Interim report
Page 1
THE SECOND QUARTER OF 2026 REPORT FOR
Page 2
3 Message from the CEO 4 Q2 Highlights 6 Key figures Q2 7 Investment Activity 8 Update on the Autumn 2025 and Autumn 2026 Generations 10 Key figures – Generation Autumn 2024 12 Operational and Biological Status 16 Financial Review 21 Statement by the board and CEO 22 Report for the second quarter of 2026 GIGANTE SALMON – GROUP 26 Notes GIGANTE SALMON – GROUP 30 Report for the second quarter of 2026 GIGANTE SALMON AS 34 Report for the second quarter of 2026 GIGANTE SALMON RØDØY AS 36 Notes GIGANTE SALMON RØDØY AS Contents GIGANTE SALMON AS Message from the CEO I assumed the role of CEO of Gigante Salmon on August 1 following a period of parental leave. I step into this position with great motivation, humility, and respect as the company's Chief Executive Officer. The seafood industry has been a part of my life for as long as I can remember, and for those who do not already know me, I would like to share a bit about my background. My first experience in the industry came at the age of five at a herring receiving station in Bodø. Later, in 2008, I had my first part-time job as a fish farm technician at Nova Sea, attended a maritime studies programme in upper secondary school, and completed my apprenticeship, earning a trade certificate as an able seaman. Over time, I chose to pursue a business and finance career path and earned a Master's degree in Economics and Business Administration from the Norwegian School of Economics (NHH) in Bergen. I also gained experience in auditing at EY and have worked within the Gigante Group since 2021. Going forward, Gigante Salmon will have my full attention. The salmon farming industry is one I am proud to be a part of. It provides high-quality, protein-rich food with a low carbon footprint, creates jobs along the coast, and generates value for local communities where such employment opportunities are of great importance. At the same time, it is an industry that must continue to evolve to meet society's expectations and requirements. Sea lice and fish escapes are among the challenges that have attracted attention and criticism within the aquaculture industry over the years. These are issues that must be addressed more effectively. Gigante Salmon was established specifically to contribute to this development. Our ambition is to produce salmon in a way that supports sustainable growth and long-term value creation. The fact that this work takes place in Helgeland makes the task even more meaningful. Our facility holds significant potential, and I am highly motivated to help realize it. We will do so through systematic efforts, clear priorities, and close collaboration across the organization. I am confident that the company has a strong foundation on which to build and, above all, a talented team of employees whom I am proud to call my colleagues. I would like to thank the Board of Directors for their trust and confidence, while also expressing my gratitude to former CEO Kjell Lorentsen for his contribution to the company. I take on this responsibility with great respect for the task ahead, but also with strong confidence in the future and in the opportunities that lie before us. Kristian Lorentsen CEO , Gigante Salmon AS The report has been prepared in both Norwegian and English. In case of any discrepancy between the two versions, the Norwegian version shall prevail. Photo: Gigante Salmon 2 3 REPORT FOR THE SECOND QUARTER OF 2026
Page 3
KEY HIGHLIGHTS 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. 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 its 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 first production 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 issues during the winter season. A number of measures have been implemented to improve fish welfare. • T otal 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 milestone in the continued scale-up of operations. 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 collection 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, creating challenges related to oxygen levels, appetite, feeding, mechanical injuries, and fish remaining behind the barriers. The company 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 result 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. 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. 4 5 REPORT FOR THE SECOND QUARTER OF 2026
Page 4
