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18th August 2026 CEO Kristian Lorentsen CIRO Rune Johansen R E P O R T F O R THE SECOND QUARTER OF 2026
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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 fro m t he united states of america , australia , canada , japan , hong kong or south africa or to any resident thereof or any other jurisdiction where such distribution is unlawful. This document is not an offer or an i nvitation to buy or sell securities. About this presentation This presentation (the “presentation") has been produced by gigante salmon as (“ gigante salmon” or the “company”) is for information purposes only and does not in itself constitute an offer to sell or a solicitation of an offer to buy any financial instruments. By attending a meeting where this presentation is presented, or by reading this presentation, you (the “recipient”) agree to be bound by the following terms, conditions and limitations. Neither the delivery of this presentation nor any furth er discussions with the recipient or any other person shall, under any circumstances, create any implication that there has been no change in the affairs of the company since the date of th is presentation. The company does not undertake any obligation to review or confirm, or to release publicly or otherwise to the recipient or any other person, any revisions to t he information contained in this presentation to reflect events that occur or circumstances that arise after the date of this presentation. The company does not intend to update the informa tio n after its distribution, even in the event the information becomes materially inaccurate. Forward looking information and statements This presentation includes and is based on, among other things, forward - looking information and statements. Such forward - looking information and statements are based on the current expectations, estimates and projections of the company or assumptions based on information available to the company. Such for war d - looking information and statements are solely opinions and forecasts which reflect current views with respect to future events and are subject to risks, uncertainties and ass umptions. None of the company or any of its representatives provides any assurance that the assumptions underlying such forward - looking statements are free from errors, nor do any of them accept any responsibility for the future accuracy of the opinions expressed in this presentation. No representation or warranty The information contained in this presentation is furnished by the company and has not been independently verified. No repres ent ation or warranty (express or implied) is made as to the accuracy or completeness of any information contained herein. None of the company, any representative acting on behalf of the co mpany, or any of its respective parent or subsidiary undertakings or any such person’s directors, officers, employees, advisors or representatives (collectively the “representati ves ”) shall have any liability whatsoever arising directly or indirectly from the use of this presentation or otherwise arising in connection therewith, including but not limited to any l iab ility for errors, inaccuracies, omissions or misleading statements in this presentation. The recipient acknowledges that it will be solely responsible for its own assessment of the com pany’s business and the market, the market position and credit worthiness of the company. The recipient will be required to conduct its own analysis and accepts that it will be sole ly responsible for forming its own view of the potential future performance of the company, its business and the shares. The content of this presentation is not to be construed as legal, cr edi t, business, investment or tax advice. The recipient should consult with its own legal, credit, business, investment and tax advisers as to legal, credit, business, investment and tax a dvi ce.
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Agenda 1. Gigante Salmon in brief 2. Highlights 1H 2026 3. Operational update 4. Biological update 5. Financial update
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Oppdatere tall KIB? INTRODUCTION TO GIGANTE SALMON ▪ 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 ▪ The Company’s unique site and proven technology aim to utilise the benefits of both land - and sea - based farming and solve for the challenges observed in conventional salmon farming ▪ The flow - through facility is divided in three separate basins ▪ The Company delivered operating profit in 2025, at a harvest volume of approx. 1,040 tons HOG. ▪ At full production, the Company targets an annual production capacity of up to 16,000 tonnes HOG supported by a licensed MAB of 13,731 tonnes ▪ Gigante Salmon benefits from the industrial majority owner and salmon farmer Gigante Havbruk , who operates throughout all stages of the value chain; from smolt to export of salmon PRODUCTION CAPACITY 16,000 tonnes HOG LAND - BASED FARMING For the fish, the sea and the people FIRST LAND - BASED FARMER TO OPERATE A FULLY FINALISED FACILITY 250 - 300 240 - 270 200 - 220 ~80 Land-based RAS Land-based hybrid Conventional farming Gigante Salmon full production ▪ No farming sites in close proximity ▪ Aquaculture cluster providing access to crucial infrastructure and competence ▪ Optimal sea temperatures all year round Low Capex NOK/KG HOG Unique location
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Q2 YTD Harvest Volume (tonnes HOG) in the Quarter 653 1 584 Superior Grade (%) 72 % 74 % Realized Price 62 71 All-in production cost, including financing 107 94 Operational EBITDA - 13 710 - 295 Operational EBITDA/kg HOG - 21 - 0 Operational EBIT - 4 245 - 11 960 Operational EBIT/kg HOG - 7 - 8 KEY FIGURES
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KEY HIGHLIGHTS - First Half of 2026 New CEO from August 1 • Kristian Lorentsen assumed the role of CEO of Gigante Salmon on August 1, entering the position with strong motivation, humility, and respect for the responsibility. • Kristian Lorentsen was born into the industry and brings extensive experience from both smolt and grow - out operations, with a background spanning operational management, finance, and board work. Going forward, Gigante Salmon will have his full attention . • The company's facility has significant potential, which will be realized through systematic efforts, clear priorities, and close collaboration across the organization. • The new CEO would like to thank the Board of Directors for its confidence and former CEO Kjell Lorentsen for the work invested in the company and the potential embedded in the facility.
