Magnora ASA

Earnings Release • Nov 24, 2020

Magnora ASA: Q3 2020 financial results

Magnora ASA: Q3 2020 financial results

Oslo, Norway, 24 November 2020: MAGNORA ASA, a leading Norwegian renewable energy investment company releases its third quarter 2020 results.

Highlights from the quarter:

Solid financial performance in the third quarter driven both by increased operating revenue and gains from investments, delivering a profit before tax of NOK 9.4 million* (up from NOK 6.2 million in Q3 2019), and an ending cash balance of NOK 62.6 million

The 500 MW “Sydkustens Vind” project offshore Sweden continues to progress ahead of original schedule, and application for subsea studies has been submitted to the Swedish authorities

Land lease application for the 50 MW UK onshore wind development project is still being processed by the UK authorities

The Vindr team has secured property rights for a new industrial wind project within its geographical focus area with 15-25 MW potential, and the company now has a “sales” pipeline of above 300 MW of small to medium sized projects with local production of renewable energy

Continued high deal-flow has triggered several discussions with potential industrial partners, utilities, offshore wind companies and project developers, and if realised, the projects currently being discussed will add a considerable amount of additional renewable power to our portfolio

*The Company has a deferred tax asset of over NOK 3.5 billion and therefore not paying tax on this profit

Subsequent to the quarter:

On 16 November 2020 Magnora entered into an agreement to participate in a share issue in Evolar AB. Magnora will initially own 28.44 percent of the shares in Evolar AB (Evolar) after the first share issue, with options to increase Magnora’s ownership in Evolar to 63.5 percent ownership. Evolar is developing a unique perovskite-based PV power booster technology that potentially adds 25 percent power to conventional solar panels. Evolar will advance discussions with potential partners and customers in 2021 and is also considering an IPO during 2021

“We are continuing to develop Magnora according to our strategy, and we are maintaining a flat and light organisation to grow gradually with our new investments. We spent considerable time this quarter evaluating potential investments, and we arrived with an agreement with Evolar, which we believe is a company with a unique product and business plan, combined with a high performing team that also is a good cultural fit with Magnora,” says Erik Sneve, CEO of Magnora ASA.

The third quarter 2020 report is enclosed to this announcement.

Investors may contact the Magnora CEO for more details at the email address below.

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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 investment 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.