Aerial view of The Kingfish Company's facility in Kats, Zeeland, The Netherlands.
Photo: The Kingfish Company.
The lower-than-expected results at the end of 2025, which led The Kingfish Company to open a debate about its financing and to revise its growth plans, also forced it to delay the presentation of its FY 2025 and Q1 2026 results, which have finally been published today, revealing that although growth was not as expected, last year the company increased its revenue by 29%.
According to Kingfish, this growth was supported by higher sales volumes and continued demand in its core European markets. The company also noted that the second half of the year showed a clear improvement compared to the first half and the same period of the previous year, although it pointed out that the overall pace of operational and financial improvement remained slower than anticipated.
Regarding Q1 2026, with higher production volumes, an improved economic feed conversion ratio (eFCR), and continued progress in farming, the results of the land-based yellowtail kingfish farmer showed strong biological performance. Furthermore, supported by higher revenue per kilogram and a greater focus on larger fresh fish, commercial performance also improved in the first quarter.
Although the figures presented are not yet audited—the company's 2025 combined annual and sustainability report will be published ahead of the Annual General Meeting, which will be rescheduled to August—, as mentioned above, Kingfish's revenue in 2025 increased by 29% to EUR 35.8 million, compared to EUR 27.7 million in 2024.
This increase in revenue was driven by higher volumes and consistently strong demand in European markets. Specifically, the large fresh fish segment grew by 44%, the small fresh fish segment by 18%, and frozen volumes by 48%.
It is worth remembering that, as a result of unfavorable tariff conditions and a weak US dollar, the company decided to discontinue sales of fresh produce in North America starting in October 2025. Now, the business focus is entirely on European markets, where it has "a structural competitive advantage."
In its FY 2025 report, The Kingfish Company also reported that production volume increased to 2,576 tons, compared to 2,483 tons in 2024, a 3.74% increase. Operational EBITDA, meanwhile, was EUR -3.7 million compared to EUR -3.4 million the previous year (-8.82%), while capital expenditure (Capex) decreased significantly to EUR 2.3 million, 56.60% less than the EUR 5.3 million of 2024.
In the release of the report, Kingfish highlighted that the second half of 2025 marked a clear improvement in its operating and financial performance compared to both the first half of the year and the entire year 2024. Revenue increased, gross margin per kilogram improved, and operating EBITDA loss per kilogram decreased significantly, reflecting higher volumes, better cost absorption, and continued efficiency measures.
"While farm utilisation remained below target and the ramp-up pace was slower than anticipated, the second-half performance demonstrates the positive impact of the company's operational improvement initiatives," the release reads.
Regarding the results obtained in Q1 2026, as mentioned above, the company showed a solid biological performance, with higher production volumes, improved eFCR and continued progress in farming performance.
Specifically, The Kingfish Company's business update noted that production volume was 773 tons, representing a 53% year-on-year increase, while the eFCR was 1.47 compared to 1.9 in Q1 2025.
Commercial performance also improved, supported by higher revenue per kilogram and a greater focus on larger fresh fish, coupled with continued strong demand in the company's main European markets.
According to the report, the volume sold was 714 tons, 24% more compared to Q1 2025, while revenue per kg was EUR 13.2 compared to EUR 12.9 in the same period last year.
"The Q1 2026 results demonstrate continued progress in our farming operations, with higher production volumes, improved eFCR and stronger overall biological performance," Vincent Erenst, CEO of The Kingfish Company, said commenting on the results.
"We remain focused on further increasing production efficiency, and progressing towards positive EBITDA and operating cash flow, while continuing to serve our core European markets," he added.
Erenst was, in fact, one of the unwitting protagonists of the end of fiscal year 2025 and the beginning of 2026 for the land-based yellowtail kingfish farming company. In just two months, from November 2025 to February 2026, after announcing his retirement, the company reported the arrival of a new CEO, then his resignation before even taking office—with Vincent Erenst resuming the position—and subsequently, the financial restructuring and revision of its growth plans mentioned earlier.
Kingfish now said it has made good progress with its financial restructuring, which, following the May announcement of the addition of investment firm Eyrir as its main shareholder, is nearing completion. An Extraordinary General Meeting has been called for June 19, where shareholders will be asked to approve the next phase of the refinancing process. Subject to these approvals, the company expects the private placement to be completed shortly thereafter.
Looking ahead, the company stated that its strategic focus remains unchanged: ramping up towards full capacity utilization while progressing towards positive EBITDA and positive operating cash flow. The company added that this will be supported by increased farm use, growing demand for large fish, optimized revenue per kilogram, and continued efficiency gains across the organization.
In its release, Kingfish also included an operational update for Q2 2026, noting that since May 2026, it has observed an increased rate of degraded fish. The company stated that while the underlying causes are still being assessed, it has identified several contributing factors and implemented corrective actions in both production and commercial activities. These include adjustments to production processes and commercial measures aimed at optimizing sales channels and recovering value for the affected volumes.
It also said that it is closely monitoring developments and hopes that these actions will support a gradual normalization of degradation rates. "Management remains confident that the operational foundation built in recent years provides a solid basis for sustainable long-term value creation," The Kingfish Company concluded.
