Gigante Salmon (GIGA) Q4 2024 earnings summary

Executive summary

• Land-based salmon farming site under construction at Lille Indre Rosøy, Norway, targeting full production by 2026 with annual capacity up to 16,000 tonnes HOG.

• No sales revenue in Q4 2024 as first harvest is scheduled for Q2 2025; operational and development activities are progressing as planned.

• One basin operational since Q1 2024; two more basins to be completed by Q1 and Q2/Q3 2025.

• Standing biomass at the end of Q4 was 798 tonnes; average smolt weights indicate healthy growth.

• Salmon lice outbreak managed effectively; production optimization ongoing with new technology and Global GAP certification targeted for 2025.

Financial highlights

• Net profit for Q4 2024 was +0.1 MNOK; net loss for full year 2024 was -2.1 MNOK.

• Total assets at year-end 2024 were 1,216.5 MNOK; total equity 715.8 MNOK.

• Total investments increased to NOK 990.4m at Q4 end, up from NOK 890.2m in Q3 2024.

• No sales revenue in Q4; operating costs were NOK 325,000, down from NOK 984,000 year-over-year.

• Group liquid assets stood at NOK 106.6m as of 31 December 2024.

Outlook and guidance

• On schedule to begin harvesting in Q2 2025, with full production capacity expected by 2026.

• First harvest remains on track for Q2 2025, with 550 tonnes HOG expected.

• Full production capacity of 16,000 tonnes HOG targeted by 2028, with phased increases in smolt releases and harvests.

• Project costs expected to increase slightly due to weather-related delays but remain within established financing.