Q2 2026 Cloudberry Clean Energy ASA Earnings Call Transcript
Key Points
- Strong Q2 performance with EBITDA nearly doubling year-over-year to about NOK 100 million, driven by higher realized power prices and increased production capacity.
- Strategic acquisition of Auren's Nordic Wind portfolio (~750 GWh) is a game changer, scaling the platform, diversifying across all 12 Nordic price areas, and aligning with the Nordic IPP strategy.
- Improved financial flexibility with a new credit facility: extended maturity by 3 years (plus 2-year option), increased debt capacity by NOK 1 billion (plus NOK 750 million accordion), and improved margin below 2%.
- Successful execution on battery storage projects: Dingenes BESS in operation on time and below cost, with plans for phase 2 expansion, and a new 20 MW BESS project acquired in Sweden.
- Healthy balance sheet with an equity ratio of 56%, 90% of proportionate interest rate hedged at ~4% all-in with 8-year weighted average tenure, and low corporate cost base at 0.5% of total assets.
- Positive market outlook with rising forward power prices for 2027 and strong demand from digital industry, while limited new supply supports high prices, benefiting merchant-exposed portfolio.
- Q2 production volumes were negatively impacted by weaker wind resources in Denmark and historically low hydrological balance in southern Norway, reducing output below normalized levels.
- The Auren transaction is not yet reflected in Q2 financials, and closing is expected only in Q3, delaying the realization of its benefits.
- Project segment EBITDA was lower due to a lack of development gains this quarter, with gains expected to be realized later.
- Corporate costs were impacted by NOK 3 million in transaction-related expenses, though the base cost was reduced year-over-year.
- The company remains highly exposed to merchant power prices (90%+), which, while beneficial in the current environment, introduces volatility and risk if prices decline.
- Powerland initiative updates are delayed, with no concrete progress reported, and further updates are not expected for another half year.
Hi, everyone, and welcome to Cloudberry Clean Energy's second quarter presentation. My name is Anders Lembog, I'm the CEO of Cloudberry, and today I'm joined by our CFO, Ulichistoffer Bragnes.
We have, as always, prepared a presentation for you that we will go through over the next 20 or so minutes.
And 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.
So the agenda, we have this quarter agenda that also includes the orange transaction. So after going through some of the highlights, we will dive into the transaction in more detail and Ulrike Stoffer 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 and before we go through the numbers, let me just say that these numbers do not include the Oran transaction.
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