Kats, Netherlands-based The Kingfish Company posted a softer Q4 2025 than the company anticipated, and said it expects to not comply with EBITDA financial covenants as of year-end 2025.
The Kingfish Company posted revenue of EUR 8.5 million (USD 10 million) in Q4 2025, up 14 percent compared to the same period of 2024. Volumes sold also increased to 621 metric tons (MT), up 12 percent, and its revenue per kilogram also increased by EUR 0.30 (USD 0.35) compared to the same period of 2024.
The land-based yellowtail kingfish producer was forced to scale back its fresh sales in the U.S. in response to import tariffs and the exchange rate, despite what it called strong demand for the project in the U.S. The company said market conditions in the U.S. “do not support profitable operations” and that it was continuing to bank on its plans to build a land-based farm in the U.S. state of Maine as a way to break into the market.
Production at its land-based yellowtail farm was stable during Q4 2025, and the company said it is increasing the proportion of larger fish in its farm as part of a medium-term production strategy.
The company has also been predicting that it would achieve a positive EBITDA in 2026, and in its latest trading update said it expects to still be EBITDA positive but “no longer expects to be cash flow positive from operations during that year.”
The company’s trading update did not include exact details of its EBITDA for the quarter, but it said that it was “softer” than expected and that it will likely breach an EBITDA financial covenant as of year-end.
“Kingfish has initiated discussions with its key stakeholders regarding its capital structure and financing arrangements, which could include issuance of new equity,” the company said. “These discussions are ongoing and are intended to ensure that the company remains adequately funded to support its ramp-up towards full farm capacity utilization and to maintain compliance with its financial covenants.”
Market conditions during the quarter likely contributed to the softness, as Kingfish said there was an increase in availability of wild-caught fish which caused downward pressure on pricing.
“Towards the end of the quarter, market conditions began to normalize, with demand remaining resilient during the holiday season,” the company said.
Kingfish Company is currently under the leadership of CEO Vincent Erenst, who had originally announced his retirement in August 2025. Those plans were cut short when Karl Buiks, who was tapped to be Erenst’s replacement, announced he was stepping down in December 2025. Kingfish announced Buiks was selected for the role in November 2025, but he lasted less than a month before he resigned.
Buiks cited personal reasons for his departure, and Erenst said he plans to stay with the company for an additional year as the company begins the search for a new CEO.
The company’s full financial results and annual report are scheduled to be released on 26 March, 2026.
