Atlantic Sapphire

Investor Presentation • Nov 18, 2025

Q3 2025 Operational Update

18 November 2025

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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 indexes1, with record high premium share of 95%
• Operational improvements: Steady increase of feeding rates continuous reaching all-time highs, and bFCR sustained at 1.30, showing structural improvements
• 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

01 Operations

Stable biology supporting consistent growth and feed efficiency

Feeding rate & Biological Feed Conversion Ratio Mortality rate1 (%) Comments

Biological Feed Conversion Ratio (bFCR) and feeding rate (tons/day, line) Quarterly mortality rates (% of grow-out fish)

• Feeding intensity continued to improve through Q3, supported by maintenance programs enabling higher feeding capacity
• bFCR has remained stable, confirming sustained biological control, expected to improve with future capex projects related to CO2 degassing and filtration
• Mortality consistently below long-term ambition of 1%, reflecting improved SOP discipline and biosecurity

• Phase 1 and long-term ambitions:

• Feeding rate > 30 tons per day (Phase 1)
• Biological Feed Conversion Ratio (bFCR) ~1.15
• Annualized mortality rate < 1%

Consistent harvest quality supports premium pricing

Harvest volume & Average harvest weight

Harvest volumes (HOG, tons) & Average harvest weights (HOG, kg)

Price achievement & Premium share

Price achievement (USD/kg) & Premium share (%)

Comments

• Harvest volume of 1,427 tons HOG in line with expectations
• Average harvest weights > 3kg and 95% premium share, underpinning strong price realization despite market softness
• Phase 1 and long-term ambitions:
• ~7,000 tons (HOG) in 2026
• Average harvest weight ~ 3.3 kg (HOG)
• 60-70% of volume sold at ~\$12/kg (Bluehouse^™ premium) during 2026
• 30-40% of volume sold at ~20% premium to prevailing spot prices in 2026

Production

Net biomass gain (LW, tons) Standing biomass (LW, tons) Comments

• Net biomass gain increased sequentially as system throughput improved

• Phase 1 ambition:

• Quarterly net biomass gain ~2,200-2,500 (LW) under optimized Phase 1 operations

02 Project development

Phase 1 delivering strong and stable biological performance

Phase 1

• Record volumes and biological performance building momentum
• Batch-by-batch consistency visible in harvest weights and premium yield
• Harvest weights qualify for premium pricing in key markets
• Price premiums for superior-grade fish sustained in spot markets

Phase 2

• All major permits secured (water, discharge, land)
• Infrastructure overlap drives ROI and low incremental capex per ton
• Fixed cost leverage from shared systems and scale
• Third-party review confirms Phase 1+2 ability to produce 25kt HOG
• Phase 2 investments preliminary paused

Near term Phase 1 cost reset - ~\$20/kg to ~\$10/kg

Investing, optimizing and scaling to unlock target cost levels

Commentary

• Near-term Phase 1 target cost \$10/kg
• Significant deferred maintenance completed
• Improved cooling and energy efficiency from system upgrades
• Positive scale effects from 40% volume increase and reduced labor cost from employee optimizations
• Cost optimization program

Expect substantial cost improvements from optimizing Phase 1

- increasing scale and operational leverage with Phase 1+2

Investing, optimizing and scaling to unlock target cost levels

Commentary

• Target sales price ~\$12/kg

• 90% premium share

• Optimized Phase 1 target cost ~\$8/kg
• Harvest weight: ~3.3kg
• bFCR: ~1.15
• Mortality: <1%
• More efficient SOPs
• · Fixed cost leverage from scale
• Optimized Phase 1 + 2 target cost ~\$7/kg
• Cost leverage from scaling to 25,000t HOG

Investment highlights

• Uniquely positioned in the world's largest salmon market with premium brands 1
• Phase 1 turnaround on track, with clear path towards EBITDA positive by YE 2026 2
• Unlocking de-risked and value accretive Phase 2, targeting 25,000 tons at USD 4-6 EBITDA/kg 3
• 100,000+ tons platform potential with sustainable competitive moat 4
• Asymmetric re-rating potential 5