Business Update: Feb. 8, 2021

The Kingfish Company

8 February 2021

The Kingfish Company [Euronext: KING] advances on-track with US site development and expansion in The Netherlands, maintains pre-covid sales volumes and price levels through 2020, and delivers sector-leading productivity figures

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The Kingfish Company, a leading pioneer in sustainable land-based aquaculture, produced 677 tons of high value yellowtail kingfish in 2020, exceeding the design capacity of its advanced recirculating aquaculture system (RAS) by as much as 30 percent.In its first market update since listing on Euronext Growth in November 2020, the company also shows consistent sales figures in a year marked by restaurant lockdowns, consequently proving its ability to quickly adapt its product and channel mix to market changes. It is also a testament to the product’s versatility.

Expansion of its production capacity at the Kingfish Zeeland site in the Netherlands, and design and permitting at the Kingfish Maine site in the US are advancing as planned, set to increase installed capacity from the current 1,250 tons to between 8,000 and 11,000 tons by 2023 across both sites.

“We are proud of our team for delivering sector-leading productivity figures that significantly exceed system design and maintaining stable sales volumes and price levels in 2020. This is a strong testament to our ability to adapt quickly and successfully to sudden market shifts, and for the benefit of operating our local, reliable, and sustainable production technology,” said Ohad Maiman, CEO of The Kingfish Company.

Proven Technology and Operations

nThe Kingfish Company is a first mover in the cutting edge of sustainable, land based, high value marine aquaculture, and has established a proven track record of operational excellence over more than three years of continuous operations:

◼ Production continues to substantially exceed design level, achieving 677ton production during 2020 in a system designed for 520ton yearly production, 30% above design level

◼ Operational excellence reflected in sector leading productivity score of 0.64 kg growth/m3/day in Q4 2020.

◼ Biomass growth increased 45% year on year.

◼ Next generation breeders phasing into full cycle hatchery operation and expectednto improve grow-out performance.

◼ 1,000,000 fingerlings produced in 2020, exceeding operational needs.

◼ Maintained an overall pre-pandemic sale run rate despite Covid-19 related restaurant closures.

◼ Price stability maintained throughout lockdown: Large fish EUR 13.3 per WFE kg and small fish EUR 9.3 per WFE kg average in 2020.

◼ Pandemic prompted swift action – product successfully shifted to retail and direct- to-consumer as restaurants were forced to close. Increased small fish in retail in Southern Europe.

The Dutch Yellowtail: A high Value versatile fish

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 The European and North American markets primarily rely on import from Asia but that is now changing with the increasing production volumes provided by the Kingfish Company.

nThe Kingfish Company provides a sustainable and environmentally friendly, Aquaculture Stewardship Council (ASC) and Best Aquaculture Practices (BAP) certified, antibiotics and GMO free local alternative: Harvesting to order five days a week and delivering across the EU within 24 hours from its Kingfish Zeeland operation in The Netherlands. At the same time, it is developing its Kingfish Maine operation in the US in order to bring the same reliable, ultra- fresh and local supply to North America.

“The closure or restaurants through 2020 required us to accelerate the development of our retail products, and yet the quality and versatility of our Dutch Yellowtail, and our commitment to environmentally friendly best practices enabled us to partner with blue chip retail and direct to consumer channels. That agility contributed to maintaining pre-covid sales run rates through the year” added Maiman.

Expansion on track

nGroundworks for the next phase of expansion in The Netherlands (Kingfish Zeeland) have commenced and will more than double installed capacity from 1,250 to 3,000 tons per year.nThe first critical water side permit for the US site (Kingfish Maine) has been approved, and the remaining second water side permit is under advanced review.

“Our mission is to further advance our first-mover position in technology driven aquaculture, and continue to establish ourselves as a market leader in the sustainable production of high-value marine seafood. The U.S. development is a natural progression in our scale-up strategy, as we aim to capitalize on our proven ability to design, build, and operate advanced land based technology, and enable local and reliable supply of otherwise import-dependent high value species” concluded Maiman.

The company’s CEO Ohad Maiman, CFO Christo du Plessis, and COO Kees Kloet will be available to provide comments and answer questions in an investor call at 15:00 CET on Monday February 8. The team will also be available for interviews with media.

For investors:

There will be an investor call with CEO Ohad Maiman, CFO Christo de Plessis and COO Kees Kloet at 15:00 CET. Dial-in details:

For media:

CEO Ohad Maiman, CFO Christo de Plessis and COO Kees Kloet will be available for media. Please contact to schedule an interview.