Interim report
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THE THIRD QUARTER OF 2026 REPORT FOR
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3 Message from the CEO 4 Q3 Highlights 6 Key figures Q3 7 Investment Activity 9 Operational and Biological Status 14 Financial Review 19 Statement by the board and CEO 20 Report for the third quarter of 2026 GIGANTE SALMON – GROUP 24 Notes GIGANTE SALMON – GROUP 28 Report for the third quarter of 2026 GIGANTE SALMON AS 32 Report for the third 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 on 1 August and have spent my first two months becoming even more familiar with the business, the organisation, and my colleagues. Gigante Salmon is a company I already know well, which has enabled me to quickly engage in key initiatives aimed at further developing the company. Land-based salmon farming at this scale remains a relatively new industry. Gigante Salmon is therefore in a phase of learning and maturation, where the experience gained from previous production cycles will be translated into improved biological performance, more efficient operations, and enhanced competitiveness. The company’s location in Nordland provides access to a well-established aquaculture cluster and a highly competent supplier network. Collaboration with this ecosystem is important for our continued development. The development of a company operating in a new industry is not driven by a single initiative, but through a series of targeted improvements and incremental innovations in daily operations. We will continue what works well while refining areas where improvements can be made. A STRONGER GIGANTE SALMON My overall ambition is to make Gigante Salmon stronger throughout the entire value chain. This includes how we work, the quality of smolt, feed and feeding practices, supplier selection, collaboration, production planning, HSE, and quality management. One important principle is that we will undertake fewer projects but ensure they are better prioritized. This will support clearer allocation of roles and responsibilities, improved execution and financial control, and a stronger basis for measuring biological and operational performance. This work will be carried out together with our skilled colleagues, an experienced Board of Directors, and strong business partners. The appointment of a new exporter on the west coast of Norway forms part of our efforts to professionalize and strengthen our sales operations. The exporter was selected following a comprehensive assessment of expertise, market access, and execution capabilities, with the objective of making Gigante Salmon a stronger company. Our ambition to strengthen Gigante Salmon also extends to our relationships with banks and other financial institutions. The company currently has a seven-year repayment profile on its existing loan facilities with SpareBank 1 Nord-Norge and Eksfin, and we are in dialogue with them regarding potential improvements to the loan terms. FEED STRA TEGY AND SUPPL Y SECURITY Fish and feed are our most important production inputs. The weather phenomenon El Niño is expected to develop into a strong event this year and may affect both the availability and pricing of key feed ingredients. T o reduce the company’s exposure to this risk, Gigante Salmon has strengthened its supply security through feed agreements with two suppliers. The agreement with Skretting has been extended until summer 2027, while a new agreement with EWOS runs until summer 2028. These agreements provide greater predictability and reduce vulnerability during a period of potential volatility in raw material markets. Our feed strategy aims to balance biological performance, supply security, logistics, price, and flexibility. When these agreements are renewed, the company will, among other considerations, evaluate the raw material mix and subject the commercial terms to competitive tender. Gigante Salmon has also opened for the use of poultry meal and poultry oil as one of several possible measures to reduce exposure to shortages and price increases in marine ingredients resulting from El Niño. Any such changes will be assessed in light of fish health, feed performance, product quality, and profitability. 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 THIRD QUARTER OF 2026
