Gigante Salmon (GIGA) Q1 2026 earnings summary

Executive summary

• Achieved final completion and certification of the land-based salmon farming facility in March 2026, transitioning to full operations with all three basins operational by Q2 2026.

• Harvested 930 tonnes HOG in Q1 2026, with an average harvest weight of 2.84 kg, 76% superior share, and average sales price of NOK 78/kg.

• Raised NOK 400 million in capital during the quarter, significantly strengthening liquidity and capital structure.

• Facility now fully operational, with ongoing organizational scaling and recruitment.

Financial highlights

• Operating revenues reached NOK 72.5 million in Q1 2026, compared to NOK 71.6 million in Q1 2025 and no sales in Q1 2025.

• Operating loss was NOK 12 million, mainly due to a NOK 16 million biomass impairment; adjusted operating profit would have been NOK 4 million.

• Reported EBITDA was NOK 9 million, and net income was negative NOK 18.4 million for the quarter.

• Cash and cash equivalents increased to NOK 118.5 million from NOK 6.6 million at year-end.

• Equity ratio improved to 65%, with total assets at NOK 1,677 million.

Outlook and guidance

• Full production capacity targeted at 16,000 tonnes HOG annually, supported by a licensed MAB of 13,731 tonnes HOG.

• Plans to stock 2.2 million smolt in August and 1.1 million in October 2026, supporting further biomass growth.

• Expected production volume provides strong opportunities for future earnings and cash flow, with profitability projected from 2026.

• EBIT sensitivity analysis indicates significant upside potential with higher salmon prices and increased production volumes.

• Ongoing optimization of feeding and handling regimes to enhance biological performance.