Q2 2026 Cloudberry Clean Energy ASA Earnings Call

August 19, 2026

Speaker #1: Hi everyone, and welcome to Cloudberry Clean Energy's second quarter presentation. My name is Anders Lemberg, I'm the CEO of Cloudberry, and today I'm joined by our CFO, Ulrik Kristoffer Bragnes.

Anders Lenborg: Hi, everyone, and welcome to Cloudberry Clean Energy's Q2 presentation. My name is Anders Lenborg. I am the CEO of Cloudberry, and today I am joined by our CFO, Ole Kristoffer Bragnæs. We have, as always, prepared a presentation for you that we will go through over the next 20 or so minutes. Please also use the Q&A button to send us questions, and we will try to answer as many of them as possible after the presentation. All in all, we are going to be on for the next 30 or so minutes. The agenda. We have this quarter agenda that also includes the Aurion transaction. After going through some of the highlights, we will dive into the transaction in more detail, and Ole Kristoffer will take us through the numbers, and we will finish off with some comments on the power price and markets. Yes.

Speaker #1: We have, as always, prepared a presentation for you that we will go through over the next 20 or so minutes. Please also use the Q&A button to send us questions, and we will try to answer as many of them as possible after the presentation.

Speaker #1: All in all, we are going to be on for the next 30 or so minutes. So, the agenda: we have this quarter's agenda, which also includes the Orange transaction. After going through some of the highlights, we will dive into the transaction in more detail.

Speaker #1: And Ulrik Kristoffer will take us through the numbers, and we will finish off with some comments on the power price and market. Yes, let's start out with the highlights.

Anders Lenborg: Let us start out with the highlights. Before we go through the numbers, let me just say that these numbers do not include the Aurion transaction, the installed capacity down on the right-hand side, where we have included the megawatts that will be added from the transaction. The rest of these numbers are purely Cloudberry numbers. We have had a very strong Q2. We had a strong Q1. Q2, usually a bit softer, but we have had a strong quarter now with high realized power price of NOK 0.85. EBITDA, almost doubling the EBITDA from same quarter last year to just about NOK 100 million. It is based on the higher power price, but also we have added approximately 20 GWh of new production to the portfolio over the last year, as you can see here on the right-hand side on added capacity.

Speaker #1: And before we go through the numbers, let me just say that these numbers do not include the Orange transaction. The installed capacity, down on the right-hand side, is where we have included the megawatts that will be added from the transaction.

Speaker #1: The rest of these numbers are purely Cloudberry numbers. We have had a very strong second quarter—we had a strong first quarter. The second quarter is usually a bit softer, but we have had a strong quarter now with high realized power prices.

Speaker #1: Of NOK 0.85, and EBITDA almost doubling the EBITDA from the same quarter last year, so just about NOK 100 million. It's based on the higher power price, but also we have added approximately 20 GWh of new production to the portfolio over the last year.

Speaker #1: As you can see here on the right-hand side, on added capacity. In addition to that, as mentioned, we have had a large transaction—game changer for Cloudberry—that we will talk more about later in the presentation with the acquisition of about 750 GWh of the Orange Nordic wind portfolio.

Anders Lenborg: In addition to that, as mentioned, we have had a large transaction, a game changer for Cloudberry, that we will talk more about later in the presentation with the acquisition of about 750 GWh of Aurion's Nordic wind portfolio. In addition to that, we have also made some improvements on the BESS side, putting the Dingelsundet BESS project into production and in operation in July, and at time and below cost. We are already looking at the second phase and enlarging that battery over the next H2. We have also acquired a new battery storage project in Sweden of 20 megawatts, and applied for new BESS projects in connection with our wind assets in Sweden. It has been an active quarter with focus on the transaction and the BESS projects.

Speaker #1: And in addition to that, we have also made some improvements on the Vest side, putting the dingles in the Vest project into production and in operation.

Speaker #1: In July, and at the time, and below cost. And we are already looking at the second phase and enlarging that battery over the next half year.

Speaker #1: And we have also acquired a new battery storage project in Sweden—20 megawatts—and applied for new BESS projects in connection with our wind assets in Sweden.

Speaker #1: So, it's been an active quarter with a focus on the transaction and the best projects. As you can see here, we have continued to develop our Nordic IPP strategy. Our business model—to develop, own, and operate—remains the same.

Anders Lenborg: As you can see here, we have continued to develop our Nordic IPP strategy, our business model to develop, own, and operate is the same. We think it is important to be in all of the phases of the lifetime of our projects. It gives us fantastic flexibility to focus sometimes on greenfield and development. Other times, it is more interesting to focus on the acquisitions and structural deals like we have done over the last quarters. We see that we can grow our portfolio with acquiring assets at below CapEx. That makes a lot of sense for us now to continue to look at this window of opportunities that we have in the Nordics. As you know, we have taken down the focus on early greenfield development. Still, we have our portfolio of backlog exclusive projects. We have projects with permits.

Speaker #1: We think it's important to be involved in all phases of the lifetime of our projects. It gives us fantastic flexibility to focus sometimes on greenfield and development; other times, it's more interesting to focus on acquisitions and structural deals, like we have done over the last quarters.

Speaker #1: We see that we can grow our portfolio by acquiring assets below capex, so it makes a lot of sense for us now to continue to look at this window of opportunities that we have in the Nordics.

Speaker #1: And as you know, we have taken down the focus on early greenfield development. Still, we have our portfolio of backlog exclusive projects. We have projects with permits. We are, as we speak, constructing six hydropower plants. Three of these hydropower plants will be delivered over the next quarter, so we will get back to that in more detail in the next quarter, but they are now on time and cost.

