Nordic Financials ASA — Earnings Release 2021

Nov 30, 2021

Aega ASA: Financial results for the third quarter 2021

Aega ASA: Financial results for the third quarter 2021

30 November 2021

Aega ASA (Aega) delivered revenues of EUR 658.5 thousand in the third quarter of 2021, an increase of 137 percent versus the same quarter last year (Q3 2020: EUR 278.0 thousand).

EBITDA was positive at EUR 172.9 thousand (72.9) very well reflecting the increased scale of Aega’s solar park portfolio.

“The strong revenue growth and positive EBITDA result is a consequence of successful integration and optimisation of new solar parks in our portfolio. Owning solar parks is to an extent a scale game. In the coming quarters we will continue to work hard to purchase additional parks that meet our investment criteria to increase both revenues, profits, and portfolio value” says Nils P. Skaset, CEO of Aega ASA.

Revenues in the second quarter were EUR 658.5 thousand (278.0). EBITDA ended at EUR 172.9 thousand (72.9). Through the quarter Aega owned and operated five solar parks.

Norsk Solar investment

Net profit for Aega's third quarter ended at minus EUR 940.3 thousand (-82.1 thousand). Aega book its Norsk Solar holding at market value, the implication is that fluctuations in stock price of Norsk Solar will affect Aega’s “net finance” in the P&L. Aega’s shareholding in Norsk Solar is equivalent to a 5.3 percent ownership share.

“Fluctuations in stock prices will always occur. We saw the same effect in Q2, even though admittedly the other way around. If we look at this year to date, or since time of investment, this is an important contributor to Aega and we believe this is an investment that yet has not seen its true potential” says Nils P. Skaset, who is also a member of Norsk Solar’s board of directors.

10 MW growth plan

Today, Aega owns and operates a portfolio of five solar parks with a total production capacity of 5 MW. The company has an outspoken goal of doubling this production capacity to at least 10 MW.

Please find the third quarter 2021 interim financial report enclosed to this announcement.

For further information, please contact:

Nils P. Skaset, CEO

+47 951 88 154

ceo@aega.no

www.aega.no

About Agea

Aega ASA is an investment company listed on Euronext Expand in Oslo. Aega’s main

focus is on the solar power market. The company acquires and operates smaller

existing Italian solar power plants, following strict investment criteria. In

addition to being an industrial player it also considers financial investments

in the solar and renewable sector. The company’s head offices are in Oslo (NO)

and Trento (IT).