Gigante Salmon As · OSL:GIGA
Gigante Salmon As — Q1 2026 Earnings Presentation
16 slides from Gigante Salmon As's earnings presentation, Apr 21, 2026
Slide 1: Report for the First Quarter of 2026
REPORT FOR THE FIRST QUARTER OF 2026 21st April 2026 CEO Kjell Lorentsen CIRO Rune Johansen
Slide 2: Important information and disclaimer
Important information and disclaimer This document is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into or from the united states of america, australia, canada, japan, hong kong or south africa or to any resident thereof or any other jurisdiction w
Slide 3: Agenda
Agenda 1. Gigante Salmon in brief 2. Highlights Q1 2026 3. Construction update 4. Biological update 5. Financials
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: Highlights Q1 2026 Key Figures
HIGHLIGHTS Q1 2026 KEY FIGURES Operational Highlights • On 24 March 2026, the Group received the final completion certificate from Rødøy 930t Harvested volumes (in HOG) in the quarter from Generation Autumn 2024 municipality for the entire facility at Lille Indre Rosøy. • A total of 930 tonnes HOG w
Slide 6: Health, Security, Environmental & Quality
Health, Security, Environmental & Quality HSE&Q An overriding focus for all our activities is that the health of our colleagues and fish is crucial for our success: “If the fish are doing well, then we are doing well.” Important areas of responsibility for Gigante Salmon AS as the project’s owner is
Slide 7: A flow-through facility leveraging 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 8: Project Implementation
PROJECT IMPLEMENTATION CAPEX (Amount in MNOK) Total CAPEX for fully completed tanks Remaining CAPEX to complete tank C CAPEX invested in Q1 2026 CAPEX invested as of 31 December 2025 Other Excavation Shore 17% 19% power 4% NOK • In the first quarter of 2026, NOK 46 million was invested, related to t
Slide 9: Standing biomass continue to showcase strong development
STANDING BIOMASS CONTINUE TO SHOWCASE STRONG DEVELOPMENT Biomass H2024 Biomass H2025 Date Number Avg weight (grams) Biomass (tonnes) Date Number Avg weight (grams) Biomass (tonnes)
Slide 10: Biological and operational performance – Generation Autumn 2024
BIOLOGICAL AND OPERATIONAL PERFORMANCE – GENERATION AUTUMN 2024 Generation Autumn 2024, harvested in the first quarter of 2026 HARVEST AVERAGE SUPERIOR FEED CONVERSION CO2 ENERGY PRODUCTION VOLUME WEIGHT SHARE RATE1 LEVELS2 CONSUMPTION COST3 930 2,84 76 1.19 1-2 3 84 TONNES HOG KG HOG % CO2 MG/L KW/
Slide 11: Income statement
Income statement Gigante Salmon AS - GROUP • Operating revenue of 72,5 MNOK, harvesting 930 tons HOG in Q1 • With 76% superior quality, realized price amounting to NOK 78/kg, in line with market price for salmon at the time of harvest • Operating profit Q1 2026 of -12 MNOK. Excluding a write-down of
Slide 12: Balance sheet Gigante Salmon AS - Group
Balance sheet Gigante Salmon AS - GROUP
Slide 13: Income statement
Income statement Gigante Salmon Rødøy AS • Operating revenue of 72,5 MNOK, harvesting 930 tons HOG in Q1 • With 76% superior quality, realized price amounting to NOK 78/kg, in line with market price for salmon at the time of harvest • Operating profit Q1 2026, -11,1 MNOK.
Slide 14: Balance sheet Gigante Salmon Rødøy AS
Balance sheet Gigante Salmon Rødøy AS
Slide 15: 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 16: Gigante Salmon
1 Gigante Salmon