Second quarter and half-year 2026

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.

Continued high growth: 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.

Attractive market dynamics: 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.

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.

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