Magnora ASA posted a second-quarter revenue of $10.06 million, missing its $22.08 million target by 54.4% as operating losses narrowed to NOK 36.4 million from NOK 39.2 million in the prior quarter. The Oslo-listed group, which operates in renewables and data centers, reported adjusted loss per share of -$0.3483 compared with expectations of -$0.1515.
The company ended the quarter with NOK 814.1 million in cash, up from NOK 128.6 million at the end of Q1, while total liquidity reached approximately NOK 964 million including credit facilities. Operating expenses in renewables fell to NOK 10–15 million per quarter, a decline of more than 50% from NOK 34.6 million in Q4 2025, as the firm reduced costs ahead of portfolio monetization.
Magnora’s data center platform, launched in June 2026 as Europe’s first pure-play data center company, now accounts for NOK 1.3 billion of group value just 18 months after inception. The unit raised NOK 650 million at a pre-money valuation of NOK 650 million, with Magnora retaining a 52.7% stake. Its Hämeenlinna project in Finland secured long-lead items including zoning, permits, and grid connections within eight months, with plans for a 120 MW first phase and potential expansion to 250 MW.
The group’s renewable energy portfolio expanded to 10,015 MW across eight countries, including 4,695 MW of solar PV, 2,570 MW of battery storage, and 2,470 MW of wind. Mature projects total 2,460 MW, while consenting and early-stage developments account for 3,665 MW and 3,890 MW respectively. Magnora’s South African pipeline includes five renewable clusters totaling 4,375 MW, with development initiated in 2021 and targeted for sale by 2030.
Magnora’s shares traded at NOK 22.25, down 4.3% following the results, while its data center unit’s valuation contributed NOK 9.1 per share to the group’s implied NOK 1,736 million market capitalization. The company has returned NOK 1 billion to shareholders since 2018, with a 19% return on equity since 2020 and a 28% annual average return over that period.
The group maintained its 12 GW portfolio target for the end of 2026, positioning data center assets as a key growth driver alongside renewable energy monetization.
