Gigante Salmon (GIGA) Q3 2025 earnings summary

Executive summary

• Land-based salmon farming site on Lille Indre Rosøy, Norway, with two of three basins operational and full production targeted for 2026; concrete work for the third basin completed, with operation set for April/May 2026.

• Unique hybrid technology combines land and sea farming, aiming for 16,000 tonnes HOG annual capacity.

• No harvest occurred in Q3 2025, resulting in no operating income; smolt release for the next generation commenced.

• Facility passed Norwegian Food Safety Authority inspection, confirming good fish welfare.

Financial highlights

• Q3 2025 group revenue was NOK 44.7m, up from NOK 37.5m in Q3 2024.

• Net profit for Q3 2025 was NOK 665k, compared to a net loss of NOK 3.2m in Q3 2024.

• Total operating expenses increased due to ramp-up and production activities; Q3 2025 operating expenses were NOK -1.443m, down from NOK 1.099m in Q3 2024.

• Total current assets as of 30 September 2025 were NOK 223.060m, up from NOK 178.342m in Q2.

• Equity ratio at quarter-end was 50.2% (NOK 712.550m), compared to 64.6% a year ago.

Outlook and guidance

• Full production capacity of 16,000 tonnes HOG expected by 2026, with the third basin operational in Q2 2026.

• Next harvest scheduled to begin in December 2025 and continue through the first half of 2026.

• Additional smolt releases in Q4 2025 will bring the total number of fish to over 2.2 million.

• Additional NOK 100m financing allows postponement of the winter 2025/2026 harvest to optimize conditions.