First half year 2025 financial results

04 Sep 2025 08:00 CEST

Strong top line performance underscores continued market momentum

Highlights H1 2025

- Sales volume 1301 tons, up 41% (H1 2024: 922 tons)
- Revenue accelerated 31% to € 17.0 million (H1 2024: € 13.2 million)
- Revenue per kg temporarily lower at € 13.1 (H1 2024: € 14.3 per kg)
- Operational EBITDA at €-2.0 per kg (H1 2024: €-1.1 per kg)
- Achieved balance between production and sales volumes

Kats, Netherlands – September 4, 2025 – The Kingfish Company N.V. (the
“Company”; “Kingfish”; OSE: KING), pioneer and leader in sustainable land-based
production of yellowtail kingfish, publishes its H1 2025 financial results. The
Company will host a webcast today at 14:00 CET.

"We are pleased to report another period of strong volume growth, driven by
rising demand for our sustainable Yellowtail," said Vincent Erenst, CEO of The
Kingfish Company. "The performance in the first six months validates our
commercial strategy and the strength of our market positioning. After earlier
challenges with high biomass levels in the farm, we have now reached a balance
between production and sales volumes, and farming conditions have normalized.
These improvements are laying a solid foundation for margin improvement and
long-term value creation as we scale.”

Financial and operational review

In the first half of 2025, The Kingfish Company achieved a new sales record with
volumes reaching 1301 tons, representing a 41% increase year-on-year, reflecting
successful execution of the Company’s new commercial strategy.
Revenue for the first half of the year amounted to € 17.0 million, a 31%
increase compared to H1 2024. This growth was primarily driven by higher sales
volumes. The average revenue per kilogram was temporarily lower at € 13.1, down
from € 14.3 in the same period last year. This decline reflects the impact of
targeted promotional pricing and a higher proportion of frozen product sales to
reduce inventory levels.

Gross margin per kilogram was € 1.7 compared to € 3.6 in H1 2024. The reduction
is mainly explained by the lower revenue per kilogram and temporarily elevated
farming costs due to a higher FCR.

Operational EBITDA came in at €-2.0 per kilogram, versus €-1.1 per kilogram in
H1 2024. This is driven by a lower gross margin partially compensated by a
reduction in SG&A per kilogram as a result of higher volumes, while at the same
time making significant strategic investments in commercial capabilities.

In light of the further increased import tariffs, an unfavorable USD exchange
rate, and elevated logistics costs, Kingfish has decided to scale back
commercial activities of fresh yellowtail kingfish in the United States, despite
the strong volume growth achieved over recent quarters. We will continue the
sale of the US frozen product portfolio. While we view the US as a strategically
important and attractive market, current conditions do not support profitable
operations. We will monitor developments closely and revisit our commercial
approach once the economic environment becomes more supportive. Our long-term
commitment to the US market remains unchanged, supported by our fully permitted
Kingfish Maine project. Fresh sales in the US accounted for approximately 6% of
total Fresh revenue.

Following the biomass reduction measures implemented earlier this year, the farm
is now operating close to optimal biomass levels. As of June 30, 2025, total
standing biomass was 972 tons, down from 1118 tons at the end of December 2024.
The current production batches were stocked during the period when
growth-limiting measures were in place, and, as a result, these fish remain on a
lower growth trajectory and are performing below standard benchmarks. While FCR
improved from 1.9 in Q1 2025 to 1.6 in Q2 2025, it remains above our target. We
continue to implement measures aimed at improving biological performance and
expect FCR to return to normalized level by year-end.

Cash flow and liquidity

In the first half of 2025, Kingfish reported an operating cash outflow of € 3.6
million. Furthermore, farm capex amounted to €0.9 million. Financing activities
contributed € 11.3 million, primarily driven by the successful
€ 14 million equity raise completed in January 2025. This was partially offset
by € 1.7 million in interest payments during the second quarter. Interest on the
PCP loan for the first quarter was capitalized and added to the loan balance,
with cash interest payments resuming in Q2.

As of June 30, 2025, the Company maintained total liquidity of € 15.3 million,
consisting of € 10.3 million in cash and cash equivalents and € 5.0 million in
available financing facilities.

Outlook

As The Kingfish Company continues to navigate through its sales and market
development phase, we remain optimistic about the opportunities ahead. The
Company is focusing on accelerating revenue growth to achieve full utilization
of the production capacity, while optimizing operations and making substantial
investments in sales and marketing to expand its customer base.

While the Company delivered a robust 31% increase in revenue during the first
six months of 2025 compared to the same period last year, average revenue per
kilogram came in below expectations. Consequently, the Company now anticipates
achieving positive operational EBITDA and cash flow in 2026, representing a one-
to two-quarter shift compared with its earlier expectation. The Kingfish Company
continues to evaluate the timing of its expansion plans in the US and the
Netherlands.

Webcast

CEO Vincent Erenst and CFO Jean-Charles Valette will present the H1 2025
financial results on Thursday September 4, 2025, at 14:00 CET. The online
presentation will be followed by a Q&A session. The presentation will be
available on our website before the start of the webcast.
Click here to access the webcast (see PDF).

For media and investor inquiries, please contact
press@thekingfishcompany.com
ir@thekingfishcompany.com

More information:
Access the news on Oslo Bors NewsWeb site

654621_TheKingfishCompany - H1 2025 fin results - presentation - f.pdf
654621_TKC - Q2 H1 2025 fin results - pr -f.pdf