Bodø, Norway, 18 August 2026 – Gigante Salmon AS (OSE: GIGA, the “Company”) publishes its financial report for the first half-year and second quarter of 2026.
The Company remains in a ramp-up and commissioning phase, with positive sales activity but negative results. In the second quarter, the group had revenues of NOK 40.7 million and an operating result of NOK -7.9 million. Accumulated for the half-year, revenues were NOK 113.2 million, while the operating result was NOK -19.8 million and the result for the period was NOK -29.6 million. Equity amounted to NOK 1,071.9 million as of 30 June 2026. Total assets were NOK 1,641.9 million. As of 30 June 2026, the equity ratio was approximately 65%. Liquidity ratio 2 was 0.64, while liquidity ratio 1 was 2.24.
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Generation H2024 is a record generation for Gigante Salmon, with a harvest volume of 1,929 tonnes HOG, compared to 930 tonnes HOG for generation H2023 (test production). The Company is in a scale-up phase according to plan and is strengthening its capacity for further production increases. The Company’s facility has completed its construction phase and has significant potential to be realised through systematic work, clear priorities and close collaboration within the organisation.
“The land-based sector is in a learning phase, and so are we at Gigante Salmon. We are still developing and carrying out improvement projects to optimise the facility. With improvement work, you either succeed directly, or you learn. This quarter has given us more learning than immediate results, and that learning is important for the way forward,” says newly appointed CEO Kristian Lorentsen.
New CEO from 1 August:
Kristian Lorentsen started as CEO of Gigante Salmon on 1 August, and enters the role with great motivation, humility and respect for the task. Kristian Lorentsen was born into the industry and has a broad background in smolt and food fish production, with experience in operations, finance and board work.
Operational highlights:
Harvested volume in the second quarter of 2026 was 653 tonnes HOG. Harvested fish had an average weight of 3.0 kg HOG, with 72% superior quality and an economic feed conversion ratio of 1.31. The realised price was NOK 71.5/kg HOG in the first half of 2026, in line with the market price at the time of harvest.
At the end of the quarter, Gigante Salmon had an estimated standing biomass of approximately 2,500 tonnes, with an average weight of 1.22 kg. The biomass now consists exclusively of generation H2025 and is planned to be harvested from Q4 2026 to Q2 2027.
The next stocking will be the first time the facility has fish in all three basins simultaneously, marking an important milestone. The Company continues to work towards its long-term production target of 16,000 tonnes HOG.
The Company carried out investments in the facility of approximately NOK 60 million in the second quarter. The investments are primarily related to improvement measures and increased capacity in the feeding system and oxygenation plant, housing facilities, as well as the implementation of new technology for the collection and handling of sludge, including modifications to production tanks. The investments have been made to strengthen operational robustness, improve environmental conditions in the tanks and facilitate improved fish welfare and efficient collection and treatment of sludge.
Update on generation H2025 and H2026:
Reference is made to the Company’s stock exchange announcement of 3 July, in which adaptations related to fish barriers were discussed. Operational solutions and technical equipment are an important part of the scale-up of a new industry. The introduction of fish barriers is an example of this. The purpose of the measure, which is still ongoing, was to improve fish health and sludge collection in the raceway tanks. The measure has so far not produced the desired effect on fish health, and the effect on sludge collection remains unclear. This is due, among other things, to delays in implementation and unexpected fish behaviour following installation.
The fish in generation H2025 have to a large extent congregated in parts of the raceway tanks, resulting in higher density, challenges with oxygen levels, appetite and feeding, as well as mechanical injuries and fish in restricted areas. This has contributed to lower average weight than planned. Based on the experience gained during the summer, the Company has implemented measures to address the fish behaviour, and these will also be assessed on an ongoing basis for optimal operations for future generations of fish. Depending on the outcome of the remedial measures, the Company may also consider reversing the installation of the fish barriers in whole or in part.
The Company estimates that generation H2025 will have lower harvest weight and weaker superior grade than previously assumed. Lower harvest weight results in higher production cost per kilo and lower revenues. The base case is 5,800 tonnes, with a range from 6,200 tonnes to 5,000 tonnes. The base case of 5,800 tonnes gives a production cost per kilo of NOK 86 HOG, with a range up to NOK 91 HOG. At the upper end of the range of 6,200 tonnes, the production cost is NOK 84 HOG to NOK 89 HOG, and at the lower end of the range of 5,000 tonnes, the production cost is NOK 91 HOG to NOK 98 HOG.
