Chilean salmon-farming firm Multi X closed the fourth quarter of 2025 with record revenues and harvest volumes, but non-operating results dragged on its bottom line.
During the closing quarter of 2025, the company harvested a record 37,500 metric tons (MT) whole fish equivalent (WFE), with average harvest weights reaching 5.6 kilograms, which was also a quarterly high.
Multi X’s top-line revenues totaled USD 247 million (EUR 213 million), jumping 41 percent compared to the USD 175 million (EUR 151 million) achieved in the same quarter of 2024. The firm achieved EBITDA of USD 17.6 million (EUR 15.2 million), surging 141 percent from EBITDA of USD 7.3 million (EUR 6.3 million) in Q4 2024.
However, operational costs increased 36 percent year over year to USD 228 million (EUR 197 million), and sales and administration costs inched up 15 percent to USD 9.5 million (EUR 8.2 million). The company also took a non-operational hit of USD 13.5 million (EUR 11.6 million) in the last three months of 2025.
Those costs resulted in a Q4 bottom line of USD 4.9 million (EUR 4.2 million), falling 60 percent compared to net profits of USD 12.2 million (EUR 10.5 million) from the same period of 2024.
Still, the company maintained a positive result amid a challenging global context, pressured by import tariffs from the United States and a global oversupply of Atlantic salmon, leading to the lowest Q4 reference prices in the last five years, Multi X reported.
“The fourth quarter results reflect the consistency of the strategy we have promoted. We managed to combine operational efficiency, solid productive performance, and commercial management focused on capturing more value,” Multi X CEO Cristián Swett said. “This allowed us to close 2025 strengthening our positioning and moving toward an increasingly competitive and diversified business, even in a challenging context.”
Multi X particularly highlighted that production was “outstanding” in Q4, with ex-farm costs at USD 4.33 (EUR 3.73) per kilogram WFE, marking an improvement of USD 0.19 (EUR 0.16) per kilogram WFE from the previous quarter and confirming a downward trend observed throughout the course of the year. The company partially credited this metric to efficiency initiatives promoted by the company, as well as overall positive production performance.
For the full year of 2025, Multi X increased its top-line revenue to USD 871 million (EUR 751 million) – up 23 percent from 2024. EBITDA reached USD 78.2 million (EUR 67.4 million), jumping 83 percent, and net profits amounted to USD 16.2 million (EUR 14 million), compared to 2024 losses of USD 3 million (EUR 2.6 million).
Operational costs increased 20 percent to USD 79.4 million (EUR 68.5 million) during the year.
The company said that throughout 2025, it continued to deepen its value maximization strategy, reaching 106 percent price achievement, driven by customer-focused commercial management, a higher proportion of premium products secured through quality control measures, and the sustained growth of its value-added offerings.
Regarding its growth of value-added offerings, Multi X’s sales of value-added products totaled 25,700 MT WFE during the year, growing 38 percent compared to 2024 and representing 22 percent of total sales, advancing 2.1 percentage points compared to the previous year. Multi X said the performance consolidated the company as the largest producer of smoked meat and portions in Chile last year.
On the heels of publishing its 2025 results, Multi X announced it will begin selling its Latitude 45 products throughout all of Chile via Walmart-owned Lider supermarkets, bringing its premium smoked salmon offering – already sold in the U.S. – to local markets. The brand, which includes hot and cold smoked salmon, frozen portions, and fillets, will be available in Lider’s brick-and-mortar stores and the chain's e-commerce site.
“From the south of the country, we have built a portfolio that today competes in the most demanding markets in the world. Being able to bring our salmon closer to Chilean consumers has a very important component of pride and identity. It recognizes the value of a product that is born in our waters and that represents Chile abroad,” Multi X Commercial Manager Fernando Pérez said in a release. “The opening to the national market is part of our long-term strategy. We have an operation with demanding quality and environmental performance standards, and today, we want to develop a more active presence in sales within the country. Doing so together with Lider, given its national coverage and its wide reach to consumers, allows us to take this step with real reach and bring our products closer to Chilean families.”
Multi X was founded in Puerto Montt in 1987 and has more than 5,000 direct and indirect employees, with operations in the regions of Los Lagos, Aysén, and Magallanes. It has a presence in several international markets, exporting to the United States, Brazil, Japan, China, Russia, and other countries in Latin America and Asia.
In January, the company announced it completed the refinancing of USD 250 million (EUR 213 million) in debt. Led by Rabobank, in conjunction with DNB, BCI, and Santander banks, the transaction was associated with the fulfillment of established sustainability objectives.
