Cloudberry Clean Energy (CLOUD) Q1 2025 earnings summary

Executive summary

• Proportionate revenue increased to NOK 152m (from NOK 139m), and EBITDA rose to NOK 62m (from NOK 56m), driven by higher realized power prices and strategic positioning in attractive Nordic price areas.

• Production and installed capacity rose, supported by operational teams in Denmark and new hydropower construction in Norway, with proportionate power production reaching 194 GWh (up from 173 GWh).

• Completed transformative Skovgaard transaction, adding 160 GWh to the production portfolio and expanding the asset management team in Denmark.

• All Siemens Gamesa turbines at Odal wind farm returned to service, positively impacting Q1 and future results.

• Diversified portfolio across hydropower, wind, solar, and BESS ensures stable, base-load-like production and long-term cash flow.

Financial highlights

• Proportionate revenue and EBITDA increased, with consolidated revenue at NOK 121m (down from NOK 129m) and consolidated EBITDA stable at NOK 58m.

• Proportionate cash position at quarter-end was NOK 804m; consolidated cash at NOK 737m.

• Over 80% of interest-bearing debt is fixed at below 4% with ~10 years average tenure.

• Commercial segment power production rose to 194 GWh, with wind as the main contributor and average realized price at NOK 0.71/kWh.

• Avoided emissions totaled 48,000 tCO2e (up from 40,500 tCO2e year-over-year).

Outlook and guidance

• Focus remains on profitable growth, maintaining a strong balance sheet, and delivering projects on time and at or below cost.

• Continued expansion in Denmark, new hydro projects in Norway, and large-scale projects in Sweden are key priorities.

• 2030 strategy emphasizes profitability, financing flexibility, and team development, with a robust project pipeline and backlog over 2,500 MW.

• Strategic hedging to cover 30% of production, with 10% currently hedged.

• Positive market outlook driven by falling capex, rising power prices, and strong demand for renewables in the Nordics.