First quarter report 2026

• Reached the 10 GW project portfolio target in the first week of 2026, driven by data center additions in the Nordics and renewable energy growth in South Africa, Germany and Italy.
• Sales processes (of 500-800 MW) concerning renewable energy projects continued to advance across all regions and technologies. Increasing number of projects in the portfolio becoming sales ready as they are being developed and de-risked.
• Battery energy storage ("BESS") projects in Germany and Italy passed a combined potential of 1.5 GW. In South Africa wind projects of 480 MW were originated.
• Capital discipline remains strong and spending was prioritised to the most high-potential and sales-ready renewable energy projects. Total commitments were reduced (e.g. for the Talisk project, where low costs are expected from Q2 2026 and in total less than NOK 5 million during the last three quarters of 2026).
• Magnora’s operational data center Storespeed was upgraded, and initiated evaluation of expansion possibilities. The company is being developed in close dialogue with its management and our co-owner Blix Solutions.
• A new DC project for a high-density, AI-ready 120 MW data center in Hämeenlinna near Helsinki, Finland, was established. Magnora owns 70%. It is expected to reach Ready-to-Build stage by end of 2026.
• A new DC project for a 100 MW data center in the northwestern part of Norway was established, together with strong regional partners. Magnora owns 60%.
• Magnora invested in a DC project for a 10 MW data center in the outskirts of Oslo, Norway.
• Our Italian and South African subsidiaries started DC origination work, extending our reach beyond the Nordics.
• Based on high market interest, Magnora decided to engage Arctic Securities for exploring a listing of Magnora’s data center business during 2026.

Cash and cash equivalents totalled NOK 128.4 million as of 31 March 2026 (Q1 2025: NOK 229.6 million), reflecting strong origination focus on data center opportunities and continued development of the growing portfolio.
The net result was a net loss of NOK 44.7 million, compared to a net profit of NOK 38.6 million in the same quarter last year. The prior-year result included a non-recurring milestone payment, while the current quarter reflects increased development activity and associated costs related to the expansion of the Magnora’s data center platform.

• Magnora Sweden DC secured its first project in April, marking an important milestone for the business. The project comprises an initial capacity of 60 MW, with a further 120 MW planned for phase two.
• On 22 April 2026, Magnora secured a 30 MW data center project in North Italy. The site is less than a kilometer from grid connection in the outskirts of a metro area and minutes from an airport.
• In early April, Magnora secured a 150 MW BESS project in Hessen, Germany, located in proximity to a key substation.

Continued high growth of the data center business: The DC portfolio is expected to continue to grow in a pace comparable to what we have seen in the recent months. The European DC market is expected to more than double over the next five years, driven by AI infrastructure buildout. Magnora is positioned to capture a fair share of that growth in the Nordics. Our strategy combines project development with selective ownership of operational assets, created organically and through partnerships and targeted M&A. Inbound interest from municipalities, landowners, utilities, and industrial partners is strong and growing. The shift toward sovereign and regionally anchored compute capacity reinforces a trend towards the Nordics as a preferred location given its power availability, political stability, and cooling advantages. We expect to announce both origination (new projects) and project milestones in the coming months.

Sales processes for renewable energy projects: We expect that ongoing sales processes materialise in sales during the coming months. The project portfolio continues to develop, with over 2,500 MW of renewable energy projects in a stage that enables sales. Discussions from Q1 concerning 500-800 MW of project sales have advanced further, and the volume may also be higher. The geopolitical environment continues to strengthen the strategic case for domestic renewable capacity. Although experiencing extended timelines in some processes, we have live dialogues with credible bidders across all regions and technologies and remain confident that the quality of our portfolio will be reflected in the outcomes we achieve.

Reduced spending on the Talisk project: Magnora’s Talisk project in Scotland has been developed steadily according to plan since 2022. Further costs are expected less than NOK 5 million in total over the rest of 2026.

Future income from sold projects expected over the next years: Earnouts, revenue-sharing arrangements and milestone payments from previously sold projects and companies are expected to provide Magnora with substantial income through to 2029.

As of 31 March 2026, Magnora’s share price was NOK 23.70, corresponding to a market capitalisation of NOK 1.6 billion. Magnora did not repurchase any of its own shares during the quarter. At quarter-end, Magnora held 1,726,441 treasury shares. The Board of Directors will evaluate cancellation of these shares in alignment with Magnora’s capital allocation strategy. The Board continues to identify attractive growth opportunities in the short to medium term, consistent with the Group’s long-term growth strategy and will consider various financial alternatives.

Oslo, Norway, 28 April 2026

The Board of Directors of Magnora ASA