Second quarter and half-year 2026

Market and financial risk
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.

Liquidity and capital access risk
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.

Regulatory and permitting risk
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.

Grid access and power availability risk
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.

Project execution risk
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 and sustainability risk
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.

Cybersecurity and operational risk
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.

Human capital risk
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 risk
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.

Counterparty and commercialisation risk
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.

Summary
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.