Chilean salmon-farming firm Multi X reported record first-quarter revenue in the first three months of 2025, hitting USD 222 million (EUR 195 million) and representing a surge of 33.7 percent compared to the USD 166 million (EUR 146 million) posted in the first quarter of 2024.
The jump in revenue helped the firm record a net profit of USD 5.2 million (EUR 4.6 million), including fair value, in the period, compared to a Q1 net loss of USD 9.4 million (EUR 8.3 million) posted in 2024.
The company’s Q1 EBITDA, before fair value, also rose nearly four-fold to USD 31.1 million (EUR 27.4 million) year over year.
Multi X's Atlantic salmon harvest volume reached 27,701 metric ton (MT) whole fish equivalent (WFE) in Q1 2025, jumping 76.8 percent from the 15,665 MT WFE harvested during the same period in 2024. That was accompanied by a sales volume of 27,383 MT WFE, marking an increase of 31 percent year over year.
The average weight of salmon harvested was 4.74 kilograms WFE during Q1, which was higher than the 4.37 kilograms WFE registered in the same period a year ago. Mortality decreased from 15.1 percent to 14.3 percent year over year, as well.
Multi X said it would keep its guidance for total harvest for the year at 115,000 MT to 120,000 MT.
Simultaneously, the firm brought its operational costs down.
Ex-farm costs came in at USD 4.82 (EUR 4.25) per kilogram during the first quarter, decreasing 6.1 percent compared to the same quarter of 2024, and ex-plant costs fell 9.1 percent during the same time to USD 6.35 (EUR 5.60) per kilogram. Multi X credited this to higher harvest weights, lower costs of feed, and improved productivity.
The better cost efficiency was achieved in part due to Multi X’s Humboldt Project aimed at cutting costs, which the company said to date had realized USD 47.5 million (EUR 41.5 million) in savings, compared to projected savings of USD 38 million (EUR 33.5 million).
The positive first quarter came after the company underwent a difficult 2024, posting USD 3.6 million (EUR 3.2 million) in net losses and a 20 percent drop in revenues to USD 705 million (EUR 621 million) compared to 2023 totals.