Anders Lenborg: We are, as we speak, constructing six hydropower plants. Three of these hydropower plants will be delivered over the next quarter, so we will get back to that in more detail in the next quarter. They are now on time and cost. We have, of course, now also a much more diversified portfolio after the acquisition. As you can see here on the right-hand side, we are now in all 12 price areas in the Nordics. Of course, most of our production is still in the south of Norway, south of Sweden, and DK1, where we see the highest power prices in the Nordics. We have added, through the transaction with Orrön Energy, a lot of new production capacity in SE4, but also in SE2.

Speaker #1: And we, of course, now also have a much more diversified portfolio after the acquisition. As you can see here on the right-hand side, we are now in all 12 price areas in the Nordics. Of course, most of our production is still in the south of Norway, south of Sweden, and DK1, where we see the highest power prices in the Nordics.

Speaker #1: But we have added, through the transaction with Orange, a lot of new production capacity in SE4, but also in SE2. So this is just 100% aligned with our strategy, and it adds more network, more assets, and more flexibility into the Cloudberry platform.

Anders Lenborg: This is just 100% aligned with our strategy, and it adds more network, more assets, and more flexibility into the Cloudberry platform. This is the production portfolio. You see we came from around 2,021 GWh in 2020 with hydropower in Norway, and we have grown that in the last years to over 2,000 GWh throughout the Nordics and different technologies. As you see here on the right-hand side, our first BESS projects are also now part of the mix. More than 90% of this portfolio is merchant-exposed. We have entered into some PPAs, financial PPAs over the last quarter, but still, we have 90-plus percent in the merchant-exposed market, also according to our strategy. We see now that we have the full exposure to the higher power prices in the Nordics.

Speaker #1: This is the production portfolio. We see that we came from around 2,021 GWh in 2020, with hydropower in Norway, and we have grown that in the last years to over 2,000 GWh throughout the Nordics, and in different technologies.

Speaker #1: And as you see here on the right-hand side, our first best projects are also now part of the mix. More than 90% of this portfolio is merchant exposed. We have entered into some financial PPAs over the last quarter, but still we have 90-plus percent in the merchant exposed market.

Speaker #1: Also, according to our strategy, we now see that we have full exposure to the higher power prices in the Nordics. The strategy going forward, as I said, is that the Orange acquisition was 100% aligned with our strategy to grow the platform, which scales really well.

Anders Lenborg: The strategy going forward, as I said, the Orrön Energy acquisition was 100% aligned with our strategy to grow. The platform scales really well. We have managed to almost double the production portfolio with not a lot of new overhead. We will continue to put profitability over growth. It is important for us to grow the portfolio in the right way to stay profitable, also to stay fully financed, of course, to have a strong balance sheet, and last but not least, to also develop the platform. We have a team, and today we have a fantastic team covering all our technologies and all parts of the life cycles from early phase development to we sell the power in the markets. This is not going to change. We are on our way to reach our 2030 goals of tripling the business from 1 terawatt hours to 3.

Speaker #1: We have managed to almost double the production portfolio with not a lot of new overhead. But we will continue to put profitability over growth, so it's important for us to grow the portfolio in the right way to stay profitable.

Speaker #1: Also to stay fully financed, of course, to have a strong balance sheet. And last but not least, to also develop the platform, so we have a team and today we have a fantastic team covering all our technologies and all parts of the life cycles from early phase development to resell the power in the market.

Speaker #1: So this is not going to change. We are on our way to reach our 2030 goals of tripling the business from one terawatt hour to three.

Speaker #1: And you will see continuous growth on the Cloudberry platform going forward. We will also continue reporting on ESG, and we are focusing on our ESG profile. That is also involved in all our transactions and in our development of our assets.

Anders Lenborg: You will see continuous growth on the Cloudberry platform going forward. The continued also reporting on ESG, and we are focusing on our ESG profile, and that is also involved in all our transactions and in our development of our assets. The most important here is that we have had no injuries also over the last quarter. That was just a quick introduction to Cloudberry, and then let us dive into the transaction, the Orrön Energy transaction, in more detail. As we all know, we have acquired the Nordic wind portfolio, more or less the whole Nordic wind portfolio from Orrön Energy, and also with a small team. As I said, it is a game-changer for Cloudberry. It is scaling, showing how we can scale the platform.

Speaker #1: And the most important thing here is that we have had no injuries also over the last quarter. So that was just a quick introduction to Cloudberry, and then let's dive into the transaction—the Orange transaction—in more detail.

Speaker #1: As you all know, we have acquired the Nordic wind portfolio—more or less the whole Nordic wind portfolio—from Orange, and also with a small team.

Speaker #1: As I said, it has a it is a game changer for Cloudberry. It's scaling, showing how we can scale the platform. And as you know, we have we wanted to build a Nordic the leading Nordic IPP, and this is a very important step in that to build the Nordic leading IPP.

Anders Lenborg: As you know, we wanted to build the leading Nordic IPP, and this is a very important step in that to build the Nordic leading IPP. The Orrön transaction, it fulfills Cloudberry in a very good way. It is a perfect match when it comes to assets. As you see here on the right-hand side, we complement each other on the asset level, but also to get in a new active owner, a 27% owner with a lot of knowledge when it comes to development and owning infrastructure assets and also bringing in the Lundin network into the company. It is very positive, and I think also that is going to affect our growth opportunities going forward. We see we want to pursue the growth opportunities.

Speaker #1: And the orange transaction fulfills Cloudberry in a very good way. It's a perfect match when it comes to assets. As you see here on the right-hand side, we complement each other on the asset level.

