First quarter 2024 financial results  

Starting the year with record sales volume

Highlights Q1 2024
o	Biomass growth of 642 tons (Q1 2023: 421 tons)
o	Volume sold up 13% to 410 tons (Q1 2023: 363 tons)
o	Revenue up by 5% to EUR5.9 million (Q1 2023: EUR5.6 million)
o	Revenue per kg decreased to EUR 14.4 (Q1 2023: EUR 15.1 per kg)
o	Gross margin per kg sold increased 90% to EUR 4.6 per kg (Q1 2023: EUR 2.4 per kg)
o	Operational EBITDA per kg sold up 82% to EUR -0.6 per kg (Q1 2023: EUR -3.1 per
kg)

Kats, Netherlands - May 8, 2024: The Kingfish Company N.V. (the "Company";
"Kingfish"; OSE: KING), pioneer and leader in sustainable land-based production
of yellowtail kingfish, announces Q1 2024 financial results. 

"The first-quarter financial results indicate a promising start to the year,
with an increase in sales volume, and operational EBITDA closing in on
break-even. Our primary focus this year is on further development of sales and
operations; we are expanding sales to both existing and new clients in Europe
and North America, while simultaneously exploring new markets for our Yellowtail
Kingfish. We will also work with our team on further improvement of operational
efficiency," said Vincent Erenst, CEO of The Kingfish Company.

Financial review

The biological performance continued to exceed expectations, achieving a biomass
growth of 642 tons in the quarter, slightly higher than the 626 tons achieved in
Q4 2023. The standing biomass reached 1,043 tons at the end of the first
quarter. As we have almost reached the maximum carrying capacity of our
installations, we proactively manage growth. This explains the lower
productivity of 0.57 kg per cubic meter per day (Q4 2023: 0.63 kg per cubic
meter per day). New feed formulations, improved quality of the juveniles in
combination with lower temperature, resulted in a reduction of the eFCR to 1.26,
a significant improvement compared to 1.42 in Q4 2023. 

Revenue increased by 5% to EUR5.9 million, compared to EUR5.6 million in Q1 2023.
This growth was primarily driven by increased sales to the retail sector, while
growth in the horeca sector will accelerate with the start of the summer season.
Total volume sold reached 410 tons, up from 363 tons in Q1 2023. However, the
average revenue per kilogram declined from EUR15.1 in Q1 2023 to EUR14.4, attributed
to intensified promotional activities in retail. Despite facing increased price
competition in the US frozen market, sales volumes in North America experienced
significant growth, alongside positive performance in Italy, France and Spain. 

As we continued to ramp-up production and sales to fully utilize the Phase 2
capacity, the Company made significant progress towards reaching profitability,
with a 90% increase in gross margin per kg to EUR4.6 (Q1 2023: EUR2.4 per kg).

Sales and marketing expenses saw a 46% increase compared to Q1 2023, driven by
intensified activities aimed at accelerating the penetration of Yellowtail
Kingfish in our key markets and exploring new promising markets. Despite these
investments, the Company is approaching operational EBITDA break-even. The
operational EBITDA loss narrowed substantially in the quarter by 80% to EUR-0.3
million (compared to Q1 2023: 
EUR-1.1 million).

 
Cash flow and liquidity

On March 31, 2024, the Company maintains liquidity of EUR26 million, comprising
EUR20 million in cash and short-term deposits, along with EUR6 million in financing
facilities. Cash usage in the first quarter amounted to EUR5.2 million. Capex
spent in the period amounted to EUR1.2 million, while inventory increased by EUR2.5
million. The biomass increased by 76 tons compared to the end of December 2023
and is now approaching the optimal volume. Frozen inventory increased by EUR1.2
million in the period.

The EUR75 million Phase 2 financing facility from PCP has been fully drawn down in
the period and the Company has started paying interest in cash. Net debt (IFRS)
stood at EUR84.6 million, reflecting an increase of EUR7.5 million compared to the
EUR77.1 million reported on December 31, 2023.

Outlook

As The Kingfish Company continues to navigate through its growth journey, we are
excited about the potential that lies ahead. The Company is focusing on
accelerating revenue growth, while optimizing operations and is investing
significantly in sales and marketing to accelerate the expansion of its customer
base and develop existing and new markets. 

Whereas the current main priority is on optimizing the operations in the
Netherlands, the Company also continues to develop expansion plans in the US and
the Netherlands. The Company expects to benefit from the scaling effect and
further improvement in operations and productivity to become profitable and cash
positive. 

The Company is closely monitoring the development of its liquidity position and
is focused on ensuring that it remains fully financed to sustain the current
growth trajectory.


Webcast

CEO Vincent Erenst and CFO Jean-Charles Valette will present the Q1 2024
financial results on Wednesday May 8, 2024, at 14:00 CET. The online
presentation will be followed by a Q&A session. The presentation will be
available on our website before the start of the webcast.
Click here to access the webcast.

For media and investor inquiries, please contact 
press@the-kingfish-company.com 
ir@the-kingfish-company.com

Company News feed 
https://www.the-kingfish-company.com/news

About The Kingfish Company
The Kingfish Company is a pioneer and leader in sustainable land-based
aquaculture. Current annual production capacity at its Kingfish Zeeland facility
in the Netherlands is 3,500 tons of high quality and high-value yellowtail
kingfish. Next expansion opportunities are in the Netherlands and the US.
Kingfish Maine is fully permitted by local, state, and federal regulatory
agencies to build an 8,500 tons production facility. 
Production is based on advanced recirculating aquaculture systems (RAS), which
protect biodiversity and ensure biosecurity. Animal welfare is paramount, and
the fish is grown without use of antibiotics and vaccines. Operations run on 100
percent renewable electricity, sourced from wind, solar and biogas. The
Company's facilities operate on sea water, avoiding wasting precious fresh
water.
The Kingfish Company's main product, the Dutch Yellowtail (also known as
ricciola/hiramasa/greater amberjack) is a highly versatile premium fish species,
well known in the Italian and Asian fusion cuisines. Its products are certified
and approved as sustainable and environmentally friendly by Aquaculture
Stewardship Council (ASC), Best Aquaculture Practices (BAP), GLOBALG.A.P. and
Friend of the Sea. It was the winner of the 2019 Seafood Excellence Award, and
it is recommended as green choice by Good Fish Foundation. Yellowtail amberjack
farmed in recirculating aquaculture systems is rated a Green Best Choice by
Seafood Watch

This press release contains certain non-IFRS financial measures which are not
recognized measures of financial performance under IFRS. All figures in the
press release are unaudited.

This information is pursuant to the EU Market Abuse Regulation and subject to
the disclosure requirements pursuant to Section 5-12 the Norwegian Securities
Trading Act.

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