Cloudberry Clean Energy, a renewable energy company operating in the Nordics, delivers strong results driven by growth, cost savings and a high realized power price.
- Financial highlights
- Consolidated revenue of NOK 213m (127m) and proportionate revenue of NOK 231m (260m). 2025 proportionate revenue of NOK 697m (NOK 776m)
- Consolidated EBITDA of NOK 87m (58m) and proportionate EBITDA of NOK 102m (166m). 2025 proportionate EBITDA of NOK 255m (NOK 431m)
- 2024 financials were positively affected by development gains and asset recycling, which affects the comparable EBITDA for the quarter and full year. Adjusted for these effects, underlying profitability has increased
- Proportionate production of 218 GWh over the quarter (213 GWh)
- Realized an average net power price of NOK 0.79 per kWh (NOK 0.59 per kWh) compared to the Nordic system price of NOK 0.60 per kWh over the quarter
- Strong proportionate cash balance of NOK 891m and conservative debt balance
- Attractive debt financing with a majority secured long-term at an all-in cost below 4% p.a.
- Project updates
- Initiated a cost-reduction program expected to deliver at least NOK 30m in annual savings, including an approximate 20% reduction in FTEs following a strategic refocus within the Projects segment
- Taken advantage of a distressed situation to carve out and acquire the 18 MW wind project Frostnäs (SE-4) for EUR 0.4m
- Received a dividend of EUR 5m from the restricted cash balance in Odal, previously reported within proportionate current assets
- The hydro power plant Småvoll (12 GWh proportionate production) was commissioned in December 2025 and started production
- Two supplier audits completed in Q4 2025 with no issues identified, confirming robust HSE and labour practices
- Avoided emissions of 43 000 tCO2e over the quarter (53 000 tCO2e)
- No lost-time injuries reported at any operational plant or construction project during Q4
Source: Cloudberry Clean Energy
