On 27 February, Magnora published its annual report for 2024. The company raised
…
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its portfolio guiding to 10 GW for 2025 and continued the practice of a NOK
0.187 per share quarterly dividend. Magnora has also successfully entered the
Italian BESS market (Battery Energy Storage Systems).
Five years after the launch of our Electric Future strategy in March 2020, we
are pleased to be present in 8 countries directly and indirectly. We operate an
asset-light business model with projects in solar, wind and battery storage. We
have never had more projects to sell (or farm-down) than at the start of 2025.
As of today, Magnora is in sales, farm-down and partnership discussions in
almost all our businesses except in our most recent establishments. Our landbank
is growing quickly in most markets. We are continuing to see strong interest for
high quality projects with clarity about grid connection and permitting.
Highlights for Magnora ASA in 2024 and subsequent events:
- Net profit of NOK 579 million (including the value of demerging the legacy
business Hermana through an IPO)
- Operating profit of NOK 282 million
- Magnora sold its shares in Helios and received a 16-times return on
investment, excluding possible future earnouts as Helios creates value with
the backing of Europe’s strongest infrastructure specialist, Vinci
- First milestone payment for Evolar was received with correspondingly
increased chance for a second milestone payment
- Magnora’s landbank grew to 6.3 GW at the end of 2024, up from 4.1 GW at the
end of 2023, all based on organic growth. These figures exclude the Helios
portfolio
- Strong origination continued in early 2025 and the landbank reached 7.5 GW in
February
- Rapid derisking in our Talisk Scotwind project: no red flags related to birds
nor mammals, ongoing studies of wind and wave conditions, extensive supply
chain studies in addition to grid discussions
- Magnora entered the Italian and German markets in Q4 2024 and rapidly built
operating businesses
- Good start in 2025 as Magnora secured land for three sites of some 250 MW
BESS in southern Italy with its great local team and partner. This can allow
for project sales in 2025 to clients that aim to participate in the upcoming
auctions for capacity contracts (MACSE - the Italian Energy Storage Capacity
Procurement Mechanism), and secure long-term contracts with the national
transmission company
- A lot of sales activities and a breakthrough in South Africa where the demand
for BESS projects was particularly high in 2024, and there is also a strong
demand for onshore wind complementing solar PV
- Magnora returned a record NOK 300 million in dividends, NOK 398 in dividend
shares and NOK 42.7 million through buy back and cancelling of shares
- Despite the extensive return of capital, Magnora’s cash and cash equivalents
stood at NOK 254 million by year end with zero debt and a NOK 150 million
credit line
- Low fixed operating costs in the group allows a high degree of flexibility to
direct capital where returns are highest
Magnora’s board conveys, based on the company’s current position, the following
outlook for 2025.
- Organic growth expected to continue across geographies and products, combined
with alliances, farm-downs, and project sales
- Magnora has more projects than ever, and increasingly larger projects than
previously, from mid-sized, to large projects that offer revenue potential
for 2025 in most markets in which the company operates
- While the news flow about renewables can offer a mixed picture, the
underlying fundamentals are strong with stable or rising electricity prices
in our core markets, falling equipment costs, and growing demand for
electricity. Our diversified portfolio of earnout and milestone payments
together with new project sales and farm-downs should allow us to grow sales
and profits in a meaningful way.
- Emphasis on quality and maturing projects and companies paid off in 2024 -
our growing landbank looks set to offer marketable projects every year
towards 2030.
- Magnora raises its guiding for its portfolio size by year-end 2025 to 10GW
excluding the Helios earnout portfolio. Sales target for the year remains at
600-725 MW for 2025.
Please find attached the Annual Report 2024, also available at
www.magnoraasa.com - https://www.magnoraasa.com.
The report will be presented by CEO Erik Sneve on 27 February at 10:00 CET on
web cast: https://channel.royalcast.com/landingpage/hegnarmedia/20250226_3/.
DISCLOSURE REGULATION
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
CONTACTS
ABOUT MAGNORA ASA
Magnora ASA (OSE: MGN) is a renewable-energy group developing wind, solar and
battery storage projects. Magnora has operations in Europe and Africa through
the portfolio companies Hafslund Magnora Sol AS, Magnora Offshore Wind AS,
Emernor GmbH, Magnora Italy Srl, Magnora Solar PV UK, Magnora South Africa, and
AGV. Magnora also has earn-out revenues related to the former portfolio
companies Helios Nordic Energy and Evolar, and a financial ownership in Hermana
Holding. Magnora is listed on the main list of the Oslo Stock Exchange under the
ticker MGN.
ATTACHMENTS
Download announcement as PDF.pdf -
https://kommunikasjon.ntb.no/ir-files/17847805/18435190/5691/Download%20announce
ment%20as%20PDF.pdf
Magnoraasa-2024-12-31-en.zip -
https://kommunikasjon.ntb.no/ir-files/17847805/18435190/5688/Magnoraasa-2024-12-
31-en.zip
Magnora ASA Annual report 2024-12-31.pdf -
https://kommunikasjon.ntb.no/ir-files/17847805/18435190/5689/Magnora%20ASA%20Ann
ual%20report%202024-12-31.pdf
Magnora ASA _Q4 and Annual Report 2024 Presentation.pdf -
https://kommunikasjon.ntb.no/ir-files/17847805/18435190/5690/Magnora%20ASA%20_Q4
%20and%20Annual%20Report%202024%20Presentation.pdf
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