Gigante Salmon As · OSL:GIGA
Gigante Salmon As — Investor Presentation (January 2026)
27 slides from Gigante Salmon As's investor presentation, Jan 8, 2026
Slide 1: Company Presentation
COMPANY PRESENTATION 8th January 2026
Slide 2: Disclaimer and Important Information
DISCLAIMER AND IMPORTANT INFORMATION ABOUT THIS PRESENTATION Any forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources, are solely opinions and forecasts and are subject to risks, uncertainties and other
Slide 3: Table of Contents
TABLE OF CONTENTS 3 COMPANY OVERVIEW 12 PRODUCTION 18 BUSINESS PLAN 23 FINANCIALS
Slide 4: From sea to land – Gigante Salmon is a pioneer within land-based salmon farming
FROM SEA TO LAND – GIGANTE SALMON IS A PIONEER WITHIN LAND-BASED SALMON FARMING LEVERAGING ON DECADES OF INDUSTRY EXPERIENCE Gigante Havbruk began the work on land-based flow-through 2016 aquaculture facilities and site searches– leveraging on +40 years of operational track record from sea-based sal
Slide 5: Introduction to Gigante Salmon
INTRODUCTION TO GIGANTE SALMON PRODUCTION CAPACITY LAND-BASED FARMING ▪ Gigante Salmon is operating a land-based flow-through facility for salmon farming on Lille Indre Rosøy, located approximately 2.5h by boat from the Company’s HQ in Bodø 16,000 tonnes For the fish, the sea ▪ The Company’s unique
Slide 6: Access to a fully integrated value chain
ACCESS TO A FULLY INTEGRATED VALUE CHAIN BROODSTOCK SMOLT PRODUCTION WELLBOAT HARVEST EXPORT AND BREEDING AND PROCESSING THE MAJORITY OWNER GIGANTE HAVBRUK IS ALSO A CO-OWNER OF OPERATIONS AT ALL STAGES OF THE SALMON VALUE CHAIN – ENSURING GIGANTE SALMON ACCESS TO NECESSARY DELIVERIES IN ALL AREAS A
Slide 7: Strong regional supplier cluster – full value chain in close proximity
STRONG REGIONAL SUPPLIER CLUSTER – FULL VALUE CHAIN IN CLOSE PROXIMITY Broodstock and Sale breeding Harvest Wellboat Smolt release Incubation
Slide 8: Highly supportive industrial owner in Gigante Havbruk
HIGHLY SUPPORTIVE INDUSTRIAL OWNER IN GIGANTE HAVBRUK SALMON FARMER WITH LONG TRACK-RECORD … … WITH A STRONG BALANCE SHEET1 … … AND HIGH PROFITABILITY MNOK MNOK Revenue EBITDA ▪ The largest owner in Gigante Salmon is GiganteHavbruk AS, 2,658 2,658 1,368 with 51% direct ownership, in addition to ~10%
Slide 9: Competent management team with broad industry experience
COMPETENT MANAGEMENT TEAM WITH BROAD INDUSTRY EXPERIENCE KJELL LORENTSEN TORE LAUGSAND BENNY HANSEN RUNE JOHANSEN KRISTINE ØDEGÅRD HANS KÅRE MENTZONI STEIN ARE HAUGEN KAY RUNE EDVARDSEN CEO Deputy CEO CFO CIRO CQO Site manager Joint Technical Manager Joint Technical Manager +50 years experience +40
Slide 10: Highly merited and hands-on board of directors
HIGHLY MERITED AND HANDS-ON BOARD OF DIRECTORS LIV MONICA STUBHOLT KRISTIAN LORENTSEN CHAIR OF THE BOARD BOARD MEMBER ▪ Independent advisor ▪ CEO Gigante Havbruk AS ▪ Former business lawyer and ▪ Background in aquaculture and politician strategic leadership, with hands-on ▪ Serves on the non-executi
Slide 11: Gigante Salmon in brief
GIGANTE SALMON IN BRIEF STRONG AND HIGHLY FULLY FUNDED FOR FARMING IN THE SALMON’S COMMITED OWNER COMPLETION OF FACILITY NATURAL CONDITIONS With NOK ~290m equity invested to date, Contemplated private placement Flow-through concept diligently designed the company has a strong industrial together wit
Slide 12: Table of Contents
TABLE OF CONTENTS 3 COMPANY OVERVIEW 12 PRODUCTION 18 BUSINESS PLAN 23 FINANCIALS
Slide 13: A flow-through facility leveraging on proven technology from conventional farming
A FLOW-THROUGH FACILITY LEVERAGING ON PROVEN TECHNOLOGY FROM CONVENTIONAL FARMING DESIGNED TO MAXIMISE OPERATIONAL EFFICIENCY ▪ Each production basins are divided into 3-4 raceways A Basin in operation since Q1 2024 that are between 110 and 214 meters in length with a longitudinal partition, allowin
Slide 14: Two basins fully operational with the third close to completion
TWO BASINS FULLY OPERATIONAL WITH THE THIRD CLOSE TO COMPLETION – FIRST LAND-BASED FARMER TO OPERATE A FINALISED FACILITY TEST PRODUCTION CYCLE COMPLETED CONTRUCTION IS PROGRESSING ACCORDING TO PLAN AND EXPECTED TO BE OPERATIONAL FROM Q2 2026 14
