Magnora ASA

Investor Presentation • Sep 10, 2025

Magnora ASA

Pareto Securities' 32nd Annual Energy Conference September 10th 2025

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

All figures as of June 30th

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

All figures as of June 30th

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

8.0

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

Development portfolio

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. Figures as of June 30th

Magnora launches Swedish data center business

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BUSINESS MODEL

Our core competence and experience is highly relevant for development of data center sites

	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

«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

BUSINESS & MARKET UPDATE

Recent market observations – offshore wind

Solar

Utility-scale PV provides strong IRRs in sunny locations

Assuming pay-as-produced PPAs

Project IRR (no debt) for a generic solar PV project – sensitivity to capacity factor and achieved electricity price

Project IRR						Capacity factor (%)
		11.5%	14.0%	16.5%	19.0%	21.5%	24.0%	26.5%	29.0%
	30	-2.1%	-0.3%	1.3%	2.8%	4.1%	5.3%	6.5%	7.6%
	35	-0.7%	1.2%	2.9%	4.4%	5.8%	7.2%	8.4%	9.6%
USD/MWh	40	0.6%	2.6%	4.3%	5.9%	7.4%	8.9%	10.2%	11.6%
	45	1.8%	3.8%	5.7%	7.4%	9.0%	10.5%	12.0%	13.4%
	50	2.9%	5.0%	6.9%	8.7%	10.4%	12.1%	13.7%	15.2%
	55	3.9%	6.1%	8.1%	10.0%	11.8%	13.6%	15.3%	17.0%
	60	4.8%	7.2%	9.3%	11.3%	13.2%	15.1%	16.9%	18.7%

Source: SB1M. Capex = USD 0.6m/MW, Opex = USD 12.5/KWp, 0.3% degradation p.a. 14

Solar

Solar power's explosive growth is happening worldwide

Falling battery prices and increased price volatility continues to strengthen business case for BESS

US data centers drive historic surge in electricity demand

Data center electricity demand could triple by 2028

Annual US electricity consumption by data centers (TWh). Excluding cryptocurrency mining

Source: 2024 United States Data Center Energy Usage Report, Lawrence Berkeley National Laboratory, Ember 17

And they want it to be all green…

Data center

"All" new capacity is consumed by data centers

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Source: EIA, The Economist

Assumptions: February 2024 and February 2026 Nvidia will have sold some 6m Blackwells and 5.5m gbs. Assume that half of these end up in America, in line with its home market's historical revenue share. If installed and operated at capacity, those chips would raise American power demand by 25 gigawatts (GW)

Chinese OEM turbines cut onshore wind capex by 50%

The price spread is widening: European OEMs increasing their prices while Chinese cut significantly

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Will Chinese OEMs enter the European market? Likely a question of time..

Increasing price spreads

Faster delivery time

Chinese OEM's planning factories in Europe

Strategically addressing key concerns; improving quality, transparency and moving production abroad

And they are kind of already here…

European OEM's reliance on suppliers with production in China

Gearbox components supplied from China

OUTLOOK

2025 guiding

reasonable prospect for grid connection

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• 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:

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.

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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