Magnora (MGN) Q4 2025 earnings summary

Executive summary

• Achieved record origination growth in 2025, expanding into the data center market and increasing the development portfolio to 10.4 GW, a 60% year-over-year increase from 2024.

• Strategic shift towards data centers in the Nordics, securing 210 MW in Norway and Finland, and 315 MW in Sweden, with an operational data center in Halden, Norway.

• Divested all shares in Hermana Holding to optimize capital allocation towards renewables and data centers; maintain a capital-light, profitable, and debt-free business model.

Financial highlights

• Combined cash position of NOK 316 million at year-end 2025; ending cash balance at NOK 166.4 million after investment and financing activities.

• Profit before tax was NOK 12.2 million, down from NOK 269 million in 2024, impacted by Hermana revenue flow-through.

• 26% annual average shareholder return since 2020; over NOK 1 billion returned to shareholders in cash and shares.

• 21% return on equity since 2020.

Outlook and guidance

• Targeting 12 GW development portfolio by end of 2026, with 2,500 MW of mature-stage projects currently for sale or under marketing.

• Prioritizing data centers in the Nordics, BESS in Southern and Central Europe, and onshore wind in South Africa.

• Strategic alternatives under consideration for further data center growth due to strong market interest.