Atlantic Sapphire Asa · OSL:ASA
Atlantic Sapphire Asa — H1 2025 Earnings Presentation
30 slides from Atlantic Sapphire Asa's earnings presentation, Sep 1, 2025
Slide 1: H1 2025 Presentation
H1 2025 Presentation 1 September 2025
Slide 2: Important information and disclaimer (I/II)
Important information and disclaimer (I/II) IMPORTANT INFORMATION THIS DOCUMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES OF AMERICA, ITS TERRITORIES, DEPENDENCIES OR POSSESSIONS, INCLUDING ANY STATE OF THE UNIT
Slide 3: Important information and disclaimer (II/II)
Important information and disclaimer (II/II) The distribution of this Company Presentation by the Company in certain jurisdictions is restricted by law. Accordingly, this Company Presentation may not be distributed or published in any jurisdiction except under circumstances that will result in compl
Slide 4: Highlights: Turnaround in motion, at inflection point towards scalable growth
01 Highlights: Turnaround in motion, at inflection point towards scalable growth
Slide 5: Record H1 2025 results: revenue doubled, operational costs lower
Record H1 2025 results: revenue doubled, operational costs lower and outstanding biological performance – ASA’s platform now validated and moving towards profitability Highlights Key figures Financial H1 2025 H1 2024 FY 2024 Operational H1 2025 H1 2024 FY 2024 • Materially improved operations and fi
Slide 6: Uniquely positioned to become the leading U.S. salmon producer
Uniquely positioned to become the leading U.S. salmon producer, capitalizing on first- mover advantage in a massive and underpenetrated market World’s largest market: $7-8bn by 2030, only ~2% domestic production The only operating, fully-permitted, low-carbon US salmon producer US salmon consumption
Slide 7: 100k+ ton U.S. platform potential: significant long-term value creation opportunity
100k+ ton U.S. platform potential: significant long-term value creation opportunity and asymmetric re-rating potential Unlocking EBITDA margin expansion through economies of scale Annualized EBITDA PHASE 1 – 3 + OPTIMIZED PHASE 1 PHASE 1 + 2 100,000 tons + annual harvest + (HOG, est.) $5.0+ kg/EBITD
Slide 8: Strategic asset base, competitive moat and proven platform near impossible to replicate
Strategic asset base, competitive moat and proven platform near impossible to replicate Unmatched regulatory and permitting position Already proven platform: fish harvested and Estimated rebuild cost ~$500m in Florida sold at premium prices today ASA price acheivement Urner Barry (Chilean fillet 2-3
Slide 9: Operational review: Biological performance and execution momentum
02 Operational review: Biological performance and execution momentum
Slide 10: Recognizing past challenges: Why the 2024 equity raise was not sufficient
Recognizing past challenges: Why the 2024 equity raise was not sufficient to fund the previous business plan X Despite continued strong operational improvement since the last equity raise, Despite challenges, substantial progress has management have recognized the need for more time and capital to
Slide 11: Why it's different this time: Phase proven and validated
Why it’s different this time: Phase 1 proven and validated across production, technical and commercial dimensions 2018-2023: Instability & growth challenges 2024 onwards: Reset, rebuilt SOPs & stability Guided by transparent principles, proven execution culture and a firm risk management strategy Ru
Slide 12: Biological performance and farm KPIs at record levels
Biological performance and farm KPIs at record levels Mortality rates decreasing bFCR stabilized and feeding rates improving Quarterly mortality rate (% of grow-out fish, bars) Biological Feed Conversion Ratio (bFCR) (bars) and feeding rate (tons/day, line) 1.0 % 25 23 23 22 21 0.8 % 0.7 % 1.53 0.5
Slide 13: Record harvest volumes and average harvest weights reflecting improved fish health
Record harvest volumes and average harvest weights reflecting improved fish health, feeding capacity and growth rates Improved H1 harvest volumes Average harvest weights now above 3kg, doubling from 2Q 2024 Harvest volumes (HOG, tons) Average harvest weights (kg HOG) 1,319 3.09 1,244 1,233 1,167 2.6
Slide 14: Atlantic Sapphire has two main sales outlets for superior quality product
Atlantic Sapphire has two main sales outlets for product of superior (“SUP”) quality • Branded product sold to key retail customers Expected sales price Share of sold volume based on contracts • Selling at ~$12/kg 60-70% Bluehouse 1 • Volume in this category is expected to ramp up as premium ~$12/kg
Slide 15: Improved KPIs are driving solid price achievement
Improved KPIs are driving solid price achievement and supporting thesis of advantageous pricing position of Bluehouse salmon Prices have gradually increased as more volume is sold at strong prices Bluehouse brand is consistently achieving >$12/kg Price achievement versus averages of reference index
Slide 16: Tangible pathway to reaching target biomass and harvest levels
Tangible pathway to reaching target biomass and harvest levels Biomass closing in on target levels – investment and optimization plan will be the final part of the puzzle ahead of unlocking full Phase 1 potential Biomass is on-track to reach target …enabled by contemplated Phase 1 investments, furth
Slide 17: Financial review and revised business plan: Strengthened financial position and accelerated breakeven plan
03 Financial review and revised business plan: Strengthened financial position and accelerated breakeven plan
Slide 18: Operating loss USD 13.9 million lower than in H1 2024
Operating loss USD 13.9 million lower than in H1 2024 Income statement Comments • Revenue nearly doubled on higher price achievement, driven by higher harvest volumes and average weights • COGS reduced due to lower mortality, improved capacity utilization and lower external processing costs • Net ga
Slide 19: Operating cash flow improved while investments significantly lower
Operating cash flow improved while investments significantly lower as Phase 2 construction remains paused Cash flow statement Comments Unaudited (USD 1,000) H1 2025 H1 2024 • Cash flow from operating activities significantly improved, driven by higher revenue from Cash flow from operating activities
Slide 20: Financial position expected to strengthen
Financial position expected to strengthen Balance sheet as of June 30, 2025 (USDm) Comments 250 • Total assets of USD 246.8m and total equity of USD 164.6m at end H1 2025 Non-current liabilities 200 Current liabilities • Equity ratio at 66.7%, reflecting a strong asset base and conservative leverage
Slide 21: Revised business plan accelerates path to Phase breakeven
Revised business plan accelerates path to Phase 1 breakeven: Modest reduction in harvest volumes – but with improved capital efficiency, faster execution and reduced risk Main features and estimates of the revised business plan Focused roadmap to unlock potential Initiative Objective Status (per H1
Slide 22: Phase is shovel ready and de-risked, with meaningful investment already made
Phase 2 is shovel ready and de-risked, with meaningful investment already made Phase 2 leverages existing platform, de-risked biology and infrastructure Secured all major permits Phase 2 Phase 1 All major permits have already secured by the company, including water, discharge, and land plot Substant
Slide 23: Substantial cost improvements expected from optimizing Phase 1 and increasing scale
Substantial cost improvements expected from optimizing Phase 1 and increasing scale and operational leverage with Phase 1+2 Investing, optimizing and scaling to unlock target cost levels Target cost enabling substantial EBITDA generation potential Estimated EBITDA cost ($/kg HOG) 1 ~$10.0/kg Illustr
Slide 24: Contemplated financing estimated to fully fund the revised business plan
Contemplated financing estimated to fully fund the revised business plan, realize potential of Phase 1 standalone and set the stage for platform expansion Raising $31-35m in new funds for Phase 1 optimization and profitability Amendments to debt financing package Sources* $m $m Uses* Bank financing
Slide 25: Outlook and way forward: Clear roadmap from Phase breakeven to scalable U.S. leadership
04 Outlook and way forward: Clear roadmap from Phase 1 breakeven to scalable U.S. leadership
Slide 26: Outlook: Phase operationally proven → Financing for final optimization in process
Outlook: Phase 1 operationally proven → Financing for final optimization in process → Validation unlocks value accretive Phase 2 and true platform scaling Operational Financial Phase 2 • Business plan revised to lower capex and operating • Positive EBITDA by late 2026 • Phase 1 validation unlocks hi
Slide 27: Atlantic Sapphire is at an inflection point
Atlantic Sapphire is at an inflection point – clear pathway to Phase 1 optimization with a substantially accretive growth and value creation opportunity in Phase 2 expansion Near-term aspiration Flexibility in executing Phase 2 Phase 2 expansion Substantial re-rating Q4 2026 onward potential on Phas
Slide 28: Appendix
Appendix ATLANTIC SAPPHIRE.
Slide 29: New CEO & CFO now in place for a year with strong results
New CEO & CFO now in place for a year with strong results – further additions with COO & CPO bringing +55 years of combined experience in salmon farming and agriculture Management team with solid salmon farming and industrial experience Committed long-term investor base with broad aquaculture experi
Slide 30: Atlantic Sapphire
ATLANTIC SAPPHIRE.