Kingfish Company adjusts production methods after increase in downgrades
Netherlands seriola farmer The Kingfish Company has made adjustments to production processes after experiencing a higher rate of downgraded fish since May, it said in a business update this week.
“While the underlying causes are still being assessed, the company has identified a number of contributing factors and has implemented remediation actions across both production and commercial activities,” Kingfish wrote.
“These include adjustments to production processes and commercial measures aimed at optimising sales channels and value recovery for affected volumes. The company is closely monitoring developments and expects these actions to support a gradual normalisation of downgrade rates.”
Kingfish’s market announcement included preliminary unaudited results for 2025 results and for the first quarter of 2026. Operating losses (EBIT) last year totalled €-19.2 million, down from €-23.7m in 2024. More than two-thirds of the 2025 losses came in the first half of the year, with H2 losses reduced to €-6.5m (H2 2024: €-14.1m)
Revenue growth
“In 2025, the company delivered revenue growth of 29% [to €35.8m], supported by higher sales volumes and continued demand in its core European markets. The second half of the year showed clear improvement compared to the first half and the prior-year period, although the overall pace of operational and financial improvement remained slower than anticipated,” wrote Kingfish.
The company reported strong biological performance in Q1 2026, with higher production volumes, improved economic feed conversion ratio (eFCR) and continued progress in farming performance.
“Commercial performance also improved in the first quarter, supported by higher revenue per kilogram and a stronger focus on larger fresh fish,” wrote the company.
Refinancing process
Kingfish will hold an extraordinary general meeting tomorrow, where shareholders will be asked to approve the next phase of a refinancing process.
“Looking ahead, the company’s strategic focus remains unchanged: ramping up towards full capacity utilisation while progressing towards positive EBITDA and positive operating cash flow,” wrote Kingfish. “This will be supported by increased farm utilisation, growing demand for large fish, optimisation of revenue per kilogram and continued efficiency gains across the organisation.”
The Oslo-listed Kingfish Company grows Seriola lalandi in a 4,000-tonne-capacity recirculating aquaculture system facility in Zeeland. On June 2, the Euronext Oslo Børs announced that the company had been placed on the marketplace’s “penalty bench” because its annual report for 2025 had not been published by the deadline.
“The preparation of the company’s audited 2025 financial statements is progressing well,” Kingfish wrote in its update this week. “The process has taken longer than initially anticipated, mainly due to the significant time and resources dedicated to the ongoing financing process, together with the additional work associated with the first-year audit cycle following the appointment of the company’s new auditor.”
