Gigante Salmon AS: Operational update Q4

08 Jan 2026 08:00 CET

Bodø, Norway, 8 January 2026

Gigante Salmon AS (the "Company") has successfully completed its first harvest
from the Generation Autumn 2024. The result is a total harvest volume of 345
tonnes HOG. The harvested fish had an average weight of 3.0 kg HOG, with 94%
superior share and an economic feed conversion rate of 1.04.

“We have reached an important milestone that confirms our land-based solution is
performing as planned. With two basins in operation and the third coming online
soon, we are well positioned to deliver on our ambitious growth targets and
create value for our shareholders”, says CEO Kjell Lorentsen.

By the end of the fourth quarter, Gigante Salmon had accumulated a standing
biomass of a total 3,000 tonnes. Generation Autumn 2024 accounts for 2,030
tonnes of the total biomass, with an average weight of 3.2 kg. Harvest for the
rest of Generation Autumn 2024 is planned from Q1 2026 to Q2 2026.

Generation Autumn 2025 accounts for 970 tonnes of the total biomass, with an
average weight of 0.4 kg, and is planned for harvest from Q4 2026 to Q2 2027. In
total, the Company plans to release 3.3 million smolt during autumn 2026.

In connection with this operational update, the Company has prepared a Company
Presentation dated 8 January 2026, which is attached hereto.

The full Q4 report will be available from 20 January 2026 at 07:00 CET on the
Company’s webpage, www.gigantesalmon.no and Oslo Stock Exchange’s page,
www.newsweb.no, followed by a management presentation in Norwegian at 09:15 CET.
The presentation will be held at the premises of Oslo Børs and streamed
digitally.

For further information, please contact:

Kjell Lorentsen, CEO
Phone: +47 911 22 688
E-mail: kjell@gigante.no

Rune Johansen, CFO
Phone: +47 988 44 724
E-mail: rune@gigantesalmon.no

About Gigante Salmon AS
Gigante Salmon is a land-based salmon farming company with its first production
facility under construction on Lille Indre Rosøy in Rødøy, Norway. The Company’s
aquaculture concept is based on a flow-through system, combining the benefits of
conventional and land-based aquaculture while simultaneously eliminating issues
associated with conventional, sea based, farming. Visit www.gigantesalmon.no for
more information.

This information is subject to disclosure under the Norwegian Securities Trading
Act, §5-12.

Neither this announcement nor anything contained herein constitutes a financial
promotion, or an invitation or inducement to acquire or sell securities in any
jurisdiction. This announcement is for information purposes only and is not to
be relied upon in substitution for the exercise of independent judgment. It is
not intended as investment advice and under no circumstances is it to be used or
considered as an offer to sell, or a solicitation of an offer to buy any
securities or a recommendation to buy or sell any securities of the company.

This announcement contains statements regarding the prospects and strategies of
the company. These statements are sometimes identified by the use of the future
or conditional tense, or by the use of forward-looking terms such as
"considers", "envisages", "believes", "aims", "expects", "intends", "should",
"anticipates", "estimates", "thinks", "wishes" and "might", or, if applicable,
the negative form of such terms and similar expressions or similar terminology.
Such information is not historical in nature and should not be interpreted as a
guarantee of future performance. Such information is based on data, assumptions,
and estimates that the company considers reasonable. Such information is subject
to change or modification based on uncertainties in the economic, financial,
competitive or regulatory environments. The company’s forward-looking statements
speak only as of the date of this announcement. Absent any applicable legal or
regulatory requirements, the company expressly disclaims any obligation to
release any updates to any forward-looking statements contained in this
announcement to reflect any change in its expectations or any change in events,
conditions, or circumstances, on which any forward-looking statement contained
in this announcement is based.

The Company operates in a competitive and rapidly evolving environment; it is
therefore unable to anticipate all risks, uncertainties or other factors that
may affect its business, their potential impact on its business or the extent to
which the occurrence of a risk or combination of risks could have significantly
different results from those set out in any forward-looking statements, it being
noted that such forward-looking statements do not constitute a guarantee of
actual results.

More information:
Access the news on Oslo Bors NewsWeb site

663258_Company Presentation_GIGA_08012025.pdf