Q2 2025 Magnora ASA Earnings Call Transcript
Key Points
- Magnora ASA (SVMRF) has achieved a significant portfolio growth of 65% over the last 12 months, reaching 8 gigawatts and is on track to meet its 10 gigawatt goal by the end of 2025.
- The company has successfully transitioned to a 100% renewable energy company, selling its remaining shares in Hermana Holding.
- Magnora ASA (SVMRF) has a strong cash position with NOK373 million available, zero debt, and a low cash burn rate.
- The company has a diversified portfolio with strong growth opportunities in Italy and Germany, and is in discussions with multiple infrastructure and energy companies.
- Magnora ASA (SVMRF) has a robust capital distribution program, including dividends and share buybacks, with an average annual share return of 34% since 2020.
- The company reported a negative EBITDA of NOK24.4 million and an operating loss of NOK27.8 million for Q2 2025.
- There are high risks associated with the portfolio, although mitigated by diversification and early sales strategies.
- Progress on the offshore wind project in Sweden is slow, with potential delays until after a new election.
- The company faces challenges in the Nordics with low wholesale prices and slow progress in offshore wind projects, particularly in Norway and Sweden.
- Magnora ASA (SVMRF) is experiencing increased costs due to ramping up operations in Italy and Germany, although these are expected to be offset by future project sales.
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% of 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 a 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 the leading European infrastructure investor for our German projects, as well. We see really high demand in, particularly Germany and Italy for best projects. Magnora Italy strengthened its partnership and we're scaling up for the maxi auctions, but we also see an opportunity for trading markets in Italy and 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
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