Magnora Aktie

Good morning and welcome to Magnora's Q1 presentation 2026. How are you? So highlights for the quarter and subsequent events. We reached our 10 gigawatt portfolio in the first week of January. We've advanced multiple sales processes during the quarter as we mentioned end of last year and in February. So we have very positive development on that side. We have grown the data center portfolio to 410 megawatt gross, net 290 megawatt to Magnora. We expect that Finnish and Swedish project may be for sale already this year. And our Finnish project received its building permit last week and we're very happy about that.

We launched our DC origination business also in Magnora Italy and South Africa. We have signed a project in Italy, I'll get back to that. We have seen a noticeable pickup in interest for renewable projects, in particular, in April. We didn't really see it in Europe in March, but we have seen strong incoming interest, in particular, in Germany and the U.K. and Norway. In addition, we're pleased to say that we have engaged Arctic Securities to explore a potential 2026 listing of Magnora's data center business reflecting the strong market interest we've seen in our organization as a developer, but also from the financial community.

We're delivering on our strategy and returning over NOK 1 billion to our shareholders. For new readers and listeners, we've had 20% return on equity since 2020 and returned over NOK 1 billion to our shareholders. 28% annual average shareholder return over these years. And we're now ready to grow into the data center space, providing better margins and higher growth, in particular, in the Nordics going forward.

Market update. We've seen a significant increase in gas prices and 75% of the population in the world are dependent on fossil prices for their total energy consumption and this has a noticeable impact on consumers and businesses also in Europe. We see that EU have estimated additional cost of EUR 24 billion alone. So the geopolitical uncertainty comes back as it did in Russia invasion of Ukraine. So we think we are at a step shift on the demand side for green energy projects in Europe. EU has established a EUR 2 billion fund to reinforce the European energy transition.

We've seen very fluctuating prices with plenty of negative prices due to the increasing amount of renewable energy and that is mitigated and taken care of by BESS, which has seen the strongest growth in history in Q1. I'll get back to that. European Utility Index listed stocks is up 16% year-to-date. We've seen continued acceleration of green energy. Wind and solar together now is the largest portion of new generation in EU for the first time and we think it's going to grow further. We see rapid growth in BESS and you see the demand in Q1 is almost the same as the whole of 2024 at 46 gigawatt hours.

We've seen record hours of negative prices as well in Q1 until April this year. And in Spain alone, I think it was above 300 hours of negative prices year-to-date. Taking into consideration that most of that happens at daytime, it has a very significant impact on how electricity is delivered, consumed and the prices you pay. We see that the FLAP-D; Frankfurt, London, Amsterdam, Paris and Dublin; the largest data center markets in Europe are short of capacity. Vacancy rates are at record low and that means data center operators and sovereign cloud drives demand to new areas in Europe.

Sweden, Norway, Finland are prime spots; also Iberia and Italy and it's quite challenging on Continental Europe to get good sites. Business update. Data center origination grows rapidly from less than 96 megawatts last year to 290 megawatts as of yesterday. We expect to sign new projects in short and also midterm. Solar portfolio quite stable, actually a little down in South Africa as we took some projects out and battery systems growing slowly. And we have a high focus on onshore wind, in particular, in South Africa. I'll get back to that.

And then we have our earn-out assets in Evolar and Helios. So above 10,000 megawatts. We've had a very high focus on data center origination in the quarter and had slower growth, but we expect growth on renewable, in particular, in South Africa to pick up for the remainder of the year. So a shift toward more selective growth; data center origination, BESS in Europe and onshore wind in South Africa and we'll have selective DC growth outside the Nordic as well.

Here you see the distribution. I'm very pleased to say that we've signed 30 megawatts in Italy with the team there. We have a fabulous team with a very good track record on real estate and BESS origination and they have looked during the quarter for good sites and they recently found a very good site which we signed up. The team in Sweden has found a brownfield site at 60 megawatts, which we think we can grow further. The Finnish project, Hameenlinna, is developing really, really well and we had a building permit last week. We've signed up new projects in Norway and I'll get back to those.

Finnish project on industrial land zones for data center activity close to district heating, gas network, a lot of fiber in the area and we're working on the final grid agreement. Strong local support. The municipality really finds this project appealing. They say it's a significant step forward in advancing technological development and economic growth in our community. 70,000 people live in the city and around 5 million people in the vicinity of the Hameenlinna area between Tampere and Helsinki, 120 megawatts and very, very happy with the development of that project.

Another example brownfield site adjacent. We think we can connect maybe to the grid faster than anticipated. Peter Nygren and the team are working really well with the origination. We think we get more sites close by and in Sweden over the coming months. Selective positioning. For new readers, we entered a space last year. We made an acquisition, StoreSpeed. Worked in a JV partnership with Blix Solution on that site together with the founder. And we're looking for more metro sites similar to StoreSpeed to combine with the network of Blix and StoreSpeed Magnora.

So very interesting development. We refurbished the site and spent some money there to make it nice place for the customers to come. Italy, we signed 30 megawatts in Northern Italy, Milan area. That's one of the hottest data center areas in Europe. We have a structured sales process ongoing for 175 megawatts. We are dependent on final permits for those projects before they're completely sellable and we have auctions coming up later this year, another in 2027. So very interesting capacity market in Italy.

South Africa, we've grown the onshore portfolio to 360 megawatts. We took out 1 project due to avifauna risk, that's a large bird risk. But in general, we have very good origination. We have very good dialog with the customers. The customers, they expect to roll out 100,000 new megawatts of renewable in South Africa by 2040. We have one of the largest independent platform. We've had an international bank present in South Africa look at that portfolio and I think it's worth multiple times of Magnora. So it's a very, very good team; very, very good projects; very good sites and we think this has many legs to grow on; onshore wind, solar and also data center; which we expect to be perhaps up to 2,000 megawatts by 2030. So some selective data center focus in South Africa as well.

Germany, adviser was engaged last year working on closing a larger transaction. That's a very good dialog with multiple customers. Good interest for early-stage projects. We think the negative prices in first quarter and also the geopolitical situation in the Persian Gulf will impact the demand going forward. So they changed the regulatory regime; first come, first serve. Magnora's approach is to work with local stakeholders and municipalities and it seems like this is a good value proposition for the clients we're discussing with.

Other markets, we've seen a noticeable uptick in interest for renewables. Our adviser in U.K. is called up by customers to ask for available projects. As you know, the regional grid company, National Grid, are struggling to sort of allocate exactly time slots. But we have from the regional grid company a possibility to connect in 2028 for these projects. They're fully permitted. In Norway, we had clients visit our sites and find the projects in Norway very interesting from a regulatory perspective and certainty around grid and actually the quality of the site. So that's also a change.

