Magnora ASA

Investor Presentation • Oct 24, 2025

Q3 and outlook – accelerating growth

Expanded into the high growth Nordic data center space - expected to double by 2030

Serial entrepreneur Peter Nygren heads Swedish development team

Acquired Storespeed AS in partnership with Blix Group/Solutions

Years of developer experience, combined with operational facility, offers advantage in a heated market

More than a dozen developers and landowners currently discussing partnerships with Magnora – scope for rapid expansion

Increased efforts on advancing projects leading to record number of sales-ready projects

• Focus on sales: bids, negotiations and discussions for wind, solar and BESS assets across the portfolio in all markets
• Multiple dialogues about investment into various platforms in Magnora, also data center
• Expanded the team in Italy to accelerate the development and prepare for sale
• Rapid acceleration in Germany, where the number of prospects on track for near-time grid applications rose to seven
• Supply chain progress, CfD, and new environmental data confirm the viability of our ScotWind project
• Grid reforms set to speed up development in the UK where 158 MW has high market interest

Data center market - strong tailwinds from surging demand and a lack of supply

Exploiting the natural advantages of the Nordics

Source: ENTSO-E, Eurostat

¹ Green energy includes renewables and nuclear

² Average of Netherlands, France, Ireland, Germany. Excludes UK due to lack of data.

Consensus of strong data center growth (AI) in Norway and Sweden going forward

Source: SpareBank1 Markets, Rystad Energy, Thema Consulting Group, NVE (2024), DNV (2024), Statnett (2025)

^* Since the release of the other forecasts, a significant volume has secured reserved capacity, which might explain some of the difference observed

Success factors	Renewable projects	Data centers
Land
Power connection (grid)
Zoning
Environmental and building permits
Fiber connection	N/A
Data center operations	N/A

→ The recent Storespeed acquisition makes Magnora a complete data center developer

Using the experience of seasoned industry leaders

Data center development Data center operations

Peter Nygren

• CEO Magnora Data Center AB, Sweden
• Former founder/CEO Arise Windpower
• Active owner in Helios prior to exit
• NCC, SCA and Vattenfall

Bjørn Drangsholt

• Senior Advisor, former Project Lead for Statkraft/Google's hyperscale centre in Skien, Norway
• Statkraft, Hydro

John Amundsen

• CEO and founder of Storespeed AS
• Recognised expert in data and telecom infrastructure
• DigiPlex, NATO, TETRA, Skagenfiber
• Supporting development team

Eirik Blix

• Owner and CEO of Blix Solutions
• Established two data centers and a broadband business in Norway
• Supporting development team

Strategy: Leveraging team, Storespeed, and relations prioritising Sweden and Norway – greenfield hyperscale

Goals and priorities:

• ✓ Storespeed profitable growth/partnership
• ✓ Greenfield strategy (hyperscale):
• Develop AI data center projects
• Target 20-150 MW+ project size
• Dealflow and dialogues:
  • o Above 1,000 MW in Sweden
  • o Approx. 500 MW in Norway

Over a dozen partnership discussions

Data center pipeline per October Partnership structure Confirmed competitive advantage

Grid companies prefer working with operators

Operators understand customers

Land-owners frequently underestimate regulations, processes and quality requirements

Market observations: Solar PV and data centers is a good fit

Q3 in brief

A capital-light, profitable developer

Geographically and technologically diversified development portfolio of 8.3 GW

Experienced team combining renewable, data center and investment expertise

Business model

Capital light – expand and operate at low capital intensity

Insist on early sales, and min. 5x return on each project

Financial position

Zero debt

Low burn

Solid cash position 192 MNOK

Credit line 150 MNOK

Combined 342 MNOK

Performance

Since 2020:

22% ROE

1 BNOK returned to shareholders

30% annual avg. shareholder return

The share

Pure-play renewables

7,000 shareholders

OSE main board

Figures as of Q3 2025

As of 30 September

20-30 BNOK

Total estimated annual investments into the Norwegian data center market¹

8.3 GW

Project portfolio

4%, 52%

Portfolio growth in Q3 and average annual growth

1 BNOK

Returned to shareholders since 2018

342 MNOK

available

192 MNOK in cash and cash equivalents

150 MNOK credit facility

6.6 MNOK

Reduced operational, M&A and development cost compared to Q2

22% ROE

Return on Equity, compared to 2-10% for European IPPs¹ Avg. 2020 – Q3 2025

0 NOK

Bank debt

For further details see Q3 2025 report (magnoraasa.com)

