Chat with Filing

Ask questions about this document
Please log in or register to use the chat feature. Please register first.
IP - Gigante Salmon AS: Publication of Q2 Report - First harvest completed - Attachment: GIGA_Q2_2025_Presentation.pdf

Company: Gigante Salmon AS Date: 2025-08-19 Language: English Register to download
Loading document preview...
Document Preview Not Available

The file type (.pdf) cannot be displayed directly here.
Open Original File
Error loading document preview. Please try the 'Open Original File' link.
You're One Click Away From The Full Filing

Instantly access this document—and 2.8M more—for free. Select your preferred method:
Continue with Google Continue with Microsoft Continue with Facebook Continue with Amazon
![](_page_0_Picture_0.jpeg)

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

![](_page_0_Picture_2.jpeg)

*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.

![](_page_1_Picture_8.jpeg)

![](_page_2_Picture_0.jpeg)

## **Agenda**

- 1. Gigante Salmon in brief
- 2. Highlights Q2 2025
- 3. Construction update
- 4. Biological update
- 5. Financials

![](_page_2_Picture_7.jpeg)

### **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.

![](_page_3_Picture_6.jpeg)

**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

![](_page_3_Picture_19.jpeg)

# **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

![](_page_4_Picture_8.jpeg)

### **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.

![](_page_5_Picture_4.jpeg)

## **Site overview**

**A** Basin in operation since Q1 2024

**B** Basin in operation since Q2 2025

**C** Basin to be completed Q4 2025

![](_page_6_Figure_4.jpeg)

![](_page_7_Picture_0.jpeg)

![](_page_8_Picture_0.jpeg)

![](_page_8_Figure_2.jpeg)

![](_page_9_Figure_0.jpeg)

## **Biological update**

• Standing biomass 30.06.25: 760 tons\*

| Date     | Release | Amount    | Avg. Weight<br>(gr) | Biomass<br>(tons) | Harvest plan             |
|----------|---------|-----------|---------------------|-------------------|--------------------------|
| 30.09.24 | Sep. 24 | 1 000 000 | 150                 | 150               | Q4 2025 until<br>Q2 2026 |
| 31.12.24 | Sep. 24 | 900 000** | 400                 | 366               | Q4 2025 until<br>Q2 2026 |
| 31.03.25 | Sep. 24 | 825 000   | 620                 | 510               | Q4 2025 until<br>Q2 2026 |
| 30.06.25 | Sep. 24 | 760 000   | 1 000               | 760               | Q4 2025 until<br>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.

![](_page_10_Picture_5.jpeg)

# **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   |  |

![](_page_11_Picture_6.jpeg)

# **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    |  |

![](_page_12_Picture_3.jpeg)

# **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   |

![](_page_13_Picture_7.jpeg)

# **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   |

![](_page_14_Picture_5.jpeg)

![](_page_15_Picture_0.jpeg)

![](_page_15_Picture_1.jpeg)