Magnora (MGN) Q4 2025 earnings summary

Executive summary

• Achieved 60% year-over-year portfolio growth, reaching 10.4 GW by February 2026, with significant expansion in data centers, onshore wind, and battery storage across the Nordics, South Africa, Italy, and Germany.

• Strategic shift towards data centers in the Nordics, securing 210 MW in Norway and Finland, 315 MW in Sweden, and acquiring Storespeed AS and launching a Swedish development team.

• Divested all shares in Hermana Holding to optimize capital allocation toward renewables and data centers, maintaining a capital-light, profitable, and debt-free business model.

Financial highlights

• Net profit for 2025 was NOK 9.5 million, down from NOK 579.4 million in 2024, with profit before tax at NOK 12.2 million (2024: NOK 269.2 million); operating profit was negative NOK 3.0 million.

• Combined cash position of NOK 316.4 million at year-end 2025; ending cash balance at NOK 166.4 million after investment and financing activities.

• 26% annual average shareholder return and 21% return on equity since 2020; over NOK 1 billion returned to shareholders in cash and shares.

• Dividends of NOK 35.9 million paid and share buybacks of NOK 4.8 million.

Outlook and guidance

• Targeting a 12 GW development portfolio by end of 2026, with 2,500 MW of mature-stage projects currently for sale or under marketing.

• Prioritizing data centers in the Nordics, BESS in Southern and Central Europe, and onshore wind in South Africa.

• Considering strategic alternatives for further data center growth due to strong market interest.