Atlantic Sapphire As

Good morning. Good afternoon. My name is Pedro Gurar. I'm CEO of Atlantic Sapphire. And today, together with Gunas Kinderhout, our CFO, we will present the third quarter operational update of the company. The company has been performing according to plan during the last quarter in terms of production, achieving 1.4,000 tons hog in the third quarter at an average weight of 3.1 kilo hog. And in terms of prices, we achieved $8.6 per kilo, let us say 19% above the U.S. price index. We have continued the process of operational improvement in all areas, allowing us to keep our ambitions in terms of future production. As we are finishing the operational upgrade started in 2025, we are now realizing the positive impact of having more stable systems. While our feed conversion remains stable in 1.3, we have been constantly increasing our feed consumption rate, permitting us to sustain our future production plans. Losses were slightly higher than in previous quarter, but still within normal ranges and very low. Keeping our trend for 2025, during the third quarter, we increased our harvest, maintaining good average weight, reaching premium prices. Following market tendencies during the quarter, we had a decrease in prices compared to previous ones. Both net and standing biomass are showing stable levels for the last two quarters, all nine with our expectations.

efforts are currently on phase two uh improving biological and financial performance phase one harvest data improving sales performance is improving as pedro mentioned and profitability measures are on track all efforts are currently on phase one Phase two investments are preliminary costs as we focus all our efforts on improving phase one. The profitability measures are on track and will drive down unit costs in the coming periods mainly from three areas scale is increasing as volume increase scale effect is increasing current harvest volume is expected at 5 400 metric tons for 2025 growing to 7 000 metric tons for 2026 and 7 500 metric tons for 2027. Another improvement area is cooling and energy as new measures allow more efficient water cooling on the facility. The third main area is maintenance. As Pedro mentioned, the maintenance program is executed and completed and will drive down unit costs going forward. Beyond the ambition, we see further potential going forward. Also through scale increasing from 7,500 and beyond, we see optimized phase one operating at 8,500 tons annual harvest weights. We also have further potential to improve cooling and energy usage and also improve FCR. This will drive down unit cost in an optimized phase one further. And phase two will allow further scale on the facility, allowing even further reduced operational costs per kilogram harvested. Now we open for Q&A. Everyone that wants to ask a question, please identify yourself. and ask questions in the chat. We have one question from Intrafish. when do you expect to be able to move to phase two and how have costs for this changed well first uh it's important to mention that today we are 100 percent focused on phase one

Our goal is validate Phase 1, and everything is going in that direction. Once we are able to validate Phase 1, we will continue spending resources in Phase 2. So far, we don't have yet a cost estimation for this step.