Second quarter and half-year 2025

Strong portfolio growth and sales momentum: Magnora’s portfolio expanded 7% this quarter to 8.0 GW, up 65% since Q2 2024, keeping us on track for the 10 GW target by end of 2025. A record number of projects are now sales-ready, with active commercial discussions across all regions and technologies.

Germany – surging BESS demand: We have identified some 70 potential projects with good grid potential, and Magnora’s portfolio grew to 150 MW. We experience very high interest in BESS projects in Germany.

Italy – scaling for MACSE auctions: Magnora is advancing 450 MW of early- and mid-stage BESS projects towards the auctions in 2026 and 2027, as well as the merchant and capacity markets.

South Africa – growing steadily and exceeded 5 GW: The project portfolio is now above 5 GW across solar PV, onshore wind, and BESS. A sales process is underway for a fully permitted co-located 250 MW wind and 250 MW solar project, with optional BESS. Also, several other projects are approaching a sales process.

Offshore wind progressing in Scotland: Magnora Offshore Wind has received an updated grid connection agreement confirming connection to the Western Isles, scheduled for December 2030. The project remains on track for a Final Investment Decision in 2028.

UK solar PV and BESS – preparing for sales processes: Grid agreement negotiations are advancing for several projects. We expect to bring 140 MW to market in second half of 2025.

Norway – expanding solar pipeline: The project portfolio of Hafslund Magnora Sol passed 2,000 MW (over 800 MW net to Magnora). The company continues to grow its landbank with careful attention to community and environmental considerations.

Share buyback programme: On 29 April, Magnora launched a new share buyback programme, allowing for repurchase of up to 10% of the company’s total shares.

Exit from Hermana Holding ASA: On 16 June, Magnora sold its remaining shares in Hermana Holding ASA for approximately NOK 40 million with a net gain of NOK 8.7 million. With that, Magnora’s transition into a pure renewable-energy company was completed not only operationally, but also financially.

Cash and cash equivalents totalled NOK 223.4 million as of 30 June 2025 (Q1: NOK 229.6 million), reflecting development spending, share buybacks, and shareholder returns, partly offset by proceeds from the Hermana Holding ASA divestment.

The net result from continued operations was a net loss of NOK 22.4 million, compared to a net profit of NOK 60.1 million in the same quarter last year. The difference is largely due to the prior year period including significant earnings from project divestments and income from associated companies.

Capital returned to shareholders was NOK 11.9 million of cash, and the Group performed share buybacks totalling NOK 1.6 million.

A quarterly dividend of NOK 0.187 per share, to be distributed as a return of paid-in capital to shareholders, was approved by the Board on 17 July 2025.

Permitting and grid progress: A number of projects across most of our geographies are on track to achieve full permitting and secure firm grid connection dates during 2025-2028.

Improved supply chain: Magnora’s customers are benefiting from a sustained fall in the prices of solar panels and batteries, and also for wind turbines driven by new entrants easing supply chain. BESS is a case in point, with prices expected to continue halving approximately every second year. Meanwhile, delays in the rollout of competing floating offshore wind projects enables our Scotwind project to engage with top suppliers on favourable terms.

Strong partnership interest: We are experiencing significant interest in co-investment and partnership opportunities.

Long-term sales pipeline: Magnora continues to build a strong and balanced landbank, which increased 65% the last twelve months, positioning the company to deliver project sales annually through the end of this decade and beyond. All regions and technologies are expected to contribute to sales in 2025 or early 2026.

Active sales and farm-down pipeline: We are currently engaged in multiple project sales and farm-down discussions and continue to explore opportunities in new markets. We anticipate the sale or farm-down of 600–725 MW of projects in 2025, potentially spanning offshore and onshore wind, solar, and BESS across several countries.

Germany and Italy – quality-driven BESS growth: In both countries, we are steadily building a high-quality BESS portfolio while maintaining active dialogues with potential partners and buyers. The market is gaining momentum, driven by falling costs, increased public infrastructure investment, and power-price volatility. In Germany we plan for efforts and results based on the recently signed Letter of Intent with a leading European infrastructure company. The local teams are expected to be further expanded in the coming months.

South Africa – sales process underway: Our South African business expects additional sales opportunities to materialise this year. We are currently in a sales process for a fully permitted 2x250 MW co-located wind and solar project, with optional BESS. Active discussions with potential buyers for other assets may also lead to sales this year.

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

Exploring data centre synergies: Magnora is assessing opportunities in the data centre space, leveraging our expertise in project development, power markets, grid access, and market integration. Quite some time has been invested the last nine months, including discussions with potential partners. Some of our projects may be suitable for co-location of data centres and renewable-energy generation.

As of 30 June 2025, Magnora’s share price was NOK 24.35, corresponding to a market capitalisation of NOK 1.6 billion. During the quarter, the Group repurchased its own shares under authorisations granted by the Annual General Meetings in 2024 and 2025. At quarter-end, the Group held 1,915,030 treasury shares. The Board of Directors will evaluate the cancellation of these shares in alignment with the Group’s capital allocation strategy and intends to propose cancellation at a future date. The Board continues to identify several attractive organic growth opportunities in the short to medium term, consistent with the Group’s long-term growth strategy.

As of market close 30 June 2025: