Annual report
2025
Cloudberry Clean Energy ASA
Cloudberry is a renewable
energy company, born, bred, and
operating in the Nordics.
We develop, own and operate hydropower plants,
wind farms, solar plants and battery energy
storage systems (BESS) in the Nordics. We are
powering the transition to a sustainable future
by creating new renewable energy today and for
future generations. As the junction box between
capital, projects and local stakeholders, we
balance respect for nature, biodiversity,
and community values with sustainable and
profitable growth.
We believe in a fundamental, long-term and
increasing demand for renewable energy in
Europe. With this as a cornerstone, we have built
a sustainable and scalable platform for creating
stakeholder value.
Cloudberry’s business model is reflected in our organization
Cloudberry has a “develop, own and operate” business model
of renewable assets. Cloudberry is organized in three revenue
generating segments and one cost-efficient corporate segment.
Our strong commitment to local communities and our integrated
and responsible focus on the value chain ensure value creation
and optimization of stakeholder interests.
Projects – a developer of hydro, wind, solar and BESS projects,
including an experienced construction team in charge of building
power plants with a solid track record.
Commercial – Active ownership of renewable energy assets,
driving growth through mergers, acquisitions, and strategic
collaborations.
Asset management – Operation and management of
Cloudberry’s portfolio and third-party assets, optimizing long-term
performance to create value for all stakeholders.
Our portfolio of producing assets and assets under construction
consists of 30 hydropower assets, 107 wind turbines (organized
in six projects) and one battery energy storage system (BESS)
project, wholly and partially owned. We have a local and active
ownership strategy and prefer majority ownership; however,
in certain investments we have shared ownership alongside
strategic partners.
The scalable Cloudberry platform is positioned for profitable
growth, both in terms of energy production and growth in our
in-house development portfolio. We are backed by strong
owners and an experienced management team. Our
shares are traded on the Oslo Stock Exchange’s main
list, ticker: CLOUD.
Operate
Sustainable
value creation
Develop
Own
Our values
Be supportive • Be committed • Be bold • Be exceptional
Cloudberry Clean Energy • Annual report 2025Cloudberry Clean Energy • Annual report 2025
Introduction
5
Letter from the CEO
5
Overview and highlights
8
Projects and portfolio
11
Strategy, performance and risks
14
Business model and strategy
15
Performance
17
Outlook
26
Risk management
27
Sustainability
29
General information
34
Environment
40
Social
64
Governance
79
Governance
85
Corporate governance in Cloudberry
86
The Board and governing bodies
88
The Executive Management
93
Executive compensation
94
Shareholder information
95
Signatures from the Board and the CEO
97
Financials
98
Consolidated financial statements
99
Parent company financial statements
155
Responsibility statement
170
Auditor’s report
171
Alternative performance measure
174
About the report
Cloudberry reports consolidated financial statements in
accordance with IFRS and a supplementary proportionate
segment reporting
1
. Proportionate financials represent
Cloudberry’s proportionate share of the financial results,
assets, and liabilities of all entities and excluding any
eliminations of transactions between segments. Cloudberry
believes that proportionate reporting provides enhanced
insight into the operation, financing and future prospects of
the Group. Proportionate reporting is aligned with internal
management reporting, analysis and decision making.
While Cloudberry is no longer in scope of the CSRD/
ESRS following recent regulatory updates, sustainability
remains an integral part of our strategy and reporting. We
are committed to transparent disclosure of our material
ESG topics and base our reporting on the comprehensive
module of the VSME Standard. Further information is
available in the Sustainability Statement.
1
See APM section for proportionate segment reporting.
The sections Strategy, performance and risks, Sustainability and
Governance constitute the report of the Board of Directors.
Contents
Cloudberry Clean Energy • Annual report 2025Cloudberry Clean Energy • Annual report 2025
Letter from the CEO
Cloudberry – Well-positioned
for the new energy reality
2025 was another year of pivotal and transformative progress for
Cloudberry. We executed a series of strategic transactions, materially
reshaped our portfolio, and strengthened our industrial platform
across the Nordics. All while operating in an environment of volatile
power markets, more demanding regulation and higher capital costs.
Throughout the year, our focus has been on disciplined execution:
acting decisively where the industrial logic and value creation are
clear and adapting our approach where market conditions have
changed. As a result, we exit 2025 with a broader and improved asset
base, a deeper operational and commercial platform, and a more
focused development strategy and cost structure.
Building scaled platforms
in core markets
A central strategic objective in recent years
has been to move from a collection of stand
alone assets to scaled, integrated platforms in
our core markets and technologies.
In Denmark, the completion of the Skovgaard
transaction in the first quarter was a major
step. By acquiring the remaining stake in
the Odin wind portfolio and selected Danish
assets and projects, we have established a
Danish platform with meaningful production
and pipeline. Combined with the integration of
a highly competent local asset management
and development team, this gives us strong in
house capabilities in the Danish market.
The Norwegian wind farm Svåheia was also
part of the Skovgaard transaction and Svåheia
was subsequently sold to the local utility at a
valuation in line with the Skovgaard transaction,
providing a clear third party market reference
for the pricing of the transaction. This valuation
also underpinned the overall valuation of the
Skovgaard deal, where new Cloudberry shares
were issued at a premium to the prevailing share
price, thereby reinforcing the intrinsic value of
our portfolio and industrial platform.
In Norway, the Forte transaction, completed in
the third quarter, has been a significant mile-
stone for Cloudberry. Together with Swiss Life
Asset Managers we created one of the largest
small scale hydro platforms in the Nordics.
Cloudberry contributed its Norwegian hydro-
power portfolio and increased its ownership
in Forte Energy Norway to a controlling level,
leading to full consolidation and a materially
larger and more diversified hydro base. The
transaction also validated the quality of our
hydro assets through pricing significantly
above book value and brought in a dedicated
platform with strong local team for further
development and optimization.
Across hydro, wind and storage, we now
operate through coherent regional and tech-
nological clusters rather than isolated single
assets. This is crucial for capturing synergies in
operations and maintenance, market access,
capex and financing, and for managing
stakeholders and regulatory processes in an
increasingly complex environment.
Cloudberry Clean Energy • Annual report 2025Cloudberry Clean Energy • Annual report 2025
55 IntroductionIntroduction | Letter from the CEOIntroduction | Letter from the CEO
“European energy and climate
policy continues to point
towards greater energy security
and regional self sufficiency.
Cloudberry is well positioned for
this new energy reality.”
Anders Lenborg, CEO
A more focused and value
driven Projects platform
2025 was also the year we fundamentally
reshaped our development focus.
Over the past years, Cloudberry has built
a sizeable and attractive project portfolio
across hydro, wind, solar and storage,
supported by strong partnerships with
professional landowners such as Holmen
and Sveaskog. This scale provides significant
option value. However, in today’s market,
volume alone is not sufficient. Capital costs
are higher, regulatory and political risk are
more pronounced, and permitting processes
are often slower and more complex than in
the past. Against this backdrop, we have
redesigned our Projects segment to be
more focused. The key elements of the new
approach, introduced and described in our
fourth quarter report, are clear and targeted.
We prioritize shorter lead time, de risked
opportunities and late-stage projects over
early-stage volume for its own sake. We put
stronger emphasis on hybrid and optimiza-
tion concepts around the existing portfolio,
including battery storage and other flexibility
measures, to enhance asset level economics
and resilience. We apply stricter discipline on
development expenditure, with capital and
internal resources allocated in stages against
well-defined technical, commercial and
permitting milestones. Finally, we ensure closer
integration between Projects, Commercial
and Asset Management so that projects are
structured from the outset with operations,
market exposure and financing in mind.
To support this shift, we launched a targeted
cost cut program in the fourth quarter,
expected to deliver at least NOK 30 million
in annual savings once fully phased in.
Approximately 20% of Group FTEs, primarily
within the Projects segment, will be reduced,
complemented by lower overhead and lower
development expenditure. This will make the
organization better aligned with the current
renewables market, while preserving the core
capabilities needed to mature and release
the most valuable projects in our backlog. The
cost savings will be realized throughout 2026
and are expected to be evident towards the
end of the year.
Active portfolio management
and capital discipline
Transformative transactions only create
sustainable value when they are combined
with a strong capital allocation framework
and prudent risk management.
Cloudberry Clean Energy • Annual report 2025
6 IntroductionIntroduction | Letter from the CEO
“Electrification of industry,
transport, heating and
digital infrastructure will
require substantial new
renewable generation and
flexibility in the Nordics
over the coming decade.”
In 2025 we continued to apply the same
principles that have underpinned our devel-
opment so far. We use the balance sheet
selectively, both when we grow through
acquisitions and when we recycle capital
through divestments. Our recent history
illustrates this approach: the Skovgaard
transaction with an equity issue at a
premium, the creation of the Forte platform
and the recycling of certain individual assets
all show how we are willing to buy, develop
and hold when we believe our industrial
efforts create more value than the market
recognizes – and equally willing to sell or
reduce ownership where prudent to do so.
We will continue to be disciplined and oppor-
tunistic: prepared to grow where we can
add industrial value and improve returns, and
to recycle capital where this is in the best
interest of shareholders.
ESG and local anchoring as
a competitive strength
Our business model is inherently sustainable;
it relies on local acceptance, robust govern-
ance and responsible operations. 2025
demonstrated once again that Cloudberry’s
approach to ESG and stakeholder engage-
ment is not just a license to operate
requirement, but a genuine competitive
strength. In 2025, our intensified HSE focus
resulted in zero lost-time injuries in our own
operations or among subcontractors, under-
scoring that strong HSE performance is core
to our license to operate. Being ranked at
the top of the Nordic Energy & Utilities sector
in an independent ESG assessment by DNB
Carnegie reflects years of systematic work:
strong HSE performance, careful attention
to nature and biodiversity, rigorous supplier
due diligence, transparent reporting and
a consistent focus on local value creation.
These efforts reduce risk, but they also
improve access to land, facilitate permitting
and dialogue with authorities, and make us a
more credible partner for industrial off takers
and long term capital.
Well-positioned for the
new energy reality
Despite market and regulatory challenges
in 2025, the medium to long term outlook is
clearly positive. Electrification of industry,
transport, heating and digital infrastructure
will require substantial new renewable
generation and flexibility in the Nordics over
the coming decade. Several of our core price
areas are moving towards structural power
deficits, increasing the intrinsic value of well
located, flexible and reliable production
and storage assets. European energy and
climate policy continues to point towards
greater energy security, decarbonization and
regional self sufficiency, even if the path is
not always linear.
Taken together, these developments mean
that Cloudberry is well positioned for this new
energy reality. We now operate a diversified,
merchant exposed portfolio with more than 1
TWh of annual production that can generate
resilient long term cash flows, and we work
continuously to enhance asset value through
disciplined recycling, hybridization and oper-
ational excellence. This is complemented by
a sizeable and opportunity rich development
and pipeline portfolio, allowing us to use
M&A and structural partnerships selectively
and counter cyclically as market conditions
evolve. Underpinning this is a robust balance
sheet and leading ESG practices and oper-
ations, which together provide the financial
and reputational strength needed to capture
the next wave of Nordic energy demand in a
responsible and value accretive way.
I would like to thank all employees, partners,
local communities and shareholders for their
efforts and trust throughout 2025. Together,
we are building a platform that not only
delivers renewable energy today, but also
creates enduring value for future genera-
tions and for our owners.
Anders Lenborg
CEO, Cloudberry Clean Energy ASA
Cloudberry Clean Energy • Annual report 2025Cloudberry Clean Energy • Annual report 2025
77 IntroductionIntroduction | Letter from the CEOIntroduction | Letter from the CEO
Norway
Oslo, HQ
Karlstad
Eskilstuna
2
Lemvig
Sweden
Denmark
Overview and highlights
Norway
155 MW
Denmark
129 MW
Sweden
103 MW
Assets in production
and under construction (MW ¹)
Business and portfolio overview
Type Capacity
1
Annual production
1
In production 339 MW
2
1 045 GWh
2
Under construction 49 MW 79 GWh
Construction permit 274 MW 386 GWh
Backlog 1 366 MW
Pipeline >2 500 MW
1
Asset portfolio per reporting date with proportionate ownership to Cloudberry.
2
Entered into Finland in March 2026 adding 66 MW/ 189 GWh in production net to Cloudberry.
Cloudberry Clean Energy • Annual report 2025Cloudberry Clean Energy • Annual report 2025
88 IntroductionIntroduction | Overview and highlightsIntroduction | Overview and highlights
• Increased proportionate power production
by ~17% to 789 GWh, driven by a larger Nordic
portfolio in hydro and wind.
• Reached an annualized production platform
of more than 1.1 TWh, including projects under
construction, underpinned by a diversified
mix of hydropower, onshore wind and the first
utility‑scale storage project under construction.
• Realized a net power price of NOK 0.69 per kWh
during 2025, compared to the system price of
NOK 0.47 per kWh and a realized net power
price of NOK 0.60 per kWh in 2024.
• Brought Odal Wind back to operation through a
comprehensive return‑to‑service and inspection
program, with all 34 turbines back in operation
and the project resuming cash distributions,
including a EUR 5 million dividend to Cloudberry
funded from previously restricted cash.
• Strengthened the operational platform through
the Skovgaard and Forte transactions (see
Commercial segment), adding scale in Denmark
and creating one of the leading small‑scale hydro
platforms in Norway, which together improve
portfolio diversification and long‑term cash‑flows.
• Reached final investment decision on the 24
MW/48 MWh Dingelsundet battery energy
storage system in SE3 and progressed
construction according to plan, positioning
Cloudberry for growing value from flexibility and
ancillary services.
• Expanded the asset management platform by
increasing assets under management by ~20%
adding new mandates in both hydro and wind.
• Maintained strong HSE performance across
operations and projects, with an intensified
HSE focus and no lost‑time injuries recorded
in 2025, alongside continued reinforcement of
safety culture, supplier diligence and audits and
emergency preparedness.
Highlights of the year
Cloudberry Clean Energy • Annual report 2025Cloudberry Clean Energy • Annual report 2025
99 IntroductionIntroduction | Overview and highlightsIntroduction | Overview and highlights
Key performance measures
2025 2024
Financials
Consolidated FY
Revenue 571m 548m
EBITDA 333m 309m
Cash 893m 874m
Interest-bearing debt 3 308m 1 951m
Total equity 5 427m 4 776m
Proportionate FY
Revenue 697m 776m
EBITDA 256m 431m
Sustainability
1
Proportionate
CO
2
reduction IEA-EU27
electricity mix
157 000 tCO
2
e 161 000 tCO
2
e
Direct and indirect emissions 859 tCO
2
e 7 204 tCO
2
e
2025 2024
Production
Proportionate
Production 789 GWh 674 GWh
In operation year-end 388 MW 346 MW
Projects
Proportionate
Construction permits year-end
3
274 MW 312 MW
Backlog year-end 1 366 MW 1 239 MW
Asset
management
Proportionate
Asset Management year-end
(Not including Advisory services
at 1 214 MW)
814 MW 670 MW
1
CO
2
reduction and the direct and indirect GHG emissions have been adjusted for previous years. Go to the Sustainability section for details.
Cloudberry Clean Energy • Annual report 2025Cloudberry Clean Energy • Annual report 2025
1010 IntroductionIntroduction | Overview and highlightsIntroduction | Overview and highlights
Projects and portfolio
Project overview
Since its listing in 2020, Cloudberry
has offered investors a unique expo-
sure to a Nordic renewable energy
platform supported by an agile and
experienced management team. At
the time of listing, the Group’s portfolio
comprised 15 MW in production and
under construction. By the reporting
date this has grown to 388 MW.
In addition, Cloudberry’s exclusive
backlog and permitted projects have
increased from 280 MW at listing to
1 640 MW as of the reporting date.
Cloudberry focuses on profitable
growth of renewable energy produc-
tion and storage in attractive price
regions while leveraging its local
knowledge and network to mature
and expand the project portfolio. This
strategy has resulted in a diversified
and robust cash flow from producing
assets across Norway, Sweden, and
Denmark, supported by a strong and
attractive project pipeline.
While demand for renewable energy
in the Nordics is increasingly sought
after - particularly due to the surge
in datacentre activity - the market
is also becoming more complex and
challenging. Cloudberry is perfectly
positioned to understand and take
advantage of these market dynamics,
leveraging its expertise and local
presence. Understanding the local
dynamics is of increasing importance
and Cloudberry is experiencing
several interesting incoming dialogues
due to its unique positioning.
Producing Under construction
202520242023202220212020IPO
294
346
388
188
150
109
15
Permitted Backlog
202520242023202220212020IPO
1 551
1 640
825
608
606
521
280
Producing Under construction
202520242023202220212020IPO
294
346
388
188
150
109
15
Permitted Backlog
202520242023202220212020IPO
1 551
1 640
825
608
606
521
280
Strong growth in producing assets
MW
Supported by continuous growth in
permitted projects and backlog
MW
Cloudberry Clean Energy • Annual report 2025Cloudberry Clean Energy • Annual report 2025
1111 IntroductionIntroduction | Projects and portfolioIntroduction | Projects and portfolio
Portfolio overview
Project
Technology
Location
Price
area
Total
capacity
(MW)
Owner-
ship
Proportionate
capacity
(MW)
Est. prop.
production
(GWh p.a.) Status
Røyrmyra Wind Norway NO-2 2 100% 2 8 Producing
Forte (3 assets, NO-2) Hydro Norway NO-2 20 55% 11 39 Producing
Forte (4 assets, NO-3) Hydro Norway NO-3 18 55% 10 32 Producing
Forte (8 assets, NO-5) Hydro Norway NO-5 42 55% 23 69 Producing
Tinnkraft Hydro Norway NO-2 2 60% 1 4 Producing
Bøen I & II Hydro Norway NO-2 6 60% 4 11 Producing
Ramsliåna Hydro Norway NO-2 2 60% 1 4 Producing
Skåråna (2 assets) Hydro Norway NO-2 4 60% 2 8 Producing
Odal Vind Wind Norway NO-1 163 33.4% 54 176 Producing
Hån Wind Sweden NO-1 21 100% 21 74 Producing
Odin
1
Wind Denmark DK-11 136 100% 136 402 Producing
Kvemma Hydro Norway NO-5 8 60% 5 12 Producing
Sundby Wind Sweden SE-3 32 100% 32 89 Producing
Munkhyttan Wind Sweden SE-3 19 100% 19 60 Producing
Herand Hydro Norway NO-5 24 60% 14 47 Producing
Småvoll Hydro Norway NO-3 10 30% 3 12 Test Production
Total 1 (Producing)
2
509 339 1 045
Øvre Ullestad Hydro Norway NO-2 3 60% 2 5 u.c. Est COD Q3'26
Dingelsundet
3
Battery Sweden SE-3 48 50% 24 10 u.c. Est COD Q3'26
Osaelva Hydro Norway NO-3 4 30% 1 4 u.c. Est COD 2H'27
Grovlia Hydro Norway NO-3 2 60% 1 4 u.c. Est COD 2H'26
Kalklav Hydro Norway NO-4 5 60% 3 9 u.c. Est COD 2H'27
Aspvik Hydro Norway NO-4 5 60% 3 10 u.c. Est COD 1H'28
Fardalen Hydro Norway NO-5 24 60% 14 38 u.c. Est COD 1H'28
Total 2 (Producing + under constr.) 600 388 1 124
Duvhällen Wind Sweden SE-3 60 40% 24 66 Permitted
Nees Hede Solar Denmark DK-1 232 100% 232 265 Permitted
Frostnäs Wind Sweden SE-3 18 100% 18 55 Permitted
Total 3 (Prod. + const. + permit) 910 662 1 510
1
Odin portfolio. 373GWh in DK-1. 22 GWH in SE-3. 7 GWh in DK-2 price region. Figures are proportionate to Odin.
2
Entered into Finland in March 2026 adding 66 MW/ 189 GWh in production net to Cloudberry.
3
Capacity for battery projects are quoted in MWh.
0
140
280
420
560
700
Total
Frostnäs
Duvhällen (40%)
Nees Hede
Total
Forte Vannkraft (60%)
Dingelsundet
Total
Munkhyttan
Sundby
Odin
Hån
Odal (33.4%)
Røyrmyra
Forte Vannkraft (60%)
Forte Energy (55%)
Producing Construction Construction permit
44
31
MW
136
54
2
21
32
19
339
24
25 388
232
24
18
662
Cloudberry Clean Energy • Annual report 2025Cloudberry Clean Energy • Annual report 2025
1212 IntroductionIntroduction | Projects and portfolioIntroduction | Projects and portfolio
Development portfolio
Cloudberry has a robust and growing
backlog and pipeline of new development
opportunities across the Nordics.
Since listing, we have systematically built a sizeable portfolio
of hydro, wind, solar and storage projects, supported by
long-term collaborations with strategic landowners and indus-
trial partners. This portfolio provides Cloudberry with a broad
set of organic growth options across multiple technologies
and price areas.
Per 2025, Cloudberry has an onshore pipeline of more than
2 500 MW across the Nordics and an exclusive backlog of 1
366 MW.
Cloudberry’s focus is towards projects offering favorable
economic returns and low environmental impact. As our
development portfolio has reached scale since listing, we
see increasing value in focusing on maturing and selectively
realizing projects rather than expanding the pipeline at the
same historic pace. In line with the strategic refocus described
in the CEO letter and Projects segment, we will therefore
prioritize shorter lead-time and late-stage opportunities, while
advancing longer-dated projects in a phased and disciplined
manner maintaining the option values created. We believe
these projects will add significant value to Cloudberry, our
shareholders and society over time.
Cloudberry has structured its development activities around
three key regions, each with distinct strategic focus:
Norway Primarily hydro development, including
industrial wind and solar projects
Sweden Primarily wind development and storage/
battery
Denmark Wind and solar development and exploring
BESS projects
Cloudberry’s exclusive backlog includes 45 projects
totaling 1 366 MW across the Nordics:
• 18 Hydro projects
• 23 Onshore wind projects
• 3 solar projects
• 1 Storage project
Projects may contain more than one technology (hybrid projects)
Cloudberry Clean Energy • Annual report 2025Cloudberry Clean Energy • Annual report 2025
1313 IntroductionIntroduction | Projects and portfolioIntroduction | Projects and portfolio
Strategy, performance
and risks
Business model and strategy
15
Performance
17
Outlook
26
Risk Management
27
Cloudberry Clean Energy • Annual report 2025Cloudberry Clean Energy • Annual report 2025
1414 Strategy, performance and risksStrategy, performance and risks Strategy, performance and risks
Cloudberry’s business
model and strategy
Cloudberry’s business model is built on an integrated “develop, own and operate” platform for
renewable energy assets in the Nordics. Through three operating segments – Projects, Commercial
and Asset Management – we cover the full value chain from early-stage development and
construction to long-term ownership of renewable power production and day-to-day operation
of hydropower, onshore wind, solar and storage. The model is underpinned by local presence,
industrial partnerships and long-term relationships with stakeholders such as landowners, utilities,
banks and institutional investors.
Since the listing in 2020, this platform has offered investors a
unique exposure to a Nordic renewable energy company with
an agile and experienced management team. At the time of
listing, the portfolio comprised 15 MW in production and under
construction, with 280 MW in exclusive backlog and permitted
projects. By the reporting date, installed and under-con-
struction capacity has grown to 388 MW, while the exclusive
backlog and permitted projects have increased to 1 640 MW,
reflecting both organic development and platform-strength-
ening transactions.
Our strategy is to leverage this platform to continue to grow
and refine a scalable, high-quality Nordic portfolio that delivers
attractive risk-adjusted returns while supporting the energy
transition. We concentrate on proven technologies in carefully
selected, primarily southern price areas, and pursue growth
through a balanced mix of add-on acquisitions, platform
transactions and targeted development initiatives. Following
several such transactions in 2025, Cloudberry now manages
a diversified Nordic portfolio with more than 1 TWh of annual
production and a substantial pipeline and backlog across
hydro, wind, solar and storage.
As part of our long-term growth strategy, Cloudberry in 2023
released the “3 in 30” goals for 2030, targeting involvement
in 3 TWh of production, 3 TWh of permitted projects and
3 g CO
2
per kWh of emissions. We continue to pursue this
ambition and have taken important steps towards it through
portfolio growth and platform building in 2025, but remain
firmly committed to capital discipline and to prioritizing prof-
itability and value per installed megawatt over pure volume
growth. Capital discipline is central to how we execute: we
focus on shorter lead-time and de-risked opportunities,
hybrid and optimization concepts around existing assets, and
selective growth where the risk-return profile is compelling.
Cloudberry is committed to being local, focused and agile,
with a strategy that rests on creating value for stakeholders
through proven technologies, safe and cost-efficient oper-
ations, active portfolio management and robust financing,
supported by industry-leading ESG practices that enable a
sustainable energy transition and a resilient balance sheet.
Cloudberry Clean Energy • Annual report 2025Cloudberry Clean Energy • Annual report 2025
1515 Strategy, performance and risksStrategy, performance and risks | Business model and strategyStrategy, performance and risks | Business model and strategy
Overview of main segments
Cloudberry is structured into three collaborative
segments: Projects, Commercial, and Asset
Management, enabling efficient management
and optimization of Cloudberry’s renewable
energy assets across the Nordics while
enabling growth across all core areas.
Projects
A leading developer of hydro, wind, solar, and
energy storage (BESS) projects in Norway, Sweden,
and Denmark, with a solid track record. Our in-house
capabilities span project origination, permitting,
procurement, and construction, with a focus on
assets offering attractive economic returns and low
environmental impact.
Commercial
Oversees the active ownership of Cloudberry’s
renewable energy assets, optimizing operations,
enhancing portfolio value, executing M&A
transactions, and forming strategic partnerships.
Asset Management
Responsible for the operation and management
of both Cloudberry’s portfolio and third-party
renewable assets. This includes digital solutions
and performance optimization to ensure
sustainable and profitable asset operation.
Where to play – Proven and uncorrelated technologies
Cloudberry focuses on proven and uncorrelated technologies across the Nordic countries.
The following table details the strategic focus areas with the dark blue indicating key focus areas.
Main regions Hydro Wind Solar Storage
Denmark DK1 & DK2
Norway NO1, N O2 & NO5
Sweden SE3 & SE4
Finland FI Exploring
1
1
Cloudberry entered Finland in March 2026,
see note 25 subsequent event.
Cloudberry Clean Energy • Annual report 2025Cloudberry Clean Energy • Annual report 2025
1616 Strategy, performance and risksStrategy, performance and risks | Business model and strategyStrategy, performance and risks | Business model and strategy
Performance
Financial performance
Going concern
According to Section 4-5 of the Norwegian Accounting Act,
the Board of Directors confirms that the Financial Statements
have been prepared under the assumption that Cloudberry
with its subsidiaries is a going concern, and that this assump-
tion was appropriate at the date of approval of the Financial
Statements. The consolidated Financial Statements for the
Group include the operations of Cloudberry Clean Energy
ASA, its subsidiaries fully consolidated and associated
companies, which are equity accounted. The Group reports
its Consolidated Financial Statements in accordance with
International Financial Reporting Standards (IFRS) as adopted
by the European Union (EU) and the interpretations issued
by the IFRS Interpretation Committee (IFRSIC) applicable
to companies reporting under IFRS and also complies with
IFRS as issued by the International Accounting Standards
Board (IASB). The consolidated accounts are prepared with
Norwegian Kroner (NOK) as the reporting currency.
Financial summary
Cloudberry demonstrated solid financial performance in 2025,
supported by increasing power production, continued portfolio
optimization and the build out of a diversified Nordic renew-
able platform. Throughout the year, the company maintained
a sound financial position, underpinned by disciplined capital
allocation, a robust balance sheet and successful integration
of new assets into its Nordic renewable platform.
Consolidated EBITDA increased compared to last year,
supported by portfolio growth and higher power revenues, and
includes an accounting gain from the remeasurement of the
previously held equity interest following the uplift in ownership
in connection with the Forte transaction. This accounting
gain is not reflected in the proportionate figures. In contrast,
proportionate EBITDA declined year on year, mainly because
the 2024 figures included a gain from the internal sale of
Munkhyttan and Sundby, with no corresponding transaction
recognized in 2025.
571
NOK million
operating revenues
Up from NOK 548m in 2024
333
NOK million
EBITDA
Up from NOK 309m in 2024
789
GWh production
during the year
Up from NOK 674m in 2024
58%
equity share
Down from 68% in 2024
Cloudberry Clean Energy • Annual report 2025Cloudberry Clean Energy • Annual report 2025
1717 Strategy, performance and risksStrategy, performance and risks | PerformanceStrategy, performance and risks | Performance
Cloudberry’s Projects segment further developed its Nordic
pipeline and backlog, while increasing its focus on shorter
lead-time opportunities and value-accretive hybrid solutions.
By year-end 2025, the company had an exclusive backlog of
1 366 MW in the Nordics across 45 projects, up from 1 242 MW
in 2024. Key milestones included the acquisition of the Frostnäs
wind project in SE-4, the continued development of the fully
permitted Nees Hede solar project towards a hybrid config-
uration, and progress on Duvhällen in partnership with OX2,
where wind, solar and storage are being explored to enhance
supply reliability.
The Commercial segment strengthened its renewable energy
portfolio and cash generation, supported by higher produc-
tion volumes and improved price realization. Proportionate
power production increased by 17% to 789 GWh in 2025 (674
GWh), with wind and hydro contributing 609 GWh and 180
GWh, respectively. The segment benefited from the increased
ownership in the Odin portfolio, strengthening of the Forte
hydro portfolio, and contribution from Munkhyttan and
Sundby that were successfully transferred to the Commercial
segment at year end 2024.
Cloudberry’s Asset Management segment delivered a trans-
formative year with a larger and more diversified portfolio
and strengthened operational capabilities. The integration of
Skovgaard Energy’s asset management team in Denmark and
the Forte transaction significantly expanded the managed
base of wind and small-scale hydro assets, while unlocking
synergies across hydro and wind teams. Over the year, the
segment broadened its mandate base through new contracts
with existing and new clients across the Nordics.
In 2025, Cloudberry’s Corporate segment reinforced the
Group’s financial resilience and further sharpened its strategic
framework for long-term growth. The company retained
access to an attractive NOK 2.2 billion corporate credit facility,
with approximately NOK 1.7 billion utilized at year-end, and
maintained a conservative leverage profile with around 70% of
total proportionate debt fixed on long-term contracts at all-in
rates below 4% p.a. Cloudberry ended 2025 with total equity
of NOK 5 427 million (NOK 4 776 million in 2024) and higher net
interest-bearing debt, reflecting the continued investments
and portfolio expansion, while the Corporate segment contrib-
uted to disciplined capital allocation and financing structures
that support the Group’s growth ambitions.
Financial summary
FY2025 FY2024
Operating revenues NOK million 571 548
EBITDA NOK million 333 309
Profit for the year NOK million 85 124
Total assets NOK million 9 434 7 028
Cash NOK million 893 874
Net interest bearing debt NOK million 2 416 1 077
Total equity NOK million 5 427 4 776
Equity share % 58% 68%
Producing during the year
1
GWh 789 674
Secured portfolio (Producing and under construction) MW 388 346
Secured portfolio (Construction permit) MW 274 312
Secured portfolio (Backlog) MW 1 366 1 239
1
Including proportionate share of production from associated companies.
Cloudberry Clean Energy • Annual report 2025Cloudberry Clean Energy • Annual report 2025
1818 Strategy, performance and risksStrategy, performance and risks | PerformanceStrategy, performance and risks | Performance
Key figures
Profit before tax was NOK 100m (NOK 134m). This comprises
reported total revenues of NOK 571m (NOK 548m) from sale
of power related products, asset management, consultancy
services and other income. Operating expenses were NOK
-357m (NOK -290m), share of profit from associated compa-
nies were NOK 13 (NOK 51m), gain from disposed associated
companies were NOK 106m, depreciations, amortization and
write downs were NOK -206m (NOK -166m) and net finance
items were NOK -27m (NOK -10m).
EBITDA was NOK 333m (NOK 309m), and EBIT was NOK 127m
(NOK 144m). Profit after tax for the year was NOK 85m
(NOK 124m).
Other comprehensive income amounts to NOK -59m
(NOK 98m). This relates to movements of cash flow hedges
with tax effects and foreign currency translation differences.
Total comprehensive income was NOK 26m (NOK 221m), of
which NOK 26m was attributable to Cloudberry shareholders.
The total income of NOK 26m is expected to be allocated to
retained earnings.
Cashflow
Cash flow from operating activities for the year was NOK 212m
(NOK 249m).
Cash flow from investing activities was NOK -331m
(NOK -245m).
Cash flow from financing activities amounted to NOK 131m
(NOK 86m).
At year-end, cash and cash equivalents were NOK 893m
(NOK 874m).
For details, please see the consolidated statement of cash
flows in the Group consolidated financial statements.
Financial position
Total assets at year-end were NOK 9 434m (NOK 7 028m).
The increase from last year primarily reflects the Forte
acquisition explained under the Commercial segment
reporting. Non-current assets totaled NOK 8 141m (NOK 5 913m)
consisting of investments in producing assets and associated
companies, while current assets were NOK 1 293m
(NOK 1 115m), mainly cash and cash equivalents, inventory
and other current assets.
Total equity was NOK 5 427m (NOK 4 776m) at year end,
corresponding to an equity ratio of 58% (68%).
Total liabilities were NOK 4 006m (NOK 2 253m), with NOK 284m
(NOK 204m) due within 12 months.
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1919 Strategy, performance and risksStrategy, performance and risks | PerformanceStrategy, performance and risks | Performance
Operating segments
Cloudberry reports its operations in four segments: Projects, Commercial, Asset Management, and Corporate.
The segment reporting is based on proportionate financials. See APM chapter for definitions.
Projects
In 2025, the Projects segment focused on disciplined
project execution, selective capital deployment and
the transition to a more focused development platform
capitalized on the historic growth.
Key figures proportionate
2025 2024
Total revenue NOK million 42 141
EBITDA NOK million (19) 100
Construction permits MW 274 312
Backlog MW 1 366 1 239
Financial development over the year
• Proportionate Revenue: Decreased from NOK 141 million in
2024 to NOK 42 million in 2025. This decrease relates primarily
to a development gain of 113m recorded in 2024. Revenues
in 2025 are primarily related to Norhard which was acquired
through the Forte transaction (explained in the Commercial
segment).
• Proportionate EBITDA: Decreased from NOK 100 million in
2024 to NOK -19 million in 2025 mainly due to the same effect
as explained above as well as an increase in operating
expenses of NOK 20 million. Increased operating expenses is
mainly attributable to the inclusion of Norhard, where a 40%
stake was acquired together with the Forte transaction.
Key events over the year
• Entered into a partnership with OX2 and executed a 60%
farm-down of the Duvhällen project (SE-3), which is being
developed as a hybrid wind, solar and storage park.
• Continued maturation of Nees Hede (DK-1) as a hybrid
project by developing a combined solar, wind and battery
concept with bidirectional grid connection to enhance project
economics and off-taker attractiveness.
• Commissioned the Småvoll hydropower plant (NO-3),
currently in test production, with transfer to the Commercial
segment planned for 2026.
• Reached FID together with Hafslund on the Dingelsundet
BESS project (24 MW/48 MWh) in SE-3, one of the first
project-financed battery storage systems in the Nordics.
• Took advantage of a distressed situation to carve out and
acquire the 18 MW wind project Frostnäs (SE-4) for EUR 0.4m.
