Q3 2025 Cloudberry Clean Energy ASA Earnings Call Transcript
Key Points
- Cloudberry Clean Energy ASA (STU:52K) reported a significant increase in revenue and doubled EBITDA compared to the same quarter last year, driven by higher realized power prices.
- The company successfully merged its small hydro scale platform with Swiss Life's development platform, creating one of the largest small hydro platforms in the Norwegian market.
- Cloudberry Clean Energy ASA (STU:52K) made its first Final Investment Decision (FID) on a battery energy storage project in Sweden, diversifying its portfolio.
- The company received EUR5 million from the Udall project, with all turbines back in service, contributing to cash flow.
- Cloudberry Clean Energy ASA (STU:52K) achieved the highest ESG rating in the energy and utility sector from DNB Carnegie, reflecting its commitment to sustainable practices.
- The company faced lower-than-expected production due to low wind speeds, impacting its wind energy segment's EBITDA margins.
- A proposed resource rent tax on small-scale hydro projects in Norway poses a potential risk to Cloudberry Clean Energy ASA (STU:52K)'s portfolio, affecting around 15% of its assets.
- The company incurred NOK7 million in operating expenses related to prior quarters, impacting the current quarter's EBITDA.
- Transaction costs and non-cash warrant costs increased the corporate segment's expenses, affecting overall profitability.
- Cloudberry Clean Energy ASA (STU:52K) paused one of its construction projects due to uncertainty surrounding the proposed resource rent tax, potentially delaying future developments.
Hi and welcome to Cloudberry Clean Energy's presentation of our third quarter 2025 results. My name is Almas Lemberg. I'm the CEO of Cloudy, and I'm joined here today by our CFO Ule Christopher Bragnet.
We have, as always, prepared a presentation for you and we will go through that in in a few seconds, but please also use the Q&A function and send questions and we will open up and TRY to answer as many as of your questions after the presentation.
Before we dive into the details, the agenda is also known for many of you. I will take you through the highlights. Uri Gus will take you through the financial numbers, and we will also comment on the price and the market and the summary.
So let's start with the highlights, solid figures in a quarter with less production than we hoped, but we have managed to increase both revenue and also double EBITDA from the same quarter last year and much thanks to a realized power price that is much higher than the system price.
With our realized power price of 0
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