Gigante Salmon (GIGA) investor relations material

Executive summary

• All three production basins and raceway tanks operated simultaneously for the first time; quarter-end standing biomass reached ~3,900 tonnes across H2025 and H2026 generations.

• No ordinary harvest or Q3 sales revenue; fish occupied all three basins, supporting continued biomass growth and higher harvest volumes in coming periods.

• Operations shifted from construction to full-scale operations, learning and optimization, with focus on fish welfare, biological control and production efficiency.

• Kristian Lorentsen became CEO on 1 August 2026, prioritizing fewer, better-executed improvement projects and stronger accountability and financial control.

Financial highlights

• Q3 sales revenue was nil; YTD revenue was MNOK 113.2. Q3 accounting EBITDA was MNOK 17.6 and EBIT MNOK 10.1; YTD EBITDA was MNOK 9.4 and EBIT MNOK -9.7.

• Operational EBITDA was MNOK 6.2 in Q3 and MNOK 7.2 YTD; operational EBIT was MNOK -1.4 and MNOK -12.0, respectively, excluding specified financing effects in inventory changes.

• Net loss was MNOK 1.3 in Q3 and MNOK 31.0 YTD; Q3 net financial items were MNOK -11.9, primarily reflecting interest and working-capital financing costs.

• Biological assets rose to MNOK 363.3 at quarter-end from MNOK 230.2 at year-end 2025; operating cash flow was MNOK -125.0 YTD amid biomass growth and working-capital needs.

• Q3 investment was MNOK 47, including oxygen capacity, tank cleaning equipment and sludge treatment facilities.

Outlook and guidance

• Limited harvesting is planned for November and December 2026; the H2025 generation is expected to be fully harvested in the first part of Q2 2027.

• Earlier feeding shortfalls and reduced growth are expected to weigh on H2025 Q4 harvest weights; feeding practices, procedures and technical improvements are key priorities.

• Earlier, more robust smolt stocking windows are planned for 2027 to reduce biological risk and improve smolt performance.

• The final H2026 smolt batch was brought forward and expected by end-October 2026; two batches were delivered in Q3 with encouraging initial observations.