• Increased the exclusive development backlog to ~1 640
MW across 45 projects in Norway, Sweden and Denmark,
supported by long-term partnerships with major landowners
such as Holmen and Sveaskog.
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2020 Strategy, performance and risksStrategy, performance and risks | PerformanceStrategy, performance and risks | Performance
• Implemented a strategic refocus of the Projects platform
towards shorter lead-time and de-risked opportunities, hybrid
and optimization concepts around existing assets, and
stricter development expenditure discipline. This includes
prioritizing late-stage projects with clear routes to construc-
tion or monetization, advancing longer-dated backlog more
selectively to preserve option value, and allocating develop-
ment capital in stages against defined technical, commercial
and permitting milestones, in close coordination with the
Commercial and Asset Management segments.
• Subsequent to the reporting date, in January 2026, Stig
Østebrøt was appointed Chief Projects Officer (CPO) to
lead Cloudberry’s development activities. He brings over 15
years of Nordic renewable experience, including more than
10 years as CEO of Captiva and two years as Head of M&A
in Cloudberry, and will focus on accelerating short term
value creation and realizing synergies with the Commercial
segment.
Cloudberry Clean Energy • Annual report 2025Cloudberry Clean Energy • Annual report 2025
2121 Strategy, performance and risksStrategy, performance and risks | PerformanceStrategy, performance and risks | Performance
Commercial
The Commercial segment comprises Cloudberry’s
ownership and active management of producing and
under-construction assets within hydro, wind, solar
and storage. The segment is responsible for portfolio
optimization, M&A and capital recycling, power market
strategy and long-term partnerships with financial and
industrial co-owners.
Key figures proportionate
2025 2024
Total revenue NOK million 578 569
EBITDA NOK million 327 396
Production (proportionate) GWh 789 674
Production capacity
year-end MW 339 267
Secured portfolio
(Producing & under
construction) MW 388 346
Following the Skovgaard and Forte transactions completed
in 2025, Commercial manages a diversified Nordic portfolio
with more than 1 TWh of annual production on a proportionate
basis and a clear tilt towards attractive southern price areas
in Norway, Sweden and Denmark. The segment’s mandate is
to enhance value per installed MW through disciplined acqui-
sitions and divestments, optimization of contract and hedge
structures, and continuous operational and financial improve-
ments across the asset base.
Financial development over the year
• Proportionate Revenue: Increased from NOK 569 million in
2024 to NOK 578 million in 2025. In 2024 Cloudberry had a
gain of NOK 109 million from a sale of hydropower assets.
No corresponding gain was recorded in 2025. Adjusted for
this, revenues improved with NOK 118 million due to primarily
higher power prices and increased power production.
• Proportionate EBITDA: Declined from NOK 396 million in 2024
to NOK 327 million in 2025, mainly due to the increase in
operating expenses of NOK 78 million from a larger portfolio
base.
Key events over the year
• Cloudberry’s proportionate power production grew ~17% to
789 GWh from 674 GWh in 2024. The current portfolio has an
estimated annualized production of 1 045 GWh.
• Cloudberry realized a net power price of NOK 0.69 per kWh
during 2025, compared to the system price of NOK 0.47 and
realized NOK 0.60 per kWh in 2024.
• Completed the Skovgaard transaction in the first quarter,
adding the remaining 20% in the Odin wind portfolio, 80%
of Svåheia wind farm and selected Danish wind and solar
assets. The transaction increased Cloudberry’s propor-
tionate production by around 160 GWh and established a
stronger industrial foothold in Denmark with integrated local
asset management and development capabilities. Please
see the following press release for more information.
• Subsequently divested Svåheia to the local utility Dalane
Kraft at a valuation consistent with the Skovgaard transac-
tion, providing a clear third-party market reference for the
pricing of the Skovgaard transaction as Svåheia valuation
was based upon the same valuation principles as the overall
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2222 Strategy, performance and risksStrategy, performance and risks | PerformanceStrategy, performance and risks | Performance
transaction. The same valuation framework underpinned
the equity component of the Skovgaard deal, where new
Cloudberry shares were issued at a significant premium to
the prevailing share price, reinforcing the intrinsic value of
the portfolio and industrial platform.
• Executed the Forte transaction together with Swiss Life
Asset Managers, resulting in Cloudberry gaining control of
Forte Energy Norway and establishing Forte Vannkraft as
one of the leading small-scale hydro platforms in Norway.
The transaction materially increased Cloudberry’s propor-
tionate hydro production and demonstrated external pricing
of the hydro portfolio significantly above existing Cloudberry
book values. Further details are available in the accompa-
nying press release.
• Continued de-risking of Odal Wind during the year, with
all 34 turbines returning to service under an extended
inspection and remediation program. Cloudberry received
a dividend of EUR 5 million funded from previously restricted
cash over the year.
Cloudberry Clean Energy • Annual report 2025Cloudberry Clean Energy • Annual report 2025
2323 Strategy, performance and risksStrategy, performance and risks | PerformanceStrategy, performance and risks | Performance
Asset Management
The Asset Management segment is Cloudberry’s
operational platform for managing both the Group’s own
assets and third-party hydro, wind and solar portfolios
in the Nordics. Through Captiva and associated
digital solutions, the segment provides technical
and commercial management, market services and
data-driven performance optimization with a strong
focus on availability and cost efficiency and HSE.
Key figures proportionate
2025 2024
Total revenue NOK million 75 65
EBITDA NOK million 4 (3)
In 2025 the platform was strengthened by the integration of
the Danish team following the Skovgaard transaction and an
expanded small-scale hydro base within the Forte structure,
increasing assets under management and broadening our
footprint. Asset Management generates scalable, mainly
fee-based income while enhancing the value and resilience
of Cloudberry’s portfolio through operational excellence and
active market participation.
Financial development over the year
• Revenue in the Asset Management segment saw an
increase from NOK 65 million in 2024 to NOK 75 million in
2025. This is mainly due to the entry in Denmark and a large
expansion of the hydro assets under management.
• Proportionate EBITDA: Improved from NOK -3 million in 2024
to NOK 4 million in 2025.
Key events over the year
• Strengthened the asset management platform through the
integration of Skovgaard’s technically focused Danish team,
adding dedicated solar and wind expertise and establishing
a local presence in Denmark.
• Significantly expanded assets under management in
small-scale hydro following the Forte transaction with
Captiva assuming technical asset management for the
portfolio.
• Onboarded new third-party mandates in both hydro and
wind, including additional small hydropower portfolios and a
large onshore wind project for institutional clients, increasing
recurring fee-based revenues and scale.
• Improved profitability and efficiency in the segment
through the separation and partial divestment of certain
digital activities, tighter cost control and leveraging syner-
gies between the Norwegian, Swedish and Danish asset
management teams.
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2424 Strategy, performance and risksStrategy, performance and risks | PerformanceStrategy, performance and risks | Performance
Corporate
The Corporate segment comprises Group functions
such as finance, treasury, legal, strategy, ESG, HR,
communication, and Governance. The segment
provides capital allocation, funding, risk management
and governance for the Group, and supports the
operating segments with shared services and strategic
initiatives. Corporate’s objective is to maintain a robust
balance sheet and efficient cost base, secure attractive
long-term financing, and ensure that Cloudberry
operates with high standards of transparency,
compliance and stakeholder communication.
Key figures proportionate
2025 2024
Total revenue NOK million 2 1
EBITDA NOK million (55) (62)
Included in Corporate operating cost for 2025 is NOK 7m of
warrants costs which are non-cash (NOK 19m in FY2024) and
NOK 7m in non-recurring transaction costs.
Key events over the year
• Optimized the Group’s funding structure by utilizing debt
to finance the Skovgaard and Forte transactions, while
maintaining a conservative leverage profile with a long-term
fixed-rate structure.
• Further developed the Group’s financial risk-management
framework, keeping a high share of interest-bearing debt
fixed at all-in rates below 4% with an average tenor of around
10 years.
• Launched a targeted cost-reduction program in the fourth
quarter of 2025. As part of this adjustment, we have identified
cost-saving measures of minimum NOK 30 million on an annu-
alized basis. The majority of these savings will come from a
reduction of approx. 20% of our total FTE headcount, primarily
within the Projects segment. The remaining savings will be
achieved through lower overhead costs across the different
segments, and a measured reduction in development
expenditure. Cloudberry will also evaluate simplified reporting
for our Q1 and Q3 reports to reduce reporting costs. The cost
savings will be realized throughout 2026 and are expected to
be evident towards the end of the year.
• In October 2025 the Norwegian Government proposed
extending resource rent tax to small-scale hydropower.
Cloudberry actively engaged with politicians and industry
stakeholders throughout the consultation, and in November
a majority in Parliament decided to stop the proposal
and instead call for faster concession processes, thereby
preserving stable framework conditions for Norwegian
hydropower.
• Strengthened Group governance, ESG and reporting
processes to reflect the enlarged Nordic platform and to
adhere to evolving EU sustainability and financial reporting
requirements, while maintaining a robust control environ-
ment and high standards of transparency. Advanced HSE
initiatives through enhanced training and a stronger safety
culture. Cloudberry was ranked top of the Energy & Utility
sector in the DNB Carnegie ESG Industry Report 2025,
achieving a 91% ESG score – best in class among peers.
Cloudberry Clean Energy • Annual report 2025Cloudberry Clean Energy • Annual report 2025
2525 Strategy, performance and risksStrategy, performance and risks | PerformanceStrategy, performance and risks | Performance
Outlook
Cloudberry operates in a rapidly
changing energy landscape shaped by
geopolitical uncertainty, energy security
concerns, the European energy transition,
and accelerating electricity demand
driven by initiatives such as data centers.
These dynamics are driving sustained demand for clean, reli-
able power and reinforcing the strategic value of our Nordic
platform. We see a market that increasingly plays to our
strengths – high-quality Nordic renewable resources, attrac-
tive brownfield and platform opportunities, and a balance
sheet that supports disciplined growth.
Geopolitical tensions and supply disruptions have highlighted the
risks of Europe’s reliance on imported energy and sharpened the
focus on energy security and decarbonization. At the same time,
electrification of transport, industry, heating and digital infra-
structure is creating structural growth in electricity consumption.
These demand drivers are only, in our view, partly reflected in
current long-term power price expectations, which create both
opportunities while being mindful of capital discipline.
The Nordics are well positioned in this context, combining strong
renewable resources, available land for development and
interconnectors to the UK and continental Europe. Cloudberry is
therefore well positioned to capture this opportunity.
Towards 2030, we have sharpened our strategic focus while
keeping our overall ambition unchanged: to build a scalable,
high-quality Nordic renewable portfolio that delivers attractive,
risk-adjusted returns. We are increasingly prioritizing shorter
lead-time, de-risked opportunities over lengthy greenfield
processes. In practice, this means a stronger emphasis
on add-on acquisitions, platform investments, late-stage
development opportunities and hybrid concepts where we
can improve operations, optimize production and enhance
flexibility. We leverage our network in the Nordic energy and
infrastructure markets, our asset management platform and
our balance sheet to pursue opportunities that can contribute
to earnings and cash flow on a relatively short timeline.
A key element of our forward strategy is to increase value per
installed megawatt. Battery energy storage systems (BESS) are
expected to play a growing role. We will systematically assess
BESS deployment across suitable assets to optimize production
and price realization, provide ancillary services and flexibility to
the grid, and strengthen portfolio resilience. In parallel, we will
continue to use our asset management capabilities and digital
tools to enhance operational performance across the fleet.
Cloudberry enters 2026 with solid financial flexibility. We have
a strong cash position and undrawn debt capacity, enabling
further investments at a time when capital is more selective
and financing conditions are challenging for many market
participants. Our M&A approach remains disciplined, with clear
requirements on industrial rationale, return on capital and
risk-adjusted value creation.
ESG and sustainability are integrated into our business model
and investment decisions. As the energy transition acceler-
ates, investors, regulators and local stakeholders demand
not only decarbonization, but also responsible development,
governance and local value creation. We see this as a
competitive advantage and a core part of the long-term
investment case.
Overall, we are encouraged by the outlook for Cloudberry. We
expect continued growth in electricity demand, structurally
higher and more volatile power prices that reward flexible,
well-positioned assets, and an expanding opportunity set
within Nordic renewables. With a focused strategy, a solid
pipeline, a robust balance sheet and an experienced organi-
zation, Cloudberry is well placed to deliver attractive long-term
returns to shareholders while contributing to the energy transi-
tion in the Nordics and Europe.
Cloudberry Clean Energy • Annual report 2025Cloudberry Clean Energy • Annual report 2025
2626 Strategy, performance and risksStrategy, performance and risks | OutlookStrategy, performance and risks | Outlook
Risk management
The Group is exposed to various risks
through its value chain, including strategic,
operational, climate, financial and market/
external risks. Cloudberry has extensive
routines and policies in place to actively
manage risks.
A standardized Group-wide process for risk assessment and
mitigation has been implemented, anchored in a formal risk
management policy. The process includes risk workshops in
all segments, training of management and key personnel in
risk management, and systematic alignment and calibration
of risk assessments across the Group. In addition, the Board
of Directors conducts a regular top-down risk assessment
to ensure that key Group risks are identified, prioritized and
appropriately mitigated. Key company risks are discussed,
and related policies are reviewed and approved by the Audit
Committee and the Board of Directors on a regular basis.
Strategic, market and regulatory risk
Cloudberry operates in the Nordic power markets character-
ized by increasing electrification, emerging power-intensive
industries and higher price volatility, as well as evolving regu-
latory frameworks. Examples in 2025 include the proposed
introduction of resource rent tax on small-scale hydro in
Norway. These risks are managed through a diversified Nordic
footprint as well as diversification across mature technologies
like hydro, wind and storage, combined with strict capital
discipline. We prioritize shorter lead-time and de-risked oppor-
tunities, add-on acquisitions and platform transactions over
volume-driven early-stage growth, and we require that new
investments meet clear return, risk and strategic-fit criteria.
Scenario analyses and conservative assumptions are applied
where regulatory uncertainty is elevated.
Operational and project execution risk
Operational risk relates to asset performance, HSE events,
value chain and counterparty performance and the execution
of projects under construction or development. Cloudberry
mitigates these risks through high HSE standards, robust
EPC and O&M contracts, thorough technical and supplier
due diligence and proactive maintenance and monitoring.
This includes systematic supplier screening and regular
supply chain quality audits to ensure that key suppliers meet
Cloudberry’s technical, HSE and ethical standards. As an
example, the integration of Forte Vannkraft and the expansion
of Captiva’s asset management activities have increased
in-house technical and operational capabilities within hydro
and wind. For development and construction projects, we
apply stage-gate processes, quality reviews and cost and
schedule buffers. The strategic refocus of the Projects
platform in 2025, including tighter development expenditure
discipline and a shift towards late-stage and development
projects, is an important tool to reduce execution risk and
capital at risk.
Cloudberry Clean Energy • Annual report 2025
2727 Strategy, performance and risksStrategy, performance and risks | Risk management Strategy, performance and risks | Risk management
Financial, liquidity and market price risk
Cloudberry is exposed to power price risk, interest rate risk,
currency risk and refinancing risk. These are managed through
diversification across price areas, a mix of merchant exposure
and hedging (including financial PPAs and GO structures), and
a funding strategy based on largely fixed-rate debt. A high
share of proportionate interest-bearing debt is fixed at all-in
rates below 4% with long average tenor, reducing earnings
sensitivity to rate movements. Currency risk is primarily miti-
gated by matching debt currencies to underlying asset cash
flows, providing a natural hedge, supplemented by selective
financial instruments where appropriate. Liquidity risk is
managed through a solid cash position, a NOK 2.2 billion credit
facility with prudent covenants and headroom, and regular
liquidity forecasting.
Climate, nature and ESG risk
Climate and nature-related risks arise from changing weather
patterns, extreme events, environmental regulation and stake-
holder expectations, as well as potential impacts on sensitive
habitats and threatened species. Social and governance
risks relate to health, safety and environment (HSE), supply
chains, human rights, indigenous communities, corruption,
IT/OT security and data protection. Cloudberry addresses
these through project siting and design, environmental impact
assessments, mitigation and restoration measures, and
long-term monitoring. Climate-related risks and opportunities
are assessed and integrated into portfolio planning. We apply
rigorous supplier due diligence and contractual requirements,
supported by audits and whistle-blowing channels. High ESG
standards and local engagement reduce the risk of delays,
conflicts and reputational damage and support continued
access to capital and new project opportunities. We have
implemented robust OT/IT security controls, including access
management, network segregation and incident response
procedures.
Organizational and governance risk
Organizational and governance risk primarily relates to
whether Cloudberry has the right capabilities, structures and
culture to execute its strategy and maintain effective internal
control. Key mitigants include a clear segregation of duties
between segments and Group functions, formal mandates
and decision authorities, and documented policies and
procedures that are embedded in day-to-day operations. The
cost-reduction program initiated in 2025 is being implemented
with explicit safeguards to preserve critical competencies
and core control processes, including finance, risk, HSE and
ESG. Cloudberry seeks to maintain a lean and agile organi-
zation, and promotes a culture where incidents, near-misses
and concerns can be raised early through regular reporting,
management dialogue and established whistle-blowing chan-
nels, enabling timely corrective actions.
Cloudberry Clean Energy • Annual report 2025Cloudberry Clean Energy • Annual report 2025
2828 Strategy, performance and risksStrategy, performance and risks | Risk management Strategy, performance and risks | Risk management
Sustainability
statement
General information
34
Environment
40
Social
64
Governance
79
Cloudberry Clean Energy • Annual report 2025Cloudberry Clean Energy • Annual report 2025
2929 Sustainability Sustainability
Sustainability in Cloudberry
The global energy transition is reshaping
markets and creating sustained demand
for clean, reliable and affordable power.
Electrification, digitalization and the growth
of new industries are driving structural
demand in electricity consumption. At the
same time, geopolitical uncertainty has
reinforced the importance of domestic
energy security and resilient infrastructure.
Renewable energy is fundamental to meeting this demand.
Well-executed projects can strengthen energy independence,
support local value creation and deliver stable, long-term
returns for responsible owners.
Climate change continues to underline the urgency of this transi-
tion. Extreme weather events are already disrupting communities
– increasing both health-related and economic risks, particularly
for vulnerable populations. Accelerating the deployment of
renewable energy is therefore simultaneously an environmental
and geopolitical necessity and an economic opportunity.
These combined challenges and opportunities require more
than incremental change. They require a fundamental
transformation of how we produce and consume energy.
This transformation is aligned with our core business model.
Through responsible ownership we translate renewable
energy ambitions into tangible, measurable results.
Our approach extends beyond just generating renewable
energy. Each project we develop creates local employment,
enables responsible land stewardship, strengthens grid
infrastructure, and contributes to community prosperity. This
broader value creation depends on trust – earned through
meetings and conversations with local stakeholders, institutions
and businesses. For us, stakeholder engagement is a long-term,
ongoing effort. We support and understand our local impact
and take responsibility for our physical footprint.
In an era where desinformation and misinformation under-
mines climate action, credible data and transparent
communication are key. Having access to reliable information
is critical for both the energy transition and energy security.
By demonstrating the tangible benefits of renewable energy
across economic, social, and environmental dimensions, we
build and maintain the social license required for continued
growth.
This defines the Cloudberry way. We believe that environ-
mental and social responsibility creates value, while strong
economic performance enables sustained investment in
cleaner solutions. As Cloudberry is the junction box linking
capital, communities, and viable renewable projects, we work
to ensure that the green energy transition delivers shared
value for our stakeholders.
Cloudberry Clean Energy • Annual report 2025Cloudberry Clean Energy • Annual report 2025
3030 Sustainability Sustainability
About the sustainability
statement
Every Cloudberry employee integrates sustainability into their daily routines. Our lean
organizational structure requires this distributed approach, coordinated by our Chief
Sustainability Officer (CSO) to embed sustainability across all business segments. We prioritize
sustainable value creation, using reporting as a transparent tool for measuring progress and
stakeholder communication. While our actions create real-world benefits, reporting ensures
accountability and reinforces our strategic direction.
As part of the Board of Directors’ report, our sustainability statement receives formal Board approval. We structure the statement
across four chapters. General Information opens the statement, explaining our methodology, assumptions, and how we identify
material sustainability topics. The three subsequent chapters detail our sustainability initiatives for each material topic under
Environment, Social and Governance.
Sundby wind farm, Eskilstuna
We integrate sustainability
into our daily routines. Our actions
create real-world benefits, and
reporting ensures accountability
and reinforces our strategic
direction.
Cloudberry Clean Energy • Annual report 2025Cloudberry Clean Energy • Annual report 2025
3131 Sustainability Sustainability
Key performance summary
The table below presents primary sustainability-related Key Performance Indicators,
highlighting our dedication to transparency and continuous improvement.
Avoided emissions
Our avoided emissions decreased year-over-year, even
though our production of green electricity increased by
approximately 17%. This is because the share of renewable
electricity in Europe’s power mix increased between 2024 and
2025. However, our avoided emissions continue to represent a
significant contribution to climate change mitigation.
GHG intensity: Operations
We remain committed to our Science Based Targets, including
a 42% reduction in scope 1 emissions by 2030 and a 90%
reduction in total scope 1, 2 and 3 emissions by 2040.
However, we have discontinued our previous internal short-
term absolute emissions target. In the near term, we consider
GHG-intensity targets to provide more decision-relevant guid-
ance, as our emissions are closely linked to the development
of renewable energy assets that contribute to future avoided
emissions. In its place, we have introduced a short-term
GHG-intensity target covering emissions over which we have
meaningful influence. The target is set at 0.3 grams CO
2
e per
kWh generated.
The target includes emissions from our own electricity
consumption, business travel, waste, SF
6
leakage, and main-
tenance and travel by service technicians and inspectors.
It excludes emissions related to capital goods, logistics,
construction, decommissioning and unscheduled, major
Actual 2024 Actual 2025 Target 2025 Target 2026 Target 2030
Environment
GHG emissions avoided tCO
2
e
1
161 000 157 000 230 000 196 000 N/A
2
GHG intensity operations
3
0.26 0.24 0.30 0.30 0.25
Total GHG emissions tCO
2
e
4
7 204 859 N/A
5
N/A
5
N/A
5
Social
Lost-time injuries own workforce 0 0 0 0 0
Lost-time injuries subcontractors 0 0 0 0 0
Employee engagement index
6
5.4 5.5 ≥ 5.3 ≥ 5.3 ≥ 5.3
Equal opportunities index
6
5.5 5.7 ≥ 5.3 ≥ 5.3 ≥ 5.3
Female employees % of total 28% 25% ≥ 40% ≥ 30% ≥ 40%
Female managers % in mgmt. positions 33% 33% ≥ 40% ≥ 33% ≥ 33%
Female BoD % in total BoD 47% 43% ≥ 40% ≥ 40% ≥ 40%
Voluntary turnover
7
- 7% ≤ 10% ≤ 10% ≤ 10%
Sick leave own workforce 3.4% 3.2% ≤ 2% ≤ 2.8% ≤ 2%
Governance
Whistleblowing reports 0 0 N/A N/A N/A
Confirmed cases of corruption or bribery 0 0 0 0 0
Participation in compliance training 100% 100% 100% 100% 100%
Breach of concession 0 0 0 0 0
1
As a basis for calculating our avoided emissions, we use the European electricity mix (EU-27, IEA 2025).
2
While we have significant growth ambitions, we do not prepare production estimates for 2030 that are robust enough to support a meaningful target regarding avoided emissions.
3
Emissions per kWh produced (ex. Investments, construction and unscheduled, major repairs and investments). Includes leakage of SF
6
gas, purchased electricity, employee travel, office operations,
and travel carried out by service technicians and local inspectors.
4
Methodology is described in chapter “Climate Change”.
5
While maintaining our 2030 and 2040 SBTi-aligned targets, we have discontinued our short-term absolute emissions target and replaced it with a GHG-intensity target that covers emissions from
the activities where we have the greatest operational influence. A GHG-intensity target is more decision-useful than an absolute target, as an increase in absolute emissions is a result of sustain-
able growth of more renewables. See section “GHG Intensity: Operations” for further explanation.
6
The results from the Employee engagement index and the Equal opportunities index originate from the annual survey in Dec 2025. The score is 1 to 6, with 6 as the highest score.
7
Percentage of employees voluntarily leaving as a percentage of average FTEs.
Cloudberry Clean Energy • Annual report 2025Cloudberry Clean Energy • Annual report 2025
3232 Sustainability Sustainability
repairs, as well as emissions from financial investments.
These categories are material; however, we consider intensity
targets for directly controlled activities to provide better guid-
ance for operational decision-making.
We continue to monitor developments under the Science
Based Targets initiative’s Corporate Net-Zero Standard
Version 2.0 in relation to potential updates to our scope 3
targets. The current consultation draft discusses a possible
supplier alignment approach, which again discusses the possi-
bility of targeting a certain ratio of procurement from suppliers
that are committed to SBTi, rather than targeting an absolute
emissions reduction. While no final requirements have been
adopted, we support initiatives that strengthen supplier
engagement and alignment with science-based pathways.
Lost-time injuries
We did not record any lost-time injuries in our own operations
or among subcontractors working at our sites during the year.
We nevertheless recognize that health and safety risks are
inherent in our operational activities and work systematically
to reduce both the likelihood and consequences of potential
future incidents. During the year, we implemented a new
quality system for our asset management division, conducted
group-wide HSE workshops for all managers, and carried out
supplier audits. These initiatives are described in more detail in
later sections of this report.
Employee Engagement Index and Equal Opportunity Index
As part of our anonymous annual employee survey, we assess
employee motivation, sense of purpose, job satisfaction, and
pride in working at Cloudberry. These responses form the basis
of our Employee Engagement Index.
We also measure whether employees feel able to be them-
selves at work, experience equal opportunities to succeed,
and feel valued, and we aggregate these responses into our
Equal Opportunity Index.
All responses are measured on a six-point Likert scale (where
six is the highest score), and both indices exceeded our ambi-
tious target of 5.3.
Gender-ratios
We have set targets relating to gender balance across
multiple levels of the organization. We acknowledge that we
still have a way to go regarding female employees in total
and in management positions. While we continue to strive to
achieve gender balance, we have had to reduce our short-
term targets to match our reality more closely. Our long-term
targets remain unchanged.
Voluntary turnover
Our total turnover is approximately 15%, including previous
employees who were part of divestments. While this is
descriptive information, its usefulness for decision making
is limited. Voluntary turnover, the ratio of employees who
voluntarily leave Cloudberry compared with our total average
FTEs, is a more useful ratio. This serves as an indicator of
overall employee satisfaction. Our voluntary turnover rate in
2025 was 7%, which we consider a strong outcome.
Sick leave
We track sick leave as one of our key well-being indicators.
Illness is, unfortunately, a natural part of life, and we are
committed to supporting employees during periods of illness
and recovery.
As a lean organization, individual cases of long-term illness
can have a noticeable impact on total sick leave figures.
We are committed to ensuring that employees have suffi-
cient time and appropriate conditions for rest and recovery.
Through a culture built on trust, open dialogue, and flexibility,
we adapt workloads, redistribute tasks, and adjust working
hours to support a gradual and sustainable return to work.
Mid-year, sick leave rates were higher than usual. However,
rates returned to expected levels towards year-end. Our total
group-wide sick leave was 3.2%, compared to the Norwegian
national average of approximately 6.5% (Statistics Norway,
Q3 2025).
Governance KPIs
In 2025, we received no whistleblowing reports, and recorded
zero confirmed, nor suspected, cases of corruption, bribery or
breach of concession.
Cloudberry Clean Energy • Annual report 2025Cloudberry Clean Energy • Annual report 2025
3333 Sustainability Sustainability
General
information
Basis for preparation
35
Double materiality assessment
37
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3434 Sustainability | General informationSustainability | General information
Basis for preparation
We strive to be transparent and honest in all
our reporting. This chapter aims to provide
the reader with an understanding of the
definitions, interpretations, assumptions and
methodologies that form the foundation of
our sustainability statement.
The Voluntary Sustainability Reporting Standard for SMEs
(VSME) comprises two modules, a basic module and a
comprehensive module that builds on the basic requirements.
For our 2025 report, we have chosen to base our Sustainability
Statement on both modules to the extent practicable.
However, irrelevant disclosure requirements are omitted
without explanation, and certain disclosure requirements
are not fully addressed due to limitations in data availability
or security considerations, such as the disclosure of precise
coordinates of our power plants. We also include certain
supplementary reporting disclosures from the European
Sustainability Reporting Standards (ESRS), such as the double
materiality assessment.
Streamlined reporting
Both the VSME basic module and comprehensive module
include several mandatory disclosure requirements, such as
a description of where we operate, our services offered, the
size of our balance sheet, our NACE-code (35.122), etc. When
this information is presented elsewhere in this annual report,
we will not repeat it here, nor will we explicitly list a reference
to precisely where each datapoint is disclosed in this annual
report.
Organizational boundary for the
sustainability statement
Ownership structures in the energy sector can be complex to
navigate. Joint ventures, associated companies, subsidiaries,
asset management of third party plants, greenfield projects
that are sold before construction, and financial investments in
other businesses can obscure which entities are covered by a
sustainability report.
This sustainability report is prepared on a consolidated basis.
Cloudberry uses the concept of “operational control” from
the GHG Protocol as the starting point for deciding which
companies to include in this statement. In practice, this means
that, unless otherwise clearly stated, or if a specific set of
companies are required by a VSME disclosure requirement,
our disclosures cover all companies where we have full
authority to introduce and implement operational decisions.
As of 31 December 2025, this includes the parent company,
Cloudberry Clean Energy ASA, and all subsidiaries in which we
hold more than 50 percent ownership.
Our asset management business operates power plants on
behalf of other owners but does not have operational control
We are committed to transparent
reporting. We focus on
decision-useful ESG information
and continuously review our
data and processes to ensure
high-quality, relevant disclosures
that reflect our climate impact
and value creation.
Cloudberry Clean Energy • Annual report 2025Cloudberry Clean Energy • Annual report 2025
3535 Sustainability | General informationSustainability | General information
over those assets. The third-party owned power plants are
therefore excluded from our sustainability statement. The
same applies to joint ventures or associated companies for
which another owner has operational control. Odal wind farm
is one example. Here, Akershus Energi has operational control.
Odal is therefore not included in Cloudberry’s sustainability
statement, except by its emissions reported in our scope 3
greenhouse gas accounting. A complete overview of subsidi-
aries, associated companies and joint ventures can be found
in note 16 and note 25 of the financial statements.
For companies acquired or divested throughout 2025, we
report information only for the periods in which the companies
were under our control.
Our double materiality assessment examined actual and
potential impacts, risks, and opportunities (IROs), both posi-
tive and negative, in our own operations and throughout our
upstream and downstream value chain. Where our policies,
actions, and targets extend into our value chain, we state this
explicitly.
Time horizons
IROs manifest across different time periods. Some are already
present, while others may emerge in future periods. Our assess-
ment considers short-, medium-, and long-term horizons:
• Short term: 0–1 year
• Medium term: 1–5 years
• Long term: Beyond 5 years
Corrections and changes
Corrections
Cloudberry is committed to transparent reporting. When we
identify mistakes, we acknowledge and correct them. In this
report, we have updated our 2024 scope 3 emissions from a
hydro power construction project. Please refer to the chapter
on climate change for more information. In addition, we have
made immaterial reallocations of GHG emissions between the
2025 quarters.
Changed reporting standard
Sustainability reporting requirements continue to evolve. Since
our previous annual report, we have continued to strengthen
our sustainability routines and our reporting processes.
Over recent years, we have prepared for the reporting require-
ments under the ESRS. Following the EU’s decision to raise
the threshold for mandatory ESRS reporting to companies
with more than 1 000 employees, which is significantly above
our current headcount of 67, we have chosen to align our
sustainability reporting with the EU’s guidance and report in
accordance with the comprehensive module of the VSME
standard instead.
As VSME has so far been adopted by relatively few compa-
nies, market practice is still developing. While we aspire to
report in complete compliance with VSME, we expect that
best practice will continue to mature over the coming years,
and we will continue to adapt our reporting to match this
development.
External assurance
Given that the implementation of the VSME standard remains
in its early phase and best practices are still evolving, we
believe that obtaining external sustainability assurance would
be premature for the 2025 reporting period.
Policy descriptions
This year’s sustainability statement is further simplified
compared to last year. Last year’s report included a
subchapter on policies, actions and targets for each material
topic. As the policies overlap, this led to repetition. This year’s
report collects all comments on our policies under “Policies” in
the Governance-chapter.
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3636 Sustainability | General informationSustainability | General information
Double materiality assessment
While we do not report in accordance with the ESRS, we still incorporate valuable elements from the standard
in our 2025 sustainability statement as supplementary information. The foundation of ESRS is the double
materiality assessment (DMA). Simply put, a DMA is a tool for identifying and ranking our most important (material)
sustainability topics. This assessment evaluates both how Cloudberry affects nature, climate or the wellbeing of
people, and how ESG topics may affect Cloudberry’s financial performance.
Definition: Impacts, risks and opportunities
Under the ESRS, the ways Cloudberry affects nature, climate
or people is called impacts. All impacts are characterized
along two dimensions:
• Positive (benefit) or negative (harm),
• Actual (confirmed) or potential (theoretical),
Similarly, the ways climate, nature or people can impact our
financial performance is called risks and opportunities.
• Risks are ESG-related occurrences that have (or may)
reduce our financial performance, while
• Opportunities are ESG-related occurrences that have (or
may) increase our financial performance.
In the remainer of this sustainability statement, our impacts,
risks and opportunities are referred to as IROs.
Management of IROs
Each of the following chapters opens with a table outlining the
material IROs related to that chapter’s material topic. These
tables describe each IRO with its classification, time horizon,
and a concise overview of how it is managed. Note that
non-material IROs, while not disclosed here, continue to inform
Cloudberry’s internal risk assessments and processes when
relevant.
The double materiality assessment
Our 2024 DMA process was based on a comprehensive list of
potentially material IROs drawn from ESRS 1 AR16 sub-topics
and supplemented by internally identified IROs. We narrowed
this list through stakeholder dialogues and internal rating
workshops involving subject matter experts. Management then
reviewed and confirmed the final set of material IROs. In 2025,
we further refined the DMA by re-evaluating the completeness,
existence and accuracy of all identified IROs. This resulted in
Planet and society
Financial materiality
(outside-in perspective)
Impact materiality
(inside-out perspective)
Cloudberry Clean Energy • Annual report 2025Cloudberry Clean Energy • Annual report 2025
3737 Sustainability | General informationSustainability | General information
three new IROs and slight adjustments to the wording of all pre-existing IROs to
further increase precision while ensuring that their content remained applicable
and relevant. Such changes may alter the assessed degree of materiality for
topics associated with the affected IROs. However, none of the changes made in
2025 warrants a change in the rating of any material topic.
This year, we have decided to not repeat detailed disclosures on the purpose,
methods, or examples of stakeholder engagement for relevant stakeholder
groups. This was comprehensively described in our 2024 Sustainability
Statement. As there have been no significant changes to our stakeholder
engagement methodology, we refer readers to the previous year’s Sustainability
Statement for further information on our stakeholder engagement processes in
relation to our DMA.
The double materiality assessment resulted in 6 material topics. Each of these
are described in separate chapters in this sustainability statement.
We have set ambitions and targets for each material topic. In addition, we have
mapped each topic to the United Nation’s Sustainable Development Goals
(SDG) it contributes to.
