Magnora ASA - At the forefront of the green transition

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Magnora is also entering the data center business in Norway.

Magnora ASA Enters Norwegian Data Centre Market through Strategic Investment in Storespeed AS

6.10.2025 07:00:01 CEST

Magnora ASA (“Magnora”) has entered the Norwegian data centre market through the acquisition of a majority stake in Storespeed AS, a Norwegian data centre operator, in partnership with Blix Group AS owner of Blix Solutions AS, a sustainable Norwegian data center operator. The investment marks Magnora’s entry into the rapidly expanding data centre industry, driven by growing demand from artificial intelligence (AI) and digital infrastructure.

Storespeed operates a co-location data centre in Halden, Norway, with an installed capacity of approximately 1 MW, with a significant potential for expansion up to 5MW at existing premises. […]

“The transaction strengthens Magnora’s position as a developer of data centre-ready properties and supports collaboration with landowners, partners, and customers. The business provides strong synergies with Magnora’s existing portfolio of land assets suited for both green electrification and data centre development. Magnora’s expertise in real estate, site development, environmental permitting, grid connection, and project execution will be key to advancing its ambitions in this sector. Storespeed represents a strategic step in Magnora’s evolution as a data centre developer,” says Magnora CEO Mr. Erik Sneve

Looking ahead, Magnora anticipates that future data centre projects may be required to contribute new renewable electricity to the grid in order to obtain development permits, an area where the company’s current assets offer a clear competitive advantage.

Magnora will maintain its asset-light strategy in the data centre segment, focusing on selling projects at or before the ready-to-build stage. […]

Those more familiar with the company: how significant do you consider these openings in Sweden and Norway?

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Magnora Q3 2025:

In the webcast, the CEO spends most of the time elaborating on entering the data center business.

The board has decided not to pay a dividend in Q4 (a total of 12 MNOK) and will instead allocate the funds to growing the DC business. “The board considers the data center growth opportunity to be special and halts regular dividend in order to allocate more capital to this side of the business.”

The margin guidance is now 0.5-3.0 MNOK/MW (previously 0.5-1.5). “On the margin side, we’ve raised the potential margin for projects we sell to up to 3 million per MW, based on the multiples we see in the datacenter space.”

Apparently, there’s also an intention to achieve sales by the end of the year, if I understood correctly. :smiley: :thinking:

Magnora Q3: Outlook
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Magnora Q3: Guiding
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Magnora Q3: Income Statement
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These numbers don’t seem to have stopped the nearly five-month-long decline of the course.

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The guidance for '25 is maintained in number, and increased in value. This means that the company is to report sales of 600-725MW, and an increased land bank to 10GW during Nov/Dec, with an average sales value in the price range of

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Q4/25-Q1/26 is indeed a moment of truth to generate the advertised sales and especially to bring in cash flow from projects. Especially from South Africa, sales evidence should be obtained to boost the company’s credibility. Growing the land bank itself is not particularly noteworthy on its own; one should also know the true quality and fundamentals of the projects within the land bank. At least for me, the Helios transaction indicated that management likely lacks a special ability to analyze the direction of development markets, but rather they follow an attractive-looking market and hope it takes off and doesn’t collapse. If I had to guess, management did not have a realistic picture of what the Nordics market direction looked like, considering how it was previously advertised as a growth engine. Given the market situation at that time, the Helios transaction, on the other hand, was quite good, indicating that it included fundamentally sound project initiatives.

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To some extent, I agree regarding South Africa, as on paper it is the most significant revenue source in the near future and thus largely determines the company’s future. Regarding credibility, I believe sufficient evidence has been provided. They have generally entered good markets and products and have started to divest from them opportunistically, recognizing that no cycle lasts forever. For example, there was no over-investment in Nordic wind power, and solar power investments have also been highly successful. Now, regarding data centers, they might be a bit late to the game, which is, of course, a bit concerning.

The electricity markets in South Africa are opening in the spring, so I believe Magnora has been perfectly timed there, and so far, everything seems to be going according to plan. After that, the sales floodgates should open:

The Government led reform program, under the Energy Action Plan aims to launch the South Africa Wholesale Electricity Market (SAWEM) in April 2026.
SAWEM - Energy Council of South Africa

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Magnora laajenee datakeskusbisneksessä yritysostoin:

On October 6th, Magnora and Blix Solutions announced the acquisition of an 80% stake in Norwegian data center operator Storespeed AS. The transaction has now closed with the approval of key stakeholders.

