The Kingfish Company's land-based farming site in Zeeland, Netherlands.
Photo: The Kingfish Company.
After announcing in January that its lower-than-expected results at the end of 2025 had sparked discussions about financing and led to a revision of its growth plans, The Kingfish Company stated this week that its search for funding continues.
As the company explained at the time, these ongoing discussions 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."
In an update released yesterday, the land-based yellowtail kingfish farmer stated that the process is still ongoing and that it continues to be engaged in discussions with its largest lender, convertible bondholders, certain existing shareholders and potential investors regarding the company's capital structure and financing agreements.
In its statement, The Kingfish Company said that, as part of this process, it is evaluating a range of potential solutions, which may include new equity, junior debt financing and/or other restructuring measures.
Although the company stated in January that, while it still expected to make an operating profit in 2026, it was unlikely to generate enough cash from day-to-day operations to fully fund itself this year, and had already mentioned that it might resort to a new equity issuance, it has not until now quantified the size of that capital increase.
Kingfish has now stated that, given the current circumstances, it is considering raising between approximately EUR 10 million and 15 million in additional financing, for which it has engaged ABG Sundal Collier ASA as its financial advisor.
Likewise, the Netherlands land-based aquaculture company used its statement to warn that, if implemented, any such transaction is expected to result in changes to its capital structure and could be significantly dilutive for existing shareholders.
Finally, The Kingfish Company stated that discussions are progressing constructively and believes a viable solution can be reached, while also emphasizing that its operations are continuing as usual.
"The ongoing financing and restructuring discussions are not expected to impact day-to-day activities, production, suppliers or customer relationships, and the Company remains focused on executing its operational plan," the statement reads.
At the helm remains CEO Vincent Erenst. Having served as CEO of the aquaculture company since 2023, he had planned to retire at the end of 2025, but following the unexpected resignation of his intended successor, Karl Buiks, he agreed to remain in his position for another year.
Buiks—who resigned before taking office, less than a month after the company announced his appointment—was supposed to have taken the reins on January 1, 2026. His arrival was expected to coincide with the departure of Jordi Trias, Stolt Sea Farm's CEO and a key member of the Supervisory Board who had announced he would step down in the first quarter of this year. Ultimately, effective February 12, the two executives never worked together.