Atlantic Sapphire Asa · OSL:ASA
Atlantic Sapphire Asa — FY2025 Earnings Presentation
15 slides from Atlantic Sapphire Asa's earnings presentation, May 4, 2026
Slide 1: FY 2025 Results
FY 2025 Results 4 May 2026 Pedro Courard, CEO Gunnar Aasbø-Skinderhaug, CFO
Slide 2: Important information and disclaimer
Important information and disclaimer 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 UNITED STAT
Slide 3: Highlights
01 Highlights ATLANTIC SAPPHIRE.
Slide 4: Highlights
Highlights 2025 Highlights Key Figures Unaudited (USD 1,000) FY 2025 FY 2024 • Overall ramp up in production, driven by stabilized water temperature, improved Revenue 43,290 22,819 water quality and increased feeding volumes • Challenging financial situation as revenues have been lower than plan and
Slide 5: Operational review
02 Operational review ATLANTIC SAPPHIRE.
Slide 6: Phase 1 operationally is validated
Phase 1 operationally is validated X Phase 1 – what is proven Remaining challenges Potential refinancing secures • Structural RAS platform validated • Biofiltration and degassing upgrades not fully 12+ months liquidity runway • Biological stability confirmed completed Completion of defined R
Slide 7: Biological stability established with increasing feeding intensity
Biological stability established with increasing feeding intensity Feeding rate & Biological Feed Conversion Ratio Mortality rate1 (%) Strategic takeaways Biological Feed Conversion Ratio (bFCR) and feeding rate (tons/day, line) Quarterly mortality rates (% of grow-out fish) • Biological stability,
Slide 8: Standing biomass confirms stable production base entering 2026
Standing biomass confirms stable production base entering 2026 Net biomass gain & Average water temperature Standing biomass (LW, tons) Strategic takeaways Net biomass gain (HOG, tons) & Average water temperature 0Celsius) • Growth stabilized at higher level • Standing biomass trend confirms stable
Slide 9: Harvest quality supports premium pricing and brand positioning
Harvest quality supports premium pricing and brand positioning Harvest volume & Average harvest weight Price achievement & Premium share Strategic takeaways Harvest volumes (HOG, tons) & Average harvest weights (HOG, kg) Price achievement (USD/kg) & Premium share (%) • Harvest volumes and average we
Slide 10: Financial review
03 Financial review ATLANTIC SAPPHIRE.
Slide 11: Profit & loss statement
Profit & loss statement Income statement Comments Audited (USD 1,000) FY 2025 FY 2024 Revenue 43,290 22,819 • Revenue nearly doubled year-over-year, driven by higher harvest volume Expenses and improved price achievement Cost of goods sold (85,936) (83,095) Fair value adjustments on biological asset
Slide 12: Operating cash flow improving driven by enhancing operations
Operating cash flow improving driven by enhancing operations Cash flow statement Comments Unaudited (USD 1,000) FY 2025 FY 2024 • Cash outflow from operating activities improved some USD 26m, due to Cash flow from operating activities (61,055) (87,365) Cash flow from investing activities (3,400) (7,
Slide 13: Financial position expected to strengthen
Financial position expected to strengthen Balance sheet as of December 31 (USDm) Comments 150 • Total assets reduced USD 138, drive by decrease in overall cash position 125 Equity and impairments, partly offset by increase in biological assets 100 • Total equity as of 31 December 2025 was USD 12m, d
Slide 14: Financial situation
Financial situation • Secured short term operational runway through USD 10m bridge loan, fully disbursed • USD 25–30m liquidity required to fund the Company to EBITDA break-even • Comprehensive refinancing under negotiation with investors controlling 63% of share and 93% of outstanding convertible l
Slide 15: Investor questions via email
Investors are invited to submit their questions via email at investorrelations@atlanticsapphire.com with the company aiming to respond to questions in a timely manner.