Gigante Salmon As · OSL:GIGA
Gigante Salmon As — Investor Presentation (February 2026)
32 slides from Gigante Salmon As's investor presentation, Feb 10, 2026
Slide 1: Company Presentation
COMPANY PRESENTATION 10th February 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 6 COMPANY OVERVIEW 15 OPERATIONS 21 BUSINESS PLAN 28 APPENDIX 3
Slide 4: 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 5: 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 2016 2018 2019 2020 2021 2023 2024 2025 2026 The Norwegian The work related to Rødøy Municipality The Norwegian Food Raised NOK Raised NOK Raised NOK 225m Completed first Comp
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 7
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 NOKm NOKm 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 of experience +
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 COMMITTED OWNER COMPLETION OF FACILITY NATURAL CONDITIONS With NOK ~290m equity invested to date, Contemplated private placement coupled Flow-through concept diligently designed the company has a strong industrial wit
Slide 12: Table of Contents
TABLE OF CONTENTS 6 COMPANY OVERVIEW 15 OPERATIONS 21 BUSINESS PLAN 28 APPENDIX 12
Slide 13: Strong Performance in Q4 Key Figures
STRONG PERFORMANCE IN Q4 KEY FIGURES “We have reached an important milestone 345t Harvested volumes (in HOG) in the quarter from Generation Autumn 2024 that confirms our land -based solution is performing as planned. With two basins in operation and the third coming online soon, we are well position
Slide 14: 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 basin is divided into 3-4 raceways that A Basin in operation since Q1 2024 are between 110 and 214 meters in length with a longitudinal partition, allowing
Slide 15: 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 CONSTRUCTION IS PROGRESSING ACCORDING TO PLAN AND EXPECTED TO BE OPERATIONAL FROM Q2 2026 15
Slide 16: Demonstrating Strong Biological and Operational Results in Production
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 Continues to Showcase Strong Development
STANDING BIOMASS CONTINUES 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 Q
Slide 18: Table of Contents
TABLE OF CONTENTS 6 COMPANY OVERVIEW 15 OPERATIONS 21 BUSINESS PLAN 28 APPENDIX 18
Slide 19: 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 ~50 1,275 1,225 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 ful
Slide 20: Strategy to Release 3.3 Million Smolt Annually – On Track for 16,000 Tonnes
STRATEGY TO RELEASE 3.3 MILLION SMOLT ANNUALLY ENSURES HIGH VISIBILITY IN RAMP-UP TO FULL PRODUCTION – ON TRACK FOR 16,000 TONNES SMOLT RELEASE HARVEST VOLUMES MILLION KTONNES HOG 16.0 3.3 Target to reach full production capacity over the near term – supported by conservative production density assu
Slide 21: Favorable Salmon Price Development in Recent Years – Expected to Rebound in 2026
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 87 OCTOBER -APR
Slide 22: Demonstrated Competitive OPEX on First Harvest in Q4 2025
DEMONSTRATED COMPETITIVE OPEX ON FIRST HARVEST IN Q4 2025 ENABLES PROFITABLE OPERATIONS FROM FIRST QUARTER OF PRODUCTION … PRODUCTION COSTS PER KG HOG ON Q4 HARVEST VOLUMES REPORTED KEY FINANCIALS IN Q4 NOK NOKm NOK 78 NOK 19 71 Achieved 27 Reported price1 EBIT/kg 12 2 8 6 7 2 EBIT COST EBITDA COST
Slide 23: Setting the Scene for Leading Production Costs as Operations Are Ramped Up
… SETTING THE SCENE FOR LEADING PRODUCTION COSTS AS OPERATIONS ARE RAMPED UP TOWARDS FULL 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-
Slide 24: 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 Q4 2025 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
Slide 25: Moderate Gearing and Access to Attractive Debt Financing
MODERATE GEARING AND ACCESS TO ATTRACTIVE DEBT FINANCING ENSURES STRONG OPERATIONAL LEVERAGE ROBUST BALANCE SHEET1 FURTHER SUPPORTED BY CAPITAL RAISE … ... COUPLED WITH STRONG SUPPORT FROM LENDING BANK NOKm 47% Debt financing overview Equity 1,518 1,518 ratio Cash 6 Long-term financing2 NOK 320m 715
Slide 26: Table of Contents
TABLE OF CONTENTS 6 COMPANY OVERVIEW 15 OPERATIONS 21 BUSINESS PLAN 28 APPENDIX 26
Slide 27: A Large Proportion of Shareholders Are Industrial Shareholders from Aquaculture
A LARGE PROPORTION OF THE COMPANY’S SHAREHOLDERS ARE INDUSTRIAL SHAREHOLDERS FROM THE AQUACULTURE INDUSTRY # Shareholders as of 30/01/2026 # shares % total total DISTRIBUTION OF SHAREHOLDERS 1 GIGANTE HAVBRUK AS 88,126,888 51.46% Private 2 KAPNORD AS1 17,272,728 10.09% 5% 3 YANNICK AS 6,368,739 3.72
Slide 28: Group Legal Structure
GROUP LEGAL STRUCTURE 100 % 67 % 10 % 51 % 100 % 100 % 100 % 5% 34 % 50,2 % 100 % 100 % 100 % 100 % 98 % 51 % 20 % 15 % 81 % 55 % 40 % 100 % 51 % 76 % 28
Slide 29: Historical Income Statement
HISTORICAL INCOME STATEMENT Amounts in NOK (1,000s) 2024 Q4 2024 2025 Q4 2025 Revenue - - 71,850 26,902 Total income - - 71,850 26,902 Smolt 25,034 4,453 63,370 25,862 Feed 18,351 9,213 61.823 27,165 Insurance 1,090 506 4,774 1,560 Electricity 4,756 432 8,423 4,097 Maintenance 4,200 2,714 20,978 5,3
Slide 30: Historical Balance Sheet | Assets
HISTORICAL BALANCE SHEET | ASSETS Amounts in NOK (1,000s) 2023 2024 2025 Deferred tax assets 7,213 9,013 9,314 Total intangible assets 7,213 9,013 9,314 Land, ship, buildings and other property 514,079 787,524 1,013,458 Ships and cars 686 597 548 Right of use asset - 205,015 213,617 Fixtures/fitting
Slide 31: Historical Balance Sheet | Equity and Liabilities
HISTORICAL BALANCE SHEET | EQUITY AND LIABILITIES Amounts in NOK (1,000s) 2023 2024 2025 Share capital 134,174 171,264 171,264 Share premium 338,200 537,452 537,452 Other equity 9,141 7,043 6,817 Total equity 481,515 751,758 715,533 Building loan 130,436 299,615 323,876 Intercompany debt - - 75,000
Slide 32: Gigante Salmon
Gigante <n Salmon
Gigante Salmon AS — Investor Presentation (February 2026) on 6ix