Magnora (MGN) Q2 2026 earnings summary

Executive summary

• Transitioned from a renewable energy developer to a diversified energy and data center group, with the data center business listed on Euronext Growth, raising NOK 650 million and retaining a 52.7% stake.

• Data center project portfolio expanded rapidly, now operating in Norway, Finland, Sweden, and Italy, with Hämeenlinna project securing all key permits in under eight months.

• Renewable energy project portfolio surpassed 10 GW, targeting 12 GW by end of 2026, with South African clusters totaling close to 1 GW entering harvest phase and targeted for sale by 2030.

• Operating leverage increased through cost structure adjustments and development activity optimization, reducing renewables opex and devex to NOK 10–15 million per quarter.

• Board of Directors expanded with strong technology, data center, and commercial expertise.

Financial highlights

• Cash and cash equivalents totaled NOK 814.1 million as of June 30, 2026, with total liquidity (including credit line) close to NOK 1 billion.

• Net loss for Q2 2026 was NOK 34.9 million, an improvement from Q1 2026, mainly due to data center business costs and lower project divestment gains.

• Operating revenue for Q2 2026 was NOK 1.6 million; paid-in capital stands at NOK 6.9 billion.

• Share price at end of Q2 was NOK 24, with a market capitalization of NOK 1.7 billion and NOK 2.4 per share in cash.

• Total equity reached NOK 1,010 million, with an equity ratio of 92.8%.

Outlook and guidance

• Portfolio goal of 12 GW by end of 2026, with active project origination, sales, and strict cost discipline.

• Over 2,500 MW of renewable projects are in or ready for sales processes, with expectations for transactions in the coming months.

• Earnouts and milestone payments from previously sold projects expected to provide substantial income through 2029.

• Conservative portfolio estimates, counting only assets with signed land agreements and reasonable grid connection prospects.

• Group cash resources provide a strong platform for committed and planned investments, including ongoing data center build-out.