Gigante Salmon AS

Investor Presentation • Oct 22, 2024

R E P O R T F O R THE THIRD QUARTER OF 2024

22nd October 2024

CEO Kjell Lorentsen CFO Rune Johansen

Important information and disclaimer

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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 further 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 this 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 the 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 information 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 forward-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 assumptions. 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.

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The information contained in this presentation is furnished by the company and has not been independently verified. No representation 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 company, or any of its respective parent or subsidiary undertakings or any such person's directors, officers, employees, advisors or representatives (collectively the "representatives") 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 liability 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 company'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 solely 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, credit, 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 advice.

• 1. Gigante Salmon in brief
• 1. Highlights Q3 2024
• 1. Biological update
• 1. Construction update
• 1. Financials

Gigante Salmon in brief

• Gigante Salmon is constructing a land-based salmon farming site on Lille Indre Rosøy, approx. 2.5h boat drive outside the head-office in Bodø in Norway.
• Our unique site and technology aim to utilize the benefits of both land and sea farming and tackle the challenges we see in traditional fish farming today.
• The farming site is divided in three basins, where one is in operation and the last two is expected to be finalized by Q4 2024 and Q2 2025.
• Full production estimated by 2026, and with a yearly production capacity of up to 16.000 tonnes HOG, based on a licensed MAB of 13,731 tonnes.
• Gigante Salmon benefits from the majority owner Gigante Havbruk who operates at all stages in 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

Our competitive edge

<65

Low CAPEX NOK/kg HOG

200-230

200-250

Unique location

• No farming site too near
• Aquaculture cluster providing access to infrastructure and competence
• Optimal sea temperatures

Landbased RAS Land-based Hybrid Gigante Full Production

• 1. Gigante Salmon in brief
• 2. Highlights Q3 2024
• 1. Biological update
• 1. Construction update
• 1. Financials

Highlights Q3 2024

• Good salmon growth, reassuring lice situation
• Successful smolt release
• Production basin 2 walls casted
• Production basin 2 walkways installed

Health, Security, Environmental & Quality HSE&Q

An overriding focus for all our activities is that the health of our colleagues and fish is crucial for our success: "If the fish are doing well, then we are doing well."

Important areas of responsibility for Gigante Salmon AS as the project's owner is undoubtedly health, environment, safety and quality.

None accidents with high potential of risk during Q3 2024.

• 1. Gigante Salmon in brief
• 1. Highlights Q3 2024
• 3. Biological update
• 1. Construction update
• 1. Financials

Biological update

• Successfully smolt release in September
• Good salmon growth, reassuring lice situation
• The facility is functioning well and as intended. Seawater is being pumped in as planned and the water chemistry is good.
• The fish are doing well in the longitudinal tanks, which are now operating with a water velocity of 20-50 cm/s.
• We are gaining valuable experience for future production.
• Biomass development:

Date	Release	Amount	Avg. Weight (gr)	Biomass (tons)	Harvest plan
30.06	Jan. 24	160 000	471	75.5	Q2 2025
30.09	Jan. 24	160 000	2100	335	Q2 2025
30.09	Sep. 24	1 000 000	150	150	Q4 2025 until Q2 2026

• 1. Gigante Salmon in brief
• 1. Highlights Q3 2024
• 1. Biological update
• 4. Construction update
• 1. Financials

The construction of the second and third basin is well underway

PROGRESS PLAN

1 Basin in operation since Q1 2024

2 Basin to be completed in Q4 2024

3 Basin to be completed Q2 2025

On track to harvest Q2 2025

• 1. Gigante Salmon in brief
• 1. Highlights Q3 2024
• 1. Biological update
• 1. Construction update

5. Financials

Income statement

Gigante Salmon AS - GROUP

• Investments in Gigante Salmon Rødøy progressing according to plan
• Net loss Q3 2024, -0.7 MNOK

