Gigante Salmon AS

Investor Presentation • Jan 8, 2026

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TABLE OF CONTENTS

COMPANY OVERVIEW

PRODUCTION

BUSINESS PLAN

FINANCIALS

FROM SEA TO LAND – GIGANTE SALMON IS A PIONEER WITHIN LAND-BASED SALMON FARMING LEVERAGING ON DECADES OF INDUSTRY EXPERIENCE

Gigante Havbruk began the work on land-based flow-through aquaculture facilities and site searches – leveraging on +40 years of operational track record from sea-based salmon farming

2016

2018

2019

2020

2021

2023

2024

2025

2026

The work related to the plan program and impact assessment begins with RødøyMunicipality. Plan program approved at end of year

Re-zoning for industrial use approved by RødøyMunicipality and submission of application to Nordland County Municipality for the establishment of a land-based aquaculture facility

The Norwegian Food Safety Authority (Mattilsynet) grants permission for production of 20,000 tonnes of salmon with a capacity of 13,731 MAB

Raised NOK 222m and listed on Euronext Growth Oslo, supported by committed long-term financing from SpareBank 1 SNN of NOK 200m. Last of the land-based farmers to initiate construction of facility

Raised NOK 200m in a Private Placement. Completed major milestone with commissioning of sea water in the first production unit and functional testing of production equipment.

Raised NOK 200m in a Private Placement and increased debt facility to NOK ~320m. Initiation of test production cycle in Q1 and release of 1.1 million smolt in Q3

First harvest of ~700 tonnes HOG with strong operational KPIs Contemplated capital raise of NOK 150-300m coupled with additional debt facility of NOK 100m to fund completion of the facility

First land-based farmer to operate a fully finalised facility Expected harvest of 4,600 tonnes HOG - Gigante Salmon set to be profitable from operations from Q1 2026. Release of 3.3m smolt in Q3/Q4

INTRODUCTION TO GIGANTE SALMON

• Gigante Salmon is operating a land-based flow-through facility for salmon farming on Lille Indre Rosøy, located approximately 2.5h by boat from the Company's HQ in Bodø
• The Company's unique site and proven technology aim to utilise the benefits of both land- and sea-based farming and solve for the challenges observed in conventional salmon farming
• The flow-through facility is divided in three separate basins in which two already are in operation and the third and final expected to be operational from Q2 2026
• The Company has successfully completed a test cycle with harvest of ~700 tonnes HOG and further expects to produce 4,600 tonnes HOG in 2026 as a part of further production ramp-up
• At full production, the Company targets an annual production capacity of up to 16,000 tonnes HOG supported by a licensed MAB of 13,731 tonnes HOG
• Gigante Salmon benefits from the industrial majority owner and salmon farmer Gigante Havbruk, who operates throughout all stages of 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

FIRST LAND -BASED FARMER TO OPERATE A FULLY FINALISED FACILITY

UNIQUE LOCATION

• No farming sites in close proximity
• Aquaculture cluster providing access to crucial infrastructure and competence
• Optimal sea temperatures all year round

~80

ACCESS TO A FULLY INTEGRATED VALUE CHAIN

THE MAJORITY OWNER GIGANTE HAVBRUK IS ALSO A CO-OWNER OF OPERATIONS AT ALL STAGES OF THE SALMON VALUE CHAIN – ENSURING GIGANTE SALMON ACCESS TO NECESSARY DELIVERIES IN ALL AREAS AT COMPETITIVE TERMS

STRONG REGIONAL SUPPLIER CLUSTER – FULL VALUE CHAIN IN CLOSE PROXIMITY

HIGHLY SUPPORTIVE INDUSTRIAL OWNER IN GIGANTE HAVBRUK

SALMON FARMER WITH LONG TRACK-RECORD …

• The largest owner in Gigante Salmon is Gigante Havbruk AS, with 51% direct ownership, in addition to ~10% trough controlling ownership in Kapnord AS
• Gigante Havbruk has 160 FTE with operations in several locations in Nordland
• Gigante Havbruk was established by Kjell Lorentsen in 1988. The company is family-owned and is a direct and indirect owner of companies in the entire salmon farming value chain
• Produces around 8,000 tonnesHOG annually

COMPETENT MANAGEMENT TEAM WITH BROAD INDUSTRY EXPERIENCE

KJELL LORENTSEN

CEO

+50 years experience

• Founder and long time CEO of Gigante Havbruk
• Has held leading positions in the fishery and aquaculture industry since the 70's
• 6.5 years education in fishery and fishery economics

