Slides
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Magnora ASA Quarterly update Q2 2026
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Magnora ASA 2 Highlights Q2 2026 And subsequent events Magnora ASA developed from a renewable-energy developer to a diversified energy and data center group Magnora Data Center ASA listed as first pure-play data center company in Europe. NOK 650 million raised, Magnora retains 52.7%. Entered into LOIs with customers/partners Increased operating leverage. Opex and devex of the renewables platform now runs at NOK 10-15 million per quarter after streamlining operations and development. New sales and earnout will impact bottom line directly South Africa entering harvest phase. Renewable cluster on the market, with five wind projects (~1 GW) plus solar and BESS, targeted for sale by 2030. One of the fastest growing renewable markets globally 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 New Board of Directors elected, adding technical and commercial experience from the data center industry Cash position of NOK 814 million, including cash in subsidiaries
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Magnora ASA 31) Based on year-end Net profit and Equity book value 2020- 30.06.2026 NOK 1 billion returned to shareholders since 2018 and NOK 650 million data center platform built in 18 months New strategy established Four employees and NOK 50m cash Building business Diversification to new segments Operational and financial excellence First dividend and first large project sales from portfolio company Harvest and diversify Exit from Evolar at up to 10x multiple Exit from Helios at 16x return Capturing market opportunities Data center platform; NOK 650 million pre- money in 18 months Harvesting renewable platform Performance since 2020 19% ROE1 1 BNOK returned to shareholders 28% annual avg. shareholder return
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Magnora ASA 41) Most projects are owned 100% with exception in England, in Helios Magnora Sol, and in offshore wind assets Magnora is now a diversified renewables and data center group MAGNORA ASA Oslo Stock Exchange, main list ~10 GW1 Net project portfolio 6 Markets in Europe and Africa 3 Tech; solar, wind, BESS 525 MW Net project portfolio 4 Markets in Europe NOK 650m Raised at listing 52.7% owned Breakdown of one Magnora share as of 30.06.2026 Implied valuation based on closing share prices MGN Renewables and earn-outs 52,7% stake in MDATA NOK 9.1 per share 0.73 MDATA shares carried by one MGN share30.06.2026 Share price breakdown 12.4 NOK 900m 9.1 NOK 656m 2.4 NOK 181m NOK 24.0 NOK 1,736m market cap MGN cash Renewables Data center
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Magnora ASA 01 Market update
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Magnora ASA 61) Dutch TTF, 2) Wholesale electricity prices, 3) EU spending. Source: Clarksons Securities Geopolitical uncertainty drives electricity prices and a quest for energy security The perfect storm for a second green wave? Electricity price spikes Gas price surge Increased fossil fuel import cost 50-80% jump1 30-50% price spike2 EUR 24 bn added cost in EU3 Magnora ASA
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Magnora ASA 7Source: Meridian Economics, South Africa Market Report, March 2026 South Africa market update: A third of the power to come from wind and solar One of the fastest growing renewables markets globally 19% 33% 2026 2030 Wind and solar share of electricity generation, central scenario (%)
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Magnora ASA 8 Source: Meridian Economics, South Africa Market Report, March 2026, Electricitymaps. Total electricity demand, including grid-supplied power and self-generation. Private project registrations have accelerated sharply since the market opened South Africa market update: From rationing to growth Electricity demand outlook, central scenario (TWh) 242 TWh 395 TWh 2026 2030 2040 2050 318 TWh Norway, Sweden and Denmark had a combined consumption of ~350 TWh in 2025
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Magnora ASA 9Source: Meridian Economics, South Africa Market Report, March 2026 South Africa market update: One of the largest renewable build-outs of any growth market New capacity required by 2035, commercial operation 2027-2035 (GW) Utility solar Batteries Wind Gas Rooftop solar 6.1 19.2 13.1 10.8 3.0 ~45 GW by 2035
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Magnora ASA 02 Business update
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Magnora ASA 280 MW Net MGN 525 MW Net MDATA 4,695 MW 2,570 MW 2,470 MW 11 1) As of June 2026, operational 1 MW in Halden, Norway, with expansion opportunity to 5 MW, 2) Magnora’s owner share of project capacities, incl. sold projects where future earnout and milestone payments are expected, but not incl. Helios from which Magnora exited in 2024. A project portfolio diversified across technologies and regions As per 30 June 2026, MW net to Magnora Total: 10,015 MW2 Data center Solar PV Battery systems Wind Earnouts Data center Renewables
