Gigante Salmon AS

Investor Presentation • Aug 19, 2025

R E P O R T F O R THE SECOND QUARTER OF

19th August 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 Q2 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 two is in operation from 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

Low CAPEX NOK/kg HOG

200-250 <75 200-230

Landbased RAS Land-based Hybrid Gigante Full Production

Unique location

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

Highlights Q2 2025

• Two production basins already in operation (of a planned three)
• Generation winter 2024 harvested with 91% superior quality
• Board of directors re-elected on 21 May by the AGM
• New financing of NOK 50m loan from Gigante Havbruk AS

After balance date:

• Generation autumn 2024 sorted and transferred to basin B from basin A
• Additional financing of up to NOK 100m will be established

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 Q2 2025.

Site overview

A Basin in operation since Q1 2024

B Basin in operation since Q2 2025

C Basin to be completed Q4 2025

Biological update

• Standing biomass 30.06.25: 760 tons*

Date	Release	Amount	Avg. Weight (gr)	Biomass (tons)	Harvest plan
30.09.24	Sep. 24	1 000 000	150	150	Q4 2025 until Q2 2026
31.12.24	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
30.06.25	Sep. 24	760 000	1 000	760	Q4 2025 until Q2 2026

*Standing biomass 31.03.25 was 1 070 tons. In Q2 2025, the company harvested 827 tons WFE.

**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

• First operating revenue, harvesting 694 tons HOG in Q4
• With 91% superior quality, realized price amounting to NOK 64/kg, in line with market price for salmon at the time of harvest
• Net loss Q2 2025, -2.9 MNOK, YTD -3,9 MNOK

(Amount in kNOK)		Group
Income statement	Notes	Q22025	YTD 2025	Q12024	YTD 2024	2024
Revenue	6	44 678	44678
Total income		44678	44678
Smolt		3484	3 484	-		25034
Feed cost		27 940	37 318			18351
Insurance		2 070	2 413			1090
Electricity		1731	3628			4756
Maintenance		5706	ુ 055			4 200
Salary and personnel expenses		6 004	12646	157	376	12 199
Depreciation	1	23	47	25	50	98
Other expenses		37032	38707	885	1174	9 259
Change in Feed inventory		-1281	-772			-2 245
Change in Fish inventory		-34 450	-57 516			-69 772
Total operating expenses		48259	49 010	1067	1600	2970
Net income		-3 581	-4332	-1067	-1 600	-2970
Interest income		350	843	318	1180	3685
Financial income		330	330	88	88	89
Interest expenses		33	31			-192
Finance costs		47	4	26	26	-2747
Stock exchange fees		752	-146	901	1574	-427
Net finances		-152	-602	-521	-332	408
Profit before income tax		-3733	-4 934	-1588	-1932	-2562
Income tax expense		-810	-1062	-343	-405	-464
Net profit or loss for the period		-2923	-3872	-1245	-1527	-2098
To minority interests
To majority interests		-2923	-3872	-1245	-1527	-2098
Disposal
Transferred from/to equity		-2923	-3872	-1245	-1527	-2098

Balance sheet Gigante Salmon AS - GROUP

(Amount in kNOK)	Group
Assets	Note	30.06.2025	30.06.2024	31.12.2024
Deferred tax asset		10076	8624	9013
Total intangible assets		10 076	8624	9013
Land, buildings and other property		917 298	613 026	787 524
Ships and cars		602	641	597
Right of use asset		215 841	179103	205 015
Fixtures/fittings, tools, office machinery and equipment		2	8	4
Total tangible assets	1	1133 743	792778	993 139
Investments in shares		100	100	100
Total financial fixed assets		100	100	100
Total fixed assets		1143 919	801502	1002252
Feed inventory		3 016		2245
Cost on stock for fish		82 985	5200	74 012
Inventory	5	86001	5200	76257
Trade receivables		22989	10192	6071
Other receivables		25681	29848	25263
Total receivables		48670	40040	31334
Cash and bank deposits		43 671	152 077	106623
Total current assets		178342	197 317	214 214
Total assets		1322261	998 819	1216466

