The Kingfish Company reported a revenue increase of 29 per cent to €35.8 million ($41.5 million) in its preliminary results for 2025, compared to €27.7 million during the previous year.
This growth was driven by higher sales volumes and continued demand in European markets, although the overall pace of operational and financial improvement remained slower than anticipated.
To strengthen its financial position, the Dutch aquaculture company is progressing with a restructuring process and has called an extraordinary general meeting for June 19.
The company stated that, subject to these approvals, the private placement is expected to be completed shortly after the meeting, with the subsequent repair offer expected to commence in early July.
For the first quarter of 2026, the company reported strong biological performance, with production volumes rising 53 per cent to 773 tons compared to the first quarter of 2025. Commercial performance also improved during this period, supported by a higher average revenue of €13.2 per kilogram and a focus on larger fresh fish.
Due to unfavourable tariff conditions and a weak US dollar, the company discontinued fresh product sales in North America in October 2025. Consequently, the commercial focus has been fully redirected to European markets, where the business holds a structural competitive advantage.
The company reported that its biological feed conversion ratio improved to 1.47 in the first quarter of 2026, down from 1.9 in the same period of the prior year.
“We remain focused on further increasing production efficiency, and progressing towards positive EBITDA and operating cash flow, while continuing to serve our core European markets,” said Vincent Erenst, Chief Executive Officer of the company.
Since May 2026, it has observed a higher rate of downgraded fish and has implemented remediation actions across both production and commercial activities.
