Letter from the CEO
I am very pleased to give this update on our exciting start to 2026. The main themes of the quarter were the improving market sentiment for renewable energy and the high growth of our data center ("DC") project portfolio.
Magnora reached its 10 GW project portfolio target in January 2026, driven in large part by the addition of high-value data center projects in the Nordics.
Our DC business has reached significant scale after its launch in 2025, having:
- established a DC team in Sweden and partnerships in Norway and Finland,
- aim to develop a unique greenfield portfolio of land, grid and permits for the hyperscale DC acquired the operational data center Storespeed,
- invested into a 100 MW DC project in Averøy,
- invested, in Q1 2026, in three DC projects in Norway and Finland (120 MW; 96 MW; 10 MW urban) with a combined potential of 226 MW,
- established, in April 2026, a DC project in Sweden for initially 60 MW, plus a potential 120 MW in phase two.
Our DC project portfolio is then by the end of April gross 410 MW (net 290 MW to Magnora). In line with our ambitions and capabilities, we intend to continue the high DC growth. We benefit from a distinct combination of operational skills, power market insight, landbank and permitting expertise, and financial strength, while committing our origination capacity, management attention, and capital accordingly. Local communities and grid operators increasingly require DC developers to also be operators, and our operational credentials have been well received across the Nordics.
Magnora's renewable energy portfolio continues to advance and at is managed with high capital discipline. Capital is allocated mainly to the most advanced and highest-value assets. The Q1 costs were influenced by high data center project origination and development.
Sales processes have taken longer time the last couple of years, but we expect them to gain speed, as the market sentiment for renewable energy is improving. The need for independent, affordable and predictable energy has strengthened the policy and investment backdrop for renewables. We experience that interest from power producers and infrastructure funds remains strong, but perhaps more selective than in previous years, and we advance our projects steadily.
Our data center business receives very high attention. Responding to the strong growth and market interest for our DC projects, and to deliver on this market opportunity, we have engaged Arctic Securities as financial adviser to explore a stock exchange listing of the data center business. An IPO will provide for better recognition of values, more resources and flexibility in pursuing a great market opportunity.
I look forward to continuing to deliver on our ambitions and on our stakeholders' expectations. Please do not hesitate to reach out to me or my colleagues with any questions, ideas or feedback.
| Erik Sneve, CEO |