Magnora ASA

Investor Presentation • Apr 13, 2023

Investor Presentation

April 2023

A pure play "asset light" renewables developer

Highly experienced renewable energy investment and project team

Reached our ambition to develop 5,000 MW ¹ renewables two years ahead of time

Financing from near-term cash flow from legacy business and dividends from portfolio companies

Listed on the main board of Oslo Stock Exchange with 8,400 shareholders²

We invest in renewable and clean energy built in a sustainable way.

Key metrics

FY '22 EBITDA (mNOK)

12.0 +50.5 from 2021 (-38.5) FY '22 Revenues (mNOK)

91.7 +5X from 2021 (15.2)

GW in portfolio (Net share¹ ) Projects (in portfolio companies)

5.0

139

+3.4GW from 2021

Very frequent updates

Top 10 shareholders

	# shares	% ownership
HAFSLUND VEKST AS	4,474,272	6.7
KING KONG INVEST AS	2,670,995	4
GINNY INVEST AS	2,469,144	3.7
BEKKESTUA EIENDOM AS	1,881,860	2.82
CARE HOLDING AS	1,750,000	2.62
ALDEN AS	1,729,829	2.59
F1 FUNDS AS	1,668,121	2.5
PHILIP HOLDING AS	1,648,377	2.47
F2 FUNDS AS	1,630,000	2.44
Total, 10 largest shareholders	21,294,080	31.89 %
Other shareholder accounts	45,528,599	68. 11%
Total number of shares	66,822,679	100.00 %

Hand-picked management and team executing on large renewables opportunity with entreprenural background

Torstein Sanness

Executive Chairman

• Co-founder of Lundin Petroleum Norway and DNO, and from several executive positions during his 25 years at Saga Petroleum.
• Board member IPC, Panoro Energy, Carbon Transition, previously Chairman of Lundin Petroleum Norway.
• Master's degree in Engineering (geology, geophysics and mining engineering) from NTH.

Erik Sneve

CEO

• 25 years experience from various positions in the investment and renewable industry
• Experience from working as an analyst, consultant and investment director in EY, DnB Markets, Energy Future Invest (EFI – a Statkraft, Hafslund and Eidsiva Energi joint-venture), Tore Tønne and Torstein Tvenge.
• COO Has worked internationally in the US, Sweden, Germany and opened offices in the UK and Sri Lanka in software company.
• Responsible for the Solibro AB (Swedish solar technology company) development, construction and exit for EFI to QCells
• B.Sc. in Finance from Arizona State University with Summa Cum Laude and Dean's list.

Strong team of professionals with extensive experience from the energy industry

CFO

Bjørn Drangsholt CEO Hafslund Magnora

Sol AS

Emilie Brackman VP Wind & Solar

SVP Business development

Expert Advisor

Espen Erdal VP Business

Haakon Alfstad CEO Magnora Offshore Wind

development

We are developing renewable projects to Ready-to-Build phase

Diversified across technologies and regions

(As of 10 April 2023, projects in development, excluding four Swedish projects handed over to customer)

	Solar MW	Offshore floating wind MW	Offshore bottom-fixed MW	Onshore wind MW	Storage MWh	Under development
Sweden1	1,894		250		296	2,440
Scotland		396				396
England	30				50	80
Norway	120					120
South Africa	1,200			800		2,000
Development portfolio2	3,244	396	250	800	346	5,036

1) Net 190 MW has been sold to customers as of 3 April 2023; an additional four projects with a net share of 59 MW has been handed over to customers in 2022 and 2023 and is not included above.

2) Total capacity in MW x Magnora's ownership share = Net share

Collective drive towards green shift gives lower risk in earlystage development

Value premium for early-stage project development with low operational costs

Reducing risk in development phase through high competence and experience

Strategic partnerships

Developing projects to Ready-to-Build phase with limited balance sheet risk ("ASSET LIGHT")

Proven model with clear opportunities for future growth

Projects sold & guidance MW, net share of project capacity¹

Price range for RTB solar PV and onshore wind range from NOK 0.5 to above 1.5 million per MW² subject to risk factors such as unit economics, grid, permitting, etc.

2025 ambition MW, net share of project capacity¹

Cash flow from project sales and legacy assets used to fund new high-return investments

Helios farm-downs

Helios in brief

• Founded in 2019, Helios is a Swedish developer of large-scale solar plants
• Specialised in project development with expertise across all project development phases
• Current pipeline consists of projects across Sweden, Norway and the Baltics

Pipeline overview

118 ongoing projects

5,574 MW total capacity in pipeline (solar 4,733 MW and 741 MW Battery Energy Storage)

600 MW Sold capacity, approximately

900 MW In sales process, approximately

Helios: Long-term growth driven by strong megatrends

• Highly supportive renewables and solar market

Megatrends driving global and local support for solar energy Solar PV is a key constituent in energy transition

Source: Lazard's levelized cost of energy analysis, BCG (Why electric cars can't come fast enough, Capital monitor, European Commission, Swedish Government, Swedish solar trade association, IEA (World energy outlook 2022 & renewables data explorer), Solar power Europe (Global Market outlook for solar power, Energimyndigheten (short-term forecast summer 2022)

Outlook

Early-stage investment portfolio

Recurring new sales, dividend from portfolio companies, sale of portfolio companies and farmdowns in addition to legacy payments

Slide 12

Commercializing disruptive solar PV efficiency enhancing perovskite technology through turn-key solution

• Good prospect of increasing efficiency for PV market
• Accelerated lifespan test of 2.000 hrs. equals 25 years in real life. +85 Celsius at 85% humidity in heat damp chamber
• Efficiency gains of +25% by adding a perovskite layer to conventional solar panels
• Commercializing equipment and processes for enhancing conventional solar panels
• Ambition to sell turn-key solutions to solar cell manufacturers

Ownership

Strong industry interest and progress for Evolar AB (Uppsala , Sweden)

High pace toward commercialisation …

• ✓ Team with proven track record led by Professor Lars Stolt University of Uppsala
• ✓ Team has built multiple factories in Germany and China CIGS based solar cells on glass.
• ✓ New cell efficiency records
• ✓ Received first payments from customers partnering in Evolar's development projects
• ✓ Secured first- and second line vendors for its solutions and experiences increased interest in its solutions
• ✓ Design process of pilot plant for customer
• ✓ In discussions with several new potential customers
• ✓ Continued milestone beat in terms of cell efficiency, cost and durability
• ✓ Team has multiple world records with thin film solar cells over the last decade

… with increased Magnora exposure

• Magnora has entered into a convertible-loan agreement with Evolar to fund further development amid ongoing commercial and financial discussions.
• Currently considering various strategic and financial alternatives for the company due to external interest

Disclaimer

The information in this presentation has been prepared by Magnora ASA (the "Company"). By attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations and provisions:

This presentation has been prepared by the Company based on information available as of the date hereof. By relying on this presentation you accept the risk that the presentation does not cover all matters relevant of an assessment of an investment in the company.

No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, none of the Company, any advisor or any such persons' officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this presentation. The information herein is subject to change, completion, supplements or amendments without notice.

The presentation is based on the economic, regulatory, market and other conditions as in effect on the date hereof, and may contain certain forward-looking statements, which include all statements other than statements of historical fact. By their nature, forward-looking statements involve risk and uncertainty because they reflect the Company's current expectations and assumptions as to future events and circumstances that may not prove accurate. It should be understood that subsequent developments may affect the information contained in this document, which neither the Company nor its advisors are under an obligation to update, revise or affirm. Forward-looking statements involve making certain assumptions based on the Company's experience and perception of historical trends, current conditions, expected future developments and other factors that we believe are appropriate under the circumstances. Although we believe that the expectations reflected in these forward-looking statements are reasonable, actual events or results may differ materially from those projected or implied in such forward-looking statements due to known or unknown risks, uncertainties and other factors. These risks and uncertainties include, among others, uncertainties in the electric consumer market, uncertainties inherent in projecting future rates of production, uncertainties as to the amount and timing of future capital expenditures, unpredictable changes in general economic conditions, volatility of prices, competitive risks, counterparty risks including partner funding, regulatory changes and other risks and uncertainties discussed in the Company's periodic reports. Forward-looking statements are often identified by the words "believe", "budget", "potential", "expect", "anticipate", "intend", "plan" and other similar terms and phrases. We caution you not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation, and we undertake no obligation to update or revise any of this information.

This complete presentation is for informational purposes only and does not constitute an offer to sell shares in of the Company. This presentation is not a prospectus, disclosure document or offering document and does not purport to be complete. Nothing in this presentation should be interpreted as a term or condition of any future transaction. The presentation is strictly confidential and may bot not be reproduced or redistributed, in whole or in part, to any other person.