So we hope this development, the pickup we've seen in April will follow through the year and that European politicians and utilities will take growth more seriously going forward than they have done in the last 2 years where everything has been quite slow. Our business model, it's quite similar across solar, wind, BESS and data center. We have had people who developed large data center sites historically, but it all starts with a good site, site evaluation, geotechnical issues, maybe you have to do drilling, connectivity issues, environmental risk maybe the most important in that stage and the ability to connect with fiber and redundancy on grid and fiber.

Project development, the core of what we do or the local teams do very, very important. Then it's the construction. We have people who can assist the client in construction management. And then the last phase is operations. We're an operator within the data center space with StoreSpeed. Then quite important to have the relationship with the vendors for our data center site, but we also get a lot of incoming on bids for volumes in the data center space. StoreSpeed is not able to develop -- to deliver 10 megawatts to 50, 100 megawatts, but we're starting to develop very good relationship with multiple customers after the partnership with Blix and our acquisition of StoreSpeed.

So very happy about that part in our rally change that change over the last 6 months. We established our data center strategy early 2025. Focus in Norway, Sweden and Finland. We have a portfolio strategy to avoid political risk. We have different sizes. We look at different vintages timing. And our value proposition we think can save international clients, but also Nordic clients 2 to 3 years on the development since we're a very experienced developer of nonzoned land. We've done this many, many times. We've sold over 30 projects over the last 7 years.

We're now harvesting our role as a data center operator with the StoreSpeed. We're developing the customer network, concept designs and technical in-house competence. We see that a lot of landowners like to do partnership with a company like Magnora, real estate companies and industrial companies where we have sort of a risk-sharing model on the development expenses and then profit split. So it's a good, well-established model we've used within the renewable space for many, many years.

So we executed on the strategy. We launched first the Swedish team in September last year, acquired StoreSpeed, partnership with Blix, first large-scale project last year in Norway. We have a pipeline of above 1,500 megawatts across many countries in Europe. We have a portfolio now of above 400 megawatts. So why work with Magnora? We have very long experience as land developer. We're really good on grid connection, analyze the possibility to get to the grid before zoning. We have a good relationship with the vendors. We get customer contacts through also the vendors.

We know how the building permit process works and what's important and how it impacts neighbors and the local community. We have long experience doing structured sales and also direct sales. As a listed company, we take regulatory compliance very seriously and we always like to have local buy-in. And we see that many international companies underestimate that. And we have learned from the renewable industry that you have to pay very, very close attention to what local stakeholders think about these large infrastructure projects.

We have proposed a new Board. Torstein Sanness is stepping down. He's 80 years. It's been a true pleasure working with him. I've learned so much over the years about team spirit to build the organization and to have organic cash flow to finance your growth. He was the founder also of Lundin Petroleum in Norway. And very, very thankful for the years as Executive Chairman first and then the Chairman. John Hamilton is proposed by the Nomination Committee as the new Chair, been with the company for many, many years.

Hilde will also continue and we're very pleased about that for the continuation in the Board. But we're very happy to say that Jean-Francois Berche and Lars Schedin and Hilde Hukkelberg have been proposed by Nomination Committee as new Board members in Magnora. So Jean-Francois was employee #3 I think in Amazon Web Services, worked with M&A and acquisitions in Microsoft OpenAI and is now CTO in one of the larger neocloud operators in Europe and it will be a great contribution to our organizational capabilities and competence.

Lars Schedin, former Founder and CEO of EcoDataCenter, one of the largest independent Swedish data center operators for many, many years. Sold a couple of years ago to a large real estate company. Hilde Hukkelberg, she's from Innovation Norway in London as a Director. She's worked in sales in London and been quite active in the development of the larger Norwegian AI sites over the last few years. So she has a very good network. And we think the new Board will really be important to contribute to the growth going out for the next following years. So you can read about their bios on LinkedIn for further information.

Strategy as simple rules. I just want to say that we always diversify. We focus on early sales to prove our business model in a new market. You may see that also in DC business. We try to have a warchest so we don't need to negotiate on weakness, but on strength. When things looks perfect, we have historically sold businesses and projects. We have a high focus on entrepreneurs with high integrity, very important for these type of projects. We remain agile grasping new opportunities like the data center business opportunity in 2025. And we try not to have expensive stuff on the balance sheet and very focused on capital allocation and farm downs.

So Q1 financials. Q1 was impacted by a lack of sales. We have increased the data center portfolio quite a bit. We had some final costs for the Talisk campaign one-offs, stuff we ordered first half last year on the expectation that we'd have a farm down on that. We missed on that, but those are one-offs, a big impact actually on the OpEx. It will have some impact on cash flow in Q2 as well. And then we have stock option costs, which were vested and an execute strike in Q1 and increased legal expenses due to the data center business. So those are the numbers. Paid in capital of NOK 6.9 billion.

Cash flow better than the operating income due to the reasons I mentioned just now. We have some net financing activities related to office lease payments, very small. Cash balance at NOK 130 million with a credit line around NOK 278 million cash available and 0 debt. Outlook. We have a very high focus on data center business, as you know, also on onshore wind in South Africa and BESS systems in Italy and Germany and we might look for other good BESS projects as well. But we've always tried to focus on the most attractive segments where we get the highest return.

On the portfolio, we have around 2,500 megawatts sellable. You can always sell a project, but it's always important to sell at the right time. So it's important to have cash on the balance sheet and sell at the optimal time. We have increased sellable projects. You see data center is also moving up there, 225 megawatts net, which is important. BESS system, we see demand for more than that now due to the noticeable uptick I mentioned. And feel that we have a very good diversified portfolio with high interest around all our segments. Perhaps offshore wind is sort of the most uncertain segment now. I can get back to that next quarter.

Focus ahead: 12 gigawatts portfolio, increased steadily year-over-year. We're prioritizing data center in Nordics, BESS. We're exploring 2026 listing of Magnora's data center business in engagement with Arctic Securities. This is work that's been ongoing for quite a bit now. We're maintaining strict project development and cost discipline and target 12 gigawatts by end of 2026. And we're going to execute on this market opportunity with higher focus on geopolitical uncertainty. The price range for our projects I think is around NOK 500,000 per megawatt to NOK 3 million. In South African solar and Norway, you might see prices south of that. But prices differ in markets and technology and depending on how mature they are.

