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Cloudberry Clean Energy (CLOUD) investor relations material
Cloudberry Clean Energy Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
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.
Hydro tax proposal: affected GWh & capex
Forte transaction: valuation & hydro growth
Dingelsundet BESS: revenue diversification
Cloudberry's M&A strategy in distressed market?
Resource rent tax impact on project pipeline?
Leveraging 'powered land' for data centers?
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Next Cloudberry Clean Energy earnings date
Q4 202513 Feb, 2026
Next Cloudberry Clean Energy earnings date
Q4 202513 Feb, 2026
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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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