Q2 2024 trading update

24 Jul 2024 08:00 CEST

Record Sales Growth of 36% in Q2 2024

Highlights

• Record growth of 36% resulting in volume sold of 512 tons (Q2 2023: 377 tons)
• Revenue up by 31% to € 7.3 million (Q2 2023: € 5.6 million)
• Revenue per kg was € 14.2 per kg (Q2 2023 € 14.8 per kg)
• Standing biomass doubled to 1,075 tons (Q2 2023: 512 tons)
• Net biomass growth of 631 tons (Q2 2023: 512 tons)
• Strong harvest volume growth of 55% to 599 tons (Q2 2023: 387 tons)

Kats, Netherlands – July 24, 2024 – The Kingfish Company N.V. (the “Company”;
“Kingfish”; OSE: KING), pioneer and leader in sustainable land-based production
of yellowtail kingfish, publishes a Q2 2024 trading update that focuses on
commercial and operational performance metrics.

During the second quarter, the Company demonstrated substantial sales
acceleration, achieving a volume of 512 tons, marking a 36% increase compared to
the same period last year. This growth is a result of focused efforts to
penetrate key markets and expand into new territories, driving our revenue to €
7.3 million, a 31% increase from Q2 2023. The additional investment in
commercial activities has begun to yield results, resulting in market growth for
The Kingfish Company's main product Yellowtail Kingfish, in the professional and
retail sectors.

The biological performance of the farm was impressive, with the biomass growth
in the quarter being 631 tons. Compared to Q2 2023, the standing biomass more
than doubled to 1,075 tons at the end of Q2, 2024. With the RAS systems
functioning optimally, the Company continues to prove its capability in
producing high-quality fish in a reliable, consistent, and sustainable manner.

The Company will release its interim Q2 and HY 2024 financial results on
September 5, 2024.

For media and investor inquiries, please contact
press@the-kingfish-company.com
ir@the-kingfish-company.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. Current annual production capacity at its Kingfish Zeeland facility
in the Netherlands is 3,500 tons of high quality and high-value yellowtail
kingfish. Next expansion opportunities are in the Netherlands and the US.
Kingfish Maine is fully permitted by local, state, and federal regulatory
agencies to build an 8,500 tons production facility.
Production is based on advanced recirculating aquaculture systems (RAS), which
protect biodiversity and ensure biosecurity. Animal welfare is paramount, and
the fish is grown without use of antibiotics and vaccines. Operations run on 100
percent renewable electricity, sourced from wind, solar and biogas. The
Company's facilities operate on sea water, avoiding wasting precious fresh
water.

The Kingfish Company's main product, the Yellowtail Kingfish (also known as
ricciola/hiramasa/greater amberjack) is a highly versatile premium fish species,
well known in the Italian and Asian fusion cuisines. Its products are certified
and approved as sustainable and environmentally friendly by Aquaculture
Stewardship Council (ASC), Best Aquaculture Practices (BAP), GLOBAL G.A.P. and
Friend of the Sea. It was the winner of the 2019 Seafood Excellence Award, and
it is recommended as green choice by Good Fish Foundation. Yellowtail amberjack
farmed in recirculating aquaculture systems is rated a Green Best Choice by
Seafood Watch.

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.

More information:
Access the news on Oslo Bors NewsWeb site

624017_TKC - Q2 2024 trading update - f_2407.pdf