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Saga Pure Interim / Quarterly Report 2025
3730_rns_2025-08-27_a71d4e58-d8cf-4e39-a9ee-a79d00782773.pdf
Interim / Quarterly Report
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Saga Pure Q 2 202 5 report
Saga Pure Q2 2025 report
| Highlights 3 | |
|---|---|
| Responsibility Statement 5 | |
| Consolidated condensed statement of comprehensive income 6 | |
| Consolidated condensed statement of financial position7 | |
| Consolidated condensed cash flow statement 8 | |
| Consolidated condensed statement of changes in equity 9 | |
| Notes to the financial statements10 |
Highlights
| NOK 1000 | Apr-Jun 2025 | Apr-Jun 2024 | Jan-Jun 2025 | Jan-Jun 2024 |
|---|---|---|---|---|
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | |
| Operating revenues (1) Operating profit (-loss) before depreciation |
3 457 | 2 498 | 13 550 | 16 742 |
| (EBITDA) (2) | -38 981 | 1 480 | -28 690 | 10 923 |
| Operating profit/(-loss) (EBIT) (3) | -38 981 | 1 480 | -29 698 | 10 923 |
| Net profit/(-loss) | -35 019 | 10 610 | -24 520 | 28 361 |
| Total comprehensive income/(-loss) | -35 019 | 10 610 | -24 520 | 28 361 |
| Basic earnings per share NOK (4) | -0.07 | 0.02 | -0.05 | 0.06 |
| Diluted earnings per share NOK (4) | -0.07 | 0.02 | -0.05 | 0.06 |
(1) As of the classification as Investment entity in second quarter of 2025, operating revenue includes all interest revenue and foreign exchange gain and loss.
(2) EBITDA can be calculated from the statement of income by deducting interest income, interest expenses and depreciation from the profit/(loss) before taxes.
(3) EBIT can be calculated from the statement of income by deducting interest income and interest expenses from the profit/(loss) before taxes.
(3) Basic earnings per shares is calculated by dividing shareholders earnings for the period by the average number of outstanding shares in the period. Diluted earnings per shares is calculated by adding potential shares with dilutive effect, in this case average issued in-the money equity options, to the average number of outstanding shares. Loss is not allocated to dilutive shares.
Financial results
Saga Pure Group ("The Group") reports a total comprehensive loss for the second quarter 2025 of NOK 35.0 million, and 24.5 million in comprehensive loss for the first half year of 2024.
The Group had an EBITDA of NOK- 39.0 million for the second quarter 2025, and -28.7 million in EBITDA for the first half year of 2025.
The Group had a net loss on financial assets of NOK 31.8 million in the second quarter, and 28.1 million in loss for the first half year.
Both the average number of outstanding shares in the quarter, and number of outstanding shares at the end of the quarter, were 484,878,423.
The Group had a cash holding of NOK 187.6 million at the end of second quarter, versus NOK 509.5 million at the end of first quarter.
The reduction in cash during the quarter is a result of increased non-current financial investments.
The Group's condensed unaudited financial statements for the second quarter and half year of 2025 are enclosed.
Company development and investments
During the quarter, the Group increased its non-current financial investments with NOK 479.2 million from a total fair value of NOK 141.4 million as per end of first quarter, to a fair value of NOK 620.6 million as per end of second quarter. NOK 438.8. millions of this increase is due to additional investment in SD: Standard ETC Plc, following the mandatory offer. NOK 55.0 million of the increase is a result of the reclassification of the investment in Vallhall following the transformation into an investment entity.
Classification as investment entity
Pursuant to the Company's investment in S.D. Standard ETC in the second quarter, the Company has assessed that it meets the definition as an investment entity. As a consequence of this, the Company will as of second quarter no longer consolidate its subsidiaries but rather measure them at fair value according to IFRS 9. Other notifiable changes are that interest from bank deposits and foreign exchange gains and losses, will be a part of operating income.
