To Magnora Data Center ASA's third quarter presentation 2026. Hope everybody had a good morning. Highlights during the quarter, the portfolio grew to 910 MW gross across 15 projects in five countries, up from 650 MW at the end of Q2. Sales dialogues are advancing and ongoing for multiple projects in Northern Europe, and quite interesting discussions in other markets as well regarding our data center projects and development. Very good marketing results and also very good sales dialogues, I would say. We were recently invited to the NVIDIA Nordic Summit in Stockholm for a few selected DC providers. We are very pleased that in such a short period of time, we have been able to put ourself on the map. That was a very interesting experience for the company and for the staff. We have increased the ownership in the Hämeenlinna project since the former developers asked us if we could buy them out. We have signed a grid connection agreement. We have signed the agreement for heat recovery and cooling systems with the local utility, additional electricity as well, from their backup. We are working on developing the project to something much larger than originally envisaged, and we have done this in less than eight months. I think it is on record the fastest project development we ever had. I think the prime reason for this is that we met with a very good municipality who is really eager to do this. Our development model, we have said no to many projects that would have taken us nowhere, and we are able to sort of see that this was really a high-impact, great project for us. Also in Risti, Estonia, we have managed to establish a joint venture with Sunly. Sunly, I would rank as top three renewable energy company in Northern Europe, Nord Pool area. They have had huge success over the years, 1,000 MW under development and operations, originally financed by a Norwegian company, Vardar. Today, they have French and Danish infrastructure investors. Their mandate is to develop renewable energy, and they needed a data center partner. One of our special advisors has worked in the board of the previous company Sunly had and know them really well. We have spent quite some time with them over the last five years, and very pleased to have this project, five millisecond round trip to Helsinki. On the joint venture with the Blix Group, we have found a few more sites. One site next to his site here in Oslo in the pre-previous Norwegian Payment Clearing House, with one MW today and expandable to nine MW. After the quarter ended, we acquired a new two MW data center in Oslo with Blix, and I will get back to that, why we do that. It is the third site in our Metro Oslo platform. Lars Schedin, he is going to take a more active role to support the business development of the data center business as well, and he stepped down from Magnora. The team and Lars are very excited about the opportunities ahead of us on the active sales dialogues we have now and the new businesses and projects we are going to grow together. We have a unique data center platform. We are a powered land company. We are today present in five countries in Europe, and we do diversification to reduce risk, but to sort of have different flavors for different customers, and some of the markets offer larger project opportunities, some smaller. Very excited about the expansion of our business. The data center business is a European platform only, and we are the only listed European data center company as of today. Zero debt, all equity. Our business model, asset light. We spend a lot of time on geotechnical, site evaluation, landowner management, stakeholder management, get all the regulations, noise, don't cut trees before you are allowed to, connectivity, zoning, market, and customers. These are really key activities to develop a project we think and know the customer would like to buy from us in 12 to 24 months ahead if we get all the deliverables in place. The customer, they procure and they build. Since we are a data center operator, the municipalities and grid companies like to work with us. They know we have money and we can pay our bills. Also the EPC providers come and offer us opportunities to use their designs pro bono if we can offer perhaps an advantage for them, offering their product to the client before. These are key deliverables needed because the design need to fit the local permit restrictions, noise restrictions, water usage restrictions. Very key to work in an ecosystem. I think it is challenging to be a powered land developer in this space if you just do land and think you are going to flip it. We spend tons of hours and consultants, and we guided that it costs between 10 million NOK to 40 to do all this work in a proper way, bid the grid deposit. Two business models currently. One is to sell large projects such as Finland, Estonia, and in Sweden, with sort of limited capital need and with higher risk, medium to high risk on these sites. Then we have the Metro Oslo business. This is a business we need to be taken seriously in the market, but it could also provide great value for our investors. Basically, these are colocation sites abandoned by their current owners, either telcos who are not going to be in this business anymore, and large clients who don't want to have small data centers. We acquire one site at a time at a very, very low cost, and we can do that because Blix has operational staff in Oslo, so he handles the operations, and then we take the site and grow it. We ask for more electricity. If you ask for a new connection in Oslo above 5 megawatt, the TSO would say you get it in 2040. We try to grow these existing sites from one to 5 to 10 over the life of our ownership of these assets. One megawatt of site can generate 10 million of EBITDA per year. Typical price, if you have a client on a long-term contract on that level, you can