Gigante Salmon AS: Update on expected 2027 harvest volumes and cost guidance

18 May 2026 15:18 CEST

Bodø, Norway, 18 May 2026

The Company has over time communicated biological challenges related to the 2025
generation.
The Company refers to its previously communicated target of 10,600 tonnes
harvest volume for 2027 and expected EBIT cost of NOK 58/kg HOG.
Based on the current status of the 2025 generation, the Company now expects
total harvest volumes in 2027 to be in the range of 8,000–8,500 tonnes. In
addition, the Company now expects EBIT cost for 2027 to be approximately NOK
60-65/kg HOG.
The revised expectations are primarily driven by higher-than-anticipated
mortality in the 2025 generation. A contributing factor to the elevated
mortality is that approximately 1.0 million fish were stocked as late as
November 2024, which has led to significant challenges related to winter ulcers.
The elevated mortality has reduced the biomass available for harvest in 2027 and
negatively impacted cost efficiency.
The elevated mortality represents a permanent loss of biomass and is the primary
driver behind the reduced harvest volume expectations for 2027.
The Company has implemented operational and biological measures aimed at
improving performance in subsequent generations and continues to closely monitor
the development.
The lower harvest volume and higher cost level are expected to have a negative
impact on the Company's financial performance in 2027 compared to previous
expectations. The estimates remain subject to biological development and normal
operational uncertainty. The Company will provide further updates as visibility
improves.

This information is considered inside information pursuant to the EU Market
Abuse Regulation and is subject to the disclosure requirements according to
Section 5-12 of the Norwegian Securities Trading Act. The stock exchange
announcement was published by Benny Hansen, CFO of Gigante Salmon AS, at the
time and date stated above in this announcement.

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


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.

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