Cloudberry Clean Energy
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Cloudberry Clean Energy (CLOUD) investor relations material

Cloudberry Clean Energy Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary10 Feb, 2026

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.

Impact of 20% FTE cut on project pipeline?
M&A focus: brownfield assets below CapEx?
Sustainability of Nordic price area outperformance?
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Frequently asked questions

Cloudberry Clean Energy intends to generate and produce electricity from renewable energy sources such as bio fuels, wind turbines, hydroelectric power plants. It also engages in the launch of global projects for the production of electricity from urban solid waste; and provides consultation services. Cloudberry Clean Energy AS was founded in 2017 and is based in Oslo, Norway.

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