Gigante Salmon runs three pools simultaneously for the first time, Q3 results under pressure with no sales revenue

Gigante Salmon released its third-quarter report on the morning of 20 October 2026. According to the report, by the end of the third quarter the company had, for the first time, fish in all three farming pools simultaneously, which the company described as an important milestone in the development of its farming facility and a mark of entering the full-scale operational phase.

During the quarter the company continued to expand production scale, with biomass continuing to accumulate. Most of the H2026 generation smolt was released, and work continued to optimise production, fish welfare and biological development. Smolt release for autumn 2026 has begun, with two batches delivered in the third quarter and the third and final batch expected to be delivered at the end of October.

Among biological and operational improvement measures, the company focused particular attention on feeding, fish welfare and production stability for the H2025 generation. The company will also adjust its smolt strategy, moving to an earlier and more robust release timing to reduce biological risk and improve smolt output rates. Feeding and growth are priority areas for improvement, with related work covering feeding practices, operating procedures, technical improvements and stronger day-to-day operational focus on feeding. Fish partitions in the farming facility have been adjusted. Initial results on sludge treatment and particulate removal are positive, and work on measurement, recording and further optimisation continues.

During the quarter the company continued its dialogue with the Norwegian Food Safety Authority (Mattilsynet) and the County Governor on fish welfare, sludge collection, particulate removal and documentation of measures taken, and is closely following up on the Food Safety Authority's instructions.

Financially, no routine slaughter took place in the third quarter, and the group therefore had no sales revenue during the period. EBIT was -NOK 10.1 million, and net financial costs were -NOK 11.8 million.

At the end of the third quarter, standing biomass was approximately 3,900 tonnes, distributed across the H2025 and H2026 generations. This biomass forms the basis for planned slaughter in the fourth quarter and the first half of 2027.

Equity at period end was NOK 1,070.6 million, giving an equity ratio of 59.4%. After the balance sheet date, the group strengthened liquidity by NOK 40 million through a loan provided by Gigante Havbruk. Under an agreement with SpareBank 1 Nord-Norge and Eksfin, the group's long-term loan maturity was extended from seven years to fifteen years, enhancing financial flexibility.