Cloudberry Clean Energy AS (CLOUD) reported strong financial and operational growth for the second quarter of 2026, driven by higher power prices and expanded production capacity. Revenue rose approximately 50% year-over-year, while EBITDA nearly doubled to just above NOK 100 million, up from about NOK 50 million in the same period last year.
The company achieved a realized power price of NOK 0.85 per kilowatt-hour, supporting its financial performance. Production capacity reached more than 2,000 GWh on an annual run-rate basis, reflecting a 144% increase from 818 GWh over the prior 12 months. Cloudberry operates across all 12 Nordic price areas, reinforcing its regional presence.
Operating costs declined to NOK 11 million, down from NOK 15 million a year earlier, including NOK 3 million in transaction-related expenses. The equity ratio stood at 56%, while 90% of proportionate interest-bearing debt was hedged at an all-in rate of approximately 4%, with an average tenure of eight years.
The company extended its credit facility by three years with an option for two additional years, increasing debt capacity by NOK 1 billion and adding a NOK 750 million accordion option. Corporate costs are expected to remain stable despite scaling efforts, according to Chief Financial Officer Ole-Kristofer Bragnes.
Cloudberry also highlighted progress toward its 2030 target to triple annual production to 3 terawatt-hours. A new 20-megawatt battery storage project in Sweden was announced, alongside ongoing portfolio expansion. Shares rose 0.29% to $13.72, with a 52-week range of $10.52 to $13.94 and a year-to-date gain of nearly 11%.
Chief Executive Officer Anders Lenborg emphasized the company’s scaling capabilities, stating that the second quarter’s performance, despite typically being softer than the first, demonstrated strong execution. The firm’s debt structure and cost discipline were cited as key enablers of its growth trajectory.
