Saga Pure — Earnings Release 2022

May 10, 2022

Saga Pure: First quarter 2022 financial results

Saga Pure: First quarter 2022 financial results

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

in the first quarter 2022 of NOK 53.6 million (Q1 2021: NOK 147.8 million),

corresponding to a year-to-date return on equity of 5 percent.

"During the first quarter of 2022, we have witnessed volatile markets. We thus

continue to be selective in our investment approach and focus on further

developing the companies in our portfolio. We still have strong conviction of

our portfolio companies, supported by our increased exposure in Bergen Carbon

Solutions and Horisont Energi during the quarter. We hold a significant cash

position and believe the volatile markets will provide opportunities going

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

Saga Pure reported a net profit in the first quarter 2022 of NOK 53.6 million

(Q1 2021: NOK 147.8 million), with a reported return on equity of 5 percent for

the first quarter. The company had NOK 680.2 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 full underlying value

development will not be reflected in the consolidated financial statements.

During the first quarter, Saga Pure increased its exposure in Bergen Carbon

Solutions and Horisont Energi by investing NOK 25 million and NOK 32 million

respectively. HYON, where Saga today has an ownership of 17.6 %,  completed an

equity issue of NOK 50 million and was listed on Euronext Growth during the

quarter.

"From last year's restructuring of HYON, Saga Pure has taken an active role in

the further development of the company. With the equity issue and subsequent

listing on Euronext Growth, HYON is now well-positioned to play a key role in

enabling zero emission solutions for the maritime sector on a global scale. This

ability to support our portfolio companies is enabled by our selective

investment approach and a strong investment team with broad industrial

competence," says Simonsen.

Saga Pure will host a company update on 10 May at 12:00 CEST. The Presentation

will be held at Haakon VII's gate 2, Oslo And can also be followed live at

www.sagapure.com, or at

https://channel.royalcast.com/landingpage/hegnarmedia/20220510_2/

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 May  2022

at 08:00 CET.