Gigante Salmon AS: Publication of Q1 Report

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.