TORE LAUGSAND

Deputy CEO

+40 years experience

▪ Extensive leadership and operational experience from the aquaculture industry from positions at Sjøfossen Næringsutvikling, Kunnskapssenteret Gildeskål, Umlax, Codfarmers, Marine Harvest Group, Stolt Sea Farm and Laugsand Laks

BENNY HANSEN

CFO 18 years experience

• CFO from February 2026
• Previous experience from 12 years at EY – holding numerous positions
• Educated within fishery, economics and auditing

RUNE JOHANSEN

CIRO 10 years experience

• CIRO from February 2026
• Previously held role as CFO in Gigante Salmon, in addition to experience as CFO in Salten Aqua and positions at Insula and Equinor
• Holds a MSc from Handelshøgskolen i Bodø

KRISTINE ØDEGÅRD

CQO

19 years experience

• Biological aquaculture education
• Extensive leadership and operational experience from the aquaculture industry from positions at Silver Seed, Nova Sea, Marine Harvest and Nordlaks

HANS KÅRE MENTZONI

Site manager 19 years experience

• Joined Gigante Salmon in March 2024
• Previous aquaculture and marine experience from positions as Site Manager at Letsea, Team Lead at Proharvestand Field Operator at Scansub

KAY RUNE EDVARDSEN STEIN ARE HAUGEN

• Joint Technical Manager 24 years experience
• JoinedGigante Salmon in December2025
• Previous industry experience from several positions at Øijord & Aanes Entreprenøforretning, Miras Elektro, 7 Steel Nordic, Lumarine Sleneset, Caverion, Rana Gruber and Ole Kr. Pedersen

Joint Technical Manager 18 years experience

• Joined Gigante Salmon in April 2025
• Previous experience from positions as Technician at Sinkaberg, in addition to other positions at Linjebygg, BrødreneLangset, Nordic Crane Group and Bindalsbruket

HIGHLY MERITED AND HANDS-ON BOARD OF DIRECTORS

LIV MONICA STUBHOLT CHAIR OF THE BOARD

• Independent advisor
• Former business lawyer and politician
• Serves on the non-executive board of companies in the seafood and energy industries

KRISTIAN LORENTSEN BOARD MEMBER

• CEO GiganteHavbruk AS
• Background in aquaculture and strategic leadership, with hands-on experience from production to corporate governance
• Master'sdegreein auditing and accountingfrom NHH

ISELIN TENFJORD BOARD MEMBER

• Director M&A at Norsk Hydro ASA
• Previously led the strategy and M&A department at Storebrand ASA
• Background from investment banking at Pareto Securities
• Master's degree in finance from NHH

DAGFINN ELIASSEN

BOARD MEMBER

• Chief of Market and Administration in SkaMik AS
• Broad experience from the marine sector, boats and finance
• Currently holds board positions in companies in the marine sector

GIGANTE SALMON IN BRIEF

STRONG AND HIGHLY COMMITED OWNER

With NOK ~290m equity invested to date, the company has a strong industrial owner in Gigante Havbruk – a familyowned company with extensive industrial experience and know-how through decades of farming operations

FULLY FUNDED FOR COMPLETION OF FACILITY

Contemplated private placement together with existing debt facilities enables a fully invested harvest capacity of 16,000t HOG – with main owner intending to participate with up towards NOK 150m

FARMING IN THE SALMON'S NATURAL CONDITIONS

Flow-through concept diligently designed to minimise technological and operational risks and builds on well-established and proven technology from conventional salmon farming – bringing the sea onto land

COMPETITIVE CAPEX

Highly competitive CAPEX measured against other land-based technologies and conventional salmon farming with NOK ~80 per kg HOG in full production

FAVORABLE OPEX

Intensive production and biomass optimisation enables favorable OPEX – evident through expected EBIT costs on NOK 65/kg HOG for Gen 24' and NOK 58/kg HOG for Gen' 25' – already profitable with further upside

ATTRATIVE MARKET OUTLOOK

The market outlook remains strong with expected continued surplus demand and rebounding prices – production strategy tailored to harvest each year during Q1 and Q2 when salmon prices tend to be at the highest

TABLE OF CONTENTS

COMPANY OVERVIEW

PRODUCTION

BUSINESS PLAN

FINANCIALS

A FLOW-THROUGH FACILITY LEVERAGING ON PROVEN TECHNOLOGY FROM CONVENTIONAL FARMING DESIGNED TO MAXIMISE OPERATIONAL EFFICIENCY

