Gigante Salmon As · OSL:GIGA
Gigante Salmon As — Q4 2025 Earnings Presentation
18 slides from Gigante Salmon As's earnings presentation, Jan 20, 2026
Slide 1: Report for the Fourth Quarter of 2025
REPORT FOR THE FOURTH QUARTER OF 2025 20th January 2025 CEO Kjell Lorentsen CFO 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 Q4 2025 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: Q4 Highlights Key Figures
Q4 HIGHLIGHTS KEY FIGURES Harvested volumes (in HOG) in the The fourth quarter of 2025 [345t] quarter from Generation Autumn 2024 ▪ Production basins A and B fully operational. Basin C expected to be operational this spring. 2.4 million smolt released into basin A in Q3 and Q4 Superior share on the
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: 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 f
Slide 9: 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 10: 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 11: Income statement - Gigante Salmon AS Group
Income statement Gigante Salmon AS - GROUP • Operating revenue of 26.9 MNOK, harvesting 345 tons HOG in Q4 • With 94% superior quality, realized price amounting to NOK 78/kg, in line with market price for salmon at the time of harvest • Operating profit Q4 2025, 6.6 MNOK, FY 2025 3.7 MNOK
Slide 12: Balance sheet - Gigante Salmon AS Group
Balance sheet Gigante Salmon AS - GROUP
Slide 13: Income statement - Gigante Salmon Rødøy AS
Income statement Gigante Salmon Rødøy AS • Operating revenue of 26.9 MNOK, harvesting 345 tons HOG in Q4 • With 94% superior quality, realized price amounting to NOK 78/kg, in line with market price for salmon at the time of harvest • Operating profit Q4 2025, 7.2 MNOK, FY 2025 6.1 MNOK
Slide 14: Balance sheet - Gigante Salmon Rødøy AS
Balance sheet Gigante Salmon Rødøy AS
Slide 15: Demonstrated competitive opex profile in Q4 2025
DEMONSTRATED COMPETETIVE OPEX PROFILE IN Q4 2025 ENABLES PROFITABLE OPERATIONS FROM FIRST QUARTER OF PRODUCTION … PRODUCTION COSTS PER KG HOG ON FIRST HARVEST REPORTED KEY FINANCIALS IN Q4 NOK NOKM 78 Achieved 71 price 27 12 2 8 6 7 2 EBIT COST EBITDA COST 59 56 12 26 7 8 3 Generation Autumn 2024 Sm
Slide 16: Setting the scene for leading on production costs as operations ramp up
… SETTING THE SCENE FOR LEADING ON 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 13 2 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
Slide 17: Expected production volume provides 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 18: Gigante Salmon
1 Gigante Salmon