Gigante Salmon AS

Investor Presentation • Oct 21, 2025

R E P O R T F O R

THE THIRD QUARTER OF

2025

21st October 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 Q3 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 in operation Q2 2026.
• 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

Unique location

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

Highlights Q3 2025

• Concrete work in third and final production basin completed
• Generation autumn 2024 sorted and transferred from production basin A to production basin B
• Smolt released into production basin A
• SpareBank1 Nord-Norge approves NOK 100m in additional financing and increases operating credit to NOK 140m from NOK 90m

After balance date:

• Start-up of next generation into production basin A proceeding according to plan

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 Q3 2025.

smolt released

Key figures - First production cycle

SUPERIOR SHARE

91%Industry average: 85.1%*

FEED CONVERSION RATE

1.10 Industry average: 1.27* CO, LEVELS

1-2 CO₂ mg/liter

The Norwegian Food Safety Authority has a maximum limit of 15mg/liter

ENERGY CONSUMPTION

3 Kw/kilo

Energy use per kilo produced salmon, at full utilization of the facility

PRODUCTION COST

70 kr/kg HOG

Strong regional supplier cluster

Biological update

• Standing biomass 30.09.25: 1 728 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
30.09.25	Sep. 24	755 000	2 000	1 510	Q4 2025 until Q2 2026
30.09.25	Sep. 25	1 450 000	150	218	Q4 2026 until Q2 2027

^*Standing biomass 30.06.25 was 760 tons. No harvest in Q3.

^**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

• No harvest in Q3, in line with production plan.
• Gen. Autumn 25 smolt release commenced in Q3.

Note	Q3 2025	YTD 2025	Q3 2024	YTD 2024	2024
	-	44 678	-	-	-
	-	44 678	-	-	-
	37508	40 992	20 581	20 581	25 034
	15 297	52 615	9 137	9 137	18 351
	1518	3 931	530	530	1090
	698	4326	4324	4324	4756
	6790	15 845	2732	2732	4200
	7 073	19719	6298	6 674	12 199
	4727	4774	24	74	98
	6700	45 407	3 656	4830	9 259
	257	-515	-3 255	-3 255	-2 245
	-82 011	-139 527	-42 928	-42 928	-69772
	-1443	47 567	1099	2 699	2970
	1443	-2889	-1099	-2 699	-2970
	169	1012	-	1180	3 685
	31	361	1461	1549	89
	255	290	-	-	192
	74	164	471	497	2747
	444	2094	723	2 297	427
	-573	-1 175	267	-65	408
	870	-4064	-832	-2764	-2 562
	205	-857	-122	-527	-464
2	665	-3 207	-710	-2 237	-2098
	665	-3 207	-710	-2 237	-2098
	665	-3 207	-710	-2 237	-2098
	1	- 37508 15297 1518 698 6790 7073 1 4727 6700 257 -82011 -1443 169 31 255 74 444 -573 870 205 2 665	- 44 678 - 44 678 - 44 678 - 44 678 - 44 678 - 44 678 - 40 992 - 15 297 - 52 615 - 1518 - 3931 - 698 - 4326 - 6790 - 15 845 - 7073 - 19 719 - 1 4727 - 4774 - 6700 - 45 407 - 257 - 515 - 82 011 - 139 527 - 1443 - 2889 - 169 - 1012 - 31 - 361 - 255 - 290 - 74 - 164 - 444 - 2094 - 573 - 1175 - 870 - 4 064 - 205 - 857 - 2 - 665 - 3 207	- 44678 - 37508 40992 20581 15297 52615 9137 1518 3931 530 698 4326 4324 6790 15845 2732 7073 19719 6298 1 4727 4774 24 6700 45407 3656 257 -515 -3255 -82011 -139527 -42928 1443 47567 1099 169 1012 - 31 361 1461 255 290 - 74 164 471 444 2094 723 -573 -1175 267 870 -4064 -832 205 -857 -122 2 665 -3207 -710	- 44678

Balance sheet Gigante Salmon AS - GROUP

(Amount in kNOK)		Group

Assets	Note	30.09.2025	30.09.2024	31.12.2024
Deferred tax asset		9 871	9 076	9 013
Total intangible assets		9871	9 076	9 013
Land, buildings and other property		971188	695 817	787 524
Ships and cars		580	619	597
Right of use asset		214 729	193 803	205 015
"Fixtures/fittings, tools, office machinery and equipment"		-	5	4
Total tangible assets	1	1186 497	890 244	993 139
Investments in shares		100	100	100
Total financial fixed assets		100	100	100
Total fixed assets		1196 468	899 420	1002 252
Feed inventory		2 0 8 5	3 255	2 245
Cost on stock for fish		165 643	47 214	74 012
Inventory	5	167728	50 469	76 257
Trade receivables		-	24 446	6 071
Other receivables		38 415	23 316	25 263
Total receivables		38 415	47 762	31334
Cash and bank deposits		16 917	110 587	106 623
Total current assets		223 060	208 818	214 214
Totalassets		1419528	1108 238	1216 466

