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.
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About The Kingfish Company
The Kingfish Company is een pionier en leider op het gebied van duurzame aquacultuur op het land, gespecialiseerd in de productie van hoogwaardige geelstaart-koningsvis. Het bedrijf exploiteert zijn vlaggenschip, Kingfish Zeeland, in Nederland en heeft alle benodigde vergunningen om zijn activiteiten in de Verenigde Staten uit te breiden.
De productie is gebaseerd op geavanceerde recirculerende aquacultuursystemen (RAS) die zorgen voor bioveiligheid en milieucontrole. Dierenwelzijn staat voorop en de vissen worden gekweekt zonder antibiotica of vaccins. Alle activiteiten draaien op 100% hernieuwbare elektriciteit en gebruiken zeewater om zoetwaterbronnen te sparen.
Het belangrijkste product van het bedrijf, de Yellowtail Kingfish (ook bekend als ricciola, hiramasa of grote amberjack), is een veelzijdige premium soort die zeer gewaardeerd wordt in Italiaanse en Aziatische fusionkeukens. De producten zijn gecertificeerd als duurzaam en milieuverantwoord door de Aquaculture Stewardship Council (ASC), Best Aquaculture Practices (BAP), GLOBALG.A.P. en Friend of the Sea.
Dit persbericht bevat ook bepaalde niet-IFRS financiële maatstaven, die geen erkende prestatiemaatstaven zijn onder 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.