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Magnora ASA 12 Project portfolio development 1) GW net to Magnora, excluding Helios portfolio In the renewables segment we see a shift from growth to harvest Current portfolio size and maturity means steady generation of sales-ready projects GW1 +24% Annual growth Data center Renewables Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 2.9 3.0 3.5 4.1 4.5 4.9 5.9 6.3 7.5 8.0 8.3 9.9 10.0 10.0
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Magnora ASA 13 Expanded Board further supporting the execution of our strategy John Hamilton Chairman Former CEO of Panoro Energy ASA, previous roles at Imperial Energy PLC, Levine Capital Management, ABN AMRO Bank Jean-François Berche CTO of GreenScale, former Senior Director Microsoft/OpenAI, one of the first employees at Amazon Web Services Lars Schedin CEO Granode Materials, former founder & CEO EcoDataCenter, and roles at H.I.G Capital, Empower Group, and more Hilde Hukkelberg Managing Director at Innovation Norway London, leading global partnerships and AI initiatives Hilde Ådland Vice President at Vår Energi ASA, previously operational roles at Equinor, Neptune Energy, and more 13Magnora ASA
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Magnora ASA 14 Renewables cost base down as focus shift to harvest and selective growth Measures taken to align costs with market conditions Low costs going forward, project sales will appear directly on net result Talisk– organisation and opex reduced to match project phase and market conditions. Asset held for farmdown, no further development spend required Italy, Norway and Germany – lean development teams handling only core operations Payroll charged to devex Q4 2025 Q1 2026 Q2 2026 Q3 2026E Q4 2026E -34.6 -26.5 -17.0 10-15 10-15 Cost development – Magnora Renewables – opex and devex NOK million Opex Devex Renewable cost base to stabilise at 10-15 MNOK per quarter Data center Renewables
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Magnora ASA 15 South Africa: Five clusters positioned for sale in a tight market Significant market opportunity, especially for wind Data center Renewables ~45 GW projected requirement by 2035, against 15GW in 2026 Structural demand 1,164 km new lines covered by Independent Transmission Programme. National plan requires 14,500 km of new lines Grid is being built-out 3-5 yrs Wind projects take 3-5 years to permit. The pool of ready-to-build projects is small. Started in 2021. Entering harvest phase. Scarcity of wind projects FIVE CLUSTERS POSITIONED FOR SALE BY 2030 A 240 MW 245 MW 285 MW 770 MW B 150 MW 300 MW 475 MW 925 MW C 200 MW 280 MW 280 MW 760 MW D 240 MW 240 MW 480 MW 960 MW E 240 MW 240 MW 480 MW 960 MW Wind Solar BESS Total cluster 4,375 MW
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Magnora ASA 16 Significant shareholder value created the last 18 months Magnora Data Center is built for continued growth Data center Renewables Q1 2025 Magnora commenced market analysis on DC opportunities 1H ‘25 2H ‘25 1H ‘26 2H ‘26 Q2 2025 Developed strategic direction for Magnora’s data center business Oct 2025 Acquired Storespeed in partnership with Blix Solutions Dec 2025 Signed Averøya DC project with local partner Sep 2025 Established Magnora Data Center AB in Sweden Apr-Jun 2026 Established three DC projects in Milan area Jun 2026 Raised NOK 650m, listed at Euronext Growth Oslo (IPO) Apr 2026 First project signed in Sweden Feb-Apr 2026 Signed four DC projects in Norway Jan 2026 Signed the Hämeenlinna DC project Aug 2026 Acquired space in Oslo for a data center with Blix Solutions Aug 2026 Increased owner share and secured grid in the Hämeenlinna project Valuation: 0 NOK Market cap: NOK 1.3 bn Pre-money: NOK 650 million Private placement: NOK 650 million
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Magnora ASA 171) Entered into agreement with partner to increase ownership to 100%. Conditions fulfilled, and transaction under completion Significant milestones achieved in short time for the Hämeenlinna project – aiming for expansion Data center Renewables 2025 Q1 26 Q2 26 Building permit Concept design Zoning completed Grid connection agreement Increased owner share to 100%1 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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Magnora ASA 18 Sales processes are protracted, not stalled, as grid constraints continue to shape our European markets Helios Magnora Sol – notices sustained interest from major European developers whose home markets are starved of projects with secure grid connection England – advisor mandated on 156 MW fully permitted with guaranteed grid access; tight supply and high power prices favour sellers German BESS – new rules for grid applications and changes to grid tariffs generate uncertainty, but customer dialogue continues. The case for BESS remains strong in Germany. Italian BESS – a hard to predict market as developers race to secure all required permits in time for MACSE auctions Talisk – supply chain clarifications required Other markets Data center Renewables
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Magnora ASA 03 Business model
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Magnora ASA 20 Magnora in the value chain Data center Renewables Phase I: Search and evaluation Site evaluation Geotechnical Landowner and stakeholder management Phase II: Project development Market and customers Grid connection (fees) Zoning and building concessions Concept design 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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Magnora ASA 21 Active project portfolio execution and management Data center Renewables 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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Magnora ASA 22 Magnora Data Center 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 Data center Renewables