(Amount in kNOK)	Group
------------------	-------

Equity and liabilities	Note	30.09.2025	30.09.2024	31.12.2024
Share capital	3	171 264	171 264	171264
Share premium		537 452	537 452	537 452
Total paid-in equity	2	708716	708716	708716
Other equity		3 834	6 902	7043
Total retained earnings	2	3834	6 902	7043
Minority interests			-	-
Total equity	2	712 550	715 618	715 758
Building loan		422 247	217 444	299 615
Intercompany debt		50 000	-
Lease liabilities		114 423	118 675	116 373
Total other non-current liabilities		586 670	336 119	415 988
Liabilities to financial institutions		69 963	-	36 920
Trade creditors		22 622	42 274	18 961
Public duties payable		869	680	1300
Other short-term liabilities		26 854	13 547	27 539
Total current liabilities		120 308	56 501	84720
Total liabilities		706 978	392 620	500 708
Total equity and liabilities		1419528	1108 238	1216 466

Income statement

Gigante Salmon Rødøy AS

• No harvest in Q3, in line with production plan.
• Gen. Autumn 25 smolt release commenced in Q3.

(Amount in kNOK)
Income statement	Note	Q3 2025	YTD 2025	Q3 2024	YTD 2024	2024
Revenue		-	44 678	-	-	-
Total income		-	44 678	-	-	-
Smolt		37 508	40 992	20 581	20 581	25 034
Feed cost		15 297	52 615	9 137	9 137	18 351
Insurance		1486	3 850	485	485	965
Electricity		698	4326	4 324	4 324	4756
Maintenance		6783	15 838	2725	2725	4 140
Salery and personnel expences		6724	18 992	5 577	5 577	11 470
Depreciation		4726	4770	22	66	90
Other expences		6 548	44 428	3 173	3 215	7 183
Change in Feed inventory		257	-515	-3 255	-3 255	-2 245
Change in Fish inventory		-82 011	-139 527	-42 928	-42 928	-69772
Total operating expenses		-1984	45 769	-159	-73	-28
Netincome		1984	-1091	159	73	28
Interest income		128	462	-	596	1241
Other financial income		31	350	522	605	83
Interest expenses		2 273	5 530		1603	-2509
Other financial expense		43	59	230	256	-100
Net finances		-2 157	-4777	292	-658	-1285
Profit before income tax		-173	-5 868	451	-585	-1257
Income tax expense		-32	-1277	100	-128	-271
Net profit or loss for the period		-141	-4 591	351	-457	-986
To minority interests
To majority interests		-141	-4 591	351	-457	-986
Disposal
Transferred from/to equity		-141	-4 591	351	-457	-986

Balance sheet

Gigante Salmon Rødøy AS

Assets	Note	30.09.2025	30.09.2024	31.12.2024
	More		30.03.2024	31.12.2024
Deferred tax		566	-	-
Total intangible assets		566	-	-
Land, buildings and other property		970 124	694753	783 700
Ships		580	619	597
Right-of-use assets		214 729	193 803	205 015
Total tangible assets	1	1185 433	889 175	989 311
Total fixed assets		1185 999	889 175	989 311
Feed inventory		2085	3 255	2 245
Cost on stock for fish		165 834	47263	74 107
Sum varelager		167 919	50 518	76 352
Trade receivables		-	24 446	6 071
Other receivables		38 319	23 128	27942
Total receivables		38319	47 574	34 013
Cash and bank deposits		13 340	29 147	25 184
Total current assets		219 578	127 239	135 549
Total assets		1405 577	1016414	1124860

Equity and liabilities	Note	30.09.2025	30.09.2024	31.12.2024
Share capital		58730	58 730	58730
Unregistered capital increase		-	-	-
Share premium		528 371	528 371	528 371
Total paid-in equity		587 101	587 101	587 101
Other equity		-2 157	2 961	2 433
Total retained earnings		-2157	2961	2433
Total equity		584944	590 062	589 534
Deferred tax		-	854	711
Liabilities to financial institutions		422 247	217 444	299 615
Liabilities to group companies		163 425	32 469	33 184
Lease liabilities		114 423	118 675	116 373
Total other non-current liabilities		700 095	369 442	449 173
Liabilities to financial institutions		69 963	-	36 920
Trade creditors		23 537	43786	20 660
Public duties payable		459	304	656
Other short-term liabilities		26 579	12 820	27 206
Total current liabilities		120 538	56 910	85 442
Total liabilities		820 633	426 352	535 326
Total equity and liabilities		1405 577	1016414	1124 860

Q&A