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KEY HIGHLIGHTS Key Highlights Q3 and Y ear-to-Date Financial Highlights • No ordinary harvesting was carried out during the third quarter of 2026, and the Group therefore generated no sales revenues during the period. Financial performance in the quarter was primarily driven by changes in the value of biological assets. Y ear-to-date sales revenues amounted to MNOK 113.2, while EBITDA and EBIT were MNOK 9.5 and MNOK -9.8, respectively. • Biomass increased to MNOK 363.3 at quarter-end, up from MNOK 230.2 at year- end. Standing biomass amounted to approximately 3,900 tonnes across the H2025 and H2026 generations. • Investments of approximately MNOK 47 were made during the quarter and MNOK 120 year-to-date. Investments were primarily related to increased oxygen capacity, tank cleaning equipment, sludge handling facilities and other infrastructure required as the facility now contains fish in all three production basins. • At quarter-end, the Group had equity of MNOK 1,070.6 and an equity ratio of 59.4%. The current ratio was 1.45, while the quick ratio was 0.23. Utilization of the overdraft facility amounted to MNOK 205.9 out of a total facility of MNOK 240.0. • Subsequent to the balance sheet date, the Group received a liquidity loan of MNOK 40 from Gigante Havbruk and, in agreement with SpareBank 1 Nord-Norge and Eksfin, secured an extension of the maturity profile of its long-term loan financing from seven to fifteen years. In addition, an arrangement has been established with the Group's exporter providing payment within seven days of invoice date. Events after the Balance Sheet Date • Gigante Havbruk has made a liquidity loan of MNOK 40 available to the Group subsequent to the balance sheet date. • Subsequent to the balance sheet date, the Group agreed an extension of the maturity of its long-term loan facilities from seven to fifteen years. The amendment contributes to a more long-term financing structure and increased financial flexibility. • A new CEO assumed office on 1 August 2026. 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. • 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. • 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. • The fish barriers have been partially reversed and operationally improved. Preliminary results related to sludge management and 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. • 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. • The agreement with Skretting has been extended until summer 2027, and a new agreement with EWOS has been signed through summer 2028. Future feed negotiations will be professionalized through systematic assessments of raw material composition, biological performance, 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. • No harvest fish were delivered during the third quarter. Operational Highlights 4 5 REPORT FOR THE THIRD QUARTER OF 2026
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GIGANTE SALMON AS Investment Activity 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. These investments were made in connection with the facility having fish in all three production basins from the third quarter, resulting in increased biological load and operational activity. During the quarter, a workboat was also acquired to support the day-to-day operation of the facility. Of the investments made during the quarter, NOK 11.5 million relates to lease-financed assets, comprising oxygen production equipment and modular buildings. T otal investments in the production facility now amount to NOK 1,372 million, compared with NOK 1,290 million upon completion. A planned investment of approximately NOK 5 million in additional feeding lines for Basin A was not carried out. This decision reflects the company's intention to gain further insight into fish behaviour and feed conversion ratios under its specific production conditions before committing to additional investments. Nøkkeltall Q3 YTD Harvested volume (tonnes HOG) during the quarter 1 584 tonn Superior Grade (%) 74 % Realized Price 71 kr All-in production cost, including financing 94 kr Operational EBITDA 6 174 7 205 Operational EBITDA/kg HOG 5 Operational EBIT - 1 359 - 11 993 Operational EBIT /kg HOG -8 Profits - 1 327 -30 968 INVESTMENTS IN THE PRODUCTION FACILITY T otal investment upon completion Improvements and optimisation Q2 Improvements and optimisation Q3 Investments in the production facility - 200 400 600 800 1 000 1 200 1 400 1 600 1 290 35 47 1 372 6 7 REPORT FOR THE THIRD QUARTER OF 2026
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OPERASJONELL OPPDA TERING 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 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. 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 Operational and Biological Status 8 9 REPORT FOR THE THIRD QUARTER OF 2026
