Saga Pure - Earnings Release 2023

Saga Pure: Second quarter 2023 financial results

(Oslo, 28 August 2023) Saga Pure ASA (Saga Pure, OSE: SAGA) reported a net loss

in the second quarter 2023 of NOK 5.7 million (Q2 2022: Profit NOK 137.8

million), corresponding to a return on equity of minus 8.8 percent year to date.

The negative result in the second quarter is mainly driven by realized loss in

Horisont Energi AS and negative contribution from associates. Saga Pure

continues to implement the expanded investment mandate with a focus on capital

discipline and selective investments.

"Saga sold the remaining shares in Horisont and hence realized a loss of NOK 4.4

million during the second quarter on this investment. The increased interest

rates during the last eighteen months implies that price of having access to

cash has increased. In this setting Saga has a strong position with a solid

balance sheet. Nevertheless we will continue to have a selective and cautious

investment approach going forward", says Espen Lundaas, Chief Executive Officer

of Saga Pure.

Saga Pure is an investment company and the full underlying value development

will not be reflected in the consolidated financial statements, when we have

ownership in associated companies. For the second quarter 2023, Saga Pure

reported a net loss of NOK 5.7 million (Q2 2022: Profit NOK 137.8 million). The

main contributor to the negative results were Horisont Energi with a booked loss

for the quarter of NOK 4.4 million, related to remaining shares sold in the

quarter. Saga invested NOK 76 million in current financial investments during

the quarter.

Second quarter of 2023 ended with a return on equity of minus 8.2 percent year

to date for Saga Pure. Saga Pure had NOK 676 million in cash and current

investments of NOK 136 million at the end of the second quarter.

The Board of Directors' report is enclosed.

ENDS

For additional information, please contact:

Espen Lundaas, CEO, +47 924 31 417

Tore Jakob Berg, CFO, +47 934 80 202

About Saga Pure | www.sagapure.com

Saga Pure ASA is an investment company with a broad investment mandate.

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, CEO, Saga Pure ASA, on 28 August

2023 at 07:30 CET.

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