Outlook
The Group has now deployed a substantial part of its capital but still holds sufficient cash for further investments.
Forward-looking statements
Matters discussed in this report may constitute forwardlooking statements. The forward-looking statements in this report are based on various assumptions, many of which are based upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties.
Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies, which are difficult to predict and beyond
our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.
Oslo, 26 August 2025
The Board of Directors
Responsibility Statement
We confirm, to the best of our knowledge, that the financial statements for the period 1 January 2025 to 30 June 2025 have been prepared in accordance with IAS 34 Interim financial reporting, as adopted by the EU, and give a true and fair view of the Group and the Company's consolidated assets, liabilities, financial position and results of operations. Furthermore, we confirm that the Report of the Board provides a true and fair view of the development and performance of the business and the position of the Group and the Company, together with a description of the key risks and uncertainty factors that the Company is facing.
Oslo, 26 August 2025
The Board of Directors
Henrik A. Christensen Chairman Sign
Espen Landmark Fjermestad Board member Sign
Kristin Hellebust Board member Sign
Consolidated condensed statement of comprehensive income
| NOK 1000 | Apr-Jun 2025 | Apr-Jun 2024 | Jan-Jun 2025 | Jan-Jun 2024 |
|---|---|---|---|---|
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | |
| Net gain from financial investments | - | 2 498 | - | 16 742 |
| Rental revenue | - | - | 8 877 | - |
| Interest revenue | 3 962 | - | 5 178 | - |
| Net foreign currency gain/(loss) | -505 | - | -505 | - |
| Operating revenues | 3 457 | 2 498 | 13 550 | 16 742 |
| General administrative expense | 4 095 | 3 292 | 10 429 | 5 819 |
| Depreciation | - | 1 008 | ||
| Net loss from financial investments (Note 4) | 31 800 | - | 28 138 | - |
| Operating expenses | 35 895 | 3 292 | 39 576 | 5 819 |
| Profit/(-loss) from associates | - | 2 273 | - | - |
| Operating profit/(-loss) | -32 438 | 1 480 | -26 025 | 10 923 |
| Interest income | - | 9 529 | 5 714 | 19 134 |
| Interest expense | - | -2 670 | -403 | -3 146 |
| Other financial items | -2 582 | 2 270 | -3 849 | 1 450 |
| Net financial items | -2 582 | 9 130 | 1 462 | 17 437 |
| Taxes | - | - | 43 | - |
| Net profit/(-loss) | -35 019 | 10 610 | -24 520 | 28 361 |
| Other comprehensive income | - | - | - | - |
| Total comprehensive income/(-loss) | -35 019 | 10 610 | -24 520 | 28 361 |
| Attributable to: | ||||
| Non-controlling interests | - | - | 1 789 | - |
| Shareholders' interests | -35 019 | 10 610 | -26 310 | 28 361 |
| Basic earnings per share NOK | -0,07 | 0,02 | -0,05 | 0,06 |
| Diluted earnings per share NOK | -0,07 | 0,02 | -0,05 | 0,06 |
| Average number of shares in the period | 484 878 423 | 484 878 423 | 484 878 423 | 484 878 423 |
| Number of shares outstanding at period end | 484 878 423 | 484 878 423 | 484 878 423 | 484 878 423 |
Consolidated condensed statement of financial position
| NOK 1000 | 30.06.2025 | 31.12.2024 |
|---|---|---|
| (unaudited) | (audited) | |
| ASSETS | ||
| Non-current assets | ||
| Financial investments (Note 4) | 620 585 | - |
| Total non-current assets | 620 585 | - |
| Current assets | ||
| Other current assets | 1 208 | 47 038 |
| Current financial investments | 37 161 | 181 016 |
| Cash and equivalents | 187 630 | 644 054 |
| Total current assets | 225 999 | 872 109 |
| TOTAL ASSETS | 846 585 | 872 109 |
| EQUITY AND LIABILITIES | ||
| Equity | ||
| Share capital | 4 849 | 4 849 |
| Other equity | 1 079 616 | 1 079 616 |
| Total paid-in-capital | 1 084 465 | 1 084 465 |
| Retained earnings/-accumulated losses | -242 097 | -215 788 |
| Total equity | 842 367 | 868 676 |
| LIABILITIES | ||
| Current liabilities | ||
| Other current liabilities and accruals | 4 218 | 3 432 |
| Total current liabilities | 4 218 | 3 432 |
| Total liabilities | 4 218 | 3 432 |
| TOTAL EQUITY AND LIABILITIES | 846 585 | 872 109 |
Consolidated condensed cash flow statement
| Apr-Jun 2025 | Jan-Jun 2025 | Jan-Jun 2024 | Jan-Dec 2024 | |
|---|---|---|---|---|
| (unaudited) | (unaudited) | (unaudited) | (audited) | |
| Net profit/(-loss) | -35 019 | -24 563 | 10 610 | 2 971 |
| Result before tax – derecognized subsidiary | -4 414 | -4 414 | - | - |
| Result from associates | - | - | - 2 273 | - |
| Net loss/(-gain) from financial investments | 31 800 | 28 138 | -2 498 | 19 369 |
| Net divestment/(-investment) trading | 119 325 | 130 450 | -150 363 | -148 813 |
| Changes in other accrued income and expenditure | 11 975 | 47 110 | 296 | -2 101 |
| Short-term loan | - | - | - | 41 513 |
| Interest received | - | - | -491 | -142 |
| Net cash flow from operating activities | 123 668 | 176 720 | -144 720 | -87 203 |
| Divestment in associates | - | - | - | 35 215 |
| Investment in non-current financial investments | -445 536 | - 633 144 | - | - |
| Net cash flow from investing activities | -445 536 | -633 144 | - | 35 215 |
| Share issue gross | - | - | - | - |
| Net cash flow from financing activities | - | - | - | - |
| Net change in cash and cash equivalents | -321 868 | -456 424 | -144 720 | -51 987 |
| Cash and equivalents at beginning of period | 509 499 | 644 054 | 635 526 | 696 041 |
| Net foreign exchange differences (unrealised) | - | - | -686 | - |
| Cash and equivalents at end of period | 187 630 | 187 630 | 490 120 | 644 054 |
Condensed statement of changes in equity
| Jan-Jun 2025 (Unaudited) NOK 1000 |
Issued capital |
Other equity |
Accumulated losses |
Non controlling interests |
Total |
|---|---|---|---|---|---|
| Equity as of 1 January 2025 | 4 849 | 1 079 616 | -215 788 | - | 868 676 |
| Net profit/(-loss) | - | - | -26 310 | 1 789 | -24 521 |
| Total comprehensive income | - | - | -26 310 | 1 789 | -24 521 |
| Minority-interest at acquisition | - | - | - | 35 311 | 35 311 |
| Minority-interest at derecognition | - | - | - | -37 100 | -37 100 |
| Equity per ending balance 30 June 2025 |
4 849 | 1 079 616 | -242 098 | - | 842 367 |
| Jan-Jun 2024 (Unaudited) NOK 1000 |
Issued capital |
Other equity |
Accumulated losses |
Total |
|---|---|---|---|---|
| Equity as of 1 January 2024 | 4 849 | 1 079 616 | -218 759 | 865 706 |
| Net profit/(-loss) | - | - | 28 361 | 28 361 |
| Total comprehensive income | - | - | 28 361 | 28 361 |
| Equity per ending balance 30 June 2024 | 4 849 | 1 079 616 | -190 399 | 894 066 |
| Jan-Dec 2024 (Audited) NOK 1000 |
Issued capital |
Other equity |
Accumulated losses |
Total |
|---|---|---|---|---|
| Equity as of 1 January 2024 | 4 849 | 1 079 616 | -218 759 | 865 706 |
| Net profit/(-loss) | - | - | 2 971 | 2 971 |
| Total comprehensive income | - | - | 2 971 | 2 971 |
| Equity per ending balance 31 December 2024 | 4 849 | 1 079 616 | -215 788 | 868 676 |
Notes to the financial statements
Note 1 – Basis for preparation
The Company's condensed interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting as approved by the EU and requirements in the Norwegian Securities Trading Act. This condensed interim financial statement for the second quarter is approved by the Board of Directors on 26 August 2025.
The accounting policies applied in the preparation of the condensed interim financial statements are consistent with those presented in the Annual Report of 2024, with the exception below.
Pursuant to the Company's mandatory offer for all outstanding shares in S.D. Standard ETC, completed in the second quarter of 2025, the Company assesses that it should be classified as an investment entity.
As an investment entity, the Company holds its investments in subsidiaries at fair value rather than consolidating them. Investments in subsidiaries are classified as fair value through profit or loss in accordance with IFRS 9.
Significant accounting judgements
Assessment as investment entity
Entities that meet the definition of an investment entity within IFRS 10 are required to measure their subsidiaries at FVPL rather than consolidate them. The criteria which define an investment entity are, as follows:
- An entity that obtains funds from one or more investors for the purpose of providing those investors with investment management services
- An entity that commits to its investors that its business purpose is to invest funds solely for returns from capital appreciation, investment income, or both
- An entity that measures and evaluates the performance of substantially all of its investments on a fair value basis
The Company has investments which includes equities, fixed income securities, private equity and property investments. All investments are reported at fair value to the extent allowed by IFRS in the Company's annual reports.
The Board has also concluded that the Company meets the additional characteristics of an investment entity, in that it has more than one investment; the Company's ownership interests are predominantly in the form of equities and similar securities; it has more than one investor and its investors are not related parties.
The Board has concluded that the Company meets the definition of an investment entity. These conclusions will be reassessed on a continuous basis, if any of these criteria or characteristics change.
Foreign currency
The financial statements are presented in NOK. NOK is also the functional currency for the Company.
Note 2 – Operating Segments
Following the strategy as a pure investment entity, the Company does not currently segment its investments, they are all reported in total at fair value for internal purposes.
| Investment | Total | |||||
|---|---|---|---|---|---|---|
| Segment information NOK 1000 |
Jan-Jun 2025 |
Jan-Jun 2024 |
Jan-Dec 2024 |
Jan-Jun 2025 |
Jan-Jun 2024 |
Jan-Dec 2024 |
| Income | ||||||
| Net gain/loss on investments | -28 138 | 16 742 | -19 369 | -28 138 | 16 742 | -19 369 |
| Other income | 8 877 | - | - | 8 877 | - | - |
| Operating income interest | 1 867 | - | - | 1 867 | - | - |
| Total income | -17 394 | 16 742 | -19 369 | -17 394 | 16 742 | -19 369 |
| Operating expenses - excluding loss in investments |
10 429 | 5 819 | 13 063 | 10 429 | 5 819 | 13 063 |
| Net operating profit | -28 832 | 10 923 | -32 432 | -28 832 | 10 923 | -32 432 |
| 30 Jun 2025 |
30 Jun 2024 |
31 Dec 2024 |
30 Jun 2025 |
30 Jun 2024 |
31 Dec 2024 |
|
| Assets | 846 585 | 897 723 | 872 109 | 846 585 | 897 723 | 872 109 |
| Liabilities | 4 218 | 3 657 | 3 432 | 4 218 | 3 657 | 3 432 |
Note 3 – Options and share program
During the quarter, the Group had 1.0 million outstanding options towards former employees. All options are fully vested, and none of them are currently "in the money".
