Chilean salmon farmer Multi X reported full-year EBIT of $45.6 million for 2025, up 287 percent from 2024, as cost reductions and tighter commercial discipline offset weaker market prices linked to oversupply of Atlantic salmon.
Operating revenue reached $870.8 million, an increase of 23.6 percent year-on-year. Fourth-quarter revenue totalled $246.9 million, up 40.9 percent from the same period in 2024 and the highest fourth-quarter revenue in the company’s history, according to the company.
Multi X said it achieved price realisation of 106 percent for the full year, a record annual level, driven by tighter management of product downgrades, expanded value-added sales and strengthened commercial relationships.
Full-year EBITDA reached $78.2 million, up 83 percent from the previous year. Net profit totalled $16.2 million, an improvement of $19.2 million compared with 2024.
Ex-farm production costs declined to $4.33 per kilo in the fourth quarter, down 16 percent from the same quarter in 2024. Operating costs rose 36.1 percent in the quarter but remained below the rate of volume growth, reflecting ongoing cost reduction initiatives.
The results came despite lower benchmark salmon prices and external headwinds including US import tariffs. Multi X said that when EBIT across recent years is adjusted to 2025 price levels, the 2025 result represents the company’s strongest operational performance in four years.
Non-operating results were -$13.5 million, reflecting financial expenses and extraordinary biomass mortality equivalent to less than 2.5 percent of annual harvest volumes, with insurance coverage in place.
“We managed to combine operational efficiency, solid productive performance and commercially focused value capture,” said chief executive Cristián Swett.
The company also reported record harvest volumes and higher average harvest weights during the year. Price realisation and production costs are expected to remain key indicators for the company as market conditions develop in 2026.