Slide 15: Strategy to release 3.3 million smolt annually ensures high visibility in ramp-up
STRATEGY TO RELEASE 3.3 MILLION SMOLT ANNUALLY ENSURES HIGH VISIBILITY IN RAMP-UP TO FULL PRODUCTION – ON TRACK TO 16,000 TONNES SMOLT RELEASE HARVEST VOLUMES MILLION TONNES HOG 16.0 Target to reach full production 3.3 capacity over the near term 10.6 2.4 4.6 1.0 Generation 2024 Generation 2025 Gene
Slide 16: Demonstrating strong biological and operational results across test cycle and 2024 generation
DEMONSTRATING STRONG BIOLOGICAL AND OPERATIONAL RESULTS IN PRODUCTION ACROSS BOTH FIRST TEST CYCLE AND 2024 GENERATION FULL TEST PRODUCTION CYCLE HARVESTED IN Q2 2025 HARVEST AVERAGE SUPERIOR FEED CONVERSION CO2 ENERGY PRODUCTION VOLUME WEIGHT SHARE RATE1 LEVELS2 CONSUMPTION COST3 ~700 3.2 91 1.10 1
Slide 17: Standing biomass continue to showcase strong development
STANDING BIOMASS CONTINUE TO SHOWCASE STRONG DEVELOPMENT GENERATION AUTUMN 2024 GENERATION AUTUMN 2025 Avg weight Biomass Avg weight Biomass Date Number Harvest plan Date Number Harvest plan (grams) (tonnes) (grams) (tonnes) 30.09.2024 1,000,000 150 150 Q4 25’- Q2 26’ 30.09.2025 1,450,000 150 218 Q4
Slide 18: Table of Contents
TABLE OF CONTENTS 3 COMPANY OVERVIEW 12 PRODUCTION 18 BUSINESS PLAN 23 FINANCIALS
Slide 19: Favorable salmon price development in recent years
FAVORABLE SALMON PRICE DEVELOPMENT IN RECENT YEARS – PRICES DIPPED IN 2025 DUE TO STRONG SUPPLY BUT EXPECTED TO REBOUND IN 2026 AVG. SALMON PRICE Salmon price ▪ The average weekly salmon price has NOK/KG consensus been 76 NOK/kg over the past 6 years 160 GIGANTE SALMON HARVEST PERIOD 86 OCTOBER -APR
Slide 20: Private placement secures funding to complete construction of facility
PRIVATE PLACEMENT SECURES FUNDING TO COMPLETE CONSTRUCTION OF FACILITY TO ENABLE RAMP-UP OF PRODUCTION CAPEX OVERVIEW NOKM 80-100 ~1,275 1,185 Other Excavation Shore 17% 19% power 4% NOK 13% ~1,275m Pumps and 23% pipes 24% Concrete, walkways, Invested CAPEX Remaining CAPEX to Total CAPEX estimate to
Slide 21: Highly competitive opex profile as operations are ramped up
HIGHLY COMPETITIVE OPEX PROFILE AS OPERATIONS ARE RAMPED UP TOWARDS FULL PRODUCTION CAPACITY PRODUCTION COSTS PER KG HOG NOK 77 12 65 65 5 3 7 57 4 9 5 2 3 6 132 4 6 6 6 7 6 4 3 4 3 3 4 65 58 55 27 27 27 27 7 7 8 8 Generation Generation Full Conventional Autumn 2024 Autumn 2025 Production sea-based1
Slide 22: Expected production volume provides good opportunities for future earnings and cash flow
THE EXPECTED PRODUCTION VOLUME PROVIDES GOOD OPPORTUNITIES FOR FUTURE EARNINGS AND CASH FLOW – ALREADY PROFITABLE FROM 2026 EBIT SENSITIVITY 2026E EBIT SENSITIVITY 2027E EBIT SENSITIVITY FULL PRODUCTION NOKM NOKM NOKM 551 880 4.6k 207 10.6k 16k TONNES 65 TONNES 58 TONNES 55 HOG HOG HOG NOK/KG NOK/KG
Slide 23: Table of Contents
TABLE OF CONTENTS 3 COMPANY OVERVIEW 12 PRODUCTION 18 BUSINESS PLAN 23 FINANCIALS
Slide 24: Historical Income Statement
HISTORICAL INCOME STATEMENT Amounts in NOK (1,000s) YTD 2024 Q3 2024 YTD 2025 Q3 2025 Revenue - - 44,678 - Total income - - 44,678 - Smolt 20,581 20,581 40,992 37,508 Feed 9,137 9,137 52,615 15,297 Insurance 530 530 3,931 1,518 Electricity 4,324 4,324 4,326 698 Maintenance 2,732 2,732 15,845 6,790 S
Slide 25: Historical Balance Sheet | Assets
HISTORICAL BALANCE SHEET | ASSETS Amounts in NOK (1,000s) 2023 2024 Q3 2025 Deferred tax assets 7,213 9,013 9,871 Total intangible assets 7,213 9,013 9,871 Land, ship, buildings and other property 514,079 784,764 971,188 Ships and cars 686 597 580 Right of use asset - 205,015 214,729 Fixtures/fittin
Slide 26: Historical Balance Sheet | Equities and Liabilities
HISTORICAL BALANCE SHEET | EQUITIES AND LIABILITIES Amounts in NOK (1,000s) 2023 2024 Q3 2025 Share capital 134,174 171,264 171,264 Share premium 338,200 537,452 537,452 Other equity 9,141 7,042 3,824 Total equity 481,515 751,758 712,550 Building loan 130,436 299,615 422,247 Intercompany debt - - 50
Slide 27: Gigante Salmon
Gigante <n Salmon
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