Second quarter and half-year 2026

Magnora Data Center

The Group's operating activities, currently represented by Storespeed, as well as any future operating assets, are exposed to risks related to cyberattacks, power interruptions, equipment failures, physical security incidents and service disruptions. Such events could impact customer relationships, revenues and reputation. The Group maintains a strong focus on cybersecurity, operational resilience and physical security, reflecting the increasingly critical role of digital infrastructure in society.

The Group's performance depends on its ability to attract, retain and develop personnel with expertise in project development, data centers, power markets, permitting processes and commercial transactions. Competition for experienced specialists remains high across the industry. This risk is mitigated through competitive incentive structures, active recruitment, organisational development and succession planning.

Competition for attractive sites, grid capacity, commercial opportunities and skilled personnel continues to increase as interest in the data center sector grows. The Group seeks to maintain its competitive position through disciplined project selection, rapid execution, local market knowledge, strong industry relationships and a flexible investment mandate that allows the pursuit of opportunities across multiple geographies and stages.

The Group's business model relies on the successful commercialisation of development projects through project sales, partnerships, farm-downs or other strategic transactions. The timing and value of such transactions depend on market conditions and the financial strength and strategic priorities of counterparties. These risks are mitigated through diversification across projects, markets and counterparties, active relationship management and continuous assessment of monetisation alternatives.

The Group maintains a structured risk management framework and continuously evaluates the principal uncertainties that may affect its operations, projects and financial performance. As of the end of the second quarter of 2026, the Board believes that the Group's overall risk profile remains broadly consistent with the risk factors described in the Information Document published in connection with the Company's listing on Euronext Growth Oslo in June 2026.

The Group’s strong balance sheet enables us to take positions necessary to finance and develop projects towards investment decisions by customers and operators.

Magnora Data Center ASA is listed on Euronext Growth Oslo, with ticker: MDATA.

Magnora Data Center ASA (‘the Group’) was established as a spin-off from Magnora ASA in 2026 where the data center business became a standalone, dedicated platform. Magnora ASA owns 52.7% of the shares and provides management services.

Cash and cash equivalents totalled NOK 625.2 million as of 30 June 2026, providing a strong financial position to support project development and growth of the project portfolio.

Net loss in the first half of the year was NOK 20.7 million, primarily reflecting operating expenses related to the Group’s development activities and corporate operations. Project development costs are generally expensed as incurred and include costs associated with advancing the Group’s data center projects through the development stages.

A Project Director has been hired and started early August, adding strong skills and experience within site evaluation and development and complex infrastructure projects (e.g. zoning, permitting, power, cooling).

On 7 August 2026, Magnora Data Center agreed on a joint venture with Blix Group AS to acquire and convert a commercial space in the former Norwegian Payment Clearing House (Bankenes Betalingssentral) in Oslo into an AI/edge data center. The development project has access to 1 MW of power capacity initially and technical studies indicate potential for scaling up to 9 MW. The application for additional power is already in the queue with the local grid operator. The project will be marketed towards leading customers and investors.

On August, the Group agreed to increase its ownership of the Hämeenlinna site in Finland from 70% to 100%, all conditions were subsequently fulfilled.
The Group also entered into a network (grid) connection agreement for the Hämeenlinna project with connection scheduled for Q1 2029, potentially already in H2 2028. Separately, the Group signed a Letter of Intent with the local utility regarding district heating, back-up power and additional electricity. The Group’s initial plan to develop a 120 MW project on the site has been expanded to develop a significantly larger project with a multi-site campus with more electricity over the next years after the initial phase.

 The project portfolio is expected to continue to grow in a pace comparable to what we have seen in the first half of 2026. The European data center market is forecasted to more than double over the next five years, driven by AI infrastructure buildout. Inbound interest from municipalities, landowners, utilities, and industrial partners is strong and growing. We expect to announce both origination (new projects), new project milestones, and potential sales in the second half of 2026. We are considering multiple development projects as well as development platforms in order to grow our portfolio further.

Project progress and investor dialogues: 

Several projects across the portfolio are progressing through development milestones including land, power and permitting activities. Management is experiencing high interest from investors and potential partners for especially the Hämeenlinna project in Finland and our Swedish project in SE4.

The shift toward sovereign and regionally anchored compute capacity reinforces Northern Europe and other core markets as preferred locations, given power availability, political stability and cooling advantages. Regulatory reforms across our core markets increasingly favour developers able to demonstrate project maturity and secure grid capacity early, reinforcing the value of the Group's portfolio of permitted sites. Demand for AI, cloud and sovereign digital infrastructure continue to grow at a high pace relative to available capacity.

The Group operates and develops data center projects across attractive markets and is currently present in the Nordics and Italy, primarily developing powered land but also owns one operational data center.