Speaker #1: But also to get in a new active owner at 27%, an owner with a lot of knowledge when it comes to development and owning infrastructure assets, and also bringing in the Lundin network into the company.

Speaker #1: It's very positive, and I think also that is going to affect our growth opportunities going forward. So we see we want to pursue the growth opportunities.

Speaker #1: We want to be the Nordic consolidator in the renewable space. And it also shows how we can grow efficiently through using our share and also bring down the cost of the platform.

Anders Lenborg: We want to be the Nordic consolidator in the renewable space, and it also shows how we can grow efficient through using our share and also to bring down the cost of the platform. Here we just touch upon some of the effects from the transaction. Scaling, of course, we bring down the overhead per kilowatt hour with this transaction. We also have a more diversified portfolio and bringing down, as Ole Kristoffer will comment on later, the financial cost. We have entered into a new facility with our banks, and all of this will affect the platform going forward. Of course, the Orrön team also brings in a lot of know-how. Also here we fulfill each other, with the Orrön team and the Cloudberry team having different knowledge on the different technologies and markets.

Speaker #1: Here, we just touch upon some of the effects from the transaction. Scaling, of course—we bring down the overhead per kilowatt-hour with this transaction.

Speaker #1: And we also have a more diversified portfolio. And, as Christopher will comment on later, we are bringing down the financial cost. We have entered into a new facility with our banks.

Speaker #1: And all of this will affect the platform going forward. And of course, the Orange team also brings in a lot of know-how, and here we complement each other—the Orange team and the Cloudberry team.

Speaker #1: Having different knowledge of the various technologies and markets. This slide just shows you how we have grown the portfolio with the acquisitions and structural deals we have completed over the years.

Anders Lenborg: This slide just shows you how we have grown the portfolio with the acquisitions and the structural deals we have done through the years, and not focusing so much on the in-house developed projects, but here on the acquisitions. Then you see on the right-hand side here the effect of the Orrön transaction. That was just a very quick run-through of the transaction, and I will pass on the word to Ole Kristoffer, that will take you through the financials. Thank you.

Speaker #1: And not focusing so much on the in-house developed projects, but here on the acquisitions. And then you see on the right-hand side here the effect of the Orange transaction.

Speaker #1: So, that was just a very quick run-through of the transaction, and I will pass on the word to Christopher, who will take you through the financials.

Speaker #1: Thank you.

Speaker #2: Thank you, Anders. Hi, everyone. My name is Ulrich Christopher Bragnes, CFO of Cloudberry, and I'm very happy to take you through the financial story of this quarter.

Ole Bragnes: Thank you, Anders. Hi, everyone. My name is Ole Kristoffer Bragnæs, CFO of Cloudberry. I am very happy to take you through the financial story of this quarter. Starting out, we saw the vast growth in our portfolio size that Anders talked about and showed briefly on the last slide. We have the same story on our balance sheet and shown how we have been able to grow in an accretive manner. Fundamental values has been important and being well-financed as well. Beginning, starting by raising equity over the market, continuing and constructing the assets that we had in our development portfolio, while also utilizing some M&A and also some capital recycling in order to showcase the value in our portfolio. Throughout the last year or so, we have also seen the potential to utilize our share in order to grow more directly.

Ole Kristoffer: Thank you, Anders. Hi, everyone. My name is Ole Kristoffer Bragnæs, CFO of Cloudberry. I am very happy to take you through the financial story of this quarter. Starting out, we saw the vast growth in our portfolio size that Anders talked about and showed briefly on the last slide. We have the same story on our balance sheet and shown how we have been able to grow in an accretive manner. Fundamental values has been important and being well-financed as well. Beginning, starting by raising equity over the market, continuing and constructing the assets that we had in our development portfolio, while also utilizing some M&A and also some capital recycling in order to showcase the value in our portfolio. Throughout the last year or so, we have also seen the potential to utilize our share in order to grow more directly.

Speaker #2: So, starting out, we saw the vast growth in our portfolio size that Anders talked about and showed briefly on the last slide. And we have the same story on our balance sheet.

Speaker #2: And shown how being able to grow in an accretive manner, fundamental values have been important, and being well-financed as well. Beginning by raising equity over the market, continuing and constructing the assets.

Speaker #2: That we had in our development portfolio, while also utilizing so many M&A transactions and some capital recycling in order to showcase the value in our portfolio.

Speaker #2: Throughout the last year or so, we have also seen the potential to utilize our share in order to grow more directly. We've shown attractive opportunities, like increasing exposure in Denmark last year.

Ole Bragnes: We have seen attractive opportunities, like increasing our exposure in Denmark last year, printing shares at accretive levels, then also doing first the MLK transaction, increasing the portfolio size in Cloudberry and adding Finland as our first country, then now the Orrön transaction greatly strengthening our balance sheet, increasing the diversification in the portfolio and the portfolio size, while also keeping debt relative at low levels compared to our portfolio size, as that portfolio is relatively less leveraged. All in all, a healthy balance sheet with strong growth across this journey since inception of listing. Diving into this quarter, we report on an equity ratio of 56%, which we are happy with. We have shown strong growth in the balance sheet size in relation to total assets, total equity, and so forth, that is explained by the transactions that we have done.

Ole Kristoffer: We have seen attractive opportunities, like increasing our exposure in Denmark last year, printing shares at accretive levels, then also doing first the MLK transaction, increasing the portfolio size in Cloudberry and adding Finland as our first country, then now the Orrön transaction greatly strengthening our balance sheet, increasing the diversification in the portfolio and the portfolio size, while also keeping debt relative at low levels compared to our portfolio size, as that portfolio is relatively less leveraged. All in all, a healthy balance sheet with strong growth across this journey since inception of listing. Diving into this quarter, we report on an equity ratio of 56%, which we are happy with. We have shown strong growth in the balance sheet size in relation to total assets, total equity, and so forth, that is explained by the transactions that we have done.