Generation H2026 is also expected to be negatively affected. Delays in the implementation of the fish barrier measures have resulted in delayed transfer of fish, which in turn has prevented Gigante Salmon from being ready to receive smolt at the planned time. Generation H2026 will consequently have a delayed smolt stocking, resulting in suboptimal conditions. This leads to lower expected harvest volume and weaker superior grade. The base case is 5,800 tonnes, with a range from 6,200 tonnes to 5,000 tonnes. The base case of 5,800 tonnes gives a production cost per kilo of NOK 76 HOG, with a range up to NOK 87 HOG. At the upper end of the range of 6,200 tonnes, the production cost is NOK 74 HOG to NOK 85 HOG, and at the lower end of the range of 5,000 tonnes, the production cost is NOK 81 HOG to NOK 94 HOG.
For generation H2026, macroeconomic factors have also been taken into account, including the risk of increased feed costs due to El Niño.
With the above, the Company adjusts its reporting of forward-looking estimates, which have previously been provided on a calendar year basis, to be based on generations of stocked smolt. The expectations set out above therefore replace all previously communicated estimates from the Company.
Dialogue with the authorities
All measures affecting fish health and the currently insufficient sludge suction performance will be followed up in dialogue with the Norwegian Food Safety Authority and the County Governor. Gigante Salmon will continue its dialogue with the relevant sectoral authorities, with the aim of finding the best possible solutions and ensuring proper follow-up within the framework of applicable permits and regulatory requirements.
Financing
To support continued operations and planned production growth, the available overdraft facility with SpareBank 1 Nord-Norge was increased during the quarter from NOK 140 million to NOK 240 million.
Invitation to presentation of first half-year and quarterly report Q2 2026
In connection with the publication of the first half-year and quarterly report Q2 2026, Gigante Salmon invites to a company presentation at 09:00 CEST. The presentation will be held in Norwegian. The presentation will be broadcast as a webcast via the Company’s website.
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
Gigante Salmon AS
Gigante Salmon AS is a land-based salmon farming Company developing its first production facility at Lille Indre Rosøy in the municipality of Rødøy, Norway. The Company’s aquaculture concept is based on a flow-through farming system that combines the advantages of conventional sea-based and land-based aquaculture while reducing and eliminating challenges associated with traditional sea-based salmon farming. For further information, please visit www.gigantesalmon.no.
Important Information
This information constitutes inside information pursuant to Article 7 of the EU Market Abuse Regulation (“MAR”) and is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
This stock exchange announcement was published by Benny Hansen, Chief Financial Officer of Gigante Salmon AS, on the date and at the time set out above.
Neither this announcement nor any part of it constitutes, or forms part of, any offer to sell, or solicitation of an offer to purchase or subscribe for, any securities in any jurisdiction. This announcement is for information purposes only and should not be relied upon as a substitute for independent judgement. It does not constitute investment advice and must under no circumstances be used or regarded as an offer to sell, or a solicitation of an offer to acquire, securities in the Company, nor as a recommendation to buy or sell such securities.
This announcement contains forward-looking statements relating to the Company’s business, financial performance and results. Such statements may generally, but not always, be identified by the use of forward-looking terminology such as “believes”, “expects”, “anticipates”, “intends”, “estimates”, “assumes”, “plans”, “targets”, “may”, “will”, “should”, “could”, “continue” or similar expressions.
These statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements are based on information, assumptions and estimates available to the Company as of the date of this announcement and reflect the Company’s current expectations regarding future events.
The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law or regulation.
The Company operates in a competitive and rapidly evolving industry. Accordingly, it is not possible to identify or predict all risks, uncertainties and other factors that may affect the Company’s business and operations, or to assess the impact of such factors. Actual results may differ materially from those expressed or implied in any forward-looking statement, and readers should not place undue reliance on such statements. Forward-looking statements speak only as of the date of this announcement and should not be regarded as a representation that they will continue to be accurate after such date.
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