21.4.2026 14:50:00 CEST | Magnora ASA | Non-regulatory press releases

Magnora ASA today published the Nomination Committee's proposal for the Annual
General Meeting on 12 May 2026. It includes an increase from three to five
persons, and new members with a strong track record in technology and data
center development, operations and sales.

Magnora ASA has since its transformation into a project developer in 2019
delivered above 20 per cent annual return on equity and a corresponding strong
shareholder return. Following the group's entry into data center projects and
operations in 2025, this segment experiences a high growth rate and very high
partner and customer interest. The Board is now proposed expanded to further
support the group's international development and data center growth.

Three resources with strong technological and commercial track record are
proposed elected as new Board members:

 * Jean-François Berche
   CTO at GreenScale, leading the strategy and delivery of scalable,
   energy-efficient data centre infrastructure. He has previously been senior
   advisor at DTCP, senior director M&A strategy at Microsoft (including
   OpenAI), and one of the first employees and a senior leader in Amazon Web
   Services (AWS). During his 10 years at AWS, Mr. Berche led - among other -
   global infrastructure planning and delivery across hyperscale cloud, edge,
   and public sector platforms.
   
 * Lars Schedin
   CEO of Granode Materials. Previously he was CEO and co-founder of
   EcoDataCenter, a leader in sustainable infrastructure and AI-optimised data
   processing. He has also held leadership, operational and financial roles in
   H.I.G. Capital, Empower Group, Zodiak, Electrolux, If P&C, and more. Mr.
   Schedin has extensive Board and advisor experience including currently
   chairman of the Board of the investment company Malfors Promotor.
   
 * Hilde Hukkelberg
   Managing Director at Innovation Norway in London, leading Norway's trade
   promotion and growth initiatives across the UK and Ireland, including
   industrial AI initiatives and large-scale infrastructure projects. She has
   also built a global scale-up platform - the Tech Executive Accelerator.
   Previously she was based in San Francisco, working with Norwegian companies'
   US entry and venture capital funding. Ms. Hukkelberg has experience from
   several Boards including Skagen Fondene.

The chairman of the Board has informed the Nomination Committee of his decision
to step down from the Board following a long and distinguished period of
service. The committee fully respects and supports this decision, which reflects
a natural transition at this stage of his career. The chairman has expressed a
desire to continue contributing to the company in an advisory capacity, allowing
the Board and management to benefit from his extensive experience and deep
knowledge of the business. On behalf of the company, the Nomination Committee
would like to express its sincere gratitude for his significant contributions,
leadership, and commitment over many years.

As new chairman of the Board the committee has proposed John Hamilton, currently
Board member (since 2018). He is CEO of Panoro Energy ASA and previously CEO of
President Energy PLC, Managing Director of Levine Capital Management, and CFO of
Imperial Energy PLC, plus spent 15 years with ABN AMRO Bank.

Current Board member Hilde Ådland is proposed re-elected. She is Vice President
of Facilities Excellence at Vår Energi ASA and has leadership experience from
Kværner, Statoil, GDF SUEZ (now Engie), and Neptune Energy as well as broad
Board experience.

The Nomination Committee considers that the proposal represents both continuity
and a broader competence, network and outreach which will - if approved by the
General Meeting - contribute to sound strategic and operational decisions,
further growth and continued high shareholder return.

DISCLOSURE REGULATION

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

CONTACTS

 * Erik Sneve, CEO, email: es at magnoraasa.com 
 * Torstein Sanness, Chairman of the Board, email: sanness at sf-nett.no 

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 AS, 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/17847805/18871635/7890/Download%20announce
ment%20as%20PDF.pdf