(Amount in kNOK) Group
Income statement	Note	Q3 2024	YTD 2024	Q3 2023	YTD 2023	2023
Other income					168	60
Total income					168	60
Smolt		20 581	20 581
Feed cost		9137	9137
Insurance		530	530	-	-
Electricity		4 324	4324
Maintenance		2732	2732
Salary and personnel expenses		6298	6674	372	1082	746
Depreciation	1	24	74	25	75	100
Other expenses		3 656	4830	255	1836	2538
Change in Feed inventory		-3 255	-3255
Change in Fish inventory		-42928	-42928
Total operating expenses		1099	2699	652	2993	3384
Net income		-1099	-2699	-652	-2825	-3 324
Interest income			1180	1577	4 197	5570
Financial income		1461	1549	23	26	27
Interest expenses					46	24
Finance costs		471	497		12	46
Stock exchange fees		723	2 297	237	625	1207
Net finances		267	-65	1363	3540	4320
Profit before income tax		-832	-2764	711	715	996
Income tax expense		-122	-527	148	202	267
Net profit or loss for the period	2	-710	-2 237	563	513	729
To minority interests
To majority interests		-710	-2237	563	513	729
Disposal
Transferred from/to equity		-710	-2 237	563	513	729

Balance sheet Gigante Salmon AS - GROUP

					• Strong, financial	position	with equity	ratio at 65%

• Initial disbursement from second long-term construction loan (120 MNOK) granted by Sparebank1 Nord-Norge and guaranteed by Eksfin

Income statement

Gigante Salmon Rødøy AS

• Investments in Gigante Salmon Rødøy progressing according to plan

(Amount in kNOK)
Income statement	Note	Q3 2024	YTD 2024	Q3 2023	YTD 2023	2023
Other income					140	140
Total income				I	140	140
Smolt		20 581	20 581
Feed cost		9 137	9137
Insurance		485	485	-	-
Electricity		4324	4324
Maintenance		2725	2725	-
Salary and personnel expenses		5577	5577
Depreciation	1	22	66	22	66	90
Other expenses		3173	3 215	21	231	248
Change in Feed inventory		-42928	-42928
Change in Fish inventory		-3 255	-3 255
Total operating expenses		-159	-73	43	298	337
Net income		159	73	-44	-158	-197
Interest income			596	872	2060	2814
Other financial income		522	605	23	26	27
Interest expenses			1603		23	890
Other financial expense		230	256		11	24
Net finances		292	-658	895	2053	1927
Profit before income tax		451	-585	851	1894	1730
Income tax expense		100	-128	187	419	383
Net profit or loss for the period		351	-457	665	1475	1347
To minority interests
To majority interests		351	-457	665	1475	1347
Disposal
Transferred from/to equity		351	-457	665	1475	1347

Balance sheet

Gigante Salmon Rødøy AS

Assets	Note	Q3 2024	Q3 2023	31.12.2023
Land, buildings and other property		694753	383320	504190
Ships		619	709	686
Right-of-use assets		193803
Total tangible assets	1	889 175	384 029	504877
Total fixed assets		889175	384 029	504 877
Feed inventory		3 255	l	1
Cost on stock for fish		47263	-	-
Inventory		50 518	-	-
Trade receivables		24446	-	-
Other receivables		23128	24768	29 207
Total receivables		47 574	24768	29207
Cash and bank deposits		29147	87980	68353
Total current assets		127 239	112 747	97560
Total assets		1016 414	496 776	602 436

• Initial disbursement from second long-term construction loan (204 MNOK) granted by Sparebank1 Nord-Norge and guaranteed by Eksfin

Equity and liabilities	Note	Q3 2024	Q3 2023	31.12.2023
Share capital		58730	19230	35730
Share premium		528 371	172870	321370
Total paid-in equity		587 101	192100	357 100
Other equity		2961	3548	3419
Total retained earnings		2961	3548	3 419
Total equity		590 062	195 648	360 519
Deferred tax		854	1018	982
Liabilities to financial institutions		217 444	177838	130 436
Liabilities to group companies		32469	65000	65867
Lease liabilities		118 675
Total other non-current liabilities		368588	242838	196303
Trade creditors		43786	48875	33200
Public duties payable		304	386	542
Other short-term liabilities		12820	8011	10891
Total current liabilities		56910	57272	44633
Total liabilities		426352	301128	241 918
Total equity and liabilities		1016 414	496776	602 436