perhaps get the EBITDA 13 to 16, 17 on a business like this. In Europe, FLAP-D markets, metro sites per megawatt around 2.5 million EUR. If we are able to grow this to 15, 20 MW, it could be really, really good value for Magnora shareholders, and it gives us a strategic edge with the EPC providers and learn about new solutions that could fit the design and how we do the layout of a site. We spend little money with big upside on selling the whole portfolio or having tenants who will cover the additional CapEx needed to put their stuff in our sites. We have flexibility in the value chain. We have timing flexibility. Most important thing is to have all the technical issues figured out in advance before you sell. The more risk, the less the customer is willing to pay upfront, the more is deferred. As soon as you lose control of a project, there is a risk that they warehouse the project. Our key is to spend as much money and time as possible to secure that all the deliverables are in place. We see now that the few transactions we looked at in 2025 and 2026 come back into the market because they have sold to some speculators who were not able to bring the project further, and they are up for grabs again in the market. With our cash position and our business model, I think we will be able to find one or two sites that we could develop and mature like we have done with other stuff. Very exciting times now, and we receive, I would say, one to two new project opportunities per day incoming in our mailbox across Europe. Pretty astonishing, to be honest. That is a listed company, people are aware of us, and it is going to be very exciting going forward to see what we can find that could fit our risk appetite and balance sheet and our portfolio. Most of you know this, seven mega processes we handle. Local buy-in is getting more and more important. We see that some market players get into trouble if they do not pay enough attention into this. I think in some municipalities, also in Norway, you see the local politicians are quite eager to develop new business in their municipalities, and this has been sort of a very positive sign. I think few of the municipalities realize that it is not bad to have a NOK 40, 50 billion investment in a small community where a lot of the women have moved out and few guys left. We see that, not in every municipality, but there has been quite positive development on that side in many of the municipalities we are in discussions with. Do not mess around with environmental issues. That is our heritage from renewable, and we take that very, very seriously. Working with the municipality, the mayor's office, the environmental agencies to ensure that we do not cross the line and really understand the biological risk on the site and the local community's needs and desires. All in all, important processes, typically NOK 10 million to NOK 40 million is to handle these processes, and it is important to do it in parallel and spend money and time to sort this out with clever people. The boards of Magnora and Magnora Data Center have vast experience from energy and financing and data center activities. Lars Schedin and JF Burkh in particular, being leaders and champions in their industries and their sectors for many, many years. We also have a team that knows the Magnora legacy and the business model well, and very happy on how the new board operates and how they contribute. Lars Schedin spends much more time than previously anticipated, and we're sorting that out as we speak. The portfolio's grown quite a bit since last quarter, in particular in Estonia. We're looking also for new growth opportunities in Finland and Sweden. I think it's going to be exciting quarter, and I think the number of projects I get in day by day is growing quite fast. I haven't really counted, but it's astonishing, as I said previously in the presentation. We have very active sales dialogues and marketing dialogues. If I would want to sell today, I could have done that, but we want to have all the details in place before we sign. But very, very encouraging conversations. A little bit about Lars Schedin. Many of you may know him, but this is example of how we change and adapt. He's one of few people in the world probably, but at least in the Nordics, who invested his own money and friends' money and started a data center business in 2016 and sold in 2023. He was the co-founder and the CEO, and he's one of the few who actually done all this stuff himself in a small team, and were also able to secure a hyperscaler as a customer. It's extremely challenging, and it's very rewarding for us to have a person like that in our board with JF also in Magnora to be able to communicate and get the best optimal solution for us, but also for our clients. So, happy to have Lars on board, and you'll probably hear more about him going forward. At least our customers will do that. Regarding the Hämeenlinna project, we have developed this in record time. We've signed the grid connection agreement. Zoning and building permit is in place. We're working hard on the heat reuse, optimize energy, additional electricity, developing the site further, and work very closely with the municipality and the mayor's office, and very happy about that project. We'll probably update by the end of the year what we think we could do on this project going forward in terms of size, but also some commercial directions. On the Risti project as well, very interesting site. It's sort of behind the meter almost, next to the solar and battery park, but also the wind assets Sunly has under development. So you get a lot of energy from the local community and from the local site. There is an existing substation. The solar park is opening now, soon official opening in November. One of the largest, if not the largest solar plant in the Northern Europe. Substation is there