Atlantic Sapphire

Investor Presentation • Nov 1, 2023

Q3 2023 Operational Update

November 1, 2023

IMPORTANT INFORMATION

IMPORTANT INFORMATION

This presentation (the "Presentation") has been produced by Atlantic Sapphire ASA (the "Company") exclusively for information purposes. This Presentation has not been approved, reviewed or registered with any public authority or stock exchange. This Presentation is not a prospectus and does not contain the same level of information as a prospectus. This Presentation is strictly confidential and may not be disclosed, in whole or in part, or summarized or otherwise reproduced, distributed or referred to, in whole or in part, without prior written consent of the Company. To the best of the knowledge of the Company and its Board of Directors, the information contained in this Presentation is in all material respect in accordance with the facts as of the date hereof, and contains no material omissions likely to affect its import.

This Presentation contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates or intends to operate. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of the Company or any of its subsidiary undertakings or any such person's officers or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. The Company assumes no obligation to update any forward-looking statements or to conform these forward-looking statements to our actual results. Furthermore, information about past performance given in this Presentation is given for illustrative purposes only and should not be relied upon as, and is not, an indication of future performance. No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, neither the Company nor any of its parent or subsidiary undertakings or any such person's officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document. Actual experience may differ, and those differences can be material.

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2023 In Summary

Q3 2023 Biological Performance

Quarterly net biomass gain development

% of net biomass gain to opening standing biomass (RHS)

Comments

• Temperature-related challenges resulted in slower growth in Q3 2023, with a net biomass gain of approximately 100t RLW
• The standing biomass end-Q3 2023 was approximately 2,350t RLW
• The initial increase in temperatures resulted in a gradual reduction in water quality, as the volume of new makeup water (26°C) was reduced to minimize cooling demand, which negatively impacted the ability to feed the fish
• The biomass is being monitored closely following the Q3 2023 temperature issues, but we continue to expect a material uptick in biomass gain and harvest volume despite a higher share of the biomass showing signs of maturation now than in September
• Since the temperature issue was resolved in October 2023, the feeding has been trending up, driven by improved water quality

Q3 2023 Temperature Challenges Now Resolved

Q3 2023 Temperature Challenges Resolved

Operational Expectations Going Forward

H2 23 H1 24

• Additional chiller capacity installed, resulting in targeted and more stable water temperatures
• A return to similar production KPIs as seen in May and June expected, including growth rates
• Expecting harvest volume of around 700t in H2 2023
  • ~365t HOG in Q3 2023
• Consistent price achievement of ~USD 12/kg HOG on premium fish expected
• Average price achievement in Q4 2023 is expected to be in line with Q3 2023

Return to Production Mode Targeting EBITDA break-even for Phase 1

• Standing biomass expected to have reached Phase 1 budgeted level
• Material ramp-up of harvest volumes, supported by growth rates and mortality in line with business plan for Phase 1, is expected to significantly reduce cash burn
• The company estimates to reach EBITDA breakeven towards the end of H1 2024, assuming biological performance will return to same level as in June 2023

Recent Infrastructure Improvements and Chiller Capacity Increase Expected to Result in EBITDA Break-Even

Offtake and Price Achievement

Highly developed footprint in close proximity

Significant upside on price achievement to follow satisfactory operational performance Commentary

US price achievement: Premium fish (superior) and fresh average – USD/kg RTF¹

• Under stable conditions, ~80-90% of total harvest is expected to be sold at the Bluehouse premium price, raising the average price achievement considerably
• Targeting ~USD 12/kg in average price achievement once in full production
• Price achievement in Q3 2023 affected by production setbacks, with a higher share of downgrades harvested

Q3

• Good development of branded sales and programs for superior quality product
• Focus on new value-added and convenience product lines, such as smoked salmon

1: Atlantic Sapphire 'Bluehouse premium' is fresh, superior salmon on Return To Farm basis (excluding freight costs). Average price achievement does not include revenues from the sale of frozen inventory and certain by-products.

Powerful Equity Story With Strong Growth Potential

▪

• The US is by far the largest salmon consumer market in the world with ~600,000 tons per year
• However, US production is scarce with consumers generally reliant on European or South-American salmon imports today with significant freight cost.

Large-scale site already operational and approaching EBITDA break-even

• Atlantic Sapphire is currently operating its Phase 1 site in Florida with ~9,500t HOG capacity.
• Several operational improvements have been completed and the Company is targeting Phase 1 EBITDA breakeven in H1 2024.

Phase 2 under construction to more than double capacity

• The company has invested more than USD 100m in Phase 2, capturing key historical learnings in the build-out.
• Once completed, total production capacity will be ~25,000t (HOG).
• Undrawn term loan of USD 100m for continued buildout.

• Proven ability to extract US premium pricing for superior grade fish
• Significant cost saving by removing air freight from conventional production markets (USD 2-4/kg), as well as notable reduction in CO2 footprint.
• Network of ~2,000 stores across the US selling Atlantic Sapphire's salmon.

Backed by highly renowned financial sponsors and industry experts

• Having invested ~USD 645m of equity since inception, Atlantic Sapphire has had strong supporters both in the equity and debt markets.
• Leading salmon farmer and largest shareholder Nordlaks is showing continued support through additional operational support and resources on the ground in Miami.

Source: Mowi Industry Handbook 2023, Atlantic Sapphire, Arctic Securities Research

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