Fish farmer in the black for first time
Higher sales volumes and lower farming costs lifted The Kingfish Company in the first half of the year. EBITDA turned positive.
Published
Modified
In a stock exchange announcement on Friday, the company said it sold 1,470 tonnes of fish in the first half, 13% more than in the same period last year. Revenue increased by 16% to €19.8 million.
Operational EBITDA came in at €0.2 million, compared with a loss of €2.5 million a year earlier. It is the first time the company has achieved positive operational EBITDA for a half-year period.
Chief executive Vincent Erenst said the development represents an important milestone following a challenging period.
“This has been a demanding period for the organisation, with the restructuring taking place alongside the operational work. I am very proud of what the team has delivered,” Erenst said in the announcement.
More fish and lower costs
Production increased by 21% to 1,464 tonnes. According to the company, the increase was due to more normal operations at the facility and improved biological performance.
Feed conversion ratio improved, while farming costs fell by €1.2 per kg compared with the first half of last year.
The company is now working to increase production further and make greater use of the capacity already built.
Still in the red
The Kingfish Company nevertheless remains loss-making when depreciation, amortisation, impairments and other costs are included.
EBIT was negative €6.2 million, compared with negative €12.7 million in the first half of 2025. The difference between operational EBITDA and EBIT is mainly due to depreciation, amortisation and impairments, as well as exceptional costs related to the financing process.
Quality issue puts pressure on price
The improved half-year figures come as the company continues to address the quality issue that emerged this spring.
From May, the proportion of larger fish achieving superior grade declined. Measures have been implemented since June, but the company expects the product mix to remain affected at least through the fourth quarter. This could result in a lower average price for the largest fish.
The company is still working to identify the underlying cause.
Balance sheet strengthened
In June, The Kingfish Company raised €21 million in new equity. At the same time, around €49 million of convertible debt was converted into equity.
“The strengthened balance sheet following the financing in June provides a solid foundation for increasing utilisation of the existing capacity and enabling further expansion,” said Erenst.
A subsequent offering for existing shareholders is expected to begin shortly and will complete the financing round.
For the remainder of 2026 and into 2027, the company said its priorities will be to increase production and restore the superior-grade share to normal levels. Kingfish also warned that tighter supplies of fishmeal and fish oil could lead to higher feed prices going forward.
