Cloudberry Clean Energy (CLOUD) Q3 2026 earnings summary

Executive summary

• Orrön acquisition closed on 31 August, adding 758 GWh; Q3 included only September contributions, while annual proportionate production reached 2.1 TWh.

• Record Q3 proportionate production and higher realized prices lifted revenue and EBITDA; proportionate production spanned all Nordic price areas.

• Platform combines merchant-exposed renewable generation with capital-light powered-land projects for data centers.

Financial highlights

• Proportionate Q3 revenue and other income rose to NOK 349m from NOK 158m; EBITDA increased to NOK 165m from NOK 36m.

• Consolidated Q3 revenue and other income was NOK 302m vs. NOK 130m; EBITDA was NOK 160m vs. NOK 143m.

• Proportionate production was 295 GWh vs. 177 GWh; realized power price was NOK 0.93/kWh vs. NOK 0.61/kWh.

• Adjusted for the NOK 110m Forte-related gain in Q3 2025, proportionate EBITDA increased almost five-fold YoY, mainly on stronger underlying power earnings.

Outlook and guidance

• ~30% of production is targeted for hedging; ~7% of normalized 2027 production was hedged at quarter-end.

• 2027 Nordic system forward price was ~€75/MWh as of November 2, 2026; price-sensitivity scenarios show EBITDA of ~€48m, ~€80m and ~€135m at €40, €60 and €90/MWh, respectively, and are not guidance.

• Priorities include integration, operating efficiency, purchasing and balancing-cost benefits, and selective investment in minority acquisitions, BESS, repowering and development.

• Selbu and Skien powered-land projects represent >360 MW of potential gross capacity; Selbu has detailed zoning and a grid-connection application, while Skien remains in the grid queue and zoning process.