Annual Report 2025

Magnora invests in carefully selected niches and geographies across infrastructure and renewable energy, with a focus on data centers, solar, wind, and battery technologies. The company maintains a pragmatic, technology agnostic approach to project development, ensuring flexibility and continued relevance in an evolving energy landscape.

In response to market changes in recent years, Magnora has built a strong position in renewable energy, and then expanded into the data center segment, complementing its established activities in renewable energy.

Magnora’s data center activities further enhance the Group’s platform by adding operational insight, development competence, and a growing market presence, enabling meaningful value creation with limited capital deployment. Consistent with its asset light strategy, the Group typically divests projects before the construction phase. As later stages require substantial capital and generally yield lower returns on invested capital, early exits allow the Group to maintain high capital efficiency and concentrate on its core strength: developing high-quality, ready-to-build projects. At the same time, Magnora operates a data center, providing valuable technical expertise and a strong customer and vendor network that reinforces the Group’s broader development ambitions.

Attractive industry segments, technologies and geographies typically have these features:

• Growth market; demand for more data centers and green energy
• Technology with low cost per energy unit
• Good margin opportunities for developers
• Predictable regulations and effective concession processes
• New regulations and deregulation, and availability of customers and suppliers
• Sustainability; more positive impact opportunities than negative impact risks
• Match with Magnora’s operational capabilities
• Upcoming auctions

Magnora’s portfolio reflects a deliberate strategy of investing in high‑potential niches across data centers and renewable energy development, spanning solar, wind, and battery storage. We continuously evaluate new markets and emerging technologies to ensure we are positioned at the forefront of the global energy and digital transitions. Powerful global forces are reshaping the energy landscape. The accelerating push toward CO2 neutrality, rising demand for clean and secure electricity, and the explosive growth of energy‑intensive industries such as artificial intelligence all drive the need for scalable, reliable green infrastructure. At the same time, fossil fuels still account for roughly 80 per cent of the global energy mix, a reminder that the transition has only just begun and that capable developers remain essential for decades to come.

Against this backdrop, Magnora’s role is clear. The world is going electric, and our ability to identify high‑value sites, secure grid access, navigate permitting, and develop ready‑to‑build projects positions us as a catalyst for this shift. Whether enabling clean power generation or supporting digitalisation through sustainable data centers, Magnora helps speeding up the transition to a low‑carbon, electrified future.

Magnora differentiates itself from industry peers through a focused and disciplined approach. We specialise in early‑stage project development, taking projects from greenfield to ready‑to‑build, where our expertise creates the greatest value. Our teams are efficient, highly skilled, incentivised, and hands‑on, combining industry insight with commercial and market competence to accelerate progress and ensure quality.

We actively seek out and collaborate with exceptional developers who demonstrate high integrity, deep expertise, and strong entrepreneurial drive. We share the upside to align our incentives, strengthening commitment, and fostering a culture of joint value creation.

Magnora provides:

• High quality, ready-to-build projects supported by thorough applications, due diligence, and risk assessments
• A diversified and substantial portfolio of projects across technologies and geographies, giving buyers a wide range of opportunities to choose from
• Clear project timelines and a defined route to market, ensuring transparency, predictability, and efficient decision‑making throughout the development process
• Robust and compliant supplier options, enabling customers to rely on vetted, high‑quality partners across the value chain
• Access to data center capacity, both operational and under development, providing immediate solutions as well as opportunities aligned with future digital‑infrastructure growth

Magnora maintains a strong and consistent focus on the market and its customers. To secure high returns, we prioritise being an early mover, positioning ourselves ahead of both current and future demand. Opportunities are identified, explored, and shaped in close dialogue with potential customers, ensuring that each project is market‑driven from the outset. We remain outward‑looking at all times, cultivating strong relationships across the energy and digital‑infrastructure ecosystem.

Examples of customers and partners, each a leader in their respective markets, include:

To potential and existing portfolio companies, Magnora provides:

• Capital to accelerate development and unlock early-stage opportunities
• Access to a strong industry and market network, leveraging Magnora’s relationships across energy, infrastructure, and digital‑infrastructure ecosystems
• Strategic insight and hands‑on operational support, drawing on extensive experience in project development, market dynamics, and regulatory pathways
• Best‑practice frameworks for governance and project execution, ensuring high standards and reducing risk throughout the development cycle

Magnora strives for excellence in all critical early‑stage processes, including landowner agreements, grid connection, environmental assessments, fibre infrastructure, concessions, technical management, and project management. Beyond its early‑phase focus, the company remains flexible and can assist in later development stages when required, particularly in structuring agreements and partnerships. Magnora’s business practices are anchored in its core values: integrity, velocity, and innovation.

Magnora maintains a disciplined focus on project quality, risk management, continuous operations, and financial performance, both at the individual project level and across the Group. Capital is deployed only where expected returns clearly exceed the cost of capital, and project exits are timed to optimise Group‑level value creation while ensuring buyers retain meaningful upside and, ideally, develop into long‑term partners.

The Group operates with an all‑equity capital structure and carries no long‑term debt. Undrawn credit facilities totalling NOK 150 million from a leading Nordic bank, combined with potential project‑level financing, provide additional financial flexibility. Magnora maintains a substantial cash position to support working capital, meet obligations, and preserve strategic agility when evaluating new investments, partnerships, or divestments.

Magnora’s dividend policy centres on returning excess capital to shareholders in line with growth funding needs and prevailing market conditions. Cash returns are typically executed through repayment of paid‑in capital and may be distributed annually or quarterly. Share buybacks followed by cancellation of shares may be used to supplement cash returns when the share price is considered attractive or when this approach aligns better with shareholder preferences. Magnora aims to deliver competitive cash yields and total returns relative to alternative investment opportunities.