Interim report
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Saga Pure Q2 2026 report 4 Saga Pure Q2 2026 report Q2
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Saga Pure Q2 2026 report 2 Financial information Highlights .................................................................................................................................................................................................................................................... 3 Consolidated condensed statement of comprehensive income ............................................................................................................................. 5 Consolidated condensed statement of financial position ........................................................................................................................................... 6 Consolidated condensed cash flow statement ................................................................................................................................................................... 7 Consolidated condensed statement of changes in equity .......................................................................................................................................... 8 Notes to the financial statements ................................................................................................................................................................................................ 9 Contents
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Saga Pure Q2 2026 report 3 NOK 1000 Apr-Jun 2026 Apr-Jun 2025 Jan-Jun 2026 Jan-Jun 2025 (unaudited) (unaudited) (unaudited) (unaudited) Operating income 27 771 -28 343 40 103 -14 588 Operating expenses (1) -2 915 -4 095 -6 995 -11 437 Net financial items (1) 3 -2 582 1 1 462 Net profit/( -loss) 24 859 -35 019 33 110 -24 520 Total comprehensive income 24 859 -35 019 33 110 -24 520 Basic earnings per share NOK (2) 0.04 -0.07 0.05 -0.05 Diluted earnings per share NOK (2) 0.04 -0.07 0.05 -0.05 (1) EBIT and EBITDA have been replaced with Operating expenses and Net financial items. Net interest income is now classified within operating activities, and depreciation is no longer included in the profit and loss statement. (2) Basic earnings per share is calculated by dividing shareholder earnings for the period by the average number of outstandi ng share in the period. Diluted earnings per share is calculated by adding potential shares with dilutive effect, in this case average issued equity options, to the average number of outstanding shares. Dilutive effect is however not assigned to loss. In case of net loss Basic and Dilutive EPS will therefore be identical. Financial results Saga Pure Group (“The Group”) reports a total comprehensive income for the second quarter 2026 of NOK 24.9 million and 33.1 million in comprehensive income for the first half year of 2026. The Group had a gain from financial assets and liabilities at fair value through profit or loss of NOK 21.6 million in the second quarter 2026, and NOK 31.3 million for the first half year of 2026. The Group had a cash holding of NOK 3 13.5 million at the end of second quarter 2026, versus NOK 288.3 million per year end 2025. The increase in cash during the first half year of 2026 is a result of net divestment in trading. The Group’s condensed unaudited financial statements for the second quarter of 2026 are enclosed. The average number of outstanding shares in the quarter was 671,383,470 excluding treasury shares. Total number of outstanding shares quarter end was 653,675,708 excluding treasury shares. The major items in the financial result of the second quarter was a net gain from financial assets and liabilities at fair value through profit or loss of NOK 21.6 million, administrative expenses of NOK 2.9 million, interest revenue of 3.0 million, and exchange gain of 3.1 million. Company development and investments Net realised and unrealised gain from investment s amounted to NOK 31.3 million as of Q2 2026. Subsequent events