Bodø, Norway, 20 October 2026 - Gigante Salmon AS (OSE: GIGA, the "Company")
today publishes its report for the third quarter of 2026.
Gigante Salmon AS has today published its Q3 2026 report. The following were the
main highlights during the quarter:
Operational highlights
- A new CEO assumed office on 1 August 2026. The ambition is to make Gigante
Salmon a stronger company through improvements across the entire organization.
- At quarter-end, the Company had fish in all three production basins
simultaneously for the first time. This represents an important milestone in the
development of the facility and marks the transition to full-scale operations.
- The Company continued scaling up production throughout the quarter through
further biomass growth, stocking of the majority of the H2026 generation, and
continued efforts to optimize production, fish welfare and biological
performance.
- The Autumn 2026 smolt stockings have been successful, and initial observations
are positive. Two smolt batches were delivered during the third quarter, while
the third and final batch is expected to be delivered by the end of October
2026.
- Work on biological and operational improvement measures continued throughout
the quarter. For the H2025 generation, the Company maintained a particular focus
on feeding, fish welfare and production stability.
- The Company will adjust its smolt strategy towards earlier and more robust
stocking periods to reduce biological risk and improve smolt performance.
- Feeding and growth remain key improvement priorities. Ongoing efforts include
feeding practices, operational procedures, technical improvements and increased
focus on feeding in day-to-day operations.
- Adjustments have been made to the fish barriers at the facility. Preliminary
results related to sludge management and particle removal are encouraging, and
work on measurement, documentation and further optimization continues.
- During the quarter, the Company continued its dialogue with the Norwegian Food
Safety Authority and the County Governor regarding fish welfare, sludge
collection, particle removal and documentation of implemented measures. Orders
issued by the Norwegian Food Safety Authority are being closely followed up by
the Company.
Financial highlights
- No ordinary harvesting was carried out during the third quarter, and the Group
therefore generated no operating revenue during the period. Earnings development
in the quarter was primarily driven by biological growth and fair value changes
in biomass.
- Year-to-date through the third quarter, operating revenue amounted to NOK
113.2 million, while EBITDA and EBIT were NOK 9.5 million and NOK -9.8 million,
respectively.
- Biomass increased to NOK 363.3 million at quarter-end, with standing biomass
of approximately 3,900 tonnes across the H2025 and H2026 generations. This
biomass forms the basis for planned harvesting from the fourth quarter of 2026
and throughout the first half of 2027.
- Equity amounted to NOK 1,070.6 million at quarter-end, corresponding to an
equity ratio of 59.4%.
- Subsequent to the balance sheet date, the Group strengthened its liquidity
position through a NOK 40 million loan provided by Gigante Havbruk.
- The maturity of the Group's long-term debt has been extended from 7 to 15
years following an agreement with SpareBank 1 Nord-Norge and Eksfin,
strengthening the Group's financial flexibility.
In connection with the publication of the report, Gigante Salmon invites
investors and stakeholders to a presentation of the results on 20 October 2026
at 09:00 CEST. Further information regarding the presentation is available on
the Company's website. The webcast can be viewed at:
https://gigantesalmon.no/investor-2/websendinger/#/gigante-salmon/3-quarterly-ea
rning-reports-2026/8jrecria
For further information, please contact
Kristian Lorentsen, CEO
Tel: +47 979 51 239
E-mail: kristian@gigante.no
Benny Hansen, CFO
Tel: +47 907 80 292
E-mail: benny@gigantesalmon.no
Rune Johansen, CIRO
Tel: +47 988 44 724
E-mail: rune@gigantesalmon.no
About Gigante Salmon AS:
Gigante Salmon AS is a land-based salmon farming company developing its first
production facility on Lille Indre Rosøy in Rødøy Municipality, Norway. The
Company's aquaculture concept is based on a flow-through system that combines
the benefits of conventional sea-based and land-based aquaculture while reducing
or eliminating challenges associated with traditional open-net salmon farming.
For more information, please visit www.gigantesalmon.no.
llenges associated with traditional open-net salmon farming.\
For more information\, please visit www.gigantesalmon.no.\