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