Cloudberry Clean Energy (CLOUD) Q2 2025 earnings summary

Executive summary

• Formed a top-three Nordic small-scale hydropower platform through a strategic partnership with Swiss Life, expanding hydro capacity and project pipeline, with the Forte transaction closed post-quarter.

• Entered new partnerships, including with OX2 for wind and Sveaskog for a 100 MW project, and sold 60% of Duvhällen, expanding the renewable portfolio and project backlog.

• Power production increased to 199 GWh in Q2 2025 from 143 GWh in Q2 2024, driven by wind ramp-up and stable hydro output.

• Revenue and EBITDA declined year-over-year due to the absence of large one-off gains from asset sales and settlements recognized in Q2 2024, but underlying operational performance improved with higher production and power prices.

• No recordable HSE incidents or damages in Q2 2025, reflecting strong ESG performance.

Financial highlights

• Q2 2025 consolidated revenue: NOK 106m (Q2 2024: NOK 207m); proportionate revenue: NOK 157m (Q2 2024: NOK 288m).

• Q2 2025 consolidated EBITDA: NOK 43m (Q2 2024: NOK 180m); proportionate EBITDA: NOK 54m (Q2 2024: NOK 194m).

• Power production increased 39% year-over-year in Q2 2025, with wind at 151 GWh and hydro at 48 GWh.

• Achieved average net power price of NOK 0.62/kWh (Q2 2024: NOK 0.59/kWh), well above the Nordic system price of NOK 0.31/kWh.

• Proportionate cash position: NOK 848m; consolidated cash: NOK 771m; available liquidity including undrawn facility: NOK 1.2bn.

Outlook and guidance

• Continued focus on profitability, disciplined project selection, and maintaining a strong balance sheet.

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

• Strategic expansion in hydro, battery storage, and Danish markets, with a robust project pipeline and new partnerships.

• New hydro platform with Swiss Life nearly doubles hydro production and backlog, with most assets in attractive southern price regions.

• First FID on Dingelsundet BESS project (24 MW/48 MWh), with commissioning expected in Q3 2026.