¹Norsk Datasenter Industri, Datasenterindustrien i Norge 2024

²Thema (September 2025)

³Comparable ROE figures from Pareto, comparable IPPs players consisting of Nordic and European peer group

Consistent project portfolio growth of 52% annually

Project portfolio Q3 – renewable energy

GW net to Magnora, excluding Helios portfolio

Data center development – Q425

Strong lead list

• ✓ Advancing partnership agreements with real estate companies, utilities, private landowners (brand and household names)
• ✓ Working with municipalities and grid owners
• ✓ (From zero in Q2-25)
• ✓ Targeting projects suitable for AI

A portfolio diversified across technologies and regions As of Q3 2025

Priorities:

Sourcing grid and zoned land in the Nordics while building operator skills in Norway

Focus on unit economics on sites with near-term grid

Rapid expansion in most attractive markets

Focus on supportive regulatory markets where wind is critical in energy mix Pragmatic, but currently not evaluating new projects

Total: 8,330 MW ²

Figures as of Q3. Strong pipeline since September 1

¹ As of October, operational 1 MW data center in Halden, Norway, with expansion opportunity to 5 MW.

² Magnora's owner share of project capacities, incl. sold projects where future earnout and milestone payments are expected, but not incl. Helios from which Magnora exited in 2024.

Portfolio update, sales/farm-down and outlook

• The green transition in Germany demonstrated impressive progress, increasing awareness and comfort of BESS demand
• Team prioritizing seven projects with high potential for grid, land and permitting
• Partnerships/LOI

Scotland Norway

• Successful completion of the majority of the geophysical campaign
• Progressing according to plan
• Improved supply chain
• Positioned for grid in 2030
• Farm-down

• Strengthened team to accelerate both project execution and business development
• Positioned for MACSE auctions coming up in 2026 and 2027
• Signing projects for the merchant and capacity markets
• Sales process imminently

• Expand operations of the 1 MW data center site
• 500 MW of data center leads
• Strengthen platform growth through strategic collaboration with Blix Solutions
• Maturing solar pipeline of 2,000 MW

Germany Italy England (UK)

100%

South Africa

• 158 MW of matured projects receiving interest
• Receiving interest from reputable counterparties point to sales in coming months
• Ongoing multiple sales processes
• Opportunity will be available for other parties at the end of exclusivity period if final terms are not acceptable
• Multiple clusters for potential sale

Sweden

leads

Kustvind Data center

• Magnora Data Center AB with strong origination activity – over 1.000 MW
• Aiming for early sales of 20-150+ MW projects

• Earnout and revenue sharing from the earlier sale of Magnora's shares in Helios Nordic Energy

XX%

Business model

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

Rule		Rationale	Magnora history
ф	Diversify	Shift money and people to areas of high return Risk mitigation	Geographical expansion Journey from wind to solar PV, BESS and data center
Ō	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 and 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, Germany and data centers as favourable market conditions were observed
P ,	Stay in early-stage	Free money for reinvestment and return of capital Exploit mega-trends Position Magnora for large funds	Divest legacy Exit Evolar prior to full industrialisation
	No expensive stuff on the balance sheet	Do not compete with cheap-capital players	Disciplined investments and farm-downs (e.g. green ammonia)

Example of 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

	Data center	Solar PV	Storage	Onshore wind	Offshore wind
Germany		$\checkmark$	$\checkmark$
Italy		$\checkmark$	$\checkmark$
England		$\checkmark$	$\checkmark$
South Africa		$\checkmark$	$\checkmark$	$\checkmark$
Scotland			$\checkmark$		$\checkmark$
Norway	$\checkmark$	$\checkmark$
Sweden	$\checkmark$	$\checkmark$	$\checkmark$		$\checkmark$

