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Magnora (MGN) investor relations material
Magnora Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary24 Oct, 2025
Executive summary
Expanded into the high-growth Nordic data center market, acquiring Storespeed AS and establishing Magnora Data Center AB, with over 1,500 MW pipeline in Sweden and 500 MW in Norway, and targeting mid-sized projects between 20–150 MW.
Data center demand is booming, with the Nordics positioned as a prime region due to low electricity prices, high green energy share, and robust infrastructure; market expected to double by 2030 and quadruple by 2035, driven by AI and digitalization.
Maintained a diversified portfolio with data centers as a key growth driver, alongside solar (notably South Africa), BESS (notably Germany and Italy), and onshore/offshore wind.
Project portfolio grew by 4%, with a record number of sales-ready projects and ongoing commercial discussions in all regions.
Focused on a capital-light, early-exit business model with recurring project development and sales.
Financial highlights
Cash and available credit facilities totaled NOK 342.6 million as of September 30, 2025, with NOK 192.6 million in cash and zero bank debt.
Net loss from continued operations was NOK 16.4 million in Q3 2025, compared to a net profit of NOK 235.4 million in Q3 2024, mainly due to the absence of significant divestment gains.
EBITDA and operating loss improved from Q2, with better cost focus and no tax payable due to NOK 3 billion in accumulated tax losses.
Returned NOK 1 billion to shareholders since 2018, with NOK 11.9 million paid in Q3 2025.
Equity ratio increased to 76% (end 2024: 70%), with group equity at NOK 357.1 million.
Outlook and guidance
Targeting a 10 GW portfolio by year-end 2025, with 600–725 MW in net sales targeted for the year, though timing is challenging.
Board cut regular dividend to reallocate capital toward high-growth data center opportunities, with extraordinary dividends and share buybacks planned.
Data center margins projected up to NOK 3 million per MW in the Nordics.
Substantial future income expected from earnouts and milestone payments on previously sold projects through 2029.
Continued focus on early-stage project sales, recurring revenues, and maintaining a capital-light approach.
Explain capital allocation for DC growth
What drives renewable project sales timing?
How to realize NOK 549M earnouts?
How will data center growth impact capital-light model?
What is Magnora's edge in Nordic data centers?
Confidence in 600-725MW renewable sales target?
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Frequently asked questions
Magnora ASA is a Norway-based renewable energy development company that focuses on projects in wind, solar photovoltaic (PV), and battery storage. The company operates across Norway, Sweden, and the United States, contributing to the global shift towards sustainable energy solutions. In addition to developing renewable energy projects, Magnora also holds legacy licensing agreements tied to oil and gas operations, such as with Dana Western Isles and Shell Penguins. Magnora invests in early-stage renewable projects and partners with developers to accelerate their growth, particularly in offshore and onshore wind, as well as solar energy technologies. The company is headquartered in Oslo, Norway, and its shares are listed on the Oslo Stock Exchange.
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