Multiexport Foods (MULTI-X) Q1 2025 earnings summary

Executive summary

• Achieved record quarterly sales of USD 221.5 million (MUS$221,532), up 34% year-over-year, driven by higher sales of fresh and frozen salmon and trout products.

• EBIT reached USD 23 million and EBITDA USD 31.1 million, reflecting strong operational performance.

• Net income for Q1 2025 was MUS$5,224, a turnaround from a net loss of MUS$(9,499) in Q1 2024, with gross profit before fair value adjustments at MUS$30,877.

• Harvest volume increased 76.8% year-over-year to 27,701 tons WFE, driven by higher average harvest weights and improved productivity.

• The U.S. remained the main export market, accounting for 62% of export sales in Q1 2025.

Financial highlights

• Revenues rose to USD 221.5 million (MUS$221,532) from USD 165.5 million (MUS$165,536) in Q1-24, a 34% increase.

• Operational EBIT improved to USD 23 million from a loss of USD 1 million in Q1-24.

• EBITDA reached USD 31.1 million, up from USD 6.5 million year-over-year.

• Net income before fair value adjustments was USD 11.3 million, compared to a loss of USD 4.4 million in Q1-24.

• Cash and equivalents increased to MUS$30,791 at March 31, 2025, from MUS$28,244 at December 31, 2024.

Outlook and guidance

• Harvest guidance for 2025 remains at 115-120 thousand tons.

• Management expects continued strong demand for salmon and trout, with the U.S. as the primary market.

• Continued focus on cost reduction and operational efficiency, with the Humboldt project delivering above-target savings.

• No significant post-balance sheet events were reported that would affect the financial outlook.