The Kingfish Company (KING) Q4 2025 TU earnings summary

Financial performance

• Q4 2025 revenue reached €8.5 million, up 14% year-on-year, or 21% like-for-like excluding US fresh sales.

• Volume sold increased 12% year-on-year to 621 metric tonnes.

• Revenue per kg rose by €0.3 compared to the previous year.

Market and operational update

• Market conditions were competitive due to increased wild-caught fish availability, but normalized towards quarter end.

• Production stabilized with 725 metric tonnes produced and a focus on larger fish in the biomass.

• Biomass at quarter end stood at 1,054 metric tonnes.

Outlook and financing

• EBITDA covenant for year-end 2025 is not expected to be met.

• EBITDA positivity is anticipated for 2026, but not cash flow positivity from operations.

• Discussions on capital structure and financing, including potential new equity, have been initiated to support ramp-up and covenant compliance.