Third quarter 2023 unaudited financial results and business update

The Kingfish Company

2 November 2023

Strong biological performance; The Kingfish Company approaching EBITDA break-even

Highlights Q3 2023

    • Record biomass growth of 637 tons (Q3 2022: 374 tons)
    • Revenue up 8.5% to € 5.7 million (Q3 2022: € 5.3 million)
    • Gross margin per kg increased 57% to € 4.3 (Q3 2022: € 2.8 per kg)
    • Operational EBITDA per kg improved to € -0.3 per kg (Q3 2022: € -1.1 per kg)
    • Operational EBITDA approaching break-even at € -0.1 million (Q3 2022: € -0.4 million)
    • Phase 2 is 66% stocked and on track to be completed by year-end 2023

Kats, Netherlands – November 2, 2023: The Kingfish Company N.V. (the “Company”; “Kingfish”; OSE: KING), pioneer and leader in sustainable land-based production of yellowtail kingfish, announces its Q3 2023 financial result¹.

1 All figures in the press release are unaudited.

Dutch Yellowtail, the brand of Kingfish’ yellowtail kingfish, is a healthy, nutritious fish, farmed on land in both a cost-effective and an environmentally sustainable way, without the use of antibiotics or vaccines. This is a key differentiator which is valued by clients in key markets.

“We are pleased with our continued strong biological performance. In Q3, we continued to have excellent productivity and achieved an all-time high in biomass growth. With production costs moving favorably, and our steady growth in sales and revenue per kg, we look forward to the full completion of Phase 2 in December and our significant volume ramp-up”, said Vincent Erenst, CEO of The Kingfish Company.

Financial review

The Company achieved a productivity of 0.80 kg net growth per cubic meter per day in the quarter. This has resulted in a new record level of production of 637 tons growth (Q3 2022: 374 tons). Since 2020, productivity has increased from 0.57 kg to 0.83 kg in 2023 YTD. Compared to Q3 2022, standing biomass doubled to 751 tons.

Revenue in Q3 2023 increased 8.5% to € 5.7 million from € 5.3 million in Q3 2022. Revenue per kg was € 15.3 (Q3 2022: € 13.8 per kg), an increase of 11%. Revenue continued to increase

year-on-year due to a more favorable size mix. The Company is expanding its efforts to develop new markets, mainly in Europe and North America, and will increase, in the coming quarters, its investments in business development activities. Due to the situation in Israel, export to that market, affecting approximately 10% of our sales, had to be temporarily halted as of October 2023.

Gross margin increased 57% to € 1.6 million (€ 4.3 per kg sold) in Q3 2023 from € 1.1 million in Q3 2022 (€ 2.8 per kg sold). This resulted from a higher average sales price, a more favorable sales mix and lower production costs. With 66% of Phase 2 now being in operation, scale effects are starting to materialize. Biological performance continues to exceed expectations among others by a significant improvement of the feed conversion ratio (eFCR) to 1.37 in Q3 2023 from 1.52 in Q3 2022.

Operational EBITDA is close to break-even in Q3 2023, confirming the path to profitability. Operational EBITDA amounted to € -0.1 million in Q3 2023 (Q3 2022: € -0.4 million), or € -0.3 per kg sold (Q3 2022: € -1.1).

Capital expenditure

By the end of September 2023, a total amount of € 90 million has been spent on Phase 2, of which € 4 million in Q3 2023. Where the new hatchery has been in operation since January, the discharge water treatment facility and 66% of the new tanks were commissioned in Q3 2023. The remaining 6 tanks will be commissioned in Q4 2023, which is the final step before the project is completed by the end of this year.

Cash flow

Cash flow from operations was € -3.7 million in Q3 2023, mainly related to increased biomass.

Net debt² on September 30, 2023, amounted to € 68.1 million, an increase of € 7.7 million compared to € 60.4 million on June 30, 2023.

In August 2023 the full amount of the € 32 million convertible loan was received. At the end of Q3 2023, total liquidity increased to € 38.2 million excluding the € 2.7 million facility reserved for interest payments of the PCP loan.

2 Including convertible loan of € 32 million.

3 Figures are unaudited.


Management remains positive about the outlook for The Kingfish Company. With financing secured for the completion of Phase 2 and a clear path to profitability, the focus is fully on growing production, optimizing operations, while dedicating particular effort to expand our customer base and increase sales.

Production capacity will more than double when the new extension of the farm in the Netherlands is fully commissioned, enabling the Company to meet the growing demand for high-quality Yellowtail Kingfish. The Company expects to benefit from the scaling effect and further improvement in operations and productivity to become profitable and cash positive. Where the current focus is on completion of the Zeeland project, management continues to develop expansion plans in the US and Europe.


CEO Vincent Erenst and CFO Jean-Charles Valette will present the Q3 2023 financial results on Thursday November 2, 2023, 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.

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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. Kingfish Maine is fully permitted by local, state and federal regulatory agencies to build an 8,500 tons production facility.

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 electricity, sourced from wind, solar and biogas. The Company’s facilities operate on sea water, avoiding wasting precious fresh water.

The Kingfish Company’s main product at present, the Dutch Yellowtail (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.

This press release contains certain non-IFRS financial measures which are not recognized measures of financial performance under IFRS. All figures in the press release are unaudited.

This information is pursuant to the EU Market Abuse Regulation and subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.