Q2 and H1 2024 financial results

The Kingfish Company

5 September 2024

Second Quarter and First Half Year 2024 financial results

Sales growth accelerating

Highlights Q2 2024

  • Volume sold 512 tons, up 36% (Q2 2023: 377 tons)
  • Revenue increased 31% to € 7.3 million (Q2 2023: € 5.6 million)
  • Revenue per kg € 14.2 (Q2 2023 € 14.8 per kg)
  • Operational EBITDA improved to € -1.6 per kg (Q2 2023: € -2.9 per kg)
  • New sales and marketing initiatives to increase penetration of Yellowtail Kingfish
    in targeted markets
  • The U.S. appeals court upheld permit for construction of a farm in Jonesport, Maine

Kats, Netherlands – September 5, 2024 – The Kingfish Company N.V. (the “Company”; “Kingfish”; OSE: KING), pioneer and leader in sustainable land-based production of yellowtail kingfish, publishes Q2 and H1 financial results. The Company will host a webcast today at 14:00 CET.

“Q2 2024 showed an acceleration of our growth marked by a 36% increase in volume to 512 tons and revenue of € 7.3 million, an increase of 31 % compared to last year. Our efforts in penetrating key markets and exploring new territories are starting to pay off as we continue to build up our sales team.

Our farm’s biological performance is highly encouraging, with biomass growth reaching 631 tons and the standing biomass more than doubling to 1,075 tons. Our RAS systems are operating beyond expected performance, underscoring the effectiveness of our technology and processes in consistently and reliably producing high-quality, sustainable yellowtail kingfish,” said Vincent Erenst, CEO of The Kingfish Company.

Financial and operational review

During the second quarter, the Company demonstrated substantial sales acceleration, achieving a record volume of 512 tons, marking a 36% increase compared to the same period last year. This impressive growth is a result of focused efforts to penetrate key markets and expand into new territories, driving our revenue to € 7.3 million, a 31% increase from Q2 2023.

The Company has been increasing its sales and marketing team and is launching new initiatives to accelerate the penetration of Yellowtail Kingfish in targeted markets. Sales are accelerating, and the company is confident that these efforts will gradually drive growth and further strengthen its market position.

Operational EBITDA improved by 26% , reaching €-0.8 million in Q2 2024, up from € -1.1 million in Q2 2023. For the first six months of 2024, operational EBITDA saw a 53% improvement to € -1.0 million from € -2.2 million in H1 2023. This positive change in EBITDA was driven by increased revenue and enhanced production efficiency.

By the end of Q2 2024, standing biomass reached 1,075 tons, up 110% from the same quarter in 2023, and up 3% from Q1 2024. Due to unexpectedly strong biomass growth, and in order to align production to market demand, the company implemented growth control measures, leading to temporarily reduced productivity at 0.56 kg growth per cubic meter per day (Q1 2024: 0.57 kg per cubic meter per day) and an increased eFCR of 1.47 (Q1 2024: 1.26). The biomass has reached its maximum carrying capacity, though harvest capacity has not yet peaked, explaining the slight decline in productivity.

Cashflow und Liquidität

On June 30, 2024, the Company maintains liquidity of € 18.5 million, comprising € 4.7 million in cash and short-term deposits, along with € 5.8 million in financing facilities. Cash usage in the second quarter amounted to
€ 7.6 million. Capital expenditures in the period amounted to € 2.8 million. A significant portion of this was for an upgraded power connection to the national grid. Additionally, as of 2024, the company began paying interest in cash rather than capitalizing payments, resulting in € 2.0 million in interest payments during the quarter.

Gewinn- und Verlustrechnung

Die nachstehenden Zahlen sind ungeprüft.

