en.Wedoany.com Reported - Multi X achieved strong results in the first quarter of 2026. Chile's second-largest salmon exporter posted revenue of $230.9 million, sales volume of 30,113 metric tons whole fish equivalent (WFE), and earnings before interest and taxes (EBIT) of $10.5 million.
These results were achieved against a backdrop of persistent global oversupply of Atlantic salmon and downward pressure on international prices. The reference price during the period fell to its lowest quarterly level in five years, while import tariffs imposed by the United States, a key market for Chilean salmon, also had an impact. Despite these pressures, global demand for Atlantic salmon grew by 13%, with increases of 57% in China and Hong Kong, 33% in Brazil, and 20% in ASEAN, bolstering the industry's long-term outlook.
Sales volume for the quarter set a first-quarter record, driven by resilient global demand and a strategy to strengthen the supply of high-value products. Sales of value-added products increased by 18% year-on-year to 7,160 metric tons WFE, accounting for 24% of the quarter's sales. Premium products represented 99% of total sales. With this, Multi X solidified its position as Chile's largest producer of salmon portions and a leading domestic producer of smoked salmon.
"These results, achieved in a challenging environment where international prices remain under pressure, speak volumes about the robustness of the model we have built. Operational efficiency and a focus on value-added products are part of the company's long-term strategy, and it is this consistency that allows us to create value," said Cristián Swett, CEO of Multi X.
On the production side, the average harvest weight reached 5.13 kg, the highest quarterly figure in five years, up 8% from the first quarter of 2025. Unit costs maintained a favorable trend, with harvested farm-gate costs at $4.50 per kg WFE, improving by 6.7% compared to the first quarter of 2025, driven by operational efficiency gains.
The salmon company continues to make progress in sustainability and business development. For the fifth consecutive year, it was included in S&P Global's "The Sustainability Yearbook 2026," scoring 73 out of 100 in the food category of the 2025 Corporate Sustainability Assessment. In mid-March, Multi X began selling its Latitude 45 product line in the domestic market, and these products are now available in 200 Lider supermarkets across Chile. On the financial front, in January 2026, Multi X refinanced all its debt through a new $250 million syndicated loan, securing favorable terms, extending debt maturities, and enhancing financial strength.
Founded in 1987 in Puerto Montt, Multi X is dedicated to salmon farming in southern Chile. The company employs over 5,000 direct and indirect workers and operates in five regions of Chile.
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