(Amount in kNOK)	Group
Equity and liabilities	Note	30.06.2025	30.06.2024	31.12.2024
Share capital	3	171264	168 790	171264
Share premium		537 452	525 016	537 452
Total paid-in equity	2	708716	693 806	708716
Other equity		3169	7 614	7043
Total retained earnings	2	3169	7 614	7043
Minority interests
Total equity	2	711885	701420	715 758
Building loan		312581	116 911	299 615
Intercompany debt		50 000
Lease liabilities		117 493	108419	116 373
Total other non-current liabilities		480 074	225 330	415 988
Liabilities to financial institutions		81 410		36920
Trade creditors		42 017	59082	18961
Public duties payable		1258	758	1300
Other short-term liabilities		5617	12229	27539
Total current liabilities		130 302	72069	84720
Total liabilities		610 376	297 399	500 708
Total equity and liabilities		1322261	998 819	1216466

Income statement

Gigante Salmon Rødøy AS

• First operating revenue, harvesting 694 tons HOG in Q4
• With 91% superior quality, realized price amounting to NOK 64/kg, in line with market price for salmon at the time of harvest
• Net loss Q2 2025, -2.9 MNOK, YTD -4,4 MNOK

Income statement	Note	Q2 2025	YTD 2025	Q2 2024	YTD 2024	2024
Revenue		44678	44678
Total income		44 678	44678
Smolt		3 484	3 484			25034
Feed cost		27 940	37 318			18 351
Insurance		2 044	2364			965
Electricity		1731	3628			4756
Maintenance		5706	9055			4140
Salery and personnel expences		5716	12 268			11 470
Depreciation	1	22	44	22	44	90
Other expences		36 446	37 880	34	42	7 183
Change in Feed inventory		-1 281	-772			-2245
Change in Fish inventory		-34 450	-57 516			-69772
Total operating expenses		47 358	47753	57	87	-28
Net income		-2680	-3075	-57	-87	28
Interest income		280	334	188	596	1241
Other financial income		319	319	83	83	83
Interest expenses		1715	173	944	1603	-2509
Other financial expense		1	-14	26	26	-100
Net finances		-1117	-2620	-699	-950	-1285
Profit before income tax		-3797	-5 695	-755	-1036	-1257
Income tax expense		-830	-1245	-166	-228	-271
Net profit or loss for the period		-2966	-4449	-589	-808	-986
To minority interests
To majority interests		-2966	-4449	-589	-808	-986
Disposal
Transferred from/to equity		-2966	-4 449	-589	-808	-986

Balance sheet

Gigante Salmon Rødøy AS

Assets	Note	Q2 2025	Q22024	31.12.2024
Deferred tax		534
Total intangible assets		534
Land, buildings and other property		916 234	611 962	783700
Ships		602	641	597
Right-of-use assets		215841	179103	205 015
Total tangible assets	1	1132677	791706	989 311
Total fixed assets		1133 211	791706	989 311
Feed inventory		3016	865	2245
Cost on stock for fish		83149	4335	74107
Sum varelager		86165	5200	76352
Trade receivables		22989	1526	6071
Other receivables		25 518	38179	27942
Total receivables		48507	39705	34 013
Cash and bank deposits		39092	54 138	25 184
Total current assets		173764	99043	135 549
Total assets		1306975	890 750	1124860

(Amount in kNOK)
Equity and liabilities	Note	Q2 2025	Q2 2024	31.12.2024
Share capital		58730	35730	58730
Unregistered capital increase			23000
Share premium		528 371	528371	528 371
Total paid-in equity		587 101	587 101	587 101
Other equity		-2016	2611	2433
Total retained earnings		-2016	2611	2433
Total equity		585 085	589 712	589 534
Deferred tax			754	711
Liabilities to financial institutions		312581	116 911	299 615
Liabilities to group companies		161407	2469	33184
Lease liabilities		117 493	108 419	116 373
Total other non-current liabilities		591481	228 553	449 173
Liabilities to financial institutions		81 410		36920
Trade creditors		42745	59849	20660
Public duties payable		931	557	656
Other short-term liabilities		5323	12078	27 206
Total current liabilities		130 409	72484	85 442
Total liabilities		721890	301037	535 326
Total equity and liabilities		1306975	890750	1124 860