Magnora Data Center (MDATA) Q3 2026 earnings summary

Executive summary

• Portfolio expanded to 910 MW gross and 700 MW net across 15 projects in five countries, from 650 MW gross and 525 MW net at Q2-end.

• Strategy combines sale-ready 50–400 MW campuses with acquisition, expansion and operation of 1–10 MW metro sites.

• Sales dialogues continued for Northern European projects, with focus on de-risking and converting mature assets into transactions.

Financial highlights

• Q3 operating revenue was NOK 1.1m, EBITDA was negative NOK 22.8m, operating loss was NOK 23.1m and net loss was NOK 15.6m.

• Q3 net financial income was NOK 7.4m; YTD revenue was NOK 3.0m, EBITDA was negative NOK 42.6m and net loss was NOK 36.3m.

• Q3 expenses included NOK 13.5m of management services from Magnora ASA and NOK 3.3m of share-based payments.

• Cash at 30 September was NOK 568.6m.

Outlook and guidance

• Portfolio growth is expected to continue at a pace comparable to the first three quarters of 2026, with project announcements, milestones and potential sales in coming months.

• Priorities include focusing capital and personnel on higher-conviction assets, achieving land, power and permitting milestones, and preparing mature projects for sale.

• Some projects may be marketed in 2026, with others forecast for 2027–2029; the strategy targets sales at or before ready-to-build.

• Monetisation options include outright sales or in-kind contributions with industrial partners; increasing contracted capacity at existing sites is also a priority.