Gigante Salmon AS

Investor Presentation • Jan 21, 2025

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

21st January 2025

CEO Kjell Lorentsen CFO Rune Johansen 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 from the 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 invitation 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 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.

No representation or warranty

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.

Agenda

• 1. Gigante Salmon in brief
• 1. Highlights Q4 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 Q1 and Q2/Q3 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

Low CAPEX NOK/kg HOG

200-230

200-250

Land-

Unique location

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

based RAS Land-based Hybrid Gigante Full Production

<70

Highlights Q4 2024

• The average weight of the first release of smolt is 2,700 grams, on track to begin harvesting in Q2 2025 as scheduled
• Shore power has been established and connected through a submarine cable
• All risers / seawater intakes completed
• Drainage channels cast

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 Q4 2024.

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 Q1 2025

3 Basin to be completed Q2/Q3 2025

Biological update

• 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.
• 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
31.12	Jan. 24	160 000	2700	432	Q2 2025
30.09	Sep. 24	1 000 000	150	150	Q4 2025 until Q2 2026
31.12	Jan. 24	900 000*	400	366	Q4 2025 until Q2 2026

*The company has an agreement with Grytåga Settefisk AS on crediting for smolt that die in a given period after production startup. Startup production of about 0.9 mill smolt is the amount of smolt the company is financially responsible for.

On track to harvest Q2 2025

*The company has an agreement with Grytåga Settefisk AS on crediting for smolt that die in a given period after production startup. Startup production of about 0.9 mill smolt is the amount of smolt the company is financially responsible for.

Income statement

Gigante Salmon AS - GROUP

• Income statement reflects project execution phase, with limited income and operating expenses
• Net profit Q4 2024, +0.1 MNOK
• Net loss 2024, -2.1 MNOK

Balance sheet Gigante Salmon AS - GROUP

(Amount in kNOK)			Group		(Amount in kNOK)		Group
Assets	Note	31.12.2024	Q3 2024	31.12.2023	Equity and liabilities	Note	31.12.2024	Q3 2024	31.12.20
Deferred tax asset		9013	9076	7213	Share capital	ദ	171264	171264	134
Total intangible assets		9013	9076	7 213	Share premium		537 452	537 452	338 2
Land, buildings and other property		784764	695 817	514 079	Total paid-in equity	2	708 716	708 716	4723
Ships		597	619	686	Other equity		7042	6902	9
Right of use asset		205 015	193803		Total retained earnings	2	7042	6902	9
Fixtures/fittings, tools, office machinery and equipment		4	5	13	Minority interests
Total tangible assets	1,4	990 380	890 244	514 778	Total equity	2	715758	715 618	4815
Investments in shares		100	100	100	Building loan		299615	217 444	130 4
Total financial fixed assets		100	100	100	Lease liabilities		116 373	118 675
Total fixed assets		999 493	899 420	522 091	Total other non-current liabilities		415 988	336 119	130 4
Feed inventory		2245	3255		Liabilities to financial institutions		36920
Cost on stock for fish		74 012	47 214		Trade creditors		18961	42274	337
Inventory	5	76257	50 469		Public duties payable		1300	680
Trade receivables		6071	24446		Other short-term liabilities		27 539	13547	112
Other receivables		28022	23316	20 595	Total current liabilities		84720	56501	457
Total receivables		34093	47762	20 595	Total liabilities		500 708	392 620	1761
Cash and bank deposits		106623	110 587	114 967	Total equity and liabilities		1216 467	1108238	6576
Total current assets		216 974	208 818	135 562
Total assots		1216 467	1108 238	657 653

Income statement

Gigante Salmon Rødøy AS

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

(Amount in kNOK)
Income statement	Note	Q4 2024	2024	Q4 2023	2023
Other income					140
Total income		I		-	140
Smolt		4 453	25034
Feed cost		9213	18350
Insurance		481	୨୦୧
Electricity		432	4757
Maintenance		2714	2725
Salery and personnel expences		5892	11 469
Depreciation	1	22	88	22	90
Other expences		2665	8 593	17	248
Change in Feed inventory		1 010	-2 245
Change in Fish inventory		-26 844	-69772
Total operating expenses		39	-35	39	338
Net income		-39	35	-39	-198
Interest income		123	719	753	2814
Other financial income		O	605		27
Interest expenses		-725	-2328	-867	-890
Other financial expense		-30	-286	-12	-24
Net finances		-632	-1290	-125	1927
Profit before income tax		-670	-1255	-164	1730
Income tax expense		-143	-271	-36	383
Net profit or loss for the period		-528	-984	-128	1347
To minority interests
To majority interests		-528	-984	-128	1347
Disposal
Transferred from/to equity		-528	-984	-128	1347

Balance sheet

Gigante Salmon Rødøy AS

Assets	Note	31.12.2024	Q3 2024	31.12.2023
Land, buildings and other property		783700	694753	504 190
Ships		597	619	686
Right-of-use assets		205 015	193 803
Total tangible assets	1	989 311	889175	504 877
Total fixed assets		989 311	889175	504 877
Feed inventory		2245	3255	-
Cost on stock for fish		74107	47263	-
Inventory		76352	50 518	-
Trade receivables		6 071	24 446	1
Other receivables		27942	23128	29 207
Total receivables		34013	47 574	29207
Cash and bank deposits		25 184	29 147	68353
Total current assets		135 549	127 239	97560
Total assets		1124860	1016 414	602 436

Equity and liabilities	Note	31.12.2024	Q32024	31.12.2023
Share capital		58730	58730	35730
Share premium		528 371	528371	321370
Total paid-in equity		587 101	587 101	357 100
Other equity		2434	2961	3419
Total retained earnings		2434	2961	3419
Total equity		589535	590 062	360 519
Deferred tax		712	854	982
Liabilities to financial institutions		299615	217 444	130 436
Liabilities to group companies		33184	32469	65 867
Lease liabilities		116373	118675
Total other non-current liabilities		449173	368 588	196 303
Liabilities to financial institutions		36920
Trade creditors		20660	43786	33200
Public duties payable		655	304	542
Other short-term liabilities		27206	12820	10891
Total current liabilities		85 441	56910	44633
Total liabilities		535 325	426 352	241918
Total equity and liabilities		1124860	1016 414	602436