Second quarter and half-year 2026

The European data center market continues to be driven by structural growth in artificial intelligence, cloud computing and digitalisation. As demand for compute capacity increases, availability of suitable sites with access to power has become the key bottleneck across many established European markets. Traditional hub locations such as Frankfurt, London, Amsterdam, Paris and Dublin are experiencing increasing constraints related to power availability, permitting and land access, resulting in growing interest in alternative locations that can support large-scale data center developments.

Against this backdrop, Northern Europe, and particularly the Nordic region, is emerging as one of the most attractive areas for data center investment. Norway, Sweden and Finland combine abundant low-carbon power, competitive electricity prices, strong digital infrastructure, supportive climatic conditions that enable efficient cooling, and stable political environment. These advantages are increasingly relevant for hyperscale, AI and cloud operators seeking large-scale capacity in a market where power and reliability have become critical success factors.

Magnora Data Center's strategy is focused on capturing opportunities early in the value chain by securing land, grid access, zoning and permitting rights before projects reach the construction phase. The Group's flexible investment mandate allows it to pursue attractive opportunities across multiple geographies, project sizes and development stages. This includes both greenfield developments and brownfield opportunities, as well as selective exposure to operating data center assets where such investments can strengthen market insight, technical competence, commercial relationships, and financial return.

The resources behind Magnora and Magnora Data Center have a track record of innovation and high financial performance. Magnora’s first investment in the data center business was made in September 2025 and nine months later Magnora Data Center was listed with a market cap of NOK 1.24 billion.

Knowing the market, acting on opportunities and developing the portfolio are top priorities. The Group believes the current market environment offers an attractive opportunity set for experienced project developers. As demand for data center capacity continues to outpace supply in several European markets, ready-to-build projects with a clear path to power, permitting and development are expected to command increasing strategic value. With a growing portfolio across the Nordics and selected international markets, Magnora Data Center is positioned to benefit from these long-term market trends while maintaining a capital-light and flexible approach to value creation.