Atlantic Sapphire ASA: Invitation to Company Update and Integrated Annual Report for 2024

23 Apr 2025 16:55 CEST

Miami, FL, April 23, 2025

Please find the audited 2024 Annual Report for Atlantic Sapphire ASA (the
“Company” and together with its consolidated subsidiaries, the "Group")
attached, integrated with the 2024 ESG Report, as approved by the Board of
Directors of the Company today. Further, a Company Update presentation is also
attached and will be made available on the Company’s webpage shortly.

As earlier announced, the Company invites investors and analysts to a webcast,
during which the Company Update will be presented by management, followed by a
Q&A session. The webcast will take place today at 11:30 am ET / 17:30 CET. The
presentation will be recorded. Please use the following link to access the
webcast: https://tinyurl.com/3ab2wamr

All participants will be muted during the webcast. If you would like to ask a
question during the Q&A session, please use the Q&A chat function.

The company publishes its annual financial statements also in European Single
Electronic Format (ESEF), available in a zip file as an attachment to this
release.

The consolidated financial statement and the parent company’s financial
statement have been prepared on the assumption of going concern. This assumption
is based on the current market outlook, financial forecasts and the Group’s
planned capital raise during 2025. As the going concern statement is conditional
upon a planned capital raise in 2025, material uncertainty over the Group's
ability to continue operations exists and therefore the report of the Company’s
auditor on the consolidated financial statement and the parent company's
financial statement includes a specification on material uncertainty on
continued operations (financial situation), see also the Norwegian Financial
Supervision Act Section 3-3 (2) and the Norwegian Securities Trading Act Section
5-5 (7).

The Company discovered that in an oversight the earlier reported trading update
for Q1 2025 had reported March average harvest weight of 3.1 kg HOG rather than
the first quarter average harvest weight. The average harvest weight increased
throughout the quarter with January average harvest weight of 2.2 kg HOG,
February 2.8 kg HOG and March 3.1 kg HOG. The average harvest weight for the
first quarter was 2.6 kg HOG (Q4 2024: 2.4kg).


For further information, please contact:

Gunnar Aasbo-Skinderhaug, Atlantic Sapphire ASA, Deputy CEO/ CFO
Gunnar@atlanticsapphire.com
Investorrelations@atlanticsapphire.com


About Atlantic Sapphire ASA:

Atlantic Sapphire is pioneering Bluehouse® (land-raised) salmon farming,
locally, and transforming protein production, globally. Atlantic Sapphire
operated its innovation center in Denmark from 2011 until 2021 with a strong
focus on R&D and innovation to equip the Company with the technology and
procedures that enable the Company to commercially scale up production in end
markets close to the consumer. 

In the US, the Company holds the requisite permits and patents to construct its
Bluehouse® in an ideal location in Homestead, Florida, just south of Miami. The
Company's Phase 1 facility is in operation, which provides the capacity to
harvest up to approximately 9,500 tons (HOG) of salmon annually. The Company
completed its first commercial harvest in the US in September 2020. Atlantic
Sapphire is currently developing its Phase 2 expansion, which will bring total
annual production capacity to 25,000 tons and has a long-term targeted harvest
volume of 220,000 tons.

This information is published in accordance with the requirements of the
Euronext Oslo Børs Rule Book II and Section 5-12 of the Norwegian Securities
Trading Act.

More information:
Access the news on Oslo Bors NewsWeb site

644191_AtlanticSapphireASA-2024-12-31-en.zip
644191_Atlantic Sapphire ASA - Integrated Annual Report 2024.pdf
644191_2024 annual accounts Company update.pdf