On 1 st July 2026 the sale of Eilert Sundtsgate 39 AS was completed at a net purchase price of NOK 134 million before adjustments for pro and contra items. The Company has in July 2026 purchased 11, 242,833 additional treasury shares in the Company for a total consideration of NOK 18,2 million. After this, the Company owns a total of 32.445,548 treasury shares at a total consideration of NOK 52.4 million. Outlook The Group is evaluating a number of potential long -term investments in controlling stakes in commercial and/or industrial businesses. Forward-looking statements Matters discussed in this report may constitute forward - looking 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 examina tion 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 that we will achieve or accomplish these expectations, beliefs or projections. Oslo, 25 August 2026 The Board of Directors Highlights
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Saga Pure Q2 2026 report 4 We confirm, to the best of our knowledge, that the financial statements for the period 1 January 2026 to 30 June 2026 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, 25 August 2026 The Board of Directors Henrik A. Christensen Chairman Sign Kristin Hellebust Board member Sign Espen Landmark Fjermestad Board member Sign Responsibility Statement
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Saga Pure Q2 2026 report 5 NOK 1000 Apr-Jun 2026 Apr-Jun 2025 Jan-Jun 2026 Jan-Jun 2025 (unaudited) (unaudited) (unaudited) (unaudited) Net gain/loss from financial assets and liabilities at fair value through profit or loss (-) (Note 4) 21 609 -31 800 31 261 -28 138 Rental revenue - - - 8 877 Interest revenue 3 030 3 962 5 231 5 178 Net foreign currency gain/(-loss) 3 132 -505 3 610 -505 Operating income 27 771 -28 343 40 103 -14 588 General administrative expense 2 915 4 095 6 995 10 429 Depreciation - - - 1 008 Operating expenses 2 915 4 095 6 995 11 437 Operating profit/( -loss) 24 857 -32 438 33 108 -26 025 Interest income - - - 5 714 Interest expense - - -1 -403 Other financial items 3 -2 582 3 -3 849 Net financial items 3 -2 582 1 1 462 Taxes - - - 43 Net profit/( -loss) 24 859 -35 019 33 110 -24 520 Other comprehensive income - - - - Total comprehensive income 24 859 -35 019 33 110 -24 520 Attributable to: Non-controlling interests - - - 1 789 Shareholders’ interests 24 859 -35 019 33 110 -26 310 Basic earnings per share NOK 0,04 -0,07 0,05 -0,05 Diluted earnings per share NOK 0,04 -0,07 0,05 -0,05 Average number of shares in the period* 671 383 470 484 878 423 673 121 292 484 878 423 Number of shares outstanding at period end* 653 675 708 484 878 423 653 675 708 484 878 423 *Excluding treasury shares Consolidated condensed statement of comprehensive income
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Saga Pure Q2 2026 report 6 NOK 1000 30.06.2026 31.12.202 5 (unaudited) (audited) ASSETS Financial assets at fair value through profit or loss Investment in subsidiaries (Note 4 and 5) 785 616 768 283 Equity instruments (Note 4) 31 980 81 272 Funds and similar securities (Note 4) - 745 Total financial assets at fair value through profit or loss 817 596 850 300 Trade and other current assets 387 136 Cash and cash-equivalents 313 473 288 257 TOTAL ASSETS 1 131 456 1 138 693 LIABILITIES Trade and other payables 254 1 253 Other liabilities and accruals 2 891 7 974 Total liabilities 3 145 9 227 EQUITY Share capital 6 749 6 749 Other equity 1 332 029 1 332 029 Total paid -in-capital 1 338 778 1 338 778 Accumulated losses -176 203 -209 313 Treasury shares -34 264 - Total equity 1 128 311 1 129 465 TOTAL EQUITY AND LIABILITIES 1 131 456 1 138 693 Consolidated condensed statement of financial position
