Magnora Data Center (MDATA) Q2 2026 earnings summary

Executive summary

• Completed IPO and separate listing on Euronext Growth Oslo in June, raising NOK 650 million and establishing the first listed pure-play data center stock in Europe.

• Built a diversified project portfolio of 650 MW gross (525 MW net) across Norway, Sweden, Finland, and Italy, with two sales-ready projects and several letters of intent signed.

• Upgraded operational data center Storespeed, advanced the Hämeenlinna project to 100% ownership, and secured key permits and agreements in under eight months.

• Formed a joint venture with Blix Group for metro edge and AI/edge data center development in Oslo, strengthening partnerships and expanding strategy.

• Recruited additional staff, including a Project Director, to support growth and development capabilities.

Financial highlights

• Net loss of NOK 20.7 million for H1 2026 and NOK 14.6 million in Q2, mainly due to high operating expenses from platform establishment and project origination.

• Operating revenue for H1 2026 was NOK 1.9 million, primarily from colocation services.

• Cash and cash equivalents at NOK 625.2 million as of June 30, 2026, supported by IPO proceeds and capital increases.

• Total assets of NOK 643.7 million and equity of NOK 615.3 million, with an equity ratio of 96%.

• No significant M&A activity during the quarter, consistent with budget forecasts.

Outlook and guidance

• High origination activity and strong inbound interest expected to result in new project announcements and milestones in H2 2026.

• Focus on de-risking and monetising mature projects, with potential sales expected in the next six to nine months, especially in the Nordics.

• Plans to grow the portfolio substantially and continue selective M&A, leveraging strong cash position.