Magnora (MGN) Investor Presentation summary

Business model and strategy

• Operates as an asset-light, profitable renewable energy developer with a focus on greenfield origination and strict capital discipline in high-growth markets.

• Maintains a diversified portfolio across solar PV, onshore and offshore wind, and storage, spanning Europe and South Africa.

• Emphasizes early-stage investments, de-risking, and farm-downs, targeting minimum 5x return potential per project.

• Follows simple strategic rules: diversify, insist on early sales, keep a strong cash position, and stay capital-light.

• Returns capital to shareholders through dividends and buybacks while reinvesting in new markets and projects.

Portfolio and operations

• Landbank and sold portfolio exceeds 10 GW, with fast growth in unsold onshore assets and new origination in Germany and Italy.

• As of September 2024, the development portfolio (excluding Helios) totals 5,856 MW net, with significant exposure in South Africa.

• Owns or holds major stakes in platforms across South Africa, Scotland, Sweden, UK, and Norway, including onshore wind, offshore wind, solar, and storage.

• Project sales typically occur pre-ready-to-build, with revenue recognized upon milestone achievements.

• Customers include leading utilities and infrastructure investors such as Globeleq, Commerz Real, Hafslund, Nordic Solar, First Solar, and Vinci.

Financial performance and capital structure

• Q3 2024 EBITDA reached NOK 232.6m, up from NOK 30.8m in Q2, driven by Helios and South African SPV sales.

• Net profit for Q3 2024 was NOK 235.4m, with a strong cash position of NOK 334.9m and no debt.

• Total capital returned since 2018 exceeds NOK 1 billion, with ongoing share buyback programs and regular dividends.

• Paid-in capital stands at NOK 6.9 billion, and available credit facilities total NOK 150m.

• Operating cash flow in Q3 2024 was negative (NOK -26.3m), but investment activities generated NOK 333.3m, mainly from asset sales.