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KEY HIGHLIGHTS - First Half of 2026 Operational Highlights • The Autumn 2024 generation represents a record generation for Gigante Salmon, with harvest volumes of 1,929 tonnes HOG (head - on gutted), compared to 930 tonnes HOG for the Autumn 2024 generation (test production). This development demonstrates that the company is progressing through i ts planned scale - up phase and underscores the potential for further production expansion. • A total of 1,584 tonnes HOG were harvested during the first half of 2026. The average harvest weight was 2.9 kg, the superior share was 74%, and the achieved average sales price was approximately NOK 71 per kg HOG. • The first half marked the completion of the company's first regular production cycle. In total, 1,929 tonnes HOG were harvested from the Autumn 2024 generation, with an average harvest weight of 2.9 kg. • During the period, the Group gradually transitioned from a construction phase to normal operations. Experiences from the firs t p roduction cycles have provided valuable insights into the measures required to achieve the company's long - term target of 16,000 tonnes HOG. • The Autumn 2024 generation was affected by gill health challenges, while the Autumn 2025 generation experienced winter ulcer iss ues during the winter season. A number of measures have been implemented to improve fish welfare. • Total biomass at the end of the first half was approximately 2,500 tonnes . Following the completion of harvesting of the Autumn 2024 generation, the standing biomass now consists exclusively of the Autumn 2025 generation. • The next stocking will be the first time the facility has fish in all three basins simultaneously and marks an important mile sto ne in the continued scale - up of operations.
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Generation Autumn 2024, harvested in the first half of 2026 Generation Autumn 2024, total after full harvest HARVEST VOLUME 1 929 TONNES HOG 2,9 KG HOG SUPERIOR SHARE 77 % FEED CONVERSION RATE 1,31 CO 2 LEVELS 1-2 CO2 MG/L ENERGY CONSUMPTION 3 KW/KG PRODUCTION COST1 HARVEST VOLUME 1 584 TONNES HOG 2,9 KG HOG SUPERIOR SHARE 74 % FEED CONVERSION RATE 1,31 CO 2 LEVELS 1-2 CO2 MG/L ENERGY CONSUMPTION 3 KW/KG PRODUCTION COST1 AVERAGE WEIGHT AVERAGE WEIGHT 94 NOK/KG HOG 90 NOK/KG HOG 1 Full production cost, including depreciation and financing.
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KEY HIGHLIGHTS - First Half of 2026 Update on the Autumn 2025 and Autumn 2026 Generations • Summer efforts related to the fish barriers have not produced the desired effect on fish health, and their impact on sludge c oll ection remains unclear. Fish behaviour following implementation has not developed as expected . • The Autumn 2025 generation has been negatively affected as fish are concentrated more densely in parts of the raceway system, cr eating challenges related to oxygen levels, appetite, feeding, mechanical injuries, and fish remaining behind the barriers. The comp any is evaluating measures including full removal, partial removal, or further modifications to the fish barriers. • This situation has contributed to a lower average weight than planned for the Autumn 2025 generation. • The base case for the Autumn 2025 generation is 5,800 tonnes , with an outcome range of 5,000 to 6,200 tonnes . Lower harvest weights result in higher production costs per kilogram and lower revenues. • The Autumn 2026 generation is also expected to be negatively affected due to delayed smolt readiness for transfer. This will res ult in postponed stocking and suboptimal production conditions. • The base case for the Autumn 2026 generation is 5,800 tonnes , with an outcome range of 5,000 to 6,200 tonnes . The projections also take macroeconomic factors into account, including the risk of increased feed costs due to El Niño.
