Business Update Q2 2025

01 Aug 2025 08:00 CEST

31% Revenue growth in Q2 2025 and strong demand momentum in core European
markets

Q2 2025 Highlights

• Sales volume up 41% YoY to 723 tons, reflecting continued growth in market
demand (Q2 2024: 512 tons)
• Revenue increased 31% YoY to €9.6 million (Q2 2024: €7.3 million), driven by
volume growth
• Revenue per kg at €13.2, impacted by product mix and pricing strategy (Q2
2024: €14.2)
• Production volume up 40% QoQ to 707 tons (Q1 2025: 505 tons), as biomass
levels have normalised and optimal feeding levels have resumed

Kats, Netherlands – August 1, 2025 - The Kingfish Company N.V. (the “Company”;
“Kingfish”; OSE: KING), a pioneer and leader in sustainable land-based
production of yellowtail kingfish, publishes its Q2 2025 trading update.

In Q2 2025, Kingfish delivered strong commercial performance, with sales volume
increasing 41% year-on-year to 723 tons, a record quarter-over-quarter growth in
volume. This reflects sustained demand for fresh Yellowtail, particularly in the
Company’s key European markets.

Total revenue reached €9.6 million, up 31% from the same period last year.
Average revenue per kilogram came in at €13.2, compared to €14.2 in Q2 2024. The
decrease was primarily driven by a higher proportion of frozen product sales,
following a build-up of inventory in prior quarters to align the farm biomass
with sales development. Promotional pricing efforts aimed at expanding market
reach and accelerating inventory turnover also impacted average pricing.

In Europe, demand for Kingfish’s fresh product continues to expand, reinforcing
the Company’s market leadership. In contrast, growth in the United States has
levelled off, despite a 36% revenue increase quarter-on-quarter. A weaker USD
and newly introduced import tariffs have weighed on pricing and consumer
affordability. Kingfish expects that ongoing trade uncertainty may continue to
constrain US market potential.

Operationally, production increased by 40% from Q1, reaching 707 tons in the
quarter. Following the biomass reduction implemented earlier this year, the farm
has returned to optimal biomass levels. With well-aligned biomass growth,
harvest, and sales, the Company is now operating under improved biological and
production conditions.

For media and investor inquiries, please contact
press@the-kingfish-company.com
ir@the-kingfish-company.com

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 4,000 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 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.
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

651976_TKC - Q2 2025 business update - f.pdf