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#0C519A #46B6C5 #094045 #1F3B63 #D59A2D #E85D75 #0F1720 #FFFFFF #313547 #EBF7F7 Magnora Data Center ASA Third quarter 2026, MDATA
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Magnora ASA 2 Highlights Q3 2026 And subsequent events Portfolio growth to 910 MW gross capacity (700 MW net) across 15 projects in five countries, up from 650 MW (525 MW net) at end of Q2 Sales dialogues ongoing for multiple projects in Northern Europe Hämeenlinna: increased ownership to 100%, signed grid connection agreement and LOI for district heating, back-up power and additional electricity in less than eight months. Plan revised to a larger multi-site campus Risti, Estonia: 50/50 joint venture with Sunly, a leading power producer in the Baltics: 180 MW in phase 1, expandable to 400 MW, next to Sunly's energy park. MDATA has option to increase to 75% ownership Metro Oslo: agreed joint venture with Blix Group to convert the former Norwegian Payment Clearing House into an AI/edge data center - 1 MW initially, expandable to 9 MW Subsequent events: Acquired a 2 MW data center in Oslo with Blix (MDATA 75%), the third site in the metro Oslo platform. Lars Schedin takes an operative role to support on business development.
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#0C519A #46B6C5 #094045 #1F3B63 #D59A2D #E85D75 #0F1720 #FFFFFF #313547 #EBF7F7 3 Building a unique data center platform Magnora Data Center ASA market presence Note: (1) Gross 910 MW, net 700 MW. All non-operational projects are pending permitting and grid access. As of 30 September 2026. Project development portfolio1 15 # of projects 910 MW Project portfolio1 Metro data center projects 3 # of sites, of which 2 operational #4-5 target sites The Magnora Data Center platform 1 42 3 5 Active project portfolio management Access to risk capital Experienced team with track-record Strong and proven partnerships with local teams Extreme cost discipline
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#0C519A #46B6C5 #094045 #1F3B63 #D59A2D #E85D75 #0F1720 #FFFFFF #313547 #EBF7F7 01 Business model
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#0C519A #46B6C5 #094045 #1F3B63 #D59A2D #E85D75 #0F1720 #FFFFFF #313547 #EBF7F7 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 ▪ Colocation services ▪ Power and cooling ▪ Management ▪ Optimisation ▪ Maintenance ▪ Expansion Investment Exit before RTB Specialised in de-risking the most critical, high-risk early-stage project phases Capital light High project risk Capital intense Low project risk Project salesA Metro: own and operateB Buy small sites, then expand Contract, hold, sell
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#0C519A #46B6C5 #094045 #1F3B63 #D59A2D #E85D75 #0F1720 #FFFFFF #313547 #EBF7F7 6 Two business models: sell large projects, operate metro sites Project salesA Metro Oslo: own and operateB Scale Location MDATA's role Revenue 50–400 MW campuses 1–10 MW urban sites Site selection Permitting Norway Sweden Finland Estonia Italy Greater Oslo area One-off gain on each project sale, plus earnout Recurring colocation revenue EBITDA estimates for colocation: ~NOK 10m/MW/yr1 Capital and risk Status, Q3 2026 910 MW Gross. Sales dialogues for two projects 3 sites in metro Oslo Capital need Low Project risk Medium/High Capital need Low Project risk Low Sell Acquire Expand/contract Operate 1) Based on 125 EUR/kW/month
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#0C519A #46B6C5 #094045 #1F3B63 #D59A2D #E85D75 #0F1720 #FFFFFF #313547 #EBF7F7 7 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, reducing single-project and single-country exposure
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#0C519A #46B6C5 #094045 #1F3B63 #D59A2D #E85D75 #0F1720 #FFFFFF #313547 #EBF7F7 8 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, and providing subject matter experts on critical items
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#0C519A #46B6C5 #094045 #1F3B63 #D59A2D #E85D75 #0F1720 #FFFFFF #313547 #EBF7F7 9 Dedicated Boards of Directors with substantial industry experience Erik Sneve 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 Stephen Harris Board member (nominated) Hilde Hukkelberg Board member Stephen C. Harris proposed by the Nomination committee to replace Lars Schedin on the Magnora ASA board, subject to the extra ordinary general meeting on 10 November 2026