• Each production basins are divided into 3-4 raceways that are between 110 and 214 meters in length with a longitudinal partition, allowing water to circulate from one side to the other and back again
• The basins have a water depth of approximately 5 meters. The surfaces of the interior rock walls are covered with concrete and a liner to ensure fish health and welfare in accordance with the company's ambitions and regulations. This creates robust production units that are minimally affected by sea levels which simplifies operations, maintenance and cleaning
• Water is drawn from approximately 20 meters depth trough 10 submerged pipes with separate pump units to ensure redundancy
• Water is supplied from the central area at the short ends of each raceway. Flow regulators are installed at selected positions in the longitudinal tanks to maintain the optimal water flow velocity within the tanks 2
• The outlet from each individual longitudinal tank is also located in the central area, where common drainage channels are established 3

TWO BASINS FULLY OPERATIONAL WITH THE THIRD CLOSE TO COMPLETION – FIRST LAND-BASED FARMER TO OPERATE A FINALISED FACILITY

STRATEGY TO RELEASE 3.3 MILLION SMOLT ANNUALLY ENSURES HIGH VISIBILITY IN RAMP-UP TO FULL PRODUCTION – ON TRACK TO 16,000 TONNES

DEMONSTRATING STRONG BIOLOGICAL AND OPERATIONAL RESULTS IN PRODUCTION ACROSS BOTH FIRST TEST CYCLE AND 2024 GENERATION

FULL TEST PRODUCTION CYCLE HARVESTED IN Q2 2025

HARVEST VOLUME

~700 TONNES HOG AVERAGE WEIGHT

SUPERIOR SHARE

FEED CONVERSION RATE¹

CO² LEVELS²

ENERGY CONSUMPTION PRODUCTION COST³

3.2 KG HOG

91 %

1.10 x

1-2 CO² MG/L

3 KW/KG

70 NOK/KG HOG

FIRST PART OF GENERATION AUTUMN 2024 HARVESTED IN Q4 2025

HARVEST VOLUME

345 TONNES HOG

WEIGHT

3.0

KG HOG

AVERAGE

SUPERIOR SHARE

94 %

FEED CONVERSION RATE¹

1.04 x

CO² LEVELS²

1-2 CO² MG/L

ENERGY CONSUMPTION

3 % PRODUCTION COST³

TBA IN Q4 NOK/KG HOG

Note: 1) Economic, 2) The Norwegian Food Safety Authority has a maximum limit of 15 mg/l, 3) Includes financial costs. In comparison, the industry average for conventional salmon farmers is NOK ~65/kg Source: Company information, Directorate of Fisheries (Lønnsomhetsundersøkelse for produksjon av laks og regnbueørret - 2024), SB1 Markets

STANDING BIOMASS CONTINUE TO SHOWCASE STRONG DEVELOPMENT

GENERATION AUTUMN 2024 GENERATION AUTUMN 2025

Date	Number	Avg weight (grams)	Biomass (tonnes)	Harvest plan
30.09.2024	1,000,000	150	150	Q4 25'- Q2 26'
31.12.2024	900,000	400	366	Q4 25'- Q2 26'
31.03.2025	825,000	620	510	Q4 25'- Q2 26'
30.06.2025	760,000	1,000	760	Q4 25'- Q2 26'
30.09.2025	755,000	2,000	1,510	Q4 25'- Q2 26'
31.12.20251	630,000	3,200	2,030	Q4 25'- Q2 26'

Date	Number	Avg weight (grams)	Biomass (tonnes)	Harvest plan
30.09.2025	1,450,000	150	218	Q4 26'- Q2 27'
31.12.2025	2,400,000	400	970	Q4 26'- Q2 27'

TABLE OF CONTENTS

COMPANY OVERVIEW

PRODUCTION

BUSINESS PLAN

FINANCIALS

FAVORABLE SALMON PRICE DEVELOPMENT IN RECENT YEARS – PRICES DIPPED IN 2025 DUE TO STRONG SUPPLY BUT EXPECTED TO REBOUND IN 2026

