Third quarter 2026

• Increased the owner share of the Hämeenlinna project in Finland from 70% to 100% and developed it further: Entered a grid connection agreement; signed a Letter of Intent with the local utility regarding district heating, back-up power and additional electricity; revised the initial plan of 120 MW site to a multi-site campus with more electricity following the first phase.
• Entered a 50/50 joint venture with Sunly AS to develop the Risti project in western Estonia, with an option to increase the owner share to 75%. Planned scale is 180 MW in phase 1, expandable to 400 MW subsequently. Fiber latency is under 5 milliseconds round-trip to Helsinki. The data center campus can be connected to the power grid and to Sunly's adjacent energy park, featuring 244 MWp solar, 144 MW BESS and 44 MW wind in development.
• Agreed to establish a joint venture with Blix Group AS to acquire and convert a commercial space in the former Norwegian Payment Clearing House 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 project will be marketed towards leading customers and investors.
• Established two more Swedish projects, in addition to the previously reported project in area SE4. These two are also located in southern Sweden and their planned capacity adds up to 80 MW in total.
• Resulting development portfolio size is 910 MW gross capacity (700 MW net, owner share adjusted) across 15 projects in five countries.
• Sales dialogues are ongoing concerning some of our projects in Northern Europe, and for a few more marketing is being planned.

• In October, the Group entered a consultancy agreement with Lars Schedin due to the high internal demand for involving him – beyond the Board work – in our contact with project partners and potential tenants and buyers. He is co-founder and previous CEO of EcoDataCenter, a leading Nordic developer and operator of large-scale data centers. He is also a Board member in Magnora Data Center ASA. The agreement has been entered into on arm's-length terms and approved in accordance with the Group's related-party procedures.

Cash and cash equivalents totalled NOK 568.6 million as of 30 September 2026, providing a strong financial position to support project development and growth of the project portfolio.

Net loss in the third quarter was NOK 15.6 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.

Continued high growth: The project portfolio is expected to continue to grow at a pace comparable to what we have seen in the first three quarters 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, industrial partners and potential customers is strong and growing. We expect to announce both new projects, new project milestones, and potentially sales in the coming months. We are considering multiple projects and development platforms 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, our Swedish project in SE4, and the Risti project.

Attractive market dynamics: Demand for AI, cloud and sovereign digital infrastructure continues to grow at a high pace relative to available capacity. The shift toward sovereign and regionally anchored compute, combined with power availability and political stability favours Northern Europe and other core markets. Regulatory reforms across our core markets increasingly benefit developers able to demonstrate project maturity and secure grid capacity early.

Well positioned to capture opportunities: With NOK 568.6 million in cash at the end of Q3 2026, the Group has financial strength to advance land origination, permitting and grid-securing work across its portfolio, and 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 five established markets (Norway, Sweden, Finland, Estonia and Italy) and a substantial additional pipeline, the Group is well placed to capture a meaningful share of the growth in European data center demand.