The Kingfish Company (KING) H1 2025 earnings summary

Executive summary

• Sales volume increased 41% year-over-year to 1,301 tons in H1 2025, with revenue up 31% to €17 million, driven by a new commercial strategy and higher large fish sales.

• Revenue per kilo declined due to promotional pricing, increased frozen sales, and a shift in sales mix.

• Net loss after tax widened to €18.5 million from €13.3 million in H1 2024, mainly due to higher financing costs.

• U.S. fresh sales scaled back due to tariffs, unfavorable exchange rates, and high logistics costs; frozen sales continue.

• CEO announced retirement at year-end; board is searching for a successor.

Financial highlights

• Gross margin per kg dropped to €1.7 in H1 2025, impacted by lower prices and higher farming costs.

• Operational EBITDA per kg was -€2.0, showing improvement from -€3.0 in H1 2023 but down from -€1.1 in H1 2024.

• SG&A costs reduced by 6% in absolute terms and 33% per kg sold year-over-year.

• Total liquidity at 30 June 2025 was €15.3 million, including €10.3 million in cash and a €5.0 million overdraft facility.

• Operating cash outflow was €3.6 million; farm capex totaled €0.9 million; €14 million equity raised in H1 2025.

Outlook and guidance

• Sales volumes expected to increase in H2 2025, with a higher proportion of large-sized fish and price recovery anticipated.

• Break-even on EBITDA now expected in early 2026, delayed by 1–2 quarters from previous guidance.

• Full normalization of feed conversion ratio and further cost optimization targeted within 2–3 quarters.

• Focus on accelerating revenue growth to achieve full production capacity utilization and expanding customer base.