Magnora ASA

Investor Presentation • Jul 18, 2025

Magnora ASA

Q2 2025

Highlights and subsequent events Q2 2025

• Continued solid portfolio growth
  • Project portfolio grew 65% last twelve months, 7% last quarter
  • Now reached 8.0 GW
• Magnora completed the transition, also financially, into a 100% renewable-energy company
  • Successful divestment of Hermana Holding ASA shares and strengthening of cash position
• Secured first site in Germany and signed Letter of Intention with leading European infrastructure investor
  • First site secured with high visibility of grid connection
  • High demand and expressed interest from multiple customers and potential partners
• Magnora Italy strengthened partnership and scales up for MACSE auctions
  • Over 450 MW of mid-stage development BESS projects in Italy positioned for auctions in 2026 and 2027 as well as merchant and capacity markets
  • 125% quarterly growth, up from 200 MW
• Magnora Offshore Wind received confirmation of grid connection in 2030
  • The project is developing according to schedule and holds no red flags as of Q2 2025
• Magnora South Africa initiated new sales processes, and Red Sands financial close in July
  • Ongoing process for some ca 250 MW solar and ca 250 MW wind, with optional BESS
  • Africa's largest BESS project (153 MW/612 MWh), developed by Magnora and sold to Globeleq in 2023, financial close in July

Market observations: Volatile prices and falling capex drive BESS investments in Europe, while low electricity prices trigger new business - especially in the Nordics

Market observations: Global uncertainty drives demand for energy security in Europe

A pure-play, asset-light, profitable renewable energy developer

Capital distribution programme continues with dividend and buybacks in Q2

Capital distribution policy Q2 shareholder events

Regular dividend Extraordinary

Magnora allocates capital to where the company expects a return well above the cost of capital.

The capital structure is normally all equity based with substantial cash.

Considering the need for growth capital and expected future cash flows, excess capital will normally be returned to the shareholders through dividend, repayment of paid-in capital or share buybacks with subsequent cancelling of shares.

dividend Share buyback

For further details see quarterly report for Q2 2025 (magnoraasa.com)

¹ Comparable ROE figures from Pareto, comparable IPPs players consisting of Nordic and European peer group

Consistent project portfolio growth of 55% annually with 500 MW added in Q2

Development portfolio

A portfolio diversified across technologies and regions

Total: 8,045 MW¹

¹MW stated is Magnora's owner share of project capacities, including sold projects where future earnout and milestone payments are expected, but not including Helios from which Magnora exited in 2024.

BUSINESS MODEL

Developing renewable projects to the Ready-to-Build phase

Criteria: Small initial investment (2-20 MNOK) and active target search in select markets

Criteria: Minimum 5x return potential

Magnora is early in the value chain, but has competence on also construction and operations

Opportunities search and evaluation

• Market and regulations analyses
• Due diligence
• Risk assessments
• Commercial and exit scenario

Project development

• Landowner agreement
• Grid connection
• Market contact & engagement
• Environmental assessment and concession
• Design and technical planning
• Co-operation with partners
• Possibly co-ownership

Exit before ready-to-build 5x

Construction phase

• Physical construction • Project management

• Power contracts or spot market

• Engineering • Procurement

Operations phase

• Power production/storage
• Management
• Optimisation
• Maintenance
• Further development

First project investment (normally 2-20 MNOK)

Magnora in the value chain -2 -1 0 1 2 3 4 5 ··· Years (illustrative)

12

«Strategy as simple rules» – our approach

Rule			Rationale		Magnora history
	Diversify	• •	Shift money and people to areas of high return Risk mitigation	• •	Geographical expansion Journey from wind to solar PV and BESS
	Insist on early sales	• • •	Proof of concept/market Business savvy people Customer centric culture	•	Helios, Evolar, South Africa, etc.
	Keep a "war chest"	•	Negotiate from a position of strength	•	Loan facilities, strong cash position
	When things look perfect, consider exit	• •	Business is cyclical Aim for high growth/high return	•	Evolar, Helios
	Look for entrepreneurs with integrity	•	Sleep well	•	Huge investment in screening people, build network of advisors
	Remain agile and adaptable	• •	Be able to respond quickly. Empower local teams Seize opportunities	•	Rapidly entered Italy and Germany as favourable market conditions were observed
	Stay in early-stage renewables	• • •	Stay capital light – free money for reinvestment and return of capital Exploit mega-trends Position Magnora for large funds	• •	Divest legacy Exit Evolar prior to full industrialization
	No expensive stuff on the balance sheet	•	Do not compete with cheap-capital players	•	Disciplined investments and farm-downs (e.g. green ammonia)

Developing projects to Ready-to-Build phase ("asset-light") with limited balance sheet risk

Example of previous customers and partners - leaders in their respective markets

Globeleq	Our first customer in South Africa - is owned by the Norwegian and UK governments and is an ambitious and respected developer
Commerz Real AG	A leading European bank and infrastructure investor
Hafslund	Leading European utility Hafslund produces 20 TWh year in green energy
Nordic Solar	Leading European Solar Independent power producers (IPP) and Helios customer
Red Rocket	South Africa's most ambitious IPP – home grown and determined to succeed
First Solar Inc.	America's leading manufacturer of Solar PV, and the most valuable solar PV company anywhere, acquired Evolar AB from Magnora
Vinci	A Euronext 50 company and infrastructure champion heading into renewables

Magnora shifts financing and management attention to the segments where we get the highest return

16

BUSINESS & MARKET UPDATE

Portfolio update, sales/farm-down and outlook

Data centre development presents an interesting market opportunity – well suited to leverage Magnora's platform (core strengths, footprint and portfolio)

Example: The Nordic data centre market is experiencing significant growth – expected to continue towards 2030

Source: SpareBank1 Markets, EDUCA State of European Data Centres 2025, Rystad Energy

The keys to successful data centre planning align well with Magnora's expertise and capabilities

	Battery systems	Onshore wind	Solar PV	Data centres
Power connection (grid)	Power connection	Power connection	Power connection	Power connection
Site identification	Power connection	Power connection	Power connection	Power connection
Building & environmental permits	Power connection	Power connection	Power connection	Power connection
Technical management	Power connection	Power connection	Power connection	Power connection
Project execution	Power connection	Power connection	Power connection	Power connection
Fibre connection
Power contracts / capacity sale

Business update: Experienced German team with proven approach in a high-demand and attractive market

Business update: South Africa with steady growth and ongoing sales processes

Onshore wind projects are particularly attractive, offering 3-4 times higher return than solar PV or BESS. High focus on onshore wind

Technological diversity

Triggers final milestone payment Expected close by H2 2025 Portfolio over 5,000 MW

Business update: Italy has ambitious renewable and storage goals, along with favourable regulations and strong subsidies

• Government-controlled deployment through planned auction scheme called "MACSE" • MACSE is the Electricity Storage Capacity Procurement Mechanism managed by Terna, Italy's transmission system operator • Terna provides 15-year bankable contracts to BESS asset owners • Increasing wholesale market spreads due to adoption of renewables • Merchant and Capacity market is becoming more relevant, especially in the North Italy market characteristics Comments Installed battery capacity, Italy, Aurora Report (Central Scenario) 2023 2030 0.1 GW 10.3 GW South-north issue Production in south, consumption in north Renewables deployment: Solar PV to increase from 20 GW to 60-80 GW by 2030 Key drivers:

Business update: Magnora Italy scaling team and portfolio for MACSE auctions

Magnora Italy BESS strategy

Hedged portfolio

We develop projects both in the north and south which address different revenue and risk profiles – and customer groups

Approach

We combine in-house development with co-development to have a portfolio of mixed project maturities providing both short-term and long-term sales pipeline

Growth

200 MW added in Q2 – 450 MW in total

Team

We expand the team to accelerate development and portfolio growth

FINANCIALS

Condensed profit and loss Q2 2025, NOK million

• EBITDA of negative NOK 24.4m vs. NOK 41.1m in Q1 '25
  • Primarily due to lower operating revenue following one-off legacy business milestone income in Q1, and higher development expenses in the quarter
  • Other income included gain from sale of Hermana Holding ASA and income from structured funding for targeted development activities
• Operating loss of NOK 27.8m vs. profit of NOK 36.9m in Q1 '25
• No tax payable, supported by approximately NOK 3 billion in accumulated tax losses from legacy business
• Paid in capital of NOK 6.9 billion

	Q2 '25	Q1 '25	2024
Operating revenue	2.3	49.7	2.3
Other income	6.7	12.8	358.6
Operating expense (ex. non-cash)	-14.5	-9.9	-51.7
Development and M&A expense	-19.0	-11.5	-69.9
EBITDA	-24.4	41.1	239.3
Depreciation and amortization	-0.3	-0.3	-1.1
Profit/loss from associated companies	-3.1	-4.0	43.3
Operating profit/loss	-27.8	36.9	281.5
Net financial items	5.6	1.7	-12.3
Profit/loss before tax	-22.2	38.6	269.2
Tax income/expense	0.0	0.0	-5.5
Net profit/loss	-22.2	38.6	263.7