Erling Magnus Solheim was appointed managing director with a mandate to plan for asset-light expansion of capacity, broaden the offering to include full redundancy (multi-location in collaboration with Blix Solutions in Oslo), and market the improved facilities to new customers.

In parallel, Storespeed has applied for additional grid capacity to make full use of the Halden facility, where a 5 MW data center is feasible (1.5 hrs from Oslo).

Recent figures from CBRE on the European data center market show the Nordics growing rapidly, partly due to low electricity prices and a climate ideal for cooling, but mainly because the Nordic grid can still handle offtake. A significant 57% of all AI signings volumes in Europe (year-to-date) have been for capacity in the Nordics region, according to CBRE.

“Magnora’s development capabilities, combined with the strong track record of Storespeed and Blix Solutions, offer an excellent platform for growth,” says Magnora CEO Erik Sneve.

“Storespeed’s data center in Halden has an impressively long track record. It may attract customers looking for multiple solutions – colocation, AI, sovereign cloud - and we look forward to expanding capacity here, as well as using this site to prepare for larger projects,” says Storespeed CEO Erling Magnus Solheim.

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Magnora ASA: December market update Magnora group is in late-stage sales processes with the goal of transferring projects of 500-800 MW to customers and partners across different countries and technologies. Closing will roll into 2026. The sales processes have led to sales discussions of another 400-800 MW cluster in our group. The average price point of the total sales is in the historical guided range of NOK 0.5-1.5 million per MW. Sales are typically dependent on confirmatory due diligence, grid connection, negotiations, and various conditions precedent for closing. On the data center side, Magnora recently landed another project in Norway of 100 MW (net 70% to Magnora) as announced on 4 December. The group is also looking at multiple other sites in the Nordics, of which some are expected to be signed up soon. The observed prices for data center projects are above our guided range for renewable projects. Based on our dialogues with reputable real estate owners, project developers and data center companies, we expect more codeveloper partnerships going forward in addition to our own origination. Magnora maintains its emphasis on strict project management and cost discipline, staying asset light and bringing in new owners before construction phase of each project. Further, the group critically prioritises the projects with the best commercial prospects and in particular the data center project portfolio. Project origination and development is on track across all markets, and the target of up to 10 GW project portfolio by end of 2025 is unchanged. Magnora plans to publish its 2026 guiding together with the 2025 annual report. Magnora ASA (OSE: MGN) is a renewable-energy group developing data center, wind, solar and battery projects. Magnora has operations in Europe and Africa through the portfolio companies 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.

Magnora ASA: December market update

Magnora group is in late-stage sales processes with the goal of transferring projects of 500-800 MW to customers and partners across different countries and technologies. Closing will roll into 2026.

The sales processes have led to sales discussions of another 400-800 MW cluster in our group. The average price point of the total sales is in the historically guided range of NOK 0.5-1.5 million per MW. Sales are typically dependent on confirmatory due diligence, grid connection, negotiations, and various conditions precedent for closing.

On the data center side, Magnora recently landed another project in Norway of 100 MW (net 70% to Magnora) as announced on 4 December. The group is also looking at multiple other sites in the Nordics, of which some are expected to be signed up soon. The observed prices for data center projects are above our guided range for renewable projects. Based on our dialogues with reputable real estate owners, project developers and data center companies, we expect more co-developer partnerships going forward in addition to our own origination.

Magnora maintains its emphasis on strict project management and cost discipline, staying asset light and bringing in new owners before the construction phase of each project. Furthermore, the group critically prioritizes the projects with the best commercial prospects — especially the data center project portfolio.

Project origination and development is on track across all markets, and the target of up to 10 GW project portfolio by end of 2025 is unchanged.

Magnora plans to publish its 2026 guiding together with the 2025 annual report.

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Such a new coverage has started, with a nice target price, of course.

MAGNORA: ARCTIC INITIATES COVERAGE WITH BUY, TARGET PRICE 32

MAGNORA

Oslo (Infront TDN Direct): Arctic Securities initiates coverage of Magnora with a buy recommendation and a target price of 32 kroner per share, according to an analysis on Wednesday evening.

“Based on the company’s project pipeline, including growth towards 2030 in key markets and expected earn-out payments minus group costs, we estimate Magnora’s value at approximately 32 Norwegian kroner per share. The company’s investment history and an emerging pipeline in data centers offer significant additional upside potential beyond this level. Although Magnora’s growth prospects could justify a share price closer to 40 Norwegian kroner, we aim for a conservative valuation this time,” the analysis states.

