September 2, 2026 | 3 min to read
Bodø, Norway – Gigante Salmon AS reported operational challenges in 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.
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.
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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