Magnora ASA: Releasing annual report for 2025 and outlook update

25 Feb 2026 07:00 CET

25.2.2026 07:00:00 CET | Magnora ASA | Annual financial and audit reports

On 25 February, Magnora ASA published its annual report for 2025 and shared
highlights on progress for sales and scaling the data center segment.

Magnora extended its strategic scope by establishing a data center business area
with improved margins, now being the company's top investment and growth
priority. This business has grown rapidly in Norway, Sweden and Finland,
creating a strong Nordic platform and generating the highest inbound deal flow
in Magnora's history, with weekly project requests.

"Building on our renewable portfolio and track record, I am very satisfied with
the pace of developing our data center business", says Erik Sneve, CEO of
Magnora ASA. "As of today, we have secured land and partnership agreements
representing net 210 MW of data center projects. The developer margins we
observe in this segment are above those of renewable-energy projects."

In parallel, late-stage project sales processes in South Africa, the UK, Italy
and Germany progressed into 2026, supported by strong counterpart interest and
leading financial advisors. This represents a disciplined portfolio
re-allocation toward data centers, batteries and selected onshore wind projects.

Highlights in 2025 and subsequent events

* Net profit of NOK 9.5 million
* Cash and cash equivalents at NOK 166.4 million at year end, with zero debt
and a NOK 150 million credit line available
* Magnora's project portfolio grew by 60% in 2025 to 9.9 GW, achieved at a
lower origination cost per MW lower than in previous years
* In 2025, Magnora entered the data center sector, establishing a Nordic
digital infrastructure platform through strategic partnerships and
acquisitions in Sweden and Norway, and launched two large scale AI-ready
development projects. Magnora has a project portfolio in Norway and Finland
with a combined potential capacity of net 210 MW (gross 315 MW) as of
February 2026
* In South Africa, the 153 MW / 612 MWh Red Sands BESS project reached
financial close in July 2025, triggering the final milestone payment to
Magnora and marking a key step toward construction; at the time, it was the
largest standalone battery energy storage project in Africa to reach
financial close
* Magnora sold its remaining 30% stake in Hermana Holding ASA in June 2025
* Magnora received the final Penguins licence payments, totalling NOK 88.7
million, which were transferred to Hermana Holding ASA

Outlook

Magnora has advanced discussions from December 2025 concerning 500-800 MW of
project sales. These processes have led to negotiations for additional project
sales, which may result in an even higher volume over the coming months.*

Overall, Magnora has over 2,500 MW of mature stage projects (consented and/or
derisked to a level that enable sales) as of February 2026.

Project sales, strict capital discipline, an asset light model and origination
toward a 12 GW project portfolio by the end of 2026 support Magnora's efforts to
maximise shareholder return.

The Board is considering different strategic alternatives for further data
center growth including structural changes, co-investment and other
possibilities in order to enhance shareholder value.

* Sales are typically dependent on confirmatory due diligence, grid connection,
negotiations, and various conditions precedent for closing.

Please find attached the Annual Report 2025, also available at
www.magnoraasa.com - https://magnoraasa.com/investor-relations/.

The report will be presented by CEO Erik Sneve on 25 February at 10:00 CET on
web cast:

https://qcnl.tv/p/nkdN5fFoy1h-uP7n31kIQA

A PDF of the materials shown is attached below.

DISCLOSURE REGULATION

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

CONTACTS

* Erik Sneve, CEO, email: es at magnoraasa.com

ABOUT MAGNORA ASA

Magnora ASA (OSE: MGN) is a renewable-energy group developing data center, wind,
solar and battery projects. Magnora has operations in Europe and Africa through
the portfolio companies Magnora Data Center AS, Magnora Data Center AB,
Storespeed AS, Hafslund Magnora Sol AS, Magnora Offshore Wind AS, Magnora
Germany, Magnora Italy Srl., Magnora Solar PV UK, Magnora South Africa, and AGV.
Magnora also has earn-out revenues related to the former portfolio companies
Helios Nordic Energy and Evolar. Magnora is listed on the main list of the Oslo
Stock Exchange under the ticker MGN.

ATTACHMENTS

Download announcement as PDF.pdf -
https://kommunikasjon.ntb.no/ir-files/17847805/18813907/6827/Download%20announce
ment%20as%20PDF.pdf

Magnora ASA Q4 and Annual Report 2025 Presentation.pdf -
https://kommunikasjon.ntb.no/ir-files/17847805/18813907/6820/Magnora%20ASA%20Q4%
20and%20Annual%20Report%202025%20Presentation.pdf

5967007LIEEXZXGY5K17-2025-12-31-1-en.zip -
https://kommunikasjon.ntb.no/ir-files/17847805/18813907/6823/5967007LIEEXZXGY5K1
7-2025-12-31-1-en.zip

Magnora ASA Annual Report 2025.pdf -
https://kommunikasjon.ntb.no/ir-files/17847805/18813907/6826/Magnora%20ASA%20Ann
ual%20Report%202025.pdf

More information:
Access the news on Oslo Bors NewsWeb site

666648_Magnora ASA Q4 and Annual Report 2025 Presentation.pdf
666648_5967007LIEEXZXGY5K17-2025-12-31-1-en.zip
666648_Download announcement as PDF.pdf
666648_Magnora ASA Annual Report 2025.pdf