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Sneve’s greetings from over on LinkedIn. Magnora back in Finland again soon as well.

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Magnora ASA announced that it has acquired a majority stake in a new data center project in Finland: the company is taking a 70% ownership stake to develop a 120 MW AI-ready data center in Hämeenlinna together with Northern Europe Energy Group. The project aims to reach the “ready-to-build” stage by the end of 2026. This is Magnora’s third data center project in a short period.

https://magnoraasa.com/stock-exchange-announcements/#/embedded/announcement/18767855?publisherId=17847805&widget=true

Magnora secures a third data center project, adding 120 MW, in the Helsinki - Tampere area

8.1.2026 07:00:01 CET | Magnora ASA | Non-regulatory press releases

Magnora is joining as majority owner in an ongoing data center project in Finland, expanding its portfolio with a project for a high-density, AI-ready 120 MW facility. The project is developed together with Northern Europe Energy Group and expected to reach Ready-to-Build stage by the end of 2026.

The physical conditions are excellent. The area has 150,000 m² zoned for data center operations, potential for waste-heat recovery through the district heating network, access to all major Finnish fibre operators, stable ground conditions, and a distance of less than one kilometre to the electrical substation.

Geographically, the site is located in Hämeenlinna, between Helsinki and Tampere, close to international airports, and with more than 4 million people within a 1.5‑hour drive – including a large pool of highly educated technical experts and engineers.

The project was initiated by Northern Europe Energy Group (“NEEG”) last year. Magnora holds a 70% ownership stake in the project through a joint venture (JV) with NEEG owning 30%. NEEG will be responsible for most of the operational development. Magnora contributes with strategic, industrial, and financial expertise, as well as the capability to advance the project in line with customer demand. The collaboration has strong support from the local municipality, aiming for an efficient permitting process that ensures local value creation and sustainable development.

"We are excited to partner with Magnora and the municipality,” says Tor Arne Pedersen, Chairman of Northern Europe Energy Group. “Magnora’s financial strength, industrial experience, and market insight, combined with strong municipal support and our local expertise, provide a solid foundation for delivering an attractive, large-scale data center project. For Northern Europe Energy Group, this transaction represents one of several strategic steps toward building a valuable Northern European portfolio of energy transition and digital infrastructure projects.”

“The City of Hämeenlinna is delighted about the vitality boost brought by the data center. This project represents a significant step forward in advancing technological development, economic growth, and sustainable development in our community,” says Ari Räsänen, Director of Relocation Services, Linna Business Development Ltd./ City of Hämeenlinna.

This is the third data center project/company Magnora enters within the last three months, in addition to Averøy (100 MW in development) and Storespeed (operational). Magnora continues its efforts to source and develop more projects in the data center space in the coming weeks and months. The Nordics are a preferred data center market globally and Magnora is well positioned with its experience, network and market understanding.

About Northern Europe Energy Group AS

Northern Europe Energy Group is a Norwegian-Baltic energy infrastructure development company with sites in the Nordics and Baltics. The company develops large-scale transition projects based on secured land, grid access, and renewable power, including data centers, hydrogen production for SAF and European energy markets, and grid-scale battery energy storage systems. NEEG works closely with municipalities, grid operators, and industrial partners to enable sustainable development and local value creation across the Nordic and Baltic region.

Contacts

Erik Sneve

CEO

email: es at magnoraasa.com

About Magnora ASA

Magnora ASA (OSE: MGN) is a renewable-energy group developing data center, wind, solar and battery projects. Magnora has operations in Europe and Africa through the portfolio companies 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.

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Published yesterday, Wednesday:

Management focus and funding are shifting to the most profitable segments: data centers in the Nordics, BESS in Southern and Central Europe, and onshore wind in South Africa. Solar is barely mentioned when discussing the future outlook. Larger project sales are coming any moment now. :roll_eyes:

Magnora ASA: Releasing annual report for 2025 and outlook update

25.2.2026 07:00:00 CET

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; at the time, it was the largest standalone battery energy storage project in Africa to reach financial close
  • Magnora sold its remaining 30% stake in Hermana Holding ASA in June 2025
  • Magnora received the final Penguins licence payments, totalling NOK 88.7 million, which were transferred to Hermana Holding ASA

Outlook

Magnora has advanced discussions from December 2025 concerning 500-800 MW of project sales. These processes have led to negotiations for additional project sales, which may result in an even higher volume over the coming months.*

Overall, Magnora has over 2,500 MW of mature stage projects (consented and/or derisked to a level that enable sales) as of February 2026.

