KING: Preliminary first half year 2026 financial results

The Kingfish Company reports positive operational EBITDA in H1 2026

Highlights H1 2026 

o	Sales volume 1,470 tons, up 13 % (H1 2025: 1,301 tons)
o	Revenue increased 16% to EUR19.8 million (H1 2025: EUR17.0 million)
o	Operational EBITDA of EUR0.2 million, turning positive for the first six months
of 2026 (H1 2025: negative EUR2.5 million)
o	Gross margin of EUR5.0 million, more than doubled compared with the EUR2.2 million
in H1 2025, reflecting higher sales volumes, increased revenue per kg and lower
COGS per kg 
o	Financing transaction materially completed in June, significantly
strengthening the Company's balance sheet and liquidity position
o	Subsequent repair offering expected to commence soon


Kats, Netherlands - August 14, 2026 - The Kingfish Company N.V. (the "Company";
"Kingfish"; OSE: KING), pioneer and leader in sustainable land-based production
of yellowtail kingfish, today publishes its preliminary and unaudited key
financial figures for the first half of 2026.

These preliminary figures are being published to ensure that investors are
appropriately informed ahead of the planned repair offering, which is expected
to commence soon (see the stock exchange announcement dated 12 May 2026). The
Company's Half-Year Interim Consolidated Financial Statements will be published
at a later date, in accordance with the Company's financial calendar.

Sales, revenue and production figures for the period were published in the Q2
2026 trading update on July 30, 2026 and remain unchanged. Today's release adds
more financial figures for the first half of the year, including gross margin
and cashflow for the period, and further detail on operational performance.

Positive operational EBITDA marks an important milestone

The Kingfish Company achieved positive operational EBITDA1 in H1 2026, marking
an important milestone in the Company's progress towards sustainable
profitability and cash generation.

The improvement was broad-based and reflects progress across all key
profitability drivers. Higher sales volumes and increased revenue per kg drove
revenue growth, while higher production, improving biological performance and
stable input prices contributed to a significant reduction in farming costs per
kg. 

As a result, gross margin more than doubled compared with H1 2025, while
operational EBITDA improved to positive EUR0.2 million from negative EUR2.5 million
in the same period last year.

Vincent Erenst, CEO of The Kingfish Company, commented:
"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. This has been a demanding period for the organization,
with the restructuring running alongside the operational work, and I am very
proud of what our team has delivered. Together with the strengthened balance
sheet following the financing completed in June, this provides a solid
foundation to continue scaling towards full utilization of our existing
capacity, and create the conditions for the Company's future expansion."

Key financial figures H1 2026 
The numbers below are preliminary and unaudited. The company's half-year Interim
Consolidated Financial Statements will be published at a later date, in
accordance with the Company's financial calendar. 

(in mEUR, unless stated otherwise)  	H1 '26 	H1 '25 
Volume sold (MT)  	1,470	1,301 
Revenue  	19.8 	17.0 
Revenue EUR per kg  	13.5 	13.1 
Gross margin  	5.0 	2.2 
Gross margin EUR per kg  	3.4 	1.7 
Operational EBITDA    	0.2 	-2.5 
Operational EBITDA EUR per kg  	0.1 	-2.0 
Growth expenses  	-0.1 	-0.2 
FVA 	-0.1 	-2.8 
Exceptional costs  	-0.9 	0.0 
Depreciation, amortization and impairment  	-5.2 	-6.2 
EBIT  	-6.2 	-12.7 

Strong sales growth and positive pricing development 

Sales volume increased by 13% to 1,470 tons in H1 2026, compared with 1,301 tons
in H1 2025. On a like-for-like basis, excluding fresh sales to the U.S., which
the Company discontinued at the end of Q3 2025, sales volume increased by 19%.
Like-for-like revenue grew by 23%, outpacing volume growth and reflecting a
EUR0.4/kg increase in average revenue per kg.

The Company continued to prioritize fresh large fish for foodservice customers,
with revenue in this segment increasing by 32%. The fresh small fish segment
also continued to grow, with revenue increasing by 15%. Large fish represented
52% of fresh sales volume in H1 2026, an increase of 6 percentage points
compared with H1 2025.

The strong sales development represents further progress towards full
utilization of the Company's production capacity, with H1 sales volumes
corresponding to approximately 83% of full capacity.

