25.2.2026 07:00:00 CET | Magnora ASA | Annual financial and audit reports

On 25 February, Magnora ASA published its annual report for 2025 and shared
highlights on progress for sales and scaling the data center segment.

Magnora extended its strategic scope by establishing a data center business area
with improved margins, now being the company's top investment and growth
priority. This business has grown rapidly in Norway, Sweden and Finland,
creating a strong Nordic platform and generating the highest inbound deal flow
in Magnora's history, with weekly project requests.

"Building on our renewable portfolio and track record, I am very satisfied with
the pace of developing our data center business", says Erik Sneve, CEO of
Magnora ASA. "As of today, we have secured land and partnership agreements
representing net 210 MW of data center projects. The developer margins we
observe in this segment are above those of renewable-energy projects."

In parallel, late-stage project sales processes in South Africa, the UK, Italy
and Germany progressed into 2026, supported by strong counterpart interest and
leading financial advisors. This represents a disciplined portfolio
re-allocation toward data centers, batteries and selected onshore wind projects.

Highlights in 2025 and subsequent events

 * Net profit of NOK 9.5 million
 * Cash and cash equivalents at NOK 166.4 million at year end, with zero debt
   and a NOK 150 million credit line available
 * Magnora's project portfolio grew by 60% in 2025 to 9.9 GW, achieved at a
   lower origination cost per MW lower than in previous years
 * In 2025, Magnora entered the data center sector, establishing a Nordic
   digital infrastructure platform through strategic partnerships and
   acquisitions in Sweden and Norway, and launched two large scale AI-ready
   development projects. Magnora has a project portfolio in Norway and Finland
   with a combined potential capacity of net 210 MW (gross 315 MW) as of
   February 2026
 * In South Africa, the 153 MW / 612 MWh Red Sands BESS project reached
   financial close in July 2025, triggering the final milestone payment to
   Magnora and marking a key step toward construction