Chilean salmon-farming firm Multi X fell into the red in the first quarter of 2026, posting a net loss of USD 5 million (EUR 4.3 million) compared to a net profit of USD 5.2 million (EUR 4.5 million) in Q1 2025, according to figures from the company’s latest financial results.
The company’s top-line revenue totaled nearly USD 231 million (EUR 198 million) during the period, representing an increase of 4.5 percent compared to the USD 221 million (EUR 189 million) posted in the first three months of 2025. However, sales costs rose 10.5 percent year over year to USD 212 million (EUR 182 million), leading to a gross profit of USD 19.2 million (EUR 16.5 million), which was down 38.5 percent from the same period one year ago. Operational expenses remained relatively flat.
In a statement, Multi X attributed the results partly to a “challenging external environment for the aquaculture industry” marked by lower prices and higher global supply, compounded by the impact of U.S. import tariffs, which is the main market for Chilean salmon.
The company said in volume terms, it realized Q1 sales of 30,113 metric tons (MT) whole fish equivalent (WFE) – its highest volume for a first quarter, driven by resilient global demand and its strategy to focus on higher-value products. Value-added sales increased 18 percent compared to the same period of the previous year, totaling 7,160 MT WFE and representing 24 percent of Q1 sales.
Average harvest weights in the period reached 5.13 kilograms, marking the highest quarterly level reached in the last five years and an 8 percent improvement compared to the first quarter of 2025. Unit costs also maintained a favorable trend, with ex-farm harvest costs brought down 6.7 percent year over year to USD 4.50 (EUR 3.86) per kilogram WFE.
“These results, in a still challenging environment, with international prices remaining under pressure, say a great deal about the strength of the model we have built,” Multi X CEO Cristián Swett said. “Operational efficiency and our focus on value-added products are part of the company’s long-term strategy, and it is this consistency that allows us to generate value.”
Multi X also highlighted milestones in sustainability and commercial development achieved during the opening quarter of the year, including being listed for the fifth consecutive year in S&P Global’s Sustainability Yearbook 2026, as well as the launch of its Latitude 45 product line in the domestic Chilean market.
The company also announced in January 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.
The Q1 results come after Multi X increased its top-line revenue to USD 871 million (EUR 751 million) in the full year 2025 – 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).