Immaterial topics
The DMA is used to identify and rank the relative importance of sustainability
topics relevant to Cloudberry’s operations. This provides decision-useful infor-
mation that directs our efforts toward the most impactful areas. Ranking topics
means that some are classified as less material or immaterial. However, classifica-
tion as immaterial in our external DMA reporting does not mean that we disregard
Financial materiality
Impact materiality
Immaterial Significant Crucial
Immaterial Significant Crucial
Water and
marine resources
Consumers and end-users
Own workforce
Affected
communities
Business conduct
Workers in the
value-chain
Pollution
Climate change
Resource use and
circular economy
Biodiversity and
ecosystems
Environment
Social
Governance
Cloudberry Clean Energy • Annual report 2025Cloudberry Clean Energy • Annual report 2025
3838 Sustainability | General informationSustainability | General information
these topics. We regularly monitor IROs for all relevant topics, implement initiatives
when necessary, and update the DMA as appropriate. Our DMA concluded
that the pre-defined ESRS topics pollution, resource use and circular economy,
consumers and end-users, and water and marine resources remain immaterial.
We recognize that there is a risk of pollution from our construction sites and
producing assets. However, the likelihood and severity (after accounting for
our risk-mitigating measures) is so low that this topic ranks lower than our other
material topics.
Resource use and circular economy is also deemed immaterial. Although materials
and components in our power plants may have negative upstream impacts (e.g.,
on human rights, labor conditions, and ecosystems), these risks receive better
treatment under their respective material topics. Additionally, IROs specifically
relating to resource depletion and waste fail to meet materiality thresholds. We
monitor these IROs regularly and will reassess conclusions if necessary.
The material topic consumers and end-users remain immaterial because
Cloudberry doesn’t sell physical products directly to consumers.
Water and marine resources also remain immaterial because most of
Cloudberry’s small-scale hydropower plants do not create artificial reservoirs.
Additionally, these plants typically occupy steep river sections, minimizing
impacts on migrating fish and river flow. Our hydropower plants’ effects on
aquatic life receive consideration under the material topic biodiversity.
Our ambitions and material topics
Environment Social Governance
Sustainability
ambitions
To power the transition
to renewable energy
aiming to be climate
and nature positive
To act responsibly
towards our employees
and society, being a
preferred employer
and partner
To ensure solid
governance internally
and in our value chain
at all times
Material
topics
• Climate change
• Biodiversity and
ecosystems
• Own workforce
• Workers in the value
chain
• Affected communities
• Business conduct
Targets • Net zero by 2040
• Minimize and repair
adverse nature impact
• Zero injuries
• Attract and retain a
diverse and competent
workforce
• Zero compliance breach
internally and in the value
chain
Contribution to
SDG targets
NO
POVERTY
ZERO
HUNGER
GOOD HEALTH
AND WELL-BEING
QUALITY
EDUCATION
GENDER
EQUALITY
CLEAN WATER
AND SANITATION
AFFORDABLE AND
CLEAN ENERGY
DECENT WORK AND
ECONOMIC GROWTH
INDUSTRY, INNOVATION
AND INFRASTRUCTURE
REDUCED
INEQUALITIES
SUSTAINABLE CITIES
AND COMMUNITIES
RESPONSIBLE
CONSUMPTION
AND PRODUCTION
LIFE
ON LAND
PEACE, JUSTICE
AND STRONG
INSTITUTIONS
CLIMATE
ACTION
LIFE
BELOW WATER
PARTNERSHIPS
FOR THE GOALS
For queries on usage, contact: [email protected]
Developed in collaboration with | [email protected] | +1.212.529.1010
NO
POVERTY
ZERO
HUNGER
GOOD HEALTH
AND WELL-BEING
QUALITY
EDUCATION
GENDER
EQUALITY
CLEAN WATER
AND SANITATION
AFFORDABLE AND
CLEAN ENERGY
DECENT WORK AND
ECONOMIC GROWTH
INDUSTRY, INNOVATION
AND INFRASTRUCTURE
REDUCED
INEQUALITIES
SUSTAINABLE CITIES
AND COMMUNITIES
RESPONSIBLE
CONSUMPTION
AND PRODUCTION
LIFE
ON LAND
PEACE, JUSTICE
AND STRONG
INSTITUTIONS
CLIMATE
ACTION
LIFE
BELOW WATER
PARTNERSHIPS
FOR THE GOALS
For queries on usage, contact: [email protected]
Developed in collaboration with | [email protected] | +1.212.529.1010
NO
POVERTY
ZERO
HUNGER
GOOD HEALTH
AND WELL-BEING
QUALITY
EDUCATION
GENDER
EQUALITY
CLEAN WATER
AND SANITATION
AFFORDABLE AND
CLEAN ENERGY
DECENT WORK AND
ECONOMIC GROWTH
INDUSTRY, INNOVATION
AND INFRASTRUCTURE
REDUCED
INEQUALITIES
SUSTAINABLE CITIES
AND COMMUNITIES
RESPONSIBLE
CONSUMPTION
AND PRODUCTION
LIFE
ON LAND
PEACE, JUSTICE
AND STRONG
INSTITUTIONS
CLIMATE
ACTION
LIFE
BELOW WATER
PARTNERSHIPS
FOR THE GOALS
For queries on usage, contact: [email protected]
Developed in collaboration with | [email protected] | +1.212.529.1010
NO
POVERTY
ZERO
HUNGER
GOOD HEALTH
AND WELL-BEING
QUALITY
EDUCATION
GENDER
EQUALITY
CLEAN WATER
AND SANITATION
AFFORDABLE AND
CLEAN ENERGY
DECENT WORK AND
ECONOMIC GROWTH
INDUSTRY, INNOVATION
AND INFRASTRUCTURE
REDUCED
INEQUALITIES
SUSTAINABLE CITIES
AND COMMUNITIES
RESPONSIBLE
CONSUMPTION
AND PRODUCTION
LIFE
ON LAND
PEACE, JUSTICE
AND STRONG
INSTITUTIONS
CLIMATE
ACTION
LIFE
BELOW WATER
PARTNERSHIPS
FOR THE GOALS
For queries on usage, contact: [email protected]
Developed in collaboration with | [email protected] | +1.212.529.1010
NO
POVERTY
ZERO
HUNGER
GOOD HEALTH
AND WELL-BEING
QUALITY
EDUCATION
GENDER
EQUALITY
CLEAN WATER
AND SANITATION
AFFORDABLE AND
CLEAN ENERGY
DECENT WORK AND
ECONOMIC GROWTH
INDUSTRY, INNOVATION
AND INFRASTRUCTURE
REDUCED
INEQUALITIES
SUSTAINABLE CITIES
AND COMMUNITIES
RESPONSIBLE
CONSUMPTION
AND PRODUCTION
LIFE
ON LAND
PEACE, JUSTICE
AND STRONG
INSTITUTIONS
CLIMATE
ACTION
LIFE
BELOW WATER
PARTNERSHIPS
FOR THE GOALS
For queries on usage, contact: [email protected]
Developed in collaboration with | [email protected] | +1.212.529.1010
NO
POVERTY
ZERO
HUNGER
GOOD HEALTH
AND WELL-BEING
QUALITY
EDUCATION
GENDER
EQUALITY
CLEAN WATER
AND SANITATION
AFFORDABLE AND
CLEAN ENERGY
DECENT WORK AND
ECONOMIC GROWTH
INDUSTRY, INNOVATION
AND INFRASTRUCTURE
REDUCED
INEQUALITIES
SUSTAINABLE CITIES
AND COMMUNITIES
RESPONSIBLE
CONSUMPTION
AND PRODUCTION
LIFE
ON LAND
PEACE, JUSTICE
AND STRONG
INSTITUTIONS
CLIMATE
ACTION
LIFE
BELOW WATER
PARTNERSHIPS
FOR THE GOALS
For queries on usage, contact: [email protected]
Developed in collaboration with | [email protected] | +1.212.529.1010
NO
POVERTY
ZERO
HUNGER
GOOD HEALTH
AND WELL-BEING
QUALITY
EDUCATION
GENDER
EQUALITY
CLEAN WATER
AND SANITATION
AFFORDABLE AND
CLEAN ENERGY
DECENT WORK AND
ECONOMIC GROWTH
INDUSTRY, INNOVATION
AND INFRASTRUCTURE
REDUCED
INEQUALITIES
SUSTAINABLE CITIES
AND COMMUNITIES
RESPONSIBLE
CONSUMPTION
AND PRODUCTION
LIFE
ON LAND
PEACE, JUSTICE
AND STRONG
INSTITUTIONS
CLIMATE
ACTION
LIFE
BELOW WATER
PARTNERSHIPS
FOR THE GOALS
For queries on usage, contact: [email protected]
Developed in collaboration with | [email protected] | +1.212.529.1010
Cloudberry Clean Energy • Annual report 2025Cloudberry Clean Energy • Annual report 2025
3939 Sustainability | General informationSustainability | General information
Environment
Climate change
41
Biodiversity
52
EU Taxonomy
57
Sustainability ambitions
To power the transition to renewable energy
aiming to be climate and nature positive
Environment is where our promise to be climate and nature
positive comes alive. We develop and produce Nordic
renewables that cut emissions and support electrification,
while working carefully with landscapes, biodiversity and
local concerns at each site. Cloudberry will continue to
grow our portfolio of clean energy, while maintaining high
standards of planning and operations.
Cloudberry Clean Energy • Annual report 2025Cloudberry Clean Energy • Annual report 2025
4040 Sustainability | EnvironmentSustainability | Environment
Climate change
Description of the IROs Type of IRO Value chain Management of the IRO Timeframe
Accelerating the energy transition
By expanding our portfolio of renewable energy assets, we help displace electricity generation
from fossil fuels, thereby making a positive contribution to global climate change mitigation.
Actual
Positive
impact
Our core business model is focused on developing, constructing and operating renewable energy
assets including the optimal operation of selected third-party assets. Through disciplined project
selection, long-term asset management and operational excellence, we seek to maximize the
climate mitigation impact of our portfolio over time.
Life-cycle greenhouse gas emissions
Although the output from our assets result in a net positive contribution to climate change mitigation,
greenhouse gas emissions from logistics, raw material extraction, component manufacturing and
sourcing, construction activities and decomissioning contribute to our scope 3 footprint.
Actual
Negative
impact
We remain committed to reducing our combined scope 1, 2 and 3 greenhouse gas emissions in line
with out science-based targets. We aim to achieve this by measuring and managing our key scope
3 categories, engaging closely with suppliers, and integrating emissions performance and reduction
requirements into our procurement processes and contracts.
Transition opportunity related to governments and
municipalities prioritizing renewable energy development
Governments and local municipalities prioritizing renewable energy deployment may create
growth opportunities and more predictable investment conditions.
Opportunity Cloudberry actively monitors regulations and engages closely with key stakeholders on all levels,
including policymakers. The aim is to promote and succeed with responsible renewable energy
expansion. Additionally, we demonstrate the benefits of power production by ensuring economic
value creation for local communities.
Transition risk that governments and municipalities will not
prioritize renewable energy development and production
Limited government or municipalities support or increased tax rates for renewable energy
could result in fewer growth opportunities and less predictable investment conditions.
Risk Cloudberry continuously assesses political and regulatory landscapes to anticipate potential
delays or changes in financial or regulatory frameworks for renewable energy projects.
Transition risk that governments and municipalities will not
prioritize renewable energy development and production
Limited government or municipalities support or increased tax rates for renewable energy
could result in fewer growth opportunities and less predictable investment conditions.
Risk We integrate climate scenario analyses into our assessments of new construction projects and
potential acquisitions to better understand long-term production and physical risk profiles. In
addition, we use digital monitoring tools to track production in real time and implement proactive
operational measures to optimize output and mitigate the financial impact of production volatility.
Increased renewable energy penetration
Increased renewable energy penetration in the Nordic markets may lead to cannibalization
effects and reduced capture prices, while intensified competition and permitting constraints
may limit access to economically viable projects. This may negatively affect revenue stability,
asset valuations, and future growth potential.
Risk Management has initiated a strategic refocusing of the development portfolio, including a
reduction in greenfield activity to prioritize projects with stronger risk-adjusted returns. Closer
collaboration between the Projects and Commercial teams ensures early assessment of value-
enhancing measures and disciplined evaluation of risk versus reward. The company will also
continue to advance low-capital opportunities to preserve flexibility and limit downside exposure.
Value chain Upstream
Own operations
Downstream
Timeframe Short-term
Medium-term
Long-term
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4141 Sustainability | EnvironmentSustainability | Environment
Our fundamental climate contribution
Our mission is to deliver renewable energy today and for future
generations. This mission guides our climate work and how we
prioritize across our operations.
We strive to reduce emissions across our value chain through
supplier engagement, procurement criteria, and operational
improvements. At the same time, we recognize that our
largest, most scalable and durable contribution to climate
mitigation lies in our core activity: producing renewable energy
at scale. Each new megawatt of capacity reduces the need
for fossil-based generation, supports the wider Nordic and
European energy transition and strengthens Nordic energy
security.
A climate initiative that looks positive in isolation but reduces
our financial capacity or delays project development can ulti-
mately lower our overall climate impact if they limit the volume
of renewable infrastructure we are able to build. We must
therefore weigh the effect of incremental climate measures in
our own operations against the effect of maximizing our ability
to develop, build, and operate new renewable energy assets.
We maintain a disciplined focus on maximizing renewable
energy production, while introducing targeted cost-effective
climate measures in our value chain. This helps ensure that our
climate contribution remains substantial and viable over time.
Climate risks
Our primary climate-related risks are summarized in the IRO
table above. Transition risks associated with evolving and
unpredictable regulatory and market frameworks, together
with chronic physical risks stemming from changing weather
patterns, rank highest among our identified climate risks. We
are also exposed to other risks, including supply chain disrup-
tions and delays linked to acute physical events. However,
based on our evaluation of exposure, sensitivity, likelihood and
potential impact, informed by stakeholder engagement and
internal analyses, we consider these risks to have lower prob-
ability and consequence, and they have therefore not been
included in the IRO-table. We have not identified a need to
implement specific climate change adaptation measures.
Actions
In 2025, we focused our climate work on two priorities that
build on our core strengths and increase our positive impact:
1. Expanding renewable energy capacity
Developing and deploying new renewable projects remains
central to both our climate strategy and our business model.
Our development teams work with local communities, land-
owners, authorities, and other stakeholders throughout the
project lifecycle to identify suitable sites, address concerns
early, and align projects with local values and environmental
conditions.
This stakeholder-centered approach, combined with technical
competence and local market insight, allows us to adapt each
project to its specific context. By adjusting project designs to
site conditions, regulation, and community input, we increase
both acceptance and the likelihood of delivery. In turn, this
supports higher renewable output and stronger climate
impact. See “Avoided Emissions” below to see our estimation
on how much non-renewable electricity generation we have
displaced.
2. Promoting favorable frameworks for renewables
The speed and scale of the energy transition depend heavily
on supportive policy frameworks. We work actively to promote
regulatory and market conditions that enable faster deploy-
ment of renewable infrastructure in the Nordics.
We track developments in local and national energy policy,
grid regulation, permitting, and market design in Norway,
Sweden, and Denmark. We do this through media monitoring,
industry networks, direct dialogue with regulatory authorities
and sector expertise and participation in consultations. Our
engagement includes:
• Direct policy dialogue: We meet with politicians, munic-
ipal councils, and energy directorates to share industry
experience, discuss regulatory proposals, and argue for
frameworks that support renewable deployment while safe-
guarding the environment and local communities.
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• Industry collaboration: We take part in industry organiza-
tions, renewable energy conferences, and cross sector
initiatives where we contribute with expertise and collabo-
rate with other actors to advance the energy transition.
• Public discourse: We use targeted media engagements to
inform the public debate about the role of renewables in
climate mitigation, energy security, and economic activity,
and to support policy discussions based on evidence.
Through these efforts, we help speed up the renewable
energy transition and contribute to national and European
climate objectives.
The role of renewable energy in climate mitigation
Our climate impact rests on a simple mechanism: each mega-
watt hour of renewable electricity we generate reduces the
need for fossil fuels and avoids associated emissions. This
displacement effect underpins our business model and is our
main contribution to climate mitigation.
Our production contributes to the Nordic and European power
systems by export, when needed, through the interconnectors.
Market rules favor low marginal cost generation. Wind, solar,
and hydropower require no fuel purchases, no combustion, and
no ongoing extraction. When power markets dispatch gener-
ation, they call on the lowest cost plants first through the merit
order system. Renewable generation usually clears first and
pushes more expensive fossil plants further down the curve.
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The Nordic grid is part of a broader European system,
connected to other countries through high-capacity intercon-
nectors. These links allow electricity to move across borders
according to price signals, supply, and demand. When renew-
able generation is high in Norway, Sweden, and Denmark, this
power can be exported to markets such as United Kingdom.
The Netherlands and Germany, where the electricity mix is
more carbon intensive.
The exact emissions avoided by our production vary over time,
depending on demand, fuel prices, weather patterns, transmis-
sion constraints, and price formation. Over the long term, the
effect is clear: higher Nordic renewable generation supports
faster decarbonization of the European power system.
Our contribution also has wider effects. By supplying clean,
domestic electricity to European markets, Nordic renewables
strengthen energy security and reduce dependence on
imported fossil fuels. These resilience benefits come in addi-
tion to our climate impact.
Amplifying climate impact through electrification
The climate value of renewable electricity reaches beyond
displacement in the power sector. As transport, heating, and
industry move from direct fossil combustion to electricity, each
kilowatt hour of renewable power has a greater climate effect
than a simple one to one energy substitution would suggest.
This amplification effect stems from large efficiency differ-
ences between combustion technologies and electric
alternatives. Traditional primary energy statistics often hide
these differences, sometimes referred to as the “primary
energy fallacy”. Primary energy accounting records the total
energy content of fuels before conversion losses, which can
understate the value of renewable electricity because it does
not capture the efficiency gains from electrification.
A conventional fossil power plant typically converts only 35–40%
of the fuel’s chemical energy into electricity, with the rest lost
as heat. Internal combustion engines often convert just 20–30%
of fuel energy into motion. Electric motors reach efficiencies
above 90%, and heat pumps can deliver three to four units of
heat for each unit of electricity by using ambient heat.
When diesel trucks switch to electric drivetrains, or when
industrial heat processes move from gas burners to electric
systems, the energy needed for the same task falls sharply.
One kilowatt hour of renewable electricity in an electric vehicle
can deliver three to four times more useful transport energy
than the equivalent primary energy in gasoline. Heat pumps
give similar multipliers for space heating.
This means our renewable electricity can create climate
benefits along two dimensions: it displaces fossil generation
in the power sector, and it enables electrification in other
sectors where electricity does more work per unit of energy.
Each gigawatt hour we produce not only cuts emissions in
the power system, it also supports applications in transport,
heating, and industry that would otherwise need several times
more energy from fossil fuels.
As electric vehicle use grows, industrial processes electrify,
and heat pumps replace fossil fuel heating across the Nordics,
the climate leverage of our production increases. Our wind
and hydropower assets serve current power needs and
provide the backbone for deeper decarbonization in other
parts of the economy.
External recognition of climate performance
In 2025, we received the highest ESG rating in DNB Carnegie’s
“In Focus: ESG” report among 43 Energy & Utility companies
in the Nordics. This independent assessment indicates that
sustainability is firmly integrated in our strategy and operations
and underscores our focus on responsible renewable develop-
ment and transparent reporting.
Odal Wind Farm obtained a third party verified Environmental
Product Declaration (EPD) based on a detailed life cycle
assessment of its environmental footprint. The assessment
Achieved the highest ESG rating
by DNB Carnegie among Nordic
Energy & Utility companies in 2025.
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covered 99.45% of resources used, activities carried out,
and waste generated across the wind park’s life cycle, from
mineral extraction and component manufacturing to trans-
port, construction, operation, dismantling, and end of life
treatment.
The analysis shows that Odal Wind Park generates, in less
than 10 months, an amount of energy equal to its total
life-cycle energy use. Over an expected 30 year operating
life, it is projected to deliver 37 times more energy than it
consumes, which illustrates the net environmental benefit of
this type of asset.
Quantifying our climate impact in 2025
To make our climate contribution transparent, we estimate
the avoided emissions from our renewable production. In 2025,
our portfolio generated 789 GWh of renewable electricity.
Using the emission intensity of the European electricity mix
(EU 27, IEA 2025) as a reference, we estimate that this output
avoided approximately 157 000 tCO
2
e that would otherwise
have been released if the same amount of electricity had
been generated using the average European mix. Our esti-
mated avoided emissions fell by 4 000 tCO
2
e year-over-year,
even though our production of green electricity increased by
approximately 17%. This is because the share of renewable
electricity in Europe’s power mix used in IEA-EU27 emission
factor increased between 2024 and 2025.
Our total direct and indirect greenhouse gas emissions in
2025, covering Scope 1, 2, and 3 emissions from all our business
activities, amounted to about 859 tCO
2
e. Thus, our avoided
emissions were approximately 182 times larger than our own
operational footprint. This confirms that our renewable
generation is our most significant and scalable climate
contribution.
By the end of 2025, our exclusive backlog, including permitted
projects, stood at 1 640 MW. This positions us to increase our
production capacity in the coming years as key projects move
towards permitting, final investment decisions, and construc-
tion, indicating that our positive contribution to climate change
mitigation is expected to increase over time.
“The Odal wind park is
projected to generate 37
times more energy than it uses
throughout its lifetime.”
“Our avoided emissions were
approximately 182 times larger
than our own operational
footprint.”
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Targets
Reducing emissions across the asset lifecycle
Lowering the carbon footprint of our assets is a priority
throughout the lifecycle. From planning to procurement,
construction, operation, and decommissioning, each stage
offers options to cut greenhouse gas emissions while still deliv-
ering viable projects.
The largest reduction opportunities lie upstream, especially
in the production of turbines, solar panels, foundations, and
electrical equipment. Steel and concrete account for most
of the embodied emissions in renewable infrastructure. Our
influence over these emissions depends on supplier strategies,
technology development, and the availability of low carbon
alternatives. We do not control turbine manufacturing or steel-
making, but we use our role as a customer to explore lower
carbon options, such as low emission materials, fossil free
construction methods, and shorter transport routes where this
is realistic.
Setting precise quantitative targets for lifetime asset
emissions remains difficult. The timing of green technology
development and our reliance on third party decarbonization
entails uncertainty. We therefore use systematic assessment
at key decision points rather than rigid lifetime targets. At
project planning, in procurement specifications, in subcon-
tractor selection, and at final investment decisions, we weigh
carbon impacts alongside financial, technical, and regulatory
factors.
Understanding our emission profile
Most of our emissions arise in the value chain rather than
in our direct operations. The primary driver of our emissions
relates to manufacturing, logistics, construction, maintenance
and repair of power plants. All these activities are performed
by our suppliers or contractors. Emissions from our offices,
operational facilities, waste and business travel represent a
smaller share. These direct sources still matter but offer limited
absolute reduction potential due to their scale and opera-
tional relevance. Our main levers lie in procurement decisions,
contractual terms, and structured supplier engagement.
Science-based emission reduction commitments
In 2024, the Science Based Targets initiative (SBTi) validated
our climate targets as aligned with the 1.5°C pathway in the
Paris Agreement. Our commitments are:
• Near term target: 42% reduction in absolute Scope 1 and 2
emissions by 2030 from a 2022 baseline, which translates to
an absolute target of 2 tCO
2
e.
• Long term target: 90% reduction in absolute Scope 1, 2, and 3
emissions by 2040 from a 2022 baseline, which equals 9 900
tCO
2
e.
Because our baseline Scope 1 and 2 emissions are relatively
low, small changes in absolute terms can translate into large
percentage shifts that may not accurately reflect underlying
performance. Both metrics have fluctuated since 2022, which
we see as normal variation along the path to 2030. We will
achieve these targets by cooperating with suppliers and
contractors to minimize scope 3 emissions through a reduction
of fossil fuels and increase in circular materials whenever
technically and economically feasible, as well as minimizing
our own consumption of fossil fuels.
Our 2025 emissions totaled approximately 859 tCO
2
e, signif-
icantly lower than in 2024 (7 204 tCO
2
e). This drop mainly
reflects project timing. Under the GHG Protocol, we account
for emissions from capital goods in the year assets become
operational. In 2025, no major project moved into operation,
even though construction continued and required large
volumes of materials. The embedded emissions in concrete,
steel, and copper used on those projects will appear in later
years when the plants start production.
This creates year-to-year volatility tied to commissioning dates
rather than underlying changes in emission intensity. When we
track progress against our SBTi targets, we focus on the long-
term trajectory and factor in these timing effects.
GHG accounting
Data sources and methodology
We calculate greenhouse gas emissions and energy
consumption using the CEMAsys platform, which applies
emission factors automatically based on activity data. Our
inventory relies on two main data types: direct measurements
of activity data where available, and structured estimates
where measurements are not accessible.
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We prioritize measured data and, where possible, source
consumption figures directly from invoices, supplier reports, and
monitoring systems. This gives the highest accuracy for sources
under our control. For some value chain categories, particularly
third-party activities and older construction work, complete
measured data are not available, so we use estimation.
Estimation approach and transparency
Where we cannot measure directly, we base estimates on the
best information we have, including supplier input, industry
benchmarks, and engineering assumptions. We document
each method, including assumptions, data sources, and
an assessment of accuracy, to support transparency and
potential future audits. We recognize that estimates carry
uncertainty, which tends to increase the further the activity
is from our own operations. As our data systems and supplier
information improve, we refine methodologies and convert
estimates to measurements wherever possible.
We review estimates regularly to reflect new methods,
updated emission factors, and better data. Over time, this
process leads to more accurate and representative reporting.
Data quality assessment
Data quality differs across categories. Electricity use in offices
and operational facilities is our most robust data set and comes
from utility invoices. Supplier reported data, such as diesel
consumption by subcontractors, may vary in quality depending
on supplier tracking systems and reporting routines.
Retrospective Milestones and targets
1
tCO
2
e Base-year 2022 2024 2025 2030 2040
Scope 1 GHG emissions
Gross Scope 1 GHG emissions 2 10 10 (42%)
Scope 2 GHG emissions
Gross location-based scope 2 GHG emissions 5 125 128 (42%)
Gross market-based scope 2 GHG emissions
2
49 1 262 949
Significant scope 3 GHG emissions
Total gross indirect scope 3 GHG emissions 11 727 7 070 721
1. Purchased goods and services 6 466 489
2. Capital goods 11 700 6 458 2
3. Fuel-and-energy related activities 1 78 147
5. Waste generated in operations 6 14 4
6. Business travel 11 25 31
15. Investments 3 29 48
Total GHG Emissions
Total GHG emissions (location-based) 11 734 7 204 859 (90%)
Total GHG emissions (market-based) 11 778 8 341 1 680
1
The targets are in relation to the base-year emissions.
2
We do not purchase guarantees of origin for our electricity consumption.
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We assess each data source for reliability, looking at meas-
urement methods, consistency over time, possible third-party
checks, and whether results align with expectations. If we
judge data to be weak or inconsistent, we either disclose the
limitations explicitly or replace the numbers with estimates
based on comparable activities, industry averages, or engi-
neering calculations.
This framework helps ensure that our emissions figures reflect
our best current knowledge while remaining open about data
weaknesses and methodological choices.
Restatement of 2024 scope 3 emissions
In our 2024 Sustainability Statement, we noted that construc-
tion-related emissions from a hydropower asset were not
included in our GHG accounting due to insufficient data at the
time. During 2025, the required information was obtained, and
the 2024 figures have therefore been updated to include these
emissions.
This restatement increases reported Scope 3 emissions for
2024 by 1 522 tCO
2
e, of which approximately 75% relates to
emissions from concrete and steel. As avoided emissions are
calculated as the net difference between prevented emis-
sions and our annual emissions, this update also resulted in an
equivalent reduction in reported avoided emissions for 2024.
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Limitations
No recalculation of historical emissions
During 2025 we completed major transactions with both
Skovgaard and Forte. These transactions involved acquisi-
tion of power plants. Due to limited data availability from the
acquired assets, we have decided not to recalculate historical
emissions.
Waste generated at construction sites
In normal operation, our power plants generate very little
waste. However, we still lack some waste reports from certain
construction sites. This will not have a material impact on our
GHG accounting but will nevertheless lead to underreporting
on waste generated and associated emissions.
Evaluation of emissions
Scope 1
Our Scope 1 emissions remained at the same level as last
year, which is expected. These emissions consist solely of SF
6
leakage from specific wind power components. Fuel consump-
tion from construction equipment is reported under Scope 3,
Category 1.
Scope 2
Similarly, our location-based electricity consumption and
associated emissions remained stable year-over-year. While
electricity use at our offices was not expected to fluctuate
significantly, consumption at our power plants varies consid-
erably. Wind and hydropower plants always require electricity
for auxiliary systems. When operating, they primarily rely
on self-generated electricity. During periods of downtime,
however, they draw electricity from the grid.
In our GHG accounting, self-produced electricity is excluded
because it is 100 percent renewable. As a result, reported
grid electricity consumption is negatively correlated with
plant uptime, meaning that lower uptime leads to higher grid
consumption.
Our market-based emissions decreased by 25 percent. This
reduction is attributable to lower emission factors in the residual
electricity mixes across all three countries in which we operate.
Scope 3
Scope 3 emissions include emissions from activities that
are outside our own control, that we benefit from. The GHG
Protocol specifies a total of 15 Scope 3 categories, of these,
we have identified capital goods, purchased goods and
services, fuel- and energy-related activities, waste, business
travel, and investments as material. The remaining categories
are deemed immaterial based on their relative size.
Emissions from purchased goods and services increased due to
contractors’ diesel consumption outside our operational control,
which accounts for more than 90 percent of emissions in this
category in 2025. Most of this diesel consumption occurred at
six hydro power construction projects. Also, a smaller amount
was consumed by diesel generators at Hån wind farm to
maintain turbine orientation during a planned downtime. Actual
diesel consumption at this project was lower than originally
planned, because the contractors shut down the generators
when not in use, rather than leaving them idling.
Capital goods emissions are negligible in 2025 and relate
to installations at Hån Substation during the same planned
downtime. In accordance with the GHG Protocol, capital
goods emissions are reported in the year of project comple-
tion. Consequently, emissions from hydropower and BESS
construction projects that were ongoing but not completed
in 2025 will be disclosed in the future period in which they are
finalized. This reporting approach can cause year-to-year fluc-
tuations and does not fully reflect the level of project activity
each year.
Emissions from fuel- and energy-related activities represent
upstream emissions associated with our electricity and fuel
consumption. This category has nearly doubled year-over-
year, driven by increased construction activity in 2025, which
resulted in higher diesel consumption.
Waste-related emissions increased year-over-year. This cate-
gory currently includes only waste generated at our offices,
as routine operations at power plants produce immaterial
amounts of waste. We have not obtained complete data on
waste generated by contractors performing construction,
repair, or maintenance activities. However, given the scale and
nature of these activities, any data gaps are expected to have
a negligible impact on our overall GHG accounting.
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Business travel emissions increased in line with the expansion
of our workforce and the establishment of a new Cloudberry
office in Lemvig, Denmark following the Skovgaard acquisition.
Emissions from investments increased year-over-year, driven
by a higher emission factor for Danish electricity consumption
and diesel consumption in the associated drilling company
Norhard, which was acquired during 2025.
Energy consumption
Our total energy consumption is presented in the table below.
It shows that we have consumed a total of 3.8 GWh of energy.
This equals approximately 0.5% of our energy generation.
Generating approximately 200 times more energy than we
consume illustrates the strong energy efficiency of our busi-
ness model.
Energy consumption
MWh Renewable
Non-
renewable Total
Electricity
1
1 977 413 2 390
Fuels
2
- 1 387 1 387
Total 1 977 1 800 3 777
1
The ratio of renewable to non-renewable was unknown. We estimated it based on EU’s “Net
electricity generation by type of fuel - monthly data”-statistic as of 04 February 2026.
2
The type of diesel consumed by our subcontractors is unknown. To ensure conservative and
responsible reporting, we assume it is 100% fossil.
Emissions intensity
The table below presents three groups of emission related
intensity KPIs: operational emissions, total emissions and
avoided emissions, each reported per kWh produced, per
NOK of sales revenue and per NOK of EBITDA. Operational
emissions comprise scope 1, scope 2 and scope 3 emissions
from business travel, waste and subcontractors’ travel related
emissions reported under “Purchased goods and services”.
Total emissions include all scope 1, scope 2 and scope 3
emissions. Avoided emissions are calculated as our power
production multiplied by an applicable emission factor, minus
our actual emissions.
The figures clearly show that operating our power plants is
associated with very low emissions. Total emissions have
declined steadily over the period, primarily due to lower
construction activity. We expect a marked increase in 2026,
when emissions from the seven construction projects ongoing
as of 31 December 2025 will be included.
Importantly, the table highlights the substantial gap between
our avoided emissions and our total emissions, underlining the
sustainability of our business model.
Unit 2022 2023 2024 2025
Operational emissions
1
Per energy generation gCO
2
e/kWh 0.10 0.19 0.26 0.24
Per sales revenue gCO
2
e/NOK 0.13 0.29 0.47 0.37
Per EBITDA gCO
2
e/NOK 0.17 0.37 0.53 0.61
Total emissions
2
Per energy generation
1
gCO
2
e/kWh 44 30 11 1
Per sales revenue gCO
2
e/NOK 56 47 19 2
Per EBITDA gCO
2
e/NOK 78 59 22 3
Avoided emissions
3
Per energy generation gCO
2
e/kWh 220 235 239 199
Per sales revenue gCO
2
e/NOK 284 366 421 307
Per EBITDA gCO
2
e/NOK 391 464 483 508
1
Sum of scope 1, scope 2, scope 3 “business travel”, “waste” and subcontractors travel-related
emissions in “Purchased goods and services”.
2
Sum of scope 1, scope 2, and scope 3 emissions.
3
Based on the IEA-27 2025 emission factor.
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We choose to disclose this operational emissions intensity
ratio instead of the ratio required by VSME B3. Our definition is
broader than the VSME definition, which only covers scope 1
and scope 2 emissions, and therefore our ratio appears higher.
However, we believe our metric provides a more accurate
reflection of the emissions associated with operating a power
plant.
Annual mass-flow
In 2025, Cloudberry Clean Energy had six hydropower plants
under construction. Hydropower converts the energy of
flowing water into electricity by directing it through a turbine.
Even a small river contains significant energy. One cubic meter
of water falling ten meters releases close to 100 kilojoules of
energy. When thousands of cubic meters pass through a plant
each hour, the total output is substantial.
Managing these forces requires precision and robust design.
Small deviations in pipe alignment or structural works can have
material consequences. Emergency shutdown systems are
critical. When a plant stops, large volumes of water must be
brought under control within seconds. The resulting pressure
can place significant stress on pipelines and structures.
To ensure safety and long-term stability, each facility is
anchored to bedrock using reinforced concrete and steel.
Across our six projects in 2025, we used approximately 5 500
tons of concrete and 200 tons of steel to secure safe and
reliable operations.
At major construction projects, we evaluate the economic and
technical feasibility of circular economy initiatives, such as
using recycled materials, choosing repairable assets with long
life and a high degree of recyclability.
The way forward
We will keep increasing our development of new renewable
energy projects. Future project design and siting will depend
on macroeconomic developments, future energy prices, and
regulations. We plan to invest further in countries that offer
favorable renewable frameworks and competitive energy
costs.