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HO vEDPUNKTER therefore increasing our focus on feeding practices, technical improvements and a more experience-based smolt strategy. Improved growth performance will be a priority area in daily operations going forward. At the same time, we will seek to improve smolt performance through a strategy aimed at reducing biological risk, including avoiding late smolt stockings. Collectively, these measures are intended to deliver improved biological performance and stronger smolt outcomes over time. FUTURE SMOL T STOCKINGS Smolt is one of the Company’s most important production inputs and a central element in the effort to make Gigante Salmon a stronger company. The current strategy has been to stock smolt in August and October. Experience has shown that delays can result in later-than-planned stockings, leading to weaker biological conditions and increased biological risk. T o strengthen the Company and reduce biological risk, Gigante Salmon intends to adjust its smolt strategy towards earlier and more robust stocking windows. The Company is, among other things, evaluating summer stockings. This work is based on experience from previous generations and assessments of smolt quality, temperature conditions, capacity and overall biological load. The revised strategy will affect the timing of smolt stockings in 2027. H2026 GENERA TION During the third quarter, all three production basins, A, B and C, together with their associated raceway tanks, were in operation simultaneously for the first time. This represents an important milestone and marks the transition from construction and gradual commissioning to full-scale operation, learning and further optimization of the facility. The smolt stocked during the third quarter has had a positive start, and initial observations are encouraging. Two smolt batches were delivered during the quarter. The third and final batch is scheduled for delivery at the end of October 2026. As described in the Q2 report, work related to the fish barriers resulted in a delay to the production plan. Through targeted efforts, parts of the delay have been recovered, and the final smolt stocking is now planned to be completed by the end of October. The final batch has also been vaccinated with Stembiont (Previwo) as a preventive fish health measure. H2025 GENERA TION In its stock exchange announcement published on 3 July 2026, the Company described an improvement project involving fish barriers. The purpose of the project was to improve fish health and sludge management in the raceway tanks. The modifications reduced the available tank volume by approximately 5%. The project illustrates the continuous learning and incremental innovation required to develop commercial-scale land-based salmon farming. The impact of the project on sludge management became increasingly evident throughout the third quarter. Preliminary results are encouraging and represent a positive step forward in the removal of particles from the tanks. The solution and its effects continue to be monitored through measurements, documentation and operational follow-up. The Q2 report also described how the design of the fish barriers had negatively affected fish health, fish behaviour and feeding, and how implementation during the summer of 2026 resulted in lost feeding time and reduced growth. The Company therefore evaluated options including modification, partial reversal or full reversal of the solution. Following an overall assessment, a combination of improvements and partial reversal was selected. In the areas where the fish barriers have been retained, operational improvements and modifications have been implemented. These measures have contributed to improved fish behaviour and better conditions around the barriers. Fish welfare is being closely monitored through operational observations, fish health assessments and relevant measurements. The reduced feeding and growth earlier in the production cycle mean that the fish are smaller than originally desired to achieve optimal harvest weights. The Company has taken time to evaluate the solution in order to preserve its positive effects while removing or adjusting elements that have not performed as intended. The fish barriers and the associated measures form part of the broader dialogue with the Norwegian Food Safety Authority regarding fish welfare and with the County Governor regarding sludge collection, particle removal and documentation. During the quarter, the Company devoted significant effort to the measures now being reported in its response to the County Governor. The response outlines actions completed and planned, as well as further documentation of the solutions implemented. Land-based salmon farming at this scale presents new challenges for both the Company and the relevant authorities. Gigante Salmon therefore places significant emphasis on transparency