Q3 Business Update

The Kingfish Company

7 October 2021

The Kingfish Company [Euronext: KING] increases capacity guidance of existing and planned systems by 20 percent, reports record production and harvest levels, and achieves higher sales prices in Q3 2021.

With close to four years of continuous system operation, strong consistent productivity, and 23 full production cycles from hatchery to harvest- with no mass mortality incidents- The Kingfish Company now increases the currently installed capacity guidance from previous 1,250 tonnes to 1,500 tonnes per year. This change also applies to all future planned facilities.
“We are continuously impressed with the robustness and quality of our systems, and proud of the high level of professionalism of our team. We are now looking back at close to four years of successful and continuous operation with no mass mortality events. With productivity consistently exceeding initial design capacity, we are confident that the name- plate capacity of our current and planned systems can be increased substantially compared to earlier estimates,” said Ohad Maiman, CEO of The Kingfish Company.

“In the third quarter, we achieved full run-rate standing biomass of the new system, as planned. In addition, we see yet another quarter with record production, record harvest levels and record sales prices, all contributing to solid results,” Mr. Maiman continued.

In Q3 2021 the company set a new production record with 338 tons growth, an increase of 26 percent over the previous record achieved in Q2’21. The currently installed capacity guidance increases from previous 1,250 tonnes to 1,500 tonnes per year. Productivity was 0.68 kg per cubic meter per day, an increase of 10% from the previous quarter as the new system capacity matures.

nCompared to Q3’20 sales grew 70 percent in revenue to €2.8m and 54 percent in whole fish equivalent (WFE) tonnage to 232 tonnes. Record average sales price of €12.2/WFE kg achieved on overall sales, an increase of 4 percent on Q2’21 and 11 percent on Q3’20.nThe achieved sales price of large fish averaged at €13.7/WFE kg and small fish at €10.6/WFE kg during Q3‘21.n

For more informationnPlease see the attached Q3 2021 business update presentation.nThe Kingfish Company will present the business update to investors, analysts, and media on Thursday October 7th, 2021 at 11:00 CEST. The online presentation will be followed by a Q&A session. Both will be hosted by the company’s CEO Ohad Maiman, CFO Christo du Plessis and COO Kees Kloet.

Call in detailsnhttps://bit.ly/3Fi7qYcnFor media and investor inquiries, please contactnpress@the-kingfish-company.com ir@the-kingfish-company.comnCompany News feednhttps://www.the-kingfish-company.com/news

About The Kingfish CompanynThe Kingfish Company is a pioneer and leader in sustainable land-based aquaculture. Current annual production capacity at its Kingfish Zeeland facility in the Netherlands is 1,500 tons of high quality and high value Yellowtail Kingfish.

Expansion is underway and capacity in the Netherlands will reach 3,500 tons in the second half of 2022. In the US, permitting for the company’s 8,500 tons capacity facility is progressing as planned, with production start scheduled for second half of 2023.

Production is based on advanced recirculating aquaculture systems (RAS), which protect biodiversity and ensure biosecurity. Animal welfare is paramount, and the fish is grown without use of antibiotics and vaccines. Operations run on 100 percent renewable energy, sourced from wind, solar and biogas. The company’s facilities operate on sea water, avoiding wasting of precious fresh water.

The Kingfish Company’s main product at present, 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.

Its products are certified and approved as sustainable and environmentally friendly by Aquaculture Stewardship Council (ASC), Best Aquaculture Practices (BAP) and British Retail Consortium (BRC). It was the winner of the 2019 Seafood Excellence Award, and it is recommended as green choice by Good Fish Foundation.