Project sales, strict capital discipline, an asset light model and origination toward a 12 GW project portfolio by the end of 2026 support Magnora’s efforts to maximise shareholder return.

The Board is considering different strategic alternatives for further data center growth including structural changes, co-investment and other possibilities in order to enhance shareholder value.

*Sales are typically dependent on confirmatory due diligence, grid connection, negotiations, and various conditions precedent for closing.

Regarding the future outlook:

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Sneve, you old fox! :open_mouth:

"Following our entry into the DC industry in 2025, our DC project portfolio is
now 410 MW gross, or 290 MW net to Magnora, and we intend to continue the high
growth. Arctic Securities has been engaged as an advisor for the potential IPO
of the data center business."

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My own opinion on the potential IPO: fundamentally, I’m against these kinds of “bright ideas” that burn cash and are justified by the claim that it supposedly doesn’t get the right valuation as part of the current entity. Sounds a bit like the talk about legacy oils back in the day. That tinkering didn’t seem to create much shareholder value in the end…

It would have been fine for me as it is; valuation (or dividends) eventually follows cash flows anyway.

Useless tinkering IMO!

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Magnora’s data center segment is growing, most recently adding 95 MW and 50 MW projects in Norway.

Magnora has secured two new data center (DC) projects in the western part of Norway, bringing Magnora’s DC portfolio to gross 555 MW and net 430 MW. The projects fit Magnora’s priorities with AI as a core market driver. Both projects are wholly owned (100%).

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Whew, a strong start to the year indeed in terms of share price performance, finally:

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SEB has raised the price target to NOK 45 and sees potential at 70 kroner.

AI translation:

Oslo (Infront TDN Direkt): SEB raises Magnora’s price target to 45 kroner from the previous 30 kroner and reiterates a Buy recommendation for the stock.

This is according to an analysis published on Monday.

The price target hike reflects an updated SOTP (sum-of-the-parts) model based on the land bank of the company’s various technologies in the first quarter of 2026. Additionally, the brokerage highlights the upside potential from a possible spin-off and stock market listing of the data center business.

“The analysis highlights significant upside potential with sensitivity analyses showing potential values exceeding 70 kroner per share as commercialization progresses, emphasizing the strong option value of the equity. We also include a valuation method based on going concern,” SEB writes.

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Investor presentation published today regarding the contemplated data center IPO:

Highlights from the contemplated transaction:

  • Magnora Data Center ASA (“Magnora DC”) is a wholly owned subsidiary of
    Magnora ASA, and a separate listing on Euronext Growth Oslo is being
    contemplated.
  • In connection with the contemplated IPO, Magnora DC is considering
    undertaking a private placement raising gross proceeds of minimum NOK 500
    million.
  • As previously communicated, Magnora ASA intends to continue investing and at
    this stage remain a major shareholder in the data center business after the
    IPO.
  • Following the completion of the recently announced private placement, Magnora
    ASA has initiated the final IPO preparation process and currently expects the
    contemplated listing to be completed in Q2 2026, subject to market
    conditions.
  • Separate listing of Magnora Data Center ASA to provide investors with a
    pure-play exposure to the strongly growing data center market, building
    further on Magnora ASA’s data center portfolio and organization.
  • Public market access expected to enable new business opportunities and M&A,
    also giving the Company the opportunity to use shares as currency.
  • Use of proceeds: Development of currently secured projects, organization
    development and acquisitions of further green- and brownfield projects.
  • Arctic Securities AS has been engaged as Sole Global Coordinator and
    Bookrunner (the “Manager”). Advokatfirmaet BAHR AS acts as legal advisor to
    Magnora DC, and Advokatfirmaet Thommessen AS acts as legal advisor to the
    Manager.
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The prospectus mentions the Oslo Euronext Growth list a few times, which is somewhat equivalent to the First North listing in Finland or Sweden. Hermana was previously listed on the main list. My personal issue is that my Magnora shares are held at OP, and through them, trading shares on the Euronext Growth list is only possible via broker orders. I am considering selling the shares and buying them back after the spin-off.

I wonder if the fear regarding the liquidity of the upcoming DC share is the reason for today’s -9% price reaction?

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Trading began for Magnora Data Center shares with a ~22% increase. At the same time, Magnora is -1%.

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