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Atlantic Sapphire (ASA) investor relations material

Atlantic Sapphire Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary1 Sep, 2025

Executive summary

  • Achieved record H1 2025 results with revenue nearly doubling year-over-year, driven by higher prices, improved fish quality, and operational turnaround.

  • Management strengthened with over 55 years of combined experience, leading to better control, accountability, and production stability.

  • Positioned as the only fully permitted, low-carbon U.S. salmon producer, leveraging first-mover advantage in a large, underpenetrated market.

  • Biological performance reached record levels, with low mortality, high superior share, and stable water quality.

  • Operational costs declined, and a revised business plan accelerates the path to breakeven, targeting positive EBITDA by late 2026.

Financial highlights

  • H1 2025 revenue: $21.5m, up from $11.2m in H1 2024; net loss improved to $(36.1)m from $(52.0)m.

  • Average sales price: $8.67/kg, up 86% year-over-year; Q2 2025 fresh sales at $9.27/kg.

  • Operating loss reduced to $34.0m in H1 2025 from $47.9m in H1 2024.

  • Cash flow from operations improved to an outflow of $29.6m from $40.0m in H1 2024; cash at period end was $4.2m.

  • Equity ratio at 66.7%, with net interest-bearing debt at $52m and total assets of $246.8m.

Outlook and guidance

  • 2025 harvest volume expected at ~5,400 tons HOG, up ~25% from 2024; 2026 target is ~7,000 tons.

  • Positive EBITDA projected by late 2026, with near-term EBITDA of $1–2/kg and $3–5/kg in optimized Phase 1.

  • Phase 2 expansion, partially funded, targets 25,000 tons capacity and $4–6/kg EBITDA, with long-term goal of 100,000 tons per year.

  • Convertible loan and debt adjustments expected to fully fund Phase 1 through breakeven.

  • 70% of harvest expected to be sold under premium programs by end of 2026.

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Frequently asked questions

Atlantic Sapphire ASA, engages in the land-based salmon farming business. The company is involved in fish farming, including salmon and sea fish, as well as farming of other species, including trout, sea bream, and shrimp. Its products are sold primarily to customers in Norway and other EU countries. Atlantic Sapphire ASA is based in Oslo, Norway.

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