Slides
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Magnora Data Center ASA Half-year 2026, MDATA
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Magnora ASA 2 Highlights H1 2026 And subsequent events Customer dialogues about two sales-ready projects. LOIs signed with partners and customers Storespeed data center upgraded and expansion process initiated, to form part of the metro edge development portfolio in a joint venture with Blix Group Hämeenlinna (near Helsinki) data center project progressing; land, building permit, grid connection agreement, LOI for district heating and additional power are all secured in only eight months Financial capacity to accelerate project development, pursue new opportunities and support future growth Substantial portfolio growth, resulting in 650 MW gross capacity (525 MW net) Spin-off, IPO and separate listing of Magnora Data Center on Euronext Growth Oslo, becoming the first European listed pure-play data center share Raised NOK 650 million backed by leading Nordic and international mutual and pension funds through a private placement in connection with the listing
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3 Building a unique data center platform Magnora Data Center ASA market presence Note: (1) Gross 650 MW, net 525 MW. All non-operational projects pending permitting and grid access. As of 30 June 2026. Project development portfolio1 10 # of sites 650 MW Project portfolio1 Operational data center assets 1 # of sites ~3-4 # of target sites The Magnora Data Center platform 1 42 3 5 Active project portfolio management Publicly listed company with access to capital Trustworthy team with track-record Strong and proven partnerships with local teams Extreme cost discipline
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01 Business model
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5 MDATA in the value chain Phase I: Search and evaluation Site evaluation Geotechnical Landowner and stakeholder management Phase II: Project development Market and customers Grid connection (deposits) Zoning and building concessions Concept design and EPC Regulations Connectivity Environmental Phase III: Construction Engineering Physical construction Project management Phase IV: Operations Power production Power storage Management Optimisation Maintenance Expansion Focus area Investment Exit before RTB Selectively enter operations Specialised at de-risking the most critical early-stage high risk project phases Capital light High project risk Capital intense Low project risk
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6 Active project portfolio execution and management SPEED IN EXECUTION Ability to move quickly and opportunistic approach to project and land acquisitions VALUE CHAIN FLEXIBILITY Flexible approach to value chain exposure ACCESS TO CAPITAL A strong financial position and ability to settle in cash and liquid shares TIMING FLEXIBILITY Flexible approach to monetisation, with no specific holding period set in stone STOP PROJECTS Swiftly shut down projects that accumulate too much cost with limited probability of realisation ACTIVE PORTFOLIO MANAGEMENT AT SCALE Diversified with a growing number of projects managed in parallel, removing single-project and single-geo exposure
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7 MDATA shortens timelines and minimises risk for customers Grid connection reservation Zoning for data center Concept design/EPC Building permit Contracting/sales Regulatory compliance Local buy-in Long-lead items Construction period Operations and expansion Project sale/ Final investment decision Commercial operational date CriticalityHigh Medium De-risking projects for investors, operators and EPCs by securing long lead items. Providing subject matter experts on long-lead critical items
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02 Market update
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9Source: DNB Carnegie & Bloomberg 2018 2019 2020 2021 2022 2023 2024 2025 2026e2027e2028e 25 20 60 70 2016 130 150 160 220 380 705 785 835 xAI Oracle Apple Meta Microsoft Google Amazon 2017 85 AI infrastructure spending, hyperscaler capex USDbn Steep growth in AI infrastructure spending underpins data center demand
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10 The Nordics have optimal conditions for data centers… Significant share of renewables in the energy mix Well-developed connectivity and fiber network Highly affordable power Cool climate providing natural cooling Advanced and secure digital infrastructure 1 3 542
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11 … with the cleanest and most affordable energy in Europe Electricity prices for industrials (USD / kWh)Electricity by low-carbon sources (%) Source: Eurostat, Ember, Statista Norway Finland Spain Sweden(1) Poland France Germany Denmark UK Norway Sweden Finland France Denmark Spain UK Germany Poland The Nordics offers amongst the greenest power mix… …and Europe’s cheapest power supply CHEAPEST IN EUROPE 99% 0.10 The Nordics offer data center operators the cheapest and cleanest power in Europe – at USD 0.10-0.12/kWh, ~5x cheaper than the UK, saving USD ~300m per year on a 100MW facility 0.12 0.12 99% 96%
