Miami, Florida, 18 November 2025
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% premium to comparable price indexes, with record high premium share of 95%
• Operational improvements - Feeding rates at all-time highs and biological feed conversion ratio (bFCR) sustained at 1.30, showing structural improvement
• Cost trajectory under control - Q3 costs temporarily elevated from one-off maintenance and infrastructure upgrades, but efficiency measures implemented are expected to drive cost/kg down from Q1 2026
• Platform ready for growth - Expected to reach 7,000 ton full-year production and EBITDA positive by end 2026, unlocking Phase 2 expansion and long-term platform value creation opportunity
• Financing secured - Successful placement of USD 35m convertible loan to fund Phase 1 operations towards EBITDA break-even, supported by strong participation from key shareholders
Pedro Courard, CEO of Atlantic Sapphire ASA, comments, “Our operations continue to perform consistently, with stable biology, strong fish health, and improving production efficiency across all systems. Survival rates remain above 99%, harvest weights are consistently above 3 kilograms, and feeding efficiency has reached structural highs. These developments strengthen our confidence in the underlying economics of the business and our ability to further reduce cost per kilogram as we move into 2026. With a more predictable operation and clear visibility toward EBITDA break-even by the end of 2026, we are laying the foundation for sustainable profitability and long-term value creation for our shareholders.”
Atlantic Sapphire will host a digital presentation of the operational update today at 5:00 pm CET. The presentation can be accessed with the following link: http://bit.ly/3WHAGli
Following the presentation, it will be opened for questions from the audience. Participants need to register to post questions.
The presentation and the following Q&A session will be in English.
For further information, please contact:
Pedro Courard, CEO
Gunnar Aasbo-Skinderhaug, CFO
investorrelations@atlanticsapphire.com
About Atlantic Sapphire ASA
Atlantic Sapphire is pioneering Bluehouse® (land-raised) salmon farming, locally, and transforming protein production, globally. Atlantic Sapphire operated its innovation center in Denmark from 2011 until 2021 with a strong focus on R&D and innovation to equip the Company with the technology and procedures that enable the Company to commercially scale up production in end markets close to the consumer.
In the US, the Company holds the requisite permits and patents to construct its Bluehouse® in an ideal location in Homestead, Florida, just south of Miami. The Company's Phase 1 facility is in operation, which provides the capacity to harvest up to approximately 7,500-8,500 tons (HOG) of salmon annually. The Company completed its first commercial harvest in the US in September 2020. Atlantic Sapphire is currently developing its Phase 2 expansion, which will bring total annual production capacity to 25,000 tons and has a long-term targeted harvest volume of >100,000 tons.
This information is published in accordance with the requirements of the Continuing Obligations for companies listed on Euronext Oslo Børs and Section 5-12 of the Norwegian Securities Trading Act.