Gigante Salmon fully into commercial production, but write downs hit profits
Land-based fish farming company Gigante Salmon AS has finally completed the transition from construction to full operations, with a 2026 first quarter harvest of 930 tons.
Gigante received the final completion certificate from the local municipality for the entire facility at Lille Indre Rosøy in Norway’s Nordland region.
The average harvest weight for Q12 was 2.84 kg, and the achieved average sales price was approximately NOK 78 per kilo (£6.18) head on, gutted (HOG).
Chief Executive CEO Kjell Lorentsen said: “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 optimisation in operations.”
The group recorded operating revenues of NOK 72.5 million (£5.75m) in Q1 2026. Operating profit amounted to NOK –12.0 million (almost £1m). Excluding impairment of biomass, operating profit would have been positive at NOK 4 million (£325,000).
During the quarter, capital increases were completed in several tranches with total gross proceeds of NOK 400 million (£31m), significantly strengthening both liquidity and the capital structure.
The first quarter report said the superior share was approximately 76%, which was below the target level but in line with historical industry averages for comparable periods.
The Autumn 2025 generation, particularly fish stocked late last November, has been affected by winter ulcers.
The better news is that measures implemented have had the desired effect, and mortality declined towards the end of the quarter.
Growth for the latest stocked fish was somewhat below expectations, however, while the first fish stocked has seen growth broadly as predicted.
Gigante said the Autumn 2024 generation has been impacted by gill challenges and mechanical damage, which has affected robustness, harvest weight, and the proportion of the stock graded as “superior”.
Gigante received the final completion certificate from the local municipality for the entire facility at Lille Indre Rosøy in Norway’s Nordland region.
The average harvest weight for Q12 was 2.84 kg, and the achieved average sales price was approximately NOK 78 per kilo (£6.18) head on, gutted (HOG).
Chief Executive CEO Kjell Lorentsen said: “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 optimisation in operations.”
The group recorded operating revenues of NOK 72.5 million (£5.75m) in Q1 2026. Operating profit amounted to NOK –12.0 million (almost £1m). Excluding impairment of biomass, operating profit would have been positive at NOK 4 million (£325,000).
During the quarter, capital increases were completed in several tranches with total gross proceeds of NOK 400 million (£31m), significantly strengthening both liquidity and the capital structure.
The first quarter report said the superior share was approximately 76%, which was below the target level but in line with historical industry averages for comparable periods.
The Autumn 2025 generation, particularly fish stocked late last November, has been affected by winter ulcers.
The better news is that measures implemented have had the desired effect, and mortality declined towards the end of the quarter.
Growth for the latest stocked fish was somewhat below expectations, however, while the first fish stocked has seen growth broadly as predicted.
Gigante said the Autumn 2024 generation has been impacted by gill challenges and mechanical damage, which has affected robustness, harvest weight, and the proportion of the stock graded as “superior”.
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