GIGANTE SALMON AS Investment Activity Following the receipt of the completion certificate on 24 March 2026, investments have primarily been related to the improvement and optimization of the facility based on experience gained from the first production cycles. These investments include increased oxygenation and feeding capacity, further development of water treatment and sludge management solutions, automation initiatives, cleaning frames in production tanks, and other measures aimed at improving the tank environment, fish welfare, and operational stability. The purpose of these investments is to facilitate improved biological performance, greater production efficiency, and the continued scaling of the business. T otal improvement and optimization investments amounted to approximately NOK 51 million as of 30 June 2026. Of this amount, approximately NOK 35 million was recognized as property, plant and equipment at the end of the reporting period. In addition, NOK 16 million relates to leased assets that had not been delivered as of 30 June 2026. Prepaid lease payments made prior to delivery are presented as other receivables in the balance sheet. Key figures Q2 Q2 YTD 653 tonn 1 584 tonn 72 % 74 % 62 kr 71 kr 107 kr 94 kr - 13 710 -295 -21 -0 -4 245 - 11 960 -7 -8 - 11 244 -29 642 Superior Grade (%) Realized Price All-in production cost, including financing Operational EBITDA Operational EBITDA/kg HOG Operational EBIT /kg HOG Harvest Volume (tonnes HOG) in the Quarter in the First Half of 2026 – From Construction to Optimization 1 290 35 1 325 16 1 341 T otal capital invested at the time of completion certification Improvements and Optimization (Q2) Capitalized CAPEX as of 30 June 2026 Leased fixed assets not yet delivered Capital Expenditure in the Production Facility CAPIT AL EXPENDITURE IN THE PRODUCTION FACILITY Operational EBIT Profits 6 7 REPORT FOR THE SECOND QUARTER OF 2026
Page 5
GIGANTE SALMON AS H2025 Prodcost Base Base BaseHigh High High EBIT cost EBITDAcost Production: 5 000 tonnes Production: 5 800 tonnes Production: 6 200 tonnes 91 82 75 86 78 71 84 76 69 98 88 81 91 83 77 89 81 75 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. H2026 81 76 70 76 71 65 74 69 63 94 89 83 87 82 76 85 80 74 Base Base BaseHigh High High Production: 5 000 tonnes Production: 5 800 tonnes Production: 6 200 tonnes Prodcost EBIT cost EBITDAcost 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. 8 REPORT FOR THE SECOND QUARTER OF 2026 9
Page 6
HOv EDPUNKTERGIGANTE SALMON AS Generation Autumn 2024, harvested in the first half of 2026 Key figures Generation Autumn 2024, total after full harvest HARVEST VOLUME AVERAGE WEIGHT SUPERIOR SHARE FEED CONVERSION R AT E CO₂ -LEVELS ENERGY CONSUMPTION PRODUCTION COST tonnes HOG kg HOG CO₂ mg/ L Kw/ kg NOK/kr HOG Full production cost, including depreciation and financing. HARVEST VOLUME AVERAGE WEIGHT SUPERIOR SHARE FEED CONVERSION R AT E CO₂ -LEVELS ENERGY CONSUMPTION PRODUCTION COST tonnes HOG kg HOG CO₂ mg/ L Kw/ kg Full production cost, including depreciation and financing. NOK/kr HOG 1 584 2.9 74 % 1.31 1-2 3 94 1 929 2.9 77 % 1.31 1-2 3 90 KEY FIGURES10 11 REPORT FOR THE SECOND QUARTER OF 2026
Page 7
OPERASJONELL OPPDA TERING H2024 – COMPLETION OF THE FIRST COMMERCIAL PRODUCTION CYCLE The second quarter marked the completion of the company’s first commercial production cycle. A total of 1,929 tonnes HOG (head-on gutted) from the H2024 generation were harvested, with an average harvest weight of 2.9 kg, a superior-grade share of 77%, and an economic feed conversion ratio (eFCR) of 1.31. The production cost for the generation ended at approximately NOK 90 per kg HOG. The first years of operation have confirmed that large-scale land-based salmon production is both technologically and operationally demanding. While the fundamental production principles are well documented, only commercial operations provide a sufficient basis of experience to fully understand the interaction between fish, water flows, oxygenation, sludge management, feeding strategies, stocking density, and operational routines. OPTIMIZA TION OF THE PRODUCTION SYSTEM Throughout the quarter, the company maintained a strong focus on the further development and optimization of the facility. Investments were made to increase oxygenation and feeding capacity, new filtration solutions were installed, and extensive measures were initiated to improve sludge collection and treatment. In addition, modifications were made to the production tanks, new cleaning procedures were implemented, and monitoring of the water environment was strengthened. These initiatives are directly based on experience gained during the first production cycles. During the quarter, valuable experience was also gained in relation to the cleaning and maintenance of the production tanks. During the preparation of pools B and C, cleaning using heavy equipment was carried out with positive results. T ANK ENVIRONMENT , SLUDGE, AND WA TER QUALITY Experience from the first production cycles has highlighted the critical importance of the tank environment for fish welfare, biological performance, and future production capacity. As a land-based aquaculture facility, Rosøya is subject to requirements concerning the collection, treatment, and documentation of emissions. Experience from the first years of operation shows that the collection and management of particulate matter and sludge are among the most challenging technical aspects of land-based salmon farming. Dialogue with the County Governor has included documentation of treatment efficiency, sludge collection, and the further development of the facility’s treatment and environmental solutions. Sludge management