Quarterly report as of 30 September 2021

Saras Group

Interim Financial

Report as of

30th September 2021

Table of contents

Statutory and Control Bodies	3
Group Activities	4
Structure of the Saras Group	5
Saras Stock Performance	6
REPORT ON OPERATIONS
Covid 19 impact	7
GAAP and Non-GAAP measure - Alternative performance indicator	8
Key financial and operational Group Results	9
Market	13
Segment Review	17
Industrial & Marketing	17
Renewables	21
Investments by business Segment	22
Outlook	23
Risk Analysis	24
Other Information	27
Main events after the end of the First Nine months of 2021	27
INTERIM CONSOLIDATED FINANCIAL STATEMENTS	28
Explanatory Notes To The Consolidated Financial Statements	32

The Financial Statements have been translated into English solely for the convenience of the international reader. In the event of conflict or inconsistency between the terms used in the Italian version of the reports and the English version, the Italian version shall prevail, as the Italian version constitutes the official document.

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Statutory and Control Bodies

BOARD OF DIRECTORS

MASSIMO MORATTI	Chairman and Director
DARIO SCAFFARDI	Chief Executive Officer, General Manager and Director
ANGELO MORATTI	Director
ANGELOMARIO MORATTI	Director
GABRIELE MORATTI	Director
GIOVANNI MORATTI	Director
GILBERTO CALLERA	Independent Director
ADRIANA CERRETELLI	Independent Director
MONICA DE VIRGILIIS	Independent Director
LAURA FIDANZA	Independent Director
ISABELLE HARVIE-WATT	Independent Director
FRANCESCA LUCHI	Independent Director

BOARD OF STATUTORY AUDITORS

GIANCARLA BRANDA	Chairman
FABRIZIO COLOMBO	Permanent Auditor
PAOLA SIMONELLI	Permanent Auditor
PINUCCIA MAZZA	Stand-in Auditor
ANDREA PERRONE	Stand-in Auditor

EXECUTIVE RESPONSIBLE FOR FINANCIAL REPORTING

FRANCO BALSAMO

Chief Financial Officer

INDEPENDENT AUDITING FIRM

EY SpA

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Group Activities

The Saras Group operates in the energy sector and is one of the leading independent oil refiners in Europe. The Sarroch refinery, on the coast southwest of Cagliari, is one of the biggest in the Mediterranean in terms of production capacity (15 million tonnes per year, equal to 300,000 barrels per day) and among the most advanced plants in terms of complexity (11.7 on the Nelson Index). Located in a strategic position in the middle of the Mediterranean, the refinery is owned and managed by the subsidiary Sarlux Srl and is a reference model in terms of efficiency and environmental sustainability, due to its know-how, and technological expertise acquired in over fifty years of activity. To best exploit these resources, Saras has introduced a business model based on the integration of its supply chain through close coordination between refinery operations and commercial activities. This context also includes the subsidiary Saras Trading SA, based in Geneva, one of the world's leading oil commodity trading hubs, which acquires crude and other raw materials for refinery, sells its refined products and performs trading activities.

The Group sells and distributes oil products directly and through its subsidiaries, such as diesel, gasoline, diesel fuel for heating, liquefied petroleum gas (LPG), virgin naphtha, fuel for aviation and bunkering, mainly in the Italian and Spanish markets, but also in various other European and non-European countries.

The Saras Group is also active in producing and selling electricity by means of the IGCC plant (Integrated Gasification Combined Cycle), integrated into the refinery, and also managed by the subsidiary Sarlux which has an installed power of 575 MW. The IGCC plant uses the refinery's heavy products as feedstock and generates over 4 billion kWh of electricity each year, which corresponds to approximately 48% of the electricity requirements in Sardinia.

In Sardinia, the Group produces and sells electricity from renewable sources through three wind farms managed by the subsidiary Sardeolica Srl and based in Sardinia in Ulassai and Macchiareddu, Cagliari (Sardinia), for a total installed capacity of 171 MW. The Saras Group's activity in the renewable sources sector is expected to significantly expand in the medium term, with an installed capacity target of 500 MW in 2024.

Lastly, the Group provides industrial engineering and research services to the petroleum, energy and environment industries, via its subsidiary Sartec Srl..

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Structure of the Saras Group

The following picture illustrates the structure of the Saras Group and the main companies involved in each business segment, as of 30th September 2021.

It should be noted that from January 1st, 2021, the segment called "Industrial & Marketing" includes all activities relating to the refining and power generation as well as activities relating to "Marketing". The "Renewables" segment includes the activities previously included in the "Wind" segment which was renamed in view of potential developments in the photovoltaic and green hydrogen sectors.

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