Magnora ASA

Report Publication Announcement • Jul 18, 2025

Magnora ASA H1 2025: Driving portfolio growth and advancing sales readiness across all markets

Magnora ASA H1 2025: Driving portfolio growth and advancing sales readiness across all markets

18.7.2025 07:00:00 CEST | Magnora ASA | Half yearly financial reports and audit

reports / limited reviews

18 July 2025: Magnora, a Norwegian renewable-energy development company,

releases its financial report for the first half of 2025

Highlights of Q2 2025

* The project portfolio grew by 7% to 8.0 GW during the quarter, and by 65%

since Q2 2024 - on track for 10 GW by the end of 2025 allowing a steady flow of

new projects for sale in the years to come. There are commercial discussions

with potential partners and buyers in all of Magnora's regions and product

segments.

* Magnora Germany continues to expand the team and the portfolio. We have

identified 70 potential battery (BESS) projects with good grid potential, and

the portfolio has grown to 150 MW. We experience very high interest in BESS

projects in Germany, exemplified by a recently signed Letter of Intent with a

leading European infrastructure company.

* In Italy, Magnora is advancing 450 MW of early- and mid-stage BESS projects

towards the MACSE auctions in 2026 and 2027 as well as the merchant markets.

MACSE is the Electricity Storage Capacity Procurement Mechanism managed by

Terna, Italy's transmission system operator.

* The portfolio of Magnora South Africa is above 5 GW across solar PV, onshore

wind, and BESS. Sales processes are underway for some 250 MW wind and 250 MW

solar projects with optional BESS. Several other projects are also approaching

sales ready.

* In the UK, Magnora Offshore Wind received an updated grid connection offer

confirming connection to the Western Isles region of Scotland, scheduled for

December 2030. A final draft will need to await the outcome of the ongoing grid

reform process. In England, grid agreement negotiations are advancing for

several BESS/solar projects and we expect to market projects of 140 MW in second

half 2025.

* Upon receiving a bid, Magnora sold its remaining shares in Hermana Holding ASA

for approximately NOK 40 million with a net gain of NOK 8.7 million. All shares

were offered to Magnora shareholders.

* The Magnora share continues to offer a competitive direct yield. The

shareholders received a quarterly dividend as return of paid-in capital of NOK

0.187 per share, in total NOK 11.9 million. The Board decided subsequently, on

17 July, to continue quarterly cash return and maintain payouts at the current

level.

* Magnora launched a new share buyback programme on 29 April and purchased own

shares for NOK 1.6 million during the quarter.

* The net result from continued operations was negative NOK 22.2 million in the

quarter and positive NOK 16.4 million for the first half of 2025. In such short

periods, revenues reflect the timing of project sales, which fluctuate depending

on project maturity and market conditions.

* By the end of the quarter, Magnora held a war chest of NOK 373 million: NOK

223.4 million of cash and cash equivalents, and a NOK 150 million credit

facility at NIBOR plus 185 basis points.

* After the quarter, it was announced that the 153 MW / 612 MWh BESS project Red

Sands in South Africa reached financial close, triggering a final milestone

payment to Magnora. The project, developed by Magnora and sold to Globeleq in

2023, is the largest standalone BESS project in Africa to reach financial close

to date.

Outlook

* A number of projects across most of Magnora's geographies are on track to

achieve full permitting and secure firm grid connection dates during 2025-2028.

* We are experiencing significant interest in co-investment and partnership

opportunities in Germany, Italy, and South Africa.

* Magnora continues to build a strong and balanced project portfolio, which

increased 65% the last twelve months, positioning the company to deliver project

sales annually. All regions and technologies are expected to contribute to sales

in 2025 or early 2026.

* Active sales and farm-down pipeline: We are currently engaged in multiple

project sales and farm-down discussions and continue to explore opportunities in

new markets. We anticipate the sale or farm-down of 600-725 MW of projects in

2025, potentially spanning offshore and onshore wind, solar, and BESS across

several countries.

* Continued high demand for wind projects in South Africa.

* The roll-out of BESS looks set to pick up speed. In Germany and Italy,

high-quality BESS portfolios are being built while discussing with potential

partners and buyers. Demand for BESS is expected to increase due to falling

costs, increased public infrastructure investment, and power-price volatility.

In Germany, we plan for efforts and results based on the recently signed Letter

of Intent with a leading European infrastructure company. The local teams are

expected to be further expanded in the coming months.

* Earnouts, revenue-sharing arrangements, and milestone payments from previously

sold projects and companies may provide Magnora with substantial income in the

years up to 2029.

* In all our markets, and particularly where energy demand is comparably soft,

Magora sees a rising demand for data centre projects. Based on a strong overlap

with our existing expertise and assets, Magnora is assessing opportunities where

we can leverage our landbank, expertise in project development, power markets,

grid access, and market integration. After having invested quite some time and

resources in research and discussions with potential partners, it appears some

of our projects may be suitable for co-location with data centres.

* Over the past years, Magnora has successfully and profitably transitioned into

the green energy sector and expanded its portfolio. Magnora is now a

multi-country, multi-technology platform ready to grow in multiple ways within

the global electrification mega trend. We are excited about future growth

opportunities.

The Q2 and half-year 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, cf.

https://channel.royalcast.com/landingpage/hegnarmedia/20250717_1/

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

ABOUT MAGNORA ASA

Magnora ASA (OSE: MGN) is a renewable-energy group developing wind, solar and

battery storage projects. Magnora has operations in Europe and Africa through

the portfolio companies Hafslund Magnora Sol AS, Magnora Offshore Wind AS,

Magnora Germany, Magnora Italy Srl, Magnora Solar PV UK, Magnora South Africa,

and AGV. Magnora also has earn-out revenues related to the former portfolio

companies Helios Nordic Energy and Evolar. Magnora is listed on the main list of

the Oslo Stock Exchange under the ticker MGN.

ATTACHMENTS

Download announcement as PDF.pdf -

https://kommunikasjon.ntb.no/ir-files/17847805/18599488/6311/Download%20announce

ment%20as%20PDF.pdf

Magnora ASA Q2-2025 Report.pdf -

https://kommunikasjon.ntb.no/ir-files/17847805/18599488/6309/Magnora%20ASA%20Q2-

2025%20Report.pdf

Magnora ASA Q2-2025 Presentation.pdf -

https://kommunikasjon.ntb.no/ir-files/17847805/18599488/6310/Magnora%20ASA%20Q2-

2025%20Presentation.pdf