Kingfish Company N.v. · OSL:KING
Kingfish — The Kingfish Company — H1 2025 Earnings Presentation
14 slides from Kingfish's earnings presentation, Sep 4, 2025
Slide 1: H1 2025 Financial Results
H1 2025 Financial Results September 4, 2025
Slide 2: Disclaimer
Disclaimer This document includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this document are based on current expectations, estimates and projections about globa
Slide 3: Agenda
AGENDA Key events Production Sales Profitability Financing Concluding Remarks 3
Slide 4: Key events H1 2025
Key events H1 2025 Strong top line performance underscores continued market momentum Sales volume increased 41% to 1301 tons Revenue accelerated 31% to € 17.0M Revenue per kg € 13.1 vs € 14.3 in H1 2024 Successful completion of biomass reduction plan 4
Slide 5: Path to profitability
Path to profitability H1 delivered gains across all profitability drivers 1 2 3 4 Scale to full Biological Size mix Costs capacity performance Accelerate sales Prioritize sales of Drive improvements Apply disciplined growth to full Fresh Large fish to of biological metrics cost control and utilizati
Slide 6: Accelerating volume growth
Accelerating volume growth Sales volume growing rapidly as commercial strategy gains momentum Sales volume (tons) Ratio Large/Small – Fresh Large Small +41% 1,301 1,070 58% +25% 56% 52% 53% 51% 922 49% 48% 740 44% 47% 718 42% H1 23 H2 23 H1 24 H2 24 H1 25 H1 23 H2 23 H1 24 H2 24 H1 25 New commercial
Slide 7: Prices of strategic Large-Fresh segment stable
Prices of strategic Large-Fresh segment stable Promotions and frozen sales impact revenue per kg Revenue (in M€) Revenue per kg (€) +31% 15.1 15.2 17.0 14.3 13.9 13.1 +18% 14.8 13.2 11.2 10.9 H1 23 H2 23 H1 24 H2 24 H1 25 H1 23 H2 23 H1 24 H2 24 H1 25 Large fish prices remained stable despite higher
Slide 8: United States market update
United States market update Kingfish moves across the pond | The Fish Site Commercial efforts to develop the fresh yellowtail kingfish market in the US are scaled back; frozen yellowtail kingfish sales continue Decision driven by: ⁃ Further increased import tariffs ⁃ Weak USD ⁃ Elevated logistics co
Slide 9: Production
Production FCR improving and aiming for full normalization by year-end Standing biomass (tons) FCR 1,118 1,075 967 972 1.93 1.68 1.61 1.40 1.30 1.31 512 H1 23 H2 23 H1 24 H2 24 H1 25 H1 23 H2 23 H1 24 H2 24 Q1 25 Q2 25 Biomass reduction plan successfully completed Aiming to optimize FCR further, res
Slide 10: Farming costs
Farming costs Increase in H1; improvement expected in H2 Feed costs Energy costs Total farming costs1 EUR / kg produced EUR / kg produced EUR / kg produced 3.8 9.4 8.8 9.1 3.6 3.6 8.5 3.4 7.6 3.2 1.6 1.5 1.6 1.4 0.8 H1 23 H2 23 H1 24 H2 24 H1 25 H1 23 H2 23 H1 24 H2 24 H1 25 H1 23 H2 23 H1 24 H2 24
Slide 11: Profitability
Profitability Path to profitability intact as scale improves Gross margin SG&A Operational EBITDA EUR / kg sold EUR / kg sold EUR / kg sold H1 23 H2 23 H1 24 H2 24 H1 25 3.6 3.6 5.3 5.2 4.8 4.0 3.6 2.2 1.8 -1.1 1.7 -2.0 -2.2 -2.2 -3.0 H1 23 H2 23 H1 24 H2 24 H1 25 H1 23 H2 23 H1 24 H2 24 H1 25 Gross
Slide 12: Cash flow and working capital
Cash flow and working capital Cash generation remains a key priority alongside profitability Total liquidity € 15.3M Working capital (in M€) 25.0 4.0 4.2 20.0 4.1 4.7 15.0 Overdraft facility 4.6 €5.0M 10.0 19.3 18.5 16.7 15.8 Cash 5.0 9.6 €10.3M 0.0 -6.2 -4.7 -5.6 -4.6 -6.8 -5.0 -10.0 H1 23 H2 23 H1
Slide 13: Management agenda 2025
Management agenda 2025 Fundamentals showing continuous improvement We expect results in H2 2025 to benefit from: Strong sales momentum Brand and product recognition Price recovery Biological and cost improvements 13
Slide 14: Slide 14