Magnora Data Center ASA reported a net loss of NOK 20.7 million for the first half of 2026, following its June initial public offering that raised NOK 650 million. The company, which focuses on high-power data center development in the Nordics and Italy, posted operating revenue of NOK 1.9 million during the period, primarily from colocation services provided by its Storespeed subsidiary.
Operating expenses totaled NOK 20.7 million, resulting in a break-even operating result. Cash flow from financing activities reached NOK 627.7 million, while operating cash flow was negative NOK 2.4 million and investment activities consumed NOK 5.7 million. The company ended the second quarter with NOK 630 million in cash.
Magnora’s portfolio now comprises 650 MW of gross capacity across 10 sites, with 525 MW classified as net capacity. Geographic distribution includes 280 MW in Norway, 100 MW in Italy, 85 MW in Finland and 60 MW in Sweden. Project stages range from early development (315 MW) to consenting (66 MW) and mature or sellable stages (145 MW).
The company highlighted the Hämeenlinna project in Finland, where it secured land acquisition, zoning, building permits, grid connection agreements and district heating partnerships within eight months, with 120 MW of initial capacity and plans for expansion. In Oslo’s Groruddalen area, Magnora holds a 9 MW potential site currently operating at 1 MW.
Magnora cited the Nordics’ 96–99% renewable energy penetration and power costs of USD 0.10–0.12 per kilowatt-hour—approximately five times lower than in the UK—as key competitive advantages. The company estimates annual savings of USD 300 million for a 100 MW facility in the Nordics compared to operations in the UK.
Hyperscaler capital expenditure on AI infrastructure is projected to reach USD 705 billion in 2026 and USD 835 billion by 2028, up from USD 220 billion in 2024, according to the company’s presentation. The FLAP-D markets (Frankfurt, London, Amsterdam, Paris, Dublin) saw vacancy rates decline to 7% in 2025–2026, down from 24% in 2015.
Magnora Data Center ASA’s shares rose 3.89% to NOK 14.94, trading near the upper end of its 52-week range of NOK 10.60 to NOK 16.40.