has been a particular area of focus and will remain a key priority going forward. In practice, land-based aquaculture facilities must address three central challenges: sea lice, fish escapes, and the collection and treatment of sludge. We have experienced relatively high sea lice pressure in our region for two consecutive summers without detecting sea lice in the facility. We have also had no fish escape incidents. Efforts to improve the tank environment are primarily driven by fish welfare and environmental considerations. However, they are also aimed at establishing the foundation for improved capacity utilization and increased production volumes over time, without compromising fish welfare. The second quarter of 2026 represents an important milestone in Gigante Salmon’s transition from a construction project to an operational producer of Atlantic salmon. With the completion of harvesting for the H2024 generation and a standing biomass now consisting exclusively of the H2025 generation, the company has entered a new phase in which increasing focus is placed on production stability, fish welfare, cost efficiency, and the continued optimization of the facility. Experience gained from the first production cycles demonstrates that the development of large-scale land-based salmon farming is a gradual process, where practical operations generate new insights that form the basis for continuous improvements in technology, protocols, and biological production. Operational and Biological Status 12 13 REPORT FOR THE SECOND QUARTER OF 2026
Page 8
HOv EDPUNKTERGIGANTE SALMON ASGIGANTE SALMON AS Strong regional supplier cluster Sale Broodstock fertilization Incubation Harves t Salten Stamfisk AS Salten N950 AS Grytåga Settefisk AS 1 5 4 3 2 Production locality Processing Wellboat Smolt release 15 14 REPORT FOR THE SECOND QUARTER OF 2026
Page 9
GIGANTE SALMON AS Financial Review The first half of 2026 marks an important turning point for the Group. With the completion of harvesting of the H2024 generation, the Company's first ordinary production cycle has been completed, while the biomass from the H2025 generation has grown significantly during the period. The results continue to reflect that the business is in a scale-up phase and the experience gained from the first production cycles, but the balance sheet also demonstrates a company with a strengthened capital structure, substantial biomass under production, and a strong focus on operational optimization. SECOND QUARTER 2026 The second quarter of 2026 marks the completion of the Company's first ordinary production cycle and the continued transition from a project and construction phase to normal operations. Following the full harvest of the H2024 generation, the standing biomass at the end of the quarter consists exclusively of the H2025 generation. At the same time, the Group has continued its efforts to complete and optimize the production facility, while experience from the first production cycles is gradually being translated into improvements in operations, technology, and production protocols. Overall, the financial statements reflect a company that remains in a scale-up phase, with significant capital tied up in biological assets, a strong equity base, and a facility increasingly transitioning to normal operational activity. The Group generated operating revenues of NOK 40.7 million in the second quarter of 2026, compared to NOK 44.7 million in the corresponding quarter of the previous year. Revenues were derived from the harvest and sale of 653 tonnes HOG from the final volumes of the H2024 generation. For the first half of 2026, operating revenues amounted to NOK 113.2 million based on total sales of 1,584 tonnes HOG. The average achieved sales price during the quarter was NOK 62.3 per kg HOG, compared to NOK 71.5 per kg HOG for the first half year as a whole, while the superior grade share in the quarter was 72%. Earnings development during the quarter was affected by a weaker salmon market than earlier in the year, combined with the harvest of the final part of the H2024 generation. 16 17 REPORT FOR THE SECOND QUARTER OF 2026
Page 10
FINANCIAL RE vIEW Operating profit (EBIT) in the second quarter was NOK -7.9 million, compared to NOK -3.6 million in the same period of 2025. EBITDA was NOK - 1.3 million. For the first half year, EBITDA amounted to NOK -8.2 million and EBIT to NOK - 19.8 million. The results continue to reflect that the Company remains in a start-up and scale-up phase. Net financial items amounted to NOK -6.5 million in the quarter, compared to NOK -0.2 million in the corresponding period last year. For the first half year, net financial items totaled NOK - 18.2 million. The increase was primarily driven by interest expenses and other financing costs related to the Group's debt financing and lease obligations. Cash flow from operating activities amounted to NOK - 12.6 million in the second quarter. For the first half year, operating cash flow totaled NOK -28.0 million, an improvement from NOK -36.8 million in the corresponding