With that, I'd like to thank you for your patience and listening to our presentation. We are having a lunch presentation with Arctic Securities later today. Feel free to call your broker and meet us there. We wish you a pleasant day and thank you very much for your support and listening to Magnora's Q1 presentation. Have a great day.

Good morning, and welcome to Magnora's Q4 and combined annual results report for 2025. I'm very pleased to say that we have had the highest growth ever in terms of origination. And we also entered the data center market, and we have some exciting news about the recent developments. Highlights and portfolio update. We increased our portfolio of data center, onshore wind and battery projects in attractive markets such as the Nordics, South Africa, Italy and Germany.

Our development portfolio reached 10.4 gigawatts as of February 2026. That's 60% year-over-year growth from 2024. We have over 2,500 megawatts of mature stage development opportunities, which are sellable today. We have done a strategic shift towards data centers in the Nordic and secured net 210 megawatts of data center projects across Norway and Finland, and we're excited about developments also in Sweden. Gross 315 megawatts. We established a strategy early 2025, and we executed on the strategy through the year. Today, we own an operational data center in Halden, Norway. It's called Storespeed. It's been running for 20 years. It gives us an excellent position in the market. We have established a partnership model, collaborating with real estate developers, industrial players and other landowners.

We've established a team and a development organization in Sweden with a serial entrepreneur. And we secured our first project in Finland, laying the foundation for further portfolio development in Finland. Local and international advisers have been engaged on a handful of transactions in mature stage. We currently in advanced dialogues above the 500 to 800-megawatt guided range from last year. Red Sands triggered a final milestone payment in 2025, and it became the largest BESS project to date when it was awarded in 2023 and financial close was last year, and they started shoveling in the ground in November. We also divested all shares in Hermana Holding, optimizing the group's portfolio and capital allocation towards renewables and data centers.

We have a capital-light business model, and we're a profitable developer. We have 0 debt. We have a relatively low burn, solid cash position, a credit line from Nordea in Norway, combined cash of NOK 316 million at year-end, 21% return on equity since 2020, and we returned above NOK 1 billion to our shareholders in terms of cash and shares in Hermana over the years. 26% annual average shareholder return since 2020. Currently listed on the main board of Oslo Stock Exchange with around 6,600 shareholders.

Some update on the various markets. We initiated a structured process end of last year in Italy, and we currently have 2 projects in the market of 175 megawatts, and we added 470 megawatts to the portfolio in Q4 last year. The first auction round last year in Italy, which we missed, offered 15-year fixed price agreements for operators who want to own the batteries. This is the market we develop for. Next auction is expected mid-2026. 10 gigawatt was awarded in 2025 and at least the same volume is expected in 2026.

South Africa. We have focused on cluster sales and high premium wind in terms of new origination. We engaged an adviser last year for a sales process of a 500-megawatt cluster. The interest for this created interest for more content, and we're now in more advanced discussions regarding this portfolio sale than we were in December. We're assessing opportunities also in South Africa for the data center market. Since year-end, we've added 360 megawatts of new onshore wind projects in South Africa. The onshore wind market there is very exciting because it's rare to find these good opportunities, and it has good, better premiums, much better.

At the state of nation in February 2026, this month, President Cyril Ramaphosa further unveiled the target of 50% of South Africa's electricity to come from renewables by 2030. That's a very ambitious target. Magnora has one of the largest independent development portfolios in the market with a high proportion of onshore wind assets. Our portfolio stood last week at 6,760 megawatts. Some local players believe the market will need more than 100,000 megawatts of new renewable energy by 2040. Germany, we added 650 megawatts during the quarter, a 400% increase from 150 megawatts in Q3. There is good discussions with clients and potential partners in Germany. We have engaged a very reputable adviser to help us with a structured sales process for our first BESS projects.

The regulatory environment has also been changed from first come to first served to a first ready and first served model. It favors our integrated model with local stakeholders. During 2025, we established our data center strategy with a focus on Norway, Sweden and Finland. We're considering further growth in current and adjacent markets together with partners and potential customers. We have a diversified set of projects, different sizes, locations, operational readiness and timing. Our value offering should save clients for up to 2% to 3% -- 2 to 3 years of development and reduced risk. We're harvesting on our role as a data center operator. I'll get back to that later in the presentation.

We work in collaboration with landowners, real estate players and industrial players. Back to the strategy. We initiated the strategy by launching a Swedish development team in Q3, then making an acquisition of Storespeed early Q4 and a partnership with Blix Solutions, who is a part owner in Storespeed. Then we announced our first large-scale project in Norway at the end of the year. And early in January, we announced a 120-megawatt project in Helsinki, Finland. We've also added another project in Norway recently, and we have a weekly deal flow with new land from all over the Nordics and Nord Pool area, above 1,500 megawatts of leads.

Update on other markets. New wind and hydropower struggle with permitting in Norway. No new wind permits basically since 2019. So we're cost consciously maturing our 2 gigawatt portfolio of solar PV projects in Norway. We currently have ongoing commercial discussions with a few clients. The production profile for solar PV fits really well with data center peak demand, which is typically in the summer when the temperature is above 15 degrees. In England, we have 156 megawatts of fully permitted projects, which have been designated protected and passed Gate 2 in the grid reform. According to the local grid company, we should have a grid connection around 2028. We have engaged a financial adviser to manage the interest with multiple parties.

In Scotland and ScotWind, we're advancing commercial discussions on the Talisk Wind project. This has come and been ignited by the recent order of the 1.8 gigawatt connection linked to the Western Isles, a very big investment by National Grid. Most recent government auction, AR7 resulted in 20 years contract as opposed to 15-year contracts before at the price around NOK 2.8 per kilowatt hour, quite attractive price.

So looking back at 2025, we see 60% portfolio growth over the years. So it's the highest absolute numbers we've added ever in the history of the company, and this has come on the back of reduced cost over 2025. So it shows we have a platform and that we're able to create more stuff for less money. Here, you see our portfolio across data center, solar PV, battery system, wind. And remember, we also have the earn-outs from Helios and Evolar.

So why work with Magnora and what do we do in the value chain. This is an example of data centers, but it's quite similar to onshore wind and solar PV. So the most critical items is the building permit, the zoning for the data center and the grid connection reservation date. But for end clients, it's also important to understand that the overall concept design fits with the site and that we also work with sales and clients. So for many local landowners who come from a different background, we have a complete value chain where we can handle all these issues, and we also understand regulatory compliance well. And being a listed Norwegian public company helps when you work with grid companies and municipalities because they want to know who the counterparty is that will own the project in the development stage.