and constructive dialogue. Regulatory predictability is important for operations, future development and investors’ understanding of the business. No harvest fish were delivered during the third quarter. GROWTH, FEEDING AND SMOL T PERFORMANCE Smolt performance is a key metric in salmon farming and is also important for Gigante Salmon. As a new CEO, it has become clear to me that the Company has significant potential for improvement in growth performance. As part of our efforts to develop Gigante Salmon into a more mature company, we are BIOMASS H2025 Date Number Avg weight (grams) Biomass (tonnes) Q4 2025 2 400 000 400 960 Q1 2026 2 255 000 760 1 715 Q2 2026 2 050 000 1219 2 500 Q3 2026 1 836 000 1950 3 600 BIOMASS H2026 Date Number Avg weight (grams) Biomass (tonnes) Q4 2025 - - - Q1 2026 - - - Q2 2026 - - - Q3 2026 1 978 000 150 300 ST ANDING BIOMASS 4 500 4 000 3 500 3 000 2 500 2 000 1 500 1 000 500 0 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Biomass, autumn 2026 - - - 300 Biomass, autumn 2025 960 1 715 2 500 3 600 Biomass, autumn 2024 2 016 984 - - 10 11 REPORT FOR THE THIRD QUARTER OF 2026
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HO vEDPUNKTER 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 GIGANTE SALMON ASGIGANTE SALMON AS 13 12 REPORT FOR THE THIRD QUARTER OF 2026
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GIGANTE SALMON AS Financial Review The third quarter of 2026 saw continued biomass growth in the H2025 generation, while a large portion of the H2026 generation was transferred during September. At quarter-end, the Group had fish in all three production basins, representing an important operational milestone. THIRD QUARTER 2026 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. Production costs incurred during the quarter primarily contributed to increasing the carrying value of biomass, which amounted to MNOK 363.3 at quarter-end, compared with MNOK 230.2 at year-end and MNOK 165.6 at the same time last year. Y ear-to-date (YTD) sales revenues amounted to MNOK 113.2. Accounting EBITDA was MNOK 17.6 in the third quarter, compared with MNOK 6.2 in the corresponding quarter of 2025. Operating profit (EBIT) amounted to MNOK 10. 1, compared with MNOK 1.4 in the third quarter of 2025. For the first nine months of the year, EBITDA totalled MNOK 9.4, compared with MNOK 1.9 in the corresponding period of 2025, while EBIT amounted to MNOK -9.7, compared with MNOK -2.9 in the prior-year period. The accounting results are impacted by the capitalization of financing costs into biomass value until harvest. T o provide a clearer picture of underlying performance, the Group also presents operational performance measures that exclude such financing effects. Operational EBIT was MNOK - 1.4 in the third quarter and MNOK - 12.0 YTD, while operational EBITDA was MNOK 6.2 for the quarter and MNOK 7.2 YTD. In the Company's view, these measures provide a more representative picture of underlying operating performance, particularly during a period of significant biomass build-up. Net financial items amounted to MNOK - 11.9 in the third quarter. Profit before tax was MNOK - 1.8, while net profit for the period amounted to MNOK - 1.3. For the first nine months of the year, profit before tax totalled MNOK -39.8. Financial items primarily reflect interest expenses related to the Group's loan financing, lease liabilities and utilisation of working capital facilities. Cash flow from operating activities was negative during the quarter due to the continued build-up of biomass and working capital. For the first nine months of the year, operating cash flow amounted to MNOK - 125.0. This reflects the significant capital tied up in fish under production, combined with the stocking of a new generation during the quarter. 14 15 REPORT FOR THE THIRD QUARTER OF 2026
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FINANCIAL REvIEW Cash flow from investing activities amounted to MNOK - 40.2 in the third quarter and MNOK - 120.0 YTD. Investments during the quarter were primarily related to increased oxygen capacity, tank cleaning equipment, sludge handling facilities and other infrastructure required as the facility now contains fish in all production basins. In addition, a workboat was acquired for MNOK 4.0. Of the investments made during the quarter, MNOK 11.5 was financed through leasing arrangements related to oxygen equipment and modular buildings. The planned investment of approximately MNOK 5.0 in additional feeding lines for Basin A has been postponed until further experience has been gained regarding fish behavior, growth performance and feed utilization at current biomass levels. At quarter-end, the Group had total assets of MNOK 1,801.7. Equity amounted to MNOK 1,070.6, corresponding to an equity ratio of 59.4%. This is considered a solid capital base supporting the continued development of the business. Current assets amounted to MNOK 436. 