Gigante Salmon (GIGA) Q4 2025 earnings summary

Executive summary

• Transitioned from construction to operational fish-farming in 2025, with two of three basins operational and the third to be ready by Q2 2026.

• Initial harvest from Generation Autumn 2024 yielded 345 tonnes HOG in Q4 2025, with 94% superior quality and average weight of 3.0kg.

• Full test cycle completed in Q2 2025 with 700 tonnes HOG harvested, demonstrating strong biological and operational results.

• Processed 1,040 tonnes in 2025, with 2.4 million smolt released in autumn.

Financial highlights

• Q4 2025 operating revenue reached NOK 26.9m, with operating profit of NOK 6.6m, net income of NOK 3.0m, and EBITDA of NOK 12m.

• Full-year 2025 revenue was NOK 71.6m, with operating profit of NOK 3.7m and net income of NOK 2.98m.

• Achieved price after costs was NOK 78/kg, with production costs at NOK 71/kg.

• Accumulated biomass at end of Q4 was 3,000 tonnes.

Outlook and guidance

• Basin C expected to be operational by April/May 2026, supporting ramp-up to 4,600 tonnes HOG in 2026.

• Full production target is 16,000 tonnes HOG annually.

• Net profit expected in 2026, supported by ramped-up production and facility completion.

• Planned share issue in Q1 2026 to raise NOK 150–300m for growth and upgrades.

• Further 3.3 million smolt to be released in the second half of 2026.