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Atlantic Sapphire (ASA) investor relations material
Atlantic Sapphire Q3 2025 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 TU earnings summary18 Nov, 2025
Executive summary
Achieved Q3 production of 1,427 tons HOG at an average weight above 3kg, with prices 19% above the U.S. price index and 95% of sales at premium prices.
Operational improvements and system upgrades initiated in 2023 are yielding more stable production and all-time high feeding rates.
Focus remains on phase one operations, with all resources directed toward validating and optimizing this phase.
Q3 costs were temporarily elevated due to one-off maintenance and infrastructure upgrades, but efficiency measures are expected to reduce cost/kg from Q1 2026.
Financing secured with a $35m convertible loan to fund operations toward EBITDA break-even, with strong shareholder support.
Financial highlights
Average price per kilo reached $8.6, 19% above the U.S. price index, with 95% of volume sold at premium prices.
Harvest volume of 1,427 tons HOG in Q3 2025, in line with expectations.
Net biomass gain increased sequentially as system throughput improved.
Losses were slightly higher than the previous quarter but remained low and within normal ranges.
Q3 saw a decrease in prices compared to the previous quarter, following broader market trends.
Outlook and guidance
Harvest volume expected to reach 5,400 metric tons in 2025, 7,000 in 2026, and 7,500 in 2027.
Optimized phase one could achieve 8,500 tons annual harvest weight.
Targeting net biomass growth to 2,200-2,500 live weight per quarter by early 2026.
Expected to reach 7,000 tons full-year production and EBITDA positive by end of 2026, unlocking Phase 2 expansion.
Phase 1 cost per kg targeted to decrease from ~$20/kg in 1H 2025 to ~$10/kg in the near term, with further optimization aiming for ~$8/kg.
What triggers Phase 2 resource allocation?
When will Phase 1 unit cost reductions materialize?
Timeline for 32 tonnes daily feed consumption
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Next Atlantic Sapphire earnings date
Q4 202522 Apr, 2026
Next Atlantic Sapphire earnings date
Q4 202522 Apr, 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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