Norwegian renewable energy investor Magnora ASA reported a second-quarter 2026 adjusted loss per share of $0.3483, wider than the $0.1515 loss forecast by analysts, as revenue fell 54.4% short of expectations at $10.06 million versus a $22.08 million consensus estimate.
The company’s stock traded down 2.58% at $22.65 following the release, extending its decline from a 52-week high of $33.70. Magnora’s operating loss narrowed to NOK 36.4 million from NOK 44.7 million in the prior quarter, though total operating expenses rose to NOK 37.4 million from NOK 1.6 million in revenue. Net cash used in operating activities totaled NOK 35.5 million, while net investment outflows reached NOK 5.7 million. Financing activities generated NOK 726.7 million, leaving the group with NOK 814 million in cash and total liquidity of NOK 964 million at quarter-end.
Growth in Magnora’s data center unit partially offset the earnings miss. The Magnora Data Center ASA unit, listed in June 2026, now holds a 52.7% stake in Magnora’s data center portfolio, valued at NOK 656 million. The unit has raised NOK 650 million at a pre-money valuation of NOK 650 million and operates 525 MW of capacity across four European markets, with 280 MW net to Magnora. The Hämeenlinna project in Finland is expanding from 120 MW in Phase 1 to 250 MW in Phase 2.
Magnora’s broader renewables portfolio reached 10 GW of net capacity across Europe and Africa by Q2 2026, up from 2.9 GW in Q1 2023, with a target of 12 GW by year-end. The portfolio includes 4,695 MW of solar PV, 2,570 MW of battery energy storage systems, and 2,470 MW of wind capacity. Sellable or mature assets totaled 2,460 MW, including 1,480 MW of solar, 520 MW of battery systems, and 380 MW of wind.
Operating expenses for the renewables platform declined from NOK 34.6 million in Q4 2025 to NOK 17.0 million in Q2 2026, with a target range of NOK 10–15 million per quarter. Magnora has returned NOK 1 billion to shareholders since 2018, with a 19% return on equity based on year-end metrics and a 28% average annual shareholder return since 2020.
The company’s South Africa renewables clusters, totaling 4,375 MW across five projects, remain positioned for sale by 2030. South Africa’s electricity generation mix is projected to shift wind and solar’s share from 19% in 2026 to 33% by 2030, with total consumption expected to rise from 242 TWh in 2026 to 395 TWh by 2050.
