Second quarter and half-year 2026

• Magnora Data Center ASA was listed on Euronext Growth Oslo (ticker: MDATA) on 8 June 2026, becoming the first pure-play data center (DC) share listed in Europe, following a NOK 650 million private placement in the subsidiary that was multiple times oversubscribed. Magnora ASA holds 52.7% of the shares.
• The data center IPO displayed a shareholder value creation of NOK 650 million in nine months since Magnora’s first investment in the sector in September 2025. It also enables a more substantial sum-of the-parts valuation of the Magnora share. Mathematically, a 1 NOK share price movement in MDATA impacts Magnora share with a NOK 0.73 price movement in the same direction.
• Magnora has as part of the reorganisation during the quarter streamlined the renewable portfolio and reduced its cost base, with fixed costs now approximately NOK 5 million per quarter, excluding development expenses. Costs are expected to amount to approximately NOK 10–15 million per quarter. Having entered a harvest phase in several markets, the Group is prioritising sales dialogues and positive cash flow in the coming quarters. The new group and cost structure provides significant operating leverage, such that new sales and earnouts will impact the bottom line directly.
• Additional DC projects were established during the quarter, taking the DC portfolio to gross 650 MW. With three new projects in the Milan area, the DC business area now spans Norway, Finland, Sweden, and Italy.
• Magnora ASA completed a private placement on 5 May 2026, raising gross proceeds of NOK 238 million through the issuance of 6,578,182 new shares and the transfer of 1,621,818 treasury shares, at an offer price of NOK 29 per share.
• The Annual General Meeting was held on 12 May 2026 and elected a strengthened Board of Directors, chaired by John Hamilton, with new members Jean-François Berche, Lars Schedin and Hilde Hukkelberg, and Hilde Ådland re-elected. Torstein Sanness stepped down as chairman following a long period of service.
• The Board of Directors of Magnora Data Center ASA was elected on 26 May 2026 ahead of the IPO, chaired by Erik Sneve, with board members Lars Schedin, Lars-Erik Sjöberg, Wendy Lam and Adele Norman Pran.
• Magnora launched a new share buyback programme on 10 June 2026, authorising the repurchase of up to 6,578,182 shares for a maximum aggregate consideration of NOK 50 million. Under the programme, Magnora repurchased a total of 787,227 shares during the quarter at an average price of NOK 23.72. The company held 891,850 treasury shares (1.2% of shares outstanding) at the end of the quarter.

Cash and cash equivalents totalled NOK 814.1 million as of 30 June 2026 (31 December 2025: NOK 166.4 million), primarily reflecting proceeds from the private placement completed in May and the Magnora Data Center IPO, partly offset by continued project development expenditure across both the renewable energy and data center segments.

The Group reported a net loss of NOK 34.9 million for the second quarter 2026, compared to a net loss of NOK 22.2 million in the same quarter last year.

• On 7 August 2026, Magnora Data Center ASA entered into a 50/50 joint venture with Blix Group AS to acquire a 581 sqm commercial space in Oslo and develop it into an AI data center, with 1 MW of initial capacity, scalable to 9 MW subject to grid connection. The Company will establish a wholly owned operating company to build and run the facility.
• On 12 August 2026, Magnora Data Center ASA announced that it had agreed to acquire its local partner's remaining 30% stake in the Hämeenlinna site in Finland, taking full ownership of the project. All conditions precedent were subsequently fulfilled. The week after, a network (grid) connection agreement for the Hämeenlinna project was entered into, with connection scheduled for Q1 2029, potentially already in H2 2028. Also, a Letter of Intent was signed with the local utility regarding district heating, back-up power and additional electricity. With this in place, the project is sales ready.

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 either already in a sales process or ready for the process to commence. In several markets, electricity supply is under pressure from high temperatures, reduced water availability for reactor cooling, and weak wind conditions, pushing electricity prices higher. Also, the geopolitical environment across our markets 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 our regions and technologies and remain confident that the quality of our portfolio will be reflected in the outcomes we achieve.

Our South Africa subsidiary remains a significant contributor to our sales pipeline and illustrates both the scale and complexity of our business. Our view is that continued Eskom tariff escalation and declining renewable energy production costs should continue driving utility-led expansion and procurement over the longer term, which is positive for us as a developer. Near term demand should favour wind and solar-plus-storage hybrids in less constrained inland nodes and curtailment tolerant Cape wind projects. This is supported by wind and solar’s projected increase from 19% in 2026 to 33% in 2030, alongside substantial long-term growth in electricity demand. Combined, these near- and long-term market dynamics support the attractiveness of Magnora’s diversified wind and solar PV and BESS portfolio. Broader wind deployment should accelerate as the transmission backbone expands, and although progressing, grid de-risking and de-bottlenecking will take time.

Financial position and cost structure:
The Group's cash position remains solid following the private placement in May and listing of Magnora Data Center ASA in June. At the end of Q2 2026, Magnora ASA held NOK 188.9 million in cash in the parent and renewable businesses, while Magnora Data Center ASA held NOK 625.2 million following the NOK 650 million private placement completed in connection with the listing. Combined, the Group's cash resources provide a strong platform to fund committed and planned investments across the project portfolio, including the ongoing data center build-out, while retaining flexibility to pursue new opportunities as they arise. Furthermore, after the restructuring of the Group, separating out the data center business, the cost base of the renewable business has improved significantly. The operating expenses for the second quarter 2026 was NOK 4.3 million for the renewable energy segment, net of internal revenues from management services, and we expect to maintain this level for the next quarters.

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 30 June 2026, Magnora’s share price was NOK 24.00, corresponding to a market capitalisation of NOK 1.7 billion. Magnora repurchased a total of 787,227 shares during the quarter and held 891,850 treasury shares at the end of the quarter. 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, 25 August 2026
The Board of Directors of Magnora ASA