Multiexport Foods (MULTI-X) Q2 2025 earnings summary

Executive summary

• Achieved significant operational and financial improvements despite external headwinds, including Norwegian overproduction and US tariffs.

• Revenue for the six months ended June 30, 2025, reached MUS$ 435,992, up 28% year-over-year, with net income of MUS$ 9,157, reversing a loss of MUS$ 21,089 in the prior year period.

• Implemented lasting improvements in seawater operations, genetics, and feed, supporting future growth.

• Project Humboldt delivered major cost and expense efficiencies.

• The company operates a fully integrated salmon and trout business, with the U.S. as its main export market (63% of sales).

Financial highlights

• Accumulated EBIT reached USD 32.1 million, up USD 24.7 million year-over-year; Q2 EBIT at USD 9 million or USD 0.32/kg WFE.

• Revenues for Q2-25 were USD 214.5 million, up USD 39.5 million year-over-year; H1-25 revenues at USD 436 million, up USD 95.5 million.

• Net income before FV adjustment was USD 5.1 million in Q2-25, up USD 13.5 million year-over-year; H1-25 net income at USD 16.3 million.

• Operating income for the six-month period was MUS$ 20,958, compared to a loss of MUS$ 6,908 in the same period last year.

• EBITDA for Q2-25 was USD 16.9 million, up USD 1.2 million year-over-year; EBITDA for the period was positively impacted by higher sales and improved margins.

Outlook and guidance

• Improvements implemented allow for a strong future outlook despite ongoing market pressures.

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

• No significant events after June 30, 2025, that would affect the financial outlook.