Gigante Salmon AS

Investor Presentation • Jan 23, 2024

Q4 REPORT 2023

23rd January 2024

CEO Helge E. W. Albertsen CFO Rune Johansen

The majority owner Gigante Havbruk is also a co-owner of operations at all stages of the salmon value creation chain. This ensures Gigante Salmon access to the necessary expertise in all areas.

8

12-2008

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Updated project summary Rødøy

• Gigante Salmon is constructing a land-based salmon farming site on Lille Indre Rosøy which has a yearly production capacity of up to 16.000 tonnes HOG, based on a licensed MAB of 13,731 tonnes.
• Construction in two phases: Phase 1 covers a grow-out basin where smolt grows from 100 grams to 1 kg in 11 months. Phase 2 covers 2 production basins where salmon grows from 1 kg to harvest (4-7 kg). Phase 1 is completed Q4 2023 with subsequent smolt transfer in Q1 2024.
• The design is changed to basin walls/floor in concrete with liner, and water outlet in concrete channels. Extra area established by filling in sea. Increased automation and redundancy. High inflation on especially power supply/ distribution. Additional investments amount to approx. 200 MNOK. The company raised 306 MNOK in October/November 2023 to cover increased capex, strengthen working capital and establish a capital buffer.
• This financing round will cover capital needs to complete construction and working capital up to full production.

THE PROJECT ECONOMICS REMAIN STRONG AND HIGHLY

1. gen prod. volume Full production Phase 1

volume

THE INCREASED CAPITAL NEED IS FUNDED AS FOLLOWS:

COMPETITIVE:		MNOK
PRODUCTION COSTS1	Expansion of leasing facility:	100.0
NOK/kg HOG 60	New equity from Gigante Havbruk:	100.0
42	New equity from other investors:	106.0
	Total	306.0

NOK/kg HOG	USES	MNOK
	Remaining capex:	200.0
	Working capital:	50.0
40	General corporate purposes and buffer:	56.0
	Total	306.0

Q1, 2024 Contruction of first basin complete 1. gen. smolt released Q4, 2025 1. gen. harvest starts Q4, 2024 2. gen. smolt released Q3, 2025 3. gen. smolt released, full production 2. gen. harvest starts Q2, 2024 Construction second basin complete Entire production plant completed Q2, 2025 1. generation harvest complete

The date for completion of construction and testing is pushed from originally August 2023 to January 2024. Expected time to first harvest Q2 2025.

¹Includes financials costs

UPDATED PROGRESS PLAN

Health, Security, Environmental & Quality HSE&Q

PROJECT EXECUTION

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 Q4 2023.

Highlights Q4 2023

THE FOURTH QUARTER OF 2023

• Additional financing in the amount of NOK 306 million secured
• Preparations, groundwork and installations in technical area for phase 1 and phase 2 completed
• Organisational changes in advance of the start of operations and phase 2 of development
• Filling of production basin 3 begun on 15 December

Events after balance-sheet date

• Release of fish in production basin 3 starting week 3 in 2024
• Construction manager for phase 2 of the project hired
• On-going work towards completion of phase 1 and preparations for start of phase 2
• Change of project design of production basins 1 and 2

Income statement - Group

• Income statement reflects project execution phase, with limited income and operating expenses

Income statement	Note	Q4 2023	Q4 2022	2023	2022
Other income			23	168	151
Total income			23	168	151
Employee benefits expense		189		1271	359
Depreciation and amortisation expenses	1	25	25	100	96
Other operating expenses		770	1170	2606	3 408
Total operating expenses		984	1194	3977	3864
Net income		-984	-1 171	-3 809	-3712
Interest income		1372	1629	5569	4662
Other finance income		1		27
Interest expenses				46	29
Other financial expense		12	2	24	4
Stock exchange fees		582		1207
Net finances		779	1627	4319	4 629
Profit before income tax		-205	456	510	917
Income tax expense		64	-53	266	-4667
Net profit or loss for the period	2	-269	ട് വി	244	5584
To minority interests
To majority interests		-269	509	244	5584
Disposal
Transferred from/to equity		-269	509	244	5 584

Balance sheet - Group

Assets	Note	31.12.2023	31.12.2022
Deferred tax asset		7213	6078
Total intangible assets		7 213	6078
Land, buildings and other property		505 319	108981
Ships		686	776
Fixtures/fittings, tools, office machinery and equipment		13	24
Total tangible assets	1	506 018	109781
Investments in shares		100	-
Total financial fixed assets		100	-
Total fixed assets		513 331	115 859
Trade receivables		0	350
Other receivables		29355	19 285
Total receivables		29355	19635
Cash and bank deposits		114 967	182 097
Total current assets		144322	201733
Total assets		657 653	317 592

Equity and liabilities	Note	31.12.2023	31.12.2022
Share capital	3	134 174	105556
Share premium		338 200	165 734
Other paid-in equity			114
Total paid-in equity	2	472 374	271404
Other equity		9141	8299
Total retained earnings	2	9141	8299
Minority interests		-
Total equity	2	481 515	279704
Building loan		130 436
Total other non-current liabilities		130 436
Trade creditors		33720	37 069
Public duties payable		766	189
Other short-term liabilities		11 216	630
Total current liabilities		45702	37888
Total liabilities		176138	37 888
Total equity and liabilities		657 653	317 592

• Equity ratio at 73%
• Strengthened financing through increased leasing (100 MNOK), private placement (200 MNOK) and subsequent offering (6 MNOK)

Income statement – GS Rødøy

• Total investments in the group in the fourth quarter rose 506 018 kNOK, compared to 385 260 kNOK in Q3

Income statement	Note	Q4 2023	Q4 2022	2023	2022
Other income				140	11
Total income		-	-	140	11
Depreciation and amortisation expenses	1	22	22	89	90
Other operating expenses		17	452	248	641
Total operating expenses		39	474	337	730
Net income		-39	-474	-197	-720
Interest income		753	കടദ	2813	2827
Other financial income		O		26
Interest expenses		867	-	890	0
Other financial expense		12	2	23	2
Net finances		-125	952	1927	2825
Profit before income tax		-164	477	1730	2105
Income tax expense		-36	106	383	464
Net profit or loss for the period		-128	372	1347	1641
To minority interests
To majority interests		-128	372	1347	1641
Disposal
Transferred from/to equity		-128	372	1347	1641

Balance sheet – GS Rødøy

Assets	Note	31.12.2023	31.12.202
Land, buildings and other property		504 190	107 80
Ships		686	77
Total tangible assets	1	504 877	10857
Total fixed assets		504 877	10857
Trade receivables		-	35
Other receivables		29 207	1923
Total receivables		29 207	1958
Cash and bank deposits		68353	10360
Total current assets		97 560	123 18
Total assets		602 436	23176

Equity and liabilities	Note	31.12.2023	31.12.2022
Share capital		35730	19230
Share premium		321370	172870
Total paid-in equity		357100	192100
Other equity		3419	2072
Total retained earnings		3 419	2072
Total equity		360 519	194 172
Deferred tax		982	599
Liabilities to financial institutions		130 436
Liabilities to group companies		65 867
Total other non-current liabilities		196302
Trade creditors		33200	36507
Public duties payable		542	153
Other short-term liabilities		10 891	332
Total current liabilities		44632	36993
Total liabilities		241 917	37592
Total equity and liabilities		602436	231765