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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Gigante Salmon
Gigante Salmon (GIGA) investor relations material
Gigante Salmon Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary20 Oct, 2026
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.
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Latest events from Gigante Salmon
- Harvested 1,929 tonnes HOG in H1 2026; revenue NOK 113.2M, EBIT negative NOK 19.8M.GIGA
Q2 2026 - Facility completed, NOK 400m raised, NOK 72.5m revenue, but Q1 hit by biomass impairment.GIGAQ1 2026
- Strong Q4 harvests and financials set the stage for full-capacity ramp-up in 2026.GIGAQ4 2025
- Q3 2025 saw revenue growth, new financing, and strong operational progress.GIGAQ3 2025
- First harvest achieved 91% superior quality and NOK 44.7m revenue, with major expansion planned.GIGAQ2 2025
- Strong Q3 growth, robust finances, and on-schedule expansion support 2025 harvest.GIGAQ3 2024
- No Q2 revenue; financing secured and first harvest expected in Q2 2025.GIGAQ2 2024
- First harvest underway post-Q1 as construction nears completion and liquidity remains strong.GIGAQ1 2025
- First harvest set for Q2 2025; construction and biological results progressing well.GIGAQ4 2024
Next Gigante Salmon earnings date
Q4 202619 Jan, 2027
Gigante Salmon
Next Gigante Salmon earnings date
Q4 202619 Jan, 2027
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Frequently asked questions
Gigante Salmon AS is a Norway-based company engaged in land-based salmon farming. Its innovative aquaculture model employs a flow-through system, combining features of traditional and land-based farming to address common challenges like sea lice and fish escapes. This system promotes fish welfare by reducing mortality, emissions, and environmental impact while optimizing feed use. The company's operations focus on sustainable fish production, with key projects at locations like Rødøy and the Feøya island in Norway. The company is headquartered in Bodø, Norway, and its shares are listed on the Oslo Stock Exchange.