1 at quarter-end, with biomass and feed inventories representing the most significant components. Standing biomass was approximately 3,900 tonnes across the H2025 and H2026 generations, compared with approximately 2,500 tonnes at the end of the second quarter. The current ratio was 1.45 at quarter-end, while the quick ratio was 0.23. Liquidity was affected by significant investment activity, continuing biomass growth and utilization of the Group's overdraft facility, of which MNOK 205.9 of a total facility of MNOK 240.0 had been drawn at quarter-end. Subsequent to the balance sheet date, the Group received a REPORTED KEY FIGURES Q/three.cap/YTD NOKM Q/three.cap YTD Revenue EBIT Operational EBITDA* Operational EBIT* Profit before taxEBITDA * In operational EBIT /EBITDA, the portion of the change in fish inventory relating to the release of finance costs has been added back, while the portion relating to the accumulation of finance costs has been deducted. -40 000 -20 000 0 20 000 40 000 60 000 80 000 100 000 120 000 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. The Group has also established an arrangement with its exporter providing payment within seven days of invoice date, which is expected to reduce working capital tied up in future sales. Limited harvesting is planned for November and December 2026, while the H2025 generation is expected to be fully harvested during the first part of the second quarter of 2027. Overall, the balance sheet at the end of the third quarter reflects a Group with substantial biological assets under production, a high level of operational and investment activity, and a continued solid capital structure. With fish in all three production basins, increasing biomass and strengthened financing flexibility, the Board believes the Company is well positioned for its continued commercial development. Liquidity is expected to require close monitoring until a greater proportion of the biomass is realized through harvesting and sales. Following the balance sheet date, the Company further strengthened its financial flexibility through a MNOK 40.0 liquidity loan from Gigante Havbruk and an extension of loan maturities. T ogether with the planned harvesting activities in the fourth quarter of 2026, this provides a satisfactory foundation for continued execution of the Company's production plan. 16 17 REPORT FOR THE THIRD QUARTER OF 2026
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FINANSIELL GJENNOMGANG The board of directors and the CEO hereby declare that the consolidated accounts for the period 01.01.2026-30.09.2026. 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 19 October 2026 LIV MONICA STUBHOL T Chair KRISTIAN LORENTSEN CEO ISELIN TENFJORD AL VEST AD Member KJELL LORENTSEN Member DAGFINN ELIASSEN Member 18 19 REPORT FOR THE THIRD QUARTER OF 2026
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Gigante Salmon AS - GROUP Income statement GIGANTE SALMON AS - GROUP Cash-flow statement Report for the third quarter of 2026 (Amount i kNOK) Income statement Note Q3 2026 YTD 2026 Q3 2025 YTD 2025 2025 Revenue 6 - 113 223 - 44 678 71 581 T otal income - 113 223 - 44 678 71 581 Smolt 50 301 50 301 37 508 40 992 63 370 Feed cost 30 961 70 315 15 297 52 615 61 822 Harvesting cost - 8 792 - 3 478 5 144 Wellboat 2 446 6 598 1 923 3 227 5 125 Insurance 2 643 7 960 1 518 3 931 4 774 Electricity 3 684 12 074 698 4 326 8 379 Maintenance 5 877 16 232 6 790 15 845 21 023 Salary and personnel expenses 10 391 23 771 7 073 19 719 26 109 Depreciation 1 7 533 19 198 4 727 4 774 9 783 Other expenses 15 982 38 237 4 777 38 702 21 475 Change in Feed inventory 2 463 2 356 257 -515 -3 462 Change in Fish inventory - 142 370 - 132 863 -82 011 - 139 527 - 155 656 T otal operating expenses 4 -10 089 122 972 -1 443 47 567 67 886 Net income 10 089 -9 749 1 443 -2 889 3 695 Other financial income 215 1 850 169 1 012 1 125 Financial income 114 714 31 361 361 Other finance costs 11 621 30 474 255 290 2 920 Finance costs 5 17 74 164 201 Stock exchange fees 546 2 077 444 2 094 2 605 Net finances -11 843 -30 004 -573 -1 175 -4 240 Profit before income tax -1 754 -39 753 870 -4 064 -545 Income tax expense -427 -8 785 205 -857 -78 Net profit or loss for the period 2 -1 327 -30 968 665 -3 207 -467 T o minority interests T o majority interests -1 327 -30 968 665 -3 207 -467 Disposal Transferred from/to equity -1 327 -30 968 665 -3 207 -467 (Amount i kNOK) Group Cash flow from operations Q3 2026 YTD 