During Q1 2026, Multi X began selling its Latitude 45 products in Chile.
Photo: Multi X.
Multi X began the year as it ended 2025, with a strong performance thanks to its operational management and a business strategy focused on added value. The Chilean salmon producer, which achieved record results last year, started 2026 by setting a new record, this time in sales, which during Q1 represented its highest volume for a first quarter.
Driven by resilient global demand and a strategy focused on strengthening its higher value product offering, Multi X's value-added sales grew 18% year-over-year, totalling 7,160 tons WFE and representing 24% of total quarter sales.
Furthermore, during Q1 2026, the company strengthened its position in premium products, which accounted for 99% of total sales. This performance, along with the aforementioned growth in added value, has solidified Multi X's position as the largest producer of portions in Chile and as a leading player in the national smoked salmon production industry.
Thus, amid a complex external scenario for the aquaculture industry, marked by lower salmon prices and a greater global supply, the company—the second largest salmon exporter in Chile—achieved revenues of USD 230.9 million, sales of 30,113 tons WFE and an EBIT of USD 10.5 million.
In terms of production, Multi X reported that the average harvest weight reached 5.13 kg, its highest quarterly level in the last five years and an 8% increase compared to Q1 2025. Meanwhile, unit costs also maintained a favourable trend. The ex-farm harvest cost was USD 4.50 per kg WFE, representing a 6.7% year-on-year improvement, explained by operational efficiencies.
As mentioned above, all this performance was achieved in a context marked by the continuation of the global oversupply of Atlantic salmon observed during 2025, which kept international prices under pressure.
In its release on the results, the Chilean salmon producer highlighted that the reference prices for the period were at five-year quarterly lows, in addition to the impact of U.S. import tariffs, which is the main market for Chilean salmon.
However, Multi X also highlighted that global demand for Atlantic salmon grew by 13% during the period, reinforcing the long-term outlook for the industry. This demand was led by emerging markets, notably China and Hong Kong, which saw a 57% increase; Brazil, which rose by 33%; and ASEAN—the Association of Southeast Asian Nations—which grew by 20%.
"These results, in a still challenging environment, with international prices remaining under pressure, say a great deal about the strength of the model we have built. Operational efficiency and our focus on value-added products are part of the company's long-term strategy, and it is this consistency that allows us to generate value," said Multi X CEO Cristián Swett, commenting on the results.
Likewise, in addition to its solid results, during Q1 2026, the Chilean salmon company also achieved several relevant milestones. In the area of sustainability, for example, it was included for the fifth year in a row in the 'Sustainability Yearbook 2026' of S&P Global, with 73 points out of 100 in the 'Food Products' category of the 'Corporate Sustainability Assessment 2025'.
In terms of commercial development, Multi X marked another milestone in the first quarter of the year by debuting in the Chilean national retail market. Already successful abroad, the company began selling its Latitude 45 product line in Chile in mid-March. Currently available in 200 Lider supermarkets—a subsidiary of Walmart Chile—across the country, the company is bringing its premium smoked salmon, recognized as a favourite in the United States, to the Chilean market.
As a final highlight of the quarter, Multi X noted that, on the financial front, in January 2026, it closed a refinancing agreement worth USD 250 million, corresponding to a sustainable loan, led by Rabobank, in conjunction with DNB, BCI, and Santander banks.
The salmon company noted that this operation, which reflects the financial market's confidence in the company, extends the debt maturity profile and reinforces its financial strength for the future.