Magnora (MGN) Q1 2025 earnings summary

Executive summary

• Project portfolio grew 66% year-over-year and 19% quarter-over-quarter to 7.5 GW, led by onshore wind in South Africa and expansion in Germany, Italy, and the UK.

• Maintained asset-light, profitable model with zero debt, strong cash position, and disciplined cost management.

• Record number of projects ready for marketing and sale; significant commercial interest and new partnerships in all regions and technologies.

• Paid NOK 12 million in dividends and executed share buybacks, continuing robust capital returns.

• Legacy FPSO business fully carved out; milestone payment from Shell UK Ltd. received post-quarter.

Financial highlights

• Q1 2025 EBITDA of NOK 41.1 million, up from negative NOK 11 million in Q1 2024, driven by milestone licensing revenue and BESS project sales.

• Net profit was NOK 38.6 million, compared to a net loss of NOK 4.9 million in Q1 2024.

• Cash and cash equivalents at quarter-end were NOK 229.6 million; total liquidity including credit lines at NOK 379.6 million.

• Return on equity reached 49% in 2024, significantly above European IPP peers.

• Operating costs and development/M&A expenses decreased due to cost discipline.

Outlook and guidance

• Targeting 10 GW portfolio by end of 2025; current land bank at 7.5 GW.

• Sales target for 2025 set between 600 and 725 MW, with potential to exceed if large projects close.

• Expects continued sales acceleration, milestone payments from divested companies, and new market entries.

• Dividend policy maintained; potential for up to NOK 100 million in share buybacks over the next four quarters.