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12Note: (1) FLAP-D = Tier 1 data center markets in Europe | Source: CBRE, BloombergNEF FLAP-D is “full” , data center growth directed to the Nordics Frankfurt, London, Amsterdam, Paris and Dublin are short on capacity – focus shifted to e.g. Nordics and Milan 0 100 200 300 400 500 600 700 800 2019 2020 2021 2022 2023 2024 2025 Norway Sweden Finland IT capacity (MW) FLAP-D(1) is full Vacancy rates at all time low, while installed capacity is at all time high AI adoption drives growth Fiber and connectivity less important – Nordic countries become more attractive Power is the bottleneck Operators are now seeking double and triple-digit MW capacity 24% 22% 24% 20% 22% 18% 16% 14% 12% 9% 8% 7% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025F 2026F European market vacancy rates (%) MW installed INSTALLED DATA CENTER CAPACITYVACANCY RATES
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03 Business update
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14 Portfolio distribution – two projects with strong customer dialogues Figures as of 30 June 2026 (MW). Net MDATA planned capacity 1) Mature stage meaning projects consented and/or derisked to a level that enable sales. Sales are typically dependent on confirmatory due diligence, grid connection, negotiations, and various conditions precedent for closing Early stage 215 - - 100 315 Consenting stage 66 - - - 66 Mature stage1 - 85 60 - 145 Total 280 85 60 100 525 “Sellable” Norway Finland Sweden Italy Total
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15 Selected project portfolio highlights H1 and subsequent events Full ownership of Hämeenlinna project. Increased stake to 100%, with plans to develop the site into a multi-site campus with power capacity beyond the initial 120 MW Italian momentum – four projects in the Milan area. Individually small, but Milan commands a price premium in the European market on the back of strong connectivity Metro strategy taking form. Storespeed upgrade progressing alongside the acquisition of a site in Groruddalen, Oslo, with 1 MW today and potential for 9 MW Strengthened collaboration with Blix Group. MDATA and Blix Group jointly own the metro sites and will continue to build on synergies from Blix Group services High origination activity. MDATA expects to announce both new projects and new milestones in the second half of 2026, with further projects and platforms under consideration
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16 Significant milestones achieved in short time for the Hämeenlinna project – aiming for expansion 1) Entered into agreement with partner to increase ownership to 100%. Conditions fulfilled, and transaction under completion 2025 Q1 26 Q2 26 Building permit Concept design Zoning completed Grid connection agreement Agreement to increase owner share to 100% LOI on district heating, back-up power and additional electricity FID Phase 1: 120 MW Phase 2: Up to 250 MW Phase 3: Additional potential Helsinki Hämeenlinna
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17 Dedicated Boards of Directors with substantial industry expertise Erik Sneve Executive Chairman Wendy Lam Board member Lars Schedin Board member Lars-Erik Sjöberg Board member Adele Norman Pran Board member Hilde Ådland Board member Jean-François Berche Board member John Hamilton Chairman Lars Schedin Board member Hilde Hukkelberg Board member
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18 Priorities going forward Originate De-risk Monetise Sustain the H1 2026 pace of new projects and platforms Reorganised for lean, high-tempo origination Inbound interest up since the spin-off Concentrate capital and people on the strongest assets Focus spend on the highest-conviction part of the portfolio De-risk at speed to ready-for-sale Turn mature projects into transactions Outright sale, or in-kind contribution alongside an industrial partner New projects, platforms and markets to be announced in H2 2026 Milestones on land, power and permitting; M&A targeted at already- zoned sites to shorten development Potential sales in next 6-9 months; two projects in active buyer dialogue
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04 Financials
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Magnora ASA • Net loss of NOK 14.6m in Q2 and NOK 6.1m in Q1 • Results reflect: • revenue from Storespeed colocation services • high level of project origination and development activity • operating costs to establish the data center platform • Net financial items reflects movement in interest costs from shareholder loans For further details see Second Quarter and Half -year Report 2026 (magnoradc.com) 20 Condensed profit and loss Half-year and Q2 2026 NOK million H1 2026 Q2 2026 Q1 2026 Operating revenue 1.9 0.9 1.0 Direct costs of service -0.9 -0.7 -0.2 Operating expenses -20.7 -14.2 -6.5 Depreciation and amortisation -0.5 -0.2 -0.3 Operating profit/(loss) -20.2 -14.2 -6.0 Net financial items -0.4 -0.3 -0.1 Profit/(loss) before tax -20.7 -14.6 -6.1 Tax income/expense - - - Net profit/loss -20.7 -14.6 -6.1
