Atlantic Sapphire Asa · OSL:ASA
Atlantic Sapphire Asa — FY2024 Earnings Presentation
17 slides from Atlantic Sapphire Asa's earnings presentation, April 2025
Slide 1: 2024 annual report Company update
2024 annual report Company update April 2025
Slide 2: Important information and disclaimer (1/2)
IMPORTANT INFORMATION AND DISCLAIMER (1/2) THIS PRESENTATION IS NOT FOR DISTRIBUTION OR RELEASE, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES OF AMERICA AND THE DISTRICT OF COLUMBIA) (T
Slide 3: Important information and disclaimer (2/2)
IMPORTANT INFORMATION AND DISCLAIMER (2/2) Certain statements in this Presentation are forward-looking statements. These can be identified by the fact that they use words such as "ambition", "anticipate", "aspiration", "estimate", "expect", "project", "intend", "plan", "believe", "target", "may", "a
Slide 4: Operational update
Operational update Financial update
Slide 5: Stable performance on key operational parameters during 2024
Stable performance on key operational parameters during 2024 Monthly mortality rates (% of fish) Monthly average water temperatures (Co) Changing of protocols Changing of protocols 18% 18 16% 17 14% 12% 16 10% 15 8% Target range 6% 14 4% 13 2% 0% 12 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1
Slide 6: Stabilized biological performance and identified bottlenecks in the operation
Stabilized biological performance and identified bottlenecks in the operation to be resolved before full capacity can be utilized De bottlenecking Phase 1 Fine tuning of the facility, achieving operational excellence • Adjustment of standing biomass, by reducing the size of each batch was • The feed
Slide 7: Stable performance on key operational parameters during 2024
Stable performance on key operational parameters during 2024 Quarterly feeding rate (metric tons/day) Production volume growth Feeding Feeding capacity prior capacity post to investments investments Ambition from current de-bottlenecking 23t 33t projects (tons HOG) per day per day 8500 37 8000 7500
Slide 8: Highly encouraging biomass development
Highly encouraging biomass development Net biomass gain (RLW tons) Harvest volume (HOG tons, bars) and avg. harvest weights (kg. HOG, line) Decent weights and improved Planned well Harvesting out mature fish at Transition price maintenance low weights quarter achievement 1,800 1,400 3.0 1,600 1,200
Slide 9: Advantageous location unlocks premium pricing
Atlantic Sapphire’s advantageous location unlocks premium pricing Reaching majority premium pricing from Q4 2024 Price achievement (USD / kg. HOG) 16 14 12 Fish Pool reference index 10 8 6 4 2 0 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 1) Medium term ambition Bluehouse Premium • 2024 affected by harvesting sma
Slide 10: Setting a clear course for the company to achieve operational excellence
Setting a clear course for the company to achieve operational excellence Today Stage 4: Operational excellence ✓ Longer-term target ✓ Oct’23 – Jun’24 Stage 3: De-bottlenecking and 2017 – Sep’23 Stage 2: Industrialization, optimization to grow production Fully operational Phase 1 + Phase 2 Stage 1: C
Slide 11: Financial update
Operational update Financial update
Slide 12: 2024 key highlights and figures
2024 key highlights and figures Overview of key figures Commentary • Approximately 4,365t HOG harvest volume in 2024 (1,545t in 2023) • Approximately 5,500t RLW gross biomass gain (3,700t in 2023) • Consistent price achievement on premium fish, premium share increasing throughout 2024 as size increa
Slide 13: 2024 financial statements
2024 financial statements Consolidated statement of operations Commentary Consolidated Statement of Operations • Harvest volume: Approximately 4,365t HOG harvest volume in 2024 (1,545t in 2023) • Cost of Goods Sold: • Y/Y increase of primarily driven by increased harvest volume and realization of CO
Slide 14: 2024 financial statements
2024 financial statements Consolidated statement of financial position Commentary • Operating Cash: USD 29.4m • Restricted Deposits1: USD 15.2m • CAPEX: USD 8.8m • Largely tied to phase 1 upgrade projects • Non-current assets: USD 217m (295m in 2023) • Impairment of USD 73 m • Borrowings: USD • NIBD
Slide 15: 2024 financial statements
2024 financial statements 2024 Key Financials by Segment Summary All Focus is on the US, Considering to Divest the Remaining Danish Assets * EBITDA adjusted for fair value adjustment on biological assets and impairment of non-current assets 15
Slide 16: 2025 impact of tariffs
2025 impact of tariffs Commentary • Unclear situation – tariff regime has been changing frequently in 2025. • Tariff situation as of April 23rd, 2025 • Tariff situation as of April 23rd, 2025 • Feed sourced from various countries • Salmon • Canada: No import tariffs on feed • Canada: No import tarif
Slide 17: Atlantic Sapphire
ATLANTIC SAPPHIRE.