Magnora (MGN) Pareto Securities' 32nd Annual Energy Conference Presentation summary

Geographic and technological diversification

• Operates across Norway, Scotland, England, Italy, South Africa, Sweden, Germany, and Finland, with ownership stakes ranging from 40% to 100% in various renewable projects.

• Portfolio includes offshore wind (fixed and floating), solar, batteries, onshore wind, and data centers.

• 8.0 GW development portfolio as of June 2025, with consistent 55% annual growth and 500 MW added in Q2 2025.

• Focus on rapid expansion in attractive markets and supportive regulatory environments.

• Launched a Swedish data center business, leveraging local expertise and favorable market conditions.

Financial performance and business model

• Asset-light model with no construction or balance sheet risk, focusing on early sales and targeting 5x return per project.

• Zero debt, low burn rate, and a solid cash position of 223 MNOK, with a 150 MNOK credit line available.

• 22% ROE from 2020 to H1 2025, outperforming European peers.

• 1 BNOK returned to shareholders since 2020, with a 34% average annual shareholder return.

• 7,000 shareholders and listed on the OSE main board.

Market trends and strategic priorities

• Strong IRRs for utility-scale solar PV in sunny locations, with global solar generation growing rapidly.

• Battery prices have fallen significantly, strengthening the business case for BESS amid increased price volatility.

• Data center electricity demand in the US could triple by 2028, with all major operators targeting 100% green power.

• US planned utility-scale capacity additions in 2025 are largely consumed by data centers, especially due to AI chip demand.

• Chinese wind turbine OEMs are reducing capex and may soon enter the European market, impacting cost structures.