Financials

• EBITDA of negative NOK 20.4m vs. negative NOK 24.4 m in Q2 '25
• Improvement from cost efficiency and disciplined spend despite higher activity and growth
• Other income consists of gains from previously divested project in South Africa
• Operating loss of NOK 20.0m vs. loss of NOK 27.8m in Q2 '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

Q3 '25	Q2 '25	2024
0.5	2.3	2.3
5.9	6.7	358.6
-13.7	-14.5	-51.7
-13.2	-19.0	-69.9
-20.4	-24.4	239.3
-0.3	-0.3	-1.1
0.7	-3.1	43.3
-20.0	-27.8	281.5
3.6	5.6	-12.3
-16.4	-22.2	269.2
0.0	0.0	-5.5
-16.4	-22.2	263.7

• Operating activities: negative NOK 29.4m
• Increased development activity across core markets: South Africa, Germany, Italy and the UK
• Investment activities: NOK 11m
• Primarily reflects a milestone payment related to a previously divested South African project
• Financing activities: negative NOK 12.1m
• Mainly related to capital distribution through dividends
• Ending cash balance: NOK 192.6m
• The Group's cash and available credit facilities was NOK 342.6 million as of 30 September 2025

Rare high-growth DC opportunity to expand in the Nordics will have high priority

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.

The Board considers the data center growth opportunity to be special and halts regular dividend in order to allocate more capital to this side of the business

The Group will continue to pay extraordinary dividend and continue share buybacks going forward

• 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

EQUITY METHOD

Outlook

Advancement of

• Farm down and sales expected in most markets
• A surge of interest to partner with Magnora for data center development in the Nordics

• Earnouts, revenue sharing and milestone payments from divested companies and option sales and projects

• On track for 10 GW by 2025

• Accelerating development efforts in growing markets

• Sustainable and recurring project development for years ahead

• In Q4 2025, data center expansion has priority over regular dividends

• Financial position and expected cash flow allows for active buybacks

commercial efforts Portfolio growth Capital distribution Cost and capital discipline

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

Guiding 2025 – updated price range

• Figures net to Magnora, that is ownership share x capacity of a given asset
• We strive to be conservative in portfolio estimates, counting assets with signed land agreements and a reasonable prospect for grid connection
• In 2025 a ~2 GW of portfolio is "marketable" including a 1 GW+ in South Africa given a suitable window of opportunity (typically an auction or grid availability)
• Sales are frequently closed early, combining up-front and milestone payments¹
• Sales range has been lifted due to data center projects
• Prices differ with high prices in the UK and other deregulated markets. A sustained fall in the prices of solar PV and batteries serve to improve or maintain the pricing power of developers with mature projects.
• As previously, outliers are excluded

¹Most sales occur pre "ready-to-build" with significant advance payments and subsequent payments subject to milestones. We recognize revenue when these milestones are met.

²Solar PV and BESS in South Africa (SA) may trade below our guiding, but SA wind assets are in the high range, as well as data centers. 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. Data Center developer margins higher than renewables

Key persons have high economical exposure to company performance

Board and management exposure			Largest shareholders as of 30 September 2025
Person		No. of shares	Options
Torstein Sanness	Chairman of the Board	678,194	328,000
John Hamilton	Board member	33,837	40,000
Hilde Ådland	Board member	42,445	0
Erik Sneve	CEO	1,192,623	525,000
Bård Olsen	CFO	116,923	50,000
Stein Bjørnstad	COO	21,496	50,000

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	1,867,484	2.8%
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%
NORDNET LIVSFORSIKRING AS	1,300,318	2.0%
ALTEA AS	1,154,944	1.8%
Fender Eiendom AS	1,126,211	1.7%
HELGØ FORVALTNING	1,002,902	1.5%
AARSKOG	1,000,000	1.5%
MP PENSJON PK	934,732	1.4%
METAL MONKEY AS	909,413	1.4%
VPF FIRST OPPORTUNITIES	850,000	1.3%
TIGERSTADEN AS	850,000	1.3%
CARE HOLDING AS	800,000	1.2%
BNP Paribas	787,000	1.2%
Total	28,463,868	43.3%

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