Magnora (MGN) Q4 2024 earnings summary

Executive summary

• Net profit of NOK 579 million was returned to shareholders in 2024, including effects from the Hermana IPO and demerger.

• Operating profit for 2024 was NOK 282 million, with strong project origination and sales activities.

• Land bank expanded to 6.3 GW in 2024, reaching 7.5 GW by February 2025, with guidance raised to 10 GW.

• Entered Italian and German markets, rapidly building operating businesses and diversifying revenue streams.

• Returned a record NOK 300 million in dividends, NOK 398 million in Hermana IPO gift shares, and NOK 42.7 million via share buybacks.

Financial highlights

• Operating revenue and other income totaled NOK 360.9 million in 2024, up from NOK 261.3 million in 2023.

• Cash and cash equivalents at NOK 254 million, with over NOK 400 million available including credit line and zero bank debt.

• EBITDA for Q4 2024 was negative NOK 14 million, mainly due to lower contingent income and higher development expenses.

• Cash flow from operating activities in Q4 2024 was negative NOK 33.3 million, impacted by development costs.

• 16x return on Helios investment and 42% average annual shareholder return from 2020–2024.

Outlook and guidance

• Upgraded 2025 portfolio guidance to 10 GW (excluding Helios), with 600–725 MW in net sales targeted.

• Exceptional short- and medium-term sales opportunities identified across wind, solar, and BESS projects.

• Several ongoing strategic initiatives to scale, diversify, and pursue bolt-on acquisitions and partnerships.

• Focus on new geographies and technologies, including BESS and data centers.

• Anticipates further value from earn-outs, milestones, and 30% ownership in Hermana.