And typically, it's also an advantage for the buyer to know that a Norwegian company with a strong track record has developed this project. How do we do it? We work a lot with partnering with municipalities, industrial and real estate players, local landowners or unfunded smaller development teams. And what we can offer is the complete suite of workflow streams that's needed to secure the time line of the project. So the client typically buys the time line they believe in. Our focus is on projects around the capital of around 10 megawatts and above, but typically 50 megawatt plus. If we go too big, it's hard to manage the projects and get the grid connection in due time at least.

So to showcase a little bit about our ecosystem and our competence. Peter Nygren is the founder of Arise Windpower. He worked at NCC with cooling systems and district heating systems, key processes to know when you're going to get permit for a project in Sweden and Finland, and it's increasingly important also in Norway to handle waste heat. Bjorn Drangsholt, he is the former Senior Adviser for Google and Statkraft. He worked on the 800-megawatt hyperscale center in Skien in Norway, so also very key. John Amundsen, the founder of Storespeed, is very well recognized in the Norwegian data and telecoms industry, worked for Digiplex, NATO, TETRA, Skagenfiber and has very good reputation in the market.

As a co-investor in Storespeed, we have Erik Blickst, a self-made very successful data center operator with 2 data centers in Oslo and a broadband business. So this is part of the ecosystem, working with Magnora and our network of advisers to manage and develop data center sites in the Nordics. Here is a case example of our projects in the Helsinki area in the city of Hameenlinna. Here you see a very attractive site at Hard Rock, 100 megawatt, 20-megawatt project, less than 1 kilometer from the substation, excellent connectivity with multiple players providing fiber and also district heating system well developed in the city of Hameenlinna. So all these items are important to reduce the development time for a project.

We were approved by the Finnish local government in December as a developer of this project. And it was very convenient for them and easy to approve us being a listed Norwegian company with proper ESG and good governance. Strategy is simple rules. We always try to stay with good people. We insist on early sales when we go into new business. We may have the opportunity to sell a project within the data center industry already in 2025. And we don't -- we remain agile and adaptable on the market opportunities that arise. As I mentioned, in adjacent markets and markets we're currently in, we're constantly looking at new good opportunities that fit our risk strategy model.

Financial review. You see cost came a little down in 2025. Profit and loss impacted by the Hermana revenue that flowed through Magnora after the divestment. And profit before tax ended at NOK 12.2 million, down from NOK 269 million in 2024. We have accumulated carry loss forward from the previous business, Sevan Marine of NOK 3 billion and paid in capital of NOK 6.9 billion. So remember, Magnora has been profitable since day 1 and very low cost of origination. As I mentioned, we had 60% portfolio growth at stable or a little lower operating costs, and we're very proud of that. If you look at the cash flow, the ending cash balance at NOK 166.4 million. The net financing activities impacted by the Hermana flow-through, and we had net investment activities of NOK 52.6 million.

Here's a slide about how we consolidate the portfolio companies. It's IFRS that's used, and we typically convert sales to full revenue over 0- to 24-month period depending on the project, the risk and the ready-to-build status. A little bit about the outlook. Magnora shifts financing and management attention to the segments where we get the highest return. We've done that throughout the history. We see that there are lower prices than expected in the Nordic markets. It's a safe markets where a lot of international companies like to do business. And on the back of this and the competence we have, we have focused on the data center market in the Nordics, Norway, Sweden and Finland in particular.

We have a high focus on growth in Germany and Italy on battery storage and onshore wind in South Africa. As I mentioned, we're also in the early days of looking into data center development in South Africa being 300-megawatt market today already and expected to be around 2,000 megawatts by 2030. So previously, we have guided on exact what number for the year. We have been asked to provide a table for early stage, more mature stage and mature stage projects. So consenting stage is where you get all the permits and mature stage is when the consenting is sorted out. And basically, we've come to a number around 2,500 megawatts is currently for sale or under marketing or we have already engaged advisers to sell. So that's a number you can look at 2,500 megawatts out of the 10,400 megawatts. It doesn't necessarily mean that we will close all 2,500 this year, but this is a potential.

So the factors that will determine what we will do is the achieved price, the risk on the milestone payments and various factors. Focus ahead. We believe that we can reach 12,000 megawatts, 12 gigawatts by end of year 2026. We're prioritizing data centers in the Nordics, BESS in Southern Europe, Central Europe and onshore wind in South Africa. As we mentioned in the press release in our numbers this morning, we consider strategic alternatives for further data center growth, and this has come on back of interest from market players, investors and advisers. We maintain strict project development and cost discipline in everything we do. And we execute on our mature development portfolio within renewables.

Our range achieved sales price in South Africa for combined wind, solar and BESS in the clusters is within the guided range historically from NOK 0.5 million to NOK 1.5 million per megawatt. But introducing data centers, we can see that we can have an even higher price for the -- for our development projects as data centers has much higher CapEx and it's a very good interest for data center projects currently as many people have taken notice of. So we're moving from harvesting our renewable projects, moving our growth towards higher-margin areas, faster-growing areas. With that, I would like to thank you very much for your attention. I'll be at the SB1 Markets conference later today. And if you see me, take the opportunity to chat, I'll also be holding a short presentation there. With that, I would like to thank you very much for your patience and time. We look forward to a very exciting 2026. Thank you.

Good morning and welcome to another exciting quarter in Magnora and we're pleased to introduce our acceleration of our data center project development business.

So first of all, I'm very pleased to say that Peter Nygren will be heading up our Swedish data center business development and he has experience from Arise Windpower as the CEO and founder and also a co-investor and active owner in Helios prior to the sales of Helios last year. We also acquired Storespeed in partnership with the Blix Group, a very successful local data center operator here in Oslo and the founder, John Amundsen in Storespeed, a leader in communication and the Norwegian data center industry. The team, Peter Nygren, Blix and Storespeed has decades of experience from infrastructure development and data center business. And Peter also have great experience from district heating and cooling systems from his career in NCC.

We have been approached by a dozen of developers and landowners interested in discussing our data center business with them. We have received multiple bids on our projects and we're in negotiation and discussions across wind, solar and BESS assets across the portfolio in all markets. We have also multiple dialogues with investment into our various platforms in Magnora and also our most recent data center business. We have expanded the team in Italy and we're ready to accelerate and develop and prepare for sales for next year. We have rapid acceleration in Germany where the number of prospects on track for near-term grid applications rose to 7. On the ScotWind project, we're seeing improvements in supply chain. Mingyang might establish a factory close to our site in Scotland. Also the AR7, the next CfD round will be closed around year-end. Our environmental data confirms the viability of the project.

