Kingfish Company N.v. · OSL:KING
Kingfish — The Kingfish Company — FY2021 Earnings Presentation
23 slides from Kingfish's earnings presentation, 2022
Slide 1: Investor presentation
The Kingfish Company doubled sales NL Phase 2 continues on time and output while average sales price towards 3,500 ton/yr installed increased in 2021 capacity by Q4 2022 Investor presentation Our products are now sold in Concluded the purchase of land 14 countries at large retailers for our new faci
Slide 2: Contents
Contents 1 Market overview 2 Company overview 3 Operations 4 Q4 and full year 2021 business update
Slide 3: Wild-catch and traditional aquaculture are insufficient to meet seafood demand
Wild-catch and traditional aquaculture are insufficient to meet the increasing seafood demand – RAS technology offers an environmentally responsible solution Significant addressable Growing 2x Demand / c.40% 1 market with limited supply protein Global protein supply gap for seafood Higher demand dem
Slide 4: Addressing a significant and undersupplied TAM
D NTIAL Addressing a significant and undersupplied TAM, with vast untapped demand for high- value and responsibly produced seafood Substantial TAM provides land-based aquaculture a high growth opportunity ✓ Seafood perceived as healthier source of Market size as of 2019 1.3x protein vs. red meat ✓ F
Slide 5: Agenda
Agenda 1 Market overview 2 Company overview 3 Operations 4 Q4 and full year 2021 business update
Slide 6: The company in brief
The company in brief • Our mission is to further advance our first-mover position in technology driven aquaculture and establish The Kingfish Company as a market leader in the sustainable production of high-value marine seafood • Established in 2015 and continuously producing since 2017 the Yellowta
Slide 7: Built on a proven track record of design, construction and operational excellence
NTIAL Built on a proven track record of design, construction and operational excellence, The Kingfish Company is poised to enter a supercharged expansion phase Strategically located in US and European premium import dependent seafood markets Announced US East Coast NL Phase 2 on track Business miles
Slide 8: Mission-driven company pioneering best-in-class practices
CO D NTIAL Mission-driven company pioneering best-in-class practices to achieve key sustainability goals and superior quality Kingfish promotes sustainable aquaculture, minimizing greenhouse gas emissions Kingfish’s RAS technology removes many pain points of Increasing energy efficiency traditional
Slide 9: Kingfish impact by the numbers
Kingfish impact by the numbers Domestic Impact ~600-700m 92% 87% >90% ~22% people within road delivery transport emission reduction of waste recycled, repurposed of fish meal certified (MSC, improvement in FCR between catchment area requiring no using road freight vs airfreight or reused1 Marin Trus
Slide 10: Agenda
Agenda 1 Market overview 2 Company overview 3 Operations 4 Q4 and full year 2021 business update
Slide 11: Integrated egg-to-plate business model
CO D NTIAL Integrated “egg-to-plate” business model, with significant route-to-market capabilities Kingfish owns the supply chain, ensuring best-in-class execution Processing and Design / Build-out Breeding / hatchery Production / Grow-out Sales and marketing distribution Upstream value chain Downst
Slide 12: Kingfish utilizes proprietary RAS technology developed in-house
Kingfish utilizes proprietary RAS technology developed in-house… Best-in-class land-based farming technology… …utilizing big data and automation capabilities Robust water treatment system ensuring a biosecurity firewall Illustration of Kingfish’s RAS set-up • Four years of continuous operations, ove
Slide 13: Strategic downstream partnerships help extend route-to-market
CO D NTIAL Strategic downstream partnerships help the company extend its global route-to-market and gain further momentum in target markets Kingfish builds its brand by supplying Food service/HORECA premium product to high-profile partners, RETAIL attracting additional partners along the way Achieve
Slide 14: Deep in-house expertise enables production outperformance
CO D NTIAL Deep in-house expertise and knowledge base enables production outperformance Impressive performance exceeding initial design scope, underlining the experienced and highly qualified Kingfish team Biomass Growth Productivity 400 0,7 0,68 350 0,63 0,64 0,62 0,64 Production (tonnes) 300 0,54
Slide 15: Poised to rapidly deploy RAS capabilities in new markets
NTIAL Kingfish is poised to rapidly deploy its RAS capabilities in new markets with clear focus on capturing high-value volumes in Europe and US Strategically located to offer ultra-fresh products to total catchment area of ~600-700 million people, without any import related costs Netherlands, Europ
Slide 16: Summary
Summary ▪ Land-based fish farmer of Yellowtail Kingfish, a fish well suited for tank farming compared to other species (e.g. salmon and trout) Land based fish farmer with ▪ 1,500 tonnes current capacity, expansion underway to 3,500 tonnes in the Netherlands established track record ▪ Doubled sales o
Slide 17: Agenda
Agenda 1 Market overview 2 Company overview 3 Operations 4 Q4 and full year 2021 business update
Slide 18: Full year 21 Business update
Full year ‘21 Business update Sales Development • Sales more than doubled from €5.0 million in 2020 to €10.4 • NL (EU) Phase 2 construction on time to increase million in 2021 installed capacity to 3,500t by Q4’22 • Sales volume of more than 900 tons WFE for 2021, compared to • Expanded Phase 2 to i
Slide 19: Sales update Q4 21
Sales update Q4 ‘21 Total whole fish equivalent (WFE) sold (tons) • Q4’21 Sales grew 159% in revenue to €3.8m and 144% in WFE tonnage to 335 tons versus Q4’20 350 + 144% • Fresh demand continues to outstrip supply despite 300 increase in volumes and sales price, while Horeca businesses were impacted
Slide 20: Production update Q4 21
Production update Q4 ‘21 • The first next generation fingerlings have Continued strong production level and sector been produced and two cohorts introduced leading productivity score into grow-out 400 Productivity (kg growth/m3/day) • Standing biomass has doubled since start of 2021 350 • Continued
Slide 21: Development update Europe (NL)
Development update Europe (NL) Status: On track Phase 2- 2021 construction • Phase 1B completed, on time and budget. Target standing biomass reached Broodstock and R&D Key facts • Construction of EU phase 2 remains on schedule Phase 2 Construction Phase Started Q1’21 • In H2 2021, spending on phase
Slide 22: Development update Kingfish Maine
Kingfish Maine Development update • Cleared to start groundworks • Construction in Maine to commence once financing has been secured • Project initiated to transfer large breeder Recent milestones fish from Netherlands to our hatchery at Gained final state level CCAR in Maine approvals Q4 21 Market
Slide 23: The Kingfish Company
O THE KINGFISH COMPANY