Gigante Salmon AS: Publication of Q1 Report

21 Apr 2026 07:00 CEST

Bodø, 21 April 2026

Gigante Salmon AS report for the first quarter 2026 is published today. From Q1
we report the following highlights:

Operational Highlights:

• On 24 March 2026, the Group received the final completion certificate from
Rødøy municipality for the entire facility at Lille Indre Rosøy, marking the
transition from the construction phase to full operational operations.

• A total of 930 tonnes HOG were harvested in the first quarter of 2026. The
average harvest weight was 2.84 kg, and the achieved average sales price was
approximately NOK 78 per kg HOG.

• The superior share was approximately 76%, which is below the target level but
in line with historical industry averages for comparable periods.

• The Autumn 2025 generation, particularly fish stocked late in November 2025,
has been affected by winter ulcers during the winter period. Measures
implemented have had the desired effect, and mortality declined towards the end
of the quarter. Growth for the latest stocked fish is somewhat below
expectations, while the first fish stocked is broadly in line with these.

• The Autumn 2024 generation has been impacted by gill challenges and mechanical
damage, which has affected robustness, harvest weight, and the superior share.

• Total biomass at the end of the quarter was approximately 2,700 tonnes,
consisting of around 985 tonnes Autumn 2024 and 1,715 tonnes Autumn 2025. The
development of the Autumn 2025 generation is in line with the production plan
and provides a solid foundation for further volume growth.

Financial Highlights:

• The Group recorded operating revenues of NOK 72.5 million in Q1 2026.
Operating profit amounted to NOK –12.0 million. Excluding impairment of biomass,
operating profit would have been positive at NOK 4 million.

• During the quarter, capital increases were completed in several tranches with
total gross proceeds of NOK 400 million, significantly strengthening both
liquidity and the capital structure.

• As of 31 March 2026, the equity ratio was approximately 65%, debt ratio
approximately 35%, and current ratio (liquidity ratio 2) was 1.16. The
strengthened financial position provides the Group with increased robustness and
capacity to manage short-term fluctuations in salmon prices while continuing to
scale up production.

"We are delivering a first quarter with stable operations and good progress in
the facility. Production is developing as expected, while we see both potential
for improvement and optimization in operations", says CEO Kjell Lorentsen.

In connection with the Q1 2026 Report, Gigante Salmon is pleased to invite you
to a management presentation in Norwegian today at 14:00 CEST. The presentation
will be held at Seafood Expo Global in Barcelona, stand 5G501.

The full Q1 2026 report is attached to this stock exchange announcement, and
published on the company's website:
https://gigantesalmon.no/investor/rapporter-og-presentasjoner/

For further information, please contact:

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

Benny Hansen, CFO
Phone: +47 907 80 292
E-mail: benny@gigantesalmon.no

Gigante Salmon:
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.

More information:
Access the news on Oslo Bors NewsWeb site

671005_GIGA_2026_Q1report_ENG.pdf
671005_GIGA_Q1_2026_Presentation.pdf