Gigante Salmon (GIGA) investor relations material

Executive summary

• Transitioned from construction to normal operations, completing the first regular production cycle with 1,929 tonnes HOG harvested from the Autumn 2024 generation, average weight 2.9 kg, and up to 77% superior grade.

• New CEO, Kristian Lorentsen, appointed August 1, bringing extensive industry and financial expertise and focus on systematic improvements.

• Facility now poised for further scale-up, with the next stocking marking the first time all three basins will be in simultaneous use.

Financial highlights

• Operating revenue for H1 2026 was NOK 113.2 million; Q2 revenue was NOK 40.7 million.

• Operating profit (EBIT) for H1 2026 was negative NOK 19.8 million; Q2 EBIT was negative NOK 7.9 million; net loss for H1 was NOK 29.6 million.

• EBITDA for H1 was negative NOK 8.2 million; Q2 EBITDA was negative NOK 1.3 million.

• Investments of NOK 87 million made in H1 2026 for facility completion and optimization; total investments including leasing agreements reached NOK 103 million.

• Overdraft facility increased from NOK 140 million to NOK 240 million; NOK 100 million loan repaid.

Outlook and guidance

• Base case harvest volume for Autumn 2025 and 2026 generations is 5,800 tonnes each, with outcome ranges of 5,000–6,200 tonnes.

• Production costs for Autumn 2025 generation estimated at NOK 86/kg (base case), ranging from NOK 84–98/kg; Autumn 2026 generation estimated at NOK 76/kg (base case), ranging from NOK 74–94/kg.

• Lower harvest weights and delayed smolt stocking expected to increase production costs and reduce revenues for upcoming generations.

• Macroeconomic risks include potential feed cost increases due to El Niño.