Trading and Financing Update Q4 2025

20 Jan 2026 08:00 CET

Q4 revenue growth moderates; financing discussions initiated

Q4 2025 Highlights

• Revenue of €8.5 million, an increase of 14% YoY (+21% like-for-like)
• Volume sold of 621 metric tonnes, up 12% YoY
• Revenue per kg increased by €0.3 YoY
• Biomass at quarter end of 1,054 metric tonnes
• Production of 725 metric tonnes in the quarter


Kats, Netherlands – January 20 , 2026 - The Kingfish Company N.V. (the
“Company”; “Kingfish”; OSE: KING), a pioneer and leader in sustainable
land-based production of yellowtail kingfish, publishes its Q4 2025 trading
update and an update on financing.

Commercial performance
The Company continued to grow in Q4 2025, albeit at a slower pace than earlier
in the year. Performance was impacted by the planned discontinuation of
commercial activities for fresh fish in the United States at the end of Q3 2025
(see trading update on November 6, 2025 for background). On a like-for-like
basis, excluding US fresh sales, revenue grew by 21% year-on-year during the
quarter.

Market conditions were competitive during the quarter, with a temporary increase
in the availability of wild-caught fish exerting pressure on pricing and volumes
across several European markets. Towards the end of the quarter, market
conditions began to normalise, with demand remaining resilient during the
holiday season.

Production update
Production normalised during the quarter, supported by stable biological
performance. The Company continued to increase the proportion of larger fish in
its biomass, in line with its medium-term production strategy.

Outlook and financing
Overall, Q4 2025 was softer than anticipated. The Company expects not to comply
with the EBITDA financial covenant as at year-end 2025. In addition, based on
current trading and ramp-up assumptions, the Company expects to be EBITDA
positive in 2026, but no longer expects to be cash flow positive from operations
during that year.

Kingfish has initiated discussions with its key stakeholders regarding its
capital structure and financing arrangements, which could include issuance of
new equity. These discussions are ongoing and are intended to ensure that the
Company remains adequately funded to support its ramp-up towards full farm
capacity utilisation and to maintain compliance with its financial covenants.

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

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to section 5-12 of the Norwegian Securities Trading Act. The information was
submitted for publication by CFO Jean-Charles Valette at the date and time set
out herein, on behalf of the Company.

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, and holds all necessary permits to expand its operations in the
United States.
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 the use of 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 the Aquaculture Stewardship Council (ASC), Best
Aquaculture Practices (BAP), GLOBALG.A.P., and Friend of the Sea.
This press release also includes certain non-IFRS financial measures, which are
not recognised performance metrics under IFRS.
All figures in the press release are unaudited.

Forward Looking Statements
All statements in this press release other than statements of historical fact
are forward-looking statements, which are subject to a number of risks,
uncertainties and assumptions that are difficult to predict and are based upon
assumptions as to future events that may not prove accurate. Actual results may
differ materially from those expected or projected in the forward-looking
statements. The Company undertakes no responsibility or obligation to update or
alter forward-looking statements for any reason.

More information:
Access the news on Oslo Bors NewsWeb site

663879_TKC - Q4 2025 trading update - final.pdf