Kats, Netherlands - June 17 2026 - The Kingfish Company N.V. ("Kingfish" or the
"Company"; OSE: KING) provides a business update, including preliminary
unaudited FY 2025 results, Q1 2026 performance and an update on recent
operational developments.
In 2025, the Company delivered revenue growth of 29%, supported by higher sales
volumes and continued demand in its core European markets. The second half of
the year showed clear improvement compared to the first half and the prior-year
period, although the overall pace of operational and financial improvement
remained slower than anticipated.
Q1 2026 showed strong biological performance, with higher production volumes,
improved eFCR and continued progress in farming performance. Commercial
performance also improved in the first quarter, supported by higher revenue per
kilogram and a stronger focus on larger fresh fish.
Q1 2026 highlights and operations update
- Production volume was 773 tons, up 53% compared to Q1 2025
- eFCR was 1.47 compared to Q1 2025: 1.9
- Volume sold was 714 tons, up 24% compared to Q1 2025
- Revenue per kg was EUR13.2/kg compared to. Q1 2025 of EUR12.9/kg
Commercial performance improved in the first quarter, with higher revenue per
kilogram and continued strong demand in the Company's core European markets. The
results reflect improved production planning, stronger focus on larger size
fresh fish, and continued progress in biological performance.
"The Q1 2026 results demonstrate continued progress in our farming operations,
with higher production volumes, improved eFCR and stronger overall biological
performance. We remain focused on further increasing production efficiency, and
progressing towards positive EBITDA and operating cash flow, while continuing to
serve our core European markets," said Vincent Erenst, CEO of The Kingfish
Company.
Full year 2025 summary
- Revenue increased by 29% to EUR35.8 million, compared to EUR27.7 million in 2024
- Volume produced increased to 2,576 tons, compared to 2,483 tons in 2024
- Operational EBITDA EUR-3.7 million, compared to EUR-3.4 million in 2024
- Capex EUR2.3 million, compared to EUR5.3 million in 2024
For the full year 2025, revenue increased by 29% to EUR35.8 million, driven by
higher volumes and continued strong demand in European markets. The large fresh
segment increased by 44%, small fresh by 18%, and frozen volumes by 48%. As
previously announced, the Company discontinued fresh product sales in North
America from October 2025, driven by unfavorable tariff conditions and a weak US
dollar. Commercial focus is now fully directed at European markets, where the
Company holds a structural competitive advantage.
Preliminary 2025 results (unaudited)
The numbers below are unaudited. The company's 2025 combined annual and
sustainability report with a complete IFRS based statement of comprehensive
income, financial position and cashflow, will be published ahead of the Annual
General Meeting which will be rescheduled to August.
(in mEUR, unless stated otherwise) H2 '25 H2 '24 FY '25 FY '24
Volume sold (MT) 1,348 1,070 2,649 1,992
Revenue 18.8 14.5 35.8 27.7
Revenue per kg 13.9 13.6 13.5 13.9
Gross margin 2.9 1.9 5.1 5.3
Gross margin per kg 2.2 1.8 1.9 2.6
Operational EBITDA -1.2 -2.4 -3.7 -3.4
Operational EBITDA per kg -0.9 -2.2 -1.4 -1.7
Growth expenses[1] -0.2 -0.3 -0.4 -0.8
FVA[2] 2.4 -2.1 -0.4 -2.8
Exceptional costs -0.6 -1.3 -0.6 -1.4
Depreciation, amortization and impairment -6.9 -8.1 -14.1 -15.3
EBIT -6.5 -14.1 -19.2 -23.7
[1] Growth expenses related to expansion plans in the US and in Europe
[2] FVA = Fair Value Adjustment (IFRS)
The second half of 2025 marked a clear improvement in the Company's operational
and financial performance compared to both the first half of the year and the
prior-year period. Revenue increased, gross margin per kilogram improved and the
operational EBITDA loss per kilogram was significantly reduced, reflecting
higher volumes, better cost absorption and continued efficiency measures.
While farm utilisation remained below target and the ramp-up pace was slower
than anticipated, the second-half performance demonstrates the positive impact
of the Company's operational improvement initiatives.
Cash flow from operations improved materially compared to 2024, supported by
reduced operational losses and lower working capital pressure. Capex was
significantly reduced as the Company maintained a disciplined focus on
operational performance, cash preservation and capital allocation.
Financial restructuring progressing towards completion; AGM to be held in August
The Company has made good progress with its financial restructuring, which is
now progressing towards completion. As announced on 12 May 2026, the
Extraordinary General Meeting has been called for 19 June 2026, where
shareholders will be asked to approve the next phase of the refinancing process.
Subject to these approvals, the private placement is expected to be completed
shortly after the EGM. The repair offer is expected to commence in early July,
subject to completion of the 2025 financial statements and the financial
restructuring.
The preparation of the Company's audited 2025 financial statements is
progressing well. The process has taken longer than initially anticipated,
mainly due to the significant time and resources dedicated to the ongoing
financing process, together with the additional work associated with the
first-year audit cycle following the appointment of the Company's new auditor.
The Annual General Meeting will be held in August, at a date to be determined
and announced in due course.
Outlook
Looking ahead, the Company's strategic focus remains unchanged: ramping up
towards full capacity utilisation while progressing towards positive EBITDA and
positive operating cash flow.
This will be supported by increased farm utilisation, growing demand for large
fish, optimisation of revenue per kilogram and continued efficiency gains across
the organisation.
Since May 2026, the Company has observed a higher rate of downgraded fish. While
the underlying causes are still being assessed. The Company has identified a
number of contributing factors and has implemented remediation actions across
both production and commercial activities. These include adjustments to
production processes and commercial measures aimed at optimising sales channels
and value recovery for affected volumes. The Company is closely monitoring
developments and expects these actions to support a gradual normalisation of
downgrade rates.
Management remains confident that the operational foundation built in recent
years provides a solid basis for sustainable long-term value creation.
For media and investor inquiries, please contact
press@thekingfishcompany.com
ir@thekingfishcompany.com
Company News feed
https://www.the-kingfish-company.com/news
About The Kingfish Company
The Kingfish Company is a pioneer and leader in sustainable land-based
aquaculture, specialising in the production of high-quality yellowtail kingfish.
The Company operates its flagship facility, Kingfish Zeeland, in the
Netherlands.
Production is based on advanced recirculating aquaculture systems (RAS) that
ensure biosecurity and environmental control. Animal welfare is paramount, and
the fish are grown without antibiotics or vaccines. All operations run on 100%
renewable electricity, and use seawater to conserve freshwater resources.
The Company's main product, the Yellowtail Kingfish (also known as ricciola,
hiramasa, or greater amberjack), is a versatile premium species highly valued in
Italian and Asian-fusion cuisines. Its products are certified as sustainable and
environmentally responsible by Best Aquaculture Practices (BAP), GLOBALG.A.P.,
and Friend of the Sea.
This information is pursuant to the EU Market Abuse Regulation and subject to
the disclosure requirements pursuant to Section 5-12 the Norwegian Securities
Trading Act.
This press release contains certain non-IFRS financial measures which are not
recognized measures of financial performance under IFRS.
All figures in the press release are unaudited.
2 the Norwegian Securities\
Trading Act.\
\
This press release contains certain non-IFRS financial measures which are not\
recognized measures of financial performance under IFRS.\
\
All figures in the press release are unaudited.\