2026 Q3 2025 YTD 2025 2025 Profit before income taxes - 1 753 -39 753 870 -4 064 -547 Loss/gain on disposal of assets - - - - 429 Depreciation 7 533 19 198 4 727 4 774 9 783 Change in inventory - 139 908 - 130 723 -81 727 -91 471 - 158 997 Change in trade debtors - 16 945 22 989 - - 16 945 Change in trade creditors 40 811 25 502 -8 104 8 021 49 536 Change in other provisions -3 668 - 16 192 8 114 - 15 694 - 1 026 Net cash flow from operations -96 984 -125 022 -53 131 -98 434 -117 767 Cash flow from investments Proceeds from sale of fixed assets - 925 - 12 139 12 955 Purchase of fixed assets -40 245 - 120 899 -68 772 - 196 309 -273 311 Net cash flow from investments -40 245 -119 974 -68 772 -184 170 -260 356 Cash flow from financing Net change in bank overdraft 117 743 74 080 - 11 447 33 043 94 880 Settlement of short term loan from credit institution - 100 000 Loans from parent company - 50 000 75 000 Repayment on loans from parent company -75 000 - - - Proceeds from long term loans 109 666 147 981 282 222 Repayment on loans - -25 349 - 157 961 Payments of Long-term Lease Liabilities -4 094 - 10 452 -3 070 - 12 777 - 16 076 Proceeds from issuance of equity 382 101 - - - Net cash flow from financing 113 650 270 730 95 149 192 898 278 065 Net change in cash and cash equivalents -23 579 25 734 -26 754 -89 706 -100 058 Cash and cash equivalents at the beginning of the period 55 877 6 564 43 671 106 623 106 623 Cash and cash equivalents at the end of the period 32 298 32 298 16 917 16 917 6 565 Which exists of: Cash and bank deposits 32 298 32 298 16 917 16 917 6 565 20 21 REPORT FOR THE THIRD QUARTER OF 2026
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Balance sheet BODØ 19 October 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) Group ASSETS Note 30.09.2026 30.09.2025 31. 12.2025 Deferred tax asset 21 814 9 871 9 092 T otal intangible assets 21 814 9 871 9 092 Land, buildings and other real property 1 437 - Production facility 1 116 771 971 188 1 013 438 Production facility, leased components 4 407 214 729 213 617 Ships and cars 220 410 580 548 "Fixtures/fittings, tools, office machinery and equipment" 590 - - T otal tangible assets 1 1 343 615 1 186 497 1 227 603 Investments in shares 100 100 100 T otal financial fixed assets 100 100 100 TOT AL FIXED ASSETS 1 365 529 1 196 468 1 236 795 Feed inventory 2 676 2 085 5 033 Cost on stock for fish 363 300 165 643 230 221 T otal inventory 5 365 977 167 728 235 254 Trade receivables - - 16 945 Other receivables - 38 415 25 859 T otal receivables 37 848 38 415 42 804 Cash and bank deposits 32 297 16 917 6 564 TOT AL CURRENT ASSETS 436 122 223 060 284 622 TOT AL ASSETS 1 801 650 1 419 528 1 521 417 (Amount i kNOK) Group EQUITY AND LIABILITIES Note 30.09.2026 30.09.2025 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 -24 154 3 834 6 573 T otal retained earnings 2 -24 154 3 834 6 573 Minority interests - - - TOT AL EQUITY 2 1 070 602 712 550 715 289 Loans from credit institutions 324 000 422 247 323 876 Intercompany debt - 50 000 75 000 Lease liabilities 106 993 114 423 111 123 T otal other non-current liabilities 430 993 586 670 510 000 Liabilities to financial institutions 205 880 69 963 131 800 Short term liabilities to financial institutions - - 100 000 Trade creditors 77 659 22 622 60 126 Public duties payable 172 869 1 071 Other short-term liabilities 16 343 26 854 3 131 T otal current liabilities 300 055 120 308 296 128 TOT AL LIABILITIES 731 048 706 978 806 128 TOT AL EQUITY AND LIABILITIES 1 801 650 1 419 528 1 521 417 22 23 REPORT FOR THE THIRD QUARTER OF 2026
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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. 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 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 The share capital of NOK 224 596 927 consists of 224 596 927 shares with nominal value of NOK 1 each. * after taxes NOTE 1 - FIXED ASSETS Production facility Production facility, leased components Land and develop- ment projects Ships and movables T otal fixed assets Purchase cost 30.06.26 1 107 099 215 841 1 437 1 492 1 325 869 Accumulated depreciation 30.06.26 16 247 5 021 - 475 21 743 Net book value 30.06.26 1 090 852 210 820 1 437 1 017 1 304 126 Additions 31 362 11 561 - 4 100 47 023 Purchase cost 30.09.26 1 138 461 227 402 1 437 5 592 1 372 892 Accumulated depreciation 30.09.26 21 690 6 992 - 595 29 277 Net book value 30.09.26 1 116 771 220 410 1 437 4 997 1 343 615 Depreciation in Q3 2026 5 443 1 970 - 120 7 533 Useful life (years) 5- 100 10-75 N /A 5- 10 The Group owns two islands that are not depreciated. LIST OF 20 MAJOR SHAREHOLDERS A T 30.09.26: Shareholder Number of shares Share GIGANTE HAvBRUK 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 % HEGGELUND 3 900 418 1,74 % UBS Switzerland AG 3 203 141 1,43 % Ristora AS 2 891 665 1,29 % NYHAMN AS 2 220 000 0,99 % RAvI INvESTERING 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 31 209 025 13,90 % To t a l 224 596 927 100,0 % 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 6 573 715 289 Profit for Q1 0 0 - 18 398 - 18 398 Profit for Q2 0 0 - 11 244 - 11 244 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 -13 717 0 -13 717 Equity 30.06.26 224 597 870 402 -23 069 1 071 929 Profit for Q3 - - - 1 327 - 1 327 Equity 30.09.26 224 597 870 402 -24 396 1 070 602 24 25 REPORT FOR THE THIRD QUARTER OF 2026
