The Kingfish Company

Investor Presentation • Sep 4, 2025

H1 2025 Financial Results

September 4, 2025

Disclaimer

This document includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. These statements and this document are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for The Kingfish Company's business. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for The Kingfish Company's business, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time in the document. Although The Kingfish Company believes that its expectations and the document are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in the document. The Kingfish Company is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the document, and neither The Kingfish Company nor any of its directors or employees will have any liability to you or any other persons resulting from your use.

Production

Sales

Profitability

Financing

Concluding Remarks

Key events H1 2025

Strong top line performance underscores continued market momentum

• Sales volume increased 41% to 1301 tons
• Revenue accelerated 31% to € 17.0M
• Revenue per kg € 13.1 vs € 14.3 in H1 2024
• Successful completion of biomass reduction plan

Path to profitability

H1 delivered gains across all profitability drivers

Accelerating volume growth

Sales volume growing rapidly as commercial strategy gains momentum

in total mix

• Focus on horeca and large sizes
• Expansion of distribution network
• Increased sales reps in key markets

Prices of strategic Large-Fresh segment stable

Promotions and frozen sales impact revenue per kg

• Large fish prices remained stable despite higher volumes
• Small fish prices declined in Fresh markets due to Q1 promotions
• Focus on reducing Frozen inventory affected average price
• Avg price per kg decreased YoY, but increased QoQ
• Lower average price reflects faster growth in geographies with below-average price levels

United States market update

• Commercial efforts to develop the fresh yellowtail kingfish market in the US are scaled back; frozen yellowtail kingfish sales continue
• Decision driven by:
  • ⁃ Further increased import tariffs
  • ⁃ Weak USD
  • ⁃ Elevated logistics costs
• US market remains strategically important
• Permit for the Kingfish Maine project was successfully extended in June for two more years
• We remain committed to the Kingfish Maine project

Production

FCR improving and aiming for full normalization by year-end

9

• Biomass reduction plan successfully completed in Q1 2025 via increased small fish sales and freezing
• Optimal standing biomass between 850 and 950 tons
• Aiming to optimize FCR further, resulting in lower farming costs per kg
• Full normalization will take 2–3 more quarters

1.61

Farming costs

Increase in H1; improvement expected in H2

Total farming costs Energy costs ¹

• Feed costs decreasing in line with declining fish meal and fish oil prices
• Feed improvement programs with our suppliers have delivered positive trial results

Energy costs were stable despite higher spot prices, thanks to hedging and energysaving initiatives by the engineering and farming teams

1.5 1.4

1.6

Higher farming costs related to high FCR in Q1

FCR above target due to growth limiting measures in H2 '24 and Q1 '25 resulting in underperforming batches

¹Farming costs include feed, energy, labor and maintenance costs, but excludes depreciation

Profitability

Path to profitability intact as scale improves

Gross margin has been affected by lower market prices and elevated farming costs

Cost structure is evenly split between fixed and variable costs (50/50)

Reduced SG&A expenses by 6% in absolute terms and 33% per kg sold

Scaling up to full production capacity significantly reduces cost per kg by spreading fixed costs over a larger volume

• Scaling benefit directly enhances EBITDA margin per kg, improving overall profitability
• EBITDA improvement expected in H2 from:
• Higher volumes & price increases
• Continued cost discipline
• Better biological performance

Cash flow and working capital

Cash generation remains a key priority alongside profitability

• Operating cash flow €-3.6M; farm capex €-0.9M; financing cash flow €11.3M:
• €14M equity raise
• Q1 PCP loan interest capitalized
• Q2 PCP loan interest €1.7M cash payment
• Capex kept at minimal level in H1
• Working capital increased mainly due to:
• Higher receivables (+€0.9M) from increased sales
• Inventory and biomass down €1M
• Payables down €0.6M

Management agenda 2025

Fundamentals showing continuous improvement

We expect results in H2 2025 to benefit from:

• Strong sales momentum
• Brand and product recognition
• Price recovery
• Biological and cost improvements