Our backlog includes a broad set of commercially attractive
technologies across the Nordics. This diversity reduces our
dependence on specific resources and suppliers, limits market
cannibalization risks, and strengthens our position as a serious
Nordic renewable energy player.
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Biodiversity
Description of the IROs Type of IRO Value chain Management of the IRO Timeframe
Contribution to climate and biodiversity protection
Our production of clean energy helps mitigate climate change by reducing greenhouse gas
emissions, thereby addressing one of the primary drivers of biodiversity loss. Climate change
accelerates biodiversity loss by altering habitats, increasing the frequency and intensity of
extreme weather events, and disrupting ecosystems and species distributions.
Actual
Positive
impact
Providing renewable energy for future generations is at the core of our business model. By
developing, constructing and operating renewable energy assets, we seek to support the
decarbonization of the energy system and contribute to the long-term protection of climate and
biodiversity.
Ecosystem improvement projects
During the planning phase of new projects and major upgrades, there is a potential to increase
nature restoration and strengthen local biodiversity by drawing on independent biological
expertise to identify and design suitable measures.
Actual
Positive
impact
We identify and implement measures to strengthen local biodiversity and reduce, as far as
practical, the negative impacts of our activities. Cloudberry continuously monitors its power plants
to ensure that they are operated in line with permits, which are designed to avoid or limit adverse
effects on local ecosystems. There were no concession breaches in 2025. In addition, we regard it
as our responsibility to go beyond compliance by implementing targeted initiatives that deliver a
net positive contribution to nature in and around our project areas.
Strengthened local license to operate
By implementing a robust portfolio of impactful local initiatives, such as enhancing local
ecosystems and other biodiversity measures, we position ourselves as a responsible
developer. This reputation can increase local willingness to host our power plants and
encourage neighboring municipalities and communities to welcome future projects.
Opportunity Building on our biodiversity work, we seek to use nature-positive initiatives to strengthen our
local license to operate. We engage with municipalities and communities to understand local
environmental priorities, implement visible and relevant nature projects, and communicate
transparently about our measures and their outcomes. By consistently delivering on these
commitments and maintaining full compliance with permits, we want to be recognized as a
responsible developer, thereby supporting community acceptance and local interest in hosting
our future power plants.
Upstream biodiversity impacts from materials use
Developing and constructing power plants is a resource‑intensive process that depends on
a supply of metals and minerals. The mining, refining and transportation of these materials
can contribute to biodiversity loss upstream in our value chain, including through ecotoxicity,
habitat destruction, land‑use change, freshwater depletion and land degradation.
Actual
Negative
impact
To mitigate these upstream impacts, Cloudberry sets clear environmental and sustainability
requirements for our suppliers and follows up through supply chain due diligence and targeted
sustainability audits. We seek to work with suppliers that demonstrate responsible mineral
sourcing practices and continuous improvement on biodiversity-related performance.
Local ecosystem disturbance from project development
Wind farms and hydropower plants can alter local ecosystems, particularly during the
construction phase. Construction activities may disturb habitats, affect species presence
and behavior, and change local land and water use patterns.
Actual
Negative
impact
To minimize these negative impacts, Cloudberry prioritizes impact avoidance and reduction
in project design, applies sustainable land-use planning throughout the project lifecycle, and
implement biodiversity restoration measures, including where relevant post-decommissioning.
Value chain Upstream
Own operations
Downstream
Timeframe Short-term
Medium-term
Long-term
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Actions
Our approach to minimizing impacts on nature
Running power plants in natural landscapes comes with clear
responsibilities. We recognize that renewable expansion
can negatively affect ecosystems and biodiversity if it is not
managed carefully. Each site has distinct ecological features,
so we base our decisions on site-specific risk assessments
and mitigation plans. Early engagement with local commu-
nities is central. Local input, often focused on nature and
landscape concerns, influences our final project designs. Our
practices on community engagement are described in more
detail in the chapter on Affected Communities.
We carry out preliminary environmental assessments for all
potential sites to identify key biodiversity and ecosystem risks
at an early stage. This work includes risk analyses with external
consultants, site visits, and assessments by biologists. When we
have sufficient information, we apply the mitigation hierarchy to
decide whether a project should proceed. If significant impacts
cannot be handled responsibly, we stop the project.
Where impacts are manageable, we apply for construction
and operating permits. Authorities review identified impacts
and only grant permits where they consider negative effects
manageable. Concessions include site specific conditions to
protect local ecosystems, cultural heritage, and community
interests. For example, the concession for the Bøen II hydro-
power plant required a water intake design that allows eel to
move downstream. We implement such requirements in our
designs and monitor operations to secure ongoing compliance.
During construction, we work only with subcontractors who
pass our due diligence process and accept environmental
requirements in our contracts and Supplier Code of Conduct
(SCoC) where applicable. Construction plans seek to limit
disturbance through timing and logistics. We schedule disrup-
tive activities outside breeding, nesting, or rearing seasons
when possible, plan site roads to reduce land take, and use
just in time delivery to limit on site storage.
Biodiversity initiatives and innovations
In 2025, we continued to test nature-oriented approaches.
At one third-party owned hydropower plant managed by our
asset management division, we piloted the use of goats for
vegetation management above an underground penstock.
This method keeps vegetation from damaging infrastructure
and reduces the need for mechanical or chemical control.
Our partnership with Spoor AI at Røyrmyra wind farm
continued. Their AI based camera system has recorded
approximately 200 000 bird movements throughout 2025.
During the same year, the physical searches, performed by a
third party, around the wind farm did not observe a single bird
carcass. Current data therefore indicates a low collision rate.
As we gather more data this will clarify actual impacts and
address misconceptions.
Land restoration at Øvre Kvemma hydropower plant illustrates
how sites can be left in an improved condition. After tunnelling
in a wooded area of low ecological value, we undertook land
restoration, clearing and preparing the area for agriculture.
The site has been converted into farmland and now provides a
new resource for a neighboring farmer.
At the end of an asset’s life, we plan to dismantle facilities in
ways that minimize environmental impact and maximize mate-
rial recycling. Recycling lowers demand for virgin materials,
whose extraction and processing carry significant environ-
mental costs. Where landowners agree, we will implement
nature positive measures and restore ecosystems to healthier
states than before our operations. All assets are designed
and operated to comply with licensing requirements, and we
monitor them continuously to keep performance in line with
those standards.
In 2025, Sundby wind farm retained its “Bra Miljöval” (Good
Environmental Choice) certification, which recognizes that
its electricity generation meets strict environmental criteria,
including related to biodiversity.
Targets
Cloudberry aims for a net positive impact on nature over time.
We design projects to go beyond mitigation where practicable
and to create improvements for biodiversity. We integrate
biodiversity assessments into project planning so that we
build resilience into ecosystems and support species diversity.
Across the asset lifecycle, we implement ecological enhance-
ment measures where viable.
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Other biodiversity-related KPIs
Land-use assessment
This year, we have conducted a land-use assessment for our
assets. We have measured the sealed area of our small-scale
hydropower plants, our wind farms and the construction of our
BESS project.
Land-use per technology: Hydro
Our hydropower portfolio includes both self-developed
projects and plants acquired after completion, with assets
of varying age. As a result, the availability and quality of data
on land-use differ across the portfolio. To apply a consistent
methodology, we have based our calculations on land-use
figures stated in the original permit applications. The level of
detail and accuracy varies significantly. Newer applications
typically specify land-use per component and distinguish
between temporary and permanent impacts, while older
applications often provide only a total overall estimate. Due
to these data limitations, the permanent land-use figures
presented for our hydro portfolio are likely conservative and
may underestimate the actual area affected, and we have
therefore not included temporary land-use during construc-
tion. Based on this methodology, our 29 hydropower plants
permanently occupy approximately a total of 27 hectares of
land. Of this area, approximately:
• 40% relates to roads
• 25% to penstock corridors
• 10% to intake structures
• 10% to grid connections
• 8% to powerhouses
• 7% to other installations, including compounds and staging
areas
Land-use per technology: BESS
The area usage for the BESS-project is collected from the
project plan, but in contrast to the hydropower-figures, this
is likely precise, due to a combination of the measurement
being new, and the project area being a simple shape, while
the area usage for our wind-projects are either measured on
as-built maps, resulting in accurate figures. The Dingelsundet
BESS project covers 0.57 hectares of former plantation forest.
Land-use per technology: Wind
Some criticism of wind power development is based on the
assumption that wind farms occupy vast areas of nature,
often by referring to the total project area. This interpretation
is misleading. The project area defines the boundary within
which turbines and associated infrastructure may legally be
constructed. It does not represent the area that is physically
altered.
As illustrated in the figure [below], the operational footprint
of Munkhyttan wind farm physically affects only 4% of the
total project area. Importantly, when measured in hectares,
the majority of this limited land-use consists of gravel access
roads, crane pads, and other supporting infrastructure.
In other words, while one can easily believe that wind farms
take up large areas because they are visible from far away,
most of their affected areas are comparable to the type of
gravel-based surfaces commonly associated with rural roads,
forestry tracks, parking areas, cabins, or other small-scale
development. The impact is therefore spatially limited, concen-
trated, and similar in character to infrastructure widely present
in managed forest landscapes. The combined sealed land-use
of Munkhyttan, Røyrmyra, Sundby and Hån wind farms is only
36.6 hectares. Note that we have not collected information on
the land-use for the Odin-portfolio.
4%
Land use built
infrastructure
Total project
area
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Assets inside or near biodiversity sensitive areas
Requirements for assessing the impact of power projects
on nature, local communities, Indigenous peoples, and sites
of cultural, historical, or scientific value have become more
stringent over time. While some developments prior to the
early 2000s resulted in significant negative impacts, current
regulatory standards and consultation processes are far more
robust.
Today, projects with unacceptable environmental conse-
quences are either redesigned or not approved. This benefits
nature and represents a financial opportunity for Cloudberry.
We have acquired several projects that were previously
denied permits on environmental grounds. After redesigning
the projects, more in line with the suggestions or demands
from authorities, approval were secured. This approach has
reduced development costs and improved conditions for local
biodiversity.
During 2025, we have assessed the location of all our power
plants against lists of biodiversity sensitive areas. As our oper-
ations span multiple countries, we had to use different publicly
available environmental datasets in each relevant jurisdiction.
For Norway, we used data from the Norwegian Environment
Agency, including selected nature types, protected areas,
wetland sites protected under the Ramsar convention, and
wild reindeer areas. For Denmark, we referenced datasets
covering Ramsar sites, protected nature types, designated
conservation areas, and nature protection areas such as
Natura 2000 sites. For Sweden, we used official data on nature
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reserves and Natura 2000 areas. These sources provide the
basis for identifying potential overlaps with protected or envi-
ronmentally sensitive areas.
Number of assets near or in biodiversity sensitive areas
Total Near Inside
Hydropower plants 29 2 0
Wind farms 21 1 0
BESS 1 1 0
We define an asset as being located near a biodiversity-sen-
sitive area if it lies within 500 meters of such an area. Based
on this criterion, two hydropower plants, one wind farm, and
our BESS project fall within this threshold. The conservation
areas in proximity to the hydropower plants are designated
to protect specific hollow oak trees. The conservation area
close to the wind farm protects diverse broadleaf forest
habitats with high botanical value. The conservation area
near the BESS project is established to safeguard certain
forest habitats and specific bird and insect species. None of
these protected ecological features are assessed as being
adversely affected by the operation of our assets.
The way forward
Our construction and operational activities affect local
ecosystems. Transparent and evidence-based reporting
about these effects is important for trust. We will continue to
focus on robust data collection and open disclosure of results.
All projects follow strict environmental requirements, and
this will remain the case. In addition, we will increase efforts
to identify and implement nature positive measures at new
construction sites and seek new ways to reduce or avoid
construction impacts.
Renewable development projects faces growing scrutiny
around nature impacts. We see this as an opportunity to
demonstrate good practice through data-driven methods,
open reporting, and a clear intention to leave nature in an
improved state.
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EU Taxonomy
Reliable comparison of companies’
sustainability performance requires
comparable data and a common
framework. The EU Taxonomy is designed
to provide this by setting shared rules that
define when specific economic activities
can be assessed as sustainable. Although
Cloudberry is currently below the threshold
for mandatory EU Taxonomy reporting,
we have chosen to continue our external
Taxonomy reporting on a voluntary basis
to ensure transparency and comparability
over time.
The EU cannot define rules for every possible activity, but it
has established criteria and thresholds for many. Activities
for which criteria exist are called “eligible activities” in the EU
Taxonomy. Eligible means that the activity can be assessed
under the Taxonomy; it does not mean that the activity is
sustainable, only that rules exist for determining whether it
can be considered sustainable.
An activity that meets the relevant criteria and thresholds is
classified as “aligned” and can be considered sustainable. To
be aligned, an activity must make a substantial contribution to
at least one of the EU’s six environmental objectives, must not
cause significant harm to the remaining objectives, and must
comply with minimum social safeguards.
Scope and boundary
We screened the activities in our consolidated subsidiaries to
identify which are eligible under the EU Taxonomy. We identi-
fied “Electricity generation from hydropower” and “Electricity
generation from wind power” as eligible activities. These
include both the operation and construction of power plants.
Our commercial asset management services are classified
as ineligible. This may appear counterintuitive, as operational
monitoring, quality assurance, HSE compliance, on-site
supervision, commercial management, financial services,
maintenance and revenue management are all fundamental
to operating a power plant. However, under the EU Taxonomy,
these services must be classified under the non-eligible
activity “Asset management”, rather than the eligible activity
“Electricity generation from hydropower”. This illustrates the
limitations of the Taxonomy’s strict definitions. Our corporate
activities and the engineering consulting activities in our
subsidiary Enestor are similarly classified as ineligible.
Economic activities in associated companies and joint
ventures are excluded, as the EU Taxonomy requires us to
report turnover, operational expenditures (opex) and capital
expenditures (capex) only from our consolidated financial
statements. These companies are not financially consolidated.
See note 16 and note 25 for a full overview of our subsidiaries,
joint ventures, and associated companies.
Methodology
Step 1: Eligibility assessment
We first assessed eligibility by screening the economic activi-
ties in our consolidated subsidiaries against the EU Taxonomy
activity list. We identified “Electricity generation from hydro-
power” and “Electricity generation from wind power” as
eligible activities, covering both the operation and construc-
tion of power plants.
Economic activities in associated companies and joint
ventures are excluded from our EU Taxonomy KPIs because
they are not consolidated in our financial statements.
Step 2: Alignment assessment
In the second step, we assessed whether the eligible activi-
ties are aligned with the EU Taxonomy. Our wind power and
hydropower plants were evaluated against Chapter 4.3 and
Chapter 4.5 in Annex I of Delegated Regulation (EU) 2021/2139,
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5757 Sustainability | EnvironmentSustainability | Environment
respectively. These chapters set out the technical screening
criteria for making a substantial contribution to climate
change mitigation, as well as the “Do No Significant Harm”
(DNSH) criteria for the other five environmental objectives for
both technologies.
To assess the technical screening criteria, we used actual
measurements, internal risk analyses for each power plant,
climate risk analyses based on the IPCC’s Sixth Assessment
Report, permit requirements for each specific power plant,
the plants’ LCAs and additional sources. Based on this
assessment, we concluded that all our power plants meet
the technical screening criteria. We also confirmed that our
operations continue to comply with the minimum safeguards
relating to human rights and workers’ rights, bribery and
corruption, taxation, and fair competition.
Step 3: Calculation of KPIs and reporting principles
The EU Taxonomy defines three KPIs: turnover, capex and
opex, derived from eligible activities. The Taxonomy uses
specific definitions for these terms. Our methodology for
calculating these KPIs is based on our interpretation of the
Taxonomy definitions and on guidance from the European
Commission. The calculations are presented below.
All eligible economic activities assessed for alignment have
been found to be aligned. In previous years, we presented
these as “eligible and aligned”. This year, we have simplified
the presentation by reporting them only as “aligned”, as align-
ment inherently implies eligibility.
Materiality threshold
Under the simplification measures in the EU Omnibus package,
economic activities that represent less than 10% of the
relevant KPI denominator (turnover, capex or opex) can be
treated as non-material and may be excluded from a detailed
Taxonomy alignment and/or eligibility assessment. We have
chosen to use this exemption to reduce the alignment assess-
ment burden for certain eligible activities. These activities are
disclosed under the heading “Not assessed activities consid-
ered non-material” in the tables below. They are included in
the eligibility sums, as we exempt them only from alignment
assessments. For example, we have not carried out a full
alignment assessment of the capex for a group of early-stage
greenfield projects, where the non-alignment-assessed capex
for these projects totals less than NOK 0.1m.
This is the only reason why the percentage of aligned eligible
activities is less than 100%. In other words, 100% of the eligible
activities that have been assessed for alignment are aligned.
Although our reporting would have appeared clearer if we
had reported 100% aligned eligible activities, this would have
required us to devote resources to assessments of projects
purely to improve the presentation of the report. Instead, we
have chosen to focus our efforts on creating real impact in our
operations.
Corrections
In this report, we have corrected a mistake in the 2024 opex
KPI, where NOK 8m had been incorrectly classified as aligned.
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KPI definitions
Turnover
In the context of the EU Taxonomy, Turnover is defined as
net turnover from our sale of electricity from wind and hydro-
power, as well as guarantees of origin certificates linked to
electricity generated from these sources. This corresponds
to the sales revenue disclosed in our consolidated financial
statements.
Capex
In the context of the EU Taxonomy, capex includes total
expenditure for additions to property, plant and equipment,
intangible assets and right-of-use assets that are directly
associated with Taxonomy-eligible activities or are covered by
a plan to expand or transition eligible activities into Taxonomy-
aligned ones. These additions mainly relate to the purchase or
construction of power plants. They exclude capitalized devel-
opment costs related to internal employee salaries, external
development costs, and interest costs for projects that are still
in the backlog or pipeline.
Opex
In the context of the EU Taxonomy, Cloudberry’s opex
comprises total direct non-capitalized costs related to
research and development (greenfield development), main-
tenance and repair, project costs (greenfield development),
and other direct expenditures incurred for the day-to-day
operation and continued functioning of our hydropower and
wind power plants.
% eligible/
aligned
turnover
=
Numerator: IFRS 15 sales revenue from
eligible/aligned activities
IFRS 15 Sales RevenueDenominator:
% eligible/
aligned
capex
=
Numerator:
capex from eligible/
aligned activities
Total additions for PPE
and intangible assets
Denominator:
% eligible/
aligned
opex
=
Numerator: opex from eligible/
aligned activities
Total direct
non-capitalized costs
Denominator:
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Results
Cloudberry’s EU Taxonomy reporting confirms a very high degree of
alignment with sustainable economic activities. Except for non-as-
sessed, non-material activities, all eligible activities are fully aligned with
the EU Taxonomy requirements. They contribute substantially to climate
change mitigation, do not significantly harm other environmental objec-
tives, and comply with safeguards related to human and labor rights.
Year over year, the ratio of aligned Turnover, capex and opex to each
KPI’s respective denominator remains broadly unchanged. We observe
a 12% increase in opex. A fluctuation of this magnitude is expected,
as the denominator is comparatively small, and minor changes in the
numerator therefore result in relatively large movements in the ratio.
This year, we have seen a significant increase in the capex denominator,
primarily due to acquisitions during the year. We expect this to return to
normal levels next year. Note that both the numerator and denominator
exclude the addition from Svåheia wind farm, which we acquired and
sold within two weeks. Both transactions amounted to NOK 335m and
are therefore above the 10% materiality threshold for omission under the
Omnibus simplification package. We have nevertheless excluded this
transaction from both the numerator and denominator of the capex KPI,
as the net effect of the acquisition and subsequent sale on our property,
plant and equipment is zero.
Our sales revenue has increased from NOK 382m to NOK 512m without
any adverse effect on the alignment ratio. This is expected, as all our
sales revenue originates from sustainable activities. Overall, this year’s
EU Taxonomy reporting confirms that our growth trajectory is consistent
with the green transition.
Turnover
Capex
Opex
Full year 2025
NOK million
Eligible - Taxonomy aligned 83%
Non- Eligible 16%
Not assessed 1%
Not assessed 0%
Not assessed 0%
512
Eligible - Taxonomy aligned 100%
Non- Eligible 0%
Eligible - Taxonomy aligned 60%
Non- Eligible 40%
2 250
20
Full year 2024
NOK million
Eligible - Taxonomy aligned 84%
Non- Eligible 16%
382
Eligible - Taxonomy aligned 99%
Non- Eligible 1%
Eligible - Taxonomy aligned 48%
Non- Eligible 52%
404
16
Full year 2023
NOK million
Eligible - Taxonomy aligned 81%
Non- Eligible 19%
333
Eligible - Taxonomy aligned 95%
Non- Eligible 5%
Eligible - Taxonomy aligned 96%
Non- Eligible 4%
550
20
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Regulatory disclosure
The following tables use the new templates introduced in the
Omnibus simplification package. Template 1 shows the total
denominator, the share of the denominator that is eligible,
the aligned activities in NOK million and as a percentage of
the denominator, the environmental objectives to which our
activities contribute, the share of the denominator that has
not been assessed, and prior-year alignment in NOK million
and percentage.
The three template 2 tables provide further detail on the
turnover, capex and opex KPIs, respectively. For each KPI,
they show eligibility as a percentage of the denominator,
and alignment in both NOK million and as a percentage of
the denominator, broken down by each eligible activity. Note
that, in table 2 and 3, the final column is calculated as column
5 divided by column 3. For a detailed description of each
column in both templates, refer to Annex II of Commission
Delegated Regulation (EU) 2026/73. In the tables below, the six
environmental objectives have been abbreviated in line with
explanatory note 3 for template 2 in the Delegated Regulation.
Proportion of turnover, capex, opex from products or services associated with Taxonomy-eligible or Taxonomy-aligned economic activities - disclosure covering 2025 (summary KPIs)
Financial Year 2025
Breakdown by environmental objectives
of Taxonomy-aligned activities
KPI
Total
Proportion of
Taxonomy-
eligible
activities
Taxonomy-
aligned
activities
Proportion of
Taxonomy-
aligned
activities CCM CCA WTR CE PPC BIO
Proportion of
Enabling
activities
Proportion of
transitional
activities
Not assessed
activities
considered
non-material
Taxonomy-
aligned
activities
in previous
financial year
(2024)
Proportion of
Taxonomy-
aligned
activities
in previous
financial year
(2024)
Text MNOK % MNOK % % % % % % % % % % MNOK %
Turnover 512 83.9% 426 83.2% 83.2% 0.7% 319 84%
Capex 2 250 99.8% 2 235 99.3% 99.3% 0.5% 399 99%
Opex 20 60.3% 12 60.2% 60.2% 0.2% 12 48%
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Proportion of turnover from products or services associated with Taxonomy-eligible or Taxonomy-aligned economic activities - disclosure covering 2025 (activity breakdown)
Financial Year 2025
Environmental objective of Taxonomy-aligned activities
Turnover
Economic Activities
Code
Taxonomy-
eligible
turnover
Taxonomy-
aligned
turnover
Taxonomy-
aligned
turnover CCM CCA WTR CE PPC BIO
Enabling
acitivity
Transitional
activity
Proportion of
Taxonomy-
aligned in
Taxonomy-
eligible
% MNOK % % % % % % % E where
applicable
T where
applicable
%
Electricity generation from wind power CCM 4.3 59.0% 302 59.0% 59.0% 100.0%
Electricity generation from hydro power CCM 4.5 24.9% 124 24.2% 24.2% 97.2%
Sum of alignment per objective 83.2%
Total KPI Turnover 83.9% 426 83.2% 83.2% 99.2%
Proportion of capex from products or services associated with Taxonomy-eligible or Taxonomy-aligned economic activities - disclosure covering 2025 (activity breakdown)
Financial Year 2025
Environmental objective of Taxonomy-aligned activities
Capex
Economic Activities
Code
Taxonomy-
eligible
capex
Taxonomy-
aligned
capex
Taxonomy-
aligned
capex CCM CCA WTR CE PPC BIO
Enabling
acitivity
Transitional
activity
Proportion of
Taxonomy-
aligned in
Taxonomy-
eligible
% % % % % % E where
applicable
T where
applicable
%
Electricity generation from wind power CCM 4.3 4.7% 105 4.7% 4.7% 100.00%
Electricity generation from hydro power CCM 4.5 95.1% 2 130 94.7% 94.7% 99.5%
Sum of alignment per objective 99.3%
Total KPI capex 99.8% 2 235 99.3% 99.3% 99.5%
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Proportion of opex from products or services associated with Taxonomy-eligible or Taxonomy-aligned economic activities - disclosure covering 2025 (activity breakdown)
Financial Year 2025
Environmental objective of Taxonomy-aligned activities
Opex
Economic Activities
Code
Taxonomy-
eligible
opex
Taxonomy-
aligned
opex
Taxonomy-
aligned
opex CCM CCA WTR CE PPC BIO
Enabling
acitivity
Transitional
activity
Proportion of
Taxonomy-
aligned in
Taxonomy-
eligible
% % % % % % E where
applicable
T where
applicable
%
Electricity generation from wind power CCM 4.3 25.3% 5 25.3% 25.3% 99.8%
Electricity generation from hydro power CCM 4.5 35.0% 7 34.9% 34.9% 99.6%
Sum of alignment per objective 60.2%
Total KPI opex 60.3% 12 60.2% 60.2% 99.7%
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Social
Own workforce
65
Workers in the value-chain
69
Affected communities
76
Sustainability ambitions
To act responsibly towards our employees
and society, being a preferred employer and
partner
Social is about people. We focus on secure jobs, fair
opportunities and safe working conditions, while making
sure the communities around our assets see real benefits
from our presence. Our aim is a workplace and value
chain that is safe and supportive in everyday life and
visibly demonstrate our long-term commitment to a
just transition – where we all are Growing Renewables
Together.
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Own workforce
Description of the IROs Type of IRO Value chain Management of the IRO Timeframe
Contribution to climate and biodiversity protection
We contribute positively to our employees’ physical and mental well‑being by offering secure,
year‑round employment with fair wages, comprehensive social protection, and opportunities
for continuous professional development.
Our aim is to provide meaningful and engaging work tasks that support long‑term job
satisfaction and personal growth.
Actual
positive
impact
We promote high levels of employee motivation by arranging social activities and wellness
initiatives that strengthen well-being and job satisfaction. We trust our employees with autonomy
and meaningful responsibilities, supported by open and transparent communication. Employee
motivation is monitored continuously, and corrective actions are taken when needed.
Motivated employees drive efficiency and innovation
Our annual employee survey shows that our employees generally experience their work
as important, motivating and fulfilling. Sustaining high levels of motivation and satisfaction
supports low staff turnover and strong engagement. In turn, this contributes to value creation
through more efficient ways of working and a greater capacity for innovation.
Opportunity
Potential discrimination or harassment in the workplace
Potential negative impacts can arise from incidents of discrimination or harassment in the
workplace, whether driven by unconscious bias or intentional behavior. Such incidents can
occur between colleagues, between Cloudberry as an employer and its employees, between
Cloudberry’s employees and consultants, sub‑contractors or local stakeholders, or in the
context of our recruitment and hiring processes.
Potential
negative
impact
To date, we have received no indications of discrimination or harassment within our operations.
Cloudberry nevertheless works in a systematic and preventive manner to promote equality
and safeguard a non-discriminatory workplace. Our approach includes an annual employee
engagement survey, a formally adopted CoC, an independent whistleblower channel and
continuous work to foster an inclusive culture. Our commitment to equal opportunities applies
across all organizational processes, including recruitment and hiring, working conditions, training
and development, compensation and benefits, leave of absence, salaries and promotions.
We assess risks and safeguard when employees participate in local hearings and consultancy
processes.
Large organizational changes may discourage employees
Integration challenges following acquisitions and organizational changes may reduce
operational efficiency, weaken execution capacity and increase turnover.
Risk Cloudberry addresses this through increased integration, streamlined governance structures,
alignment of processes and ongoing organizational development to ensure stable operations and
effective integration.
Value chain Upstream
Own operations
Downstream
Timeframe Short-term
Medium-term
Long-term
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The shift to renewable energy is creating new roles and
changing existing ones. Good working conditions and
fair opportunities for our workforce are essential. We are
committed to strong health and safety, equal opportunities,
professional development, and employee well-being across
our activities.
Characteristics of our own employees
The tables below show key characteristics of our employees.
The figures include all employees in group companies with
staff, i.e. Cloudberry, Forte and Enestor as of 31.12.2025.
Workforce composition and contract types
At the end of the year, our workforce consisted of 67
employees, of whom 62 held permanent contracts and 5 were
employed on temporary contracts, of which four are contrac-
tors on long-term contracts with Forte, and one temporary
contract is an intern who has worked at Cloudberry since 2024.
Number of employees per type of contract (headcount as of 31.12)
Type of contract Headcount as of 31.12
Temporary contract 5
Permanent contract 62
Total employees 67
Gender balance
Our workforce at 31 December comprised 50 men and 17
women. While this gender distribution broadly mirrors the
talent pool in our industry, it also highlights a continued need
to work systematically to attract, retain, and develop more
women across functions and levels. We are committed to
broadening our recruitment channels, reviewing how we
present career opportunities, and ensuring that our devel-
opment and leadership pipelines support a more balanced
gender representation over time All employees receive fair
wages, regardless of gender.
Number of employees per gender (headcount as of 31.12)
Gender Headcount as of 31.12
Male 50
Female 17
Total employees 67
Geographical distribution
Cloudberry’s 67 employees are distributed across Norway
(46), Sweden (14), and Denmark (7). This geographic footprint
reflects both our historical roots and our strategic focus on the
Nordic market. A strong presence in Norway, combined with
growing teams in Sweden and Denmark, gives us proximity to
key stakeholders, access to a broader talent base, and the
ability to understand local market dynamics while operating as
one integrated Nordic organization.
Number of employees per country (headcount as of 31.12)
Country Headcount as of 31.12
Norway 46
Sweden 14
Denmark 7
Collective bargaining agreements
18 percent of our workforce was covered by collective
bargaining agreements as of 31.12.2025.
Actions
Cloudberry is powered by people, so our workforce is our most
critical dependency. As a knowledge-based company, we rely
on the expertise, initiative, and local insight of our employees.
Attracting and retaining talent in the energy sector is there-
fore central.
Building, developing, and retaining a skilled workforce require
constant focus. We offer competitive terms, development and
career opportunities, high levels of autonomy, and the chance
to help shape a growing company. We refer to this as Growing
Renewables Together. We believe Cloudberry’s low voluntary
turnover of 7% reflects that our employees have meaningful
responsibilities and strong development opportunities, work
in an inclusive and collaborative environment, and are part of
a company with a meaningful purpose. We view investment
in our people as an ongoing effort that requires continuous
attention and refinement.
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Ensuring mental well-being
We support mental well-being through both formal programs
and everyday practices. Employees can join training sessions
during working hours every week, social activities, and regular
in office gatherings, which help create an inclusive daily
environment. To strengthen links between locations, we also
arrange two group wide conferences per year. We place
particular emphasis on recognition, highlighting individual and
team achievements and success stories in town halls, and
praising colleagues who live our values. This supports a culture
in which belonging, purpose, and a sense of control are inte-
grated into everyday work.
In 2025, we completed the divestment of Captiva Financial
Services AS and gave particular attention to the people
involved. The whole department, including staff and contracts,
moved to a solid industry partner, which supported continuity
and security for those affected.
Ensuring physical well-being
Our business model involves relatively limited exposure to
physical risk for our own workforce. Most employees work in
offices, meet stakeholders, or visit sites which usually come
with limited health, safety, human rights, or labor risks. Low
risk does not eliminate the need for action, and we assess
potential human rights impacts with severity as the main crite-
rion, rather than likelihood. We apply the same logic to health,
safety, and labor rights.
In 2025, we strengthened health and safety in our offices, at
our operational and construction sites, and at locations where
we influence HSE without having direct operational control.
This included clearer internal guidelines, better reporting
routines, active promotion of a safety culture, and strength-
ened internal monitoring and quarterly reporting of near
misses to our audit committee. We also increased awareness
of our emergency preparedness plans.
A key initiative was the pilot roll-out of a digital quality and
compliance system in asset management. The system
supports consistent use of safety procedures and complete
documentation of HSE incidents. High attention to HSE will
remain a core focus.
Engaging with our workforce
We combine close, day-to-day dialogue with formal meas-
urement. As a relatively lean organization with a flat structure,
employees can raise questions directly with senior manage-
ment. Our annual employee survey and biannual performance
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reviews give structured channels for feedback and follow-up.
We analyze the results, discuss them, and act where we see
room for improvement.
Engagement and equal opportunity scores remain high. In
2025, our engagement index was 5.5 and our equal opportuni-
ties index 5.7 on a 1–6 scale, results that are above our targets.
These scores suggest that employees view their work as
meaningful and see us as an inclusive workplace.
In a period where diversity, equity and inclusion are widely
debated, we have re-confirmed our commitment to these
principles. Our internal Social sustainability group continues
to run activities and actions that counter discrimination and
support an inclusive culture. To build ties across teams and
geographies, we have arranged informal cross-country social
and educational events often as part of internal conferences.
We also promote shared learning. In 2025, we hosted internal
seminars on topics such as Nordic power market dynamics,
power plant design, AI, mental health and stakeholder
engagement. These sessions gave staff broader context
for their work and better understanding of colleagues’ respon-
sibilities.
Finally, our incentive structure supports the behavior we seek
to encourage. Employees are part of role-specific bonus
schemes where one element is each person’s contribution to
culture, social cohesion, and our core values: Be supportive,
Be committed, Be exceptional, and Be bold. Linking variable
pay to how we work, not only what we deliver, supports
engagement and signals the importance of collaboration and
inclusion.
As part of VSME-reporting, we are obligated to disclose the
number of confirmed incidents of child labor, forced labor,
human trafficking, discrimination or incidents in our own
workforce. We have had none. Neither have we received any
notices about such incidents among our business partners.
Targets
We focus on three main target areas for our workforce. Our
primary goal is to have zero workplace injuries. In 2025, we
recorded zero lost-time injuries or recordable work-related
accidents among our own employees and subcontractors
working at our sites. We have procedures for prompt reporting
of both incidents and near misses at all sites under our control
and at assets where we hold a minority stake. Each reported
case is escalated through governance channels and ulti-
mately presented to the Board of Directors.
Our second focus is diversity and inclusion. By 2025, we set a goal
of 40% female employees and at least 40% female representa-
tion in both management and the Board. We see strong
representation of women in management and on the Board but
have not yet reached 40% for the overall workforce. Increasing
the share of women in our workforce remains a priority.
Third, our annual employee survey covers a broad set of
topics, from work life balance to satisfaction with AI tools. We
have defined specific targets for engagement and diversity. In
2025, we exceeded these targets, with the engagement index
at 5.5 and the equal opportunities index at 5.7, on a 1–6 scale.
The way forward
At Cloudberry we are Growing Renewables Together.
Our people are central to our performance and development.
We recruit for expertise and an innovative mindset and see
retention as a strategic topic. We aim to create conditions
where careers can develop over time. We listen to feedback,
keep valued initiatives, invest in development programs, and
improve the systems and processes that shape everyday
work.
We are a company in transition and growth. The Skovgaard
transaction in Denmark, the divestment of Captiva Financial
Services, and the strengthened Forte partnership have all
changed our organization. We recognize that changes may
affect how employees experience their work. We want both
new and long-standing employees to feel informed, included,
and supported during such shifts.
