Miami, Florida, U.S.A-based recirculating aquaculture system (RAS) salmon farming company Atlantic Sapphire posted improved financial and biological performance in H1 2026 as it closes in on de-listing from the Oslo Bors.
Atlantic Sapphire said its H1 2026 harvests increased 14 percent year over year to 2,842 metric tons (MT), up from 2,486 MT in the same period of 2025. Operating revenue during the period increased to USD 26.5 million (EUR 22.8 million) in the period, up from USD 21.5 million (EUR 18.5 million).
EBITDA improved to a loss of USD 16.4 million (EUR 14.1 million) in H1 2026, up from USD 26.8 million (EUR 23.1 million) in H1 2025. EBIT per kilogram also improved to a loss of USD 8.29 (EUR 7.15) per kilogram, an improvement from the H1 2025 loss of USD 13.69 (EUR 11.80) per kilogram.
The company also highlighted that its sales prices during the period increased despite volatility in global salmon commodity prices, which it said demonstrates that its RAS-grown product is differentiated from other products in the market.
“During the first half of 2026, the company continued to implement measures to improve the capacity and efficiency of the Bluehouse,” Atlantic Sapphire CEO Pedro Courard said in a release. “In the first half. the company commissioned improved CO2 degassing and biofiltration capacity on all ongrowing systems on the farm, which have improved water quality.”
Courard also said the company has increased its daily feeding, which increased harvest volumes and resulted in a higher biomass at the close of H1 2026 than at the same time in 2025.
“The company also commissioned a new water-cooling system that significantly improves efficiency, reduces risk and cost of equipment and energy,” Courard said.
The positive trajectory on its results comes as Atlantic Sapphire edges closer to de-listing from the Oslo Børs. The company announced its intentions in May, and sold a majority stake in the company to Coral Holding in August. At the same time as it announced its H1 2026 results, the company said Coral Holding launched its mandatory tender offer to seek full ownership and delisting of the company, subject to requisite approvals.
The results indicate Coral Holding received acceptances for a total of over 2.34 million shares, or 6.53 percent, of Atlantic Sapphire, bringing its total holdings of the company to 68.73 percent.
Atlantic Sapphire said if an extraordinary general meeting of the company’s board approves the conversion of a bridge loan into equity at NOK 0.10 (USD 0.01, EUR 0.01) per share, Coral Holding intends to acquire all shares in Atlantic Sapphire and apply for de-listing from the Oslo Børs.