with free capacity. I think that's what really makes this project unique. In Sweden, we have established a grid company. In Finland, we work closely with the municipality. Here, we work with a powered land developer behind the meter. We sort of adapt always to the opportunities that are in the marketplace. We see that players who are strong in Finland have started buying stuff in, and capacity in close to our Risti site. It is just 5 milliseconds apart. The Nordics is getting more and more saturated, and we see that a lot of players are moving east and stuff, and that is a good place to be. Sunly is an awesome developer, and we are very pleased to work with Sunly. A little more about the small-scale assets in Oslo. I mentioned the price these type of assets go for in FLAP-D markets, but we see that a lot of the tenders in Norway for sovereign cloud are from Oslo, and that they would like to have multiple sites within certain time, one-hour travel time and more than 5 kilometers apart. Creating an ecosystem for edge AI in Oslo makes sense. We have approximately around 2 MW now, give or take, and we have asked for more electricity on all these sites. So, 15 MW times the price I mentioned before, if you are able to develop that with very limited money, it is going to have a huge value for a potential buyer down the road, for a tenant, or for a buyer of all the assets. So, 10 million NOK and times 15 MW, that is 150 million, EBITDA 15. That has a big value for the right customer. We do this together with Blix. As I mentioned, it gives us a strategic advantage with the clients, with the EPC providers, also that we learn, and also the municipalities and grid companies like that we have a DC business. We bring in customers to these sites to discuss, and also the South African team has been here to look and learn. So, key for us to have stuff like this. That is for Magnora, not for Magnora Data Center, the South African team. All in all, in terms of market share, we probably have maybe 20%-25% of the actual sites in Oslo, and it is impossible to get new power in Oslo, as I mentioned. The TSO will say 2040. So, this could be interesting, very interesting for a few clients. We do not need more than one interested buyer to offset the capacity on these sites. Financials, I think we are spot on regarding the sort of guiding from the IPO presentation. We net loss of 15.6 million, net financial items, interest income from the cash, 7.4. Run the operations very efficiently, and we have very small or zero liabilities on the operating assets of the small-scale stuff. So, all fits our operating model, as you can see of these numbers. The cash flow, net investment, 36.6. We acquired a site here in Oslo and some payments to the acquisitions we made, and quite efficient based on the results we have been able to achieve on that little spending, and it is our DNA to do with risk sharing and share a little bit when we sell. So, ending cash balance, 568 in the data center business. So, very happy about that development. Priorities going forward, I would first say that the MDATA model and offering is well received in market. I think it is one of the fastest development we have ever done. We have learned from mistakes in Helios, Evolar, and other businesses. We were able to capture the market at the right time and finance it well with the right team. Eirik Blix as our CTO, Lars Schedin, JF Berk. We have very strong inbound interest. People call and ask to work in the company. We also learn and discover that if you have good assets, maybe it is smart to grow that asset, like in Finland, instead of messing too much around. A good large site can become perhaps much larger than chasing many small, not-so-interesting sites. We will always have a diversification of portfolio. We expect to make new announcements. We have very interesting dialogues also with large global investors who would like to look at our assets and do stuff. Hope we can update you on that also going forward. De-risk, we spend and focus on our high conviction stuff and de-risk at speed to make them ready for sale. Sometimes it is tree removal, other times it is geotechnical or bird surveys. It can be tons of issues. It is hard to explain all this to the shareholders all the time, but it is a lot of tedious work on environmental permitting and with grid companies and others. It is best for us to sort of keep this between the buyers and us in a process where we try to achieve the highest value with a good client, and also a client that could afford to do the earnouts going forward, and a company that we believe will be there in the future. We have different opportunities to monetize. Our model is to sell the assets. We have received different offers to create value and exit with a larger upside as well, which we have considered. We will see with the right tenant, we may be able to do some very value-creative things. We try to increase contract capacity at existing sites and very active and live sales dialogues. The outlook looks very promising. I think there are too few sites in Europe available compared to the buyers’ interest from some of the larger, most successful companies, the hyperscalers, and the new language model type of companies. The promising looks very good compared to what I expected personally in first half. We have been able to set up an organization with good products, good offerings for the right team. I think we speak with the right people in terms of selling. With that, I would like to thank you for your attention, and thank you for becoming a shareholder in Magnora Data Center. We are working hard to unlock value for Magnora Data Center and also for the Magnora shareholders. Magnora owns 52% of the company, as you know. It is going to be very exciting end of the year and 2027. I wish all a very nice day and a great weekend when it arrives.