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Magnora (MGN) investor relations material
Magnora Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary24 Oct, 2025
Executive summary
Accelerated expansion into the Nordic data center market, acquiring Storespeed AS and establishing Magnora Data Center AB, with a pipeline exceeding 1,500 MW in Sweden and 500 MW in Norway, leveraging experienced leadership and partnerships.
Diversified portfolio across data centers, solar (notably South Africa), BESS (Germany, Italy), and onshore/offshore wind, with active sales and development in all regions.
Strong market demand for data centers in the Nordics, driven by low electricity prices, high green energy share, robust infrastructure, and digitalization trends.
Focused on a capital-light, early-exit business model, with recurring project development and a minimum 5x return target.
Project portfolio grew by 4%, with record sales-ready projects and ongoing commercial discussions in all regions.
Financial highlights
Cash and available credit facilities totaled NOK 342.6 million as of September 30, 2025; cash and cash equivalents were NOK 192.6 million, reflecting development spending and shareholder returns.
Net loss from continued operations was NOK 16.4 million in Q3 2025, compared to a net profit of NOK 235.4 million in Q3 2024, mainly due to the absence of significant divestment gains.
EBITDA and operating loss improved from Q2; Q3 EBITDA was negative NOK 20.4 million, operating loss NOK 20.0 million.
Equity ratio increased to 76% (end 2024: 70%), with group equity at NOK 357.1 million.
Returned NOK 1 billion to shareholders since 2018; NOK 11.9–12.1 million paid in cash dividends in Q3.
Outlook and guidance
Targeting a 10 GW portfolio by year-end 2025, with 600–725 MW in net sales targeted for the year, though timing is challenging.
Board halted regular quarterly dividends to reallocate capital to high-growth data center opportunities, but will continue extraordinary dividends and share buybacks.
Evaluating over a dozen greenfield data center projects, with partnership discussions totaling 1,500 MW.
Expecting recurring revenues from data center business and potential for higher project margins.
Substantial future income expected from earnouts and milestone payments on previously sold projects through 2029.
Explain capital allocation for DC growth
What drives renewable project sales timing?
How to realize NOK 549M earnouts?
How will data center growth impact capital-light model?
What is Magnora's edge in Nordic data centers?
Confidence in 600-725MW renewable sales target?
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Frequently asked questions
Magnora ASA is a Norway-based renewable energy development company that focuses on projects in wind, solar photovoltaic (PV), and battery storage. The company operates across Norway, Sweden, and the United States, contributing to the global shift towards sustainable energy solutions. In addition to developing renewable energy projects, Magnora also holds legacy licensing agreements tied to oil and gas operations, such as with Dana Western Isles and Shell Penguins. Magnora invests in early-stage renewable projects and partners with developers to accelerate their growth, particularly in offshore and onshore wind, as well as solar energy technologies. The company is headquartered in Oslo, Norway, and its shares are listed on the Oslo Stock Exchange.
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