period of the previous year. The development reflects increasing cash flow from fish sales, partly offset by continued working capital build- up and significant capital tied up in biomass. Cash flow from investing activities amounted to NOK -34.7 million in the quarter and NOK -79.7 million for the first half year. Investments were primarily related to the completion and optimization of the production facility. T otal investments during the first half year amounted to approximately NOK 87 million. In addition, lease agreements for oxygen production lines, feeding systems, and modular buildings with a combined acquisition cost of NOK 16.5 million were entered into during the second quarter. As of 30 June 2026, these assets had not yet been delivered, and only initial lease payments had been recognized on the balance sheet. Cash flow from financing activities was NOK - 15.4 million in the second quarter. For the first half year, financing cash flow was positive at NOK 157. 1 million, primarily due to the capital raises completed in the first quarter. During the first half year, the Group's revolving credit facility was increased from NOK 140 million to NOK 240 million, while a NOK 100 million -60 000 -40 000 -20 000 - 20 000 40 000 60 000 80 000 100 000 120 000 140 000 REPORTED KEY FIGURES /parenleft.capQ/two.cap/YTD/parenright.cap NOKM Q/two.cap YTD Revenues EBIT Adjusted EBITDA* Adjusted EBIT* ProfitsEBITDA * In operational EBIT /EBITDA, the portion of the change in fish inventory relating to the reversal of capitalized financing costs has been added back, while the portion relating to the capitalization of financing costs attributable to biological growth has been deducted. credit facility with SpareBank 1 Nord-Norge was repaid in accordance with the agreement. This has strengthened the Group's financial flexibility during a period of continued biomass growth. At the end of the quarter, the Group's total assets amounted to NOK 1,642 million, compared to NOK 1,521 million at the end of 2025. Property, plant and equipment totaled NOK 1,304 million and reflect the substantial investments made in the production facility in recent years. Current assets amounted to NOK 316 million at quarter-end, of which biomass and feed inventory represented NOK 226 million. Following the completion of harvesting of the H2024 generation, the biomass now consists exclusively of the H2025 generation. The Group's equity amounted to NOK 1,072 million as of 30 June 2026, corresponding to an equity ratio of approximately 65%. This is in line with the level at the end of the first quarter and represents a substantial strengthening compared to the previous year. T otal liabilities amounted to NOK 570 million and primarily consist of long-term bank debt and lease obligations related to the financing of the production facility. The current ratio was 2.24 at the end of the quarter, while the quick ratio was 0.64. Although a significant portion of current assets is tied up in biomass, the liquidity position is considered satisfactory in light of the Group's available credit facilities, strong equity base, and expected future harvest volumes. Overall, the balance sheet as of 30 June 2026 reflects a company with a solid capital structure, significant biological assets under production, and a facility increasingly moving from a construction and optimization phase to ordinary production. The completion of the first ordinary production cycle represents an important milestone for the Group, while the continued growth of the H2025 generation and the planned smolt release in autumn 2026 provide the foundation for further scaling of the business. 18 19 REPORT FOR THE SECOND QUARTER OF 2026
Page 11
FINANSIELL GJENNOMGANG The board of directors and the CEO hereby declare that the consolidated accounts for the period 01.01.2026-31-03-2026 have been prepared in accordance with the Norwegian Accounting Act and generally accepted accounting principles in Norway, and provide a correct picture of the company’s assets, liabilities, financial status and income and expenses as a whole. We further declare that this update includes an accurate summary of the company’s most important activities up to the presentation of the results. Statement by the board and CEO BODØ 17. august 2026 LIV MONICA STUBHOL T Chair KRISTIAN LORENTSEN CEO ISELIN TENFJORD AL VEST AD Member KJELL LORENTSEN Member DAGFINN ELIASSEN Member 20 21 REPORT FOR THE SECOND QUARTER OF 2026
Page 12
