Cloudberry Clean Energy (CLOUD) Q4 2025 earnings summary

Executive summary

• Achieved significant growth in production and installed capacity, with a diversified portfolio across hydropower, wind, BESS, and solar in the Nordics.

• Consolidated Q4 2025 revenue was NOK 213m (up from NOK 127m YoY), with proportionate revenue at NOK 231m (down from NOK 260m YoY); full-year proportionate revenue was NOK 697m (NOK 776m YoY).

• EBITDA for Q4 2025 was NOK 87m consolidated (NOK 58m in Q4 2024) and NOK 102m proportionate (NOK 166m in Q4 2024); full-year proportionate EBITDA was NOK 255m (NOK 431m YoY).

• Implemented a cost-saving program targeting annual savings of at least NOK 30 million, including a 20% reduction in FTEs.

• Maintained a strong balance sheet and cash position, enabling flexibility for M&A and value creation.

Financial highlights

• Consolidated a larger hydro portfolio through the Forte transaction, increasing total assets and equity.

• Q4 consolidated revenue increased by NOK 85m YoY, mainly due to the Forte transaction and higher power prices.

• Produced almost 800 GWh in 2025, up from 268 GWh, with realized prices significantly above the Nordic system price.

• Realized net power price of NOK 0.69/kWh for 2025, outperforming the system price of NOK 0.47/kWh.

• Proportionate cash position at year-end was NOK 891m, with consolidated booked equity of NOK 5,427m.

Outlook and guidance

• Positioned to capitalize on strong market demand and limited new renewable supply in the Nordics.

• Positive outlook for power prices, especially in southern Nordic regions, driven by increased demand from data centers and electrification.

• Strategic focus on shorter lead-time, de-risked projects and value-enhancing add-ons.

• Cost savings from the restructuring program expected to be fully realized by the end of 2026.

• Strong financial flexibility and undrawn debt capacity position the company for further investments.