Saga Pure — Earnings Release 2023

May 10, 2023

Saga Pure: First quarter 2023 financial results

Saga Pure: First quarter 2023 financial results

(Oslo, 10 May 2023) Saga Pure ASA (Saga Pure, OSE: SAGA) reported a net loss in

the first quarter 2023 of NOK 81.7 million (Q1 2022: Profit NOK 53.6 million),

corresponding to a return on equity of minus 8.2 percent year to date. The

negative result in the first quarter is mainly driven by the share price

development in legacy investment Horisont Energi AS. Saga Pure continues to

implement the expanded investment mandate with a focus on capital discipline and

selective investments.

"The reported financial results in the first quarter of 2023 reflect the

negative share price development in Horisont Energy, where we reduced our

holdings in the period. Saga Pure has a strong financial position and continue

to actively work with our investment portfolio with an expanded investment

mandate, but will maintain the selective and cautious investment approach going

forward, " says Espen Lundaas, Chief Executive Officer of Saga Pure.

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. For the first

quarter 2023, Saga Pure reported a net loss of NOK 81.7 million (Q1 2022: Profit

NOK 53.6 million), mainly following changes in the market values. The main

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

the quarter of NOK 62.5 million, related to shares sold in the quarter and the

remaining shareholding end of the quarter. NOK 10 million was mainly related to

shares divested in the quarter, were Hyon contributed with a loss of NOK 7.1

million.

First quarter of 2023 ended with a return on equity of minus 8.2 percent for

Saga Pure. Saga Pure had NOK 736 million in cash and current investments of NOK

60.6 million at the end of the period.

"With no interest-bearing debt, and substantial cash holdings, the group is well

positioned for pursuing new investment opportunities, " Lundaas concludes.

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 10 May 2023

at 07:30 CET.