Gigante Salmon AS - GROUP Income statement (Amount i kNOK) Income statement Note Q2 2026 YTD 2026 Q2 2025 YTD 2025 2025 Revenue 6 40 720 113 223 44 678 44 678 71 581 T otal income 40 720 113 223 44 678 44 678 71 581 Smolt - - 3 484 3 484 63 370 Feed cost 23 933 39 354 27 940 37 318 61 822 Insurance 2 424 5 317 2 070 2 413 4 774 Electricity 2 137 8 390 1 731 3 628 8 379 Maintenance 6 831 10 355 5 706 9 055 21 023 Salary and personnel expenses 6 466 13 380 6 004 12 646 26 109 Depreciation 1 6 535 11 665 23 47 9 783 Other expenses 24 186 35 200 37 032 38 707 31 744 Change in Feed inventory -2 500 - 107 - 1 281 -772 -3 462 Change in Fish inventory -21 433 9 507 -34 450 -57 516 - 155 656 T otal operating expenses 4 48 580 133 062 48 259 49 010 67 886 Net income -7 860 -19 839 -3 581 -4 332 3 695 Other financial income 1 017 1 635 350 843 1 125 Financial income 590 600 330 330 361 Other finance costs 7 839 18 853 33 31 2 920 Finance costs -68 12 47 4 201 Stock exchange fees 359 1 531 752 - 146 2 605 Net finances -6 523 -18 161 -152 -602 -4 240 Profit before income tax -14 383 -38 000 -3 733 -4 934 -545 Income tax expense -3 139 -8 358 -810 - 1 062 -78 Net profit or loss for the period 2 -11 244 -29 642 -2 923 -3 872 -467 T o minority interests - - T o majority interests -11 244 -29 642 -2 923 -3 872 -467 Disposal Transferred from/to equity -11 244 -29 642 -2 923 -3 872 -467 GIGANTE SALMON AS - GROUP Cash-flow statement Report for the second quarter of 2026 (Amount i kNOK) Group Cash flow from operations 2. kv. 2026 YTD 2026 2. kv. 2025 YTD 2025 2025 Profit before income taxes - 14 383 -38 000 -3 733 -4 934 -547 Loss/gain on disposal of assets - - - - 429 Depreciation 6 531 11 665 23 46 9 783 Change in inventory -23 933 9 185 12 769 -9 744 - 158 997 Change in trade debtors 39 544 16 945 -22 989 -22 989 - 16 945 Change in trade creditors - 11 012 - 15 309 18 253 17 260 49 536 Change in other provisions -9 376 - 12 524 4 920 - 16 474 - 1 026 Net cash flow from operations -12 629 -28 038 9 243 -36 835 -117 767 Cash flow from investments Proceeds from sale of fixed assets - 925 12 696 12 696 12 955 Purchase of fixed assets -34 650 -80 654 -80 980 - 140 862 -273 311 Net cash flow from investments -34 650 -79 729 -68 284 -128 166 -260 356 Cash flow from financing Net change in bank overdraft 88 137 -43 663 31 532 44 490 94 880 Settlement of short term loan from credit institution - 100 000 - 100 000 Loans from parent company 50 000 50 000 75 000 Repayment on loans from parent company -75 000 - - - Proceeds from long term loans 38 905 38 315 282 222 Repayment on loans -25 349 -25 349 - 157 961 Payments of Long-term Lease Liabilities -3 186 -6 358 -2 815 -5 407 - 16 076 Proceeds from issuance of equity -303 382 101 - - - Net cash flow from financing - 15 352 157 080 92 273 102 049 278 065 Net change in cash and cash equivalents -62 632 49 312 33 232 -62 952 -100 058 Cash and cash equivalents at the beginning of the period 118 508 6 564 10 439 106 623 106 623 Cash and cash equivalents at the end of the period 55 876 55 876 43 671 43 671 6 565 Which exists of: Cash and bank deposits 55 876 55 876 43 671 43 671 6 565 22 23 REPORT FOR THE SECOND QUARTER OF 2026
Page 13
Balance sheet (Amount i kNOK) ASSETS Note 30.06.2026 30.06.2025 31. 12.2025 Deferred tax asset 21 386 10 076 9 092 T otal intangible assets 21 386 10 076 9 092 Land, buildings and other real property 1 437 Production facility 1 090 853 917 298 1 013 438 Production facility, leased components 210 820 215 841 213 617 Ships and cars 498 602 548 "Fixtures/fittings, tools, office machinery and equipment" 520 2 - T otal tangible assets 1 1 304 128 1 133 743 1 227 603 Investments in shares 100 100 100 T otal financial fixed assets 100 100 100 TOT AL FIXED ASSETS 1 325 614 1 143 919 1 236 795 Feed inventory 5 139 3 016 5 033 Cost on stock for fish 220 930 82 985 230 221 T otal inventory 5 226 069 86 001 235 254 Trade receivables - 22 989 16 945 Other receivables 34 334 25 681 25 859 T otal receivables 34 334 48 670 42 804 Cash and bank deposits 55 876 43 671 6 564 TOT AL CURRENT ASSETS 316 280 178 342 284 622 TOT AL ASSETS 1 641 894 1 322 261 1 521 417 BODØ 17. august 2026 LIV MONICA STUBHOL T Chair KJELL LORENTSEN Member KRISTIAN LORENTSEN CEO DAGFINN ELIASSEN Member ISELIN TENFJORD AL VEST AD Member GIGANTE SALMON AS - GROUP Balance sheet (Amount i kNOK) EQUITY AND LIABILITIES Note 30.06.2026 30.06.2025 31. 12.2025 Share capital 3 224 597 171 264 171 264 Share premium 870 160 537 452 537 452 T otal paid-in equity 2 1 094 757 708 716 708 716 Other equity -22 828 3 169 6 573 T otal retained earnings 2 -22 828 3 169 6 573 Minority interests - - - TOT AL EQUITY 2 1 071 928 711 885 715 289 Loans from credit institutions 324 000 312 581 323 876 Intercompany debt - 50 000 75 000 Lease liabilities 104 765 117 493 111 123 T otal other non-current liabilities 428 765 480 074 510 000 Liabilities to financial institutions 88 137 81 410 131 800 Short term liabilities to financial institutions - - 100 000 Trade creditors 36 394 42 017 60 126 Public duties payable 295 1 258 1 071 Other short-term liabilities 16 375 5 617 3 131 T otal current liabilities 141 200 130 302 296 128 TOT AL LIABILITIES 569 965 610 376 806 128 TOT AL EQUITY AND LIABILITIES 1 641 893 1 322 261 1 521 417 24 25 REPORT FOR THE SECOND QUARTER OF 2026
Page 14
