Norwegian data center developer Magnora Data Center ASA has outlined a 650 MW portfolio of projects across Norway, Finland, Sweden and Italy, following its June initial public offering on Euronext Growth Oslo.
The company raised NOK 650 million in the IPO, with shares closing 3.89% higher at NOK 14.94 on Wednesday. Magnora’s net loss for the first half of 2026 totaled NOK 20.7 million, including a NOK 14.6 million loss in the second quarter. Operating revenue for the period reached NOK 1.9 million, primarily from colocation services under its Storespeed brand, while operating expenses amounted to NOK 20.7 million.
At the end of June, Magnora held NOK 630 million in cash, supported by net financing activities of NOK 627.7 million. Operating cash flow was negative NOK 2.4 million, with investment outflows of NOK 5.7 million.
The company’s portfolio spans 10 sites with 650 MW of gross capacity, including 525 MW of net capacity. Development stages are split between early-stage (315 MW), consenting (66 MW) and mature/sellable (145 MW) projects. Geographic allocation includes 280 MW in Norway, 100 MW in Italy, 85 MW in Finland and 60 MW in Sweden.
Magnora highlighted the Nordic region’s cost advantages, citing power prices of USD 0.10–0.12 per kilowatt-hour—approximately five times lower than the UK. The company estimates annual savings of USD 300 million for a 100 MW facility in the Nordics compared with UK operations.
The firm also noted a decline in FLAP-D vacancy rates to 7% in 2025–2026, down from 24% in 2015, reflecting tightening data center demand in Europe’s core markets. Nordic renewable energy penetration stands at 96%–99%, underscoring the region’s sustainability credentials.
Magnora’s flagship Hämeenlinna project in Finland, designed for over 120 MW, was developed in eight months, securing land, zoning, permits, grid connections and district heating agreements. The company’s investor presentation is scheduled for August 26, 2026.
