With more than 5,000 collaborators—both direct and indirect—Multi X operates in five regions of southern Chile, implementing sustainable and innovative processes throughout its value chain.
Photo: Multi X.
Despite the challenging environment facing the aquaculture industry in recent times—with reference prices at their lowest levels for a fourth quarter in the past five years, compounded by the impact of U.S. tariffs—Multi X closed out 2025 with record-breaking results.
The Chilean salmon producer reported revenue of USD 246.9 million in Q4 2025—its highest fourth-quarter figure on record—and an EBIT of USD 45.6 million for the year, nearly three times the EBIT for 2024.
Not only that, but the average harvest weight in the last three months of the year reached 5.6 kg—its highest quarterly level—while the volume harvested hit a record 37,500 WFE (Whole Fish Equivalent) tons.
According to Multi X, this result was due both to the efficiency initiatives implemented and to the strong operational performance achieved.
In terms of production, the company posted strong results between October and December 2025, with an Ex-Farm harvesting cost of USD 4.33 per kilo WFE, representing an improvement of USD 0.19 per kilo WFE compared to the previous quarter, confirming the downward trend observed throughout the year.
In its statement, Multi X emphasized that its strong Q4 2025 results reflect robust operational management and a business strategy focused on maximizing value. Cristián Swett, CEO of Multi X, echoed this sentiment.
"The fourth-quarter results reflect the consistency of the strategy we have been implementing," he stated. "We have successfully combined operational efficiency, strong production performance, and a commercial approach focused on capturing greater value."
"This allows us to close out 2025 by strengthening our market position and moving toward an increasingly competitive and diversified business, even in a challenging environment," Swett explained.
Specifically, regarding the commercial strategy focused on capturing greater value that Cristián Swet referred to, Multi X reported that, alongside operational improvements, the company also continued to expand its value-maximization strategy.
By the end of 2025, price achievement reached 106%, driven by customer-focused sales management, a higher proportion of premium products achieved by limiting downgrades, and sustained growth in its value-added offerings.
As for its premium product, the company achieved maximum sales last year—99%—thereby reinforcing its strategy of differentiation and value capture.
Meanwhile, regarding sales of value-added products—portions, smoked salmon, and ABF (Air Blast Freezing)—by the Chilean salmon producer, these totalled 25,700 WFE tons in 2025, representing a 38% increase compared to 2024.
As a result, this category of products accounted for 22% of the company's total sales, an increase of 2.1 percentage points compared to the previous year. According to the statement, this performance solidifies Multi X's position as the leading producer of smoked salmon and portions in Chile in 2025.
Multi X—which in January signed a refinancing agreement worth USD 250 million—concluded its statement by noting that these results reaffirm the strength of its operational and business model, as well as its ability to continue generating value through a premium salmon offering tailored to the world's most demanding markets.