In U.K., finally, the grid reform is set to speed up and we've increased the portfolio of the 2, 3 projects there to 158 megawatts and these projects have high market interest. The data center demand is booming and Magnora has the capabilities to deliver because what we do is very similar to the data center business. So let's look at the figures. The market is expected to grow by [ 4x ] by 2035 and double by 2030. In Europe, traditionally, the FLAP-D markets, Frankfurt, London, Amsterdam, Paris and Dublin has saturated and stagnated. Vacancies are very low and prices for real estate and grid connections are very hard to deal with. The EU, in general, lags the U.S. by 2 to 3 years. And on the right side, you see the demand from players like Amazon and Microsoft. Amazon alone will need 80 terawatt hours to develop current plants.

So let's look at Europe. Why the Nordics? So you see that the Nordics in 2024 have the lowest electricity prices all of Europe and it's been like that for decades. The share of green energy in Europe is astonishing. Norway, 99%; Denmark, 89%; Sweden, 71%, the FLAP-D markets, just 41%. So Iberia and the Nordics are soaring as very interesting place to be if you want to be in Europe. We also have cold climate. The temperature is less than 10 degrees over the year, very good fiber infrastructure, high adoption of cloud and AI in general. If we look to Norway, we've seen the different analysts estimate growth of around 5 megawatts, both in -- terawatt hours, I mean, in both Norway and Sweden over the next 4 years. So this is a very interesting place to be. The attractiveness of the region is cost competitiveness, a regulatory framework that's very good and especially in Sweden with a lot of district heating, which is important for the waste heat from data centers.

If we look on the left side, you see how you develop a renewable project, land, power connection, zoning, regulation of property and environmental and building permits, very similar. The difference is really just fiber and potentially operations of data centers. And you also have the waste heat and cooling system that's special for the data centers. But those are skills we have in-house. So now we know better how we develop good data center projects with the team we have. Let's look closer at the team, Peter Nygren, on the left side; Bjørn Drangsholt, leader who worked for decades in the power industry at Statkraft, he developed the Google project in Skien and he worked on that project for 6 years. It's one of the largest data center projects in the Nordics. You could look it up on Google. John Amundsen, he is the leader within the industry. He worked for DigiPlex, NATO with IT systems, developed the emergency network in Norway TETRA and also happened to be in the development of the Skagenfiber, fiber connection between Norway and Denmark.

And last but not least, our co-investor, Eirik Blix of Blix Group and Blix Solutions, who operate 2 data centers here in Oslo. He's a true leader within the industry. So we're trying to leverage our team, the Storespeed acquisition and our relations in Sweden and Norway. We're prioritizing Sweden with greenfield hyperscale projects. Typical range is 20 to 150 megawatts and I won't be surprised if we, not in the soon future, will close a few deals in Sweden with Peter and his team. So our lead base in Sweden is now above 1,000 megawatts and in Norway, 500 megawatts of projects. We've been approached and have approached landowners, business developers, utilities, real estate developers and data center companies. Grid companies in Norway, they prefer to work with operators. So the Storespeed acquisition is important for realizing projects in Norway.

A little bit about unit economics. If you take a well-run 1-megawatt data center, you can have revenues between NOK 20 million to NOK 40 million from that -- such a center. The EBITDA could run then between NOK 7 million to NOK 12 million per year. So Storespeed can potentially grow to 5 megawatts based on the infrastructure and the real estate we have there. So you can multiply those figures with 5. And the expansion can happen maybe through some leasing of equipment. But if you look at AI and if we would be able to retrofit that facility to AI, the revenues would be much higher and obviously, also the investment. We wouldn't do that without the customer who would pay for the investment. But the most important thing is that we have the grid connection. We have an operation there. So we think it's a very interesting asset for us to own and to grow.

Let's look at some market observations there. On the right side, you see data center load and think about a data center running at 19 megawatts. And during the summer, when temperature rise above 20 degrees, you see that the -- to run at full capacity, you would need 25 megawatts. So 30% more energy. And we have a big solar portfolio in Norway and this portfolio could fit really well for the market demand for data centers in the years to come. No one think this is really of high interest now but this figure -- chart speaks for itself. So in Norway, you have great opposition towards onshore wind because of reindeer, nature conservation and Not In My Backyard. Hydropower is also, to some degree, saturated and it has many regulatory challenges with wild reindeer there. So solar could be quite interesting for data centers in general because it's sunny at day when the temperature is the highest. And in the Nordics, you never have temperature above 20 degrees or very rarely in the night.

So little bit about the Q2 in brief for our long-term shareholders. You know this slide well. We are capital friendly. We think a lot about capital allocation. We returned NOK 1 billion to our shareholders over the last year. We always try to have a good return on our investment and stay loyal to the capital-light model. In case we do something more capital intensive on data centers, we would do that in a sister company with financial partners, so it wouldn't affect our balance sheet. Close to 7,000 shareholders and listed on Oslo Stock Exchange main board. Market for data centers, really, really high. We saw the terawatt hour estimate but we see around NOK 20 billion to NOK 30 billion per year of investments in data centers in Norway and similar in Sweden. So it's a very interesting market if you know the market well, the grid connections and have a good project team. We have NOK 192 million in cash and combined with our credit facility, NOK 342 million.

We've reduced costs somewhat in the quarter by running our operations more efficiently, 0 bank debt. So we grew the portfolio a little more modestly since we had a lot of focus on our sales processes in the quarter but also on our data center business. We expect a large pickup in the land bank in the quarter due to some signing of larger projects, in particular in South Africa but maybe also in a few of the European markets. On the right side, you see that we went from 0 to 1,500 megawatts in leads during the quarter. We started, of course, to work on this market earlier this year.

So this didn't happen from thin air. So our team has worked diligently with the market players and we've been able to establish ourselves as a partner, many would like to speak with, as an alternative to foreign companies sitting far away. So we're very happy about the leads we have today. So we have a diversified portfolio across technologies. Data centers will be a key growth driver going forward. Solar portfolio remains solid and mostly in South Africa. The battery systems, it's very, very interesting market. And you see very, very interesting developer margins in Germany, north of EUR 200,000 per megawatt.