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#0C519A #46B6C5 #094045 #1F3B63 #D59A2D #E85D75 #0F1720 #FFFFFF #313547 #EBF7F7 02 Business update
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#0C519A #46B6C5 #094045 #1F3B63 #D59A2D #E85D75 #0F1720 #FFFFFF #313547 #EBF7F7 11 Portfolio distribution – 700 MW net, 180 MW in mature stage Figures as of 30 September 2026 (MW). Net MDATA planned capacity 1) Mature stage meaning projects consented and/or de-risked to a level that enables sales. Sales are typically dependent on confirmatory due diligence, grid connection, negotiations, and various conditions precedent for closing Early stage 205 - 50 - 50 305 Consenting stage 65 - - 90 60 215 Mature stage1 - 120 60 - - 180 Total 270 120 110 90 110 700 Marketable Norway Finland Sweden Estonia Italy Total
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#0C519A #46B6C5 #094045 #1F3B63 #D59A2D #E85D75 #0F1720 #FFFFFF #313547 #EBF7F7 12 Lars Schedin supporting MDATA as active consultant Co-founder and former Group CEO of EcoDataCenter Lars Schedin MDATAIndustrial Advisor Granode Materials. Former co-founder and CEO of EcoDataCenter, and roles at H.I.G. Capital, 3i, and Electrolux Group 2016 Joins as CEO and builds the operation from concept as co-founder 2018 Areim becomes majority owner, funding expansion 2019 Falun facility goes live in January 2021 Steps down as Group CEO in April; senior adviser 2023 Supports Areim's €446M data-center fund before share sale What he brings to Magnora Build and operations Took the Falun concept to a live data center combining renewable power and surplus heat- recovery Capital raising Finance background; secured Areim as long- term owner and helped raise a EUR 446M fund Contracting customers Signed a hyperscaler and blue-chip enterprises Magnora ASA Undisclosed hyperscaler Track record from EcoDataCenter
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#0C519A #46B6C5 #094045 #1F3B63 #D59A2D #E85D75 #0F1720 #FFFFFF #313547 #EBF7F7 Hämeenlinna (Helsinki region): Significant milestones achieved in short time ~100 km north of Helsinki Phase 1 120 MW Phase 2 Up to 250 MW Phase 3 Additional potential Hämeenlinna Helsinki Hämeenlinna Grid agreement Key figures Heat offtake LOI MDATA ownership 100% Population within 2h 4.2 million Zoning Site 150,000m2 1) Source: Finnish Data Center Association estimate, reported by DatacenterDynamics, January 2026 ▪ Signed grid connection agreement with DSO ▪ Zoned site and approved building permit ▪ High connectivity and central location ▪ LOI signed with local utility for heat reuse solutions ▪ High hyperscaler interest in Finland ▪ Ahead of plan and good collaboration with municipality, local utility, and other local stakeholders Data center campus between Helsinki and Tampere
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#0C519A #46B6C5 #094045 #1F3B63 #D59A2D #E85D75 #0F1720 #FFFFFF #313547 #EBF7F7 Risti: 180 MW campus with direct access to renewable power Western Estonia Phase 1 180 MW Phase 2 Up to 400 MW Risti Helsinki Risti Substation completed Key figures Energy park link MDATA ownership 50% Phase 1 180 MW Site 360,000m2 Latency to Helsinki <5 ms ▪ Planned 180 MW data center in phase 1, expandable to 400 MW ▪ Next to Sunly's energy park: 244 MWp solar, 144 MW batteries and 44 MW wind ▪ Substation in place with free capacity ▪ Fibre with under 5 ms round trip to Helsinki ▪ 50/50 joint venture with Sunly. MDATA has an option to increase to 75% ownership Renewable-powered campus in western Estonia
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#0C519A #46B6C5 #094045 #1F3B63 #D59A2D #E85D75 #0F1720 #FFFFFF #313547 #EBF7F7 15 Metro strategy taking form MDATA & Blix MDATA & Blix Blix Blix Green Mountain STACK Vaultica Vaultica Skygard Skygard Telia Bulk OS-IX Global Connect MDATA - Halden Colocation data centers in Oslo region1 Acquire existing small sites with potential to expand or attractive customer base Build on our network: offer customers capacity to scale and redundancy across our sites Serve the customers hyperscalers can't: close to end users, serving latency- sensitive and sovereign clouds The metro strategy aims to capture growth opportunities in Oslo 1) Source: DataCenterMap ~1 MW Installed IT capacity ~15 NOKm Revenue potential per MW ~10 NOKm EBITDA potential per MW 1 MW IT capacity under construction 15 MW Total capacity including extensions