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Saga Pure Q2 2026 report 7 NOK 1000 Jan-Jun 2026 Jan-Jun 2025 Jan-Dec 202 5 (unaudited) (unaudited) (audited) Net profit/(-loss) before tax 33 110 -24 563 8 222 Result before tax – derecognized subsidiaries - -4 414 - Depreciation - - 1 008 Interest income -5 231 - -14 540 Interest expenses 1 - 497 Net loss/gain from financial investments (-) -31 261 28 138 -11 522 Net gain on transition to investment entity - - -563 Net divestment/investment trading (-) 64 215 130 450 113 120 Increase/decrease receivables and prepayments (-) -251 47 110 46 992 Increase/decrease payables and accruals (-) - 1 409 - 5 224 Interest received 5 611 - 14 513 Interest paid -1 222 - -403 Net cash flow from operating activities 63 563 176 720 162 549 Investment in non-current financial investments - -633 144 - Net cash effect acquisition of subsidiary - - -50 259 Cash impact of deconsolidation - - -9 705 Investment in subsidiaries as investment entity -20 000 - -576 195 Dividend and group contribution from subsidiaries 20 362 - - Repayment of short-term loan to subsidiaries -4 445 - - Net cash flow from investing activities -4 083 -633 144 - 636 159 Share issue - gross - - 121 500 Share issue – costs - - -2 187 Repayment on long term borrowing - - -1 500 Purchase of treasury shares -34 264 - - Net cash flow from financing activities -34 264 - 117 813 Net change in cash and cash equivalents 25 216 -456 424 -355 797 Cash and equivalents at beginning of period 288 257 644 054 644 054 Cash and equivalents at end of period 313 473 187 630 288 257 Consolidated condensed cash flow statement
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Saga Pure Q2 2026 report 8 Jan-Jun 2026 (Unaudited ) NOK 1000 Issued capital Other equity Accumulated losses Treasury shares* Total Equity as of 1 January 2026 6 749 1 332 029 -209 313 - 1 129 465 Net profit/(-loss) - - 33 110 - 33 110 Total comprehensive income - - 33 110 - 33 110 Purchase of treasury shares - - - -34 264 -34 264 Equity per ending balance 30 June 2026 6 749 1 332 029 -176 203 -34 264 1 128 311 *As of 30 June 2026, the Company owns 21,202,715 treasury shares 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 3 0 June 2025 4 849 1 079 616 -242 098 - 842 367 Jan-Dec 2025 (Audited) 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) - - 6 476 1 789 8 265 Total comprehensive income - - 6 476 1 789 8 265 Minority-interest at acquisition - - - 35 311 35 311 Minority-interest at derecognition - - - -37 100 -37 100 Share issue 1 900 254 600 - - 256 500 Share issue costs - -2 187 - - -2 187 Equity per ending balance 3 1 December 2025 6 749 1 332 029 -209 313 - 1 129 465 Consolidated condensed statement of changes in equity
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Saga Pure Q2 2026 report 9 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 25 August 2026. The accounting policies applied in the preparation of the condensed interim financial statements are consistent with those presented in the Annual Report of 2025. Foreign currency The financial statements are presented in NOK. NOK is also the functional currency for the Company. Note 2 – Operating Segments For management purposes, the Company is organised into one main operating segment, which invests in financial instruments. All of the Company’s activities are interrelated, and each activity is dependent on the others. Accordingly, all significant decisions are based upon analysis of the Company as one segment. The financial results from this segment are equivalent to the financial statement of the Company as a whole. Note 3 – Options and share program The Group has as per end of June 2026 no outstanding options. Note 4 – Financial assets at fair value through profit or loss NOK 1000 Classes of assets within financial assets at fair value through profit or loss 30 Jun 2026 31 Dec 2025 Investment in subsidiaries 785 616 768 283 Equity instruments Listed equity securities 31 980 81 272 Funds and similar securities Unlisted funds - 745 Total 817 596 850 300 Net gain from financial assets NOK 1000 Apr-Jun 2026 * Apr-Jun 2025 * Jan-Jun 2026 Jan-Jun 2025 Realized financial assets 22 271 -22 161 34 453 -10 946 Net fair value adjustment equity instruments, debt instruments, funds and similar securities and derivative financial instruments 4 519 9 131 -525 -2 459 Net fair value adjustment subsidiaries -5 181 -18 769 -2 667 -14 733 Net gain/(loss) from financial assets 21 609 -31 800 31 261 -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. Notes to the financial statements