Note 4 – Financial Investment
Non-current financial investments
| NOK 1000 | 30.06.2025 | 31.12.2024 |
|---|---|---|
| Balance as 1 January | - | - |
| Additions | 635 318 | - |
| Sales | - | - |
| Changes in fair value | -14 733 | - |
| Balance at the end of the period/year | 620 585 | - |
Investment in subsidiaries
| NOK 1000 | 30.06.2025 | 31.12.2024 |
|---|---|---|
| Vallhall Arena* | 56 353 | - |
| Bravo Opportunities AS | 4 075 | - |
| S.D. Standard ETC Plc | 560 157 | - |
| Investment in subsidiaries at fair value | 620 585 | - |
Saga Pure meets the definition of an investment entity. Therefore, it does not consolidate its subsidiaries but, rather, recognises them as investments at fair value through profit or loss.
The derecognition of consolidated subsidiaries, and subsequent recognition at fair value, resulted in a day one gain of NOK 562 850. There were no other immediate gains or losses as a result of the transition to fair value measurements.
Summary of unconsolidated subsidiaries
| Principle place of business | Proportion of ownership and voting rights | ||
|---|---|---|---|
| 30.06.2025 | 31.12.2024 | ||
| Vallhall Arena* | Norway | 60 % | - |
| Bravo Opportunities AS | Norway | 100 % | - |
| S.D. Standard ETC Plc | Cyprus | 58 % | - |
*Consist of Vallhall Fotballhall KS, Vallhall Fotballhall Drift AS and Vallhall Fotballhall AS measured as one.
Net gain from financial investments
| NOK 1000 | Apr-Jun 2025* | Jan-Jun 2025 |
|---|---|---|
| Realized current investments | -22 161 | -10 946 |
| Net fair value adjustment current investments | 9 131 | -2 459 |
| Net fair value adjustment non-current investments | -18 769 | -14 733 |
| Investment in subsidiaries at fair value | -31 800 | -28 138 |
*Realized for the quarter is calculated from the initial cost of the investment within the year, hence, former fair value adjustments within the year will be reversed as fair value adjustments.
Note 5 – 20 largest investors
| Name | Shares | Of total shares | |
|---|---|---|---|
| 1 | Øystein Stray Spetalen | 172 841 799 | 35,65 % |
| 2 | Tycoon Industrier AS | 121 376 827 | 25,03 % |
| 3 | Clearstream Banking S.A. | 9 970 187 | 2,06 % |
| 4 | Simonsen Invest AS | 6 059 999 | 1,25 % |
| 5 | Injektor AS | 6 000 000 | 1,24 % |
| 6 | Active Pro AS | 5 900 000 | 1,22 % |
| 7 | Jaras Invest AS | 3 800 000 | 0,78 % |
| 8 | Mobilmote AS | 3 671 515 | 0,76 % |
| 9 | Frøiland Invest AS | 3 573 646 | 0,74 % |
| 10 | Nordnet Livsforsikring AS | 3 430 398 | 0,71 % |
| 11 | Klokkersvea AS | 3 350 000 | 0,69 % |
| 12 | Terje Bakken | 3 225 000 | 0,67 % |
| 13 | Tonor Holding AS | 3 000 000 | 0,62 % |
| 13 | Kristian Falnes AS | 3 000 000 | 0,62 % |
| 15 | Hege Bakken | 2 482 677 | 0,51 % |
| 16 | Nordnet Bank AB | 2 077 515 | 0,43 % |
| 17 | Bjørn Håvard Brænden | 2 050 000 | 0,42 % |
| 18 | Spar Kapital Investor AS | 2 000 000 | 0,41 % |
| 19 | Espeland Holding AS | 1 900 100 | 0,39 % |
| 20 | Kristen Rydland | 1 610 000 | 0,33 % |
| Total | 361 319 663 | 74,52 % | |
| Total outstanding shares | 484 878 423 | 100,00 % |
Title: Saga Pure Q2 2025 report Saga Pure ASA
Published date: 27 August 2025
Saga Pure Q2 2025 report
Sjølyst Plass 2, 0278 Oslo, Norway
The publication can be downloaded on sagapure.com
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