Land-based salmon-farming firm Gigante Salmon had all three of its production basins producing salmon at the same time in Q3 2026, marking a first for the company.
The company said the milestone marks a transition from the company’s construction to full-scale operation of its facility, building on its earlier milestone of its first harvest in 2025.
At the same time, the company also said that it did not conduct any ordinary harvest at its Lille Indre Rosøy facility in Q3 2026 and, thus, had no operating revenue.
The company’s sales revenue as of the end of Q3 2026 was NOK 113.2 million (USD 12.1 million, EUR 10.7 million), its EBITDA was NOK 9.5 million (USD 1 million, EUR 903,000), and its EBIT was a loss of NOK 9.8 million (USD 1 million, EUR 930,000). Biomass inside the facility increased to 3,900 metric tons (MT) across the 2025 and 2026 generations, which the company said forms the basis of its harvesting plans for Q4 2026 and the first half of 2027.
The quarter also marked the start of CEO Kristian Lorentsen’s tenure at the company. Lorentsen was named the board’s choice for CEO in April, and he assumed the role on 1 August.
“Land-based salmon farming at this scale remains a relatively new industry,” Lorentsen said. “Gigante Salmon is, therefore, in a phase of learning and maturation, where the experience gained from previous production cycles will be translated into improved biological performance, more efficient operations, and enhanced competitiveness.”
He said the company is now transitioning to a model where it will undertake fewer infrastructure projects on site that are “better prioritized” and executed.
“This will support clearer allocation of roles and responsibilities, improved execution and financial control, and a stronger basis for measuring biological and operational performance,” Lorentsen said.
Gigante Salmon has had some issues with higher-than-expected mortality, and the company cut its harvest expectations for 2027 as a result. Part of the issues stem from fish barriers it installed, which didn’t produce the results that the company expected and impacted fish behavior.
“The purpose of the measure, which is still ongoing, was to improve fish health and sludge collection in the raceway tanks,” the company said earlier this year. “The measure has so far not produced the desired effect on fish health. This is due, among other things, to delays in implementation and unexpected fish behavior following installation.”
In its Q3 update, Gigante Salmon said those fish barriers have been partially reversed and “operationally improved.”
“Preliminary results related to sludge management and particle removal are encouraging, and the measures will continue to be monitored through measurements and documentation,” the company said.
Gigante Salmon said previously lost feeding time and suboptimal feeding “cannot be fully recovered,” which will impact harvest weights in Q4, and both feeding and growth performance are “key improvement priorities.” Meanwhile, the company’s feed agreement with Skretting has been extended until summer 2027, and a new agreement with EWOS will run until summer 2028.
“Our feed strategy aims to balance biological performance, supply security, logistics, price, and flexibility,” Lorentsen said. “When these agreements are renewed, the company will, among other considerations, evaluate the raw material mix and subject the commercial terms to competitive tender.”
