The Kingfish Company reaches profitability milestone in H1 2026

The Kingfish Company has reported positive operational EBITDA for the first half of 2026, reaching the milestone for the first time since its founding in 2015.

According to preliminary figures released by the Netherlands land-based yellowtail kingfish farmer, operational EBITDA reached EUR 0.2 million, compared with negative EUR 2.5 million in H1 2025.

Revenue increased by 16% year-on-year to EUR 19.8 million, while sales volume rose by 13% to 1,470 metric tons. Excluding fresh sales to the U.S., which the company discontinued at the end of Q3 2025, like-for-like revenue grew by 23%, it said.

"Achieving positive operational EBITDA for the first half of 2026 is an important milestone for us and demonstrates the progress we are making on our path to profitability," said CEO Vincent Erenst.

"Together with the strengthened balance sheet following the financing completed in June, this provides a solid foundation to continue scaling towards full utilization of our existing capacity, and create the conditions for the Company's future expansion," the CEO added.

Average revenue increased from EUR 13.1 per kg to EUR 13.5 per kg, while gross margin more than doubled from EUR 2.2 million to EUR 5 million, with the company attributing this improvement to higher sales volumes, stronger revenue per kilogram and lower farming costs.

Fresh large fish remained a key growth area, with revenue increasing by 32% and large fish representing 52% of fresh sales volume during the period. The company said it is prioritising this category for foodservice customers.

However, despite the positive operational EBITDA, Kingfish remained loss-making at EBIT level, reporting an EBIT loss of EUR 6.2 million, compared with a loss of EUR 12.7 million a year earlier.

Meanwhile, production reached 1,464 metric tons in H1 2026, up 21% year-on-year, while standing biomass was approximately 950 metric tons at the end of June. Biological performance also improved, with eFCR falling from 1.74 to 1.56.

Kingfish said higher production, normalised biomass levels and improved biological performance contributed to a EUR 1.2 per kg reduction in farming costs compared with H1 2025.

Sales volumes during the first half represented approximately 83% of the company's full installed capacity, the company said.

Despite these gains, the company continues to face the quality issue disclosed in its Q2 trading update.

Since May, Kingfish has experienced a decline in the proportion of large fish achieving Superior grade, according to the company.

"Root-cause analysis is progressing, and mitigation measures have been implemented since June. The Company is confident that this is a temporary issue, but due to the length of the biological production cycle, the impact on product mix is expected to continue until at least Q4 2026," the company stated in its release.

Kingfish said restoring the proportion of Superior-grade large fish will remain one of its priorities, alongside increasing production and sales.

The results follow the completion of the company's financial restructuring in June, when The Kingfish Company completed a EUR 21 million private placement and converted approximately EUR 49 million of convertible debt into equity. Its senior debt facility was also extended to April 2029.

Icelandic investment firm Eyrir contributed EUR 15 million of the new equity, acquiring approximately 31.4% of the total share capital, making it the company's largest shareholder.

Following the transaction, net debt was reduced to approximately EUR 60 million, while the company held EUR 19 million in cash at the end of June.

At the time of the restructuring, CEO Vincent Erenst described this as a "pivotal moment for Kingfish," adding, "We now have the financial platform we need to focus fully on what we do best, producing world-class yellowtail kingfish at scale, and in a sustainable manner."

Looking ahead, the company said it expects higher feed prices in the coming periods, citing constrained supplies of fishmeal and fish oil linked to a developing El Niño event in the Pacific Ocean.