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Saga Pure Q2 2026 report 10 Note 5 – Investment in subsidiaries Changes to investment in subsidiaries NOK 1000 2026 2025 Balance as 1 January 768 283 - Additions* 20 000 770 318 Sales - - Changes in fair value -2 667 -2 035 Balance as 30 June / 31 December 785 616 768 283 Investment in subsidiaries NOK 1000 30.06.2026 31.12.202 5 Vallhall Arena* 85 876 59 913 Bravo Opportunities AS 4 107 4 030 Eilert Sundtsgate 39 AS** 133 944 135 000 S.D. Standard ETC Plc*** 561 688 569 340 Investment in subsidiaries at fair value 785 616 768 283 Saga Pure ASA 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. Summary of unconsolidated subsidiaries Principle place of business Proportion of ownership and voting rights 30.06.2026 31.12.2025 Vallhall Arena* Norway 80 % 60 % Bravo Opportunities AS Norway 100 % 100 % Eilert Sundtsgate 39 AS** Norway 100 % 100 % S.D. Standard ETC Plc*** Cyprus 58 % 58 % *Consist of Vallhall Fotballhall KS, Vallhall Fotballhall Drift AS and Vallhall Fotballhall AS measured as one. Vallhall Arena is assessed not to be an investment property as it is owned through companies, measured at fair value on the same basis as the other investments, and not as a separate investment property. In April 2026 Saga Pure ASA acquired an additional 20% equity stake in Vallhall Arena for NOK 20 million. ** Eilert Sundtsgate 39 AS has one 100% subsidiary (Saga Hotel Oslo AS – which operates the hotel Saga Hotel Oslo). On 17 March 2026 the receivable on 54.2 million toward Eilert Sundtsgate 39 AS was converted to equity . In June the Company received NOK 19,75 million in dividends and on 1st July the sale of Eilert Sundtsgate 39 AS was completed. *** S.D. Standard ETC Plc has one 100% subsidiary (Standard Invest AS – a service providing Norwegian entity to S.D. Standard ETC Plc)
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Saga Pure Q2 2026 report 11 Note 6 – 20 largest shareholders per 30.06.2026 Name Shares Of total shares 1 Tycoon Industrier AS 156 210 055 23,15 % 2 Øystein Stray Spetalen 142 329 614 21,09 % 3 Ferncliff Property AS 100 000 000 14,82 % 4 Sss AS 86 420 900 12,81 % 5 Jss Capital Management AS 86 420 899 12,81 % 6 Saga Pure ASA (Treasury shares) 21 202 715 3,14 % 7 Clearstream Banking S.A. 6 924 701 1,03 % 8 Jaras Invest AS 4 672 874 0,69 % 9 Anti-Gravity AS 3 348 561 0,50 % 10 Terje Bakken 3 000 000 0,44 % 11 Hege Bakken 2 482 677 0,37 % 12 Kristen Rydland 2 088 000 0,31 % 13 Spar Kapital Investor AS 2 000 000 0,30 % 14 Espeland Holding AS 1 900 100 0,28 % 15 Patagonia Invest AS 1 391 235 0,21 % 16 Nordnet Livsforsikring AS 1 262 087 0,19 % 17 Ole Trommestad 1 250 000 0,19 % 18 Nemeth Finans AS 1 125 000 0,17 % 19 Larsen Oil & Gas AS 1 000 338 0,15 % 20 Nordnet Bank AB 962 476 0,14 % Total 625 992 232 92,76 % Total outstanding shares 674 878 423 100,00 % Note 7 – Subsequent Events On 1st July 2026 the sale of Eilert Sundtsgate 39 AS including its subsidiary Saga Hotel Oslo AS was c ompleted at a net purchase price of NOK 134 million before adjustments for pro and contra items, to be done within 90 days of the settlement. As part of the transaction, the Company will provide a loan to the buyer in the amount of NOK 70 million with a 24-month tenor at an interest rate of 5% p.a. The borrower is a solid and reputable counterparty, and the loan is also guaranteed by the borrower’s parent company. The Company has in July 2026 purchased 11,242,833 additional treasury shares in the Company for a total consideration of NOK 18,2 million. After this, the Company owns a total of 32.445,548 treasury shares at a total consideration of NOK 52.4 million.
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Saga Pure Q2 2026 report 12 Title: Saga Pure Q2 2026 report Saga Pure ASA Published date: 26 August 2026 info@sagapure.com Sjølyst Plass 2, 0278 Oslo, Norway The publication can be downloaded on sagapure.com