Onshore wind, we only have that in South Africa and there you also have very solid margins for good projects. And we have focused on multiple projects for many years and we believe we have several clusters up for sales to very interesting counterparties and that we could sell 200 to 300 megawatts per year going forward into the next decade. And we also have our offshore wind projects, in particular, ScotWind and it's going to be very interesting news in the quarter about both the supply chain turbines availability from Mingyang and others and also the AR7. So working closely with multiple players in that market as we speak. Here's the portfolio update across the different regions. I think I touched on most of the items across the countries and regions. We, of course, I would like to remind all about the earn-outs from potentially the Evolar sale and also Helios Nordic Energy and we expect more projects to close there after a quiet period for some time in the Nordics, both for wind and solar.

But as data center demand picks up, we think that we see strong demand for Nordic renewable projects. I also mentioned U.K. that it's coming up and we see very strong interest from even unsolicited parties. Our business model remains the same also in data center development business, NOK 2 million to NOK 20 million per project or platform opportunity and that we should see a solid multiple of 5. We see that data center margins per megawatt might run higher than for renewable projects because it's very capital intensive, 7x more per megawatt for data centers and 20x more than for solar, even more -- even 25x. So that enables us to capture larger margin with the right project. I'll get back to that a little later in the presentation. The business model, I've gone through this many times before but for our new listeners, we develop the project, we have [indiscernible] and then we sell prior or at ready to build to our customers. An example of customers, owners you see down on the right side.

Our key deliverables are landowner agreement, grid connection, permits, technical management services, project management, even procurement management and other items. Strategy as simple rules. We will try to sell projects early on, even in the data center business. And Peter has ideas about that already. So it will be very exciting to follow. We try to focus on teams with high integrity. It's always easier to work with high integrity people, stay in early stage and diversification, Norway and Sweden. We started in Sweden. We have had very big success in Sweden before. We like the business culture, the regulatory landscape, how the grid companies operate and how the municipalities and counties. So Peter has our full attention and he is going to run fast. Examples of customers, I've mentioned before and even VINCI has branched into the data center business. So very exciting. Commerz Real and others follow suit.

And in South Africa, we see a lot of pickup in data center, interest in cables, projects from the North America running through South Africa to Australia. So many interesting initiatives. Here, you see our portfolio and which markets and which technologies we focus on. I won't spend more time on that. EBITDA, slightly improvement from Q2 and operating loss also less and no tax payable and in general, better operations, better performance, more cost focus. In general, I think it's sign of times we try to take care -- well care of our money. Operating activities, negative NOK 29 million, investment activities, last payment on our South African BESS project's financial close, dividend of NOK 12.1 million and a cash balance of NOK 192.6 million.

So due to the rare high-growth data center opportunity we see, the Board has decided to cut the regular dividend of NOK 12 million and reallocate that capital towards the high-growth opportunity we see within the data center business. We've been approached by several of our larger investors and many smaller who see this as a very interesting opportunity and we want to grow as fast as possible. We think it's a very interesting window, the next 12 to 24 months, to focus on establishing a strong and growing business in the data center space.

About consolidation, data centers will be consolidated since it's more than 50% of our business and that accounts for both Storespeed, where we expect financial close any day soon and also Magnora DC AB in Sweden. Outlook. We're working really hard on farm-down and expect sales in most markets. We see a surge of interest to partner with Magnora in the data center space, also in the BESS space. And the BESS opportunity -- sorry, the data center opportunity gives us an opportunity for recurring revenues. We're still going to be loyal to buybacks and extraordinary dividends. The group has implemented new cost control systems, which makes it easier to consolidate our financial numbers early and also track costs more on a real-time basis. So we still believe we remain on track to achieve 10 gigawatts by year-end. We have multiple large sales processes and if we're able to close some of them, we might be able to reach the 600 to 725 megawatt target. We were late in the year. So it might be a little challenge but we worked really hard to do that.

In addition, there are other ways to monetize and we constantly think about capital allocation and there's also opportunities to invite investors into our platforms and monetize that way. So we're looking very carefully into all measures. On the margin side, we've raised the potential margin for projects we sell up to NOK 3 million per megawatt based on the multiples we see in the data center space. So we don't expect to sell a data center project before Christmas but Peter might be able to pull that off for 1 smaller project but we'll see. But in general, you could expect margins up to NOK 3 million per megawatt for data centers in the Nordics going forward if you have attractive grid connections. Shareholder base remain quite similar. We've seen a few new interesting parties. We've met with real estate investors in the Nordic who are interested in looking into data center opportunities. And as we get more data center content, we think we're going to be attractive for a few of these European real estate investors since there are a few opportunities currently.

With that, I would like to thank you for your attention and I wish you have a great day. Thank you very much.

Good morning, and welcome to Magnora's Q2 presentation 2025, here in another beautiful summer day in Oslo, Norway.

Highlights and subsequent events. We continue to grow our portfolio, 65% up the last 12 months, 7% over the last quarter. We've now reached 8 gigawatts, and we're closing in on the 10 gigawatt goal of 2025, end of 2025.

We've completed the transition to become 100% renewable company, selling our remaining shares in Hermana Holding after bid from existing Magnora shareholders in June. We signed the first site in Germany and the letter of intent with a leading European infrastructure investor for our German projects as well.

We see really high demand in particularly Germany and Italy for BESS projects. Magnora Italy strengthened its partnership, and we're scaling up for the MACSE auctions, but we also see an opportunity for trading markets in Italy and are ramping up our team.

Our portfolio grew 125% during the quarter, up to close to 450 megawatts. We received confirmation on grid connection in 2030, and there are new terms out for the CfD auctions from AR7. So that's quite interesting from 15 years to 20 years. So that could be beneficial for our potential owner of the Magnora Offshore Wind project in Scotland. We have no red flags.

Magnora South Africa initiated a new sales process for onshore wind and solar project of 250 megawatts each, combined 500 megawatts with optional BESS. And we had, after the quarter ended, financial close to Globeleq, the project we sold in 2023, the largest BESS project in Africa so far, 4-hour duration, 153 megawatts, 612-megawatt hour BESS projects. And this competence we can use in Europe.

Some interesting market observations in Q2 in SE2 in Sweden, there are 500 hours alone of negative prices. And on a yearly basis, that will be 2,000 hours and due to multiple factors. if you see in Germany, the increase in negative hours provide great opportunity for BESS projects, which are trading at really, really high multiples as we see. So, this is based on high average prices and battery costs falling dramatically. So, index, you see that battery prices has fallen 86% from 2013 to 2024.

