Q1 2023 Business Update and 2022 annual report

Q1 2023 highlights

o	Demand for high value Dutch Yellowtail kingfish remains strong in food service
and retail, with volume up 18% Year-on-year (YoY)
o	Revenue per kg increased by 6% from Q4 2022
o	Entering the 54th production cycle with improved productivity, reduced Feed
Conversion Ratio (FCR), and zero mass mortalities
o	Phase 2 extension commissioning underway - schedule and budget adjusted

"It has been a great start of the year for The Kingfish Company, with record
sales and continuous production improvements. The demand for our high-quality
product is strong across all our markets, and we are preparing to increase
production to meet growing demand. The commissioning of the Phase 2 extension
installation started in January, and we have now a fully functional
state-of-the-art hatchery that has delivered the first batches of excellent
quality fingerlings. I am excited to complete the construction in the third
quarter, and advance our technology while expanding our markets", said Vincent
Erenst, CEO of The Kingfish Company.

Record sales in Q1 2023

Demand for Dutch Yellowtail kingfish has remained strong in all our markets.
Sales for the quarter reached EUR5.6 MM, up 55% compared to the first quarter of
2022. The revenue per kilo continued to improve, up EUR0.6 /kg compared to Q4
2022, at EUR15.1, driven by the increasing average size of the fish. Volume sold
increased 18% YOY, to 375 tons.

The Phase 1 plant has maintained a steady state capacity for the fourth
consecutive quarter, producing 421 tons in Q1. Additionally in Q1, a new
productivity record of 0.86 kg growth/m3/day in Q1 was set, and FCR decreased to
1.34. The company continues its feed trials aiming at reducing the content of
marine ingredients and further improving efficiency.

Commissioning of Phase 2 extension has started, with revised project schedule

The commissioning of the Phase 2 extension has started, with the new pumphouse,
the second hatchery and a new connection to the grid being operational since
January 2023. The new state-of-the-art hatchery has already delivered two
batches of high quality fingerlings.

After an external review of the construction progress for the waste water
treatment plant, the new grow-out facility and the processing plant, the
planning has been adjusted. The commissioning of the first of three grow-out
systems will start in May 2023 while the last tranche is projected to start in
September 2023. The new timeline is mainly a result of delayed development of
automation systems and software. As a result of the revised planning, the capex
forecast for phase 2 has been adjusted upwards to EUR 95 MM.

The delay of the Phase 2 extension will not have a material impact on the 2023
harvest volume. Phase 2 harvest is expected to start in Q1 2024, and to reach
steady state capacity in Q4 2024. EUR73 MM have already been spent by year-end
2022 and the company expects to have sufficient liquidity to complete this
project in Q3 2023.

Furthermore the company is monitoring its liquidity situation and is considering
several funding alternatives to finance the biomass and working capital growth
of Phase 2, to meet all required financial covenants, as well as to finance the
preparation of future extension projects, either in the US or Phase 3 in the
Netherlands. 


Full Year 2022 highlights

o	Revenue increased 81% YOY to EUR18.7 MM
o	Operational improvements and production of larger fish offsetting impact of
inflation
o	EBITDA loss per kg halved to EUR(2.6) confirming path to profitability 

The environment in 2022 was challenging, with inflation accelerating
significantly after the start of the war in Ukraine. In the second half of the
year, input costs saw a sharp increase, particularly in feed and energy
expenses. The company was able to mitigate the impact of the increasing
operating costs by increasing the revenue per kilo to EUR14.5 at the end of the
year, as well as increasing the efficiency of our operations.

Strong demand for Dutch Yellowtail despite the inflationary environment

The demand for Dutch Yellowtail kingfish continued growing rapidly. Revenue
increased by 81% in 2022, with volume up 59% to 1435 tons. The revenue per kilo
increased strongly in the second half of the year as a result of an increased
proportion of large fish and increased prices.

Path to profitability confirmed

Kingfish has confirmed its path to profitability with operational EBITDA
improving by 38% to EUR(3.9) MM. This is the result of the scaling of the
operations, with production increasing by 31% to 1511 tons in 2022, and
consistent operations running at steady state capacity during the last three
quarters of the year. The introduction of the 3rd generation of fingerlings has
shown promising results, with increased growth rates and a reduced FCR. The
EBITDA / kg has reached EUR(2.6) in the fourth quarter of 2022, an improvement of
51% YOY

Outlook

Management remains positive about the outlook for The Kingfish Company despite a
recent spike in energy costs and feed prices. The Group capacity will more than
double after the commissioning of the new extension of the farm in Zeeland,
enabling us to meet the growing demand for high-quality yellowtail kingfish. The
company expects to benefit from the scaling effect and further improvement in
operations and productivity, to become profitable and cash positive. Management
continues developing the plans for further expansions in the US and in Europe.

For more information

Please see the attached Q1 2023 business update and the 2022 financial
statements presentation. The Kingfish Company will present the business update
to investors, analysts and media on Thursday April 20, 2023 at 15:00 CET. The
online presentation will be followed by a Q&A session. Both will be hosted by
the company's CEO Vincent Erenst, and CFO Jean-Charles Valette.

Call in details
https://bit.ly/3L9eLyn

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 1,500 tons of high quality and high-value yellowtail
kingfish. Expansion is underway and capacity in the Netherlands is expected to
reach 3,500 tons in 2023. Kingfish Maine is now fully permitted by local, state
and federal regulatory agencies.

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 energy, sourced from wind, solar and biogas. The Company's
facilities operate on sea water, avoiding wasting of precious fresh water.

The Kingfish Company's main product at present, 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) and
British Retail Consortium (BRC). It was the winner of the 2019 Seafood
Excellence Award, and it is recommended as green choice by Good Fish Foundation.