Notes to the financial statements
Note 1 General information and accounting policies
Corporate information
Magnora Data Center ASA (“the Company”, “the Group”, “Magnora Data Center”) is incorporated and domiciled in Norway. The address of its registered office is Karenslyst Allé 6, 0278 Oslo. The Company is listed on Euronext Growth Oslo with the ticker MDATA. The Group develops data center projects in Norway, Finland, Sweden, Estonia and Italy, and operates a colocation data center in Halden, Norway through its subsidiary Storespeed AS, providing data storage and related services to customers.
Basis of preparation, accounting policies and estimates
These condensed interim financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU under the International Accounting Standard for Interim Financial Reporting (IAS 34).
The interim financial statements do not include all information and disclosures required for a complete set of consolidated financial statements and should therefore be read together with the pro forma financial information prepared in connection with the listing of Magnora Data Center ASA on Euronext Growth Oslo.
The Group was established during 2026 through a reorganisation involving entities previously owned by Magnora ASA. As no consolidated annual financial statements for Magnora Data Center ASA existed for the year ended 31 December 2025, comparative information included in these interim financial statements has been prepared on a basis consistent with the Group structure established through the reorganisation.
The accounting policies, significant judgements, estimates and sources of uncertainty are consistent with those applied in the preparation of these condensed interim consolidated, and combined financial statements are consistent with those applied in the pro forma financial information prepared in connection with the listing of Magnora Data Center ASA, except where otherwise stated.
The preparation of interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. The significant judgements and sources of estimation uncertainty are consistent with those applied in the preparation of the pro forma financial information, except where otherwise disclosed.
Due to rounding adjustments, the figures in certain columns may not sum to the total of those columns.
Alternative performance measures
The European Securities and Markets Authority (ESMA) issued guidelines on Alternative Performance Measures (“APMs”) that came into effect on 3 July 2016. Magnora Data Center has defined and explained the purpose of the following APM:
EBITDA: EBITDA, as defined by Magnora Data Center, includes operating revenue and other income and excludes depreciation and amortisation costs.
Note 2 Formation of the Group
The Group was established during 2026 through a reorganisation whereby the subsidiaries comprising the Magnora Data Center business were transferred from Magnora ASA to Magnora Data Center ASA through a contribution-in-kind transaction.
The entities transferred were under common control before and after the transaction. Accordingly, the transaction is outside the scope of IFRS 3 Business Combinations.
In the absence of specific IFRS guidance for transactions under common control, the Group has applied carrying value accounting. The transferred assets, liabilities and non-controlling interests have therefore been recognised at their existing carrying amounts in the financial statements of Magnora ASA.
No goodwill or fair value adjustments have been recognised as a result of the transaction.
Comparative financial information has been prepared as if the Group structure had existed throughout the comparative periods.
Note 3 Initial public offering and listing
On 8 June 2026, the Magnora Data Center ASA completed an initial public offering (“IPO”) and was admitted to trading on Euronext Growth Oslo.
The IPO resulted in the issuance of 50,000,000 new shares at a subscription price of NOK 13 per share. Gross proceeds from the transaction amounted to NOK 650 million.
Transaction costs directly attributable to the issuance of equity instruments were recognised as a deduction from equity in accordance with IAS 32 Financial Instruments.
The net increase in equity from the transaction is as follows:
| NOK million | YTD 2026 |
|---|---|
| Gross proceeds from IPO | 650.0 |
| Net transaction costs | -36.1 |
| Net proceeds from IPO | 613.9 |
Following completion of the IPO, Magnora Data Center became independently listed on Euronext Growth Oslo. Magnora ASA remains the controlling shareholder of the Group and held 52.0% of the outstanding shares as at 30 September 2026.
Note 4 Operating revenue
The Group’s operating revenue primarily relates to services provided through the Group’s colocation data center facility operated by Storespeed AS in Halden, Norway.
