Recirculating aquaculture system (RAS) yellowtail kingfish producer The Kingfish Company has posted positive EBITDA for the first half of 2026, marking the first time the company has posted a positive half-year result.
Kingfish posted operational EBITDA of EUR 200,000 (USD 231,000) in H1 2026, which was up from a loss of EUR 2.5 million (USD 2.9 million) it posted in the same period of 2025.
“Achieving positive operational EBITDA for the first half of 2026 is an important milestone for us and demonstrates the progress we are making on our path to profitability,” Kingfish Company CEO Vincent Erenst said in a release.
Erenst said the result came despite a “demanding period” for the company, which is currently undergoing a financial restructure. The company raised EUR 21 million (USD 24 million) as a part of that restructure, which the company said should result in a simplified capital structure and reduction of its net debt when completed.
The fundraise came after the company announced in February 2026 that it expected to breach an EBITDA financial covenant at year-end 2025 after a softer Q4 2025 than it expected.
“Together with the strengthened balance sheet following the financing completed in June, this provides a solid foundation to continue scaling toward full utilization of our existing capacity and creating the conditions for the company’s future expansion," Erenst said.
Kingfish Company’s H1 revenue increased 16 percent to EUR 19.8 million (USD 22.9 million), up from the EUR 17 million (USD 19.7 million) it posted in the same period of 2025. The higher revenue was in part thanks to higher sales volumes, as the company sold 1,470 metric tons (MT) of product in H1 2026, up 13 percent from the 1,301 MT it sold in H1 2025.
The company’s gross margin reached EUR 5 million (USD 5.8 million) in H1 2026, more than double the EUR 2.2 million (USD 2.5 million) it posted in H1 2025, which the company said is thanks to increased sales volumes, increased revenue per kilogram, and lower costs.
The company said the higher sales volumes and increased revenue per kilogram, along with improving biological performance and stable input prices, helped reduce farming costs per kilogram, resulting in its positive result for the period.
Kingfish Company’s revenue per kilogram in H1 2026 reached EUR 13.50 (USD 15.63), up from EUR 13.10 (USD 15.16) in H1 2025 and increasing the gross margin per kilogram to EUR 3.40 (USD 3.93) in H1 2026, which was double the EUR 1.70 (USD 1.96) it achieved in the prior year.
The company said part of that was attributable to solid pricing development, and the company’s continued prioritization of larger-sized fresh fish for foodservice customers, which resulted in revenue in that segment increasing by 32 percent.
“The strong sales development represents further progress toward full utilization of the company’s production capacity, with H1 sales volumes corresponding to approximately 83 percent of full capacity,” the company said.
While its larger fish were selling well, The Kingfish Company also said its larger fish were experiencing a decline in achieving superior grade.
“Root-cause analysis is progressing, and mitigation measures have been implemented since June,” the company said. “The company is confident that this is a temporary issue, but due to the length of the biological production cycle, the impact on product mix is expected to continue until at least Q4 2026.”
The company’s standing biomass at the end of June was 950 MT, which it said is in the optimal range of 900 MT to 1,050 MT. The feed conversion ratio decreased to 1.56 in H1 2026 from 1.74 in H1 2025, and the company saw better growth resulting in more large fish of average weights of roughly 3.5 kilograms.
The Kingfish Company said the results are preliminary but were being published “to ensure that investors are appropriately informed ahead of the planned repair offering.” Kingfish Company announced a potential subsequent offering to its EUR 21 million fundraise on 12 May.
Kingfish Company said the subscription period for the repair offering “is expected to commence soon.”
