Cloudberry Clean Energy (CLOUD) Q1 2026 earnings summary

Executive summary

• Revenue and EBITDA grew significantly year-over-year in Q1 2026, driven by record Nordic power prices, increased production, and the MLK wind farm acquisition in Finland.

• Strategic entry into Finland with a 50% stake in the MLK wind farm and expansion into powered land for data center opportunities, securing a 160 MW plot and a pipeline of ~1,000 MW.

• Diversified portfolio across hydropower, wind, solar, and BESS in four Nordic countries, enhancing flexibility and resilience.

• Cost reduction program underway, achieving NOK 25 million in annualized savings and targeting NOK 30 million, with a >20% reduction in FTEs.

• Maintained a strong balance sheet with a consolidated equity ratio of 56% and a cash position of NOK 733–758m.

Financial highlights

• Consolidated revenue rose to NOK 194m (from NOK 121m YoY); proportionate revenue reached NOK 306m (from NOK 152m YoY).

• Consolidated EBITDA increased to NOK 178m (from NOK 58m YoY); proportionate EBITDA was NOK 191m (from NOK 62m YoY).

• Realized power price reached NOK 1.00/kWh (EUR 100/MWh), a historical high in the Nordics.

• MLK acquisition resulted in a NOK 66m gain, recognized as income from associated companies and other income.

• LTM Q1 2026 proportionate revenue was NOK 851m; LTM proportionate EBITDA was NOK 385m.

Outlook and guidance

• Positive outlook for power prices, supported by robust demand from data centers, EU climate targets, and digital industries.

• Focus shifting from portfolio expansion to extracting value from existing assets and prioritizing projects with shorter lead times.

• Continued evaluation of powered land and data center opportunities across the Nordics, with further M&A and expansion anticipated.