From May, the Company experienced a decline in the proportion of large fish
achieving Superior grade, primarily affecting larger fish. Root-cause analysis
is progressing, and mitigation measures have been implemented since June. 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.

Record production and improving biological performance 

Production volume amounted to 1,464 tons in H1 2026, up 21% compared with H1
2025. The increase reflects the normalization of farm operations and improved
growth.

Standing biomass was approximately 950 tons the end of June, within the
Company's targeted optimal range of 900-1,050 tons. Biological performance
continued to improve, with eFCR decreasing to 1.56 in H1 2026 from 1.74 in H1
2025. Better growth also yielded larger fish, with harvested large fish reaching
average weights up to approximately 3.5 kg.

Higher production volumes, normalized biomass levels and improved biological
performance contributed to a EUR1.2/kg reduction in farming costs compared with H1
2025. Input prices, including feed and energy, remained relatively stable during
the period.

Gross margin more than doubled and positive operational EBITDA

Gross margin increased to EUR5.0 million in H1 2026 from EUR2.2 million in H1 2025,
more than doubling year-on-year. The improvement was driven by progress across
all key profitability levers: higher sales volumes, increased revenue per kg and
lower farming costs, resulting in a significant reduction in COGS per kg.

Selling expenses and overheads increased by 2% year-on-year, or EUR0.1 million, as
reduced selling expenses from discontinuing the Company's sales efforts for
fresh product in North America were offset by higher costs of financial
services.

As a result, Operational EBITDA was positive for the first half of the year, for
the first time in the Company's history.

Strong improvement in cash generation 

Cash used in operations and farm capex improved significantly to EUR2.7 million in
H1 2026, compared with EUR5.0 million in H1 2025. H1 2026 cash used in operations
includes EUR1 million of exceptional expenses related to the financing completed
during the period.

A decrease in working capital contributed EUR0.5 million of cash during the
semester, mainly driven by lower inventory levels as a result of lower standing
biomass and reduced farming costs.

Farm CAPEX amounted to EUR1.3 million in H1 2026, compared with EUR0.9 million in H1
2025. The increase was primarily related to a mandatory upgrade of the farm's
internal electricity network required by the regional grid operator.

Financing completed and balance sheet strengthened

On June 26, 2026, The Kingfish Company completed the private placement announced
during Q2, significantly strengthening its balance sheet and liquidity position.
The transaction included EUR21 million of new equity and the full conversion into
equity of approximately EUR49 million of convertible debt. In addition, the
maturity of the Company's senior debt facility was extended to April 2029, with
revised financial covenants aligned with the Company's path towards
profitability and cash generation.

Following completion of the private placement, net debt was reduced to
approximately EUR60 million, with the Company holding a cash balance of EUR19
million as of June 30, 2026.

Repair offering

As previously announced, the Company intends to conduct a repair offering for
eligible shareholders, see the stock exchange announcement dated 12 May 2026 The
subscription period is expected to commence soon.
The repair offering will conclude this financing round.

Outlook

Following the progress achieved in H1 2026, the Company remains focused on
scaling towards full utilization of its installed production capacity, while
further improving profitability and cash generation. 

The key priorities for the remainder of 2026 and 2027 are:
o	Increasing production volumes by further accelerating growth of the fish to
reach full capacity of the farm
o	Normalizing proportion Superior grade of large size fish
o	Continued sales growth in line with production growth
o	Prioritizing large fish for foodservice channels
o	Further feed development to reduce marine ingredients 

As communicated in the Q2 2026 trading update, the temporary reduction in the
share of Superior grade of large fish will continue to affect the product mix at
least until Q4 2026, which may negatively affect the average realized sales
price for large fish. Mitigation measures have been implemented and the Company
continues to assess the underlying causes and closely monitor progress.

Due to a developing "El Niño" event in the Pacific Ocean, the supply of fishmeal
and fish oil, important raw materials for Kingfish feed, has become constrained.
The Company therefore expects higher feed prices in the coming periods.


For media and investor inquiries, please contact
press@thekingfishcompany.com  
ir@thekingfishcompany.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. 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 Yellowtail Kingfish (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), GLOBAL G.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 Kingfish
farmed in recirculating aquaculture systems is rated as Green Best Choice by
Seafood Watch. 
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.

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 preliminary and unaudited.
se Regulation and subject to\
the disclosure requirements pursuant to Section 5-12 the Norwegian Securities\
Trading Act.\
\
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 preliminary and unaudited.\