Higher prices boost Multi X profits

Chile’s second largest salmon farmer, Multi X, made an improved operating profit of US $22.3 million in the third quarter of this year, up by 396.5% from the $4.5m made in the same period last year.

Revenue increased to $210.5m (Q3 2025: $187.9m) from a sales volume of 25,590 tonnes (whole fish equivalent), an increase of 3.9% compared to Q3 last year. EBIT per kilo was $0.87 WFE, up by $0.69 from Q3-25, and average harvest weight reached 5.41 kg (5.48 kg).

Higher achieved prices and lower costs drove the improved results.

21% price rise

“Continuing the trend observed during the second quarter, the third quarter was influenced by lower harvest volumes of Atlantic salmon in Chile, with production decreasing by 2% compared to the same period in 2025,” Multi X wrote in its Q3 2026 report.

“This, combined with strengthening demand during the quarter, contributed to an increase in Urner Barry FOB Miami benchmark prices, which averaged US $6.46/lb for the quarter - a 21% rise compared to Q3 2025 (+18% net of tariffs).”

Multi X said the US tariffs, which increased to 12.5% from 10% in July, translate to an annualised impact of approximately $0.15/kg WFE.

Cost control

The company benefited from lower costs driven by strong production performance and efficiencies in Q3.

“Ex-farm cost at the time of sale reached US$4.45/kg WFE (-1% vs. Q3 2025), while harvest and transport costs reached US$0.39/kg WFE (-8% vs. Q3 2025),” reported Multi X.

“This outcome is the result of strong production performance and effective cost control, further supported by higher average harvest weights - which reached 5.41 kg this quarter - aligning with the company’s strategy of maintaining average harvest weights above 5 kg.”

Leader in VAP

The sales volume of value-added products reached a total of 6,784 tonnes WFE in Q3, accounting for 27% of total sales (+2 percentage points vs. Q3 2025). The increase was primarily driven by a rise sales of portions (+23% vs. Q3 2025) and smoked products (+14% vs. Q3 2025), which Multi X said further strengthened its value proposition in these segments and its position as the Chilean leader in value-added products.

In line with the company’s debt-reduction strategy, the leverage ratio (liabilities to equity) stood at 1.04x at the end of Q3. Net financial debt was $153.8m, down by 28% compared to the same period last year.

“These lower financial indicator levels at the end of the quarter resulted from various initiatives implemented throughout the year - mainly the refinancing of financial debt and the repayment of short-term credit lines - combined with an increase in cash and cash equivalents, supported by operational performance during the first nine months of the year,” reported Multi X.

1.3% of biomass lost

During October, Multi X’s Taraba 7 and Taraba 8 farming sites in the Magallanes Region experienced fish mortality resulting from a harmful algal bloom (HAB) of the microalga Leptocylindrus minimus, causing the deaths of 918 tonnes of biomass, equivalent to 1.3% of the total fish in the water held by Multi X and 0.56% of the projected harvest for 2026.

“As this event occurred after September 30, 2026, it does not necessitate adjustments to these interim consolidated financial statements; its effects will be recognised in the fourth quarter of 2026. The company has mechanisms in place to mitigate the operational and economic impact of such events, and management estimates that the effects on the financial statements will be limited and immaterial,” wrote Multi X.

In the first nine months of 2026, Multi X harvested 81,147 tonnes WFE (Jan-Sep 2025: 80,51 tonnes), increased turnover to $670.4m ($623.9m) and more than doubled operating profit from $36.3m to $74.7m. Its net profit for the period is $28m ($11.3m).