Speaker #2: At the accretive printing shares at the accretive levels, and then also doing the first MLK transaction, increasing the portfolio size in Cloudberry and adding Finland as our first country, and then now the Orange transaction, greatly improving and strengthening our balance sheet, increasing our diversification in our portfolio, and the portfolio size.

Speaker #2: While also keeping debt relative at low levels compared to our portfolio size, as that portfolio is relatively less leveraged. So, all in all, a healthy balance sheet with strong growth across this journey since inception of listing.

Speaker #2: Diving into this quarter, we report an equity ratio of 56%, which we are happy with. We've shown strong growth in our balance sheet size in relation to total assets, total equity, and so forth.

Speaker #2: And that is explained by the transactions that we have done in Q3 last year: Fortovanka, Fortenergy Norway, and the Hydro platform that we combined together with Swiss Life, now consolidating in both those two portfolios, greatly increasing our exposure towards the hydro space in Norway.

Ole Bragnes: Q3 last year, Fortum Vanka, Fortum Energy Norway, the hydro platform that we combined together with Swiss Life, now consolidating in both those two portfolios, greatly increasing our exposure towards the hydro space in Norway. But also then the MLK now in Q1 this year, raising total assets and total equity. That is an associated company within these accounts. Now acquiring the last 50% of MLK, but also the vast Swedish portfolio, which Anders talked about through the Orrön transaction, which is not reflected in these figures and will be after close, expected in Q3, after we now received all regulatory approvals, which we are happy with and reported on already yesterday, or the day before, through the stock exchange notice.

Ole Kristoffer: Q3 last year, Fortum Vanka, Fortum Energy Norway, the hydro platform that we combined together with Swiss Life, now consolidating in both those two portfolios, greatly increasing our exposure towards the hydro space in Norway. But also then the MLK now in Q1 this year, raising total assets and total equity. That is an associated company within these accounts. Now acquiring the last 50% of MLK, but also the vast Swedish portfolio, which Anders talked about through the Orrön transaction, which is not reflected in these figures and will be after close, expected in Q3, after we now received all regulatory approvals, which we are happy with and reported on already yesterday, or the day before, through the stock exchange notice.

Speaker #2: But also then the MLK now in Q1 this year, raising total assets and total equity. That's an associated company within these accounts. We're now acquiring the last 50% of MLK but also the great, vast Swedish portfolio, which Anders talked about, through the Orange transaction, which is not reflected in these figures and will be after close—expected in Q3—after we have now received all regulatory approvals, which we're happy with and reported on already.

Speaker #2: Yesterday through the or the day before through the Stock Exchange notice. In today's increasing interest rate environment, we're happy also to have our strategy with 90% of our proportionate interesting debt has been hedged at an all-in rate of below of approximately 4% with a weighted average 10-year of 8 years.

Ole Bragnes: In today's increasing interest rate environment, we are happy also to have our strategy with 90% of our proportionate interest and debt have been hedged at an all-in rate of approximately 4%, with a weighted average tenure of 8 years. So more or less covered on that front, that creates resilience in our cash flows and reduces risk. Talking about on the debt side, we are very happy to report that we have secured additional attractive financing, extending the maturity of our credit facility with 3 years, with an option for additional 2, also then increasing our debt facility with an additional NOK 1 billion and an option for an accordion of 750.

Ole Kristoffer: In today's increasing interest rate environment, we are happy also to have our strategy with 90% of our proportionate interest and debt have been hedged at an all-in rate of approximately 4%, with a weighted average tenure of 8 years. So more or less covered on that front, that creates resilience in our cash flows and reduces risk. Talking about on the debt side, we are very happy to report that we have secured additional attractive financing, extending the maturity of our credit facility with 3 years, with an option for additional 2, also then increasing our debt facility with an additional NOK 1 billion and an option for an accordion of 750.

Speaker #2: So, more or less, we are covered on that front, and that creates resilience in our cash flows and reduces risk. And talking about the debt side, we're very happy to report that we have secured additional attractive financing, extending the maturity of our credit facility by three years, with an option for an additional two.

Speaker #2: And also then increasing our debt facility with an additional NOK 1 billion and an option for an accordion of NOK 750 million. This is with the same bank syndicate that has been with us for a long time, supporting Cloudberry in its growth journey. We're happy to see that we're able to achieve an improved margin, well below 2% on this facility.

Ole Bragnes: This is with the same bank syndicate that has been with us for a long time, supporting Cloudberry in its growth journey, I am happy to see that we are able to achieve an improved margin well below 2% on this facility in today's environment. So that shows a lot of support. We have also increased our purpose. We can now do BESS, we can do Finland, we can do solar, while maintaining a good covenant structure as we have in our previous facility. We still want to achieve a relatively modest leverage target with a cap of 50% loan to value under this agreement, which we are fine with. This is expected also to close now in Q3 in relation to the Odalen transaction. This facility will be used to finance that. So very happy to have this in place.

Ole Kristoffer: This is with the same bank syndicate that has been with us for a long time, supporting Cloudberry in its growth journey, I am happy to see that we are able to achieve an improved margin well below 2% on this facility in today's environment. So that shows a lot of support. We have also increased our purpose. We can now do BESS, we can do Finland, we can do solar, while maintaining a good covenant structure as we have in our previous facility. We still want to achieve a relatively modest leverage target with a cap of 50% loan to value under this agreement, which we are fine with. This is expected also to close now in Q3 in relation to the Odalen transaction. This facility will be used to finance that. So very happy to have this in place.

