Saga Pure — Earnings Release 2021

Nov 10, 2021

Saga Pure: Third quarter 2021 financial results

Saga Pure: Third quarter 2021 financial results

(Oslo, 10 November 2021) Saga Pure ASA (Saga Pure, OSE: SAGA) reported a net

loss in the third quarter 2021 of NOK 10.3 million (Q3 2020: NOK (3.1) million),

not adjusted for the underlying positive value development in Bergen Carbon

Solutions AS (Bergen Carbon Solutions), and a year-to-date return on equity of

15.4 percent. Including Bergen Carbon Solutions at market value, the 2021 return

on equity exceeds 45 percent at the end of the third quarter of 2021.

"The companies in Saga Pure's investment portfolio continues the positive

development, where especially Bergen Carbon Solutions has contributed to an

underlying return on equity of over 45 percent at the end of the third quarter,

when measured at market value. We continue to be highly selective in our

investment approach and believe the current turbulent market development will

provide opportunities," says Bjørn Simonsen, Chief Executive Officer of Saga

Pure.

Saga Pure reported a net loss in the third quarter 2021 of NOK 10.3 million (Q3

2020: NOK (3.1) million), with a year-to-date return on equity of 15.4 percent.

The company had NOK 704 million in cash at the end of the quarter. Saga Pure is

an investment company, where holdings in certain companies are regarded as

associated companies. Hence the underlying value development will not be

reflected in the IFRS accounts.

"For Saga Pure, Bergen Carbon Solutions is an associated company where the

corresponding value development is not included in the reported figures.

Adjusting for the value development in Bergen Carbon Solutions, the return on

equity year to date was 45.5 percent at the end of the third quarter and 70

percent when applying the market value as of 9 November 2021," Simonsen adds.

During the third quarter, Saga Pure exercised its options in Bergen Carbon

Solutions AS and increased its ownership to 28%. Further, Saga Pure increased

its ownership in Heimdall Power to 18.3% by investing NOK 9.6 million.  During

the quarter Saga Pure also distributed NOK 0.10 per share in dividend.

"Focus on renewable energy and the transition towards a more sustainable future

continues to gain momentum. Saga Pure has built a strong investment team with

broad industrial competence in accordance with our investment strategy and has

evaluated more than 100 companies year to date. Our selective investment

approach, combined with a solid operational development for our companies,

continues to yield value creation and we will further pursue our active

ownership model when evaluating potential new investments. With a significant

deal-flow, a highly selective investment approach and a substantial investment

capacity, Saga Pure is well positioned to capitalize on our green and

sustainable investment strategy," Simonsen concludes.

Saga Pure will host an investor presentation 10 November at 08:00 CET and the

presentation can be followed live at www.sagapure.com, or at

https://channel.royalcast.com/landingpage/hegnarmedia/20211110_2/

The presentation will be held at Haakon VIIs gate 2, Oslo.

The presentation of the financial results for the third quarter 2021 and the

Board of Directors report are enclosed.

ENDS

For additional information, please contact:

Bjørn Simonsen, CEO, +47 97 17 98 21

Espen Lundaas, CFO, +47 92 43 14 17

About Saga Pure | www.sagapure.com

Saga Pure ASA is an investment company focusing on opportunities within

renewable energy, hydrogen, circular economy and CO2-reduction.

This information is considered to be inside information pursuant to the EU

Market Abuse Regulation and is subject to the disclosure requirements pursuant

to section 5-12 of the Norwegian Securities Trading Act. This stock exchange

announcement was published by Espen Lundaas, CFO, Saga Pure ASA, on 10 November

2021 at 07:00 CET.