Kingfish Company N.v. · OSL:KING
Kingfish — The Kingfish Company — FY2024 Earnings Presentation
17 slides from Kingfish's earnings presentation, Mar 27, 2025
Slide 1: Q4 and FY 2024 Financial Results
Q4 and FY 2024 Financial Results March 27, 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 Highlights 2024 Production Sales Profitability Financing Concluding Remarks 3
Slide 4: Highlights 2024
Highlights 2024 Strong growth and solid production paving the way to full utilization of the farm’s capacity Record growth achieved in Q4 with over 60% volume increase Operational EBITDA €-1.7 per kg (2023: €-2.7 per kg) Biomass adjustment plan initiated Centralization of US and NL hatchery activiti
Slide 5: Production
Production Reliable, consistent production reinforces the farm’s operational stability and scalability 700 0.86 0.83 637 642 641 0.90 626 631 600 512 569 0.80 Farm production remains strong and 0.80 0.64 consistent: 0.70 500 0.57 0.56 421 0.54 0.60 0.50 400 0.50 Stable output of 641 MT for the 300 0
Slide 6: Biomass optimization
Biomass optimization Working towards an optimal biomass level to maximize farm potential Biomass Biomass reduction plan initiated in Q4 1,118 2024 1,075 1,043 1,063 Aiming at reducing biomass to 967 around 900 MT by Q1 2025, to align with 800-900 fresh sales volume forecast 751 Optimal biomass will
Slide 7: Sales volume and revenue
Sales volume and revenue Momentum building with accelerating sales growth each quarter Sales volume in tons Revenue per quarter +62% YoY +44% YoY 7,000 556 6,000 512 514 5,000 4,000 3,000 410 377 375 2,000 363 343 1,000 - Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 - 24 Q1 Q2 Q3 Q4 2022 2023 2024 N
Slide 8: Price and size mix
Price and size mix Revenue evolution driven by product mix and market expansion Revenue in € per kg Ratio Large / Small - Fresh Large Small 15.2 14.4 14.2 14.3 13.4 53% 54% 51% 49% 45% 44% 44% 37% Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Average FY revenue per kg
Slide 9: Production financials
Production financials Higher FCR driving temporary cost increase Feed cost Energy cost Production cost EUR / kg produced EUR / kg produced EUR / kg produced = +113% +13% 1.7 1.4 9.4 4.0 1.4 1.3 8.9 8.8 3.7 3.7 8.1 7.7 3.5 3.1 0.6 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q4 23 Q1 2
Slide 10: Profitability
Profitability Path to profitability intact as scale improves Gross margin SG&A Operational EBITDA EUR / kg sold EUR / kg sold EUR / kg sold -45% -70% Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 4.6 7.5 -0.6 -0.9 5.1 3.0 2.9 2.9 4.5 -1.6 4.1 3.8 0.9 -3.4 -4.5 +24% Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q4 23 Q1 24 Q2 24 Q3
Slide 11: Path to profitability
Path to profitability Four strategic levers to unlock sustainable profitability 1 2 3 4 Scale to full Biological Size mix Costs capacity performance Accelerate sales Prioritize sales of Drive improvements Apply disciplined cost growth to full Fresh Large fish to of biological metrics control and str
Slide 12: Cash flow and liquidity
Cash flow and liquidity Strong liquidity position following capital raise, supporting accelerated commercial ramp-up Total liquidity €8.8mio Cash usage totalled €5.8 million for the quarter, driven by: Cash Overdraft facility €3.6mio €5.0mio €0.4 million increase in frozen inventory and biomass €1.8
Slide 13: US Hatchery
US Hatchery Consolidation of US hatchery activities in Dutch facility New hatchery in Kats commissioned in Q1 2023 State-of-the-art facility with consistent high- quality output Leading breeding program with new generation fish introduced in Q4 2024 ahead of plan All hatchery activities consolidated
Slide 14: Expansion projects update
Expansion projects update Timing of the start of the construction will be determined once favourable legal, economic, and financing conditions are in place Maine, United States – 8,500MT facility Netherlands – Phase 3 expansion of 2,500MT Phase 3 will add 2,500MT, bringing total Last appeal judgemen
Slide 15: Sustainability
Sustainability 2025 targets already achieved and continued focus on responsible growth 100% green Executing on UN Sustainable Development Goals (SDGs) Zero antibiotics electricity 100% certifications maintained FFDR1: CO2 / kg produced: 2025 target achieved 2025 target achieved 6.42 Target 2.42 2.54
Slide 16: Concluding remarks
Concluding remarks Strong foundations in place as we optimize performance and prepare for future scale-up 2024 has demonstrated the strength of our Kingfish production platform: Operating the world’s leading yellowtail kingfish hatchery Strong grow-out performance Significant progress in R&D and fee
Slide 17: Next update
Next update Q1 25 Trading update – May 8, 2025