Q4 2022 Business Update

The Kingfish Company

19 January 2023

Q4 2022 highlights

    • The Kingfish Company [Euronext: KING] continues its growth trend with sales growing by 34% YoY to €5.0 million
    • Achieved continued high price level, particularly for large fish
    • Net growth of 395 tons of high-value Dutch Yellowtail, reflecting another quarter of steady state at current installed capacity and record harvesting levels
    • Strong productivity index performance of 0.78(net biomass growth per cubic meter capacity per day)
    • Completed the equity raise, raising gross proceeds of approx. €35 million
    • Propose Vincent Erenst as CEO, effective February 6th, 2023.

“We are proud of our team which has delivered five years of successful operational results with continuous improvements, confirming the name plate capacity of our facility. We have seen productivity increase with the third generation of fingerlings, increased size of fish, and no mass mortality events. We are now ready to launch capacity for phase 2 and we are delighted that we have started commissioning the hatchery in January”, said Hans den Bieman, interim CEO of The kingfish Company.

Market demand for high-value Dutch Yellowtail is strong in both Europe and the United States, and The Kingfish Company products are sold in 14 countries. In 2022, the company produced a record 1,511 tons of high value yellowtail kingfish. For the full year 2022, we increased sales by 82%. At the same time, the average sales price achieved increased by 14% to €13.1/WFE kg in 2022.

Solid sales during the fourth quarter 2022

Sales grew by 34 percent to €5.0 million in Q4’22 and 3 percent in whole fish equivalent (WFE) tonnage to 346 tons. Sales prices have increased significantly in Q4’22, particularly for large fish (+39% YoY) reaching an average price per kg WFE of €18.2, and for small fish (+16% YoY) at €12.0 per kg WFE. During the fourth quarter, the average size of large fish reached a record level, generating increased revenue and uplifting the average price. Demand continues to outpace our production capacity.

The Kingfish Company achieved 395 tons of net growth of high-value Yellowtail Kingfish in Q4 ’22, compared to 324 tons of net growth in the same quarter of last year (third quarter at full run-rate of current installed capacity). This has resulted in a robust productivity index performance of 0.78 (net biomass growth per cubic meter capacity per day), representing an improvement of 6% compared to Q3 ’22.

Expanding capacity to meet strong demand

While The Kingfish Company has reached full capacity run-rate in phase 1, it has started the production of fingerlings for the pre-stocking of Phase 2. Phase 2 production is set to commence in Q1’23. Commissioning of the hatchery has started in January. The significant volume increase is expected to result in material improvements to unit economics, building on an already strong basis.

In January 2023, The Kingfish Company has successfully completed an equity raise, raising gross proceeds of approximately €35 million through a private placement and a subsequent offering.

nThe US operation in Maine has obtained the local building permit from the Jonesport Planning Board in December, and is now fully permitted by Local, State and Federal regulatory agencies. The Company has successfully shipped broodstock to the US, and the fingerlings that were already shipped to the US are doing well and growing fast.

For more information

Please see the attached Q4 2022 business update presentation. The Kingfish Company will present the business update to investors, analysts, and media on Thursday January 19th, 2022 at 15:00 CEST. The online presentation will be followed by a Q&A session. Both will be hosted by the company’s interim CEO Hans den Bieman, CFO Jean-Charles Valette, and CTO Kees Kloet.

The complete financial statement for Q4 and full year 2022 will be presented on 20 April 2023.

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About The Kingfish Company

The 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 is expected to reach 3,500 tons in Q1 2023. Kingfish Maine is now fully permitted by local, state and federal regulatory agencies.

nProduction 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.

nThe 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.