Atlantic Sapphire ASA

Atlantic Sapphire reported Q3 production of 1,400 tonnes HOG at an average weight of 3.1 kg HOG, with realized prices of $8.6 per kilo, which management said was 19% above the U.S. price index. Feed conversion remained stable at 1.3, and losses were slightly higher than previous quarters but still within normal ranges and very low. Net biomass and standing biomass were both said to be stable for the last two quarters. Looking ahead, management expects current harvest volume of 5,400 metric tons for 2025, 7,000 metric tons for 2026, and 7,500 metric tons for 2027; it also said it expects standing biomass to reach around 32 tonnes per day in the first month of 2026.

Pedro Courard said the company has been performing according to plan and emphasized ongoing operational improvements across the facility. He highlighted that upgrades started in 2025 are nearing completion and are creating more stable systems, while better feed consumption is supporting future production plans. He framed Phase 1 validation as the immediate goal and said the company is 100% focused on that before moving resources to Phase 2.

Gunnar Aasbo-Skinderhaug said the focus is now on improving biological and financial performance in Phase 1, with Phase 2 investments only preliminary at this stage. He said unit costs should decline from three main areas: increasing scale, better cooling and energy efficiency, and maintenance work that has been completed. He reiterated harvest guidance of 5,400 metric tons in 2025, 7,000 in 2026, and 7,500 in 2027, and said an optimized Phase 1 could eventually operate at 8,500 tonnes annual harvest weight.

In response to questions about Phase 2 timing and cost, management said it is fully focused on validating Phase 1 first and will only continue spending on Phase 2 once Phase 1 is validated; it also said there is no cost estimate yet for that next step. On improving net biomass growth toward a target of 2,200 to 2,500 live weight per quarter, Pedro said the company is increasing feed consumption per day with a goal of around 32 tonnes per day, and expects standing biomass to be at that level by the first month of 2026.