Speaker #2: In today's environment, that shows a lot of support. We have also increased our purpose. We can now do our best. We can do Finland.

Speaker #2: We can do solar, while maintaining a good covenant structure as we have in our previous facility. We still want to achieve a relatively modest leverage target, with a cap of 50% loan-to-value under this agreement, which we are fine with.

Speaker #2: And this is expected also to close now in Q3 in relation to the audience transaction, and this facility will be used to finance that.

Speaker #2: So, very happy to have this in place. Looking at the profitability over the latest years, profitable growth has always been important as a key focus, and we've utilized different ways of achieving that.

Ole Bragnes: Looking at profitability over the latest years, profitable growth has always been important and it is a nice buzzword, and we have utilized different ways of achieving that. We have our underlying financials from our production portfolio. Our production metric has grown quite rapidly across the years and are now of almost 2 times our run rate of our portfolio of our producing assets and of over 2 TWh compared to the 818 GWh we reported last 12 months. We also utilize capital recycling to showcase gains in our portfolio and of course, development gains as we have constructed the assets that we have had in our portfolio near term, and that all these kind of transactions impacted 2022 to 2024 financials in a very positive way.

Ole Kristoffer: Looking at profitability over the latest years, profitable growth has always been important and it is a nice buzzword, and we have utilized different ways of achieving that. We have our underlying financials from our production portfolio. Our production metric has grown quite rapidly across the years and are now of almost 2 times our run rate of our portfolio of our producing assets and of over 2 TWh compared to the 818 GWh we reported last 12 months. We also utilize capital recycling to showcase gains in our portfolio and of course, development gains as we have constructed the assets that we have had in our portfolio near term, and that all these kind of transactions impacted 2022 to 2024 financials in a very positive way.

Speaker #2: We have our underlying financials from our production portfolio. Our production metric has grown quite rapidly across the years and is now up almost two times our run rate of our portfolio of our producing assets.

Speaker #2: Of over two terawatt hours compared to the 818 GWh we reported in the last 12 months. But we've also utilized capital recycling to showcase gains in our portfolio, and of course, development gains as we have constructed the assets that we've had in our portfolio near term.

Speaker #2: And all these kinds of transactions impacted the 2022 to 2024 financials in a very positive way. Now, we have a very strong underlying cash flow from our operations in our commercial segment with the power production.

Ole Bragnes: Now we have a very strong underlying cash flow from our operations, from our commercial segment with the power production at over 2 times what we have historically. So it is a very good place. Looking at the quarter specifically, we are doubling our EBITDA. We are also almost 50% up on the revenue side and Q2 is normally a relative soft quarter in terms of power price. But it is very good to see that the power price has been held very well throughout the summer and now into Q3 with strong reported power price as you can see on the Nord Pool exchange. That is the main reason behind the increase in revenue and profitability, the increase in power price. But we also have a modest growth in production volume. I will come back to that in the next slide.

Ole Kristoffer: Now we have a very strong underlying cash flow from our operations, from our commercial segment with the power production at over 2 times what we have historically. So it is a very good place. Looking at the quarter specifically, we are doubling our EBITDA. We are also almost 50% up on the revenue side and Q2 is normally a relative soft quarter in terms of power price. But it is very good to see that the power price has been held very well throughout the summer and now into Q3 with strong reported power price as you can see on the Nord Pool exchange. That is the main reason behind the increase in revenue and profitability, the increase in power price. But we also have a modest growth in production volume. I will come back to that in the next slide.

Speaker #2: At over two times what we have historically, so it's a very good place. Looking at the quarter specifically, we've doubled our EBITDA. We're also almost 50% up on the revenue side, and Q2 is normally a relatively soft quarter in terms of power price.

Speaker #2: But it's very good to see that the power price has been held very well across the summer and now into Q3, with strong reported power prices, as you can see on the report exchange.

Speaker #2: That is the main reason behind the increase in revenue and profitability—the increase in power prices. But we also have a modest growth in production volumes.

Speaker #2: I'll come back to that in the next slide. And it's important, again, as Anders talked about, that the audience transactions are of course not included in these figures, as the transaction is not closed, but is expected to be so in Q3 and start impacting the financials and allow us to see the returns and how our portfolio scales.

Ole Bragnes: It is important, again, as Anders talked about, that our transaction is, of course, not included in this figure as the transaction is not closed, but expected to be so in Q3 and start to impact the financials and to see the returns and how our portfolio scales. Diving into the commercial segment, I talked about the production volumes. That is modestly up compared to the same quarter last year. The reason for that is the full quarter contribution by MLK, the Finland acquisition we did in Q1. But it is important to note that compared to the normalized production levels, output has been negatively affected by weaker wind resources in Denmark, historically low hydrological balance in southern Norway, reducing hydro volumes at the time where they should be higher from a dry and cold winter.

Ole Kristoffer: It is important, again, as Anders talked about, that our transaction is, of course, not included in this figure as the transaction is not closed, but expected to be so in Q3 and start to impact the financials and to see the returns and how our portfolio scales. Diving into the commercial segment, I talked about the production volumes. That is modestly up compared to the same quarter last year. The reason for that is the full quarter contribution by MLK, the Finland acquisition we did in Q1. But it is important to note that compared to the normalized production levels, output has been negatively affected by weaker wind resources in Denmark, historically low hydrological balance in southern Norway, reducing hydro volumes at the time where they should be higher from a dry and cold winter.