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#0C519A #46B6C5 #094045 #1F3B63 #D59A2D #E85D75 #0F1720 #FFFFFF #313547 #EBF7F7 03 Financials
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Magnora ASA • Net loss of NOK 15.6m in Q3 and NOK 36.3m year to date • Results reflect: • management services from Magnora ASA of NOK 13.5m in Q3 • share-based payment expense of NOK 3.3m in Q3 • continued high level of project origination and development activity • Net financial items of NOK 7.4m in Q3 For further details see Third Quarter Report 2026 (magnoradc.com) 17 Condensed profit and loss Q3 and year to date 2026 NOK million Q3 2026 Q2 2026 YTD 2026 Operating revenue 1.1 0.9 3.0 Direct costs of service -0.6 -0.7 -1.5 Operating expenses -23.4 -14.2 -44.1 Depreciation and amortisation -0.2 -0.2 -0.8 Operating profit/(loss) -23.1 -14.2 -43.3 Net financial items 7.4 -0.3 7.0 Profit/(loss) before tax -15.6 -14.6 -36.3 Tax income/expense - - - Net profit/loss -15.6 -14.6 -36.3
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Magnora ASA • Net operating activities: negative NOK 18.0m in Q3 (negative NOK 20.4m YTD) • Reflecting project development activities and corporate operating expenses • Net investment activities: negative NOK 36.6m in Q3 (negative NOK 42.3m YTD) • investments in projects and joint ventures of NOK 25.3m • loan issued of NOK 10.0m • Net financing activities: negative NOK 1.9m in Q3 (positive NOK 625.8m YTD) • YTD mainly net proceeds from the IPO of NOK 613.9m • Ending cash balance: NOK 568.6m 18 Cash flow Q3 and year to date 2026 For further details see Third Quarter Report 2026 (magnoradc.com) Change in cash and cash equivalents, Q3 2026 NOK million 30.06.26 Net operations Net investment Net financing 30.09.26 625.2 -18.0 -36.6 -1.9 568.6
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#0C519A #46B6C5 #094045 #1F3B63 #D59A2D #E85D75 #0F1720 #FFFFFF #313547 #EBF7F7 19 Priorities going forward MDATA model and offering well received in the market Originate De-risk Monetise Sustain the 2026 pace of new projects and platforms ▪ Reorganised for lean, high-tempo origination ▪ Inbound interest strong and growing ▪ Combine organic and inorganic growth 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 ▪ Increase contracted capacity at existing sites New projects, platforms and markets to be announced in the coming months Milestones on land, power and permitting. M&A targeted at already- zoned sites to shorten development Sales dialogues ongoing Promising outlook
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Magnora ASA 20 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 to 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 data center and power markets, uncertainties inherent in projecting project development timelines, 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 presentation is for informational purposes only and does not constitute an offer to sell shares in the Company. This presentation is not a prospectus, disclosure document or offering document and does not purport to be complete. Nothing in this presentation should be interpreted as a term or condition of any future transaction. The presentation is strictly confidential and may not be reproduced or redistributed, in whole or in part, to any other person. This presentation has not been reviewed or approved by any regulatory authority or stock exchange. The (re)distribution of this presentation and/or any prospectus or other documentation into jurisdictions other than Norway may be restricted by law. This presentation does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to acquire any securities offered by any person in any jurisdiction in which such an offer or solicitation is unlawful. Neither this presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever. 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 jurisdiction. 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 Company's Information Document 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. Disclaimer
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