Sentia-Adding to the data centre order book-06/16/2026

Research evidence excerpt

Sentia-Adding to the data centre order book-06/16/2026

Sentia

NEWSFLASH | 16 JUN 2026

Adding to the data centre order book

SNTIA has announced a contract with Skygard to build Phase 2 of the OSL1 data centre at Økern, covering 12,000 m², roughly

half of the 25,000 m², 20 MW (Tier III-certified) facility. Assuming Phase 1 carried a similar value, the implied NOK ~30m per

MW sits comfortably alongside the 25 MW centre SNTIA is building for Aker Nscale in Narvik (NOK ~28m per MW). On its

own the order accounts for only 12% of our Q2'26e order intake, but we see the read-through as more important than the

headline figure. SNTIA continues to build its position in the rapidly growing Nordic data centre segment, where each award

strengthens its candidacy for subsequent contracts (a segment that sets a high bar on pace and quality). These projects

should also be margin-accretive, helped by the pace of delivery, which we understand to run closer to 6-8% versus 4-6%

across the broader portfolio. Buy, TP NOK 95.

Marcus Gavelli

+47 24 02 81 12, marcus.gavelli@paretosec.com

Torbjørn Nerheim

+47 24 02 81 18, torbjorn.nerheim@paretosec.com

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