Magnora (MGN) Q3 2026 earnings summary

Executive summary

• Diversified portfolio totaled 10,195 MW net at 30 Sep 2026; data-center capacity reached 910 MW gross, up from 650 MW in Q2.

• Cash was NOK 742.1m with a NOK 150m undrawn credit line; Q3 opex was NOK 11.3m net of intra-group charges.

• Strategy focuses on de-risking projects before sale, growing data centers and selectively developing renewable-data center hybrids.

Financial highlights

• Q3 net loss was NOK 28.4m versus NOK 34.9m in Q2; operating loss was NOK 33.1m and net financial items were positive NOK 4.7m.

• Revenue was NOK 1.3m; total expenses were NOK 34.3m, including NOK 23.4m of data-center platform opex and development costs and NOK 3.6m of share-incentive costs.

• Net operating cash flow was negative NOK 25.8m; investing cash flow was negative NOK 36.6m, including M&A and an Oslo AI/EDGE data-center site acquisition.

• Q3 EBITDA was negative NOK 32.4m; development and M&A expenses rose to NOK 18.1m from NOK 13.2m year over year.

Outlook and guidance

• The 2026 portfolio target is 12 GW net; approximately 2,500 MW of renewable projects are in sales processes or ready to enter them.

• Target is one to two renewable project or cluster sales annually through 2033; projects are generally marketed after firm grid-connection dates are secured.

• Sales and earnouts are expected in coming months; South African earnouts could exceed NOK 100m, excluding Helios and Evolar, subject to milestones.

• Opex net of intra-group charges is expected to remain at the Q3 level; two UK projects totaling 156 MW expect updated grid offers from October 2026 to March 2027 and connection availability in 2028, subject to offer terms.