This presentation has not been reviewed or approved by any regulatory authority or stock exchange. The (re)distribution of this presentation and/or any prospectus or other documentation into jurisdictions other than Norway may be restricted by law. This presentation does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to acquire any securities offered by any person in any jurisdiction in which such an offer or solicitation is unlawful. Neither this presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever. Persons into whose possession this presentation comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such restrictions.

The contents of this presentation are not to be construed as legal, business, investment or tax advice. Each recipient should consult with its own legal, business, investment and tax adviser as to legal, business, investment and tax advice.

Any investment in the Company involves inherent risks and is suitable only for investors who understand the risks associated with this type of investment and who can afford a loss of all or part of the investment. Investors should carefully review the summary of risk factorsset out in the following slides before making any investment decision.

The presentation and any purported liability in connection with it is subject to Norwegian law and is subject to the exclusive jurisdiction of the Norwegian courts.

Appendices

Consolidation of portfolio companies

• Companies with a shareholder interest of more than 50% are accounted by the consolidation method
• ‐ The full net profit/loss is recognised
• Companies with a shareholder interest of less or equal to 50% and more than 20% are accounted by the equity method
• ‐ The Group recognise its share of the financial results according to its ownership share

1) Through Magnora South Africa Projects AS

2) Through Magnora South Africa Development AS

3) 8 percent indirect ownership through Helios' ownership share

Broad portfolio of attractive companies and projects – Gross Numbers

(per 10th of April 2023)

Ownership:	40%	63.5%	100%	92%	80%	40% Option to 50%	50%	50%	48%	33%
							STORAGE UK	PV UK
Segment:	Solar	Solar Tech		Onshore Wind and Solar	Offshore Wind	Offshore Wind Shallow Water	Energy Storage	Solar	Solar	Green Hydrogen and Ammonia
Gros capacity:	5,474 MW	3 joint development agreements	2,000 MW		495 MW	500 MW	200 MWh	60 MW	250 MW	Large-scale production
Location:	Sweden, Latvia and Lithuania	Sweden		South Africa	Scotland	Sweden	UK	UK	Norway	Norway

Norwegian Water Resources and Energy Directorate LCOE outlook¹

LCOE (levelized cost of energy) for power production

• Ground mounted solar is expected to decrease from 49 EUR/MWh to 29 EUR/MWh in 2030
• Thus, this will be the cheapest renewable energy technology after onshore wind
• Floating wind largest drop in LCOE in percentage points

Shareholders

20 largest shareholders

	Shares	Percent ownership
HAFSLUND VEKST AS	4,474,272	6.7
KING KONG INVEST AS	2,670,995	4
GINNY INVEST AS	2,469,144	3.7
BEKKESTUA EIENDOM AS	1,881,860	2.82
CARE HOLDING AS	1,750,000	2.62
ALDEN AS	1,729,829	2.59
F1 FUNDS AS	1,668,121	2.5
PHILIP HOLDING AS	1,648,377	2.47
F2 FUNDS AS	1,630,000	2.44
Interactive Brokers LLC	1,371,482	2.05
MP PENSJON PK	1,327,138	1.99
CLEARSTREAM BANKING S.A.	1,249,931	1.87
NORDNET LIVSFORSIKRING AS	1,222,964	1.83
ALTEA AS	1,154,944	1.73
Morgan Stanley & Co. Int. Plc.	1,122,474	1.68
DNB BANK ASA	1,025,000	1.53
AARSKOG	1,000,000	1.5
BNP Paribas	800,000	1.2
DANSKE BANK	788,531	1.18
ANDENERGY AS	768,140	1.15
Total, 20 largest shareholders	31,753,202	47.55
Other shareholder accounts	35,069,477	52.45
Total	66,822,679	100

Board and Management exposure

Person		Number of shares	Number of options
Erik Sneve	CEO	1,173,871	350,000
Torstein Sanness	Chairman	594,442	250,000
Haakon Alfstad	CEO Magnora Offshore Wind	61,177	250,000
Hilde Ådland	Board Member	39,011	10,000
Bård Olsen	CFO	50,000	150,000
John Hamilton	Board Member	33,837	40,000
Espen Erdal	VP Business Development	17,174	125,000
Trond Gärtner	SVP Business Development	7,000	100,000
Emilie Brackman	VP Wind & Solar	2,600	75,000
Total		2,013,612	1,375,000
% of shares outstanding		3.01 %

For further details and notes see annual report 2023 (magnoraasa.com)

Karenslyst Allé 6 | 1st Floor 0277 Oslo | Norway magnoraasa.com