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Magnora ASA • Net operating activities: negative NOK 2.4m • Reflecting operating costs and changes in working capital • Net investment activities: negative NOK 5.7m • Reflecting project investments • Net financing activities: positive NOK 627.7m • net proceeds from IPO • capital increase from parent • proceeds from share incentive program • lease payments for data center facility • Ending cash balance: NOK 625.2m 21 Cash flow Half-year 2026 For further details see Second Quarter and Half -year Report 2026 (magnoradc.com) 31.12.25 Net operations Net investment Net financing 30.06.26 5.6 -2.4 -5.7 627.7 625.2 Change in cash and cash equivalents, H1 2026 NOK million
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Magnora ASA 22 The information in this presentation has been prepared by Magnora Data Center ASA (the “Company”). By attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations and provisions: This presentation has been prepared by the Company based on information available as of the date hereof. By relying on this presentation, you accept the risk that the presentation does not cover all matters relevant of an assessment of an investment in the company. No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, none of the Company, any advisor or any such persons’ officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this presentation. The information herein is subject to change, completion, supplements or amendments without notice. The presentation is based on the economic, regulatory, market and other conditions as in effect on the date hereof, and may contain certain forward-looking statements, which include all statements other than statements of historical fact. By their nature, forward-looking statements involve risk and uncertainty because they reflect the Company’s current expectations and assumptions as to future events and circumstances that may not prove accurate. It should be understood that subsequent developments may affect the information contained in this document, which neither the Company nor its advisors are under an obligation to update, revise or affirm. Forward -looking statements involve making certain assumptions based on the Company’s experience and perception of historical trends, current conditions, expected future developments and other factors that we believe are appropriate under the circumstances. Although we believe that the expectations reflected in these forward-looking statements are reasonable, actual events or results may differ materially from those projected or implied in such forward-looking statements due to known or unknown risks, uncertainties and other factors. These risks and uncertainties include, among others, uncertainties in the electric consumer market, uncertainties inherent in projecting future rates of production, uncertainties as to the amount and timing of future capital expenditures, unpredictable changes in general economic conditions, volatility of prices, competitive risks, counterparty risks including partner funding, regulatory changes and other risks and uncertainties discussed in the Company’s periodic reports. Forward-looking statements are often identified by the words “believe”, “budget”, “potential”, “expect”, “anticipate”, “intend”, “plan” and other similar terms and phrases. We caution you not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation, and we undertake no obligation to update or revise any of this information. This complete presentation is for informational purposes only and does not constitute an offer to sell shares in of the Company. 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Persons into whose possession this presentation comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such restrictions. The contents of this presentation are not to be construed as legal, business, investment or tax advice. Each recipient should consult with its own legal, business, investment and tax adviser as to legal, business, investment and tax advice. Any investment in the Company involves inherent risks and is suitable only for investors who understand the risks associated with this type of investment and who can afford a loss of all or part of the investment. Investors should carefully review the summary of risk factors set out in the following slides before making any investment decision. The presentation and any purported liability in connection with it is subject to Norwegian law and is subject to the exclusive jurisdiction of the Norwegian courts. 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