Notes ACCOUNTING PRINCIPLES Gigante Salmon quarterly accounts have been prepared in compliance with the new rules for Euronext Growth Oslo rulebook part II, implemented 1. april 2025. The accounts have been prepared in accordance with Norwegian accounting practices for larger companies. The quarterly report is non-audited. NOTE 1 - FIXED ASSETS Production facility Production facility, leased components Land and development projects Ships and movables T otal fixed assets Purchase cost 31.03.26 1 065 488 215 841 1 437 978 1 283 744 Accumulated depreciation 31.03.26 11 449 3 337 - 455 15 241 Net book value 31.03.26 1 054 039 212 504 1 437 523 1 268 503 Additions 41 612 - - 547 42 159 Purchase cost 30.06.26 1 107 100 215 841 1 437 1 525 1 325 903 Accumulated depreciation 30.06.26 16 247 5 021 - 507 21 775 Net book value 30.06.26 1 090 853 210 820 1 437 1 018 1 304 128 Depreciation in Q2 2026 4 794 1 684 - 57 6 535 Useful life (years) 5- 100 10-75 N /A 5- 10 The Group owns two islands that are not depreciated. Gigante Salmon's aquaculture facility in Rødøy received its completion certificate in March 2026. However, investments are still being made in the further development and optimization of the facility and its equipment. During Q2, agreements were entered into for the lease of O2 producti- on lines, feeding systems and building modules with a total acquisition cost of NOK 16.5 million. As of 30 June 2026, however, only the initial lease payment has been recognized on the balance sheet. As the assets have not yet been delivered, the initial lease payment (NOK 8 million) has been classified as other receivables. CHANGE IN PLAN OF DEPRECIA TION In Q2 2026, the facility was capitalized in the fixed asset register. At an overall level, the facility is considered an industrial plant consisting of several individual components. Upon capitalization, some of the more technical components were assigned somewhat shorter useful lives than when the facility was still in the project phase (under constructi- on). In isolation, this would result in higher depreciation charges. However, much of this effect was offset by a larger share of common project costs (including engineering, payroll, and capitalized borrowing costs) being allocated to assets with longer useful lives (including the fish far- ming facility itself), as these assets account for a proportionally larger share of the total acquisition cost. As a result, the capitalization of the facility in the fixed asset register and the related componentization did not lead to any material change in annual depreciation expense. THE PROJECTS HA VE BEEN ALLOCA TED TO SEVERAL ASSET CLASSES: • Land • Site Works and Infrastructure • Buildings, Concrete Structures and Other Permanent Installations • Mechanical Production Equipment • Process and Environmental T echnology • Automation and Electrical Systems • Short-Life Replaceable Components Each asset class is further divided into individual assets/ components, which may have different useful lives. NOTES NOTE 3 - SHARE CAPIT AL AND SHAREHOLDER INFORMA TION LIST OF 20 MAJOR SHAREHOLDERS A T 30.06.26: Shareholder Number of shares Ownership GIGANTE HAv BRUK AS 95 076 888 42,33 % J.P . Morgan SE 21 429 713 9,54 % KAPNORD AS 21 252 090 9,46 % KUL T A INvEST AS 8 100 847 3,61 % Y annick AS 8 089 746 3,60 % HELGELAND INvEST AS 7 174 182 3, 19 % J.P . Morgan SE 7 060 255 3, 14 % UBS Switzerland AG 3 203 141 1,43 % DNB Bank ASA 3 000 000 1,34 % HEGGELUND 2 874 402 1,28 % NYHAMN AS 2 220 000 0,99 % RAv I IN v ESTERING AS 1 900 000 0,85 % BENT ERIKSEN AS 1 788 462 0,80 % IHA INvEST AS 1 614 580 0,72 % SA TURN INvEST AS 1 538 462 0,68 % WEEN KAPIT AL AS 1 450 909 0,65 % J.P . Morgan SE 1 383 663 0,62 % JOE INvEST AS 1 285 636 0,57 % T urner AS 1 017 667 0,45 % EIDISSEN CONSUL T AS 1 009 578 0,45 % Other 32 126 706 14,30 % To t a l 224 596 927 100,0 % The share capital of NOK 224 596 927 consists of 224 596 927 shares with nominal value of NOK 1 each. * after taxes NOTE 2 - SHAREHOLDERS' EQUITY Equity changes in the period Share capital Share premium Other equity To t a l Equity 31. 12.25 171 264 537 452 6 817 715 533 Profit for Q1 0 0 - 18 398 - 18 398 Capital increase, 11.02.2026 43 000 279 500 0 322 500 Capital increase, 25.02.2026 5 000 32 500 0 37 500 Capital increase, 25.03.2026 5 333 34 667 0 40 000 Transaction costs* 0 - 13 725 0 - 13 725 Equity 31.03.25 224 597 870 394 -11 581 1 083 409 Profit for Q2 - - - 11 244 - 11 244 Transaction costs* - -237 - -237 Equity 30.06.26 224 597 870 157 -22 825 1 071 928 26 27 REPORT FOR THE SECOND QUARTER OF 2026
Page 15
Related party Ownership Amount Detail of transaction a) Gigante Havbruk AS Owns 51,79% of Gigante Salmon 3 414 993 Borrowing costs related to construction financing b) Polarplast AS Gigante Havbruk owns 40% 9 641 075 Procurement of various supplies and equipment for the raceway tanks. Detailed engineering and design. c) Salten Aqua AS Gigante Havbruk owns 35% 812 464 Purchase of administrative services and rental of software systems. d) Salmon Center AS Gigante Havbruk owns 100% 146 748 Office rental e) Fish Farm international AS Gigante Havbruk owns 100% 1 275 000 Ferry rental f) Bolga Brygge AS Gigante Havbruk owns 100% 337 665 Board and lodging as well as staff transport g) Grytåga Settefisk AS Gigante Havbruk owns 53% 933 396 Asset sale h) Salten N950 AS Gigante Havbruk owns 