Cash flow Q2 2025, NOK million

Cashflow from:

• Operating activities: negative NOK 28.2m
  • Increased development activity across Magnora Offshore Wind, Germany, Italy and South Africa. Partially offset by structured funding received in support of targeted development initiatives
• Investment activities: NOK 35.8m
  • Primarily reflects proceeds from the sale of Hermana Holding ASA shares, partly offset by capital injections to associated companies
• Financing activities: negative NOK 13.7m
  • Mainly related to capital distribution through dividends and share buybacks
• Ending cash balance: NOK 223.4m
  • The Group's cash and available credit facilities was NOK 373.4 million as of 30 June 2025

Consolidation of portfolio companies

• Companies with a shareholder interest of more than 50% are accounted by the consolidation method
  • The full net profit/loss is recognised
• Companies with a shareholder interest of less or equal to 50% and more than 20% are accounted by the equity method
  • The Group recognises its share of the financial results according to its ownership share
• Typically, sales convert to revenues from 0-24 months from signing based on maturity of projects and "ready-to-build" status depending on multiple factors
• Remaining companies IFRS

MAGNORA ASA

100%	Magnora South Africa1
100%	African Green Ventures2
80%	Magnora Offshore Wind
100%	Magnora Italy Holding
100%	Magnora Germany Holding

CONSOLIDATION METHOD

50%	Magnora in the UK	EQUITY METHOD
48%	Kustvind AB
40%	Hafslund Magnora Sol
30%	Hermana Holding ASA (divested)

² Through Magnora South Africa Development AS

Key persons have high economical exposure to company performance

Person		Shares	Options
Torstein Sanness	Chairman of the Board	669,442	328,000
John Hamilton	Board member	33,837	40,000
Hilde Ådland	Board member	39,011	10,000
Erik Sneve	CEO	1,183,871	525,000
Bård Olsen	CFO	115,978	50,000
Stein Bjørnstad	COO	21,496	50,000

Board and management exposure Ownership structure as of 30 June 2025

Shareholder	No. of shares	% of total
KING KONG INVEST AS	2,807,195	4.3%
GINNY INVEST AS	2,469,144	3.8%
ALDEN AS	1,963,200	3.0%
F1 FUNDS AS	1,926,870	2.9%
MAGNORA ASA	1,915,030	2.9%
DNB BANK ASA	1,851,341	2.8%
F2 FUNDS AS	1,780,000	2.7%
PHILIP HOLDING AS	1,648,377	2.5%
JPMorgan Chase Bank	1,434,737	2.2%
ALTEA AS	1,154,944	1.8%
TRAPESA AS	1,066,590	1.6%
J.P. Morgan SE	1,039,139	1.6%
NORDNET LIVSFORSIKRING AS	1,010,735	1.5%
HELGØ FORVALTNING	1,002,902	1.5%
AARSKOG	1,000,000	1.5%
CARE HOLDING AS	1,000,000	1.5%
MP PENSJON PK	934,732	1.4%
Fender Eiendom AS	926,711	1.4%
METAL MONKEY AS	853,950	1.3%
VPF FIRST OPPORTUNITIES	850,000	1.3%
TIGERSTADEN AS	850,000	1.3%
Total	29,485,597	44.8%

OUTLOOK

Outlook: Sales and acceleration in growing markets combined with continued capital discipline

2025

Advancement of
commercial efforts

• Farm down and sales expected in all markets
• Earnouts, revenue sharing and milestone payments from divested companies and option sales and projects
• Continued strong interest for partnerships, co-investments or whole platform

• New business development

  • New countries
  • Co-location with data centres

• On track for 10 GW by 2025

• Accelerating development efforts in growing markets
• Sustainable and recurring project development for years ahead

Portfolio growth Continued capital distribution

• Quarterly dividend (cash return) of regular NOK 0.187 per share
• Financial position and expected cash flow allows for more active buybacks

Cost and capital discipline

• The Group manages and controls cost and capital on a continuous basis

2025 guiding

reasonable prospect for grid connection

• As previously, outliers are excluded²

¹ Most sales occur pre "ready-to-build" with significant advance payments and subsequent payments subject to milestones. We recognize revenue when these milestones are met ² Solar PV and BESS in South Africa (SA) may trade below our guiding, but SA wind assets are in the high range. Due to costs and project size, developer margins are quite satisfactory in all asset classes. Certain assets in certain markets are also likely to trade above our guiding.

and milestone payments¹

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:

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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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Karenslyst allé 6 0278 Oslo, Norway www.magnoraasa.com