Kats, Netherlands-based Kingfish Company posted increased revenue in FY 2025 and higher harvest volumes in Q1 2026 but has observed higher downgrade rates in its fish since May.
According to its preliminary results for last year, the recirculating aquaculture system yellowtail farmer posted revenue of EUR 35.8 million (USD 41.24 million), up 29 percent from the EUR 27.7 million (USD 31.91 million) it posted the prior year. Volumes produced increased to 2,576 metric tons (MT), up from 2,483 MT in 2024. However, its EBITDA in FY 2025 dropped to a loss of EUR 3.7 million (USD 4.26 million), compared to a loss of EUR 3.4 million (USD 3.92 million) in the prior year.
Its FY 2025 results were influenced by scaling back its fresh sales due to unfavorable tariff conditions and a weak U.S. dollar. The company said in its preliminary FY 2025 results that it is now wholly focused on the European market, where it has a more competitive advantage.
The company said the second half of 2025 showed clear improvements over the first half of the year but added the “overall pace of operational and financial improvement remained slower than anticipated.”
The company’s Q1 2026 performance also showed improvement, with production volumes up to 773 MT, a 52 percent increase compared to its Q1 2025 production totals. Volumes sold were also up, increasing 24 percent to 714 MT.
Revenue per kilogram sold in Q1 2026 also increased to EUR 13.20 (USD 15.21) per kilogram, compared to EUR 12.90 (USD 14.86) per kilogram in the same period of the prior year. Feed conversion ratios also improved to 1.47, down from the 1.9 it posted in Q1 2025.
“The Q1 2026 results demonstrate continued progress in our farming operations, with higher production volumes, improved eFCR, and stronger overall biological performance,” Kingfish CEO Vincent Erenst said. “We remain focused on further increasing production efficiency and progressing toward positive EBITDA and operating cash flow while continuing to serve our core European markets.”
The company said it is making progress on its financial restructuring, a process which it announced in May of this year and which involved a EUR 21 million (USD 24 million) fundraise. It said at its next general meeting in August, it plans to ask shareholders to approve the next phase of the process, which will see it undergo another private placement.
Since May, however, the firm has also seen higher rates of downgraded fish.
The company said it is still assessing what the cause of the downgrades are, but it has applied remediation across its production and commercial ctivities.
“These include adjustments to production processes and commercial measures aimed at optimizing sales channels and value recovery for affected volumes,” the company said. "The company is closely monitoring developments and expects these actions to support a gradual normalization of downgrade rates.”
