Gigante Salmon (GIGA) Q2 2025 earnings summary

Executive summary

• Two of three production basins operational as of Q2 2025, with full site completion expected by Q4 2025 and full production by 2026.

• First harvest in Q2 2025 yielded 91% superior quality and 694 tonnes HOG, exceeding expectations and outperforming industry average.

• Net loss of -2.9 MNOK in Q2 2025, with year-to-date loss at -3.9 MNOK.

• NOK 50m loan secured in Q2 2025; plans for up to NOK 100m additional financing and private placement up to NOK 300m.

• Board of directors re-elected at AGM on 21 May 2025.

Financial highlights

• Q2 2025 revenue reached NOK 44.7m, reflecting first operating income from harvest.

• Realized price of NOK 64/kg HOG, in line with market rates.

• Operating expenses for Q2 2025 totaled NOK 48.3m, up from NOK 1.1m year-over-year due to harvest costs.

• Equity ratio at 53.8% (NOK 711.9m) compared to 70.2% a year ago.

• Total capital at Q2 end was NOK 1,322.3m, up from NOK 998.8m year-over-year.

Outlook and guidance

• Full production capacity of 16,000 tonnes HOG expected by 2026.

• Third basin completion scheduled for Q4 2025, supporting production ramp-up.

• Additional NOK 100m financing to be established; private placement of up to NOK 300m considered.

• Plans to delay winter 2025/2026 harvest to achieve larger fish and higher prices.

• Facility improvements planned based on first production cycle learnings.