27.2.2025 07:00:01 CET | Magnora ASA | Annual financial and audit reports

On 27 February, Magnora published its annual report for 2024. The company raised
its portfolio guiding to 10 GW for 2025 and continued the practice of a NOK
0.187 per share quarterly dividend. Magnora has also successfully entered the
Italian BESS market (Battery Energy Storage Systems).

Five years after the launch of our Electric Future strategy in March 2020, we
are pleased to be present in 8 countries directly and indirectly. We operate an
asset-light business model with projects in solar, wind and battery storage. We
have never had more projects to sell (or farm-down) than at the start of 2025.

As of today, Magnora is in sales, farm-down and partnership discussions in
almost all our businesses except in our most recent establishments. Our landbank
is growing quickly in most markets. We are continuing to see strong interest for
high quality projects with clarity about grid connection and permitting. 

Highlights for Magnora ASA in 2024 and subsequent events:

 * Net profit of NOK 579 million (including the value of demerging the legacy
   business Hermana through an IPO)
 * Operating profit of NOK 282 million
 * Magnora sold its shares in Helios and received a 16-times return on
   investment, excluding possible future earnouts as Helios creates value with
   the backing of Europe's strongest infrastructure specialist, Vinci
 * First milestone payment for Evolar was received with correspondingly
   increased chance for a second milestone payment
 * Magnora's landbank grew to 6.3 GW at the end of 2024, up from 4.1 GW at the
   end of 2023, all based on organic growth. These figures exclude the Helios
   portfolio
 * Strong origination continued in early 2025 and the landbank reached 7.5 GW in
   February
 * Rapid derisking in our Talisk Scotwind project: no red flags related to birds
   nor mammals, ongoing studies of wind and wave conditions, extensive supply
   chain studies in addition to grid discussions
 * Magnora entered the Italian and German markets in Q4 2024 and rapidly built
   operating businesses
 * Good start in 2025 as Magnora secured land for three sites of some 250 MW
   BESS in southern Italy with its great local team and partner. This can allow
   for project sales in 2025 to clients that aim to participate in the upcoming
   auctions for capacity contracts (MACSE - the Italian Energy Storage Capacity
   Procurement Mechanism), and secure long-term contracts with the national
   transmission company
 * A lot of sales activities and a breakthrough in South Africa where the demand
   for BESS projects was particularly high in 2024, and there is also a strong
   demand for onshore wind complementing solar PV
 * Magnora returned a record NOK 300 million in dividends, NOK 398 in dividend
   shares and NOK 42.7 million through buy back and cancelling of shares
 * Despite the extensive return of capital, Magnora's cash and cash equivalents
   stood at NOK 254 million by year end with zero debt and a NOK 150 million
   credit line
 * Low fixed operating costs in the group allows a high degree of flexibility to
   direct capital where returns are highest

Magnora's board conveys, based on the company's current position, the following
outlook for 2025.

 * Organic growth expected to continue across geographies and products, combined
   with alliances, farm-downs, and project sales
 * Magnora has more projects than ever, and increasingly larger projects than
   previously, from mid-sized, to large projects that offer revenue potential
   for 2025 in most markets in which the company operates
 * While the news flow about renewables can offer a mixed picture, the
   underlying fundamentals are strong with stable or rising electricity prices
   in our core markets, falling equipment costs, and growing demand for
   electricity. Our diversified portfolio of earnout and milestone payments
   together with new project sales and farm-downs should allow us to grow sales
   and profits in a meaningful way.
 * Emphasis on quality and maturing projects and companies paid off in 2024 -
   our growing landbank looks set to offer marketable projects every year
   towards 2030.
 * Magnora raises its guiding for its portfolio size by year-end 2025 to 10GW
   excluding the Helios earnout portfolio. Sales target for the year remains at
   600-725 MW for 2025.

Please find attached the Annual Report 2024, also available at 
www.magnoraasa.com - https://www.magnoraasa.com.

The report will be presented by CEO Erik Sneve on 27 February at 10:00 CET on
web cast: https://channel.royalcast.com/landingpage/hegnarmedia/20250226_3/.

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 

ABOUT MAGNORA ASA

Magnora ASA (OSE: MGN) is a renewable-energy group developing wind, solar and
battery storage projects. Magnora has operations in Europe and Africa through
the portfolio companies Hafslund Magnora Sol AS, Magnora Offshore Wind AS,
Emernor GmbH, 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, and a financial ownership in Hermana
Holding. 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/17847805/18435190/5691/Download%20announce
ment%20as%20PDF.pdf

Magnoraasa-2024-12-31-en.zip -
https://kommunikasjon.ntb.no/ir-files/17847805/18435190/5688/Magnoraasa-2024-12-
31-en.zip

Magnora ASA Annual report 2024-12-31.pdf -
https://kommunikasjon.ntb.no/ir-files/17847805/18435190/5689/Magnora%20ASA%20Ann
ual%20report%202024-12-31.pdf

Magnora ASA _Q4 and Annual Report 2024 Presentation.pdf -
https://kommunikasjon.ntb.no/ir-files/17847805/18435190/5690/Magnora%20ASA%20_Q4
%20and%20Annual%20Report%202024%20Presentation.pdf