Speaker #2: Diving into the commercial segment, I talked about the production volumes. That is modestly up compared to the same quarter last year, and the reason for that is the full quarter contribution from MLK, the Finland acquisition we did in Q1.

Speaker #2: But it's important to note that compared to the normalized production levels, output has been negatively affected by weaker wind resources than Denmark. Historically low hydrological balances in southern Norway are reducing hydro volumes at a time when they should be higher.

Ole Bragnes: But all of these elements are also increasing prices, and we see the realized power prices has greatly improved compared to the same quarter last year. Again, this highlights the importance of being diversified across the Nordics. We now have a very diversified portfolio and can capture differences in wind resources, et cetera. For instance, now it has been playing very well in Denmark with very high power prices, whereas not in Sweden. This will offset each other, and it is important to have that diversified portfolio and show resilience in our earnings. These two elements, the production volumes and the increase in realized power prices is, of course, what is explaining the drive in the commercial segment compared to the same quarter last year. Looking at our other segments, projects mainly driven by realization, development gains, which has not been evident over this quarter.

Ole Kristoffer: But all of these elements are also increasing prices, and we see the realized power prices has greatly improved compared to the same quarter last year. Again, this highlights the importance of being diversified across the Nordics. We now have a very diversified portfolio and can capture differences in wind resources, et cetera. For instance, now it has been playing very well in Denmark with very high power prices, whereas not in Sweden. This will offset each other, and it is important to have that diversified portfolio and show resilience in our earnings. These two elements, the production volumes and the increase in realized power prices is, of course, what is explaining the drive in the commercial segment compared to the same quarter last year. Looking at our other segments, projects mainly driven by realization, development gains, which has not been evident over this quarter.

Speaker #2: From a dry and cold winter, but all these elements are also increasing prices, and we see the realized power prices have greatly improved compared to the same quarter last year.

Speaker #2: And again, this highlights the importance of being diversified across the Nordics. We now have a very diversified portfolio and can capture differences in wind resources, etc.

Speaker #2: For instance, now it's been playing very well in Denmark with very high power prices, whereas not in Sweden. And this will offset each other, and it's important to have that diversified portfolio and show resilience in our earnings.

Speaker #2: And these two elements, the production volumes and the increase in realized power prices, of course, are what explains the drive in the commercial segment compared to the same quarter.

Speaker #2: Last year, looking at our other segments, projects were mainly driven by realization and development gains, which have not been evident over this quarter. While we are driving our portfolio forward, we are very happy to see the English, now subsequent to the quarter, being in commercial production on time and below cost.

Ole Bragnes: While we are driving our portfolio forwards and very happy to see the Nyksund now subsequent to the quarter being in commercial production on time and below cost. That is an important value driver. The explanation why the difference in numbers there is related to the increased project segment, call it that, from Fortum OnGrid acquisition in Q3 last year. The Norhard coming in the drilling segment. Then also, realizing the higher operating cost base from the acquired activities. Asset management, very happy to see that operational improvements and profitability improvements that has been set into motion are showcasing themselves in the P&L. We do have improved EBITDA supported by lower operating expenses and also slight growth in revenue. We have some interesting new contracts on the asset management side as we reported on in the quarter report, and very happy to see that growth.

Ole Kristoffer: While we are driving our portfolio forwards and very happy to see the Nyksund now subsequent to the quarter being in commercial production on time and below cost. That is an important value driver. The explanation why the difference in numbers there is related to the increased project segment, call it that, from Fortum OnGrid acquisition in Q3 last year. The Norhard coming in the drilling segment. Then also, realizing the higher operating cost base from the acquired activities. Asset management, very happy to see that operational improvements and profitability improvements that has been set into motion are showcasing themselves in the P&L. We do have improved EBITDA supported by lower operating expenses and also slight growth in revenue. We have some interesting new contracts on the asset management side as we reported on in the quarter report, and very happy to see that growth.

Speaker #2: That's an important value driver. And the explanation for the difference in numbers there is related to the increased project segment—let's call it that—from the Fortum acquisition in Q3 last year.

Speaker #2: The Nordic coming into the drilling segment and then also, yeah, realizing the higher operating costs based on the acquired activities. Asset management is very happy to see that operational improvements and the profitability improvements that have been set into motion are showcasing themselves in the P&L.

Speaker #2: We do have improved EBITDA, supported by lower operating expenses and also slight growth in revenue. We have some interesting new contracts on the asset management side, as we reported on in the quarterly report, and we are very happy to see that growth.

Ole Bragnes: On the corporate segment, we have a reduced operating cost base down to NOK 11 million from 15 same quarter last year. Although this quarter has also been impacted by 3 million of transaction related costs. If we do compare and annualize this figure and compare it to a total proportionate asset base, this is around 0.5% in relation to proportionate assets. So although we want to be value enhancing throughout all levels in Cloudberry, just as a strictly a cost base, this is 0.5% in relation to the total proportionate asset base. We do expect this number to decrease further with our transaction that Anders talked about from the synergies. The platform really scales. We do not expect a significant growth in corporate costs at all.

Ole Kristoffer: On the corporate segment, we have a reduced operating cost base down to NOK 11 million from 15 same quarter last year. Although this quarter has also been impacted by 3 million of transaction related costs. If we do compare and annualize this figure and compare it to a total proportionate asset base, this is around 0.5% in relation to proportionate assets. So although we want to be value enhancing throughout all levels in Cloudberry, just as a strictly a cost base, this is 0.5% in relation to the total proportionate asset base. We do expect this number to decrease further with our transaction that Anders talked about from the synergies. The platform really scales. We do not expect a significant growth in corporate costs at all.

