Atlantic Sapphire Asa · OSL:ASA
Atlantic Sapphire Asa — Q3 2025 Earnings Presentation
14 slides from Atlantic Sapphire Asa's earnings presentation, Nov 18, 2025
Slide 1: Q3 2025 Operational Update
Q3 2025 Operational Update 18 November 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: Key Points
Key Points • Stable biological performance: Sustained biological improvements, with fish in production achieving >99% survival rates and steady harvest weights above 3kg HOG, and a total harvest volume of 1,427 tons HOG in Q3 • Commercial momentum: Average sales price around USD 8.58/kg, +19% premiu
Slide 5: Operations
01 Operations ATLANTIC SAPPHIRE.
Slide 6: Stable biology supporting consistent growth and feed efficiency
Stable biology supporting consistent growth and feed efficiency Feeding rate & Biological Feed Conversion Ratio Mortality rate1 (%) Comments Biological Feed Conversion Ratio (bFCR) and feeding rate (tons/day, line) Quarterly mortality rates (% of grow-out fish) • Feeding intensity continued to impro
Slide 7: Consistent harvest quality supports premium pricing
Consistent harvest quality supports premium pricing Harvest volume & Average harvest weight Price achievement & Premium share Comments Harvest volumes (HOG, tons) & Average harvest weights (HOG, kg) Price achievement (USD/kg) & Premium share (%) • Harvest volume of 1,427 tons HOG in line with expect
Slide 8: Production
Production Net biomass gain (LW, tons) Standing biomass (LW, tons) Comments • Net biomass gain increased sequentially as system throughput improved 3,235 3,215 3,183 • Phase 1 ambition: 1,741 2,997 1,697 2,931 • Quarterly net biomass gain ~2,200-2,500 (LW) 1,561 2,870 1,493 1,449 2,830 under optimiz
Slide 9: Project development
02 Project development ATLANTIC SAPPHIRE.
Slide 10: Phase 1 delivering strong and stable biological performance
Phase 1 delivering strong and stable biological performance Phase 1 Phase 2 Phase 1 • Record volumes and biological performance building momentum • Batch-by-batch consistency visible in harvest weights and premium yield • Harvest weights qualify for premium pricing in key markets • Price premiums fo
Slide 11: Near term Phase 1 cost reset - ~$20/kg to ~$10/kg
Near term Phase 1 cost reset - ~$20/kg to ~$10/kg Investing, optimizing and scaling to unlock target cost levels Commentary Estimated EBITDA cost ($/kg HOG) ~$20/kg • Near-term Phase 1 target cost $10/kg • Significant deferred maintenance completed $2-4/kg • Improved cooling and energy efficiency fr
Slide 12: Expect substantial cost improvements from optimizing Phase 1 - increasing scale and operational leverage
Expect substantial cost improvements from optimizing Phase 1 - increasing scale and operational leverage with Phase 1+2 Investing, optimizing and scaling to unlock target cost levels Commentary Estimated EBITDA cost ($/kg HOG) ~$20/kg • Target sales price ~$12/kg • >90% premium share • Optimized Pha
Slide 13: Investment highlights
Investment highlights 1 Uniquely positioned in the world’s largest salmon market with premium brands 2 Phase 1 turnaround on track, with clear path towards EBITDA positive by YE 2026 3 Unlocking de-risked and value accretive Phase 2, targeting 25,000 tons at USD 4-6 EBITDA/kg 4 100,000+ tons platfor
Slide 14: Atlantic Sapphire
ATLANTIC SAPPHIRE.