Oslo, Norway, 25 August 2026
The Board of Directors of Magnora Data Center ASA

Well positioned to capture opportunities:

 Following the private placement in May and the June 2026 listing, the Group held NOK 625.2 million in cash at the end of Q2 2026, giving it the financial strength to advance land origination, permitting and grid-securing work across its portfolio without being capital-constrained, while retaining flexibility to pursue new opportunities as they arise. This is complemented by in-house competency spanning the full value chain, from opportunity origination and project development through construction and operations. Combined with a diversified project portfolio across four established markets (Norway, Sweden, Finland and Italy) and a substantial further pipeline under assessment, the Group is well placed to capture a meaningful share of the growth in European data center demand.

As of 30 June 2026, the share price was NOK 12.44, corresponding to a market capitalisation of NOK 1.24 billion. The company did not repurchase any of its own shares during the quarter. At quarter-end, Magnora Data Center ASA held 1,446,474 treasury shares. The Board continues to identify attractive growth opportunities, consistent with the Group’s growth strategy.

Since its inception, the Group has built a portfolio of projects at various stages of maturity, leveraging Magnora's track record in project development and its network of industrial and financial partners.

Execution is a top priority. In less than seven months of 2026, the Group secured building permit, grid connection and LOIs for additional power, waste heat management and back-up power for our greenfield Finnish project in Hämeenlinna near Helsinki. The Group made the initial investment in January 2026, and the owner share has been increased to 100%.

EBITDA was a negative NOK 19.7 million for the first half of the year and negative NOK 14.0 million for the quarter. As a data center project developer, the Group incurs development and operating costs on an ongoing basis, while earnings are recognised upon the achievement of specific project milestones or project divestments. Consequently, reported results reflect the timing of project progression and milestone recognition.

The Group reported a net loss of negative NOK 20.7 million for the first half of the year, primarily reflecting the negative EBITDA result from ongoing development and operating activities.

As of 30 June 2026, the Group’s cash and cash equivalents were NOK 625.2 million, following the completion of the IPO. Cash flow from operating activities was negative NOK 2.4 million for the first half of the year, reflecting ongoing project development activities and corporate operating expenses. 
Cash flow from investing activities during the period was negative NOK 5.7 million, reflecting investments into a project in Finland.
Cash flow from financing activities amounted to NOK 627.7 million, primarily reflecting proceeds from the IPO.

Total assets amounted to NOK 643.7 million as of 30 June 2026, primarily comprising investments in project companies and cash and cash equivalents. Equity amounted to NOK 615.3 million following completion of the IPO, representing an equity ratio of 96% and providing the Group with a strong financial position to support ongoing project development activities.

The Group is exposed to a range of financial, operational, and strategic risks, which are actively monitored and managed across all levels of the organisation.

The data center industry is influenced by developments in artificial intelligence, cloud computing, digitalisation, electricity markets, interest rates, inflation and foreign exchange rates. Market sentiment and investment activity may affect the demand for development-stage projects and the valuation of ready-to-build assets. The Group continuously monitors market developments and adjusts commercial priorities, economic assumptions and valuation models to reflect changing market conditions and customer requirements.

Although the Group pursues a capital-light business model focused on project development rather than construction, access to capital remains important for land rights, project maturation, permitting activities and general corporate purposes. Liquidity and financing risks are managed through disciplined capital allocation, active working capital management and a phased investment approach aligned with project milestones and expected monetisation events. The private placement in June 2026 ensured strong financial position and growth capacity.

The Group's projects depend on zoning approvals, building permits, environmental assessments, grid access and other regulatory processes across multiple jurisdictions. Changes in legislation, permitting practices, grid connection requirements or public policies may impact project timelines, costs and commercial viability. These risks are mitigated through early stakeholder engagement, experienced local partners, active monitoring of regulatory developments and diversification across geographies and projects.

Access to sufficient electrical capacity remains one of the most critical factors for successful data center development. Increasing demand for power-intensive projects may result in longer queue times, additional maturity requirements or increased grid-related costs. We see that grid connection regimes in Europe are changing frequently. Indications of grid capacity are in general uncertain until confirmed. The Group actively identifies sites with attractive grid characteristics and seeks to secure positions in locations with clear pathways to power and long-term scalability.

The Group's ability to create value depends on successfully progressing projects through land acquisition, zoning, permitting, concept design and commercialisation stages. Delays, cost escalation, contractual disputes, changes in customer requirements or unforeseen technical challenges may impact project timelines and expected returns. The Group mitigates these risks through rigorous project screening, active project development, local partnerships and diversification across multiple projects and markets.

Environmental considerations, including land use, biodiversity, energy efficiency, water management, and climate-related requirements, may influence project development and permitting processes. At the same time, increasing demand for sustainable digital infrastructure supports the attractiveness of the Nordic data center market powered by mainly renewable energy. Environmental and sustainability considerations are incorporated throughout the project development process, including assessments of cooling solutions, renewable energy access and opportunities for heat reuse.

Second quarter and half-year 2026

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