Looking to 2026 and beyond, we see a more diverse workforce
as a key objective. We plan to strengthen an inclusive culture,
use targeted recruitment, and develop career paths that
support our diversity goals. By working with industry networks
and keeping a focus on meaningful work and healthy work life
balance, we aim to be a natural choice for diverse talent in the
Nordic renewable sector.
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Workers in the value-chain
Description of the IROs Type of IRO Value chain Management of the IRO Timeframe
Human rights impacts in the upstream value chains
The supply chain for energy assets is complex, global, and often not fully transparent. Construction of renewable assets
requires the procurement of metals, electromechanical components, and composite materials, frequently sourced from
distant geographies, including parts of Asia. This indirectly exposes Cloudberry to industry‑wide value chain risks, such
as:
• excessive working hours
• dangerous working conditions
• low income
• debt bondage
• child labor
• forced labor
• discrimination and sexual exploitation
• impacts on indigenous peoples and marginalized communities by land acquisition and forced displacements
• the funding of armed groups by illegal mining
• violence against defenders of human rights and the environment.
Potential
negative
impact
We seek to prevent and mitigate negative impacts on workers in our
value chain through our SCoC, contractual requirements, supplier audits,
responsible procurement and supplier due diligence, including, where
relevant, factory acceptance tests (FAT) on site. By requiring our direct
suppliers and contractors to confirm compliance to these standards, we
help raise labor standards beyond our own operations and further along
the value chain.
For construction and operational activities, we set clear HSE and
workers’ rights expectations for subcontractors, service technicians and
other hired personnel. This includes adherence to applicable Nordic labor
legislation, Cloudberry’s HSE requirements and our CoC. We monitor
compliance through dialogue, site follow ups and, where appropriate,
audits, and we expect our partners to provide safe working conditions,
fair terms of employment and access to grievance mechanisms.
We prioritize long term, transparent relationships with suppliers and other
business partners. This creates strong incentives for all parties to act
responsibly and ethically, enabling us to influence business practices in the
value chain to a degree that exceeds what might ordinarily be expected
from a company of our size.
Workers’ rights in the construction phase
Cloudberry does not perform construction work directly but engages experienced subcontractors to carry out
construction activities on our behalf. The use of hired personnel in construction and maintenance is associated with sector
wide risks to workers’ rights. These risks are partly mitigated by our geographical presence in the Nordic countries, where
strong labor legislation and active trade unions provide additional safeguards.
Nevertheless, risks related to indecent working conditions, inadequate HSE practices and violations of workers’ rights
remain, particularly in connection with the employment of temporary workers and labor migrants.
Potential
negative
impact
Health and safety of non-employees during the operational phase
Cloudberry engages service technicians to perform periodic maintenance, local workers to carry out frequent
inspections and subcontractors to undertake repairs as needed. These individuals are not directly employed by
Cloudberry. Consequently, we consider the risk of inadequate HSE compliance to be higher for these groups than for
our own employees.
Potential
negative
impact
Value chain Upstream
Own operations
Downstream
Timeframe Short-term
Medium-term
Long-term
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Protecting workers’ rights throughout the value chain is part of
a just energy transition. Our global supply chains for compo-
nents and reliance on subcontractors at construction and
operational sites expose us to potential impacts on workers’
rights. In 2025, we continued to strengthen our approach to
identifying, preventing, and managing these risks.
We built on the risks identified in our 2024 due diligence,
particularly related to HSE compliance and subcontractor
working conditions, and further intensified our verification
efforts in 2025. Two in-depth supplier audits in Q4 confirmed
robust HSE and labor practices at the construction and service
operations reviewed, with no significant issues identified. This
marks progress in our efforts to secure decent working condi-
tions across our activities.
Expansion into new technologies, particularly BESS, added
complexity in the value chain. Our factory visit in China for
the Dingelsundet BESS project shows how we use direct veri-
fication and dialogue even in challenging parts of the supply
chain. While we found generally organized conditions, the visit
confirmed that ongoing dialogue and contractual oversight
remain important.
The following sections describe how we turn these commit-
ments into actions, targets, and forward-looking initiatives
across procurement, construction, and operations.
Actions
Supplier selection and monitoring
Ahead of investment decisions, sustainability metrics are a
decisive criterion in supplier selection. When we evaluate
suppliers, we compare upstream impacts on nature, human
rights, workers’ rights, and greenhouse gas emissions. We
recognize that supply chains are increasingly complex and that,
by choosing a supplier, we also become indirectly exposed to
the risks and impacts associated with their value chain.
Our approach to the Dingelsundet BESS project is one
example. Integrity checks were central in choosing the
partner, and several bidders commented that our ESG
requirements were among the most extensive they had seen.
Most suppliers adapted or documented their operations to
meet our standards. Those who did not were removed from
the process.
Dingelsundet Bess, Karlstad, Sweden
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The Transparency Act
Introduction and index
The Norwegian Transparency Act (Åpenhetsloven) requires
us to conduct due diligence to identify, prevent, mitigate,
and account for actual and potential adverse impacts on
fundamental human rights and decent working conditions
in our operations, supply chains, and business relation-
ships. The aim is to promote responsible business conduct,
enhance transparency, and safeguard human rights and fair
working conditions throughout global value chains. The table
below shows which part of our annual report contains the
Transparency Act’s disclosure requirements.
Due diligence account
Cloudberry regularly carries out different risk assessments of
varying scope, depth and frequency, to identify and assess
actual and potential adverse impacts of our operations on
fundamental human rights and decent working conditions in
our value chain. We align our due diligence processes with
the OECD Guidelines for Multinational Enterprises and The UN
Guiding Principles on Business and Human Rights.
We apply a risk-based approach and focus on the highest
identified risk in our value chain. As we expanded into new
technologies in 2025, particularly BESS, we updated our due
diligence methods for technology and geography specific
risks, again including primary suppliers.
During 2025 we performed:
• Annual risk screening of all suppliers from which we
purchased goods or services for more than NOK 250 000.
We implemented specific initiatives to further evaluate the
highest-risk suppliers identified in this screening.
• Regular inspections of construction sites. Project teams
perform weekly or bi-weekly inspections of construction
sites to ensure compliance with our routines and procedures
Transparency Act Disclosure Requirements Reference
A list of subsidiaries included in this disclosure Note 25
General description of the enterprise’s structure and area of operations Chapter “Strategy, performance and risks”
General description of guidelines and procedures for handling actual and potential adverse
impacts on fundamental human rights and decent working conditions.
Chapter “Policies”
Information regarding actual adverse impacts and significant risks of adverse impacts that the
enterprise has identified through its due diligence
This chapter
Information regarding measures the enterprise has implemented or plans to implement to
cease actual adverse impacts or mitigate significant risks of adverse impacts, and the results
or expected results of these measures
This chapter
General description of how Cloudberry:
•
embed responsible business conduct into policies and governance structures,
•
track implementation and results,
•
communicate with affected stakeholders,
•
remediate and compensate for negative impacts, and
•
how we ensure continual learning and improvement
Chapter “Governance and oversight”
3
4
5
1
Embed
responsible
business conduct
into policies &
management
systems
Identify & assess adverse
impacts in operations,
supply chains & business
relationships
Cease, prevent or
mitigate adverse
impacts
Provide for or
cooperate in
remediation when
appropriate
Track
implementation
and results
Communicate
how impacts
are addressed
2
6
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as well as applicable laws and regulations. We collect
information at the inspections about HSE incidents and
near-misses, which informs our risk assessments.
• Quarterly risk assessments for each business segment.
These assessments consider key enterprise risks, including
strategic, financial/economic, market and third party, regu-
latory, operational (including HSE, human rights, and working
conditions), value chain, and environmental related risks.
• ESG due diligence as part of supplier selection and M&A
activities. The due diligence assessments reduce the likeli-
hood that we enter high-risk relationships.
• Annual review of the double materiality assessment. This
review considers all changes occurring throughout the year,
to ensure that we dedicate the appropriate resources to the
correct material risks to achieve efficient risk management
throughout the value chain.
To date, the abovementioned risk assessments have not
identified or received notice of any highly likely or confirmed
adverse impacts on human rights or decent working condi-
tions in our own operations or value chain. Nevertheless,
experience from the renewable energy sector shows that
there is a heightened risk of adverse impacts linked to the
sourcing of raw materials, manufacturing of key components
and the use of subcontracted labor in global supply chains.
Sundby wind farm,
Eskilstuna, Sweden
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For Cloudberry, the most relevant exposure relates to elec-
tromechanical equipment for hydropower, wind and solar
projects, where complex and international supply chains may
involve risks such as unsafe working conditions, excessive
working hours, inadequate wages, discrimination, forced labor
and sourcing of minerals from high-risk areas. Additional risks
may arise in transport and construction activities, particularly
where migrant or temporary workers are involved, as well as in
relation to business ethics, including corruption and fraud.
Operating primarily in the Nordic region, our projects are
subject to robust regulatory frameworks and labor protections.
We maintain close dialogue with key suppliers and contrac-
tors, with particular emphasis on health, safety and ESG
compliance. In line with the Transparency Act, we report on
identified actual adverse impacts and significant risks based
on their severity and likelihood, lower risk matters are therefore
not included in this summary.
As a result, the risks we assess as having the highest total conse-
quence and likelihood for adverse impacts on decent working
conditions and fundamental human rights through our business
relationships and value chain linkages, and associated measures
to manage these risks are described below. In addition to these
specific measures, we also have general policies, routines and
procedures for managing value chain risks. These are further
described in the subchapter “Actions” under “Business Conduct”.
Identified risks and implemented measures
Risk #1 “Working conditions for subcontractors
at our construction sites”
Consequence:
High | Probability: Medium
We rely on a small number of well-established contractors to
build our power plants. These contractors have comprehen-
sive HSE systems, which are essential to ensure that critical
construction tasks are carried out safely and responsibly.
• Subcontractor risks: Our primary contractors often engage
smaller subcontractors for specialized work, such as
excavation, electrical installations, concrete work, and site
preparation. There is a risk that these subcontractors may
not always adhere to the same stringent HSE standards as
our main contractors. This may lead to risk factors related to
differing levels of training on HSE, limited supervision, physical
and psychosocial strain, long workhours, heavy machinery
use, electrical hazards, documentation, risk assessments and
working at heights. These risks can lead to severe injuries or
worst-case death if not managed responsibly.
• Risks in minority ownership positions: While most of
Cloudberry’s power-producing assets are under majority
ownership, we also hold minority ownership stakes in certain
projects. These positions are investments, where we do
not exercise direct operational control or responsibility.
We recognize that limited control can reduce our ability
to secure rigorous health and safety standards, thereby
increasing associated risks.
• HSE-incidents: In the previous reporting period, one lost-
time injury occurred at a wind farm where Cloudberry has
minority ownership. Even though we did not have oper-
ational control at this site, we still took this seriously and
implemented a series of improvements to prevent future
incidents. For sites with majority ownership or operational
control, no lost-time injuries were recorded throughout 2025.
However, we continue to focus on this risk and uphold our
risk-mitigating and -identifying routines.
Supplier audit to manage risk #1 “Working conditions
for subcontractors at our construction sites”
To manage this risk, we conducted a supplier audit of the
contractor responsible for our active hydropower construction
projects. The audit covered HSE management, labor condi-
tions, quality management and deviation handling, both at the
contractor level and among its subcontractors.
The review confirmed a structured operation with established
systems for risk assessment, incident reporting and envi-
ronmental follow-up. No HSE related non-conformities were
identified. The only observation was immaterial and concerned
a risk assessment that had not been updated to reflect a
lower risk level than originally assumed.
The audit strengthened our understanding of the contractor’s
risk management processes and expectations. It also reaf-
firmed our approach of maintaining clear requirements and
active follow-up to promote sound HSE practices and decent
working conditions across our projects.
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Risk #2 “Working conditions for subcontractors
at our operational power plants”
Consequence:
Medium | Probability: Low
As a renewable energy company in the Nordic region, we
depend on a diverse network of suppliers and contractors
to maintain and expand our power production capacity.
Although the Nordic countries typically have high regulatory
standards for labor rights and safety, we recognize that the
renewable energy sector poses specific occupational risks:
• Nature of the work: Maintenance and construction tasks
often involve hazardous activities such as work at heights
and handling high-voltage electrical systems.
• Third-party technicians: Third-party service technicians play
a crucial role in maintenance. Their internal HSE guidance
and oversight may vary, which can increase the risk of acci-
dents or unsafe working conditions.
Supplier audit to manage risk #2 “Working conditions
for subcontractors at our operational power plants”
To manage this risk, we conducted a supplier audit of a
service provider responsible for inspections and maintenance
at our wind farms. The review confirmed that comprehensive
HSE requirements are in place, with clearly defined roles and
responsibilities between the supplier and its subcontractors,
as well as established procedures for risk assessment and
incident management.
The audit has strengthened mutual understanding and
provided a basis for closer collaboration and knowledge
sharing. While the audit in itself does not eliminate risks related
to working conditions for subcontractors at our power plants,
it has contributed to increased awareness and focus on
these matters within the contractor’s organization, thereby
supporting risk reduction over time. We will continue to main-
tain close dialogue with our direct contractors to promote
safe and appropriate working conditions for all subcontractors
engaged at our sites.
Risk #3 “Working conditions and human rights in our
upstream value chain, especially in manufacturing
facilities and resource extraction”
Consequence:
High | Probability: Medium
Renewable energy involves complex supply chains. We recog-
nize potential risks associated with extracting high-risk earth
minerals and the production and assembly of certain compo-
nents used in our technologies.
Potential adverse impacts on human rights and decent
working conditions in the value chain, to which Cloudberry may
be indirectly linked, include the following threats:
• The use of forced or child labor
• Violation of Indigenous peoples’ rights
• Exploitative working conditions, including unsafe and
unhealthy work areas, long work hours, insufficient pay and
discrimination
• Restriction on freedom of association and collective
bargaining
• Environmental and nature degradation & land use change
• Sourcing or use of high-risk minerals
Factory inspection to manage risk #3 “Working conditions and
human rights in our upstream value chain, especially in manu-
facturing facilities and resource extraction”
We conducted a site visit to the battery supplier in China
for the Dingelsundet battery energy storage (BESS) project,
together with our partner Hafslund. The visit included inspec-
tions at three production facilities, Factory Acceptance
Testing (FAT), and direct observations of production
processes, health and safety practices and working condi-
tions. The visit also included brief conversations with randomly
selected employees to supplement on-site observations.
Across all three facilities visited, production areas appeared
clean and orderly, with visible safety installations such as
railings, marked walkways and emergency exits. Randomly
selected employees described their working conditions as
predictable and stable, with regular eight-hour daytime shifts,
five days per week. Based on observations and interviews,
we did not identify indications of child labor, forced labor or
other breaches of fundamental labor rights. The workforce at
the sites visited appeared to consist of primarily adults in their
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twenties or thirties, and the gender composition in the areas
observed seemed relatively balanced.
Health and safety systems were in place, and the overall
standard was assessed as structured and professional.
Employees in production and construction areas were gener-
ally equipped with personal protective equipment, including
protective footwear and head protection. At the same time,
the visit identified instances where safety requirements were
not applied consistently. In certain operations, full protective
equipment was not required for either local employees or
visitors, and the use of specialized protective gear such as
high-voltage gloves was not consistently observed.
We recognize that scheduled site visits provide limited insight
and that conditions may vary across facilities and over time.
The visit nevertheless contributed to a more informed and
nuanced understanding of risks in the battery supply chain.
Targets
We hold a zero-injury ambition for all project phases, for our
own staff, subcontractors, suppliers, and other third parties
working on our projects.
In 2025, we rrecorded zero lost-time injuries at operational
plants or construction projects under our direct control. This
outcome reflects stronger safety routines, structured supplier
checks, and closer cooperation with contractors and partners.
We do not set additional quantitative targets for value chain
workers beyond the zero-injury goal, but we keep strict
process requirements. These include full supplier coverage
under our SCoC, mandatory ESG pre-qualification for material
suppliers, and systematic checks of HSE and labor compli-
ance.
The zero-injury target is non-negotiable. Every worker should
return home safely. We will keep investing in systems, relation-
ships, and control mechanisms to support this.
The way forward
As our portfolio grows across hydro, wind, solar, and storage,
our approach to workers’ rights must evolve in step with our
technology mix and geography.
Deepening supplier partnerships remains central. Long term,
open relationships can support responsible conduct and give
us influence beyond our size. By building trust and applying
consistent expectations, we aim for suppliers to address risks
proactively.
Each technology comes with its own supply chain profile and
risk set. BESS supply chains, for example, involve different
locations, materials, and processes than wind equipment.
We will keep refining our risk assessments to address these
specific patterns.
We acknowledge the limits of site visits and factory inspec-
tions. Still, we see value in targeted use of physical presence,
inspection rights, and follow up, focusing on the highest risk
areas and where our engagement has most effect.
We will continue to share experience, participate in industry
forums, and be transparent about both progress and chal-
lenges. By showing that strong value chain management and
long-term value creation can be aligned, we aim to support
rising standards while delivering on workers’ rights and stake-
holder value.
Requesting information
For requests related to the Transparency Act and this
report, please contact our Chief Sustainability Officer,
Ingrid Bjørdal at [email protected].
We encourage you to report any compliance breach
or suspicion of misconduct through Cloudberry’s
whistle-blowing channel.
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Affected communities
Description of the IROs Type of IRO Value chain Management of the IRO Timeframe
Rights of Indigenous Peoples
Metals and minerals typically move through long, opaque supply chains. This entails a risk of
adverse impacts on the rights of indigenous peoples in our upstream supply chains, especially
where extraction takes place on or near their traditional lands. In addition, wind power
production in Norway has been linked to negative impacts on the rights of indigenous peoples.
Potential
negative
impact
We seek to prevent and mitigate negative impacts on indigenous people and affected communities
linked to our upstream value chain through our SCoC, contractual requirements, supplier audits,
responsible procurement practices and supplier due diligence.
These instruments encourage our direct business partners to place similar expectations on their
own suppliers and subcontractors.
Cloudberry is committed to avoiding any direct infringement of the rights of indigenous peoples.
None of Cloudberry’s development projects are located in areas that historically belong to the
Sámi people.
Economic contributions through local value creation
Cloudberry supports local economies by using local contractors and suppliers, paying land‑use
royalties, funding community initiatives, and improving local infrastructure.
Actual
positive
impact
Cloudberry evaluates the availability of local suppliers in its procurement processes and proactively
engages with the local business community to encourage participation in tenders.
Community consent through demonstrated local value creation
Positive local impact through targeted investments, educational outreach, and nature access
programs may enhance municipal and community willingness to host Cloudberry projects.
Opportunity Cloudberry proactively integrates community consultation and identifying biodiversity protection
measures into all our projects. We recognize that responsible conduct in every aspect of our
operations is essential, as even a single mis-step can damage trust and credibility. To reduce
reputational and counterparty risk, we only engage with responsible business partners who align
with our commitment to social and environmental integrity.
Public perception of renewable energy projects
Concerns about potential adverse impacts on biodiversity, land use, visual and noise pollution, as
well as insufficient local value creation, may delay or even prevent project approvals. Moreover,
even when we act responsibly, the reputation of the renewable energy industry can be
harmed by irresponsible business conduct from third parties that fail to meet social concern or
environmental standards, leading to stronger public opposition and further hindering progress.
Risk Cloudberry proactively integrates community consultation, identifying local benefits, and biodiversity
protection into its projects to build local support and mitigate potential negative impact. To reduce
reputational and counterparty risk, we only work with responsible business partners who align with
our commitment to social and environmental integrity.
Local opposition
Power plants can have visual and acoustic impacts on neighbors, nearby communities.
In addition, they may restrict access to areas that were previously fully available to the local
population.
Actual
negative
impact
Cloudberry engages local stakeholders in open and honest dialogue to listen to their concerns and
to identify and implement the most appropriate solutions for each specific location.
Value chain Upstream
Own operations
Downstream
Timeframe Short-term
Medium-term
Long-term
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Our projects aim to support a sustainable future. Our success
depends on cooperation with the communities where we work.
In 2025, we deepened our engagement with communities
where we have, or plan to have, operations. We aim for host
communities to share in our economic value creation. Creating
value for local communities requires presence and accessi-
bility. We base our approach on transparent communication,
early dialogue, and shared problem solving that respects local
knowledge, addresses concerns, and delivers visible benefits
in Norway, Sweden, and Denmark.
Actions
Our local presence is one of our main advantages. Early stake-
holder dialogue is a core part of our practice, and in 2025 we
again prioritized early and ongoing conversations with land-
owners, residents, elected representatives, NGOs, and other
partners from early development through to operations.
At Älgfallet wind farm, discussions with communities, biodi-
versity experts, and municipal authorities led to changes in
project design, including turbine placement, scale, and hub
height, to reduce environmental and visual impact. This is just
one of several adaptations we have made to our development
portfolio based on local community feedback, demonstrating
how community input feeds directly into final designs.
Throughout 2025, we kept our established practice of struc-
tured dialogue at all stages of projects. We engage with
landowners, academic institutions, and local interest groups to
identify concerns early and align solutions.
Enhancing community access and engagement
In the third quarter, a new observation area was created at
Odal wind farm, allowing community members and visitors to
enjoy sweeping views of the installation and enhances educa-
tional visits. The area is wheelchair accessible and equipped
with benches and a fire pan, making it an accessible desti-
nation for recreation and thereby strengthening community
connection to our renewable energy infrastructure.
Visitor
During the summer of 2025, we hosted open days at Sundby
and Munkhyttan wind farms. At Munkhyttan, we worked with a
local association that supports people facing social exclusion
or financial hardship. Around 150 local visitors toured the sites
and met our project teams, partners such as Sveaskog and
contractors. The events gave participants more insight into
our operations, and the renewable industry as a whole.
“This viewpoint makes it easier to
access, and I like to bring guests
here too”.
Local visitor about the new observation
area at Odal Wind Farm
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Supporting communities in need
As part of Cloudberry’s ongoing commitment to future gener-
ations, our annual holiday donation was made to Save the
Children Norway. The organization’s global work to support
children impacted by conflict and climate change corre-
sponds to our own long-term focus on sustainability and
lasting societal value. Alongside this nationwide contribution,
our local offices engaged in charitable initiatives in Eskilstuna,
Gothenburg, Karlstad, and Lemvig, demonstrating our commit-
ment to support and engage with the communities in which
we operate.
Targets
We have made progress in our engagement and local value
creation but have not yet set formal, quantitative targets for
affected communities. We see this as a gap and an area for
further work.
Our current efforts in engagement, economic activity, infra-
structure measures, and collaborative project design give us
a base for setting concrete targets that will increase benefits.
We plan to develop metrics that reflect the scope and quality
of our relationships and the outcomes of our activities.
The way forward
We will continue to build and scale initiatives that bring
both tangible and less tangible benefits for communities. By
engaging local actors at all stages, we can identify solutions
that fit each location and make sure our projects match local
needs and expectations, while maintaining our social license
to operate.
We will strengthen cooperation with landowners, municipal-
ities, community groups, and civil society. In our experience,
local stakeholders value these conversations and increasingly
see the challenges the Nordics face if we do not expand
renewable generation.
Rising energy demand and geopolitical risk increase the
importance of local energy production. Higher Nordic output
improves regional energy security and reduces reliance on
external supplies. By pairing this with a fair transition that
benefits people living near our sites, we support both climate
objectives and resilient communities in Norway, Sweden, and
Denmark.
Sundby wind farm,
Eskilstuna, Sweden.
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7878 Sustainability | SocialSustainability | Social
Governance
Business conduct
80
Sustainability ambitions
To ensure solid governance internally and in our
value chain at all times
Governance is the structure that makes the Cloudberry
way reliable over time. Clear roles, policies and follow-up
help us manage risk, protect integrity and give partners
and communities confidence in our decisions. We
work for consistently high quality in how we apply our
standards, and are prepared to make difficult decisions
when trust or long-term value is at stake.
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Value chain Upstream
Own operations
Downstream
Timeframe Short-term
Medium-term
Long-term
Business conduct
Description of the IROs Type of IRO Value chain Management of the IRO Timeframe
Promoting renewable energy development
Cloudberry actively contributes to climate change mitigation by advocating for the
accelerated and responsible expansion of renewable energy.
Actual
positive
impact
We engage with local politicians, policymakers, industry leaders and regulatory bodies to promote
effective clean energy legislation and to help create market conditions that support long-term
investment in renewables.
Through open and honest dialogue, we seek to strengthen stakeholders’ understanding of
the energy transition, the investment conditions for renewables, climate change mitigation
and environmental protection. By fostering well-informed discussions, we aim to build stronger
collaboration and broader support for a sustainable future.
Regulatory and geopolitical risks affecting supply chain stability
Tariffs, regulatory changes and resource constraints may result in higher costs, delays and
procurement challenges for essential components.
Risk Cloudberry closely monitors political developments and macroeconomic trends and adjusts its
planning accordingly.
We also strive to be an active voice towards policymakers on energy and climate policy, advocating
for stable, predictable frameworks that support a responsible and accelerated transition to
renewable energy.
Managing risks from disinformation and misinformation
Dis‑ and misinformation about renewable energy, climate policy and specific projects
can undermine trust in Cloudberry, polarize public debate and delay or block necessary
investments in the energy transition.
Actual
negative
impact
Cloudberry works proactively, by ourselves and together with industry partners, to provide clear,
fact-based information and to correct misleading claims through transparent communication,
structured stakeholder engagement and collaboration with credible expert sources, researchers
and authorities. This way we seek to support informed decision-making and maintain confidence in
the energy transition.
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Policies
Our policies set the foundation for responsible conduct across
our operations and value chain. They define clear expecta-
tions on ethics, compliance, environmental stewardship, and
social responsibility, and guide how we plan, build, and operate
our assets.
In 2025, we reviewed and adjusted several core policies and
guidance documents to keep them relevant and avoid unnec-
essary complexity. We also developed short, practical policy
briefings to strengthen implementation in daily activities.
Code of Conduct (CoC)
Our CoC sets ethical standards for our employees. It covers
health and safety, labor rights, diversity, equity and inclusion,
professional development, whistleblowing and more. All
employees receive the Code as part of their employment
agreement, and we provide ongoing training to ensure that
these principles are reflected in daily work.
Supplier Code of Conduct (SCoC)
The SCoC has clear expectations on business conduct,
fundamental human rights, decent working conditions and
responsible sourcing. We integrate these requirements into
supplier contracts through binding clauses, ensuring that
direct suppliers understand their responsibility to apply similar
standards in their own supply chains.
The SCoC requires compliance with all applicable laws,
including specific mention of conflict minerals to avoid funding
actors that violate human rights. It calls for respect for freedom
of association, union membership, and collective bargaining.
Suppliers must provide fair contracts and pay, regular safety
training, and safe and hygienic working and living condi-
tions. Forced and child labor is prohibited, and suppliers are
expected to prevent discrimination and harassment.
If we identify potential or actual non-compliance, we notify
the supplier, request information needed to investigate and
require a documented corrective action plan. This process
gives our expectations contractual weight and clarifies conse-
quences. If corrective actions are insufficient, the business
relationship will be cancelled as soon as possible.
Biodiversity and environmental management
We embed biodiversity requirements across our operational
framework, including our CoC, SCoC, supplier due diligence
processes, Supplier Self-Assessment Forms, and relevant
contractual clauses. All power plants operate under strict
environmental conditions set by regulators, which are devel-
oped with the input from local communities and external
biologists. Together, these internal requirements and external
permits guide how we plan, construct, operate and decom-
mission our assets.
Climate framework and project requirements
We integrate climate considerations across our operations
rather than adopting a stand-alone climate policy. Our
commitments are embedded in our CoC, SCoC, procurement
procedures, and supplier contracts, ensuring consistent appli-
cation across our activities.
Our integrated framework addresses our most significant
climate risks and opportunities and provides the flexibility
required in a project-based business operating across
different Nordic geographies and regulatory environments.
We have concluded that uniform emission-reduction require-
ments for all our assets and projects are impracticable,
as each project has different characteristics, including
geography, site access, grid connection, and technology. A
remote wind project in SE 3 operates under different logistical
constraints and emission reduction options than a field-based
solar project in DK 1. We therefore do not apply prescriptive
rules - for instance, mandating only electric machinery,
low-emission fuels, or low-carbon materials – as such require-
ments are not possible at current time across our portfolio.
Instead, we tailor measures to site conditions and evaluate
them against environmental impact and economic feasibility.
This allows us to prioritize initiatives that deliver meaningful
emission reductions while remaining technically and financially
viable.
Similarly, we have not developed a transition plan for climate
change mitigation, as our core business model already makes
significant contributions in this area. Instead, by monitoring
our GHG intensity ratios, we ensure that our construction and
asset management activities minimize our climate impacts,
while still enabling rapid green growth.
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Whistleblowing
Our whistleblowing policy gives everyone the right and duty
to report suspected or confirmed misconduct and explains
how we handle concerns. The policy applies to employees,
suppliers, business partners, agency workers, all workers in
our up- and downstream value chain and other third parties.
We provide a confidential reporting channel, available on our
website (www.cloudberry.no), with the option for anonymous
reporting. The policy and reporting channels meet the require-
ments of the Norwegian Working Environment Act and similar
Nordic regulations.
We handle suspected breaches internally first and escalate
to relevant authorities when required, including considering
external investigations if necessary. Confirmed violations may
lead to internal and external consequences under labor, tort,
or criminal law. Retaliation against anyone who reports in good
faith is prohibited.
In 2025, we received no reports through the whistleblowing
channel.
Governance and oversight
Governance structure
The Audit Committee receives quarterly updates on sustaina-
bility and responsibility incidents, KPIs, progress and results.
The CEO has overall responsibility for ensuring that sustain-
ability, business conduct and compliance are integrated into
strategy, operations and investment decisions.
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The CEO ensures that relevant risks are identified, managed
and reported to the Board.
The CSO and the Sustainability Advisor are responsible for
internal coordination and reporting on all environmental, social
and governance aspects, including fundamental human rights
and decent working conditions. They ensure that responsible
business conduct is embedded into Cloudberry’s policies,
procedures and governance structures, and that timely
and complete internal and external reporting is carried out.
They support risk assessments and due diligence processes,
track the implementation and effectiveness of measures
and results, and guide project teams and asset managers
on sustainability requirements and performance follow-up.
In addition, they are responsible for overseeing how adverse
impacts are addressed, remediated and, where appropriate,
compensated for, and ensure continuous learning and
improvement of Cloudberry’s due diligence processes and
overall sustainability performance.
Project teams and asset managers are responsible for imple-
menting policies and requirements in daily operations. This
includes identifying and managing HSE and ESG risks, ensuring
contractor compliance, reporting incidents and performance
data, and escalating issues when needed. In addition, this is
the level that has the most direct contact with local communi-
ties and other affected stakeholders.
Internal reporting
Our governance framework monitors HSE and ESG perfor-
mance and escalates issues when required. Each construction
project performs weekly or bi-weekly safety walks and esca-
lates relevant HSE and ESG data or incidents as necessary. All
applicable HSE and ESG data are collected quarterly. Relevant
KPIs are consolidated and presented quarterly to the audit
committee.
We update policies, procedures, reporting routines and
supplier criteria as risks evolve and, at a minimum, every three
years. Supplier compliance with HSE and ESG requirements is
reviewed through ongoing dialogue and risk-based audits.
Risk assessments and partner selection
In 2025, we implemented measures to manage integrity,
compliance and ESG risks. As we expanded into solar and
BESS, we conducted structured risk assessments across tech-
nologies, geographies and potential partners, including key
suppliers.
Partner selection follows a pre-qualification process that
assesses environmental aspects as well as safety manage-
ment and business conduct. All business partners must meet
the requirements specified in our SCoC.
We continually monitor supplier- and contractor perfor-
mance through supplier audits and close follow-up of major
construction contractors and coordination with local asset
management teams. Contracts set clear requirements, and
we reserve the right to terminate relationships if standards are
not met, although we prefer corrective actions and improve-
ments over termination.
Procurement and investment decisions
Business conduct criteria are integrated into procurement
and investment decisions. Bids are assessed on price, quality
and sustainability factors. Meaning that up- and downstream
impacts on climate, nature, human rights, workers’ rights and
recyclability constitute a significant part of our investment
decisions.
Regulatory engagement
We continue to engage with regulators and policymakers
where frameworks carry material risk for long-term
investments. During 2025, we took part in the Norwegian
consultation on a proposed expansion of resource rent tax on
small scale hydropower and pointed to the risk this posed for
new capacity and the need for long-term stable and favorable
regulations. When the parliamentary majority later rejected
the proposal, we considered this positive for long-term value
and remain committed to constructive dialogue on future
changes.
We also contributed to consultations led by several Swedish
County Administrative Boards on updated regional climate
and energy plans.
Cybersecurity and data protection
Cybersecurity remained a focus area. As an operator of
critical infrastructure, we worked to strengthen both IT and
OT resilience and to improve how we handle personal data
for employees and third parties. We do not disclose specific
controls, but focus on practical, robust measures against
changing threats.
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8383 Sustainability | GovernanceSustainability | Governance
Emergency preparedness
During 2025, a team from a leading independent third
party security expert helped us conduct a scenario-based
emergency drill involving operational teams and executive
management. The exercise, chosen to mimic a complex,
multi-stakeholder crisis scenario, confirmed that escalation
and information flow functioned in a serious HSE scenario.
While it concluded that roles and responsibility were clear
and functioned as expected in a crisis situation, it also iden-
tified the need to clarify roles between site-level incident
management and group-level crisis management. Follow-up
actions were identified and are being implemented to further
strengthen our ability to face such events.
Remediation and cooperation
If Cloudberry is found to be responsible for a significant
adverse impact, we take ownership of addressing it. Where
possible, we work to correct or limit the impact directly through
concrete measures at the relevant site or in the affected oper-
ations. If full correction is not feasible, we seek appropriate
remediation that is proportionate to the harm and consistent
with our legal and contractual obligations.
Our SCoC specifies that when a supplier or business partner
causes a negative impact or damage, they are responsible
for providing remedy and implementing measures to prevent
recurrence. We reinforce this expectation through our due
diligence processes, contractual requirements, and ongoing
follow-up. In practice, this means that we clarify responsi-
bilities, agree on corrective action plans, and monitor their
implementation to ensure that both Cloudberry and our busi-
ness partners address adverse impacts in a structured and
accountable way.
Targets
Our governance targets aim to keep business conduct stand-
ards high as we grow and diversify. For 2025, these targets
were:
• 100% participation in mandatory compliance training, in line
with 2024 and reflected in our 2025 KPIs.
• Zero confirmed cases of corruption or bribery.
• Zero concession breaches.
• Continued monitoring of whistleblowing channels and follow
up of all concerns.
• Ongoing tracking of whistleblowing cases through govern-
ance KPIs.
We will keep a structured approach to ESG due diligence and
supplier follow up for all material projects, especially in BESS
and large scale solar. This includes continued supplier audits
and factory inspections where risk and materiality warrant it
and integrating lessons into future tenders and contracts.
The way forward
We plan to build on the governance and business conduct
work carried out in 2025 by further refining our policies, tools
and practices while keeping them practical and accessible for
employees. This includes:
• completing updates for new technologies such as BESS and
solar
• maintaining full participation in governance and compliance
training
• continue to align our sustainability governance and
reporting with evolving requirements.