Revenue from colocation services includes data storage services provided to customers, while recharged electricity costs represent amounts invoiced to customers for electricity consumption.
| NOK million | Q3 2026 | YTD 2026 |
|---|---|---|
| Colocation revenue | 0.8 | 2.6 |
| Electricity recharges | 0.3 | 0.4 |
| Total operating revenue | 1.1 | 3.0 |
Note 5 Operating expenses
| NOK million | Q3 2026 | YTD 2026 |
|---|---|---|
| Payroll and board costs | 1.2 | 1.2 |
| Office cost (rental, etc) | 0.1 | 0.3 |
| Consultancy (audit, tax, legal) | 1.1 | 3.5 |
| Management services (see Note 6) | 13.5 | 27.1 |
| Share-based payment (see Note 7) | 3.3 | 4.1 |
| Other | 4.2 | 7.8 |
| Total operating expenses | 23.4 | 44.1 |
Note 6 Related party transactions
Magnora ASA remains the controlling shareholder of Magnora Data Center ASA following the listing on Euronext Growth Oslo and held 52.0% of the outstanding shares as at 30 September 2026.
As part of the establishment of the Group, the subsidiaries comprising the Magnora Data Center business were transferred from Magnora ASA to Magnora Data Center ASA through a contribution-in-kind transaction. The Group continues to have transactions and balances with Magnora ASA following the listing.
During the quarter, the Group incurred expenses from Magnora ASA relating to shared services and other support activities of NOK 13.5 million. For the three quarters the amount was NOK 27.1 million. These costs have been recognised in the consolidated statement of profit or loss based on the services received.
The Group also has total outstanding borrowings with Magnora ASA of NOK 14.1 million. Interest expense related to these borrowings is recognised in finance costs.
Note 7 Share incentive programme
In connection with the listing of Magnora Data Center ASA on Euronext Growth Oslo, a share incentive programme for selected employees of Magnora ASA was established and approved by the General Meeting of Magnora Data Center ASA on 3 June 2026.
Under the programme, participating employees acquired shares in Magnora Data Center ASA at a purchase price below the initial public offering price. The programme is accounted for in accordance with IFRS 2 Share-based Payment, and the fair value of the benefit granted is recognised as a share-based payment expense over the relevant vesting period, with a corresponding increase in equity.
Share-based payment expense recognised amounted to NOK 3.3 million for the quarter and NOK 4.1 million for the three quarters.
Note 8 Investment overview
The Group’s consolidated subsidiaries and joint venture as of 30 September 2026 are presented below:
| Name of entity | Registered office | Accounting principle | Ownership |
|---|---|---|---|
| Magnora Data Center Projects AS | Norway | Consolidated | 100 % |
| Magnora Data Center Operations AS | Norway | Consolidated | 100 % |
| Magnora Holding AS | Norway | Consolidated | 100 % |
| Magnora Metro Oslo 01 AS | Norway | Consolidated | 100 % |
| Magnora Scale 03 AS | Norway | Consolidated | 100 % |
| Magnora Scale 04 AS | Norway | Consolidated | 100 % |
| Hämeenlinna Scale DC Oy | Finland | Consolidated | 100 % |
| Mdata 1 Srl | Italy | Consolidated | 100 % |
| Mdata 2 Srl | Italy | Consolidated | 100 % |
| Mdata 3 Srl | Italy | Consolidated | 100 % |
| Magnora Scale Averøya AS | Norway | Consolidated | 70 % |
| Magnora Scale Surnadal AS | Norway | Consolidated | 60 % |
| Storespeed AS | Norway | Consolidated | 75 % |
| Magnora Data Center AB | Sweden | Consolidated | 67 % |
| Risti Kampus OÜ | Estonia | Equity method | 50 % |
Note 9 Subsequent events
No material events have occurred after 30 September 2026 and up to the date of approval of these interim condensed consolidated financial statements that require adjustment to, or disclosure in, the interim financial statements.