Magnora ASA

Earnings Release • Nov 8, 2022

Magnora ASA: Third quarter 2022

Magnora ASA: Third quarter 2022

8.11.2022 07:00:01 CET | Magnora ASA | Additional regulated information required

to be disclosed under the laws of a member state

8 November 2022: Magnora, a Norwegian renewable energy development company,

releases its financial report for the third quarter 2022.

Highlights:

* The third quarter continued the positive momentum across our portfolio

companies, with new investments identified, new funding, and important

milestones reached.

* We see stronger interest of doing business with our portfolio companies

compared to previous quarters, and our portfolio companies continued

origination of more land and grid connections, instrumental for our value

creation.

* We received our first dividend from our Swedish solar project development

company Helios in August, and it is a significant milestone for our company

less than 18 months from first investment into Helios.

* In September we successfully closed a seven times oversubscribed private

placement raising a total of NOK 200 million at a price of NOK 22.35 per

share, of which NOK 100 million was pre-allocated to Hafslund. Hafslund is

now the single largest investor in Magnora at 6.7 percent.

* Magnora, Hafslund and Helios agreed to establish a solar PV development

company for the Norwegian market. In addition, Hafslund signed an MOU with

Magnora for further cooperation in renewable development.

* We started to provide financial targets in our Q2 report and expect our net

share of asset sales in the portfolio companies to be 150-250 MW for the full

year 2022. The price range per MW is expected to be NOK 0.5-1.5 million

depending on the risk profile and unit economics in the projects sold. In

certain segments and private platform transactions we have seen prices both

higher and lower than this range.

* Magnora is still considering solar PV opportunities in other markets in

Northern Europe and beyond.

* Evolar has secured first- and second-line vendors for its solutions and

experiences increased interest in its solutions. The company continues to

reach its cell efficiency and productivity milestones. Evolar has received

interest from external investors. Evolar is considering various financial

alternatives.

* Helios has grown its portfolio to a total of more than 2,000 MW and is

engaged in multiple sales discussions. Potential new sales can be expected in

the near term.

* Magnora South Africa was granted its first environmental authorisation for

the development of a solar PV project of 260 MW. The plant will have an

estimated production of over 600 GWh per year.

* Magnora South Africa continues to explore new expansion opportunities within

the country and has already engaged in several commercial discussions.

* Magnora Offshore Wind is progressing through consenting phase for Scotwind N3

area (495 MW), according to plan and preparing for the leasing rounds for the

Celtic Sea, and for Utsira Nord in Norway.

* Magnora, Prime Capital and Troms Kraft have established Neptun Tromsø AS to

develop a large-scale production facility for the production of green ammonia

to serve the maritime and chemical industries in Tromsø, Norway.

* Magnora entered the fast-growing UK Solar PV and battery storage market

through a partnership with an experienced local developer. with an initial

capacity under development of 60 MW solar PV and 70 MWh of battery storage.

After the close of the quarter, the partnership established a 80MW/160MWh

Battery Energy Storage System(BESS) project. The partnership continues to

search for new opportunities while maturing existing projects to be ready for

sale in 2023.

* Adjusted EBITDA* for third quarter 2022 was negative NOK 1.6 million. EBITDA

continues to be impacted by development costs mainly consolidated in from

Evolar, Magnora Offshore Wind, and Magnora South Africa.

* Magnora has targeted net sale in Magnora or Magnora portfolio companies for

2023 to be in the range of 200-325MW

* As of 30 September 2022, cash and cash equivalents amounted to NOK 196.4

million. Available cash and loan facilities totals NOK 271.8 million at the

end of the quarter.

The third quarter report and presentation are attached to this announcement.

The report can also be found on: https://magnoraasa.com/investors

The company will host a webcast presentation at 10:00 CET this morning, which

can be accessed with the following link:

https://channel.royalcast.com/landingpage/hegnarmedia/20221108_10/ -

https://eur03.safelinks.protection.outlook.com/?url=https%3A%2F%2Fchannel.royalc

ast.com%2Flandingpage%2Fhegnarmedia%2F20221108_10%2F&data=05%7C01%7Cmss%40crux.n

o%7C03333ee7fdbb4fe614de08dabe51c53f%7C387e2ad2bbbe44a182b07c03b277902e%7C0%7C0%

7C638031555651596980%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzI

iLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=pLZE0r23YCxab69KugeiEUvPbl

poOf62ox8qvVNQynY%3D&reserved=0

The presentation will be followed by a Q&A session with the management.

Questions may be asked in writing during and after the presentation.

DISCLOSURE REGULATION

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

CONTACTS

* Erik Sneve, CEO, email: es at magnoraasa.com

* Torstein Sanness, Executive chairman, email: sanness at sf-nett.no

ABOUT MAGNORA ASA

Magnora ASA (OSE: MGN) has a legacy royalty business that is re-invested in

renewable energy development projects and companies. Magnora's portfolio of

renewable companies consists of Evolar AB, Helios Nordic Energy AB, Kustvind AB,

Hafslund Magnora Sol AS, Neptun Tromsø AS, Magnora Offshore Wind AS, Magnora

South Africa, and AGV. The company is listed on the main list on Oslo Stock

Exchange under the ticker MGN.

ATTACHMENTS

Download announcement as PDF.pdf -

https://kommunikasjon.ntb.no/ir-files/17847805/1873/2535/Download%20announcement

%20as%20PDF.pdf

Magnora ASA Q3 2022 Report.pdf -

https://kommunikasjon.ntb.no/ir-files/17847805/1873/2533/Magnora%20ASA%20Q3%2020

22%20Report.pdf

Magnora ASA Q3 2022 Presentation.pdf -

https://kommunikasjon.ntb.no/ir-files/17847805/1873/2534/Magnora%20ASA%20Q3%2020

22%20Presentation.pdf