We will also deepen value chain governance by applying
the lessons from supplier pre-screening, audits and factory
inspections, and by maintaining clear ESG expectations in
tenders. Experience from 2025 shows that setting demanding
requirements on HSE, working conditions, documentation and
responsible sourcing, combined with a willingness to exclude
suppliers who do not comply, can drive improvements in our
supply chain. We will continue to use this approach in new
projects and partnerships, with particular attention to labor
rights, health and safety, biodiversity and greenhouse gas
emissions in procurement and contract management.
At the same time, we will strengthen our readiness for
low-probability, high-impact events and shifts in framework
conditions. Insights from the 2025 emergency drill and from our
engagement in the Norwegian resource rent tax debate will be
used to clarify roles and responsibilities in crisis management
and to improve how regulatory risks are monitored, escalated
and discussed with stakeholders. Through this work, we aim to
keep business conduct clear and practical, with transparent
performance, a readiness to adjust course when conditions
change, and a consistent focus on integrity in day-to-day
decisions.
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8484 Sustainability | GovernanceSustainability | Governance
Corporate
governance
Corporate governance in Cloudberry
86
The Board and governing bodies
88
The Executive Management
93
Executive compensation
94
Shareholder information
95
Signatures from the Board and the CEO
97
Cloudberry Clean Energy • Annual report 2025
85 GovernanceGovernance
Corporate governance
in Cloudberry
Introduction and reporting framework
The Board of Directors is strongly committed
to maintaining high standards of corporate
governance, which is fundamental to
Cloudberry’s operations. Transparent
and robust governance structures ensure
accountability, ethical business conduct, and
long-term value creation for both shareholders
and stakeholders. Cloudberry adheres to
regulatory requirements and best practices.
Operating in a dynamic sector, Cloudberry places strong
emphasis on sustainability, regulatory compliance, and
investor confidence. The Board of Directors and management
continuously assess and refine governance structures to align
with strategic objectives and evolving regulations. Cloudberry
is not required to report under CSRD/ESRS after the Omnibus
changes. Nevertheless, we comply with all applicable ESG
reporting requirements, continuously monitor emerging
industry expectations on sustainability disclosure, and seek
to report transparently on our material sustainability topics
through voluntary reporting on the comprehensive module of
the VSME standard.
Key governing documents
Cloudberry’s corporate governance framework is founded on
a set of key governing documents which include Articles of
Association, Board procedure rules, Code of Conduct, guide-
lines for risk management and internal control, and policies
for the Nomination committee, Remuneration committee and
the Audit committee. These documents form the backbone
of the Company’s governance structure and are aligned with
Norwegian legislation, The Norwegian Code of Practice for
Corporate Governance (NUES), and industry best practices.
The governing documents are reviewed regularly and
updated as needed, and at least every third year, to reflect
regulatory changes, industry developments and Cloudberry’s
strategic ambitions. All governing documents are available at
cloudberry.no.
Guiding values and governance approach
Cloudberry’s corporate values—be supportive, be bold, be
exceptional, and be committed—shape decision-making,
leadership expectations, and corporate culture. These
values guide collaboration, innovation, ethical conduct, and
operational excellence, reinforcing Cloudberry’s long-term
commitment to sustainability and responsible business
practices.
This governance framework supports long-term, sustainable
value creation and strengthens stakeholder trust.
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Basis for reporting
Cloudberry’s corporate governance reporting is based on
Norwegian law, stock exchange regulations and recognized
governance standards. As a company listed on the Oslo Stock
Exchange, Cloudberry complies with The Norwegian Public
Limited Liability Companies Act, The Norwegian Accounting
Act and The Issuer Rules, and follows NUES on a comply or
explain basis, with any deviations disclosed and justified in the
table below.
The Omnibus Directive has raised the threshold for manda-
tory CSRD reporting to companies with more than 1 000
employees. As Cloudberry falls below this threshold, we base
our sustainability reporting on the comprehensive module of
the voluntary VSME standard.
We nevertheless continue to report on selected CSRD
elements, including EU Taxonomy alignment and a double
materiality assessment. Our ESG reporting further complies
with the Norwegian Transparency Act and the sustainability
reporting requirements set out in the national laws of the
countries in which we operate. We continuously monitor
evolving standards and industry practices to ensure trans-
parent and robust reporting on our material ESG topics.
Reporting in relation to NUES
The table to the right display the key principles, with reference
to relevant information and if Cloudberry complies.
Compliance
with the Code Reference
1. Implementation and reporting on
corporate governance
Page 87
2. Business purpose and strategy
Page 15
3. Equity and dividends
Page 95
4. Equal treatment of shareholders and
transactions with close associates
Page 95
5. Shares and trading
Page 95
6. General Meetings
Page 91
7. Nomination committee
Page 91
8. The Board of Directors: composition
and independence
Page 88
9. The work of the Board of Directors
Page 89
10. Risk management and internal control
Page 27
11. Remuneration of the Board of
Directors
Page 94
12. Remuneration of Executive
Management
Page 94
13. Information and communication
Page 95
14. Takeovers
Page 96
15. Auditor
Page 92
Deviations from Section 6 of the Corporate Governance Code: The Corporate Governance
Code recommends that all members of the Board and the chairman of the Nomination
Committee attend the general meetings of the Company. Not all board members are present
at every general meeting of the Company, and the chairman of the Nomination Committee did
not attend in 2025.
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The Board and governing bodies
The Board of Directors of Cloudberry
Role and responsibilities
The Board of Directors of Cloudberry Clean Energy ASA has
the overall responsibility for the management of the Company
and for ensuring a sound organization of the business. The
Board sets the Company’s strategy, monitors performance
and risk, and ensures that the business is conducted in
accordance with applicable laws, regulations, the Articles
of Association and recognized principles of good corporate
governance (NUES).
Key responsibilities include:
• Defining and overseeing Cloudberry’s corporate strategy
and key priorities
• Ensuring sound financial management, including approval
cash flow forecasts, interim and annual financial statements
• Overseeing risk management and internal control, including
material ESG related risks
• Appointing, supervising and evaluating the CEO and the
executive management team
• Establishing and monitoring policies for remuneration of
senior management
• Safeguarding the interests of all shareholders and
promoting long-term value creation.
Board of Directors
General Meeting
Audit
committee
1
Remuneration
committee
Nomination
committee
External auditor
Chief Executive
Officer
1
Following the AGM 2025 the ESG Committee was
merged with the Audit Committee. Strategic ESG
topics are discussed in the Main Board
The overall structure
Cloudberry’s governing bodies are illustrated below:
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Composition, independence and election
According to the Articles of Association, the Board shall
consist of between three and eight shareholder elected
members. The Board is composed to ensure an appropriate
balance of expertise, capacity and diversity, including expe-
rience from renewable energy, finance, risk management,
sustainability and corporate governance.
All Board members are non executive. All of the Board members
are independent of the Company’s executive management
and of material business contacts, and a majority are also
independent of the Company’s main shareholders, in line with
the independence requirements of NUES. However, Nicolai
Nordstrand is the general manager of Havfonn AS and Snefonn
AS, which controlled 7.8% and 5.1% of Cloudberry’s shares and
votes, respectively, as of 31 December 2025. Together, the two
companies held a total of 12.9%.
Board members are elected by the General Meeting for a term
of one year and may be re-elected. The Chair of the Board
is elected by the General Meeting for a term of one year and
may also be re-elected.
None of the Board members have specific duties for the
Company beyond their Board and committee work. To support
alignment of interests with shareholders, Board members are
encouraged to own shares in the Company. Cloudberry has a
share purchase program under which a portion of the Board
fee is used to acquire Cloudberry shares. For information see
note 24.
The work of the Board
The Board operates under rules of procedure that define
its duties, responsibilities and working methods, including
the division of roles between the Board and the CEO. An
annual meeting and work plan ensures a structured review of
strategy, budgets, financial and non-financial reporting, major
investments, capital structure, risk management, insurance,
organization and HR matters. The Board receives regular
reports on the Company’s financial and operational perfor-
mance, key risks and material sustainability topics. The CEO
normally attends Board meetings and ensures that the Board
receives sufficient and timely information to perform its supervi-
sory and decision-making role. Other members of the executive
management and external advisers participate as required.
The Board conducts an annual self-evaluation of its work,
competence and cooperation with management, including the
functioning of its committees. The results are discussed by the
Board and shared with the Nomination Committee to support
its work on Board composition.
Potential conflicts of interest are handled in accordance with
applicable law and the Board’s rules of procedure. Board
members are required to notify the Board of any matters that
may entail a conflict of interest and shall refrain from partici-
pating in the discussion or decision of such matters.
In 2025, the Board held 22 meetings (of which six were physical,
ten were digital on Teams and six were electronic/in writing),
with an average attendance rate of 95%. Attendance is a key
priority, and Board members are expected to actively partici-
pate in governance discussions.
The Board of Directors of Cloudberry
Tove Feld
Chair of the Board
Petter W. Borg
Board member
Benedicte Fossum
Board member
Nicolai Nordstrand
Board member
Henrik Joelsson
Board member
Alexandra Koefoed
Board member
Mads Andersen
Board member
For full CVs please see Cloudberry.no
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Board Committees
To strengthen and streamline its work, the Board has established two permanent Board committees: the Audit Committee and the Remuneration Committee. The committees prepare matters for the
Board and provide recommendations, but do not make decisions on behalf of the Board. The mandate, composition and working methods of each committee are set out in separate instructions adopted
by the Board.
Following the AGM 2025, the former ESG Committee has been dissolved. Responsibility for ESG related reporting and controls has been integrated into the mandate of the Audit Committee, while strategic ESG topics are
handled by the Board as a whole.
Audit Committee (including ESG and reporting responsibilities)
The Audit Committee is appointed by and among the members of the Board. All of its members are
independent of the Company’s executive management. The composition of the committee complies
with the requirements of the Norwegian Public Limited Liability Companies Act and NUES.
The Audit Committee’s main responsibilities are to:
• Oversee the integrity of the Company’s financial and non-financial reporting and ensure that
the financial statements are prepared in accordance with applicable regulations and standards
(including IFRS)
• Monitor the effectiveness of the Company’s systems for risk management and internal control,
including material financial, operational and ESG related risks
• Maintain an ongoing dialogue with the external auditor regarding the audit of the annual financial
statements, internal control issues and key accounting judgements
• Assess the independence and performance of the external auditor, and provide recommendations
to the Board on the election of auditor and the auditor’s remuneration
• Oversee the Company’s processes for sustainability and annual reporting, including compliance
with relevant frameworks such as NUES and the quality assurance of material ESG data.
The Audit Committee reports regularly to the Board and presents its assessments and recommenda-
tions on matters within its remit before the Board makes a final decision.
Remuneration Committee
The Remuneration Committee is appointed by and among the members of the Board, and all
members are independent of the Company’s executive management. The committee supports the
Board in ensuring that the Company’s remuneration policies and practices for executive manage-
ment are in line with the Company’s strategy, risk profile, sustainability goals, shareholder interests
and applicable regulations.
The Remuneration Committee’s main responsibilities are to:
• Prepare the Board’s consideration of the Company’s guidelines for remuneration to executive
management in accordance with the Public Limited Liability Companies Act and NUES
• Advise on the structure and levels of fixed salary, short-term incentives (STI), long-term incentives
(LTI), and other benefits for the CEO and other members of executive management
• Assess whether the remuneration arrangements contribute to long-term value creation and
support Cloudberry’s financial and ESG performance objectives
• Prepare the Board’s annual remuneration report to the General Meeting.
The Remuneration Committee has a preparatory role only. Final decisions on remuneration guidelines
and on individual remuneration for the CEO and other members of executive management are made
by the Board, and, where required by law, by the General Meeting.
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Annual General Meeting
The Annual General Meeting (AGM) is Cloudberry’s highest
decision making body, where shareholders exercise their rights
and decide on key matters relating to the Company’s govern-
ance. The Board of Directors seeks to ensure that the AGM is
conducted in a way that facilitates transparency, equal treat-
ment of shareholders and active participation, in line with The
Code of Practice (NUES).
Notice and documentation
The AGM is normally held by the end of April each year.
Notice of the AGM, including the agenda and all supporting
documentation, is made available within the deadlines set
by the Norwegian Public Limited Liability Companies Act
and in accordance with NUES. The notice is published on the
Company’s website and through the stock exchange, and
is sent to all registered shareholders. The documentation is
designed to provide sufficient detail for shareholders to form a
well-founded view on each item on the agenda.
Participation and voting
All shareholders are entitled to attend, speak and vote at
the AGM, either in person or by proxy. Each share carries
one vote. Shareholders who are unable to attend may vote
by appointing a proxy, including the Chair of the Board,
and Cloudberry facilitates the use of proxy forms that allow
shareholders to vote separately on each item on the agenda
and for each candidate in elections. Where practicable, the
Company also facilitates electronic participation and voting,
to make it easier for shareholders to exercise their rights.
Agenda and main items
The AGM approves the annual financial statements and the
Board of Directors’ report, including any allocation of profit or
coverage of loss. The AGM also:
• elects members of the Board of Directors and the
Nomination Committee
• approves the remuneration to the Board, the Board commit-
tees and the Nomination Committee
• approves the remuneration report and the guidelines for
remuneration of executive management
• elects the external auditor and approves the auditor’s fee
• considers any Board authorizations to increase the share
capital or acquire treasury shares
• deals with any other matters that by law or the Articles of
Association fall within the authority of the General Meeting.
All proposals on the agenda are accompanied by a recom-
mendation from the Board of Directors (or the Nomination
Committee, where relevant). The AGM is chaired by an inde-
pendent person to ensure impartiality and proper conduct of
the meeting.
Extraordinary General Meetings
Extraordinary General Meetings (EGMs) are convened as
required by the Board of Directors, the auditor, or shareholders
representing at least 5% of the share capital. The same princi-
ples for notice, documentation and participation apply as for
the AGM.
The Nomination Committee
The Nomination Committee is elected by the General Meeting
and is an important part of Cloudberry’s governance structure.
The Committee’s role is to contribute to a well-functioning and
competent Board of Directors and Nomination Committee
that reflect the interests of all shareholders.
Mandate and responsibilities
The Nomination Committee’s main responsibilities are to:
• propose candidates for election as members and Chair of
the Board of Directors
• propose candidates for election as members of the
Nomination Committee
• propose remuneration for the Board of Directors, the Board
committees and the Nomination Committee.
In carrying out its work, the Nomination Committee shall
seek to ensure that the Board as a whole has the neces-
sary competence, capacity and diversity, including relevant
industry experience, financial expertise and independence
in line with NUES. The Committee shall also take into account
the results of the Board’s self evaluation and input from major
shareholders. The Committee’s work is governed by a written
instruction adopted by the General Meeting, which sets out its
mandate, composition and working methods.
Composition and independence
The Nomination Committee consists of three members
elected by the General Meeting for a term of up to two years.
Members may be re-elected. Following the AGM in 2025, one
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9191 GovernanceGovernance | The Board and governing bodiesGovernance | The Board and governing bodies
member resigned from the Committee. Until a new member is
elected by the General Meeting, the Nomination Committee
operates with two members: Frank J. Berg (chair) and Hans
Jacob Humlevik. In line with NUES, members of the Nomination
Committee are independent of the Company’s executive
management and the Board of Directors. Collectively, the
Committee shall have the competence required to assess the
composition and performance needs of the Board.
The current members of the Nomination Committee are
presented on the Company’s website.
Working methods and shareholder dialogue
The Nomination Committee works in a structured manner
throughout the year and holds meetings as needed.
In preparing its recommendations, the Committee:
• considers the Board’s self evaluation and any feedback
from the Chair of the Board and the CEO
• engages in dialogue with major shareholders to understand
their views on Board composition and performance
• assesses the need for renewal or changes in the Board
and the Nomination Committee in light of the Company’s
strategy, risk profile and development
• evaluates the level and structure of remuneration to the
Board and the Nomination Committee against market
practice.
Shareholders are invited to propose candidates to the Board
of Directors and the Nomination Committee within a specified
deadline ahead of the AGM. Information about the Committee,
its members, and the deadline and procedure for submitting
proposals is published on Cloudberry’s website.
The Nomination Committee’s recommendations, including
justifications and information on the proposed candidates’
background and independence, are made available together
with the notice of the AGM, so that shareholders can make an
informed voting decision.
External Auditor
Cloudberry’s external auditor is Ernst & Young (EY), elected by
the General Meeting. EY is independent of the Company and
audits the annual financial statements in accordance with
applicable laws, regulations and auditing standards.
The auditor:
• presents the audit plan and key audit matters to the Audit
Committee and the Board
• attends meetings of the Audit Committee and the Board
when the annual accounts are considered
• reports on significant matters related to financial and non-fi-
nancial reporting, internal control and any disagreements
with management
• annually confirms its independence.
Any use of the auditor for non audit services is approved by
the Audit Committee. The auditor’s fee, split between audit
and non audit services, is disclosed in the notes to the finan-
cial statements and submitted to the General Meeting for
approval.
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9292 GovernanceGovernance | The Board and governing bodiesGovernance | The Board and governing bodies
The Cloudberry Management
For full CVs please see Cloudberry.no
Anders J. Lenborg
Chief Executive
Officer
Ole‑Kristofer Bragnes
Chief Financial
Officer
Ingrid Bjørdal
Chief Sustainability
Officer
Stig Østebrøt
1
Chief Projects
Officer
Christian A. Helland
Chief Commercial
Officer
Erik W. Welle‑Strand
Chief Operation
Officer
1
Stig J Østebrøt was appointed Chief Projects Officer in January 2026.
Charlotte Bergqvist left the position as CPO from 1 october 2025. As of the reporting date
she has a advisory consultancy role in the Company.
The Executive Management
Role and responsibilities
The Executive Management is responsible for the day to
day management of Cloudberry and for implementing the
strategy, budgets and policies set by the Board of Directors.
The CEO leads the team and reports to the Board, while each
executive is accountable for performance and risk within his or
her area.
Organization and structure
Executive Management reflects Cloudberry’s integrated “develop,
own and operate” model and the Group’s segment structure.
The team covers:
• Projects – development and construction of new hydro,
wind, solar and storage projects
• Commercial – ownership, optimization and growth of
producing assets, including M&A
• Asset Management – operation and management of
Cloudberry’s and third party assets
• Corporate functions – finance, investor relations, legal,
sustainability, HR and other group support functions
Composition and experience
Cloudberry’s Executive Management team combines
experience from renewable energy, infrastructure investments,
project development, operations, sustainability and finance
in the Nordics. Biographical information, including education,
previous experience and share ownership is available on the
Company’s website, share ownership is also disclosed
in note 10.
Chief Financial
Officer
Chief Sustainability
Officer
Chief Projects Officer
(Projects segment)
Chief Operating Officer
(Asset Management
segment)
Chief Executive
Officer
Chief Commercial Officer
(Commercial segment)
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9393 GovernanceGovernance | The Executive ManagementGovernance | The Executive Management
Executive
compensation
The Company’s executive compensation structure is designed
to attract, retain, and motivate key leaders while aligning with
long-term shareholder interests. It consists of a fixed base
salary, performance-based incentives, and benefits. The
performance-based components include both short-term
incentives (STI) linked to annual financial, operational, and
strategic targets, and long-term incentives (LTI) designed to
drive sustainable long-term value creation aligned with share-
holder interests.
Compensation guidelines are reviewed annually to ensure
competitiveness and adherence to market standards. The
latest executive compensation policy, approved by the AGM
in 2024, outlines the framework for remuneration, including
performance metrics, incentive structures, and governance
principles. The Board of Directors, through the Remuneration
Committee, oversees these policies to ensure transparency
and compliance with regulatory requirements.
Further details on executive remuneration, including specific
compensation components and annual disclosures, can be
found in the Company’s annual Remuneration Report.
Munkhyttan Wind farm,
Lindesberg, Sweden
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9494 GovernanceGovernance | Executive compensationGovernance | Executive compensation
Shareholder
information
Share capital and ownership structure
Cloudberry Clean Energy ASA is a Norwegian public limited
liability company listed on the Oslo Stock Exchange under the
ticker CLOUD. The Company has one class of shares, and
each share carries one vote and equal rights, including the
right to dividends.
An overview of the 20 largest shareholders, total number of
shares and share capital is provided in the note on share
capital and shareholder information in the financial state-
ments and on the Company’s website.
Equal treatment of shareholders and trading in shares
All shares in Cloudberry are freely tradable and carry equal
rights. The Company’s Articles of Association contain no
restrictions on transferability or on voting rights.
If the Board of Directors resolves to increase the share capital
through the issuance of new shares, existing shareholders
shall have pre emptive subscription rights proportionate
to their existing shareholdings, provided that the Board of
Directors may deviate from such rights pursuant to current
authorizations where it deems this to be in the best interests
of the Company. Any such deviation will be explained in
the notice of the relevant decision and disclosed in a stock
exchange announcement.
Cloudberry has adopted routines to ensure equal treatment of
shareholders in connection with transactions in its own shares,
share issues and other corporate actions.
Dividend and capital allocation policy
Cloudberry is in a growth phase and expects to use most of
its earnings and available capital to fund organic growth and
acquisitions. Over time, the Company’s ambition is to return
capital to shareholders through dividends and/or share buy
backs, subject to the Company’s earnings, cash flow, invest-
ment needs, capital structure and applicable regulations.
Any dividend proposal is resolved by the Board of Directors
and presented to the General Meeting for approval. Dividend
payments, if any, will be described in the Board of Directors’
report and in the note on equity in the financial statements.
Authorizations and treasury shares
The General Meeting may grant the Board authorizations to:
• increase the share capital, typically to finance growth
opportunities, and/or
• purchase treasury shares, for example for use in share
based incentive programs or for capital structure purposes.
Such authorisations are limited in time (normally until the next
AGM), within specified amounts and justified in the Board’s
proposal to the General Meeting. Details of current authorisa-
tions and any treasury shares held by the Company are set
out in the Board of Directors’ report and the relevant note to
the financial statements.
Information and communication
Cloudberry is committed to providing timely, relevant and
accurate information to all shareholders and other stake-
holders, in line with the principles of equal treatment and the
rules of the Oslo Stock Exchange.
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9595 GovernanceGovernance | Shareholder informationGovernance | Shareholder information
The Company publishes:
• quarterly and annual financial reports
• stock exchange announcements on price sensitive or other-
wise material information
• presentations and webcasts in connection with financial
reporting and key events.
All reports, announcements and presentations are made avail-
able on the Company’s website and through the Oslo Stock
Exchange’s information system. Cloudberry observes a silent
period before publication of financial reports.
The Company has an investor relations policy that sets out
principles for investor communication, contact with the capital
markets and handling of inside information.
Take over situations
In the event of a take over bid for the shares in Cloudberry, the
Board of Directors will follow the requirements of applicable
law and NUES. The Board will seek to ensure that shareholders
are treated equally and have sufficient information and time
to assess the offer, and will issue a recommendation on the
bid. The Board will not seek to hinder or obstruct any take over
bid without the prior approval of the General Meeting.
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Signatures from the Board and
the CEO of Cloudberry Clean Energy ASA
Board conclusion
In the opinion of the Board of Directors, the consolidated financial statements provide a true and fair view of the group’s
financial performance during 2025 and financial position on 31 December 2025. According to Section 4-5 of the Norwegian
Accounting Act, we confirm that the consolidated financial statements and the financial statements of the parent company
have been prepared based on the going concern assumption, and that it is appropriate to make that assumption.
Oslo, 24 March 2026
The Board of Directors of Cloudberry Clean Energy ASA
Tove Feld
Chair of the Board
Petter W. Borg
Board member
Benedicte Fossum
Board member
Henrik Joelsson
Board member
Nicolai Nordstrand
Board member
Mads Andersen
Board member
Alexandra Koefoed
Board member
Anders J. Lenborg
CEO
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Financial
statements
Consolidated financial statements
99
Parent company financial statements
155
Responsibility statement
170
Auditor’s report
171
Alternative performance measure
174
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9898 FinancialsFinancials Financials
Consolidated financial statements
Consolidated statement of profit or loss
100
Consolidated statement of comprehensive income
100
Consolidated statement of financial position
101
Consolidated statement of cash flows
102
Consolidated statement of changes in equity
103
Notes to the consolidated financial statements
104
General
104
Note 1 General information
104
Note 2 General accounting policies and principles
105
Note 3 Key accounting estimates and judgments
106
Note 4 Operating segments
107
Note 5 Business combinations
109
Note 6 Acquisitions and disposal of assets and
operations
114
Financial risk management
115
Note 7 Risk management and financial instruments
115
Note 8 Hedge activities and derivatives
123
Statement of profit or loss
125
Note 9 Sales revenues and other income
125
Note 10 Employee benefits and share-based
payments
127
Note 11 Other operating expenses
130
Note 12 Financial items
130
Note 13 Tax
131
Statement of financial position
133
Note 14 Property, plant and equipment
133
Note 15 Goodwill and impairment
135
Note 16 Investments in associated companies and
joint ventures
139
Note 17 Non-current financial assets and other assets
143
Note 18 Inventory
143
Note 19 Cash, cash equivalents and corporate funding
145
Note 20 Share capital and shareholder information
145
Note 21 Interest-bearing debt and debt facilities
146
Note 22 Provisions, guarantees and other contractual
obligations
148
Other information
149
Note 23 Earnings per share
149
Note 24 Transactions with related parties
150
Note 25 List of subsidiaries and equity accounted
companies
152
Note 26 Subsequent events
154
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9999 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
Consolidated statement of profit or loss
1 January–31 December
NOK million | Note | FY2025 | FY2024 |
Sales revenue | 9 | ||
| Other income | 9 | ||
Total revenue | |||
Cost of goods sold | ( | ( | |
| Salary and personnel expenses | 10 | ( | ( |
| Other operating expenses | 11 | ( | ( |
Operating expenses | ( | ( | |
| Net income from associated companies and JVs | 4, 16 | ||
| Net gain from disposed associated companies and JVs | 4, 16 | ||
EBITDA 1 | |||
| Depreciation | 14 | ( | ( |
| Amortization | 14 | ||
| Impairment | 15 | ( | |
Operating profit (EBIT) 1 | |||
| Financial income | 7, 12 | ||
| Financial expenses | 7, 12 | ( | ( |
Profit before tax | |||
| Income tax expense | 13 | ( | ( |
Profit after tax | |||
| Profit attributable to: | |||
Equity holders of the parent | |||
Non-controlling interests | |||
| Earnings per share (NOK): | |||
| Continued operation | |||
| - Basic | 22 | ||
| - Diluted | 22 |
Consolidated statement of
comprehensive income
1 January–31 December
NOK million | Note | FY2025 | FY2024 |
Profit for the year | |||
| Other comprehensive income | |||
Items which may be reclassified over profit and loss in subsequent periods | |||
| Net movement of cash flow hedges | 8 | ( | ( |
| Income tax effect | 8 | ||
Exchange differences on translation of foreign operations | ( | ||
Net other comprehensive income | ( | ||
Total comprehensive income for the year | |||
| Total comprehensive income attributable to: | |||
Equity holders of the parent company | |||
Non-controlling interest |
1
Classified as Alternative Performance Measures (APMs). For further details, including definitions and usage, refer to the chapter on Alternative
Performance Measures in the financial report.
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100100 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
Consolidated statement of financial position
NOK million | Note | 31.12.2025 | 31.12.2024 |
| ASSETS | |||
| Non-current assets | |||
| Property, plant and equipment | 14 | ||
| Goodwill | 15 | ||
| Investment in associated companies and JVs | 16 | ||
| Financial assets and other assets | 7, 17 | ||
Total non-current assets | |||
| Current assets | |||
| Inventory | 18 | ||
| Accounts receivables | 7 | ||
| Other assets | 7 | ||
| Cash and cash equivalents | 19 | ||
Total current assets | |||
TOTAL ASSETS |
NOK million | Note | 31.12.2025 | 31.12.2024 |
| EQUITY AND LIABILITIES | |||
| Equity | |||
| Share capital | 20 | ||
| Share premium | 20 | ||
Total paid in capital | |||
Other equity | |||
Non-controlling interests | |||
Total equity | |||
| Non-current liabilities | |||
| Interest-bearing loans and borrowings | 8, 21 | ||
Lease liabilities | |||
| Provisions | 22 | ||
| Deferred tax liabilities | 13 | ||
Total non-current liabilities | |||
| Current liabilities | |||
| Interest-bearing loans and borrowings | 21 | ||
Other financial liabilities | |||
Lease liabilities | |||
| Accounts payables and other liabilities | 7 | ||
| Provisions | 22 | ||
Total current liabilities | |||
Total liabilities | |||
TOTAL EQUITY AND LIABILITIES |
Oslo, 24 March 2026
The Board of Directors of Cloudberry Clean Energy ASA
Tove Feld
Chair of the Board
Petter W. Borg
Board member
Benedicte Fossum
Board member
Henrik Joelsson
Board member
Nicolai Nordstrand
Board member
Mads Andersen
Board member
Alexandra Koefoed
Board member
Anders J. Lenborg
CEO
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101101 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
Consolidated statement of cash flows
NOK million | Note | FY2025 | FY2024 |
| Cash flow from operating activities | |||
Profit/(loss) before tax | |||
Net gain from sale of PPE and project inventory | ( | ( | |
| Depreciation and amortization | 14 | ||
| Write-downs/Impairment | 15 | ||
| Net income from associated companies and JV's | 4, 16 | ( | ( |
Share-based payments - non cash to equity | |||
Net interest | |||
Unrealized effect from change in fair value derivatives | ( | ( | |
Unrealized foreign exchange (gain)/loss | ( | ( | |
Change in accounts payable | ( | ( | |
Change in accounts receivable | ( | ( | |
Change in other current assets and liabilities | |||
Net cash flow from operating activities | |||
| Cash flow from investing activities | |||
| Interest received | 12 | ||
Investment and capitalization projects | ( | ( | |
| Investments in PPE and intangible assets | 14 | ( | ( |
| Net proceeds from sale of PPE and project inventory | 6 | ||
| Net proceeds from divestment of operations, net of cash | 6 | ( | |
| Investment in operations, net of cash acquired | 5 | ( | ( |
Payment for increase in controlling interest | ( | ||
| Investments in associated companies and JV's | 16 | ( | ( |
Net cash flow from loans to associated companies and JV's | ( | ||
| Distributions from associated companies and JV's | 16 | ||
Net cash flow from (used in) investing activities | ( | ( |
NOK million | Note | FY2025 | FY2024 |
| Cash flow from financing activities | |||
| Proceeds from new term loans | 21 | ||
Payment of capitalised borrowing costs | ( | ||
| Repayment of term loan | 21 | ( | ( |
| Repayment of current interest-bearing liabilities | 21 | ( | ( |
| Interest paid on loans and borrowings | 12 | ( | ( |
Payment on lease liabilities - interest | ( | ( | |
Repayment on lease liabilities | ( | ( | |
| Share capital increase | 20 | ||
| Share capital increase NCI | 20 | ||
Dividends paid to NCI | ( | ( | |
Net cash flow from financing activities | |||
Total change in cash and cash equivalents | |||
Effect of exchange rate changes on cash and cash equivalents | |||
Cash and cash equivalents at start of period | |||
Cash and cash equivalents at end of period |
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102102 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
Consolidated statement of changes in equity
| Attributable to parent company equity holders | |||||||||||
Paid in capital | Other equity | ||||||||||
| Foreign | |||||||||||
| Share based | Cash flow | currency trans- | Retained | Total other | Non-controlling | ||||||
Share capital | Share premium | Treasury shares | payment | hedge reserves | lation reserve | earnings | equity | Total | interests | Total equity | |
Equity as at 01.01 2024: | ( | ||||||||||
Profit/Loss for the period | |||||||||||
Other comprehensive income | ( | ||||||||||
Total comprehensive income | ( | ||||||||||
Share capital increase | |||||||||||
Repurchase own shares | ( | ( | |||||||||
Share based payments in the year | |||||||||||
| Transaction with non-controlling interest | |||||||||||
from business combinations | ( | ( | |||||||||
Transaction with non-controlling interest | ( | ( | ( | ( | ( | ||||||
Transfer to other equity | |||||||||||
Equity as at 31.12 2024 | ( | ||||||||||
Equity as at 01.01 2025: | ( | ||||||||||
Profit/Loss for the period | |||||||||||
Other comprehensive income | ( | ( | ( | ( | ( | ( | |||||
Total comprehensive income | ( | ( | |||||||||
Share capital increase | |||||||||||
Repurchase own shares | |||||||||||
Share based payments in the year | |||||||||||
| Transaction with non-controlling interest | |||||||||||
from business combinations | |||||||||||
Transaction with non-controlling interest | ( | ( | |||||||||
Transfer to other equity | ( | ||||||||||
Equity as at 31.12 2025 | ( |
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103103 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
Notes to the consolidated financial statements
General
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105105 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
Note 3 Key accounting estimates and judgments
Significant estimates
The most critical assumptions used by management are the long-
term price forecast for power and the related market developments
together with the applied weighted average cost of capital (WACC)
in discounted cash flow (DCF) models. The uncertainty related to the
long-term price forecast estimate is primarily associated with the
Commercial segment, while WACC estimates are also relevant for
Asset Management. These assumptions are critical input for manage-
ment related to financial statement processes such as:
•
Impairment testing of goodwill, PPE and investment in associates
and JVs. See note 15.
•
Allocation of fair value in business combinations, transactions
related to PPE, investment in associates and JVs, goodwill and
inventory. For business combinations and related significant esti-
mates in 2025, refer to note 5.
Long term price forecast for power
Management relies on two independent providers for long-term
power price forecasts to ensure a balanced and representative
outlook. Each provider develops its own base case for future power
prices, and management uses the average of these forecasts as the
primary input to the Group’s discounted cash flow models.
There are significant variations between individual power price fore-
casts in the market. An averaging approach is therefore considered
the most appropriate methodology, as it reflects a broader market
perspective and mitigates potential bias from any single forecast.
Management applies a structured policy of relying on independent
third-party power curves, and both the selected providers and the
underlying forecasts are subject to ongoing assessment.
The forecast power price curve is updated regularly based on the
latest available data and market information. Geopolitical develop-
ments, including changes in energy security policies, trade restrictions
and regional conflicts, may significantly affect cross border power
flows, fuel markets and long term power price expectations in the
Nordic and continental European markets. Management monitors
such developments on an ongoing basis and considers their potential
impact when assessing the robustness of external power price fore-
casts.
Weighted average cost of capital (WACC)
The Weighted Average Cost of Capital (WACC) is a significant
estimate used by management to prepare the financial statements,
particularly in the valuation of assets and impairment testing.
Cloudberry determines WACC based on externally observed market
indicators, ensuring an unbiased and market-reflective estimate.
Cost of debt
The cost of debt is calculated using the market risk-free rate appli-
cable to the respective country of investment, with an observed
market-based margin added. The total cost of debt is adjusted with
the applicable tax shield. This approach ensures that the debt cost
reflects prevailing financial conditions in the relevant jurisdiction.
Cost of equity
The cost of equity is derived using the Capital Asset Pricing Model
(CAPM), which incorporates the:
•
Risk-free rate relevant to each region
•
Market risk premium applicable to the investment environment
•
Equity beta specific to Cloudberry’s business
The equity beta is determined by using peer group data from publicly
listed renewable energy companies. Initially, the unlevered beta is
obtained from the peer group and subsequently re-levered to reflect
the financial leverage ratio applicable to the specific investment.
Periodic updates and application
To maintain accuracy, WACC is updated periodically to align with
market conditions at the time it is used as an input in financial
reporting.
