Magnora (MGN) Pareto Securities' 33rd Annual Energy Conference presentation summary

Strategic evolution and financial performance

• Returned NOK 1 billion to shareholders since 2018 and achieved a 28% annual average shareholder return from 2020 to mid-2026.

• Diversified into renewables and data centers, with exits from Evolar and Helios at significant multiples.

• Built a NOK 650 million data center platform in 18 months, raising NOK 650 million at IPO.

• Maintains a strong cash position of NOK 814 million and a low cost base of NOK 10-15 million per quarter.

• Achieved 19% ROE based on net profit and equity book value from 2020 to June 2026.

Business model and operational approach

• Operates a capital-light, high-risk model focused on early-stage project de-risking in renewables and data centers.

• Provides expertise in securing long-lead items and regulatory compliance to minimize project risk and timelines.

• Employs flexible portfolio management, rapid execution, and opportunistic project acquisition and monetization.

• Diversifies across technologies and geographies to reduce single-project and single-region exposure.

• Board of Directors brings substantial industry experience from energy, technology, and innovation sectors.

Market trends and positioning

• AI infrastructure spending is driving steep growth in data center demand, with hyperscaler capex projected to rise sharply through 2028.

• Traditional European data center markets (FLAP-D) are at capacity, shifting growth focus to the Nordics and Milan.

• Power availability is now the main constraint for data center expansion, making Nordic countries attractive.

• Operators are seeking larger capacity projects, with double and triple-digit MW requirements.