Speaker #2: On the corporate segment, we have a reduced operating cost base, down to NOK 11 million from NOK 15 million in the same quarter last year. Although this quarter has also been impacted by NOK 3 million of transaction-related costs. If we annualize this figure and compare it to the total proportionate asset base, this is around 0.5% in relation to proportionate assets.

Speaker #2: So although we want to be value-enhancing throughout all levels in recovery, just as a strictly cost base, this is 0.5% in relation to the total proportionate asset base.

Speaker #2: And we do expect these numbers to decrease further with the oriented section that Anders talked about. From the synergies, the platform really scales. We do not expect a significant growth in corporate costs at all. We have some numbers in the presentation of our expectancies and increased overhead, but this scales well, and this really improves the profitability and resilience in our platform as we're able to continue to grow and move forward.

Ole Bragnes: We have some numbers in the presentation of our expectations and increased overhead, but this scales well, and this really improves the profitability and resilience in our platform as we are able to continue to grow and move forward. That is all on the financial side for now, then I will hand it over to Anders for some market and summary before we do some Q&A. Thank you.

Ole Kristoffer: We have some numbers in the presentation of our expectations and increased overhead, but this scales well, and this really improves the profitability and resilience in our platform as we are able to continue to grow and move forward. That is all on the financial side for now, then I will hand it over to Anders for some market and summary before we do some Q&A. Thank you.

Speaker #2: So that is all on the financial side for now. Sorry. I'll now hand it over to Anders for a marketing summary before we move on to the Q&A.

Speaker #2: Thank you.

Anders Lenborg: Thank you, Ulrik Sofe. As Ulrik Sofe mentioned, we have had a strong power price over the last quarter. We do not try to predict the power price in Cloudberry, but we use third parties. As you can see here on the left-hand side, we have had a historical delivery on the power price, about 45% over the system price. So we historically, due to our portfolio and due to the price areas where we have our production, we in general deliver over the system price, which is the average of the price areas. Here, going forward, we have used the forward price for 2027, where you can see the forward price increasing sharply. Then we have used the THEMA price curve from 2028 until 2035. What we have done this time is also to show the spread between THEMA's high case and low case.

Speaker #1: Thank you. And as Christopher mentioned, we have had a strong power price over the last quarter. We don't try to predict the power price in Cloudberry, but we use third parties, and as you can see here on the left-hand side, we have had a historical delivery on the power price about 45% over the system price.

Speaker #1: So we historically due to our portfolio and due to the price areas where we are we have our production we in general deliver over the system price which is the average of the price areas.

Speaker #1: Here, going forward, we have used the forward price in 2020 for 2027, where you can see the forward price increasing sharply, and then we have used the TEMA price curve from 2028 until 2035.

Speaker #1: What we have done this time is also to show the spread between TEMA's high case and low case. Before, we have just shown the base case on the price, but here we have taken in also the high case and low case. As you can see, this is of great importance for Cloudberry.

Anders Lenborg: So before, we have just shown the base case on the price. Here, we have taken in also the high case and low case. As you can see, this is of great importance for Cloudberry with our exposure to the spot price, and the power price with our merchant portfolio. As you can see, it looks like we are going to have stronger and higher power prices over the next year, but also it is likely to see that we will continue to have high power prices over the years. This is also driven, in the short term, by the hydrological balance, as Ulrik Sofe touched upon, which is very low, giving high power prices. It is dry in the south of Norway and Sweden, but also high gas prices. We have increased demand, especially from the digital industry.

Speaker #1: With our exposure to the spot price and the power price with our merchant portfolio, as you can see, it looks like we're going to have strong and stronger, higher power prices over the next year.

Speaker #1: But also, it is likely that we will continue to have high power prices over the years. I mean, this is also driven in the short term by the hydrological balance, as Christopher touched upon, which is very low.

Speaker #1: Given high power prices, it's dry in the south of Norway and Sweden. But also, with high gas prices, we have increased demand, especially from the digital industry. We have increased demand all over the Nordics.

Anders Lenborg: We have increased demand all over the Nordics, and we see very little new production added. We see upgrades, we see some smaller projects. We do not see the larger added new production over the next years. If you also look at the new permits and the new applications, it is quite low all through the Nordics, especially Norway, Sweden, and Denmark. This is a very interesting part of our business and important to pay attention to. When we, of course, see PPA opportunities where we can fix the price on good high levels, we also do that. So we have entered into some fixed price agreements for 2026 and 2027. But still, 90% plus is merchant-exposed as of now. Then I think we have been through most of our presentation. I think Cloudberry is perfectly positioned for the energy transition and for the new energy reality.

Speaker #1: And we see very little new production added. I mean, we see upgrades, we see some small projects, but we don't see the larger added new production over the next years.

Speaker #1: And if you also look at the new permits and the new applications, it's quite low all through the Nordics, especially Norway, Sweden, and Denmark.

Speaker #1: So, this is a very interesting part of our business and important to pay attention to. When we, of course, see PPA opportunities where we can fix the price at good, high levels, we also do that.

Speaker #1: So, we have entered into some fixed price agreements for '26 and '27, but still, 90% plus is merchant-exposed as of now. Yeah.

Speaker #1: Then I think we have been through most of our presentation. I think Cloudberry is perfectly positioned for the energy transition and for the new energy reality.