Significant judgments
The preparation of the consolidated financial statements requires
management to exercise significant judgment in selecting and
applying accounting policies in various key areas. For certain transac-
tions, the application of these policies may have a material impact on
the financial statements.
Key areas where significant judgment is applied include:
•
Assessment of business combination
or asset acquisition note 5, 6 and 14
•
Assessment of control over investments note 5
•
Asset useful life and annual production volumes note 5 and 15
•
Classification of developing projects note 14 and 18
•
Assessment of impairment indicators note 15
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107107 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
Proportionate financials
The following tables present, for each operating segment, the key
income statement and balance sheet measures that are regularly
reported to the Board of Directors as chief operating decision maker,
including proportionate revenue, EBITDA, investments and segment
assets and liabilities, together with reconciliations to the Group’s
consolidated IFRS figures.
Disclosures by geography are provided in the revenue note 9.
| FY2025 | Elim. of | Residual | |||||||
| Asset | Total | Group | equity | ownership | Total | ||||
NOK million | Projects | Commercial | Management | Corporate | proportionate | eliminations | consol. ent. | consol. Ent. | consolidated |
Total revenue | 42 | 578 | 75 | 2 | 697 | (34) | (190) | 98 | 571 |
Opex ex depr./amort. | (61) | (251) | (71) | (58) | (441) | 34 | 105 | (54) | (357) |
| Net income/(loss) from ass. | |||||||||
comp./JVs | - | - | - | - | - | - | 119 | - | 119 |
EBITDA 1 | (19) | 327 | 4 | (55) | 256 | - | 34 | 44 | 333 |
Depr., amort. and write-downs | (9) | (285) | (7) | (3) | (304) | 58 | 62 | (22) | (206) |
Operating profit (EBIT) 1 | (28) | 42 | (4) | (58) | (48) | 58 | 96 | 22 | 127 |
Net financial items | 36 | (113) | - | 7 | (69) | 40 | 7 | (4) | (27) |
Profit/(loss) before tax | 8 | (71) | (4) | (51) | (118) | 98 | 103 | 18 | 100 |
Total assets | 767 | 7 385 | 167 | 722 | 9 042 | (358) | (1 243) | 1 992 | 9 434 |
Interest bearing debt | 36 | 3 137 | - | - | 3 173 | - | (891) | 1 026 | 3 308 |
Cash | 84 | 141 | 27 | 638 | 891 | - | (98) | 100 | 893 |
NIBD 1 | (48) | 2 996 | (27) | (638) | 2 282 | - | (792) | 926 | 2 416 |
| FY2024 | Elim. of | Residual | |||||||
| Asset | Total | Group | equity | ownership | Total | ||||
NOK million | Projects | Commercial | Management | Corporate | proportionate | eliminations | consol. ent. | consol. Ent. | consolidated |
Total revenue | 141 | 569 | 65 | 1 | 776 | (120) | (192) | 84 | 548 |
Opex ex depr./amort. | (41) | (173) | (68) | (63) | (345) | 8 | 77 | (30) | (290) |
| Net income/(loss) from ass. | |||||||||
comp./JVs | - | - | - | - | - | - | 51 | - | 51 |
EBITDA 1 | 100 | 396 | (3) | (62) | 431 | (112) | (63) | 54 | 309 |
Depr., amort. and write-downs | (22) | (172) | (6) | (1) | (200) | 3 | 63 | (31) | (166) |
Operating profit (EBIT) 1 | 78 | 224 | (9) | (63) | 231 | (110) | - | 23 | 144 |
Net financial items | 3 | (43) | 1 | 22 | (16) | (33) | 16 | 24 | (10) |
Profit/(loss) before tax | 81 | 182 | (8) | (40) | 214 | (143) | 16 | 47 | 134 |
Total assets | 259 | 7 011 | 121 | 678 | 8 068 | (374) | (366) | (300) | 7 028 |
Interest bearing debt | - | 2 645 | - | - | 2 645 | - | 1 953 | (2 647) | 1 951 |
Cash | 75 | 184 | 7 | 662 | 927 | - | (68) | 14 | 874 |
NIBD 1 | (75) | 2 461 | (7) | (662) | 1 718 | - | 2 021 | (2 661) | 1 077 |
1
Classified as Alternative Performance Measures (APMs). For further details, including definitions and usage,
refer to the chapter on Alternative Performance Measures in the financial report.
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Cloudberry Clean Energy • Annual report 2025Cloudberry Clean Energy • Annual report 2025
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Consideration and financing
In the purchase price allocation the consideration for the acquisition
is measured at fair value. Settlement of the transaction was made
partly by issuing 28 658 555 new shares in Cloudberry which are
measured per IFRS at the market stock price of NOK 11.6 per share.
The difference between the agreed conversion price (as explained in
the press release 05.12.2024) of NOK 17.0 per share and the stock price
at the transaction date lowers the purchase price through the share
consideration from NOK 487m to NOK 332m. The reason is that the
measurement of the shares and the capital increase has to be meas-
ured at the market price in the financial accounts. Per IFRS the total
consideration for the acquisition was NOK 833m, of which NOK 501m
was paid in cash and NOK 332m was settled in Cloudberry shares. The
cash payment was settled with NOK 386m drawn in external debt and
NOK 115m from the Company’s cash balance.
Accounting treatment of the 20% Odin portfolio acquisition
Prior to this transaction, Cloudberry was already the controlling owner
of the Odin portfolio with an 80% ownership stake. This transaction
represents the purchase of the remaining 20% ownership interest. The
acquisition of the remaining 20% in the Odin portfolio is accounted for
as a transaction with non-controlling interest, treated as an equity
transaction. Following this, the carrying amount of the non-controlling
interests of NOK 583m is derecognised. The consideration for this
acquisition was NOK 416m, resulting in a gain for the controlling
interest of NOK 167m recognised directly in equity.
Final purchase price allocation
The tables to the right present the allocation of the acquisition cost,
book values and identified excess values for the acquired assets in
the Skovgaard transaction:
| Allocation of excess values | |
NOK million | Total |
At acquisition date | 28.03.2025 |
| Consideration (controlling interests) | |
Cash | 501 |
Shares | 332 |
Total acquisition cost (controlling interest) | 833 |
Book value of net assets (see table below) | 654 |
| Identification of excess value attributable to: | |
Property, plant and equipment | 159 |
Investment in associates and JVs | 18 |
Gross excess value | 177 |
Deferred tax on excess value | 35 |
Net excess value | 142 |
Fair value of net acquired assets excluding goodwill | 796 |
| Of which: | |
Non-controlling interest | 47 |
Controlling interests | 749 |
| Total acquisition cost 100% | |
Goodwill (controlling interest) | 77 |
Goodwill (non-controlling interest) | 18 |
Goodwill (100%) | 94 |
Total non-controlling interest | 64 |
| Book value net acquired assets | |
NOK million | Total |
Property, plant and equipment | 211 |
Investment in associates and JVs | 12 |
Other non-current assets | 66 |
Inventory | 12 |
Other current assets | 4 |
Cash and cash equivalents | 8 |
Acquired assets | 312 |
Current liabilities | 20 |
Deferred tax liability | 55 |
Net asset value acquired assets | 238 |
Acquired NCI | 416 |
Total book value incl NCI | 654 |
NOK million | Total |
| Total acquisition cost | |
Non-cash consideration | 332 |
Cash consideration | 501 |
Total acquisition cost | 833 |
Cash in acquired company | 8 |
Net cash outflow at acquisition | 493 |
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Completion of the Forte transaction with Swiss Life Asset Management
The transaction
On 11 July 2025, Cloudberry completed a transaction with Swiss Life
Asset Managers to establish one of the largest small-scale hydro plat-
forms in the Nordics. Through this transaction, Cloudberry contributed
its entire producing hydropower portfolio and development projects
as a contribution in kind to Forte Vannkraft AS (“FVK”), obtaining 60%
ownership in FVK. The transaction also included the acquisition of an
additional 5.01% stake in Forte Energy Norway AS (“FEN”), increasing
Cloudberry’s total ownership in FEN to 55% and obtaining a controlling
interest.
In addition, cloudberry acquired 45% ownership of Norhard, where
Swiss Life Asset Managers will retain control.
Transaction details and accounting considerations
FVK
•
Cloudberry acquired a 60% interest in FVK by contributing hydro
assets it previously owned 100% into FVK. As a result, it effectively
disposed of 40% of those assets to the non-controlling interest.
Related to this disposal to the non-controlling interest, the
controlling interest recorded a gain of NOK 75m in equity.
•
The fair value of the net-assets (equity) contributed, amounting
to NOK 224m on 100% basis, from Swiss Life Asset Manager (FVK
before including Cloudberry assets) was recognized as a capital
contribution in kind in the equity.
•
In the purchase price allocation (PPA), the consideration is meas-
ured as Cloudberry’s share of the fair value of the contributed
assets from Swiss Life Asset Manager, amounting to NOK 161m.
•
The 40% disposal of previously held 100% Cloudberry assets are
recognized as a transaction with non-controlling interests at book
value.
FEN
•
FEN was previously accounted for as an associate using the equity
method. As a result of this transaction, Cloudberry obtained control;
the previously held equity interest was derecognized and a gain of
NOK 106m was recognized in profit or loss.
•
Following the transaction, FEN is consolidated as a subsidiary. The
consideration comprises the fair value of the previously held equity
interest together with the cash paid of NOK 57m to obtain control.
Norhard
The associated company is recognized according to the equity
method. As the price of the equity is not material compared to the
overall transaction, no further information is provided in this note.
For both acquisitions, non-controlling interests were measured at
their proportionate share of the acquiree’s identifiable net assets.
Accordingly, goodwill does not include any amount attributable to
non-controlling interests.
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111111 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
Preliminary purchase price allocation as per 31 December 2025
The tables below present the preliminary allocation of the acquisition cost, book values and identified excess values for the acquired assets:
Allocation of excess values
NOK million | FVK | FEN | Total |
| At acquisition date | |||
Total voting rights after the acquisition | 60% | 55% | |
Non-controlling interests | 40% | 45% | |
| Consideration (controlling interests) | |||
Cash | - | 57 | 57 |
Shares | 161 | 524 | 685 |
Total acquisition cost (controlling interest) | 161 | 581 | 742 |
Book value of net assets (see table below) | 67 | 336 | 403 |
| Identification of excess value attributable to: | |||
Intangible assets | (25) | - | (25) |
Property, plant and equipment | 180 | 579 | 759 |
Investment in associates and JVs | 38 | - | 38 |
Inventory | 17 | - | 17 |
Interest rate swap | - | 127 | 127 |
Contract | - | 37 | 37 |
Net liability | (5) | - | (5) |
Gross excess value | 204 | 743 | 947 |
Deferred tax on excess value | 113 | 164 | 277 |
Net excess value | 91 | 580 | 671 |
NOK million | FVK | FEN | Total |
Fair value of net acquired assets excluding goodwill | 158 | 916 | 1 074 |
| Of which: | |||
Non-controlling interest | 63 | 412 | 475 |
Controlling interests | 95 | 504 | 599 |
| Total acquisition cost 100% | |||
Goodwill (controlling interest) | 67 | 77 | 144 |
Goodwill (non-controlling interest) | - | - | - |
Goodwill (100%) | 67 | 77 | 144 |
Total non-controlling interest | 63 | 412 | 475 |
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112112 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
Book value net acquired assets:
NOK million | FVK | FEN | Total |
Intangible assets | 25 | - | 25 |
Property, plant and equipment | 329 | 920 | 1 250 |
Investment in associates and JVs | 38 | - | 38 |
Other non-current assets | 117 | 26 | 142 |
Inventory | 21 | - | 21 |
Other current assets | 76 | 32 | 108 |
Cash and cash equivalents | 26 | 91 | 117 |
Acquired assets | 632 | 1 070 | 1 702 |
| Non-current interest-bearing debt to financial institutions | |||
Other non-current debt , including bank loans | 507 | 718 | 1 225 |
Current liabilities | 38 | 13 | 51 |
Deferred tax liability | 21 | 1 | 22 |
Net asset value acquired assets | 67 | 336 | 403 |
NOK million | FVK | FEN | Total |
| Total acquisition cost | |||
Non-cash consideration | 161 | 524 | 685 |
Cash consideration | - | 57 | 57 |
Total acquisition cost | 161 | 581 | 742 |
Cash in acquired company | 26 | 91 | 117 |
Net cash outflow at acquisition | (26) | (34) | (60) |
NOK million | Total |
| Acquisition date | |
Gross revenue from acquisition date until 31.12.25 | 83 |
Profit or loss before tax from acquisition date until 31.12.25 | 10 |
Pro-forma Group figures 2025
| Cloudberry Group | FEN and | Pro-forma | |
| NOK million | reported | FVK | Group figures |
Total revenues | 571 | 68 | 639 |
Total profit or loss before tax | 100 | 112 | 212 |
Business combinations in 2024
There were no transactions completed in 2024 assessed as business combination. Please refer to note 6 for
information about other transactions during 2024.
Acquisition agreement with Skovgaard
On 5 December 2024, Cloudberry entered into a share purchase agreement with Skovgaard to acquire
selected Danish wind and solar assets, development projects and a local asset management team, including
full ownership of the Odin portfolio and 80% of Svåheia wind farm in NO 2. The agreed consideration was
DKK 662 million, to be settled through a combination of cash and new Cloudberry shares. The transaction
was signed in 2024 but closed in the first quarter of 2025 and is therefore accounted for as a 2025 business
combination.
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Financial risk management
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2025 | 2024 | |
Effect on profit before income tax | - | - |
Effect on equity | (1) | (1) |
2025 | 2024 | |
Effect on profit before income tax | - | - |
Effect on equity | 1 | 1 |
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NOK million | 2025 | 2024 |
Effect on profit before income tax | 57 | 4 |
Effect on equity | 82 | 100 |
NOK million | 2025 | 2024 |
Effect on profit before income tax | (61) | (4) |
Effect on equity | (77) | (92) |
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117117 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
NOK million | 2025 | 2024 |
Change in SEK | (5%) | (5%) |
Effect on cash and cash equivalents | 2 | 1 |
Effect on long-term debt | - | - |
Effect on group receivables and liabilities | - | - |
Change in DKK | (5%) | (5%) |
Effect on cash and cash equivalents | 2 | (4) |
Effect on long-term debt | 51 | 40 |
Effect on group receivables and liabilities | (49) | (40) |
Change in EUR | (5%) | (5%) |
Effect on cash and cash equivalents | (18) | (8) |
Effect on long-term debt | 33 | 25 |
Effect on group receivables and liabilities | (35) | (25) |
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| Carrying | Less than | ||||||
| NOK million | amount | a year 2027 | 2028 | 2029 | 2030+ | Total | |
Bank loan (incl. interest payments) | 3 287 | 299 | 1 880 | 754 | 94 | 703 | 3 730 |
Lease liabilities | 31 | 7 | 6 | 6 | 3 | 23 | 45 |
Accounts payable | 32 | 32 | - | - | - | - | 32 |
Total non-derivatives | 3 350 | 338 | 1 886 | 760 | 98 | 725 | 3 807 |
Net-settled derivatives | 21 | 9 | 6 | 2 | 1 | 3 | 21 |
Total financial liabilities and derivatives | 3 371 | 347 | 1 892 | 762 | 99 | 728 | 3 828 |
| Carrying | Less than | ||||||
| NOK million | amount | a year 2026 | 2027 | 2028 | 2029+ | Total | |
Bank loan (incl. interest payments) | 1 876 | 223 | 352 | 1 461 | 49 | 104 | 2 189 |
Lease liabilities | 40 | 16 | 7 | 6 | 6 | 10 | 45 |
Accounts payable | 27 | 27 | - | - | - | - | 27 |
Total non-derivatives | 1 943 | 266 | 359 | 1 467 | 55 | 114 | 2 261 |
Net-settled derivatives | 75 | 7 | 10 | 10 | 11 | 37 | 75 |
Total financial liabilities and derivatives | 2 017 | 273 | 368 | 1 477 | 66 | 151 | 2 336 |
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31.12.2025 | 31.12.2024 | ||||||||||
| Financial | Financial | Financial | Financial | Financial | Financial | Financial | Financial | ||||
| assets at | liabilities at | assets | liabilities | assets at | liabilities at | assets | liabilities | ||||
NOK million | Note | amortised cost | amortised cost | - fair value | - fair value | Total 31.12.2025 | amortised cost | amortised cost | - fair value | - fair value | Total 31.12.2024 |
Financial investments | 41 | - | 66 | - | 106 | 13 | - | - | - | 13 | |
Derivative financial instrument | - | - | 183 | - | 183 | - | - | 48 | - | 48 | |
Other non-current assets | 173 | - | - | - | 173 | 48 | - | - | - | 48 | |
Total non-current financial assets | 213 | - | 248 | - | 462 | 62 | - | 48 | - | 110 | |
Accounts receivables | 97 | - | - | - | 97 | 59 | - | - | - | 59 | |
Other assets | 134 | - | - | - | 134 | 30 | - | - | - | 30 | |
| Cash and cash equivalents | 19 | 893 | - | - | - | 893 | 874 | - | - | - | 874 |
Total current financial assets | 1 124 | - | - | - | 1 124 | 963 | - | - | - | 963 | |
Lease liability | - | (7) | - | - | (7) | - | (16) | - | - | (16) | |
| Interest-bearing loans and borrowings | 21 | - | (139) | - | - | (139) | - | (100) | - | - | (100) |
Accounts payables and other liabilities | - | (32) | - | - | (32) | - | (27) | - | - | (27) | |
Total current financial liabilities | - | (179) | - | - | (179) | - | (143) | - | - | (143) | |
Lease liability | - | (23) | - | - | (23) | - | (24) | - | - | (24) | |
| Interest-bearing loans and borrowings | 21 | - | (3 148) | - | - | (3 148) | - | (1 778) | - | - | (1 778) |
| Derivative financial instrument (incl. in non-current prov.) | 21 | - | - | - | (21) | (21) | - | - | - | (75) | (75) |
Total non-current financial liabilities | - | (3 172) | - | (21) | (3 193) | - | (1 802) | - | (75) | (1 877) | |
Net financial assets (liabilities) | 1 124 | (3 350) | 248 | (21) | (1 999) | 963 | (1 945) | 48 | (75) | (1 009) |
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121121 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
| Level 2 | ||
NOK million | 31.12.2025 | 31.12.2024 |
| Derivative assets | ||
– Interest rate derivatives | 175 | 36 |
– Commodity derivatives (PPAs) | 4 | 11 |
| 1 | ||
| Derivative liabilities | ||
– Interest rate derivatives 1 | (21) | (75) |
– FX derivatives | - | - |
– Commodity derivatives (PPAs) | - | - |
Fair value | 159 | (28) |
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Weighted | Nominal | Carrying amount of the | |||
| Maturity | average | amount | hedging instruments | ||
(months) rate/price 1 | - million 2 | Assets | Liabilities | ||
| Cash flow hedges | |||||
| Interest rate risk – borrowings | |||||
Interest rate swap (IRS) – NOK | 125 | 1.23% | 60 | 29 | - |
Interest rate swap (IRS) – EUR | 43-319 | 2.62% | 657 | 7 | (2) |
Interest rate swap (IRS) – DKK | 34-92 | 2.96% | 914 | 3 | (19) |
| Commodity price risk – Forecast transactions | |||||
Fixed price PPA 1 | 24 | 133 | 10 | 4 | - |
NOK million | 2025 | 2024 |
Opening balance | (2) | 40 |
Net change in value of effective derivative hedging instruments | (1) | (54) |
Interest rate swap (IRS) – NOK | 40 | (46) |
Fixed price PPA | (4) | 1 |
Interest rate swap (IRS) – NOK Forte | (37) | (9) |
Deferred tax/tax credit | - | 12 |
Total movement | (1) | (42) |
Closing balance | (4) | (2) |
Cloudberry Clean Energy • Annual report 2025Cloudberry Clean Energy • Annual report 2025
124124 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
Statement of profit or loss
Cloudberry Clean Energy • Annual report 2025Cloudberry Clean Energy • Annual report 2025
125125 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
NOK million | 2025 | 2024 |
Power related products | 441 | 317 |
Asset management | 37 | 31 |
Consultancy services | 27 | 21 |
Other revenue | 7 | 14 |
Sales revenues | 512 | 382 |
Net gain sale of PPE and project inventory | 16 | 118 |
Public grants | 18 | 47 |
Other | 26 | 1 |
Other income | 59 | 166 |
Total revenue | 571 | 548 |
NOK million | 2025 | 2024 |
Norway | 249 | 252 |
Denmark | 271 | 265 |
Switzerland | - | 2 |
Sweden | 51 | 29 |
Total revenue | 571 | 548 |
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126126 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
NOK million | 2025 | 2024 |
Salaries | 93 | 89 |
Social security tax | 14 | 13 |
Pension benefits | 4 | 5 |
Share based payments | 8 | 19 |
Other benefits | 9 | 2 |
Gross personnel expenses | 129 | 127 |
Capitalized development costs (project inventory) | (5) | (6) |
Total personnel expenses | 123 | 122 |
Average number of full-time equivalents (FTEs) | 59 | 57 |
Number of full-time equivalents as 31.12 (FTEs) | 63 | 50 |
| Anders | Ingrid | Ole-Kristofer | Charlotte | Christian | Erik W. | ||
| Lenborg | Bjørdal | Bragnes | Bergqvist | Helland | Welle-Strand | ||
| NOK million | (CEO) 2 | (CSO) | (CFO) | (CPO) 1 | (CCO) 2 | (COO) | Total |
Salary | 4.4 | 2.3 | 2.1 | 1.5 | 3.3 | 1.9 | 15.4 |
Bonus | 1.3 | 0.5 | 0.4 | - | 0.7 | 0.4 | 3.2 |
Pension benefits | 0.1 | 0.1 | 0.1 | 0.3 | 0.1 | 0.1 | 0.7 |
Share-based payments | 2.5 | 0.5 | 0.5 | - | 1.9 | 0.2 | 5.7 |
Total reportable benefits | 8.3 | 3.4 | 3.1 | 1.7 | 5.9 | 2.6 | 25.0 |
| Anders | Ingrid | Ole-Kristofer | Charlotte | Christian | Erik W. | ||
| Lenborg | Bjørdal | Bragnes | Bergqvist | Helland | Welle-Strand | ||
| NOK million | (CEO) | (CSO) | (CFO) 1 | (CPO) | (CCO) | (COO) 1 | Total |
Salary | 4.2 | 2.2 | 1.6 | 1.5 | 3.2 | 1.7 | 14.2 |
Bonus | 2.1 | 0.8 | 0.6 | 0.5 | 1.1 | 0.5 | 5.6 |
Pension benefits | 0.1 | 0.1 | 0.1 | 0.3 | 0.1 | 0.1 | 0.7 |
Share-based payments | 5.5 | 0.8 | 0.9 | 1.8 | 4.1 | 0.2 | 13.4 |
Total reportable benefits | 11.9 | 3.8 | 3.2 | 4.1 | 8.5 | 2.5 | 33.9 |
Cloudberry Clean Energy • Annual report 2025Cloudberry Clean Energy • Annual report 2025
127127 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
| Warrants | Warrants | ||||||
| Total | Warrants | granted | exercised/ | ||||
| Holding | Shares pr | remun- | granted | Warrants pr | total pr | cancelled/ | |
| NOK million | company | 31.12.25 | aration | 2025 | 01.01.2025 | 31.12.25 | expired |
Anders Lenborg (CEO) | Lenco AS | 1 855 156 | 8 | - | 7 445 000 | 6 650 000 | (795 000) |
Ingrid Bjørdal (CSO) | 110 000 | 3 | - | 925 000 | 925 000 | - | |
Ole-Kristofer Bragnes (CFO) | - | 3 | - | 1 000 000 | 1 000 000 | - | |
Charlotte Bergqvist (CPO) | - | 2 | - | 2 000 000 | 1 433 333 | (566 667) | |
Christian Helland (CCO) | Amandus | 301 758 | 6 | - | 5 600 000 | 5 100 000 | (500 000) |
| Invest AS | |||||||
Erik W. Welle Strand (COO) | Belisarius | 181 702 | 3 | - | 300 000 | 300 000 | - |
| Invest AS | |||||||
25 | - | 17 270 000 | 15 408 333 | (1 861 667) |
| Warrants | |||||||
| Total | Warrants | granted | |||||
| Holding | Shares pr | remun- | granted | Warrants pr | total pr | Warrants | |
| NOK million | company | 31.12.24 | aration | 2024 | 01.01.2024 | 31.12.24 | exercised |
Anders Lenborg (CEO) | Lenco AS | 1 403 546 | 12 | 350 000 | 7 095 000 | 7 445 000 | - |
Ingrid Bjørdal (CSO) | 110 000 | 4 | 325 000 | 600 000 | 925 000 | - | |
Ole-Kristofer Bragnes (CFO) | - | 3 | 300 000 | 700 000 | 1 000 000 | - | |
Charlotte Bergqvist (CPO) | - | 4 | 300 000 | 1 700 000 | 2 000 000 | - | |
Christian Helland (CCO) | Amandus | 301 758 | 9 | 350 000 | 5 250 000 | 5 600 000 | - |
| Invest AS | |||||||
Erik W. Welle Strand (COO) | Belisarius | 181 702 | 3 | 300 000 | - | 300 000 | - |
| Invest AS | |||||||
34 | 1 925 000 | 15 345 000 | 17 270 000 | - |
Share-based payments and long-term incentive program (LTIP)
In accordance with the terms adopted by the General Meeting of the Company on 21 March 2020, and
updated by the General Meeting on 4 April 2024, the Board of Directors has established an equity-settled
share incentive scheme for the executive managers and key employees of the Group. The key conditions are
as follows:
The LTIP equity programme may cover up to 10% of the issued shares in the Company from time to time.
Allocations are proposed by the Board and are subject to shareholder approval. The exercise price for the
warrants is determined by the Board at its reasonable discretion, considering the fair market value of the
shares on the date of the Board of Director’s proposed allocation of warrants under the programme, and is
subject to approval by the general meeting in connection with the issuance of warrants. The duration of the
warrants from grant date is 5 years, and the vesting period is 3 years from the grant date.
The value of the warrants recognised in the accounts is determined at grant date fair value using the Black-
Scholes option pricing model. The grant date is determined by the Board of Directors. No new warrants
were granted in 2025. The key assumptions applied for the grants in 2024 are a 40% volatility (based on the
Company’s historic volatility from listing on the Oslo Børs Main List to the grant date in April 2024), a 3.95%
risk-free interest rate and a 0% dividend yield. Other inputs to the model include the current share price, the
exercise price and the expected life of the option (vesting period plus one year).
Cloudberry Clean Energy • Annual report 2025Cloudberry Clean Energy • Annual report 2025
128128 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
Outstanding warrants 01.01. | 24 658 332 |
Granted in 2025 | - |
Exercised in 2025 | (825 000) |
Expired in 2025 | (1 416 667) |
Outstanding warrants 31.12. | 22 416 665 |
Vested 31.12.2025 | 16 616 656 |
Charged to profit and loss during year (NOK million) | 8 |
Charged to equity during year (NOK million) | 8 |
Outstanding warrants 01.01. | 22 899 999 |
Granted in 2024 | 3 750 000 |
Exercised in 2024 | (825 000) |
Expired in 2024 | (1 166 667) |
Outstanding warrants 31.12. | 24 658 332 |
Vested 31.12.2024 | 12 274 990 |
Charged to profit and loss during year (NOK million) | 19 |
Charged to equity during year (NOK million) | 17 |
| Weighted | |||||||
| average | Weighted | Vested | |||||
| # Warrants | Grant | Expiry | remaining | average | instruments | Share price | |
| outstanding | date | date | contractual life | strice price | 31.12.2025 | (grant date) | |
Warrant package #3 | 4 866 666 | 17/06/2021 | 17.06.2026 | 0.5 | 12.5 | 4 866 666 | 14.7 |
Warrant package #4 | 2 766 666 | 15/06/2022 | 28.04.2027 | 1.3 | 17.4 | 2 766 666 | 16.0 |
Warrant package #5 | 11 233 333 | 27/04/2023 | 26.04.2028 | 2.3 | 12.6 | 7 733 329 | 10.4 |
Warrant package #6 | 3 550 000 | 16/04/2024 | 16.04.2029 | 3.3 | 11.1 | 1 249 995 | 8.8 |
22 416 665 | 16 616 656 |
129129 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
NOK million | 2025 | 2024 |
Lease short-term, low value and variable | 33 | 16 |
External accounting and auditing fees | 16 | 12 |
Legal and other fees | 37 | 32 |
Operating and maintenance power plants | 65 | 52 |
Other | 27 | 24 |
Total other operating expenses | 179 | 136 |
NOK million | 2025 | 2024 |
Statutory audit | 7 | 8 |
Other assurance services | - | - |
Total auditor costs | 7 | 8 |
Note 12 Financial items
The table shows the breakdown of financial income and financial expense in FY 2025 and FY 2024.
NOK million | 2025 | 2024 |
Interest income | 33 | 33 |
Other financial income | 28 | 28 |
Exchange differences | 180 | 173 |
Total financial income | 240 | 234 |
NOK million | 2025 | 2024 |
Interest expense | (109) | (89) |
Other financial expense | (3) | (1) |
Exchange differences | (165) | (155) |
Capitalized interest | 11 | 2 |
Total financial expense | (267) | (244) |
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NOK million | 2025 | 2024 |
| Tax expense in the income statement | ||
Income tax payable | 46 | (1) |
Change in deferred tax related to resource tax | (49) | - |
Change in deferred income tax | (12) | (9) |
Tax expense in the income statement | (15) | (10) |
| Reconciliation of nominal tax rate and effective tax rate | ||
Profit before income tax | 100 | 134 |
Nominal tax rate | 22% | 22% |
Expected tax expense | (22) | (29) |
| Effect on taxes of: | ||
Permanent differences | 34 | 37 |
Change in unrecognized tax asset related to tax losses carried forward | (22) | (10) |
Changes related to deferred tax on excess values | (3) | - |
Changes related to other deferred tax | 2 | (7) |
Change deferred tax on resource rent | (3) | - |
Tax expense in the income statement | (15) | (10) |
Effective tax rate | 15% | 7% |
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NOK million | 2025 | 2024 |
| Temporary differences deferred tax asset: | ||
Inventory valuation | 22 | - |
Property, plant and equipment | 7 | - |
Derivatives | 26 | 106 |
Other receivables | - | 11 |
Tax loss carried forward | 497 | 441 |
Subtotal | 552 | 558 |
Of which not recognised as tax asset | (208) | (154) |
Basis for deferred tax asset | 344 | 404 |
Deferred tax asset | 76 | 89 |
| Temporary differences deferred tax liability: | ||
Inventory valuation | (8) | (8) |
Property, plant and equipment | (1 206) | (520) |
Intangible assets | (151) | - |
Derivative assets | (161) | (48) |
Other | (75) | (2) |
Subtotal | (1 601) | (578) |
Of which not recognised | 7 | - |
Basis for deferred tax liability | (1 594) | (578) |
Deferred tax liability | (351) | (127) |
| Temporarily differences deferred tax liability resource rent | ||
Resource rent tax basis (related to investment in property, plant and equipment) | (123) | (5) |
Deferred tax liability resource rent | (67) | (3) |
of which deferred tax asset presented in the statement of financial position | 40 | 14 |
of which deferred tax liabilities presented in the statement of financial position | (418) | (55) |
NOK million | 2025 | 2024 |
Net deferred tax at 01.01 | (41) | (44) |
Recognized in profit or loss statement | (12) | (9) |
Recognized in other comprehensive income | (8) | 10 |
Acquisitions and disposals of subsidiaries | (297) | 3 |
Other and currency translation differences | 28 | - |
Change in deferred tax realted to resource tax | (49) | - |
Net deferred tax at 31.12 | (378) | (41) |
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Statement of financial position
Cloudberry Clean Energy • Annual report 2025Cloudberry Clean Energy • Annual report 2025
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The table below shows the split of PPE into producing power plants, power plants under construction, equipment and right-to-use lease assets.
