Second quarter and half-year 2026

Our definition of a project is when Magnora Data Center has secured property for a data center, based on detailed evaluation of grid, the site, environmental and other aspects, and is then developing the project in respect of grid access, building permit and other critical items. Property is normally secured with option agreements. Projects are then matured and de-risked from early stage to mature stage, approaching ready-to-build status. Divestment of projects will normally occur at or before ready-to-build.

The Group's project timeline mirrors the Group's established value-chain model, where opportunities are sourced and screened (market analysis, due diligence, risk assessment) before a first project investment of NOK 10–40 million typically is committed at the start of the development phase. From there, projects move through landowner agreements, grid connection work, environmental assessment and concessioning, and technical design, before reaching a farm-down point at or before ready-to-build, where the Group has historically targeted around a 5x return on the initial investment rather than carrying construction and operational risk on its own balance sheet. For data center assets, this plays out as a five-stage, and roughly 6–36 month cycle: 1) site identification (land secured with exclusivity), 2) preliminary power (indicative grid capacity and timeline established), 3) ready-to-build (grid reserved, permits secured, site de-risked), 4) construction, and 5) operations. Monetisation is typically targeted at the ready-to-build stage, consistent with the asset-light, capital-light approach set out in the Group's "simple rules," but some projects are also developed with a build-to-own strategy.

The Group's portfolio stood at 650 MW gross (525 MW net of minority interests) across Norway, Sweden, Finland and Italy as of end of the quarter, with projects reaching ready-for-sale status on a staggered timeline. We consider two projects to be ready for marketing already in 2026, and a few more in 2027, and the rest in 2028-2029. All non-operational projects remain pending permitting and grid access, underscoring that the near-term timeline is governed less by construction schedules than by the pace of de-risking work with grid allocation and permits, ahead of planned farm-downs.

Example project: