Multiexport Foods (MULTI-X) Q2 2026 earnings summary

Executive summary

• Q2-26 delivered record second-quarter revenue and sales volume; stronger prices, productivity, cost efficiencies, and commercial execution lifted profitability.

• Q2 revenue was US$228.941M; net income before fair value was US$26.604M. Net debt/EBITDA fell to 1.6x, its lowest level in three years.

• EY’s limited review concluded the interim financial statements presented fairly in all material respects under IAS 34; this was a review, not an audit.

Financial highlights

• Q2-26 revenue was US$228.941M, up 6.8% YoY; H1-26 revenue was US$459.819M, up 5.5%.

• Q2-26 operational EBIT was US$41.896M vs US$8.789M; EBITDA was US$49.993M vs US$16.860M.

• Q2 net income was US$19.493M vs US$3.933M; net income before fair value was US$26.604M vs US$5.085M. H1 net income was US$14.449M vs US$9.157M; before fair value, US$30.298M vs US$16.341M.

• Q2-26 harvest volume was 27,827 tons WFE, up 2.8% YoY; sales volume was 27,647 tons WFE, up 2.2%.

• H1 gross profit was US$48.474M vs US$38.133M; operating income was US$28.912M vs US$20.958M.

Outlook and guidance

• Q2 harvest volume evolution remained in line with 2026 guidance, supported by strong biology and lower mortality.

• Global salmon supply is expected to remain flat over the rest of 2026, with H2 supply normalization forecast by Kontali.