28,7% 8 792 177 Harvest of fishNOTE 5- BIOLOGICAL ASSETS Release Number Weight (grams) Biomass (tons) Plan of harvest 2025 Autumn 2 050 000 1 220 2 500 Q4 2026 until Q2 2027 To t a l 2 050 000 1 220 2 500 Deliveries from Polarplast AS and Fish Farm International AS have, for the most part, been capitalized under the asset category “Production Facilities”. Shares owned by the management and related parties of the management Name Position Number of shares Ownership Rune Johansen CFO 375 000 0, 17 % T ore Laugsand Deputy CEO 200 000 0,09 % Rune Johansen owns 65 000 shares privately and 310 000 shares through his wholly-owned company Nord-Norsk Eiendom AS. T ore Laugsand has an option to sell 200 000 shares to Gigante Havbruk AS at a price of NOK 7,50 per share. The option is valid until September 1, 2027. In connection with the share purchase, Gigante Harbruk AS has provided a loan of NOK 1 500 000 to T ore Laugsand. Kjell Lorentsen has controlling influence through Gigante Havbruk AS who owns 95 076 888 shares (ownership 42,33%) and through Kapnord AS who owns21 252 090 shares (9,46%), in total 51,79% ownership. NOTE 4 - OVERVIEW OF AND TRANSACTIONS WITH RELA TED PARTIES NOTE 6 - REVENUES Release Number Weight (grams, HOG) Biomass (tons, HOG) Time of harvest Superior share 2024 Autumn 327 721 2,8 930 Q1 2026 76 % 2024 Autumn 221 577 3,0 654 Q2 2026 72 % 549 298 2,9 1 584 74 % NOTES Release Average price (HOG) Production cost (HOG) Profit per kg 2026 2024 Autumn 71,5 93,6 -22, 1 Release Biomass tons, HOG (acc.) Feed conversion rate Average price (HOG) Production cost (HOG) Profit per kg 2024 Autumn 1 929 1,31 72,7 89,5 - 16,8 28 29 REPORT FOR THE SECOND QUARTER OF 2026
Page 16
Gigante Salmon AS Income statement (Amount i kNOK) Income statement Q2 2026 YTD 2026 Q2 2025 YTD 2025 2025 Other income 1 215 2 430 847 2 376 4 171 T otal income 1 215 2 430 847 2 376 4 171 Insurance 33 65 26 49 116 Maintenance 105 105 - - 8 Salary and personnel expenses 1 255 2 881 1 110 2 684 4 961 Depreciation - - 1 2 4 Other expenses 1 136 1 645 586 828 1 352 T otal operating expenses 2 529 4 696 1 723 3 563 6 441 Net income -1 314 -2 266 -876 -1 187 -2 270 Interest received from group companies 4 819 12 028 1 683 3 223 7 387 Interest income 590 817 70 509 585 Financial income 14 15 11 11 11 Interest paid to group companies - 3 415 Interest expenses - - 1 1 1 Finance costs -71 - 46 18 132 Stock exchange fees 359 1 531 752 - 146 2 605 Net finances 5 135 7 914 965 2 018 5 245 Profit before income tax 3 821 5 648 89 831 2 975 Income tax expense 841 1 243 20 183 658 Net profit or loss for the period 2 980 4 405 69 648 2 317 Disposal Transferred from/to equity 2 980 4 405 69 648 2 317 GIGANTE SALMON AS Report for the second quarter of 2026 30 31 REPORT FOR THE SECOND QUARTER OF 2026
Page 17
Balance sheet (Amount i kNOK) ASSETS 30.06.2026 30.06.2025 31. 12.2025 Deferred tax asset 11 762 9 542 9 067 T otal intangible assets 11 762 9 542 9 067 Land, buildings and other property 1 437 1 437 1 437 Fixtures/fittings, tools, office machinery and equipment - 2 - T otal tangible assets 1 437 1 439 1 437 Investments in subsidiaries 1 026 601 587 101 1 026 601 Loans to group companies 12 028 161 408 190 572 Investments in shares 100 100 100 T otal financial fixed assets 1 038 729 748 609 1 217 273 T otal fixed assets 1 051 928 759 590 1 227 777 Trade receivables 506 1 134 1 366 Other receivables 196 163 57 T otal receivables 702 1 297 1 423 Cash and bank deposits 54 801 4 579 2 391 TOT AL CURRENT ASSETS 55 503 5 876 3 814 TOT AL ASSETS 1 107 431 765 466 1 231 591 GIGANTE SALMON AS Balance sheet (Amount i kNOK) EQUITY AND LIABILITIES 30.06.2026 30.06.2025 31. 12.2025 Share capital 224 597 171 264 171 264 Share premium 870 159 537 452 537 452 T otal paid-in equity 1 094 756 708 716 708 716 Other equity 11 801 6 676 7 396 T otal retained earnings 11 801 6 676 7 396 Minority interests - - - TOT AL EQUITY 1 106 557 714 438 716 112 Liabilities to group companies - 50 000 75 000 T otal non-current liabilities - 50 000 75 000 Trade creditors 384 406 164 Public duties payable 248 327 426 Liabilities to group companies - - 439 500 Other short-term liabilities 242 295 390 T otal current liabilities 874 1 028 440 480 TOT AL LIABILITIES 874 51 028 515 480 TOT AL EQUITY AND LIABILITIES 1 107 431 765 466 1 231 592 32 33 REPORT FOR THE SECOND QUARTER OF 2026
Page 18
