Magnora ASA

Earnings Release • May 19, 2021

Magnora ASA: Q1 2021 financial results

Magnora ASA: Q1 2021 financial results

19 May 2021: MAGNORA ASA, a leading Norwegian renewable energy development company releases its first quarter 2021 results.

Highlights from the quarter:

• A great quarter with high activity and entering new segments and markets with great teams and global giants such as RWE Renewables and TechnipFMC.

• Strategic entry into the Nordic solar PV market through acquiring 25 percent of Helios Nordic Energy AB (Helios), a greenfield developer of large-scale PV projects in the Nordics with 500 MW of potential projects with land lease agreements and several county administration approvals.

• Agreement with TechnipFMC to establish a joint floating wind company called Magnora Offshore Wind. The joint venture has already commenced work with the ScotWind offshore round and is already looking into several other opportunities.

• Established the new Vindr Group where Vindr merged with a South African wind and solar PV consultancy and project developer.

• Separately from the Vindr merger, Magnora entered the South African market through acquiring 100 percent of the shares in a South African company with a potential 850 MW greenfield renewable development portfolio consisting of approximately 550 MW wind and 300 MW solar PV. The South African Company has already commenced work with key stakeholders such as banks, investors, consultants and more.

• Magnora closed an equity private placement of 4,485,981 new shares with a subscription price per share of NOK 26.75 and a total offer size of NOK 120 million.

• Peter Nygren was appointed Executive Vice President Operations and part of Magnora’s executive management team. Nygren is the former founder and CEO of Swedish listed wind developer Arise, and is one of the leading wind experts in the Nordics.

• Announced cooperation with RWE Renewables on 1 February 2021 in an onshore wind project in Agder County, Norway. Magnora and RWE are working on a revised agreement where Magnora is taking a more active and greater role in the project going forward.

• Magnora is considering an increase of its stake in Evolar during the quarter. The Evolar team has reached key milestones and are in discussions with potential partners and customers. Evolar has already manufactured its first prototype samples of full size perovskite cells at its R&D lab in its facilities in Uppsala. Anders Hagfeldt, the Vice Chancellor of the University of Uppsala joined Evolar’s Advisory Board in April. Hagfeldt is one of the leading Perovskites scientists globally. Please visit www.evolarab.se to watch the Evolar update Vimeo.

• Financial results in the quarter were impacted by higher than usual operating costs connected to numerous business development activities and transactions in the quarter, including Helios, Magnora Offshore Wind, the new Vindr Group and entry into the South African market, as part of Magnora’s strategy to build a diverse and attractive portfolio of renewable projects and assets. Some of the operating expenses did not affect cash, and net cash generated from operating activities was negative NOK 3.5 million for the quarter.

• Magnora engaged Gisle Grønlie as EVP Legal and M&A. Mr. Grønlie joins Magnora from TechnipFMC.

The first quarter 2021 report is enclosed to this announcement.

***

For further information, please contact:

Torstein Sanness, Executive Chairman, sanness at sf-nett.no

Erik Sneve, CEO, Magnora ASA, es at magnoraasa.com

About Magnora

Magnora ASA (OSE: MGN) is a renewable energy development company looking for profitable green investment opportunities. The company is listed on the main list on Oslo Stock Exchange under the ticker MGN.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.