Cloudberry Clean Energy (CLOUD) Q3 2025 earnings summary

Executive summary

• Achieved strong revenue and EBITDA growth in Q3 2025, driven by the consolidation of the Forte hydro portfolio, higher realized power prices, and increased production volumes.

• Merged small hydro platform with Swiss Life and consolidated Forte Vannkraft and Forte Energy Norway, creating one of the largest small-scale hydro platforms in Norway and the Nordics.

• Made first final investment decision on a battery energy storage system (BESS) project in Sweden, diversifying the portfolio and expanding into storage.

• Received EUR 5 million dividend from Odal wind farm as all turbines returned to service.

• Achieved the highest ESG rating in the Nordic energy and utility sector from DNB Carnegie.

Financial highlights

• Consolidated revenue reached NOK 130m and proportionate revenue NOK 158m in Q3 2025, both up significantly year-over-year.

• Consolidated EBITDA was NOK 143m, with a NOK 110m gain from the Forte transaction; proportionate EBITDA was NOK 36m.

• Realized power price increased to NOK 0.61/kWh from NOK 0.47/kWh year-over-year.

• Proportionate power production rose to 177 GWh from 145 GWh in Q3 2024.

• Proportionate cash position at NOK 827m and equity ratio at 58%, reflecting a strong balance sheet.

Outlook and guidance

• Focus on profitable growth and capital discipline, with a diversified portfolio across technologies and geographies.

• Strong pipeline exceeding 2,500 MW and a backlog of 1,357 MW, with continued emphasis on hybrid project development and grid flexibility.

• Expecting continued demand growth from data centers and power-intensive industries in the Nordics.

• Power price curves indicate increasing prices in key regions.

• Paused some hydro projects pending outcome of proposed resource rent tax.