Multiexport Foods (MULTI-X) Q4 2024 earnings summary

Executive summary

• Annual harvest volume declined 24% year-over-year to 88,852 tons WFE, mainly due to production challenges and longer cycles from sea lice issues.

• Revenue for 2024 was MUS$704,561, a 19.7% decrease year-over-year, with net loss of MUS$2,999, improving from a net loss of MUS$6,281 in 2023.

• Smoked product output rose 20.5% to 2,848 tons, positively impacting margins.

• Achieved strong price realization, offsetting lower market prices compared to 2023.

• Humboldt project exceeded savings targets, supporting cost reductions.

Financial highlights

• Q4-24 revenue was $175.3M, down 32M from Q4-23; full-year revenue $704.6M, down $173.1M year-over-year.

• Operational EBIT for Q4-24 was $0.13/kg, a 68% decrease from $0.40/kg in Q4-23.

• EBITDA for Q4-24 was -$595K, an improvement from -$9.1M in Q4-23.

• Net income for Q4-24 was $12.2M, compared to -$6.4M in Q4-23.

• Gross profit increased to MUS$70,030 from MUS$52,270, despite lower sales, due to positive fair value adjustments in biological assets.

Outlook and guidance

• Global supply expected to remain limited, with Chilean and Norwegian harvests projected to grow modestly in 2025.

• Demand in the US declined 6% in 2024, while Brazil and China showed import growth of 7% each.

• No signs of contraction in demand from Brazil and China; stability or growth expected in 2025.

• The company continues to focus on the salmon and trout segment, with no major changes in business strategy.