Other interesting aspect is that wholesale prices in the Nordics are the lowest in Europe. This is contrary to what's written in Norwegian media, but they're back to levels seen in 2020. This is due to a lot of rain, warmer climate last year at least, and a little softer demand due to less hydrogen, battery factors and other expected factors that would drive demand.

At the same time, we see that the data center sector is growing really, really fast in the Nordics and also Norway. And there have been some interesting factors in Finland, in particular.

And we also see this in Sweden with the growth of electrical boiler used for peak effects for especially district heating and others that would mitigate demand maybe for some BESS in the Nordics but would drive up demand.

So over the last 2 years, Finland is close now to 2 gigawatts of electrical boiler capacity, which will absorb a lot of electricity when in use.

On the European level, you see multiple targets and initiatives together with the initiatives in Germany and other places, EUR 100 support from EU for clean energy projects, the same amount in Germany. So, we see very strong regulatory backing and support for renewable energy. And the timing for BESS in particular, is now and also combination with some solar and onshore wind and offshore wind in Europe.

Our business model, we remain asset-light, diversified, no construction or balance sheet risk. Our goal is always to have 5x return on our projects and project portfolios. And we have 0 debt, low cash burn and a solid cash position. Combined with our credit line, we have NOK 373 million in available cash at quarter end Q2 last month.

Our return since 2020 is 22% return on equity on average and return over NOK 1 billion in cash and equity shares in Hermana to our shareholders. So average annual shareholder return has been 34%.

We have a capital distribution program that continues with dividend and buyback. The Board will be more likely to buy back shares with lower share price and increase dividend at higher share price basically. So, we increased our share buyback program last quarter as well. So, we're going to use that when we have available cash.

And next slide, our summary of Q2. We see 10 to 20x return on BESS projects trading above EUR 200,000 per megawatt for projects available this year to go on grid. We project portfolio above 8 gigawatts. I mentioned the growth rate in our land bank. We have strong growth opportunities in Italy and Germany and are in discussion with multiple infrastructure companies and energy companies, strong cash position, 0 debt.

Portfolio growth quarter-over-quarter since 2023. We expect to sign a lot of new projects in particular in Italy and Germany, but also in South Africa going forward for the rest of the year. Our portfolio is divided across BESS, where we have the highest focus now, together with Onshore Wind in South Africa, but also then solar PV, and we're currently assessing data center opportunities in combination with the assets we have, but also maybe for certain new assets, and I'll get back to that.

Onshore wind, we have a pragmatic approach. We're not evaluating any new projects on offshore wind, neither in bottom fixed, or floating wind. And the goal now is just to mature and farm-down the ScotWind project, and we've been in discussion for quite some time, and it's a very interesting project in our portfolio.

Our business model, I've gone over this before, small investments and then add cash as we see that the team is able to secure land and sell or sign up with customers early on. This culture nurtures commercial culture and result-oriented culture.

Our business model more in detail. Market intelligence, new markets, we're currently looking at other new markets as well. In Europe, project development, this is our core competence, landowner agreement, grid connection, market contact, engagement, environmental assessment, permits and over executive design of wind parks or solar parks and then we partner or sell our projects.

We might be able to help with stuff also in the construction phase if that's needed from the client, but typically, they have their own organization. So, our strategy has simple rules. We always insist on early sales. We will try to keep a strong war chest when we have big projects in our portfolio and want to have a good negotiating hand with potential clients. We see the business as cyclical.

As I mentioned, the factors the negative prices, electrical boilers in Finland, the market changes quickly. And we're always trying to forecast where we have growth over the next 2 to 3 years because there's always something new that's very exciting. And we have a team that survey and analyze and try to find people to capture these opportunities.

Next slide. We have high risk in our portfolio, but we spend very little money compared to the CapEx in these projects. So together with the farm-down projects to in Helios and all of our portfolio, we have around 200 projects. So, this provides a great diversification, and we mitigate that risk by always having something available for the market.

Our clients typically buy the projects at ready-to-build. But in BESS, we now see that they want to buy before ready-to-build and even at grid deposit phase. So, the markets go cyclical. Sometimes they want to buy very early and sometimes they want a PPA when market is softer. And this is different from market to market from Sweden to South Africa to Germany and Italy constantly.

We have a good client base, and we see that a lot of our clients want to buy more stuff from us. When we've sold once, we also are in discussion with many of these names regarding new opportunities in new markets.

So here, you see a box ticked off on which product and technology we focus on in each market. Onshore wind is a great technology. It's very profitable if you find the right project, but it's really hard to find markets that really want to embrace that technology in our core markets. But we're always watching out for new growth opportunities.

But now we have a very high focus in South Africa on that. I'm very excited about the sales process we're currently in.

So, some business update, portfolio update. Strong market interest in Germany. We've signed the first letter of intent with a very interesting client who we know well. We've expanded the team to accelerate the project development. We've secured the first land on municipal-owned land in Germany, and we have a grid application in as we speak.

In Italy, we're working closely with a co-developer in the southern part of Italy, and we've engaged more people now. So, we're also growing our portfolio in Northern Italy for the trading market. We're well positioned, we believe, for the upcoming auctions in '26 and '27.

In the U.K., we're advancing the grid agreement dialogues. There's an upcoming reform. We have good projects. We have 150 megawatts of solar PV and BESS projects, which we really hope now that could be ready for sale, and clients buying in the second half of 2025. We waited for this quite some time now.

In South Africa, we have continued portfolio growth. We expect to sign a lot of new land in the second half. It was a little slower in Q2 than Q1. We have a fully permitted 250-megawatt onshore wind and solar project, which also could include BESS. And we're working on smaller packages to other customer segments. We see a growing market, sort of hybrid spot market there developing with a lot of exciting capital flowing in and very aggressive buyers, especially on the onshore wind side.

And on the onshore wind, we've had a very high focus from day 1. It takes time, high entry barriers for onshore wind. We entered South Africa 2021. It takes 4, 5 years to have a good portfolio. Now we have that portfolio. We have the first project to sell. And we have projects to sell every year to 2030 based on what we see now in our pipe. So, we're very excited about this.

In Scotland, we're positioned for grid in 2030, as mentioned, one of the first ScotWind projects. They have very attractive CfDs. They were the news out earlier this week, about longer duration CfDs. We're working on a farm-down plan. We see improved supply chain. We see ease in cost, as I mentioned, and we also see that Chinese vendors are entering the market, also easing the supply chain more, which we think is beneficial for multiple of the parties and customers we speak with.

In Norway, we have a solid pipeline, growing to over 2,000 megawatts. We have 30 megawatts ready for sale, and we also sold the shares in Hermana, NOK 40 million.

In Sweden, we see really slow progress on our offshore wind project. You probably have to wait for a new election. And then we have the earnouts from Helios and Evolar, where we don't control neither news flow or anything else. We just sit there and wait and collect the earn-outs when we, when the milestones are reached.

The next thing I would like to mention, so you are a little better educated on what's happening in the data center space and how it could be interesting for the Magnora platform.

So data center is a high-growth market due to artificial intelligence and a lot of U.S. and European players think the Nordic market is a good market, but we also see interest in Germany and Italy and in South Africa. So strong value proposition for data center. It has a good strategic fit, balancing the power consumption supply in Europe, and it has a strategic fit with our existing portfolio, not in all projects, but in some.

A little bit about the data center power demand. So Rystad, they have forecasted that the data center market in the Nordics alone will consume 62 terawatt hour by 2050. And looking at the numbers in 2030, it's up by, up threefold from 11 terawatt hours to 28. And in Denmark alone today, the supply of electricity is around 60 terawatt hours.

So by 2030, half of Denmark's supply will be used in Nordic context on data centers. So even though the markets have been a little soft the last 2 years in the Nordics, you see very strong pent-up demand and very little increase in supply. So we think solar could have a really good fit in the mix in the Nordics going forward as offshore wind is moving very, very slow, in particular, in Norway and Sweden and Finland.

Next slide. So what's the difference between data centers and a battery project, onshore wind projects and solar PV. So mainly, it's the fiber connection. The other things you need to fix is power connection, site identification, building, environmental permits, technical management, project execution.

So this could be similar ready-to-build market, and it could fit many of our projects. The regulation for data center, it has to be on an industrial property, and that could be a little different for wind and solar. But very, very similar to what we do. And we think some of our projects in our global portfolio could fit really well with the demand for data centers.

We have one person in Magnora who worked with a Google data center in Changhua for 6 years. So we have good knowledge about this market. A little bit about the German market. There, it's a little different from how we worked in Sweden or South Africa.

The municipalities need to approve due to multiple reasons. So we work very closely with the municipalities before we sign land. But we know where we want to get the land, but we're in dialogue with the municipalities. And then with the land and with the municipality backing, we then apply for grid.

If not, our portfolio could grow much faster. So the team in Germany, just to showcase how we work and what we do, we have people with experience from BESS and solar and wind previously, then they have experience from commercial real estate development. There is a person with a PhD in electrical engineering for the same layout and technical planning and people have worked with multiple transactions before. So, it's going to be a very exciting market because CapEx is falling, negative prices have increased a lot or low prices and the average price for electricity in Germany is very high.

So that created a great trading market. So very few projects available. We've spoken to the biggest clients in the world. We're interested in Germany and Europe, and they're very excited about any project we have potentially. So, this is some of the best thing we've seen since the start, BESS in Germany.

A little bit about South Africa. We've closed in then on the first BESS project. There was a commercial close in June by Global Equity Ministry and a financial close in July. Then we're working on our flagship onshore wind project, 250 megawatts in combination with 250-megawatt solar. They might be sold separately or together.

We've had dialogues for quite some time and multiple customers are interested and the South African market is short of onshore wind projects. Our team in South Africa has a background from onshore wind. So, this is our, really our core strength.

Prices obtained for onshore wind projects could be 3 to 4x higher than the typical return for PV and BESS, which is also good for the business in itself. So strong growth in South Africa, and we expect the land bank to pick up in Q3 and Q4.

In Italy, the main consumption is in North and also renewable is in South. And that creates capacity market issues. So, the government are launching 3 separate auctions for BESS in Italy. And these are bankable contracts, which BESS asset owners think are very interesting.

So, as I mentioned the merchant interest in Northern Italy, also as an interesting opportunity that we're working on. We're scaling the team, hedging the portfolio. We have a mixed portfolio with different maturities. So, we work very, very similar. Very experienced Managing Director in our Italian business. We worked with Solar and BESS before.

Regarding financials, EBITDA negative NOK 24.4 million, primarily due to lower operating revenue following the one-off legacy business milestone in Q1 of Hermana Penguin's revenues. Operating loss, negative NOK 27.8 million. And most of the costs first half have been to Magnora Offshore Wind for the Met Ocean Boy and the environmental study, and those costs stop in Q1, Q2 next year.

So, these are costs related to the maturing of the project. Then we also have ramping up costs in Italy and Germany. So, as we phase down or phase out costs in offshore wind, we will increase that in particularly Germany and Italy going forward, but this is going to be backed by farm-down in ScotWind and sale of BESS projects in Italy and Germany.

Profit and loss, negative NOK 22 million for Q2. Operating activities, negative NOK 28.2 million in investment activities proceeds from the sale of Hermana shares and then finance activities related to buyback and dividend. So, the cash balance ended the same at the end of Q3 as Q1.

Together with our credit facility, we have NOK 375 million approximately available. A little bit about the consolidation of how we drive cost, allocate for cost in our P&L. Management own shares in the company outlook. So, what's going to happen forward, very strong focus on farm-down on sales.

We'd like to go into new markets, but we're always careful before we have sales in new markets we recently entered. And then we're looking very closely on data centers in combination with what we have already. And we are well on track for 10 gigawatts by end of 2025. And we believe we have a sustainable recurring project development business for many, many years ahead.

Quarterly dividend, NOK 18.7 per share, NOK 0.187. So, the financial position and cash flow, we will buy more shares depending on the share price and the cash coming into the business. We have a strong focus on the cost we in-sourced last year our accounting, and we closely track every cost item on a continuous basis. But we see now that we received some improved supply chain ease of costs due to lower activity in many countries in Western Europe. The guiding 10-gigawatt portfolio by end of 2025. We still believe in the 600 to 725 megawatts in 2025.

We see the average price in each market we're on between NOK 0.5 million and NOK 1.5 million per megawatt. I mentioned higher number for Germany for BESS. And you know that there is lower premium for BESS and solar in South Africa. So, there are deviations in some products in some markets, depending on the timing and the maturity of those projects.

With that, I would like to thank you for your attention to our message. We believe there are very interesting opportunities going forward as we've seen many distressed IPPs in Europe over the last 12 to 18 months. And we believe that the negative prices will continue to increase as data center demand will take some time to pick up.

And this will position our portfolio really, really well with a focus on onshore wind in South Africa and BESS in Europe and also the farm-down and the earn-outs from our previous sales. So, with that, I would like to thank you for your attention and wish you a great summer going forward. Thank you.