(in Mio. €, sofern nicht anders angegeben)

2Q ‘24

2Q ‘23

1H ‘24

1H ‘23

Verkaufte Menge (MT)

512

377

922

740

Einnahmen

7.3

5.6

13.2

11.2

Erlös pro kg

14.2

14.8

14.3

15.1

Bruttomarge

1.5

0.9

3.4

1.5

Bruttomarge pro kg

2.9

2.4

3.6

2.1

Operatives EBITDA

-0.8

-1.1

-1.0

-2.2

Operatives EBITDA pro kg

-1.6

-2.9

-1.1

-3.0

Ausgaben für Wachstum

-0.3

-0.3

-0.5

-0.5

FVA

-1.9

1.8

-0.7

2.2

Umstrukturierung

0

-0.2

-0.1

-0.2

Abschreibung

-3.4

-1.0

-7.2

-2.0

EBIT

-6.5

-0.8

-9.6

-2.7

 

Ausblick

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, while optimizing operations and making substantial investments in sales and marketing to expand its customer base and develop existing and new markets.

The Kingfish Company continues to develop its expansion plans in the US and the Netherlands. The Company expects to benefit from the scaling effects, and further improvement in operations and productivity in the Netherlands will drive profitability and moving towards positive cash flow.

The Company is closely monitoring the development of its liquidity position to ensure that it remains fully financed to sustain the current growth trajectory.

Webcast

CEO Vincent Erenst and CFO Jean-Charles Valette will present the Q2 2024 financial results on Thursday September 5, 2024, 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.

Klicken Sie auf hier um auf den Webcast zuzugreifen.

Für Medien- und Investorenanfragen wenden Sie sich bitte an

press@thekingfishcompany.com

ir@thekingfishcompany.com

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https://www.the-kingfish-company.com/news

Über das Unternehmen Kingfish

The Kingfish Company ist ein Pionier und führend in der nachhaltigen Aquakultur an Land. Die derzeitige jährliche Produktionskapazität in der Kingfish Zeeland-Anlage in den Niederlanden beträgt 3 500 Tonnen hochwertigen Gelbschwanz-Königsfisch. Die nächsten Expansionsmöglichkeiten bestehen in den Niederlanden und den USA. Kingfish Maine hat von den örtlichen, staatlichen und bundesstaatlichen Aufsichtsbehörden die Genehmigung für den Bau einer Produktionsanlage mit einer Kapazität von 8 500 Tonnen erhalten.

Die Produktion erfolgt in modernen Kreislaufanlagen, die die biologische Vielfalt schützen und die Biosicherheit gewährleisten. Das Wohlergehen der Tiere steht an erster Stelle, und der Fisch wird ohne den Einsatz von Antibiotika und Impfstoffen gezüchtet. Der Betrieb wird zu 100 Prozent mit erneuerbarem Strom aus Wind, Sonne und Biogas betrieben. Die Anlagen des Unternehmens werden mit Meerwasser betrieben, wodurch die Verschwendung von kostbarem Süßwasser vermieden wird.

Das Hauptprodukt von The Kingfish Company, der Gelbschwanz-Königsfisch (auch bekannt als Ricciola/Hiramasa/Großer Bernsteinfisch), ist eine äußerst vielseitige Premium-Fischart, die in der italienischen und asiatischen Fusionsküche sehr bekannt ist. Seine Produkte sind vom Aquaculture Stewardship Council (ASC), Best Aquaculture Practices (BAP), GLOBAL G.A.P. und Friend of the Sea als nachhaltig und umweltfreundlich zertifiziert und anerkannt. Er wurde mit dem Seafood Excellence Award 2019 ausgezeichnet und wird von der Good Fish Foundation als grüne Wahl empfohlen. Gelbschwanz-Bernsteinmakrele, die in Kreislaufanlagen gezüchtet wird, wird von Seafood Watch als Green Best Choice eingestuft.

Diese Information ist gemäß der EU-Marktmissbrauchsverordnung und unterliegt den Offenlegungspflichten gemäß Abschnitt 5-12 des norwegischen Wertpapierhandelsgesetzes.

Diese Pressemitteilung enthält bestimmte Non-IFRS-Kennzahlen, die keine anerkannten Kennzahlen für die finanzielle Leistung nach IFRS sind.

Alle Zahlen in der Pressemitteilung sind ungeprüft.