The Kingfish Company posts record sales, but profit declines in H1
Dutch land-based aquaculture firm the Kingfish Company today reported record sales volume and strong revenue growth for the first half of 2025, but noted that profitability and market challenges remain. The company achieved a new sales record with a volume of 1,301 tonnes, a 41 per cent increase from the same period last year. This led to revenue accelerating by 31 per cent to €17 million ($18.36 million), primarily driven by the higher sales volumes.
However, the company faced a decrease in its profitability. The average revenue per kilogram fell to €13.1, down from €14.3 in the first half of 2024. The Kingfish Company said this decline was a result of targeted promotional pricing and a higher proportion of frozen product sales, which were implemented to reduce inventory levels.
The company's gross margin per kilogram was also significantly lower at €1.7 compared to €3.6 in the previous year, which was also impacted by temporarily elevated farming costs.
In light of these financial pressures, the Kingfish Company announced a strategic shift in its commercial approach to the United States. Due to increased import tariffs, an unfavourable exchange rate, and elevated logistics costs, the company has decided to scale back its commercial activities for fresh yellowtail kingfish in the US. The company will continue to sell its frozen product portfolio in the region. The Kingfish Company said that while it views the US as a strategically important market, current conditions do not support profitable operations.
Operationally, the company noted it has now achieved a balance between production and sales volumes, and it stated that farming conditions have “normalised.” The company’s focus on improving its biological performance led to an improvement in its feed conversion ratio from 1.9 in the first quarter of 2025 to 1.6 in the second quarter, although this remains above its target.
As the company continues to navigate its market development phase, it has revised its financial outlook. The Kingfish Company now anticipates achieving positive operational profitability and cash flow in 2026, which represents a one- to two-quarter shift from its earlier expectation. The company said it remains optimistic about the opportunities ahead and is focused on accelerating revenue growth and optimising its operations to achieve full utilisation of its production capacity.
