Multiexport Foods (MULTI-X) Q4 2025 earnings summary

Executive summary

• Revenue for 2025 reached MUS$ 870,807, up 24% year-over-year, with net income of MUS$ 16,177, reversing a loss of MUS$ 2,999 in 2024.

• Gross margin improved to MUS$ 83,853 from MUS$ 70,030, driven by higher fair value adjustments on biological assets.

• The company operates a single business segment: salmon and trout, with 62% of exports destined for the US.

Financial highlights

• Operating income rose to MUS$ 40,390 from MUS$ 25,436 year-over-year.

• Earnings per share were US$ 0.0060, compared to a loss per share of US$ 0.0009 in 2024.

• Cash and equivalents decreased to MUS$ 8,215 from MUS$ 28,244, reflecting higher debt repayments and investments.

• Total assets declined to MUS$ 950,178 from MUS$ 981,703, mainly due to lower biological assets and cash.

• Total liabilities fell to MUS$ 511,445 from MUS$ 557,076, with current liabilities at MUS$ 361,361.

• Dividend provision for 2025 was MUS$ 2,061.

Outlook and guidance

• The company expects continued strong demand for salmon and trout, with the US remaining the primary export market.

• No significant post-balance sheet events except for a successful US$ 250 million debt refinancing in January 2026.