Chilean salmon farmer Multi X reported net profits of USD 19.5 million (EUR 16.8 million) for the second quarter of 2026, a 396 percent spike compared to profits of USD 3.9 million (EUR 3.3 million) in the same quarter of last year.
In its earnings release, Multi X credited the solid financial performance on a more efficient operation, a commercial strategy focused on capturing greater value, and a solid financial position.
Revenues for the quarter reached USD 229 million (EUR 197 million) – a 7 percent improvement on the USD 214 million (EUR 184 million) posted from the same quarter of 2025 – while the cost of sales was brought down 9.9 percent year over year to USD 178 million (EUR 153 million). EBITDA came in at USD 50 million (EUR 43 million), surging 196 percent.
In volume terms, Multi X sold 27,647 metric tons (MT) whole fish equivalent (WFE) of Atlantic salmon during the quarter, up 2.2 percent year over year, while it harvested 27,827 MT WFE, an increase of 2.8 percent when compared to the same time last year.
Ex-farm costs were brought down 4.8 percent to USD 4.58 (EUR 3.94) per kilogram WFE, while the average harvest weight reached 5.11 kilograms.
During the quarter there was a recovery in global market prices and a 10 percent boost in Atlantic salmon demand, Multi X said, following a 2025 marked by global oversupply of Atlantic salmon.
“These results reflect the capabilities we have developed to successfully respond to different market scenarios, combining an increasingly efficient operation with a commercial strategy focused on capturing greater value,” Multi X CEO Cristián Swett said in a release. “Operational discipline, the commitment of our teams, and our ongoing focus on customers have been key to advancing toward a more competitive company that is better prepared for the future.”
The company said it had maintained effective commercial execution during the quarter, with a premium product share equivalent to 99 percent of sales.
During the quarter, Multi X sold USD 138 million (EUR 119 million) of salmon to the United States, up 20 percent from USD 115 million (EUR 99 million) one year ago and representing a full 60 percent of its Q2 2026 sales.
That was followed by Brazil, where USD 41.9 million (EUR 36 million) of product was sold, representing 18 percent of overall sales, and then its home market of Chile, where USD 14.4 million (EUR 12.4 million) was sold.
Multi X said it made further progress during Q2 in its de-leveraging process, reducing short-term financial liabilities by USD 42 million (EUR 36.1 million), bringing net financial debt down to USD 162 million (EUR 139 million), returning to levels prior to the growth process initiated at the end of 2022.
Milestones the company highlighted for the quarter include having participated in Seafood Expo Global, where its Latitude 45 Charcuterie Board was recognized as a finalist in the Seafood Excellence Awards, as well as the first edition of its Training Week, where more than 600 employees were trained through 20 activities and 26 hours of learning.
Puerto Montt-based Multi X was founded in 1987 and is one of Chile’s leading salmon companies, with more than 5,000 direct and indirect employees. It is Chile’s largest producer of salmon portions and smoked products.
