Annual Report 2025

Magnora delivers on growth, profitability and sustainability by systematically and consistently:

• bringing data center and renewable energy projects from greenfield to ready-to-build,
• accelerating development, delivering robust, scalable solutions faster than competitors,
• deploying local entrepreneurial teams with excellent operational skills
• prioritising project quality, risk management and progress over volume,
• ensuring cost discipline and strict project management,
• staying asset light, bringing in new owners before construction phase of each project,
• responding to changes in the markets by moving its focus to the segments with attractive opportunities for the Group.

Magnora focuses on developing medium to large-scale data center, solar, battery storage and wind power projects. We assess a wide range of opportunities before selecting or initiating projects. Growth is primarily organic, driven by a pragmatic and disciplined approach to project selection and execution. Magnora normally exits the projects when they reach the ready-to-build or are near ready-to-build stage. Magnora has a strong focus on customer requirements from day 1 of the project development phase through delivery of the project in the operational phase for the customer to the end of its life in our design and quality.

The Group’s profits have in recent years primarily come from the sale of projects and companies rather than from operating revenues. As a result, profits may fluctuate depending on market conditions and timing. However, underlying value creation remains consistent, supported by a growing land bank, active grid applications, and continued investment in essential studies and permit‑related activities.

Magnora has consistently adapted to shifts in the marketplace, and in 2025 the company expanded into data center development and operations, adding a strategic new segment and creating a source of recurring revenue. With a proven business model and strong execution, Magnora has delivered an average annual shareholder return of 26 per cent from the start of 2020 through year‑end 2025. Magnora’s financial and sustainability performance remain closely connected, and the company is fully committed to delivering on both.

Magnora has since its inception in 2001 operated within the energy space. The Group divested its technology legacy business in 2018 and instead focused on building a portfolio of companies and projects within renewable energy and later also in the data center segment.

In 2020 Magnora invested in offshore and onshore wind projects, and in Evolar AB, a solar-power technology company.

In 2021 Magnora established Magnora Offshore Wind together with TechnipFMC and was awarded a licence in ScotWind following a licence application tender process. Magnora also acquired a stake in the start-up solar energy developer Helios Nordic Energy and entered the South African market through acquiring a South African developer of wind and solar projects.

In 2022 Magnora partnered with an experienced local developer to enter the UK Solar PV and battery storage market, and established Hafslund Magnora Sol together with Hafslund and Helios Nordic Energy.

In 2023 Magnora sold all its holdings in Evolar to First Solar for approximately USD 29 million (excluding milestone payments), sold its two first projects in South Africa, and developed its first battery energy storage system project. The transaction totalled 80 MUSD on 100% basis with all milestones.

In 2024 Magnora sold all its holdings in Helios Nordic Energy to Vinci Concessions for approximately EUR 29 million (excluding milestone payments), received its first milestone payment of USD 5.7 million from the Evolar divestment, and sold additional projects providing milestone payments in South Africa. Magnora also demerged its remaining legacy licensing business and listed the company Hermana Holding ASA through an IPO on the Oslo Stock Exchange main list.

In 2025, Magnora responded to market changes through attractive power prices in the Nordic region by entering the data center segment through the establishment of Magnora Data Center AB in Sweden, the acquisition of Storespeed AS, and the launch of Magnora Scale Averøya in Norway. Magnora also reached its first financial close with a BESS project in South Africa, which at the time was the largest BESS project on the continent to reach financial close, and sold its remaining shares in Hermana Holding ASA.

As of the reporting date, Magnora has a global project portfolio of 9.9 GW, counting projects under development and sold projects which are expected to generate further milestone payments. This does not include Magnora’s recent investment in a data center project in Hämeenlinna, Finland, and the investment in a 100 MW data center development project in the northwestern part of Norway, as both investments were finalised after the end of 2025.

Magnora develops projects mainly within four segments:

• Data centers
• Solar PV energy
• Wind energy – onshore and offshore
• Battery energy storage systems (BESS)

The energy projects are normally in early phases, until the construction phase, but Magnora can also deliver subsequent project management and support for construction and operation. Data centers may be developed and/or operated. Magnora is pragmatic about technologies and will dynamically adapt its activities to match its capabilities with market opportunities. We prefer projects with short lead time which can also be achieved through co-development with partners.

Magnora has people and operations in eight countries across Europe and Africa. The organisation co-operates on markets, technologies and projects regardless of individuals’ office locations. Owner shares vary depending on company and project partnerships.

Magnora’s core values are integrity, velocity and innovation: