Cloudberry Clean Energy ASA | First quarter 2025 report

13 May 2025 07:00 CEST

Oslo, Norway, 13 May 2025: Cloudberry Clean Energy ASA ("Cloudberry" or the
"Company") reports a strong first quarter with positive portfolio updates.

· Financial highlights
· Consolidated revenue of NOK 121m (129m) and proportionate revenue of NOK
152m (139m). LTM Q1 2025 proportionate revenue of NOK 789m
· Consolidated EBITDA of NOK 58m (58m) and proportionate EBITDA of NOK 62m
(56m). LTM Q1 2025 proportionate EBITDA of NOK 437m
· Proportionate production of 194 GWh over the quarter (173 GWh).
· Realized an average net power price of NOK 0.71 per kWh (NOK 0.73 per kWh)
compared to the Nordic system price of NOK 0.54 per kWh over the quarter
· Strong proportionate cash balance of NOK 804m and conservative debt
balance
· Attractive debt financing with a majority secured long-term at an all-in
cost below 4% p.a.
· Avoided emissions of 48,000 tCO2e over the quarter (40,500 tCO2e)

· Project updates
· Completed at quarter end the previously announced transformative
transaction with Skovgaard in Denmark adding 160 GWh to the production portfolio
in favorable price regions, in addition a Danish development and asset
management team with a strong development portfolio
· Secured and made an investment decision on the Øvre Ullestad hydro project
with an estimated annual production of 9 GWh, situated in the favorable NO2
price region
· In Odal, all turbines have met the return to service (RTS) criteria from
Siemens Gamesa per the reporting date

Cloudberry invites investors, analysts, and other stakeholders to a company
presentation at 11:00 CEST. Please use the following link to register and join:
https://tv.streamfabriken.com/cloudberry_clean_energy_asa_q1_2025

The first quarter report for 2025, the presentation material, and the link to
the webcast and Q&A session will be made available at http://www.cloudberry.no/.

For further information please contact:
Ole-Kristofer Bragnes, CFO, +47 917 03 415, okb@cloudberry.no
Anders Lenborg, CEO, +47 934 13 130, al@cloudberry.no
Christian Helland, CCO, +47 418 80 000, ch@cloudberry.no

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation (MAR) and is subject to the disclosure requirements
pursuant to MAR article 17 and Section 5-12 the Norwegian Securities Trading
Act. This stock exchange announcement was published by Ole-Kristofer Bragnes,
CFO, in Cloudberry Clean Energy ASA on 13 May 2025, at 07:00 CEST.


About Cloudberry
Cloudberry is a renewable energy company operating in the Nordics and in
accordance with local traditions. The Company owns, develops, and operates
hydropower plants and wind farms in the Nordics. Cloudberry is powering the
energy transition to a sustainable future by providing new renewable energy
today and for future generations. The Company believes in a fundamental long
-term demand for renewable energy in Europe. With this as a fundament,
Cloudberry is building a sustainable, scalable, efficient, and profitable
platform for creation of shareholder value. Cloudberry`s shares are traded on
Oslo Stock Exchange's main list (Oslo Børs), supported by strong owners and led
by an experienced team and board. The Company has offices in Oslo, Norway (main
office), Karlstad, Gothenburg and Eskilstuna, Sweden and Lemvig, Denmark. To
learn more about Cloudberry, go to www.cloudberry.no

More information:
Access the news on Oslo Bors NewsWeb site

646103_Cloudberry_Clean_Energy_ASA_Q1_2025_report.pdf
646103_250513_Cloudberry_Clean_Energy_ASA_First_Quarter_2025_press_release.pdf
646103_Cloudberry_Clean_Energy_ASA_Q1_2025_presentation.pdf