26.5.2026 20:30:01 CEST | Magnora ASA | Non-regulatory press releases

As announced on 18 May, Magnora ASA is preparing an IPO of its data center
business.

A separate listing of Magnora Data Center ASA will provide investors with a
pure-play exposure to the fast-growing data center market, building further on
Magnora ASA's data center portfolio and organisation.

We are pleased to share that a very competent Board of Directors of Magnora Data
Center ASA has been elected today, consisting of the following persons:

 * Erik Sneve (Executive Chairman)
   CEO of Magnora ASA, which he as led the last seven years with total
   shareholder return of above 30 per cent annually. Broad experience from
   various positions in the investment industry and renewable industry in Norway
   and abroad the last 25 years. He has worked as an analyst, consultant and
   investment director in companies such as Fram, EY, DNB Markets, and more. In
   recent years he has led the development and sale of e.g. Evolar to First
   Solar and Helios Nordic Energy to Vinci. Mr. Sneve holds a B.Sc. in Finance
   from Arizona State University with Summa Cum Laude (Dean's List).
   
 * Lars Schedin
   CEO of Granode Materials. Previously CEO and co-founder of EcoDataCenter, a
   leader in sustainable infrastructure and AI-optimised data processing. He has
   held leadership, operational and financial roles in H.I.G. Capital, Empower
   Group, Zodiak, Electrolux, and If P&C, among others. He has extensive board
   and advisor experience and is Chairman of the Board of the investment company
   Malfors Promotor. Mr. Schedin holds a degree in Accounting and Finance from
   Linköping University and an Executive MBA in International Management from
   Uppsala University.
   
 * Lars-Erik Sjöberg
   Senior Adviser at Carnegie Investment Bank. More than 35 years of experience
   from investment banking, capital markets and board work, with a particular
   focus on Swedish corporate finance and real estate. He serves as Chairman of
   Profura AB and holds board positions in a number of companies. He has
   previously served as Chairman of Djurgården Fotboll and as board member of
   LBS, Lule Building System AB. Mr. Sjöberg holds a Bachelor of Business
   Administration from Stockholm University.
   
 * Wendy Lam
   CEO of Capsol Technologies ASA. Experienced leader with technology background
   with more than 20 years from major international and listed industrial
   companies, including Baker Hughes, Rolls-Royce, and GE. Strong track record
   of driving growth, developing strategic partnerships, and commercialising new
   technologies worldwide. Ms. Lam holds a mechanical and industrial engineering
   degree from the Universities of Waterloo and Toronto and an MBA from INSEAD.
   
 * Adele Norman Pran
   Broad experience from board work, finance, accounting, governance and capital
   markets. Her principal occupation is as a non-executive director and through
   consulting assignments. Board positions include Board chair of Zalaris ASA
   and Board member of ABG Sundal Collier ASA, HitecVision, B2 Impact ASA,
   Argentum Asset Management AS, Akershus Eiendom AS, and more. Previous Board
   experience includes Yara International ASA and Better Energy A/S. Ms. Pran
   holds a Master of Law from the University of Oslo and a Master of Audit and
   Accounting from the Norwegian School of Economics.

The Board has altogether strong industrial and financial track-record and
capabilities, and is considered well suited to support Magnora Data Center ASA
through the contemplated IPO process and its further growth.

CONTACTS

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

ABOUT MAGNORA ASA

Magnora ASA (OSE: MGN) is a developer of data center, wind, solar, and battery
projects, as well as a data center operator. Magnora has operations in Europe
and Africa through the portfolio companies Magnora Data Center ASA, 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/17847805/18920936/10726/Download%20announc
ement%20as%20PDF.pdf
 announcement as PDF.pdf -\
https://kommunikasjon.ntb.no/ir-files/17847805/18920936/10726/Download%20announc\
ement%20as%20PDF.pdf\