Cloudberry Clean Energy (CLOUD) Q2 2026 earnings summary

Executive summary

• Achieved over 50% year-over-year revenue growth and more than doubled EBITDA, driven by higher realized power prices and increased production.

• Entered a transformative agreement to acquire a 758 GWh Nordic wind platform from Orrön Energy, nearly doubling annual production capacity and positioning as a leading Nordic renewable IPP.

• Fully commissioned the 24MW/48MWh Dingelsundet BESS project on time and below budget, and acquired the Knutmasso BESS project, expanding battery storage capabilities.

• Secured credit approvals to increase the corporate debt facility by NOK 1,000 million, with an option for a further NOK 750 million.

• Maintained a diversified portfolio across all 12 Nordic price areas, with over 2,000 GWh in production and 90%+ merchant market exposure.

Financial highlights

• Q2 2026 consolidated revenue: NOK 190 million (Q2 2025: NOK 106 million); consolidated EBITDA: NOK 91 million (Q2 2025: NOK 43 million).

• Proportionate revenue: NOK 222 million (Q2 2025: NOK 157 million); proportionate EBITDA: NOK 101 million (Q2 2025: NOK 54 million).

• Equity ratio: 56% at quarter-end, reflecting a healthy balance sheet.

• Nearly 90% of interest-bearing debt fixed or hedged at ~4% average rate, with 8-year average tenor.

• Corporate operating costs below 0.5% of proportionate assets, expected to decrease further.

Outlook and guidance

• Positive outlook for power prices, especially in southern Nordic regions, supported by increasing demand from data centers and EU climate targets.

• Long-term cash flow from generating assets expected to exceed 2 TWh, up from 789 GWh in 2025, driven by acquisitions and new projects.

• Completion of the Orrön Energy wind platform acquisition expected in Q3 2026, positioning for further growth.

• Ongoing construction of six hydropower plants, with three to be delivered next quarter.

• Targeting to triple business from 1 TWh to 3 TWh by 2030.