Atlantic Sapphire (ASA) Q1 2025 TU earnings summary

Executive summary

• Achieved significant operational improvements, including low mortality rates, stable water conditions, and increased harvest weights, leading to better fish health and growth.

• Harvested 1,319t HOG in Q1 2025, up from 670t in Q4 2024, with 154t of small fish culled to align biomass with feeding capacity.

• Completed major maintenance and overhauling of production units, aiming for higher efficiency and stability.

• Transitioned to full in-house fillet processing in Florida, optimizing Phase 1 and preparing for Phase 2 expansion.

Financial highlights

• Revenue increased significantly in 2024 compared to 2023, driven by higher harvest volumes (4,365 tons vs. 1,545 tons).

• Realized average harvest weight increased to 3.1kg HOG from 2.4kg in Q4 2024.

• Realized sales price for fresh salmon rose to USD 8.3 per kg HOG, up from USD 7.9 per kg in Q4 2024.

• Biomass gain rose to 5,500 tons in 2024, supporting higher sales and premium pricing.

• Recorded a $73 million impairment write-down of fixed assets due to increased Phase 2 completion costs.

Outlook and guidance

• EBITDA expected to approach break-even, driven by higher sales prices, improved fish size, and increased harvest volumes.

• Maintenance overhaul expected to reduce unplanned maintenance and costs.

• Phase 2 expansion underway, targeting an increase in annual production capacity to 25,000 tons.

• Integrated Annual and ESG Report for 2024 to be published on April 23, 2025, with an operational update webcast scheduled.