Saga Pure — Earnings Release 2022

Nov 10, 2022

Saga Pure: Third quarter 2022 financial results

Saga Pure: Third quarter 2022 financial results

(Oslo, 10 November 2022) Saga Pure ASA (Saga Pure, OSE: SAGA) reported a net

loss in the third quarter 2022 of NOK 114.1 million (Q3 2021: NOK -10.3

million), corresponding to a year-to-date return on equity of 7.2 percent. Saga

Pure has after the closing of the quarter exited the investment in Bergen Carbon

Solutions (BCS) with a total net gain of NOK 229 million and announced an

intention to establish a new investment company with the ambition of a separate

listing on Euronext Growth in the first quarter of 2023.

"During the third quarter of 2022, we have continued our selective investment

approach, putting our focus towards further supporting our existing portfolio

companies. Including the sale of our remaining position in Bergen Carbon

Solutions, this has resulted in a strong cash position of NOK 780 million as per

primo November. We have over the past year seen increasingly volatile capital

markets, which we expect to continue, and see several investment opportunities

within distressed assets. To capitalize on these opportunities, the Board of

Directors has proposed to establish a new investment company with a broader

investment mandate," says Bjørn Simonsen, Chief Executive Officer of Saga Pure.

Saga Pure reported a net loss in the third quarter 2022 of NOK 114.1 million (Q3

2021: NOK -10 million), with a reported return on equity of 7.2 percent year-to

-date. The company had NOK 675 million in cash at the end of the quarter, which

has increased to NOK 780 million primo November 2022. Saga Pure is an investment

company, where holdings in certain companies are regarded as associated

companies. Hence, the full underlying value development will not be reflected in

the consolidated financial statements.

During the third quarter, Saga Pure bought 770,00 shares in Heimdall Power for

NOK 17.7 million, becoming the largest shareholder. Further, Saga Pure decreased

its exposure in BCS by selling 2 million shares for NOK 74 million. After the

closing of the quarter, Saga Pure sold the remaining position in BCS, giving a

total net gain of NOK 229 million from the investment.

During the third quarter 2022, Saga Pure also distributed dividends at 0.1

NOK/share, amounting to a total of 0.2 NOK/share in the last 12 months.

On 9 November 2022, Saga Pure announced the intention to establish a new

industrial investment company focused on distressed assets. The new company,

which aims for a separate listing on Euronext Growth in the first quarter of

2023, will have NOK 500 million in equity in form of cash. Saga Pure's strategy

will remain unchanged and will following the demerger retain NOK 280 million in

cash, in addition to its current investments.

Please see notification distributed on 9 November 2022 for additional details.

Saga Pure will host a company update on 10 November at 12:00 CET. The

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

https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20221110_6.

The presentation of the financial results for the first quarter 2022 and the

Board of Directors' report is enclosed.

ENDS

For additional information, please contact:

Bjørn Simonsen, CEO, +47 971 79 821

Espen Lundaas, CFO, +47 924 31 417

About Saga Pure | www.sagapure.com

Saga Pure ASA is an investment company focusing on opportunities within

renewable energy, hydrogen, circular economy and CO\2\-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

2022 at 07:00 CET.