Magnora (MGN) Investor presentation summary

Business overview and strategy

• Focuses on developing and monetizing data center projects in the Nordics and Europe, leveraging a capital-light model targeting high returns with limited downside risk.

• Operates a portfolio of over 585 MW in projects, with a pipeline exceeding 2,700 MW, aiming to capitalize on surging demand for digital infrastructure driven by AI and cloud adoption.

• Monetizes projects at the ready-to-build stage, reducing development time and risk for buyers by securing land, permits, and grid access.

• Offers investors exposure to a pure-play data center developer, with a platform built on proven management, partnerships, and access to capital.

• Expansion includes projects in Norway, Sweden, Finland, Italy, and Germany, with a strategy to unlock value through spin-offs and IPOs.

Market opportunity and positioning

• The Nordics provide optimal conditions for data centers: abundant renewables, low-cost power, cool climate, and strong digital infrastructure.

• European Tier 1 data center markets (FLAP-D) are at capacity, shifting demand to the Nordics and Milan.

• Data center demand is expected to outpace supply globally, with significant value in securing powered land and ready-to-build sites.

• Hyperscalers and AI/cloud providers are increasingly targeting the Nordics, fueling demand for large-scale, sustainable data center projects.

• The market is projected to double in capacity from 2025 to 2030, driven by AI, cloud, and digital economy growth.

Project portfolio and execution

• Current portfolio includes nine sites totaling 585 MW, with projects in various stages across Norway, Sweden, Finland, and Italy.

• Key projects include a 120 MW site in Hämeenlinna, Finland, and multiple sites in Milan, Italy, and Norway, all targeting grid access and zoning milestones.

• Storespeed, a co-owned operational data center in Norway, provides a platform for metro network expansion and sovereign cloud services.

• Active management enables diversification, rapid execution, and flexible monetization, with the ability to halt projects that do not meet value or risk criteria.

• Targets a portfolio-level return on equity of over 25-30% by de-risking projects and selling at the ready-to-build stage.