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Magnora ASA 23 Strategy as simple rules Our approach Rule Rationale Magnora history Diversify • Shift money and people to areas of high return • Risk mitigation • Geographical expansion • Journey from wind to solar PV , BESS and data center Insist on early sales • Proof of concept/market • Business savvy people • Customer centric culture • Helios, Evolar, South Africa, etc. Keep a “war chest” • Negotiate from a position of strength • Loan facilities, strong cash position When things look perfect, consider exit • Business is cyclical • Aim for high growth and high return • Evolar, Helios Look for entrepreneurs with integrity • Sleep well • Huge investment in screening people, build network of advisors Remain agile and adaptable • Be able to respond quickly. Empower local teams • Seize opportunities, e.g. data centers • Rapidly entered Italy, Germany and data centers as favourable market conditions were observed Stay in early-stage • Free money for reinvestment and return of capital • Exploit mega-trends • Position Magnora for large funds • Divest legacy • Exit Evolar prior to full industrialisation No expensive stuff on the balance sheet • Do not compete with cheap-capital players • Disciplined investments and farm-downs (e.g. green ammonia)
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Magnora ASA 04 Financials
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Magnora ASA • Net loss of NOK 34.9m (Q1 ’26: net loss of NOK 44.7m) • Current quarter reflects development activity and associated costs related to: • data center platform • employee share incentive costs • cost reduction on renewable projects • Net financial items reflects movement in currency • Paid in capital of NOK 6.9 billion For further details see Second Quarter and Half -year Report 2026 (magnoraasa.com) 25 Consolidated profit and loss Q2 2026 NOK million Q2 2026 Q1 2026 2025 Operating revenue 1.6 2.2 97.7 Other income 0.5 - 24.1 Total operating expenses -37.4 -40.9 -117.8 Profit/(loss) from associated companies -1.1 -0.4 -7.0 Operating profit/(loss) -36.4 -39.2 -3.0 Net financial items 1.6 -5.6 15.2 Profit/(loss) before tax -34.9 -44.7 12.2 Tax income/expense -0.1 - -2.7 Net profit/loss -34.9 -44.7 9.5
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Magnora ASA • Net operating activities: negative NOK 35.5m (Q1 ’26: negative NOK 37.5m) • Reflecting focus on growing data center portfolio and continued development of renewable projects • Net investment activities: negative NOK 5.7m • Reflecting data center project investments • Net financing activities: positive NOK 726.7m (Q1 ’26: negative NOK 0.4m) • Net proceeds from private placement • Net proceeds from Data Center IPO • Proceeds from share incentive program • Share buy-backs • Office lease payments • Ending cash balance: NOK 814.1m • The Group’s cash and available credit facilities was NOK 964.1 million as of 30 June 2026 26 Cash flow, consolidated Q2 2026 31.03.26 Net operations Net investment Net financing 30.06.26 128.6 -35.5 -5.7 +726.7 814.1 For further details see Second Quarter and Half -year Report 2026 (magnoraasa.com) Change in cash and cash equivalents, Q2 2026 NOK million
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Magnora ASA 05 Outlook
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Magnora ASA 281) 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 Total portfolio distribution and outlook Figures as of 30 June 2026, net to Magnora (MW) Data center Solar Battery systems Wind Total Early stage 165 1,720 1,285 720 3,890 Consenting stage 35 1,495 765 1,370 3,665 Mature stage1 80 Net MGN (145 Net MDATA) 1,480 520 380 2,460 Total 280 4,695 2,570 2,470 10,015 “Sellable”
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Magnora ASA PORTFOLIO 12 GW in 2026 29 Focus ahead KEY FOCUS AREAS Figures net to Magnora, that is ownership share x capacity of a given asset Our portfolio estimates are conservative, counting assets with signed land agreements and a reasonable prospect for grid connection Portfolio size (GW) 2021 2022 2023 2024 2025 2026 1.4 2.8 4.1 6.3 9.9 12.0 1) Average price for wind, solar, BESS in South Africa within the range. Outliers not part of estimate Continue as active shareholder of Magnora Data Center ASA Target 12 GW by 2026 Execute on mature development portfolio Price: NOK 0.5-3.0 million per MW. Price differ among markets and technology1 Maintaining strict project development and cost discipline
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Magnora ASA 30 The information in this presentation has been prepared by Magnora 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. 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 bot 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 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. Disclaimer
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Magnora ASA Karenslyst allé 6 0278 Oslo, Norway magnoraasa.com