Income statement Gigante Salmon Rødøy AS (Amount i kNOK) Income statement Note Q2 2026 YTD 2026 Q2 2025 YTD 2025 2025 Revenue 40 720 113 223 44 678 44 678 71 581 T otal income 40 720 113 223 44 678 44 678 71 581 Smolt - - 3 484 3 484 63 370 Feed cost 23 933 39 354 27 940 37 318 61 822 Insurance 2 456 5 317 2 044 2 364 4 659 Electricity 2 137 8 390 1 731 3 628 8 379 Maintenance 5 753 9 277 5 706 9 055 21 015 Salery and personnel expences 6 327 12 929 5 716 12 268 25 198 Depreciation 1 6 531 11 665 22 44 9 779 Other expences 23 959 34 464 36 446 37 880 30 392 Impairment of biomass - - - - - Change in Feed inventory -2 500 - 107 - 1 281 -772 -3 462 Change in Fish inventory -21 433 9 507 -34 450 -57 516 - 155 656 T otal operating expenses 47 163 130 796 47 358 47 753 65 496 Net income -6 443 -17 573 -2 680 -3 075 6 085 Other financial income 427 818 280 334 350 Financial income 577 586 319 319 540 Interest paid to group companies 4 819 8 613 - - 7 387 Other finance costs 7 840 18 854 1 715 173 69 Finance costs 3 12 1 - 14 2 919 Net finances -11 658 -26 075 -1 117 -2 620 -9 485 Profit before income tax -18 101 -43 648 -3 797 -5 695 -3 400 Income tax expense -3 979 -9 600 -830 - 1 245 -736 Periodens resultat -14 122 -34 048 -2 967 -4 450 -2 664 Net profit or loss for the period T o minority interests T o majority interests Disposal : Transferred from/to equity -14 122 -34 048 -2 967 -4 450 -2 664 GIGANTE SALMON RØDØY AS Balance sheet Report for the second quarter of 2026 (Amount i kNOK) ASSETS Note 30.06.2026 30.06.2025 31. 12.2025 Deferred tax 9 625 534 24 T otal intangible assets 9 625 534 24 Production facility 1 091 200 916 234 1 012 374 Production facility, leased components 210 820 215 841 213 617 Ships and cars 498 602 548 "Fixtures/fittings, tools, office machinery and equipment" 520 - - T otal intangible assets 1 1 303 037 1 132 677 1 226 539 TOT AL FIXED ASSETS 1 312 662 1 133 211 1 226 563 Feed inventory 5 139 3 016 5 033 Cost on stock for fish 220 930 83 149 230 437 T otal inventory 226 069 86 165 235 470 Trade receivables - 22 989 16 938 Receivable from group companies - - 439 500 Other receivables 34 275 25 518 25 802 T otal receivables 34 275 48 507 482 240 Cash and bank deposits 1 075 39 092 4 173 TOT AL CURRENT ASSETS 261 419 173 764 721 883 TOT AL ASSETS 1 574 082 1 306 975 1 948 446 34 35 REPORT FOR THE SECOND QUARTER OF 2026
Page 19
Balance sheet (Amount i kNOK) EQUITY AND LIABILITIES Note 30.06.2026 30.06.2025 31. 12.2025 Share capital 58 730 58 730 58 730 Share premium 528 371 528 371 528 371 Other paid-in equity 439 500 - 439 500 T otal paid-in equity 1 026 601 587 101 1 026 601 Other equity -34 281 -2 016 -234 T otal retained earnings -34 281 -2 016 -234 TOT AL EQUITY 992 320 585 085 1 026 367 Deferred tax - - - Liabilities to financial institutions 324 000 312 581 323 876 Liabilities to group companies 12 028 161 407 190 572 Lease liabilities 104 765 117 493 111 123 T otal other non-current liabilities 440 793 591 481 625 571 Liabilities to financial institutions 88 137 81 410 231 800 Short term liabilities to financial institutions - - - Trade creditors 36 516 42 745 60 219 Public duties payable 183 931 646 Other short-term liabilities 16 133 5 323 3 843 T otal current liabilities 140 969 130 409 296 508 TOT AL LIABILITIES 581 762 721 890 922 079 TOT AL EQUITY AND LIABILITIES 1 574 082 1 306 975 1 948 446 GIGANTE SALMON RØDØY AS36 37 REPORT FOR THE SECOND QUARTER OF 2026
Page 20
ÅRSREGNSKAP 20 24 Notes Gigante Salmon's aquaculture facility in Rødøy received its completion certificate in March 2026. However, investments are still being made in the further development and optimization of the facility and its equipment. CHANGE IN PLAN OF DEPRECIA TION In Q2 2026, the facility was capitalized in the fixed asset register. At an overall level, the facility is considered an industrial plant consisting of several individual components. Upon capitalization, some of the more technical components were assigned somewhat shorter useful lives than when the facility was still in the project phase (under construction). In isolation, this would result in higher depreciation charges. However, much of this effect was offset by a larger share of common project costs (including engineering, payroll, and capitalized borrowing costs) being allocated to assets with longer useful lives (including the fish farming facility itself), as these assets account for a proportionally larger share of the total acquisition cost. As a result, the capitalization of the facility in the fixed asset register and the related componentization did not lead to any material change in annual depreciation expense. THE PROJECTS HA VE BEEN ALLOCA TED TO SEVERAL ASSET CLASSES: • Land • Site Works and Infrastructure • Buildings, Concrete Structures and Other Permanent Installations • Mechanical Production Equipment • Process and Environmental T echnology • Automation and Electrical Systems • Short-Life Replaceable Components Each asset class is further divided into individual assets/ components, which may have different useful lives. NOTE 1 - FIXED ASSETS Production facility Production facility, leased components Ships T otal fixed assets Purchase cost 31.03.26 1 065 835 215 841 945 1 282 621 Accumulated depreciation 31.03.26 11 453 3 337 422 15 212 Net book value 31.03.26 1 054 382 212 504 523 1 267 409 Additions 41 612 - 547 42 159 Purchase cost 30.06.26 1 107 447 215 841 1 492 1 324 780 Accumulated depreciation 30.06.26 16 247 5 021 475 21 743 Net book value 30.06.26 1 091 200 210 820 1 017 1 303 037 Depreciation in Q2 2026 4 794 1 684 53 6 531 Useful life (years) 5- 100 10-75 5- 10 The Group owns two islands that are not depreciated. GIGANTE SALMON RØDØY AS38 39 REPORT FOR THE SECOND QUARTER OF 2026