses went from representing 30% of total sales in 2021 to 65% at the end of last year, a period in which revenues reached $538,828 million. And although the figure was 16% lower than that recorded in the 2023 balance sheet, the bottom line posted historical profits of $25,122 million, up 42%.
From this base, the company expects to increase its revenues at double-digit levels in 2025. ‘We are going to grow. This year we are going to sell more than $600 billion, probably $620,000 million. Over the last 10 years, we have had an average compound annual growth rate of 11%, and we are projecting the company into the future with similar growth,’ Ivelic explained, referring to a 2028 horizon that places revenues at $800,000 million.
‘Today, the conditions are in place to meet that goal, fundamentally because of mining, where major investment is coming. Escondida, which is already a relevant volume for the existing capacities, will be joined by other projects, especially in 2028, so there should be significant stress in the construction field,’ he estimated.
In fact, in its 2025-2028 strategic planning, the company expects the weight of mining activity to rise from the current 57% to 65%. ‘In three years, we expect our mining-related sales to reach around US$500 million,’ he said.
The expectations take into account the current cycle of mining activity, ‘in which there are no expansion projects, so we have strengthened our position in miners’ stay-in-business projects to keep their operating structure competitive, and that should account for 80% of what we are executing, while many large expansion projects are coming.’
Real Estate Plans
With a 15% share of total sales —$84,090 million in 2024, which implied a 54% increase— the housing solutions area, with an apartment offering focused on a range between UF 2,000 and UF 5,000, includes among its most recent developments the construction of two projects: one in San Pedro de la Paz, Concepción, and another intended for residential rental in Las Condes. These initiatives set the tone for the plans ahead. ‘In our planning for Chile, we will start one retail project and one multifamily project per year,’ said Ivelic. In this context, the residential rental business is becoming increasingly relevant, with a portfolio of three projects —one operating for six months in San Miguel, another that began construction at the end of 2024, and a third in preliminary design— developed in partnership with funds for investment purposes. ‘In a highly challenged market with a huge housing deficit, there will be a higher percentage in rental, in the multifamily business.’
This segment represents an important part of this year’s business plan, totaling US$35 million.
The Bet on Peru
Echeverría Izquierdo purchased three plots of land in Lima to develop apartment buildings, two of them in the second half of 2024. ‘In the 10 years that we have been developing the real estate business in Peru, we have generated an investment of US$260 million, of which we have contributed US$55 million in capital,’ Ivelic highlighted.
One of the properties acquired in the Peruvian capital is located on Av. Manuel Olguín in the Surco area, across from the Jockey Plaza mall. The executive stated that, depending on the processing of service feasibility, construction is expected to begin in 2027 —after sales start next year— in order to deliver the apartments by mid-2028, aimed at the mid to upper-mid target segment.
The process is moving faster for the project on Roca de Vergallo Street, in the Magdalena area, which is expected to begin construction at the end of this year after the sales phase is launched, with delivery scheduled for early 2027.
In addition, the company is negotiating the acquisition of two additional plots of land in Lima, in the areas of Santa Beatriz and Surco Viejo.
After a 30% increase in apartment sales at the end of last year and during the first quarter of 2025, ‘we expect to see growth again this year compared to 2024 activity,’ he added. In this context, operations in Peru increased their weight in the real estate portfolio to 35% last year, ‘and if we continue the trend, we will end up in 50% and 50% ranges.’
Active Peruvian mining also attracted Echeverría Izquierdo’s interest. Last year, it developed a project at the Antamina tailings dam for US$20 million —through its subsidiary Pilotes Terratest as part of a consortium— and, through Montajes Industriales, it was awarded the installation of a conveyor belt at Minera Cerro Verde under a contract of around US$15 million. Ivelic stated that ‘we are participating in other mining tenders in Peru, with this and other clients.’
