Financial review
(Numbers are unaudited)
Magnora and its subsidiaries (“the Group”) account for investments in portfolio companies based on the level of control or significant influence in accordance with IFRS.
Entities controlled by the Group are fully consolidated, with 100% of their income, expenses, assets and liabilities recognised in the consolidated financial statements, while the share attributable to other shareholders is presented as non-controlling interests. This includes the Magnora Data Center Group, in which Magnora holds a 52% ownership interest and has control.
Investments over which the Group has significant influence, but not control, are accounted for using the equity method, with the Group recognising its proportional share of net profit or loss. Overview of investments is presented in Note 6 Investment overview.
Development costs in consolidated subsidiaries are, in accordance with IFRS, expensed as incurred, reflecting the Group’s project development model, where projects are monetised prior to reaching the ready-to-build stage.
Revenues and other income
Operating revenue for the quarter amounted to NOK 1.3 million (Q3 2025: NOK 0.5 million). The Group did not earn other income in the quarter (Q3 2025: NOK 5.9 million).
The Group’s business model focuses on developing and monetising renewable energy and data center projects. Consequently, revenue and earnings may vary between periods depending on the timing of project divestments and milestone events.
Operating expenses
Operating expenses amounted to NOK 11.3 million (Q3 2025: NOK 13.2 million), reflecting cost reductions in the renewable portfolio, combined with increased activity and organisational growth in the Group's data center business, which is fully consolidated. Out of the NOK 11.3 million operating expenses, NOK 1.9 million is related to the data center segment net of intra-group charges.
Development and M&A expenses
Development and M&A expenses totalled NOK 18.1 million (Q3 2025: NOK 13.2 million), reflecting continued investment in the Group's project portfolio. Out of the NOK 18.1 million development and M&A expenses, NOK 7.0 million is related to the data center segment net of intra-group charges.
Net financial items
Net financial income amounted to NOK 4.7 million (Q3 2025: NOK 3.6 million), primarily reflecting interest income and foreign exchange losses.
Net profit/loss
The Group reported a net loss of NOK 28.4 million (Q3 2025: NOK 16.4 million loss). The result reflects lower gains from project divestments and continued investment in the expansion of the Group's data center business.
Cash flow
Cash and cash equivalents amounted to NOK 742.1 million as at 30 September 2026 (30 September 2025: NOK 192.6 million). Cash flow from operating activities reflected continued investments in project development and origination activities. Investing activities during the quarter included investments in data center projects, while financing activities were primarily driven by share buybacks performed during the quarter.
Financial position
Total equity amounted to NOK 952.3 million as at 30 September 2026 (30 September 2025: NOK 357.1 million), corresponding to an equity ratio of 92.1%. The increase primarily reflects the private placement completed in May 2026 and the Group's continued strategic focus on expanding its data center business, including the listing of Magnora Data Center ASA in the previous quarter. Cash and cash equivalents totalled NOK 742.1 million, providing substantial financial capacity for continued project development and investments.