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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, and leveraging experienced leadership and partnerships.
Diversified portfolio across data centers, solar (mainly South Africa), battery systems (notably Germany and Italy), and wind (onshore in South Africa, offshore in Scotland), with active sales and development in all regions.
Data center demand is booming, with the Nordics positioned as a prime region due to low electricity prices, high green energy share, and favorable climate, and the European market expected to double by 2030 and grow fourfold by 2035.
Focused on a capital-light, early-exit business model, with a shift in capital allocation to prioritize high-margin data center opportunities and maintain strong project pipeline growth.
Over a dozen partnership discussions underway, with commercial negotiations for wind, solar, battery, and data center assets across all markets.
Financial highlights
Cash and available credit facilities totaled NOK 342.6 million as of September 30, 2025, with an equity ratio of 76% and group equity at NOK 357.1 million.
EBITDA improved to negative NOK 20.4 million in Q3 2025 from negative NOK 24.4 million in Q2 2025; operating loss narrowed to NOK 20.0 million.
Net loss from continued operations was NOK 16.4 million, mainly due to the absence of significant divestment gains.
Regular dividend of NOK 11.9 million paid in Q3; board cut regular dividend to reallocate capital to data center growth.
Market capitalization was NOK 1.4 billion as of September 30, 2025, with a share price of NOK 21.45.
Outlook and guidance
On track for a 10 GW portfolio by year-end, targeting 600–725 MW in net sales if large processes close.
Data centers to be consolidated as they now represent over 50% of the business, with expansion prioritized over regular dividends.
Evaluating over a dozen greenfield data center projects, with partnership discussions totaling 1,500 MW.
Expecting a large pickup in land bank, especially in South Africa and Europe, and substantial future income from earnouts and milestone payments on previously sold projects through 2029.
Farm-downs and sales expected in most markets, with recurring project development anticipated.
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?
How will data center projects be financed?
Likelihood of achieving 600-725MW sales target?
How does Magnolia differentiate its data centers?
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Next Magnora earnings date
Q4 202527 Feb, 2026
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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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