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20th October 2026 CEO Kristian Lorentsen CIRO Rune Johansen R E P O R T F O R THE THIRD QUARTER OF 202 6
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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 Q3 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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Q3 YTD Harvest Volume (tonnes HOG) in the Quarter 1 584 Superior Grade (%) 74 % Realized Price 71 All-in production cost, including financing 94 Operational EBITDA 6 174 7 205 Operational EBITDA/kg HOG 5 Operational EBIT - 1 359 - 11 993 Operational EBIT/kg HOG - 8 KEY FIGURES (no harvest in the quarter)
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KEY HIGHLIGHTS – Q3 2026 New CEO from August 1 • Kristian Lorentsen assumed the role of CEO of Gigante Salmon on August 1 . The objective is to make Gigante Salmon a stronger company across all parts of the business. • The Company will prioritize fewer, but better executed, improvement projects. This is expected to result in clearer accountability, improved execution and financial control, and a better basis for evaluating the impact of implemented measures. • Gigante Salmon remains in a learning and maturation phase. Experience gained from previous production generations will be used to improve biological performance, operations and competitiveness.
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Operational and Biological Update – Q3 2026 The third quarter of 2026 was characterized by continued biomass growth, the stocking of the H2026 generation, and further operational development of the facility. Operations during the quarter were focused on fish welfare, biological control and production optimization. With fish present in all three production basins at quarter - end, the Company has established a solid foundation for continued growth and increasing harvest volumes in the coming periods.
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KEY HIGHLIGHTS – Q3 2026 Operational Highlights • All three production basins and all raceway tanks were brought into operation simultaneously for the first time. This marks the transition from construction to full - scale operation, learning and further optimisation of the facility. • The fish barriers have been partially reversed and operationally improved. Preliminary results related to sludge management a nd particle removal are encouraging, and the measures will continue to be monitored through measurements and documentation. • Previously lost feeding time and suboptimal feeding cannot be fully recovered later in the production cycle. This is expected to affect harvest weights during Q4. • The agreement with Skretting has been extended until summer 2027, and a new agreement with EWOS has been signed through summe r 2 028. Future feed negotiations will be professionalized through systematic assessments of raw material composition, biological perf orm ance, logistics, pricing, flexibility and commercial terms. • A new exporter on the west coast of Norway has been selected as a sales partner. The appointment forms part of the effort to professionalize the sales function and strengthen Gigante Salmon’s market position. • The dialogue with the Norwegian Food Safety Authority and the County Governor continues, with emphasis on fish welfare, sludge collection, particle removal and documentation of completed and planned measures.
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KEY HIGHLIGHTS – Q3 2026 Biological Highlights • Smolt stockings during Q3 were successful, and initial observations are positive. Two batches of H2026 smolt were delivered during the quarter. The third and final batch has been brought forward relative to the revised plan and is expected to be delivered by the end of October 2026. • Feeding and growth performance are key improvement priorities. Efforts include feeding practices, operational procedures, technical improvements and increased attention to feeding management in daily operations. • The Company will adjust its smolt strategy towards earlier and more robust stocking windows. The change will impact the timing of smolt stockings in 2027 and is intended to reduce biological risk and improve smolt performance. • No harvest fish were delivered during the third quarter.
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KEY HIGHLIGHTS – Q3 2026 Financial Highlights • The Group generated no sales revenues during the third quarter, as no ordinary harvesting took place during the period. As a result, financial performance was largely driven by biomass development and the value creation arising from biological growth. • The company invested NOK 47 million in the third quarter of 2026. The largest investments included increased oxygen capacity, tank cleaning equipment and sludge treatment facilities, as well as other measures to improve the operational robustness and efficiency of the facility, as it now contains fish in all three production basins. • Subsequent to the balance sheet date, the Group strengthened financing with a liquidity loan of MNOK 40.0 from Gigante Havbruk , while the maturity of its long - term loan financing was extended from seven to fifteen years. These measures enhance financial flexibility and strengthen the Group's ability to optimize future harvest timing.
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Income statement • The Group generated no sales revenues during the third quarter, as no ordinary harvesting took place during the period. As a result, financial performance was largely driven by biomass development and the value creation arising from biological growth. Gigante Salmon AS - GROUP
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Balance sheet Gigante Salmon AS - GROUP
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Income statement • The Group generated no sales revenues during the third quarter, as no ordinary harvesting took place during the period. As a result, financial performance was largely driven by biomass development and the value creation arising from biological growth. Gigante Salmon Rødøy AS
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Balance sheet Gigante Salmon Rødøy AS
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Q&A