Magnora ASA

Earnings Release • Oct 15, 2024

Magnora ASA Q3 2024: Dividends, growth and diversification

Magnora ASA Q3 2024: Dividends, growth and diversification

15.10.2024 07:00:00 CEST | Magnora ASA | Additional regulated information

required to be disclosed under the laws of a member state

15 October 2024: Magnora, a Norwegian renewable energy development company,

releases its financial report for the third quarter of 2024.

Highlights from the quarter and subsequent events:

* Magnora received NOK 330 million up-front in return for 40 percent of the

shares in Helios Nordic Energy to Vinci - that is 16 times the invested

capital. Furthermore, Helios's owners got a five-year revenue-sharing/earnout

arrangement on the unsold landbank with payouts from future Helios deliveries

* On 16 August, shareholders received NOK 4.187 per share and Magnora passed

NOK 1 billion in capital returned since 2018

* On 5 September, Magnora resumed the share-buyback program with NOK 50 million

set aside to buy at a maximum of NOK 35 per share

* On 11 September, Magnora announced greenfield entries into Germany and Italy

and the hiring of local, experienced management

* Magnora South Africa added 800 MW and reached a portfolio of 4.3 GW

(including sold projects)

* Hafslund Magnora Sol AS filed its first permit applications and signed nine

additional lease agreements adding 400MW to its portfolio

* Magnora Offshore Wind began real-time collection of data on weather and waves

at the Talisk site - key inputs for design and consenting activities

* In South Africa, Magnora closed one sale in September and agreed to sell

another small portfolio in October (subject to closing). In the past 15

months, project sales in South Africa account for more than 600 MW

* Net cash generated from investment activities amounted to some NOK 330

million in Q3

* At the end of Q3, the Group held NOK 334.9 million of cash and cash

equivalents and 398,042 treasury shares

* At the end of Q3, the Group had no debt and NOK 150 million in loan

facilities

* On 14 October the Magnora board resolved to return 0.187 NOK per share.

Technically, Magnora repays paid-in capital in excess of the share's par

value, which can offer a tax advantage for some shareholders in certain

jurisdictions.

* On 15 October, Magnora upped the 2025 guiding, aiming for a 12.5 GW portfolio

(including sold projects) and sales of 600-725 MW in 2025

The third quarter report 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/20241011_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) Magnora's portfolio of renewable companies consists of

Kustvind AB, Magnora Offshore Wind AS, Magnora Solar PV UK, Hafslund Magnora Sol

AS, Magnora South Africa, and AGV. Magnora also has a share in the future

success of Helios Nordic Energy (Vinci Concessions), Evolar (First Solar), and

Hermana Holding (design royalties). The company is listed on the main list on

Oslo Stock Exchange under the ticker MGN.

ATTACHMENTS

Download announcement as PDF.pdf -

https://kommunikasjon.ntb.no/ir-files/17847805/18280334/5111/Download%20announce

ment%20as%20PDF.pdf

Magnora ASA - Q3 Presentation.pdf -

https://kommunikasjon.ntb.no/ir-files/17847805/18280334/5099/Magnora%20ASA%20-%2

0Q3%20Presentation.pdf

Magnora Q3 2024 Report_Final.pdf -

https://kommunikasjon.ntb.no/ir-files/17847805/18280334/5110/Magnora%20Q3%202024

%20Report_Final.pdf