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Update on the Autumn 2025 and Autumn 2026 Generations Reference is made to the Company's stock exchange announcement of 3 July, which described an improvement project involving fish barriers: " The modifications have reduced the available tank volume by approximately 5%. The Company is considering compensating for this by increasing the water level in the tanks. " The purpose of the measure was to improve fish health and sludge collection in the raceway system. However, the improvement project has not delivered the desired effect on fish health, and the impact on sludge collection remains unclear. This has been caused by delays in implementing the project and unexpected fish behaviour following its completion. The fish barriers were intentionally installed at the beginning and end of the raceway. As a result, the fish are now concentrated in approximately half of the facility, close to the barriers, while the remaining part of the raceway is largely unused by the fish. This was not an anticipated outcome of the fish barrier installation. Fish health in the Autumn 2025 generation has been negatively affected, primarily because the fish are concentrated more densely in a limited area of the raceway. Fish health has been impacted by, among other factors, reduced oxygen availability, lower appetite, technical challenges in providing sufficient feeding, mechanical injuries caused by the fish barriers, and fish becoming trapped behind the barriers. This has also resulted in lower average fish weights than planned. The situation is being closely evaluated to determine the most appropriate corrective measures. Options currently under consideration include complete removal of the fish barriers, partial removal, or further modifications to the barrier system. The assessment of these alternatives is ongoing. One of the objectives of the improvement project was to enhance sludge collection in the raceway system. This effect remains uncertain, as delays in installation have also delayed the work required to evaluate the effectiveness of the measure. The negative impact on the Autumn 2025 generation relates both to reduced fish size and weakened fish health. The consequences have become apparent gradually, and Gigante Salmon now recognizes that the generation is expected to achieve lower harvest weights and a weaker superior grade than previously planned. Lower harvest weights also result in higher production costs per kilogram and lower revenues. The base case harvest volume is estimated at 5,800 tonnes , with a range of outcomes between 5,000 and 6,200 tonnes . At the base case of 5,800 tonnes , production cost is estimated at NOK 86 per kg, with a range up to NOK 91 per kg. At the upper outcome of 6,200 tonnes , production cost is expected to range between NOK 84 and NOK 89 per kg, while at the lower outcome of 5,000 tonnes , production cost is expected to range between NOK 91 and NOK 98 per kg. See the separate EBITDA and EBIT sensitivity matrix/chart for further details. The Autumn 2026 generation is also expected to be negatively affected by the improvement project and the fish barriers. This is because delays in implementing the project have postponed the planned movement of fish, preventing Gigante Salmon from being ready to receive smolt as originally scheduled. Consequently, the Autumn 2026 generation will experience delayed smolt stocking, resulting in suboptimal production conditions. This is expected to reduce harvest volumes and weaken the superior grade. Lower harvest volumes also result in higher production costs. The base case for the Autumn 2026 generation is 5,800 tonnes , with an outcome range between 5,000 and 6,200 tonnes . At the base case, production cost is estimated at NOK 76 per kg, with a range up to NOK 87 per kg. At the upper outcome of 6,200 tonnes , production cost is expected to range between NOK 74 and NOK 85 per kg, while at the lower outcome of 5,000 tonnes , production cost is expected to range between NOK 81 and NOK 94 per kg. See the separate EBITDA and EBIT sensitivity matrix/chart for further details. For the Autumn 2026 generation, macroeconomic factors have also been taken into account, including the risk of increased feed costs due to El Niño. The impact on fish health and the currently underperforming sludge collection effect will be followed up through ongoing dialogue with the Norwegian Food Safety Authority and the County Governor. The Company is actively working to meet its obligations related to discharge permits. Gigante Salmon will continue its dialogue with the relevant authorities with the aim of identifying the best possible solutions and ensuring responsible management of the situation within the framework of applicable permits and regulatory requirements.
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KEY HIGHLIGHTS - First Half of 2026 Financial Highlights • The Group generated operating revenues of NOK 113.2 million in the first half of 2026. Operating profit (EBIT) was negative at NOK 19.8 million. • During the first half, investments of approximately NOK 87 million were made related to the completion and further optimization of the facility. Including equipment leasing agreements for assets not yet delivered as of June 30, 2026, total investments amounted to NOK 103 million. • As of June 30, 2026, the equity ratio was approximately 65%. The current ratio (excluding inventories) was 0.64, while the current ratio was 2.24. • During the period, the Group's overdraft facility was increased from NOK 140 million to NOK 240 million. At the same time, the NOK 100 million loan facility from SpareBank 1 Nord - Norge was repaid in accordance with the agreement. This strengthens the Group's available liquidity and financial flexibility as it continues to build biomass going forward.
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Income statement • Operating revenue of 40.7 MNOK, harvesting 653 tons HOG in Q2 • With 72% superior quality, realized price amounting to NOK 62/kg, in line with market price for salmon at the time of harvest Gigante Salmon AS - GROUP
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Balance sheet Gigante Salmon AS - GROUP
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Income statement • Operating revenue of 40.7 MNOK, harvesting 653 tons HOG in Q2 • With 72% superior quality, realized price amounting to NOK 62/kg, in line with market price for salmon at the time of harvest Gigante Salmon Rødøy AS
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Balance sheet Gigante Salmon Rødøy AS
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Q&A