• The average weekly salmon price has been 76 NOK/kg over the past 6 years
• In 2023 and 2024, the average weekly salmon price were 93 NOK/kg – with seasonal peaks well above 115 NOK/kg
• In 2025, strong biology across the entire coast resulted in significant supply growth. Consequently, this led to a dip salmon prices which has been evident through the weekly average price of 77 NOK/kg for the full year
• With limited supply growth going forward, salmon prices are however expected to rebound in strong fashion with consensus estimates of 86 NOK/kg for 2026 and 90 NOK/kg for 2027
• By being part of the full value chain, the company has greater flexibility to harvest larger volumes during the winter and capitaliseon periods with higher prices in the market – Gigante Salmon well-positioned to capitaliseon the improving prices in 2026

PRIVATE PLACEMENT SECURES FUNDING TO COMPLETE CONSTRUCTION OF FACILITY TO ENABLE RAMP-UP OF PRODUCTION

HIGHLY COMPETITIVE OPEX PROFILE AS OPERATIONS ARE RAMPED UP TOWARDS FULL PRODUCTION CAPACITY

PRODUCTION COSTS PER KG HOG

NOK

THE EXPECTED PRODUCTION VOLUME PROVIDES GOOD OPPORTUNITIES FOR FUTURE EARNINGS AND CASH FLOW – ALREADY PROFITABLE FROM 2026

TABLE OF CONTENTS

COMPANY OVERVIEW

PRODUCTION

BUSINESS PLAN

FINANCIALS

HISTORICAL INCOME STATEMENT

Amounts in NOK (1,000s)	YTD 2024	Q3 2024	YTD 2025	Q3 2025
Revenue	-	-	44,678	-
Total income	-	-	44,678	-
Smolt	20,581	20,581	40,992	37,508
Feed	9,137	9,137	52,615	15,297
Insurance	530	530	3,931	1,518
Electricity	4,324	4,324	4,326	698
Maintenance	2,732	2,732	15,845	6,790
Salary and personnel expenses	6,674	6,298	19,719	7,073
Depreciation	74	24	4,774	4,727
Other expenses	4,830	3,656	45,407	6,700
Change in Feed inventory	(3,255)	(3,255)	(515)	257
Change in Fish inventory	(42,928)	(42,928)	(139,527)	(82,011)
Net income	(2,699)	(1,099)	(2,889)	1,443
Interest income	1,180	-	1,012	169
Financial income	1,549	1,461	361	31
Interest expenses	-	-	290	255
Finance costs	497	471	164	74
Stock exchange fees	2,297	723	2,094	444
Net finances	(65)	267	(1,175)	(573)
Profit/loss before income tax	(2,764)	(832)	(4,064)	870
Income tax expenses	(527)	(122)	(857)	205
Profit/loss for the period	(2,237)	(710)	(3,207)	665

HISTORICAL BALANCE SHEET | ASSETS

Amounts in NOK (1,000s)	2023	2024	Q3 2025
Deferred tax assets	7,213	9,013	9,871
Total intangible assets	7,213	9,013	9,871
Land, ship, buildings and other property	514,079	784,764	971,188
Ships and cars	686	597	580
Right of use asset	-	205,015	214,729
Fixtures/fittings, tools, machinery and equipment	13	4	-
Total tangible assets	514,778	990,380	1,186,497
Investments in shares	100	100	100
Total financial fixed assets	100	100	100
Total fixed assets	522,091	999,493	1,196,448
Feed inventory	-	2,245	2,085
Cost on stock on fish	-	74,012	165,643
Inventory	-	76,257	167,728
Trade receivables	-	6,071	-
Other receivables	20,595	28,022	38,415
Total receivables	20,595	34,093	38,415
Cash and bank deposits	114,967	106,623	16,917
Total current assets	135,562	216,974	223,060
Total assets	657,653	1,216,467	1,49,528

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HISTORICAL BALANCE SHEET | EQUITIES AND LIABILITIES

Amounts in NOK (1,000s)	2023	2024	Q3 2025
Share capital	134,174	171,264	171,264
Share premium	338,200	537,452	537,452
Other equity	9,141	7,042	3,824
Total equity	481,515	751,758	712,550
Building loan	130,436	299,615	422,247
Intercompany debt	-	-	50,000
Lease liabilities	-	116,373	114,423
Total non-current liabilities	130,436	415,988	586,670
Liabilities to financial institutions	-	36,920	69,963
Trade creditors	33,720	18,961	22,622
Public duties payable	766	1,300	869
Other short-term liabilities	11,216	27,539	26,854
Total current liabilities	45,702	84,720	120,308
Total liabilities	176,138	500,708	706,978
Total equity and liabilities	657,653	1,216,467	1,419,528