Magnora prioritizes data centers, halts regular dividends despite Q3 loss

Magnora significantly ramped up its data center activities in Q3 2025, establishing Magnora Data Center AB in Sweden and acquiring a 75% stake in Norwegian operator Storespeed AS. These moves leverage Magnora's expertise, existing land bank, and capital-light model to target the rapidly growing hyperscale DC market, with a combined potential of approximately 1,500 MW. The company's strategic shift prioritizes data center expansion, leading to a halt in regular quarterly dividends to reallocate capital, while still committing to extraordinary dividends and share buybacks.

Alongside data center growth, Magnora's renewable energy portfolio advanced, growing 4% to 8.3 GW and remaining on track for a 10 GW target by year-end 2025. Key developments include surging demand for battery energy storage systems in Germany with seven projects progressing to grid applications, and maturing solar pipelines in Norway. Sales processes are active across all regions, including large-scale wind and solar projects in South Africa and 158 MW of solar PV and BESS projects in the UK.

Financially, Magnora reported a net loss of NOK 16.4 million in Q3 2025, compared to a net profit of NOK 235.4 million in Q3 2024, primarily due to lower other income from a significant gain in the prior year not recurring. Cash and cash equivalents stood at NOK 192.6 million. The company emphasizes its asset-light strategy, focusing on selling projects at or before the ready-to-build stage to reduce balance sheet risk and generate returns.