Magnora ASA

Investor Presentation • Feb 25, 2025

SpareBank 1 Markets 2025 Energy Conference Accelerating "the unstoppable" renewables deployment

CEO Erik Sneve, 25 February 2025

Magnora: a pure play, asset-light, profitable renewable developer

• Founded in 2001 (as Sevan Marine ASA)
• Transformed into a renewable-energy company (Magnora ASA) in 2018-2019
• Accelerates the energy transition by developing high-quality, profitable projects within solar, wind and battery energy storage
• 6 GW project portfolio (Magnora share)
• Listed on the Oslo Stock Exchange, with ~7,000 shareholders

Company overview Strategic & operational edge Business areas & markets

• Developing asset-light portfolios of renewable-energy projects with strict capital discipline in high-growth markets
• Highly experienced team from investments and renewable-energy development
• Zero debt, low burn, solid cash position and cash flow from project sales
• Solid and increasing track-record of successful developments and sales

Industry-scale projects within:

Offshore floating wind Offshore bottomfixed Onshore wind Solar PV Storage

Operations in Norway, Sweden, UK, Germany, Italy, South Africa

Financials

• Market cap NOK 1.6 billion (& Finland earn-out)
• Capital returned to shareholders since 2018: > NOK 1 billion
• Net profit Q1-Q3 2024 (2023): NOK 294 million (NOK 192 million)
• ROE Q1-Q3 2024 (2023): 62% (33%)

For the 5-year period 2020-2024
Net profit1 , annual average	NOK 68 million
ROE1 , annual average	25 %
Total shareholder return, aggregate	472 %
Total shareholder return, annual average 42 %

¹ As of Q3 2024

We take a long view through boom, bust and revival

If history is a guide, renewables look posed for a revival

Dot com and green boom around peak

Big money took smart bets last year… expect more cases where public companies go private or consolidate

BUYER	SELLER/TARGET

Electricity is facing a long-term super cycle

Enhanced supply chains and lower costs boost renewables' competitiveness and demand, but China dependency increases...

Source: IEA Advancing Clean Technology Manufacturing report 2024, Thema ¹ Existing capacity utilised at 85%, ² Current utilised capacity and committed announcements

Power prices remain above historical levels – a case for offering double digit return for IPPs?

Historical power prices and power futures, EUR/MWh

Source: Lars Ove Skorpen, Pareto Energy Conference, 2025 based on Nord Pool and Martel

Expect all European countries to become more like Germany, the current leader in renewable energy

KEY DRIVERS FOR BATTERY ENERGY STORAGE SYSTEMS (BESS)

120% 100% Strong fundamentals underpinned by renewable growth One of the most attractive regulations and policies for BESS projects 2002 2024 44 259 Net electricity generation in Germany, TWh¹ 63% • Grid tariffs: Exemptions of grid fees for storage projects has been extended to 2029 • Capacity markets: German government considering introduction of capacity markets in the coming years • Amendment to the Electricity Regulation Act: Improved grid connection processes and regulatory clarity • Grid investments: Ambitious plans to expand and improve electricity grid requiring investments of 650 billion EUR Renewable share 2024: Solar Onshore Wind Other

by 2045

Economic rationale is strengthening further

Price captures by a typical solar asset relative to the avg. price of electricity (%)²

80%

Jan 2022 Dec 2024

With battery Without battery

¹Franhaufer ESE, ²Ember

"Dunkelflaute" (absence of both wind and sun) is unlikely to pause the growth of renewables

We like to look for the next big thing. Bridgewater Associates think Africa may soon replicate the "Asian tigers"

There is an economic gap between Africa and the Rest of the World – but significant developments are observed

Population Surge: Sub-Saharan population is set to double by 2070

Workforce Growth: 50% of new labour force in the world will be from Africa in 2030

Investments in infrastructure and energy is crucial for shaping the region's future trajectory.

• Over 600 million people in Sub-Saharan Africa lack access to electricity
• 3% of global GDP, only 1% of private capital

South Africa shows the way – a huge shift from fossil to affordable renewables – and a country open to business

13

Strong management supporting local teams with experience and entrepreneurial approach

• B.Sc. in Finance from Arizona State University with Summa Cum Laude (Dean's list)

2025 outlook: We are seeing a good interest for our projects in all countries

Concluding remarks

• Big beautiful growing markets multi decade opportunity
• Diversified portfolio in multiple countries
• High margins compared to IPPs
• Organic cash flow
• Strong cash conversion last years
• Zero debt, solid cash position
• Low fixed costs
• Team with track record

THANK YOU

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.

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