Operational Update - Q2 2026

Bodø, Norway, 3 July 2026 - Gigante Salmon AS (OSE: GIGA) today announces an
operational update for the second quarter of 2026:

Key operational highlights
Harvested volume in the quarter was 653 tonnes HOG. Harvested fish achieved an
average weight of 2.95 kg HOG, with 72% superior quality and an economic feed
conversion ratio (eFCR) of 1.31. The realised sales price was NOK 62.4 per kg
HOG.
At quarter-end, the Company had an estimated standing biomass of 2,500 tonnes
with an average weight of 1.22 kg. The biomass consists solely of the H2025
generation and is scheduled for harvest between the fourth quarter of 2026 and
the second quarter of 2027.
Based on the final harvest of the H2024 generation, the Company now expects
total cost of production for 2026 to be approximately NOK 81 per kg HOG.
Financial expenses account for slightly above NOK 13 per kg HOG. Cost of
production excluding financial expenses is somewhat higher than previously
anticipated but remains, in all material respects, in line with the Company's
earlier expectations.

Regulatory dialogue
The Company remains engaged in ongoing discussions with the Norwegian Food
Safety Authority (Mattilsynet) regarding fish survival, fish welfare and
environmental conditions in the production tanks, and with the County Governor
(Statsforvalteren) regarding sludge management, treatment and marine discharge.
The Norwegian Food Safety Authority has communicated an increased regulatory
focus on these matters.

Investment activity
During the quarter, the Company invested approximately NOK 60 million in its
production facility.
The investments primarily relate to increased capacity in the feeding and
oxygenation systems, residential facilities, and the implementation of new
technology for sludge collection and handling, including modifications to the
production tanks. These modifications have reduced available tank volume by
approximately 5%. The Company is evaluating measures to offset this reduction,
including increasing water levels in the tanks.
The investments are expected to strengthen operational robustness, improve
environmental conditions within the production system, enhance fish welfare and
facilitate efficient sludge collection and treatment.

Production plan and financing
The Company expects to stock approximately 3 million smolt during late summer
and autumn 2026.
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.


The full Q2 2026 report will be published on 18 August 2026 at 07:00 CEST and
will be available at www.gigantesalmon.no and www.newsweb.no.


For further information, please contact
Kjell Lorentsen
CEO
Tel: +47 911 22 688
E-mail: [email protected]

Benny Hansen
CFO
Tel: +47 907 80 292
E-mail: [email protected]

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.
ng 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.\