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Deliveries from Polarplast AS and Fish Farm International AS have, for the most part, been capitalized under the asset category “Production Facilities”. NOTE 4 - OVERVIEW OF AND TRANSACTIONS WITH RELA TED PARTIES NOTES Related party Ownership Amount YTD 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% 10 634 438 Procurement of various supplies and equipment for the raceway tanks. Detailed engineering and design. c) Salten Aqua AS Gigante Havbruk owns 35% 1 180 606 Purchase of administrative services and rental of software systems. d) Salmon Center AS Gigante Havbruk owns 100% 220 122 Office rental e) Fish Farm international AS Gigante Havbruk owns 100% 1 700 000 Ferry rental f) Bolga Brygge AS Gigante Havbruk owns 100% 4 431 415 Purchase of ship (4 MNOK), board and lodging as well as staff transport g) Grytåga Settefisk AS Gigante Havbruk owns 53% 933 396 Asset sale h) Grytåga Settefisk AS Gigante Havbruk owns 53% 50 301 727 Purchase of smolt i) Salten N950 AS Gigante Havbruk owns 28,7% 8 792 177 Harvest of fish NOTE 5 - BIOLOGICAL ASSETS Generation Number Weight (grams) Biomass (tons) Plan of harvest 2025 Autumn 1 836 000 1 950 3 600 Q4 2026 until Q2 2027 2026 Autumn 1 978 000 150 300 Q4 2027 until Q2 2028 To t a l 3 814 000 1 023 3 900 Shares owned by the management and related parties of the management Name Position Number of shares Share Kristian Lorentsen CEO 26 666 0,01 % 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 6 - REVENUES Release Number 2026 Weight (grams, HOG) 2026 Biomass (tons, HOG) 2026 Time of harvest SUP 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 % Release Average price 2026 (HOG) Production cost 2026 (HOG) Profit per kg 2026 2024 Autumn 71,5 93,6 -22, 1 Release Biomass tons, HOG (acc.) Feed conversion rate (acc.) Average price HOG (acc.) Production cost HOG (acc.) Profit per kg (acc.) 2024 Autumn 1 929 1,31 72,7 89,5 - 16,8 26 27 REPORT FOR THE THIRD QUARTER OF 2026
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Gigante Salmon AS Income statement GIGANTE SALMON AS Report for the third quarter of 2026 (Amount i kNOK) Income statement Q3 2026 YTD 2026 Q3 2025 YTD 2025 2025 Other income 1 215 3 645 914 3 290 4 171 T otal income 1 215 3 645 914 3 290 4 171 Insurance 34 99 32 81 116 Maintenance - 2 7 7 8 Salary and personnel expenses 1 870 4 751 1 236 3 920 4 961 Depreciation - - 1 3 4 Other expenses 825 2 572 152 980 1 352 T otal operating expenses 2 729 7 424 1 428 4 991 6 441 Net income -1 514 -3 779 -514 -1 701 -2 270 Interest received from group companies 671 12 699 2 018 5 241 7 387 Interest income 151 968 41 550 585 Financial income - 14 - 11 11 Interest paid to group companies - 3 415 Interest expenses - - 1 1 1 Finance costs - - 31 105 132 Stock exchange fees 546 2 077 444 2 094 2 605 Net finances 276 8 189 1 583 3 602 5 245 Profit before income tax -1 238 4 410 1 069 1 901 2 975 Income tax expense -272 970 237 420 658 Net profit or loss for the period -966 3 440 832 1 481 2 317 Disposal Transferred from/to equity -966 3 440 832 1 481 2 317 28 29 REPORT FOR THE THIRD QUARTER OF 2026
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Balance sheet GIGANTE SALMON AS Balance sheet (Amount i kNOK) ASSETS 30.09.2026 30.09.2025 31. 12.2025 Deferred tax asset 12 034 9 305 9 067 T otal intangible assets 12 034 9 305 9 067 Land, buildings and other property 1 437 1 437 1 437 Fixtures/fittings, tools, office machinery and equipment - - - T otal tangible assets 1 437 1 437 1 437 Investments in subsidiaries 1 026 601 587 101 1 026 601 Loans to group companies 52 699 163 425 190 572 Investments in shares 100 100 100 T otal financial fixed assets 1 079 400 750 626 1 217 273 T otal fixed assets 1 092 871 761 368 1 227 777 Trade receivables 506 1 229 1 366 Other receivables 134 96 57 T otal receivables 640 1 325 1 423 Cash and bank deposits 12 961 3 577 2 391 TOT AL CURRENT ASSETS 13 601 4 902 3 814 TOT AL ASSETS 1 106 472 766 270 1 231 591 (Amount i kNOK) EQUITY AND LIABILITIES 30.09.2026 30.09.2025 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 10 836 6 554 7 396 T otal retained earnings 10 836 6 554 7 396 Minority interests - - - TOT AL EQUITY 1 105 592 715 270 716 112 Liabilities to group companies - 50 000 75 000 T otal non-current liabilities - 50 000 75 000 Trade creditors 340 314 164 Public duties payable 128 410 426 Liabilities to group companies - - 439 500 Other short-term liabilities 412 276 389 T otal current liabilities 880 1 000 440 479 TOT AL LIABILITIES 880 51 000 515 479 TOT AL EQUITY AND LIABILITIES 1 106 472 766 270 1 231 591 30 31 REPORT FOR THE THIRD QUARTER OF 2026