Anders Lenborg: We have a large producing portfolio of over 2 TWh, producing long-term cash flow for the company. We also have our in-house developed exclusive portfolio of projects where we can tap into these projects where we see that is beneficial. We have plenty of M&A and structural deal opportunities in the Nordics. There is a lot of interesting opportunities now and continue to develop and grow the platform through acquisitions. Always to stay well-funded, and we have a strong cash position. We have strong bank facilities, and we are also using our shares to grow the business. So all in all, we are very happy where we are today. Thank you so much for attention, and I think we have probably gotten some questions that we will try to answer over the next minutes. Ulrik Sofe?

Speaker #1: We have a large producing portfolio of over 2 terawatt-hours, producing long-term cash flow for the company. We also have our in-house-developed, exclusive portfolio of projects.

Speaker #1: And where we can tap into these projects where we see that there is benefit. We have plenty of M&A and structural deal opportunities in the Nordics.

Speaker #1: There's a lot of interesting opportunities now and new ways to develop and grow the platform through acquisitions, and always to stay well-funded. We have a strong cash position.

Speaker #1: We have strong bank facilities, and we are also using our shares to grow the business. So all in all, we are very happy with where we are today.

Speaker #1: Thank you so much for your attention, and I think we have probably gotten some questions that we will try to answer over the next few minutes.

Ole Bragnes: Thank you, Anders. We have received some questions about the cost base in the commercial segment, and also see this from the first takes from the analysts. Just to explain quickly, the wind has been the predominant producer over this quarter, and for wind technology, we have more of a fixed cost base. So the incremental revenue above the fixed cost base, that creates the EBITDA, and of course, that is driven by two factors, production volumes and average realized prices. For this quarter, average realized prices have been doing very well. Production volumes below, call it P50 estimates, and then that reduced factor impacts EBITDA margins. I think that explains the forecasts and the cost base are more or less the same, but they scale a lot more on the wind side at the higher realized power prices in addition to high power volumes.

Ole Kristoffer: Thank you, Anders. We have received some questions about the cost base in the commercial segment, and also see this from the first takes from the analysts. Just to explain quickly, the wind has been the predominant producer over this quarter, and for wind technology, we have more of a fixed cost base. So the incremental revenue above the fixed cost base, that creates the EBITDA, and of course, that is driven by two factors, production volumes and average realized prices. For this quarter, average realized prices have been doing very well. Production volumes below, call it P50 estimates, and then that reduced factor impacts EBITDA margins. I think that explains the forecasts and the cost base are more or less the same, but they scale a lot more on the wind side at the higher realized power prices in addition to high power volumes.

Speaker #2: Thank you, Anders. We have received some questions about the cost base and the commercial segment, and we also see this reflected in the initial feedback from the analysts.

Speaker #2: So, just to explain quickly, wind has been the predominant producer this quarter, and for wind technology, we have more of a fixed cost base.

Speaker #2: So, the incremental revenue above the fixed cost base creates the EBITDA, and of course, that's driven by two factors: production volumes and average realized prices.

Speaker #2: For this quarter, average realized prices have been doing very well. Production volumes are below, call it P50 estimates, and then, at a reduced factor, impact EBITDA margins.

Speaker #2: And I think that explains that the forecasts and the cost base are more or less the same. But they scale a lot more on the wind side at the higher realized prices, in addition to high power volumes.

Ole Bragnes: Hydro on the other side, much more stable EBITDA margins as you have more, call it profit split with local landowners, et cetera. That is more stable, more, call it defensive in a way, and then you have a much more fixed cost base on the wind side. That is the explanation for it. The cost base is more or less the same as it has been, for instance, over the last quarter. So that is that question. Do we have a

Ole Kristoffer: Hydro on the other side, much more stable EBITDA margins as you have more, call it profit split with local landowners, et cetera. That is more stable, more, call it defensive in a way, and then you have a much more fixed cost base on the wind side. That is the explanation for it. The cost base is more or less the same as it has been, for instance, over the last quarter. So that is that question. Do we have a

Speaker #2: Hydro, on the other side, has much more stable EBITDA margins, as you have more, call it, profit split with the local landowners, etc. So that's more stable, more—call it—defensive in a way. And then you have a much more fixed cost base on the wind side.

Speaker #2: So that's the explanation for it. The cost base is more or less the same as it has been, for instance, over the last quarter. So that's that question.

Anders Lenborg: Yeah, thank you. We have also received a question when it comes to our powered land initiative, and we touched upon that very high level last quarter. We have, as we have said, looked into the combinations of our production portfolio and developing powered land projects. I think we have continued to work on these projects. We do have a lot of knowledge when it comes to zoning, when it comes to securing power and capacity in the grid. We have continued to work on these projects, but it is a bit too early to give an update. Over the next H2, we will also be ready to give a more extensive update on our powered land portfolio and how we are working on that going forward. I think that was it, and that was all we had for today.

Speaker #2: Do we have a thank you?

Speaker #1: We have also received a question when it comes to our powered land initiative, and we touched upon that at a very high level last quarter. But as we have said, we have looked into the combinations of our production portfolio and developing powered land projects.

Speaker #1: And I think we have continued to work on these projects. We do have a lot of knowledge when it comes to zoning, when it comes to securing power, and capacity in the grid.

Speaker #1: And we do, we have continued to work on these projects, but it's a bit too early to give an update. But over the next half year, we will also be ready to give a more extensive update on our Powerland portfolio and how we are working on that going forward.

Speaker #1: So, I think that was it, and that was all we had for today. Thank you for your time and for your interest in Cloudberry. Have a nice day.

Anders Lenborg: Thank you for your time and for your interest in Cloudberry, and have a nice day. Thank you.

Browse all earnings call transcripts

Q2 2026 Cloudberry Clean Energy ASA Earnings Call

Request TrialDemo

Cloudberry Clean Energy

Earnings