Third quarter report 2026

Magnora ASA (“the Company”) is incorporated and domiciled in Norway. The address of its registered office is Karenslyst Allé 6, 0278 Oslo. The Company is listed on the Oslo Stock Exchange main list with the ticker MGN.

Magnora ASA and its subsidiaries and investments in associated companies (“the Group”) develop projects within data centers, solar PV, wind energy and battery energy storage systems, as well as being a data center operator.

These condensed interim financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU under the International Accounting Standard for Interim Financial Reporting (IAS 34). As the interim financial statements do not include the full information and disclosures required for a complete set of consolidated financial statements, they should be read in conjunction with the Group’s annual consolidated financial statements. The accounting policies adopted in the preparation of the condensed interim consolidated financial statements are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for 2025.

The European Securities and Markets Authority (ESMA) issued guidelines on Alternative Performance Measures (“APMs”) that came into effect on 3 July 2016. Magnora has defined and explained the purpose of the following APM:
EBITDA: EBITDA, as defined by Magnora, includes operating revenue and other income and excludes profit/loss from associated companies, depreciation, amortisation, and impairment loss.

In preparing these condensed interim financial statements, the significant judgements made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty are consistent with those followed in the preparation of the Annual Financial Statements for 2025.

Due to rounding adjustments, the figures in certain columns may not sum to the total of those columns.

The Group has a portfolio of companies invested in and performs a quarterly evaluation of whether it has control in accordance with IFRS 10.

After the successful completion of the IPO of Magnora Data Center ASA, Magnora ASA holds a 52% ownership interest and retains control of the company. Accordingly, Magnora Data Center ASA and its subsidiaries are fully consolidated, with 100% of their financial results included in the Group’s consolidated financial statements and the share attributable to other shareholders presented as non-controlling interests.

The Group invested in Kustvind AB in March 2020 through a share issue and holds a 48 percent ownership at the reporting date. Magnora holds the right to increase its ownership to 50 percent subject to a budget and milestone plan. The option to increase ownership is not currently exercisable, as any ownership increase must be initiated by the Kustvind board through a capital call, driven by the project’s capital needs. The remaining shares are equally owned by Kustvind’s three founders. Magnora has three out of five board members, and the founders have the remaining two members. The other shareholders have the right to elect a third board member at any time, and it is expected that they will do so. Magnora is a minority owner alongside three other owners and has significant influence of the company. As a result, its ownership is accounted for using the equity method, classifying Kustvind as an associated company.

Helios Magnora Sol AS (formerly Hafslund Magnora Sol AS) develops utility-scale solar PV projects in the Nordic region. During the second quarter of 2026, Magnora acquired an additional 20% ownership interest from Hafslund Vekst AS, increasing its ownership from 40% to 60%. The Group obtained control on 28 May 2026, and the company has been consolidated as a subsidiary from that date. Helios Nordic Energy AB holds the remaining 40% interest.

For transactions resulting in the loss of control of a subsidiary or associate, IFRS 10 requires that the fair value of the consideration received be determined to calculate the net gain or loss to be recognised. Given the nature of the Group's investments, a significant portion of the consideration may be contingent upon future events, requiring considerable judgment in estimation. The Group follows a conservative approach in valuing its portfolio, including when estimating the fair value of future payments such as earnouts and milestone payments from divestments. The probability of these payments is assessed for each transaction, with contingent consideration included in the net gain or loss. At each reporting date, the Group evaluates changes in the fair value of these future payments, with any adjustments recognised as Other Income in the profit or loss statement. As of the balance sheet date, the total unrecognised value of potential earnouts and milestone payments from divestments is NOK 457.5 million, which is subject to the achievement of relevant technical and/or commercial milestones, project risks, timing, currency fluctuations, auction results, CfD (Contract for Difference) rates and other factors.

The Group’s data center activities commenced with the acquisition of Storespeed in Q4 2025 and have subsequently been expanded through the development of data center projects. Data Center has been reported as a separate segment from Q2 2026, when it met the quantitative thresholds in IFRS 8 Operating Segments. As there were no data center activities in the comparative periods, the figures for Q3 2025 and year-to-date 2025 relate solely to the Renewable segment.

Magnora holds a 48% ownership interest in Kustvind AB, a shallow-water offshore wind project located off the southern coast of Sweden and has an option to increase its ownership to 50%. The investment is accounted for using the equity method, as the Group does not control the company. There have been no material changes during the period.

Magnora ASA operates a share option programme for members of the Board of Directors and management. Share-based payments are accounted for in accordance with IFRS 2, with the grant-date fair value recognised as an expense on a straight-line basis over the 36-month vesting period.

During the third quarter, no share options were granted or exercised. As at 30 September 2026, a total of 1,277,071 share options were outstanding.
Share-based payment expenses recognised under the programme amounted to NOK 0.3 million for the quarter.

In connection with the listing of Magnora Data Center ASA on Euronext Growth Oslo, a share incentive programme for selected employees of Magnora ASA was established and approved by the General Meeting of Magnora Data Center ASA on 3 June 2026.

Under the programme, participating employees acquired shares in Magnora Data Center ASA at a purchase price below the initial public offering price. The programme is accounted for in accordance with IFRS 2 Share-based Payment, and the fair value of the benefit granted is recognised as a share-based payment expense over the relevant vesting period, with a corresponding increase in equity. Share-based payment expense recognised under the programme amounted to NOK 3.3 million in the quarter.

The total share-based payment expense recognised by the Group under the two programmes amounted to NOK 3.6 million for the third quarter 2026.