Cloudberry Clean Energy (CLOUD) Q4 2024 earnings summary

Executive summary

• Achieved proportionate revenue of NOK 260m in Q4 2024 (NOK 146m Q4 2023) and NOK 776m for FY 2024, with significant production growth including 160 GWh added in Denmark and expanded backlog by 200 MW across Norway, Sweden, and Denmark.

• Proportionate EBITDA for Q4 2024 was NOK 166m (NOK 58m Q4 2023); full-year 2024 proportionate EBITDA totaled NOK 430m.

• Diversified portfolio now exceeds 1 TWh annual production, with wind, hydro, solar, and storage assets, ensuring stable year-round output.

• Internal sales of Munkhyttan and Sundby wind farms generated a gain of NOK 113m, or above NOK 2m per MW.

• Maintained strong ESG performance with no incidents and increased avoided emissions from new projects, with avoided emissions rising to 53,150 tCO2e.

Financial highlights

• Equity ratio reported at 68% at year-end 2024 (69% year-end 2023); consolidated booked equity stood at NOK 4,774m.

• Proportionate cash position at year-end was NOK 927m; consolidated cash and cash equivalents NOK 874m.

• Over 80% of interest-bearing debt fixed at long-term rates below 4%; NOK 2.2bn debt facility in place, with NOK 600m undrawn.

• Q4 2024 consolidated EBITDA was NOK 58m (NOK -40m Q4 2023); FY 2024 consolidated EBITDA NOK 308m.

• Realized power price averaged NOK 0.59/kWh in Q4 2024, 60% above the Nordic system price.

Outlook and guidance

• Strategy prioritizes profitability over growth, with disciplined capital allocation and continued capital recycling.

• Positioned for continued growth across all segments, with a strong development pipeline and expanded Danish presence.

• Plans to increase fixed-price offtake agreements if market conditions are favorable, while maintaining majority merchant exposure.

• Integration of Skovgaard team expected to unlock operational synergies and economies of scale.

• Positive market outlook with falling capex, increasing power prices, and strong demand for renewables in the Nordics.