Magnora (MGN) Q2 2025 earnings summary

Executive summary

• Portfolio grew 65% year-over-year and 7% quarter-over-quarter, reaching 8 GW, with a target of 10 GW by end of 2025 and strong expansion in Italy, Germany, and South Africa.

• Completed transition to a 100% renewable energy company after divesting Hermana Holding ASA shares, yielding a net gain of NOK 8.7 million.

• Launched a share buyback program, authorizing up to 10% of shares, and executed buybacks in Q2.

• Exploring data centers as a new business area, leveraging project synergies and rising Nordic demand.

• Maintains an asset-light, diversified portfolio with zero debt and strong cash reserves.

Financial highlights

• Q2 EBITDA was negative NOK 24.4 million, mainly due to lower operating revenue and higher development expenses.

• Operating loss of NOK 27.8 million and net loss of NOK 22.2 million for Q2; H1 2025 net profit was NOK 16.4 million.

• Cash and cash equivalents at quarter-end were NOK 223.4 million, with total available liquidity including credit lines at NOK 373–375 million.

• Quarterly dividend of NOK 0.187 per share approved and distributed as a return of paid-in capital.

• Market capitalisation at quarter-end was NOK 1.6 billion, with a share price of NOK 24.35.

Outlook and guidance

• On track for 10 GW portfolio by end of 2025; guidance of 600–725 MW in project sales or farm-downs in 2025.

• Anticipate annual project sales through the end of the decade, with all regions and technologies contributing.

• Improved supply chain conditions and falling equipment costs expected to benefit project economics.

• Significant partnership and co-investment interest; active sales and farm-down pipeline across multiple countries.

• Future income expected from earnouts and milestone payments from previously sold projects up to 2029.