The Kingfish Company (KING) H1 2026 earnings summary

Executive summary

• Achieved record sales volumes of 1,470 tonnes, up 13% year-over-year, with revenue rising 16% to €19.8 million.

• Gross margin per kilogram doubled to €3.4, driven by higher sales, improved biological performance, and lower farming costs.

• Operational EBITDA turned positive at €0.3 million, a significant improvement from negative €2.5 million in H1 2025.

• Net profit reached €10.3 million, compared to a net loss of €21.8 million in H1 2025, mainly due to a €23.5 million non-cash gain from convertible loan extinguishment.

• Completed major strategic financing: €21 million private placement, €49 million convertible loan conversion, and extension of senior debt maturity to April 2029.

Financial highlights

• Revenue: €19.8 million (+16% YoY); sales volumes: 1,470 tonnes (+13% YoY); average revenue/kg: €13.5.

• Gross margin/kg: €3.4 (vs. €1.7 in H1 2025); operational EBITDA: €0.3 million (vs. -€2.5 million).

• Operating loss halved to €5.8 million (from €12.5 million); net finance costs: €7.4 million (down from €9.3 million).

• Net profit: €10.3 million (vs. net loss of €21.8 million in H1 2025); EPS: €0.06 (vs. -€0.16).

• Cash and cash equivalents increased to €18.8 million (from €5.9 million at year-end 2025).

Outlook and guidance

• Focus remains on increasing production volumes, restoring Superior grade large fish rates, and growing sales in line with capacity.

• Expect continued impact on product mix and average sales price for large fish in H2 2026, with improvement projected by year-end.

• Anticipate higher feed costs due to global supply constraints; mitigation measures underway.

• Priorities include operational execution, profitability, disciplined capex, and liquidity management.

• Outlook subject to risks from biological performance, market demand, input costs, FX, and macroeconomic conditions.