Multiexport Foods (MULTI-X) Q3 2025 earnings summary

Executive summary

• Navigated a challenging market with prices at their lowest since 2021 due to Norwegian oversupply and US tariffs, yet maintained stable revenues and achieved record price realization at 110.7% of market price.

• Revenue for the nine months ended September 30, 2025, reached MUS$ 623,908, up 17.9% year-over-year, with net income of MUS$ 11,301, reversing a loss of MUS$ 15,213 in the prior year period.

• Premium sales reached 99% of total, with a 42% YoY increase in value-added sales, positioning as Chile's largest portions producer in 2025.

• Project Humboldt delivered $65.8M in cash savings, surpassing its $49.5M target.

• The business operates as a single segment focused on salmon and trout, with 64% of exports destined for the US market.

Financial highlights

• Q3-25 revenues were $187.9M; 9M-25 revenues reached $623.9M, up 17.9% YoY.

• Operational EBIT for Q3-25 was $4.5M; 9M-25 EBIT was $36.3M, up 193.2% YoY.

• EBITDA for 9M-25 was $60.6M, up 71.6% YoY.

• Net income for 9M-25 was $11.3M, reversing a loss of $15.2M in 9M-24.

• Operating income for the nine months was MUS$ 28,551, up from MUS$ 9,464 year-over-year.

Outlook and guidance

• Harvest guidance for 2025 and 2026 remains at 115,000–120,000 tons WFE.

• Maintenance CAPEX projected at ~$35M for 2025 and ~$38M for 2026.

• The company continues to focus on sustainable growth in salmon and trout, leveraging strong demand for healthy foods globally.

• No significant post-balance sheet events were reported.