Gigante Salmon AS

Investor Presentation • May 6, 2025

R E P O R T F O R THE FIRST QUARTER OF 2025

06th May 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 Q1 2025
• 1. Construction update
• 1. Biological 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, second is ready for operation in Q2 2025 and the last is expected to be finalized by Q4 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

<70

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

Highlights Q1 2025

• Standing biomass at the end of the period was 1,070 tonnes
• Achieved GlobalGAP certification
• Production basin B completed; testing in progress
• Walls of production basin C cast; casting of partitions in final phase
• All marine and diving operations completed

After balance date:

• Initiated first harvest
• Will establish shareholder loan of up to NOK 50 million with the main shareholder, Gigante Havbruk AS.

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 Q1 2025.

Site overview

A Basin in operation since Q1 2024

B Basin completed in Q1 2025

C Basin to be completed Q4 2025

Biological update

• Standing biomass 31.03.25: 1 070 tons

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
31.03.25	Jan. 24	160 000	3500	560	Q2 2025
30.09	Sep. 24	1 000 000	150	150	Q4 2025 until Q2 2026
31.12	Sep. 24	900 000*	400	366	Q4 2025 until Q2 2026
31.03.25	Sep. 24	825 000	620	510	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.

Initiated first harvest

Well Boat Harvest Sales

Income statement

Gigante Salmon AS - GROUP

• Income statement reflects project execution phase, with limited income and operating expenses
• Net loss Q1 2025, -0.9 MNOK

(Amount in kNOK)	Group
Income statement	Note	Q12025	Q12024	2024	2023
Other income					60
Total income					60
Smolt				25034
Feed cost		9378		18351
Insurance		343		1090
Electricity		1897		4756
Maintenance		3349		4200
Salary and personnel expenses		6642	219	12199	746
Depreciation	1	24	25	ರಿಕ	100
Other expenses		1675	289	8 259	2538
Change in Feed inventory		ട്രവ		-2245
Change in Fish inventory		-23 066		-69772
Total operating expenses		751	533	2970	3384
Net income		-751	-533	-2970	-3324
Interest income		493	862	3 685	5570
Financial income				89	27
Interest expenses		-2		-192	24
Finance costs		-43		-2747	46
Stock exchange fees		-898	-673	-427	1207
Net finances		-450	189	408	4320
Profit before income tax		-1201	-344	-2 562	996
Income tax expense		-252	-62	-464	267
Net profit or loss for the period	2	-949	-282	-2098	729
To minority interests
To majority interests		-949	-282	-2098	729
Disposal
Transferred from/to equity		-949	-282	-2098	729

Balance sheet Gigante Salmon AS - GROUP

(Amount in kNOK)	Group
Assets	Note	31.03.2025	31.03.2024	31.12.2024
Deferred tax asset		9 265	7 275	9013
Total intangible assets		9265	7275	9013
Land, buildings and other property		862 308	530 962	787524
Ships		624	664	597
Right of use asset		205 015	110 043	205 015
Fixtures/fittings, tools, office machinery and equipment		3	10	4
Total tangible assets	1	1067 950	641 679	993 139
Investments in shares		100	100	100
Total financial fixed assets		100	100	100
Total fixed assets		1077 316	649 054	1002252
Feed inventory		1736	0	2245
Cost on stock for fish		97 034	2852	74 012
Inventory	5	98770	2852	76257
Trade receivables		6071	31412	6071
Other receivables		37 351	29753	25 263
Total receivables		43422	61165	31334
Cash and bank deposits		10 439	33072	106 623
Total current assets		152630	97 089	214 214
Total assets		1229946	746143	1216 466

(Amount in kNOK) Group
Equity and liabilities	Note	31.03.2025	31.03.2024	31.12.2024
Share capital	3	171264	134174	171264
Share premium		537 452	338200	537 452
Total paid-in equity	2	708 716	472374	708716
Other equity		6 092	8860	7 043
Total retained earnings	2	6092	8860	7043
Minority interests
Total equity	2	714808	481234	715 758
Building loan		299 025	155 858	299 615
Lease liabilities		113781	81408	116373
Total other non-current liabilities		412805	237 266	415 988
Liabilities to financial institutions		49878		36920
Trade creditors		35639	18631	18961
Public duties payable		844	639	1300
Other short-term liabilities		15971	8373	27539
Total current liabilities		102332	27643	84720
Total liabilities		515 137	264909	500 708
Total equity and liabilities		1229946	746143	1216466

Income statement

Gigante Salmon Rødøy AS

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

Income statement	Note	Q12025	Q12024	2024
Other income
Total income
Smolt			-	25 034
Feed cost		9378		18351
Insurance		320	-	665
Electricity		1897	-	4756
Maintenance		3349		4 140
Salery and personnel expences		6552		11 470
Depreciation	1	22	22	90
Other expences		1434	8	7183
Change in Feed inventory		509		-2245
Change in Fish inventory		-23 066		-69772
Total operating expenses		395	31	-28
Net income		-395	-31	28
Interest income		54	408	1241
Other financial income		0		83
Interest expenses		-1542	-659	-2509
Other financial expense		-15		-100
Net finances		-1503	-251	-1 285
Profit before income tax		-1898	-281	-1257
Income tax expense		-415	-62	-271
Net profit or loss for the period		-1483	-220	-986
To minority interests
To majority interests		-1483	-220	-986
Disposal
Transferred from/to equity		-1483	-220	-986

Balance sheet

Gigante Salmon Rødøy AS

Assets	Note	31.03.2025	31.03.2024	31.12.2024
Land, buildings and other property		861245	529873	78370C
Ships		624	664	597
Right-of-use assets		205 015	110 043	205 015
Total tangible assets	1	1066884	640 580	989 311
Total fixed assets		1066884	640 580	989 311
Feed inventory		1736		2245
Cost on stock for fish		97 173	2852	74 107
Total inventory		98909	2852	76 352
Trade receivables		6071	34 400	6071
Other receivables		37 253	26522	27942
Total receivables		43324	60922	34013
Cash and bank deposits		4961	28333	25 184
Total current assets		147 194	92 107	135549
Total assets		1214 078	732 687	1124860

Equity and liabilities	Note	31.03.2025	31.03.2024	31.12.2024
Share capital		58730	35730	58730
Share premium		528371	321370	528371
Total paid-in equity		587 101	357 100	587 101
Other equity		950	3200	2 433
Total retained earnings		950	3200	2 433
Total equity		588 051	360300	589 534
Deferred tax		296	920	711
Liabilities to financial institutions		299 025	155 858	299 615
Liabilities to group companies		109725	106525	33184
Lease liabilities		113 781	81408	116373
Total other non-current liabilities		522 530	343791	449 173
Liabilities to financial institutions		49878		36920
Trade creditors		37 298	19421	20 660
Public duties payable		388	429	୧୮୧
Other short-term liabilities		15636	7826	27 206
Total current liabilities		103 200	27 676	85 442
Total liabilities		626026	372387	535 326
Total equity and liabilities		1214 078	732687	1124860