Magnora ASA

Earnings Release • Aug 25, 2020

Magnora ASA: Q2 and 1H 2020 financial results

Magnora ASA: Q2 and 1H 2020 financial results

Oslo, Norway, 25 August 2020: MAGNORA ASA, a leading Norwegian renewable energy investment company releases its second quarter and first half-year 2020 results.

Highlights from the quarter:

• Solid financial performance in the second quarter largely driven by gains from investments, delivering a net profit of NOK 12.1 million, up from NOK 2.4 million in the last quarter

• Good progress on the 500 MW “Sydkustens Vind” project offshore Sweden, including completion of numerous studies that have validated the commercial and technical feasibility of the project

• Signed a letter of intent to invest in a potential 50 MW UK onshore wind development project which is close to existing infrastructure and has good wind conditions

• Entered into a letter of intent to invest in a potential 60 MW onshore wind development project company in Scandinavia

• The Vindr team continues development of its technology and methodology in an impressive way. The company has expanded its project pipeline and engaged an additional specialist to its team

• Magnora is in discussions with potential industrial partners, project developers and renewable companies to explore partnership opportunities that enable growth within and outside our core market

• Strengthened the company’s management team:

o Theis Hanang Pedersen appointed head of business development and strategy

o Haakon Alfstad appointed investment director

o Bjørn Sund appointed as director of industrial projects and offshore

o Engaged two senior consultants enabling us to strengthen our offering offshore and outside Norway and Sweden

“The business development activity level in the second quarter reflects the many opportunities we see in the wind sector, culminating in our announcement on 3 July to accelerate the development of the 500 MW ‘Sydkustens Vind” shallow water offshore wind project in Sweden. We are delighted by how the market has responded to our plans and look forward to continue developing our projects. We have a great team, and we are certain we can develop this company going forward,” says Erik Sneve, CEO of Magnora ASA.

The second quarter and half-year 2020 report is enclosed to this announcement.

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For further information, please contact:

Torstein Sanness, working chairman, sanness@sf-nett.no

Erik Sneve, CEO, Magnora ASA, es@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. ASA is a royalty company

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