Nordic Financials ASA — Earnings Release 2021

Feb 25, 2022

Financial results for the fourth quarter 2021

Financial results for the fourth quarter 2021

25 February 2022

Aega ASA (Aega) reported revenues of EURt 482 in the fourth quarter, up from EURt 107 in the same quarter last year. The EBITDA-result in the fourth quarter was EURt 341, compared to EURt -167 last year.

“As Q4 and 2021 has come to an end, it is fair to say that Aega is in better shape than ever. Aega has through 2021 become a green company, with moderate debt, well producing solar parks, efficient operations, cost-control, positive EBITDA and free cash flow. When we know that our business model still can tackle considerable increased production/revenues without cost following at same pace, we have lots of reasons to be optimistic when it comes to the future”, says Nils P. Skaset, CEO of Aega.

Aega reported revenues of EURt 481 in the fourth quarter (Q4 2020: EURt 107). The EBITDA-result in the fourth quarter was EURt 341 (Q4 2020: EURt -167), with a net profit of EUR -108 (EURt -463). Total power generation in fourth quarter 2021 was 950 458 kWH (420 140 kWh).

Subsequent to the fourth quarter, Aega has finalized the purchase of two solar parks in the Marche region in Italy and now owns 7 Italian solar parks with installed capacity 6.4MWp.

“Our existing assets (6.4MWp) are expected to generate around EURM 2.5 in yearly revenues, with EBITDA around EURM 0.75. We are nevertheless still in a phase where we expect to continue to purchase new parks, strengthen our balance sheet, increase revenues and further strengthen our EBITDA margin”, Skaset concludes.

ENDS

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).