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Income statement Gigante Salmon Rødøy AS GIGANTE SALMON RØDØY AS Balance sheet Report for the third quarter of 2026 (Amount i kNOK) Income statement Note Q3 2026 YTD 2026 Q3 2025 YTD 2025 2025 Revenue - 113 223 - 44 678 71 581 T otal income - 113 223 - 44 678 71 581 Smolt 50 301 50 301 37 508 40 992 63 370 Feed cost 30 961 70 314 15 297 52 615 61 822 Insurance 2 643 7 960 1 486 3 850 4 659 Electricity 3 685 12 074 698 4 326 8 379 Maintenance 5 798 16 220 6 783 15 838 21 015 Salery and personnel expences 9 736 22 665 6 724 18 992 25 198 Depreciation 1 7 533 19 198 4 726 4 770 9 779 Other expences 17 647 50 968 6 548 44 428 30 392 Impairment of biomass - - - - - Change in Feed inventory 2 463 2 356 257 -515 -3 462 Change in Fish inventory -142 370 -132 863 -82 011 -139 527 -155 656 T otal operating expenses -11 603 119 193 -1 984 45 769 65 496 Net income 11 603 -5 970 1 984 - 1 091 6 085 Other financial income 64 1 395 128 462 350 Financial income 114 187 31 350 540 Interest paid to group companies 671 9 284 - - 7 387 Other finance costs 11 620 30 472 2 273 5 530 69 Finance costs 5 18 43 59 2 919 Net finances -12 118 -38 192 -2 157 -4 777 -9 485 Profit before income tax -515 -44 162 - 173 -5 868 -3 400 Income tax expense -113 -9 715 -32 -1 277 -736 Net profit or loss for the period -402 -34 447 -141 -4 591 -2 664 T o minority interests T o majority interests Disposal Transferred from/to equity -402 -34 447 -141 -4 591 -2 664 (Amount i kNOK) ASSETS Note 30.09.2026 30.09.2025 31. 12.2025 Deferred tax 9 740 566 24 T otal intangible assets 9 740 566 24 Production facility 1 117 119 970 124 1 012 374 Production facility, leased components 220 410 214 729 213 617 Ships and cars 4 373 580 548 Fixtures/fittings, tools, office machinery and equipment 624 - - T otal intangible assets 1 1 342 526 1 185 433 1 226 539 TOT AL FIXED ASSETS 1 352 266 1 185 999 1 226 563 Feed inventory 2 676 2 085 5 033 Cost on stock for fish 363 300 165 834 230 437 T otal inventory 365 976 167 919 235 470 Trade receivables - - 16 938 Receivable from group companies - - 439 500 Other receivables 37 757 38 319 25 802 T otal receivables 37 757 38 319 482 240 Cash and bank deposits 19 336 13 340 4 173 TOT AL CURRENT ASSETS 423 069 219 578 721 883 TOT AL ASSETS 1 775 335 1 405 577 1 948 446 32 33 REPORT FOR THE THIRD QUARTER OF 2026
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Balance sheet GIGANTE SALMON RØDØY AS (Amount i kNOK) EQUITY AND LIABILITIES Note 30.09.2026 30.09.2025 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 -34 681 -2 157 -234 T otal retained earnings -34 681 -2 157 -234 TOT AL EQUITY 991 920 584 944 1 026 367 Deferred tax - - - Liabilities to financial institutions 324 000 422 247 323 876 Liabilities to group companies 52 699 163 425 190 572 Lease liabilities 106 993 114 423 111 123 T otal other non-current liabilities 483 692 700 095 625 571 Liabilities to financial institutions 205 880 69 963 231 800 Short term liabilities to financial institutions - - - Trade creditors 77 825 23 537 60 219 Public duties payable 118 459 646 Other short-term liabilities 15 900 26 579 3 843 T otal current liabilities 299 723 120 538 296 508 TOT AL LIABILITIES 783 415 820 633 922 079 TOT AL EQUITY AND LIABILITIES 1 775 335 1 405 577 1 948 446 34 35 REPORT FOR THE THIRD QUARTER OF 2026
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ÅRSREGNSKAP 2024 Notes NOTE 1 - FIXED ASSETS Production facility Production facility, leased components Ships T otal fixed assets 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 Additions 31 362 11 561 4 100 47 023 Purchase cost 30.09.26 1 138 809 227 402 5 592 1 371 803 Accumulated depreciation 30.09.26 21 690 6 992 595 29 277 Net book value 30.06.26 1 117 119 220 410 4 997 1 342 526 Depreciation in Q3 2026 5 443 1 970 120 7 533 Useful life (years) 5- 100 10-75 5- 10 The Group owns two islands that are not depreciated. GIGANTE SALMON RØDØY AS 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. 36 37 REPORT FOR THE THIRD QUARTER OF 2026