Multiexport Foods (MULTI-X) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 revenues of $230.9M, up 4.2% YoY, and highest sales volume of 30,113 ton WFE, despite oversupply and low prices.

• Value added sales grew 18% YoY, now 24% of total sales, reinforcing sector leadership in premium and smoked products.

• Operational performance remained solid, with average harvest weight up 8% YoY to 5.13 kg.

• Net loss was MUS$5,045 versus a profit of MUS$5,224 in Q1 2025; loss per share was US$(0.0018), reversing from US$0.0019.

• Gross margin declined sharply, with gross profit at MUS$7,100 compared to MUS$22,614 a year earlier.

Financial highlights

• Revenues increased 4.2% YoY to $230.9M, while operational EBIT dropped 54.3% YoY to $10.5M.

• EBITDA fell 39.9% YoY to $18.7M; net income before FV declined 67.2% YoY to $3.7M.

• Operating cash flow was negative MUS$5,757, down from positive MUS$4,651 in Q1 2025.

• Cash and equivalents increased to MUS$14,177 from MUS$8,215 at year-end 2025.

• Ex-farm costs decreased 6.7% YoY to $4.50/kg WFE, supporting margins amid price pressure.

Outlook and guidance

• Biomass and harvest data suggest supply normalization in Chile for the remainder of 2026.

• Debt refinancing in January 2026 has improved solvency and extended maturity profile.

• Management expects first covenant test at June 2026 close and ongoing compliance with new covenants.