The Kingfish Company (KING) Q1 2026 TU earnings summary

Financial performance and operational highlights

• Revenue grew 29% in 2025 to €35.8 million, driven by higher volumes and strong demand in European markets.

• Q1 2026 saw production volume rise 53% year-on-year to 773 tons, with improved eFCR (1.47 vs. 1.9) and higher revenue per kg (€13.2 vs. €12.9).

• Operational EBITDA for 2025 was €-3.7 million, slightly lower than 2024 (€-3.4 million), but H2 2025 showed improved margins and reduced losses.

• Capex was reduced to €2.3 million in 2025, reflecting a focus on cash preservation and operational discipline.

• Discontinued fresh product sales in North America from October 2025 due to tariffs and weak USD, shifting focus to Europe.

Operational developments and restructuring

• H2 2025 marked clear operational and financial improvement, with better cost absorption and efficiency measures.

• Cash flow from operations improved materially, supported by reduced losses and lower working capital needs.

• Financial restructuring is progressing, with an EGM scheduled for June 19, 2026, and AGM rescheduled to August.

• Preparation of audited 2025 financials is ongoing, delayed by the refinancing process and new auditor transition.

Outlook and risk management

• Strategic focus remains on ramping up to full capacity, positive EBITDA, and operating cash flow.

• Since May 2026, a higher rate of downgraded fish has been observed; remediation actions are underway to normalise rates.

• Management is confident in the operational foundation for sustainable long-term value creation.

• Continued optimisation of revenue per kg and efficiency gains are expected to support future growth.