| Power | |||||
| Producing | plant under | Right to use | |||
| NOK million | power plants | construction | Equipment | - lease asset | Total |
Accumulated cost 1.1.2025 | 4 354 | 9 | 4 | 219 | 4 585 |
Additions from bus.comb. and acquisitions during the year | 2 342 | 144 | - | - | 2 486 |
Additions during the year | 30 | 186 | - | 1 | 218 |
Transfer between groups | 15 | (14) | - | - | 1 |
Cost of disposed assets | (335) | - | - | - | (335) |
| Effects of movements in foreign | |||||
exchange | 14 | 3 | - | 1 | 17 |
Accumulated cost at 31.12.2025 | 6 421 | 327 | 4 | 221 | 6 973 |
Accumulated depreciations and impairment losses at 1.1.2025 | 366 | - | 3 | 45 | 413 |
| Accumulated depreciations acquired | |||||
assets during the year | 108 | - | - | - | 108 |
Depreciations for the year | 189 | - | - | 16 | 206 |
Impairment losses | - | 1 | - | - | 1 |
Accumulated depreciations and impairment losses disposed assets | - | - | - | - | - |
| Effects of movements in foreign | |||||
exchange | 5 | - | - | - | 5 |
Accumulated depreciations and impairment losses at 31.12.2025 | 668 | 1 | 3 | 61 | 733 |
Carrying amount at 31.12.2025 | 5 753 | 326 | - | 160 | 6 239 |
Carrying amount beginning of period | 3 988 | 9 | 1 | 174 | 4 172 |
Estimated useful life (years) | 25-60 | 5-10 | 5-10 |
| Power | |||||
| Producing | plant under | Right to use | |||
| NOK million | power plants | construction | Equipment | - lease asset | Total |
Accumulated cost 1.1.2024 | 3 372 | 684 | 5 | 209 | 4 271 |
Additions from bus.comb. and acquisitions during the year | 123 | 1 | - | - | 124 |
Additions during the year | 375 | (100) | (2) | - | 274 |
Transfer between groups | 596 | (596) | - | - | - |
Cost of disposed assets | (280) | - | - | - | (280) |
| Effects of movements in foreign | |||||
exchange | 167 | 20 | - | 9 | 196 |
Accumulated cost at 31.12.2024 | 4 354 | 9 | 4 | 219 | 4 585 |
Accumulated depreciations and impairment losses at 1.1.2024 | 243 | - | 3 | 28 | 274 |
| Accumulated depreciations acquired | |||||
assets during the year | - | - | - | - | - |
Depreciations for the year | 160 | - | 1 | 14 | 175 |
Impairment losses | - | - | - | - | - |
Accumulated depreciations and impairment losses disposed assets | (67) | - | - | - | (67) |
| Effects of movements in foreign | |||||
exchange | 30 | - | (1) | 2 | 31 |
Accumulated depreciations and impairment losses at 31.12.2024 | 366 | - | 3 | 45 | 413 |
Carrying amount at 31.12.2024 | 3 988 | 9 | 1 | 174 | 4 172 |
Carrying amount beginning of period | 3 129 | 684 | 2 | 182 | 3 997 |
Estimated useful life (years) | 25–60 | 5–10 | 5–10 |
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NOK million | Reporting segment | 2025 | 2024 |
Significant CGU’s | Projects | 37 | 37 |
| Commercial | |||
Odin | 93 | 93 | |
Forte | 144 | - | |
Asset Management | 82 | 78 | |
Total | 357 | 208 |
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| Recoverable amount | ||
| Segment | based on | Key assumptions |
Projects | Discounted CF model | Price pr MW, expected |
| - Value in use | future development cost | |
| and discount rate | ||
Commercial | Discounted CF model | Long term power |
| - Value in use | price curve 1, change in | |
| discount rate, estimated | ||
| production volumes | ||
| Asset | Discounted CF model | Management business |
| Management | - Value in use | plan, discount rate and |
| growth in terminal |
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| Place of | Economic interest | |||
| Name of entity (and related segment) | business | to Group per 31.12.25 | Principal activities | |
| Commercial | ||||
Odal Vind AS | Associated company | Norway | 33% | Wind power |
Fåre Vindmøllelaug I/S | Associated company | Denmark | 47% | Wind power |
Fløvej 33 I/S | Associated company | Denmark | 50% | Wind power |
Nørgaard Vind I/S | Associated company | Denmark | 50% | Wind power |
Stakroge Vindkraft I/S | Associated company | Denmark | 26% | Wind power |
Stakroge VM4 I/S | Associated company | Denmark | 50% | Wind power |
Østergaard Vindkraft I/S | Associated company | Denmark | 20% | Wind power |
Vindtved Vindkraft I/S | Associated company | Denmark | 38% | Wind power |
P/S Tændpibe Vind | Associated company | Denmark | 15% | Wind power |
Volder Mark Vindkraft I/S | Associated company | Denmark | 17% | Wind power |
Krejbjerg Vindmøllelaug I/S | Associated company | Denmark | 40% | Wind power |
Orreholmen Vindkraft AB | Joint Venture | Sweden | 50% | Wind power |
Vetteberget Vindkraft AB | Joint Venture | Sweden | 50% | Wind power |
| Projects | ||||
Dingelsundet Energy AS | Joint Venture | Norway 1 | 50% | Battery energy storage system (BESS) constuction |
Fossum Sol 1 AS | Associated company | Norway | 33% | Solar power in construction permit process |
Småvoll Kraftverk AS | Associated company | Norway | 30% | Hydro power |
Osaelva Kraftverk AS | Associated company | Norway | 30% | Hydro power |
Norhard Equipment AS | Associated company | Norway | 45% | Project construction |
Energipark Holstebro-Struer P/S | Associated company | Denmark | 33.3% | Wind power |
| Komplementarselskabet Energipark | Associated company | Denmark | 33.3% | Wind power |
| Holstebro-Struer ApS | ||||
Duvhällen Vindpark AB | Associated company | Sweden | 40% | Wind power |
| Asset Management | ||||
Kaia Solutions AS 2 | Associated company | Norway | 32% | Balancing services for power companies |
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| Forte Energy | |||||
| NOK million | Norway AS | Odal Vind AS | Odin Portfolio | Other 1 | Total |
Book value beginning of year | 468 | 581 | 315 | 59 | 1 424 |
Additions of invested capital | - | - | 6 | 57 | 62 |
Additions from acquisitions | - | - | 30 | 9 | 39 |
Additions from business combinations | - | - | - | 86 | 86 |
Share of profit/loss for the year | 1 | 6 | 19 | - | 27 |
Depreciation of excess value | (2) | (1) | (10) | (1) | (13) |
Dividend paid to the owners | - | (59) | (19) | - | (78) |
Divestments | (416) | - | - | - | (416) |
Currency translation differences | (20) | 2 | 1 | - | (16) |
Items charged to equity | (31) | - | - | - | (31) |
Book value at reporting date | - | 530 | 343 | 209 | 1 083 |
Excess value beginning of year | 207 | 18 | 214 | 9 | 448 |
Excess value 31 December 2025 | - | 17 | 197 | 68 | 282 |
| Book value of equity at 31 December | |||||
associated company/JV | - | 513 | 147 | 141 | 801 |
| Forte Energy | |||||
| NOK million | Norway AS | Odal Vind AS | Odin Portfolio | Other | Total |
Book value beginning of year | 316 | 511 | 313 | 35 | 1 175 |
Additions of invested capital | 165 | - | - | 24 | 189 |
Share of profit/loss for the year | 3 | 45 | 15 | 3 | 65 |
Depreciation of excess value | (4) | (1) | (9) | - | (14) |
Dividend paid to the owners | (14) | - | (18) | - | (32) |
Divestments | - | - | - | (2) | (2) |
Currency translation differences | 9 | 25 | 16 | - | 50 |
Items charged to equity | (7) | - | - | - | (7) |
Book value at reporting date | 468 | 581 | 315 | 59 | 1 424 |
Excess value beginning of year | 131 | 18 | 217 | - | 366 |
Excess value 31 December 2024 | 207 | 18 | 214 | 9 | 448 |
| Book value of equity at 31 December | |||||
associated company/JV | 261 | 563 | 101 | 50 | 976 |
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Based on 100% | Cloudberry share | |||
NOK million | 2025 | 2024 | 2025 | 2024 |
Revenue | 47 | 87 | 23 | 37 |
EBITDA | 23 | 40 | 11 | 17 |
Profit for the period | 5 | 8 | 3 | 2 |
Total assets 1 | 1 303 | 1 290 | 651 | 645 |
Total cash and cash equivalents 1 | 91 | 94 | 46 | 47 |
Non-current Interest-bearing loans and borrowings 1 | 719 | 716 | 359 | 358 |
Total equity 1 | 533 | 519 | 267 | 260 |
Based on 100% | Cloudberry share | |||
NOK million | 2025 | 2024 | 2025 | 2024 |
Revenue | 285 | 357 | 95 | 119 |
EBITDA | 122 | 225 | 41 | 75 |
Profit for the period | 19 | 137 | 6 | 46 |
Total assets 1 | 2 701 | 2 867 | 902 | 957 |
Total cash and cash equivalents | 67 | 53 | 22 | 18 |
Non-current Interest-bearing loans and borrowings | 945 | 971 | 316 | 324 |
Total equity | 1 535 | 1 687 | 513 | 564 |
Based on 100% | Cloudberry share | |||
NOK million | 2025 | 2024 | 2025 | 2024 |
Revenue | 130 | 115 | 39 | 29 |
EBITDA | 98 | 87 | 28 | 21 |
Profit for the period | 62 | 43 | 15 | 9 |
Total assets | 534 | 528 | 177 | 138 |
Total cash and cash equivalents | 8 | 7 | 3 | 2 |
Non-current Interest-bearing loans and borrowings | 120 | 133 | 60 | 53 |
Total equity | 393 | 360 | 108 | 75 |
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NOK million | 31.12.2025 | 31.12.2024 |
Intangible assets | 3 | 5 |
Deferred tax asset | 41 | 14 |
Investment in other shares | 66 | - |
Derivative assets | 183 | 48 |
Other non-current assets | 170 | 43 |
Total non-current financial assets and other assets | 461 | 110 |
NOK million | 31.12.2025 | 31.12.2024 |
Projects | 169 | 152 |
Government grants | - | - |
Total | 169 | 152 |
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| Projects - with | Projects - | ||
| NOK million | construction permit | backlog | Total |
Project inventory 01.01. | 95 | 57 | 152 |
Acquisitions through business combination | 10 | 22 | 32 |
Acquisitions during the year | 5 | - | 5 |
Capitalization (salary, borrowing cost, other expenses) | 21 | 11 | 32 |
Disposals | (52) | - | (52) |
Write down current year | - | (4) | (4) |
Effects of movements in foreign exchange | 1 | 3 | 4 |
Project inventory 31.12. | 80 | 89 | 169 |
| Projects - with | Projects - | ||
| NOK million | construction permit | backlog | Total |
Project inventory 01.01. | 51 | 48 | 99 |
Acqusitions during the year | 23 | - | 23 |
Capitalized right of lease asset | 9 | - | 9 |
Capitalization (salary, borrowing cost, other expenses) | 11 | 9 | 19 |
Effects of movements in foreign exchange | 2 | - | 2 |
Project inventory 31.12. | 95 | 57 | 152 |
Cloudberry Clean Energy • Annual report 2025Cloudberry Clean Energy • Annual report 2025
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NOK million | 2025 | 2024 |
Bank deposits | 735 | 724 |
Money market funds | 158 | 150 |
Total cash and cash equivalents | 893 | 874 |
Note 20 Share capital and shareholder information
NOK million | 2025 | 2024 |
Share capital | 80 | 72 |
Share premium | 3 831 | 3 497 |
Share capital and premium at 31 December | 3 911 | 3 569 |
Number of shares at 31 December | 318 104 624 | 288 646 437 |
| Number | |||
NOK million | Date | of shares | Share capital |
Number of shares 1 January 2025 | 288 646 437 | 72 161 609 | |
Capital increase | 02.04.2025 | 28 658 555 | 7 164 639 |
Capital increase | 16.06.2025 | 74 632 | 18 658 |
Capital increase | 11.09.2025 | 725 000 | 181 250 |
Number of shares and share capital 31 December 2025 | 318 104 624 | 79 526 156 |
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The table below shows the 20 largest shareholders of Cloudberry as of 31 December 2025:
| Number of | Share of | Share of | |
| 20 largest shareholders as of 31 December | shares | ownership | voting rights |
Ferd AS | 35 454 343 | 11.1% | 11.1% |
The Bank of New York Mellon SA/NV | 31 922 528 | 10.0% | 10.0% |
Joh Johannson Eiendom AS | 29 512 098 | 9.3% | 9.28% |
Havfonn AS (Bergesen family) | 24 761 554 | 7.8% | 7.78% |
Morgan Stanley & Co. Int. Plc. | 23 244 980 | 7.3% | 7.31% |
Snefonn AS (Bergesen family) | 16 203 725 | 5.1% | 5.09% |
The Northern Trust Comp, London Br | 15 872 434 | 5.0% | 4.99% |
Skandinaviska Enskilda Banken AB | 15 711 739 | 4.9% | 4.9% |
Skandinaviska Enskilda Banken AB | 11 550 000 | 3.6% | 3.6% |
Farvatn Capital AS | 10 007 145 | 3.1% | 3.1% |
UBS AG | 9 849 711 | 3.1% | 3.1% |
The Bank of New York Mellon SA/NV | 8 033 759 | 2.5% | 2.5% |
Citibank Europe plc | 5 543 271 | 1.7% | 1.7% |
Clearstream Banking S.A. | 4 762 422 | 1.5% | 1.5% |
J.P. Morgan Securities LLC | 4 049 049 | 1.3% | 1.3% |
Gjensidige Forsikring ASA | 4 023 469 | 1.3% | 1.3% |
MP Pensjon PK | 3 421 320 | 1.1% | 1.1% |
Ccpartner AS | 2 900 000 | 0.9% | 0.9% |
J.P. Morgan SE | 2 427 638 | 0.8% | 0.8% |
Verdipapirfondet Storebrand Norge | 2 282 364 | 0.7% | 0.7% |
Other | 56 571 075 | 17.8% | 17.8% |
| Total number of shares | 318 104 624 | 100.0% | 100.0% |
NOK million | 31.12.2025 | 31.12.2024 |
Non-current interest-bearing debt and borrowings | 3 148 | 1 778 |
Non-current derivative liability related to hedge accounting | 21 | 75 |
Total non-current interest-bearing loans and borrowings | 3 169 | 1 853 |
Current interest-bearing loans and borrowings | 139 | 98 |
Total interest-bearing loans and borrowings to banks | 3 308 | 1 951 |
NOK million | In cash flow statement | |
Opening balance interest-bearing loans and borrowings 01.01.25 | 1 951 | |
Repayment of term loan | cash outflow | (270) |
Drawn from bank facility | cash inflow | 618 |
Debt from business combinations | non-cash | 1 166 |
Downpayments | cash outflow | (133) |
Change in interest swap derivatives | non-cash | (54) |
Effects of movements in foreign exchange | non-cash | 31 |
Closing balance interest-bearing debt and borrowings 31.12.25 | 3 308 | |
| Of which: | ||
Drawn from bank facility | 618 | |
Debt from business combinations | 1 166 | |
Proceeds from new term loans 2025 | 1 783 | |
Repayment of term loan | (270) | |
Downpayments | (133) | |
Total repayment of term loan 2025 | (403) |
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Cloudberry Clean Energy • Annual report 2025Cloudberry Clean Energy • Annual report 2025
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NOK million | 2025 | 2024 |
Accounts payables | 27 | 22 |
Advance tax witholdings, tax payable and other public tax | 11 | 5 |
Total account payables and other liabilities | 32 | 27 |
Accrued salary and bonus | 24 | 16 |
Provision for project costs | 18 | 6 |
Public duties payable | 4 | 4 |
PPA contract termination | - | 5 |
Accrued fall lease | 27 | 11 |
Other | 32 | 21 |
Total Provisions | 105 | 62 |
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Other information
Note 23 Earnings per share
Earnings per share is calculated as profit/(loss) attributable to the equity holders of the parent company divided by the number of shares
outstanding.
Diluted earnings per share is affected by the warrant program for equity settled share-based payments transactions, see note 10.
NOK million | 2025 | 2024 |
Profit attributable to the equity holders of the company | 67 | 96 |
Weighted average number of shares outstanding for the purpose of basic earnings per share | 310 402 035 | 289 713 921 |
Earnings per share for income attributable to the equity holders of the company - basic NOK | 0.22 | 0.33 |
| Effect of potential dilutive shares | ||
Weighted average number of shares outstanding for the purpose of diluted earnings per share | 323 940 923 | 291 388 921 |
Earnings per share for income attributable to the equity holders of the company - diluted NOK | 0.21 | 0.32 |
For information about share capital on 31 December see note 20.
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| NOK million | ||||
Related party | Relation for Cloudberry | Nature of transaction | 2025 | 2024 |
Bergehus Holding AS | Subsidiary of related company | Office lease | 5 | 5 |
Forte Energy Norway AS 1 | Associated company / subsidiary | Management fee revenue | 4 | 3 |
| from July 2025 |
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| Remuneration | |||||||
| Served | Term | paid in 2025 | Warrants | Shares | Holding company/ | ||
| Function | since | expires | (NOK) | pr 31.12.25 | pr 31.12.25 | associated company | |
Tove Feld | Chairperson of the Board | 2023 | 2026 | 746 000 | - | 61 799 | |
Petter W. Borg | Board Member | 2019 | 2026 | 359 000 | - | 1 282 905 | Caddie Invest AS |
Benedicte H. Fossum | Board Member | 2020 | 2026 | 371 000 | - | 206 649 | Mittas AS/ Jeshol AS |
Nicolai Nordstrand | Board Member | 2022 | 2026 | 404 000 | - | 41 040 628 | Havfonn AS/ Snefonn AS |
Henrik Joelsson | Board Member | 2022 | 2026 | 375 000 | - | 70 349 | HJ Business Development AB |
Alexandra Koefoed | Board Member | 2023 | 2026 | 395 000 | - | 30 899 | |
Mads Andersen | Board Member | 2024 | 2026 | 359 000 | - | 9 329 | |
3 009 000 | - | 42 702 558 |
| Remuneration | |||||||
| Served | Term | paid in 2024 | Warrants | Shares | Holding company/ | ||
| Function | since | expires | (NOK) | pr 31.12.24 | pr 31.12.24 | associated company | |
Tove Feld | Chairperson of the Board | 2023 | 2025 | 702 000 | - | 43 141 | |
Petter W. Borg | Board Member | 2019 | 2025 | 373 000 | - | 1 273 576 | Caddie Invest AS |
Benedicte H. Fossum | Board Member | 2020 | 2025 | 350 000 | - | 197 320 | Mittas AS/ Jeshol AS |
Nicolai Nordstrand | Board Member | 2022 | 2025 | 379 000 | - | 41 031 299 | Havfonn AS/ Snefonn AS |
Henrik Joelsson | Board Member | 2022 | 2025 | 352 000 | - | 61 020 | HJ Business Development AB |
Alexandra Koefoed | Board Member | 2023 | 2025 | 339 000 | - | 21 570 | |
Mads Andersen | Board Member | 2024 | 2025 | - | - | - | |
Stefanie Witte | No longer BoD member | 2020 | 2024 | 339 000 | - | 9 044 | |
2 834 000 | - | 42 636 970 |
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| Consolidated | Part of | ||
| Place of | economic interest to | Group | |
| Name of entity (and related segment) | business | Group per 31.12.25 | from date |
| Corporate | |||
Cloudberry Clean Energy ASA | Norway | 100% | 24.11.2017 |
| Commercial | |||
Cloudberry Production AS | Norway | 100% | 15.02.2020 |
Røyrmyra Vindpark AS | Norway | 100% | 15.02.2020 |
Hån 22kV AS | Norway | 100% | 15.02.2020 |
Skåråna Kraft AS | Norway | 60% | 24.02.2021 |
Ramsliåna Kraftverk AS | Norway | 60% | 31.03.2022 |
Tinnkraft AS | Norway | 60% | 01.02.2022 |
Bøen Kraft AS | Norway | 60% | 10.06.2022 |
Øvre Kvemma Kraftverk AS | Norway | 60% | 05.06.2024 |
Cloudberry Production II AS | Norway | 100% | 11.07.2025 |
Forte Energy Norway AS | Norway | 55% | 15.11.2020 |
Anga Kraft AS | Norway | 55% | 11.07.2025 |
Botna Kraft AS | Norway | 55% | 11.07.2025 |
Bråberg Kraft AS | Norway | 55% | 11.07.2025 |
Dyrdal Kraft AS | Norway | 55% | 11.07.2025 |
Eldao Kraftverk AS | Norway | 55% | 11.07.2025 |
Espeelvi Kraft AS | Norway | 55% | 11.07.2025 |
Kvitno Kraft AS | Norway | 55% | 11.07.2025 |
Langedal Kraft AS | Norway | 55% | 11.07.2025 |
| Consolidated | Part of | ||
| Place of | economic interest to | Group | |
| Name of entity (and related segment) | business | Group per 31.12.25 | from date |
Rusdalsåni Kraft AS | Norway | 55% | 11.07.2025 |
Setredalen Kraft AS | Norway | 55% | 11.07.2025 |
Skeidsflåten Kraft AS | Norway | 55% | 11.07.2025 |
Strupen Kraft AS | Norway | 55% | 11.07.2025 |
Svardøla Kraft AS | Norway | 55% | 11.07.2025 |
Tverrdalselvi Kraft AS | Norway | 55% | 11.07.2025 |
Herand Kraft AS | Norway | 60% | 11.07.2025 |
Hån Vindpark AB | Sweden | 100% | 15.02.2020 |
Sundby Vindpark AB | Sweden | 100% | 21.12.2021 |
Munkhyttan Vindkraft AB | Sweden | 100% | 03.02.2022 |
CB Production AB | Sweden | 100% | 01.07.2022 |
Cloudberry Production Holding ApS | Denmark | 100% | 31.05.2023 |
Cloudberry Production Aps | Denmark | 100% | 31.05.2023 |
Odin Energy Holding P/S | Denmark | 100% | 31.05.2023 |
Odin Energy General Partner ApS | Denmark | 100% | 31.05.2023 |
Odin Energy Invest I P/S | Denmark | 100% | 31.05.2023 |
Odin Energy Invest II P/S | Denmark | 100% | 31.05.2023 |
Lem Kær Vindkraft I/S | Denmark | 76% | 31.05.2023 |
Nørh-Hjortmose Vind 11 I/S | Denmark | 90% | 31.05.2023 |
Skræddergaard Vindkraft I/S | Denmark | 60% | 31.05.2023 |
Tornbygård Vindkraft I/S | Denmark | 81% | 31.05.2023 |
Trikelshøj Vindkraft I/S | Denmark | 60% | 31.05.2023 |
Cloudberry Clean Energy • Annual report 2025Cloudberry Clean Energy • Annual report 2025
152152 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
| Consolidated | Part of | ||
| Place of | economic interest to | Group | |
| Name of entity (and related segment) | business | Group per 31.12.25 | from date |
Vemb Vindkraft I/S | Denmark | 54% | 31.05.2023 |
Volder Mark M5 Erhverv I/S | Denmark | 85% | 31.05.2023 |
Odin Energy Invest III P/S | Denmark | 100% | 31.05.2023 |
| Projects | |||
Cloudberry Develop AS | Norway | 100% | 15.02.2020 |
Skogvind AS | Norway | 100% | 31.08.2020 |
Re Energi AS | Norway | 60% | 31.03.2022 |
Øvre Ullestad Energi AS | Norway | 60% | 01.01.2025 |
Forte Vannkraft Utvikling AS 1 | Norway | 60% | 07.01.2022 |
Forte Vannkraft AS | Norway | 60% | 11.07.2025 |
Aspvikelva Kraft AS | Norway | 60% | 11.07.2025 |
Fardalen Kraft AS | Norway | 60% | 11.07.2025 |
Gjeiskelid Kraft AS | Norway | 60% | 11.07.2025 |
Grovlia Kraftverk AS | Norway | 60% | 11.07.2025 |
Grøvdal Kraft AS | Norway | 60% | 11.07.2025 |
Hartevasstjønn Kraft AS | Norway | 60% | 11.07.2025 |
Hoslemo Kraft AS | Norway | 60% | 11.07.2025 |
Kalklavkraft AS | Norway | 60% | 11.07.2025 |
Ugulsvik Kraftverk AS | Norway | 60% | 11.07.2025 |
| Consolidated | Part of | ||
| Place of | economic interest to | Group | |
| Name of entity (and related segment) | business | Group per 31.12.25 | from date |
Vigda Kraft AS | Norway | 60% | 11.07.2025 |
Cloudberry Utveckling AB | Sweden | 100% | 15.02.2020 |
Cloudberry Utveckling II AB | Sweden | 100% | 15.02.2020 |
Cloudberry Utveckling III AB | Sweden | 100% | 15.02.2020 |
Björnetjärnsberget Vindpark AB | Sweden | 100% | 01.04.2023 |
Cloudberry Wind AB | Sweden | 100% | 15.02.2020 |
Cloudberry Clean Energy AB | Sweden | 100% | 15.02.2020 |
Rewind Offshore AB | Sweden | 100% | 15.02.2020 |
Älgfallet Energipark AB | Sweden | 70% | 13.08.2025 |
Frostnäs Vind AB | Sweden | 100% | 09.12.2025 |
Klimapark Nees Hede K/S | Denmark | 100% | 01.02.2024 |
Komplementarselskabet Klimapark Nees Hede ApS | Denmark | 100% | 01.02.2024 |
Cloudberry Development Aps | Denmark | 100% | 28.03.2025 |
| Asset Management | |||
Captiva Asset Management AS | Norway | 100% | 07.01.2022 |
Enestor AS | Norway | 51% | 01.06.2022 |
Captiva Asset Management AB | Sweden | 100% | 01.04.2023 |
Cloudberry Clean Energy Aps | Denmark | 100% | 28.03.2025 |
Cloudberry Clean Energy • Annual report 2025Cloudberry Clean Energy • Annual report 2025
153153 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
Note 26 Subsequent events
On 13 March 2026 Cloudberry Clean Energy ASA entered into a share purchase agreement with Sampi
Renewables Holding AS to acquire 50% of a 132 MW onshore wind farm in Finland through a Norwegian
holding company owning 50% of the MLK wind farm. Orrön Energy AB will remain the joint venture partner
for the remaining 50%. The wind farm has been in full operation since 2022, with an expected annual net
production to Cloudberry of approximately 189 GWh. The agreed enterprise value for Cloudberry’s 50% share
is EUR 75 million, significantly below construction cost. Financing will consist of EUR 45 million in new debt,
EUR 20 million to be settled in new shares in Cloudberry and EUR 12 million in cash. The transaction is consid-
ered a non-adjusting event after the reporting period, and no adjustments have been made to the 2025
financial statements as a result. Closing of the transaction took place on 18 March 2026.
Cloudberry Clean Energy • Annual report 2025Cloudberry Clean Energy • Annual report 2025
154154 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
Parent company financial statements
Statement of profit or loss
156
Statement of financial position
157
Statement of cash flows
158
Notes to the Parent company financial statements
159
Note 1 General information
159
Note 2 General accounting policies and principles
159
Note 3 Sales revenues and other operating income
161
Note 4 Employee benefits and share-based payments
161
Note 5 Other operating expenses
165
Note 6 Financial items
165
Note 7 Income tax expense
166
Note 8 Subsidiaries
167
Note 9 Cash, cash equivalents and corporate funding
167
Note 10 Equity capital, share capital and shareholder
information
168
Note 11 Intercompany items between companies in the
same group
169
Note 12 Subsequent events
169
Cloudberry Clean Energy • Annual report 2025Cloudberry Clean Energy • Annual report 2025
155155 FinancialsFinancials | Parent company financial statementsFinancials | Parent company financial statements
Statement of profit or loss
1 January–31 December
NOK 1 000 Note FY2025 FY2024
Revenue 3 1 797 306
Other income
3 2 488 2 510
Total revenue 4 285 2 817
Salary and personnel expenses
4 (50 292) (55 235)
Other operating expenses
5 (27 773) (24 687)
Operating expenses (78 065) (79 922)
EBITDA (73 781) (77 105)
Depreciation and amortizations (273) (273)
Operating profit (EBIT) (74 053) (77 378)
Financial income
6 38 032 38 501
Financial expenses
6 (30 005) (15 539)
Profit/(loss) before tax (66 026) (54 416)
Income tax expense
7 - -
Profit/(loss) after tax (66 026) (54 416)
Allocation of profit/(loss) for the period
Transfer to/(from) other equity (66 026) (54 416)
Total allocation of profit/(loss) for the period (66 026) (54 416)
Cloudberry Clean Energy • Annual report 2025Cloudberry Clean Energy • Annual report 2025
156156 FinancialsFinancials | Parent company financial statementsFinancials | Parent company financial statements
Statement of financial position
NOK 1 000 Note 31.12.2025 31.12.2024
ASSETS
Non-current assets
Property, plant and equipment 223 496
Investment in subsidiaries
8 3 229 056 2 878 300
Financial assets 85 511 -
Other non-current receivables 2 557 2 528
Loan to group companies
11 628 413 610 496
Total non-current assets 3 945 759 3 491 820
Accounts receivables 1 654 2 127
Other current assets 2 123 688
Receivables group companies
11 12 972 -
Cash and cash equivalents
9 628 953 731 608
Total current assets 645 702 734 424
TOTAL ASSETS 4 591 461 4 226 243
NOK 1 000 Note 31.12.2025 31.12.2024
EQUITY AND LIABILITIES
Equity
Share capital
10 79 526 72 162
Other paid-in capital
10 3 831 235 3 496 541
Total paid-in capital 3 910 762 3 568 703
Other equity
10 127 961 32 738
Total equity 4 038 722 3 601 441
Current liabilities
Accounts payable 1 205 7 075
Public duties payable 1 975 1 976
Liabilities to group companies
11 535 363 603 350
Other current liabilities 14 196 12 402
Total current liabilities 552 739 624 802
Total liabilities 552 739 624 802
TOTAL EQUITY AND LIABILITIES 4 591 461 4 226 243
Oslo, 24 March 2026
The Board of Directors of Cloudberry Clean Energy ASA
Tove Feld
Chair of the Board
Petter W. Borg
Board member
Benedicte Fossum
Board member
Henrik Joelsson
Board member
Nicolai Nordstrand
Board member
Mads Andersen
Board member
Alexandra Koefoed
Board member
Anders J. Lenborg
CEO
Cloudberry Clean Energy • Annual report 2025Cloudberry Clean Energy • Annual report 2025
157157 FinancialsFinancials | Parent company financial statementsFinancials | Parent company financial statements
Statement of cash flows
NOK 1 000 Note FY2025 FY2024
Cash flow from operating activities
Profit/(loss) before tax (66 026) (54 416)
Depreciation 273 273
Net interest paid/received (21 362) (29 879)
Share-based payment 7 590 14 447
Net receivables group companies
11 405 109 127 498
Change in accounts payable (5 870) 4 788
Change in accounts receivable 473 872
Change in other accruals 359 1 894
Net cash flow from operating activities 320 546 65 477
Cash flow from investing activities
Interest received
6 23 924 35 150
Acquisition of shares in subsidiaries, net liquidity outflow
8 (350 756) (432 698)
Payment other investment in shares (85 511) -
Net increase loans to subsidiaries
11 (17 917) 664 682
Net cash flow from (used in) investing activities (430 260) 267 134
NOK 1 000 Note FY2025 FY2024
Cash flow from financing activities
Interest paid
6 (2 562) (5 271)
Share capital increase
10 9 621 681
Net cash flow from financing activities 7 059 (4 590)
Total change in cash and cash equivalents (102 655) 328 021
Cash and cash equivalents at start of period
9 731 608 403 587
Cash and cash equivalents at end of period
9 628 953 731 608
Cloudberry Clean Energy • Annual report 2025Cloudberry Clean Energy • Annual report 2025
158158 FinancialsFinancials | Parent company financial statementsFinancials | Parent company financial statements
Notes to the Parent company financial statements
Note 1 General information
Corporate information
These financial statements have been prepared for Cloudberry
Clean Energy ASA (the Company’) which is the parent entity of the
Cloudberry Group (‘the Group’). The shares of the Company are listed
on Oslo Børs under the ticker ‘CLOUD’.
The Company is incorporated and domiciled in Norway. Cloudberry
Clean Energy ASA was established on 10 November 2017 and its
registered office is located at Frøyas gate 15, NO-0273 Oslo, Norway
Cloudberry Clean Energy ASA (“the Company”), its subsidiaries (wholly
and partly owned) and investments in associated companies and
joint ventures (“the Group” or “Cloudberry”) is an independent power
producer, developing, owning and operating renewable assets in the
Nordics. The Company has an integrated business model across the
life cycle of renewable power plants including project development,
financing, construction (normally outsourced), ownership, manage-
ment, and operations.
The financial statement of the Company and the consolidated state-
ments of the Group, presented earlier in this report, was approved by
the Board of Directors on 24 March 2026. The statements have been
prepared under the assumption that the Company is a going concern,
and that this assumption was appropriate at the date of approval of
the Financial Statements.
Note 2 General accounting policies and principles
Statement of compliance
The financial statements of Cloudberry Clean Energy ASA are
prepared in accordance with the Norwegian Accounting Act and
Norwegian Generally Accepted Accounting Principles (NGAAP).
Basis for preparation
The financial statements have been prepared on a historical cost
basis.
Accounting estimates and judgements
In preparing the financial statements, assumptions and estimates
that have an effect on the amounts and presentation of assets and
liabilities, income and expenses and contingent liabilities must be
made. Actual results could differ from these assumptions and esti-
mates.
Functional currency and foreign currency translation
The functional currency and presentation currency of the Company
is Norwegian kroner (NOK). Foreign currency transactions follow the
same translation method as applied to the consolidated figures
described in Note 2 of the consolidated statement.
Employee benefits
Wages, salaries, bonuses, pension and social security contributions,
paid annual leave and sick leave are accrued in the period in which
the associated services are rendered by employees of the Company.
The Company has pension plans for employees that are classified
as defined contribution plans. Contributions to defined contribution
schemes are recognized in the statement of profit or loss in the period
in which the contribution amounts are earned by the employees.
Cloudberry has a long-term incentive equity programme for top
management and key employees. The programme includes the issue
of warrants for shares in the company.
Interest income and expenses
Interest income and expenses are recognized in the income state-
ment as they are accrued, based on the effective interest method.
Income tax expense
The tax charge in the profit or loss account consists of tax payable for
the period and the change in deferred tax. Deferred tax is calculated
at the tax rate of 22% based on tax-reducing and tax- increasing
temporary differences that exist between accounting and tax values,
and the tax loss carried forward at the end of the accounting year.
Tax-increasing and tax-reducing temporary differences that reverse
or may reverse in the same period are offset and entered net. The net
deferred tax receivable is entered on the balance sheet to the extent
that it is likely that it can be utilised.
Cloudberry Clean Energy • Annual report 2025Cloudberry Clean Energy • Annual report 2025
159159 FinancialsFinancials | Parent company financial statementsFinancials | Parent company financial statements
Classification and valuation of current assets and liabilities
Current assets and short-term liabilities consist normally of items that
fall due for payment within one year of the balance sheet date, as
well as items related to the stock cycle. Current assets are valued at
the lower of acquisition cost and fair value. Short-term liabilities are
entered on the balance sheet at the nominal amount at the time of
the transaction.
Subsidiaries and investments in associated companies
Subsidiaries and associated companies are valued using the cost
method in the company accounts. The investment is valued at acqui-
sition cost for the shares unless a write-down has been necessary. A
write- down to fair value is made when a fall in value is due to reasons
that cannot be expected to be temporary and such write-down must
be considered as necessary in accordance with good accounting
practice. Write- downs are reversed when the basis for the write-
down is no longer present.
Dividends, group contributions and other distributions from subsid-
iaries are posted to income in the same year as provided for in the
distributor’s accounts. To the extent that dividends/ group contribu-
tions exceed the share of profits earned after the date of acquisition,
the excess amounts represent a repayment of invested capital, and
distributions are deducted from the investment’s value in the balance
sheet of the parent company.
Receivables
Receivables from customers and other receivables are entered at par
value after deducting a provision for expected losses. The provision
for losses is made based on an individual assessment of the respec-
tive receivables.
Short-term investments
Short-term investments (shares and interests valued as current
assets) are valued at the lower of acquisition cost and fair value on
the balance sheet date. Dividends and other distributions received
from the companies are posted to income under other financial
income.
Statement of cash flow
The cash flow statement has been prepared using the indirect
method. Cash and cash equivalents consist of cash, bank deposits
and other short-term, liquid investments.
Cloudberry Clean Energy • Annual report 2025Cloudberry Clean Energy • Annual report 2025
160160 FinancialsFinancials | Parent company financial statementsFinancials | Parent company financial statements
Note 3 Sales revenues and other operating income
NOK 1 000 2025 2024
Fee management and services 1 797 306
Income from sub lease of offices 2 488 2 510
Total revenue 4 285 2 817
Note 4 Employee benefits and share-based payments
Employee benefits are accrued in the period in which the associated services are rendered by the employees
of the Company. The table below shows the employee benefits accrued in the period
NOK 1 000 2025 2024
Salaries 34 034 32 551
Social security tax 6 041 4 446
Pension benefits 1 076 988
Share based payment 7 590 15 933
Other benefits 1 551 1 317
Total personnel expenses 50 292 55 235
Average number of full-time equivalents (FTEs) 12 11
Number of full-time equivalents as 31.12 (FTEs) 12 12
Included in salaries are fees to board members.
Pension
The Company has an established pension scheme that is classified as a defined contribution plan, the
pension scheme is in line with the requirements of the law. Contributions to the defined contribution schemes
are recognised in the consolidated statement of profit and loss in the period in which the contribution
amounts are earned by the employees. The defined contribution plan does not commit the Company beyond
the amounts contributed.
Cloudberry Clean Energy • Annual report 2025Cloudberry Clean Energy • Annual report 2025
161161 FinancialsFinancials | Parent company financial statementsFinancials | Parent company financial statements
Remuneration of executive management
Remuneration to the Executive Management of Cloudberry Clean Energy ASA is disclosed in Note 10 of the
consolidated financial statements.
The table below shows the remuneration in 2025
FY2025
NOK 1 000
Anders
Lenborg
(CEO)
Ingrid Bjørdal
(CSO)
Ole-Kristofer
Bragnes
(CFO)
Christian
Helland
(CCO) Total
Salary 4 389 2 247 2 050 3 292 11 978
Bonus 1 302 471 410 665 2 848
Pension benefits 97 97 97 97 389
Other 18 18 18 18 71
Share based payment 2 509 525 525 1 874 5 434
Total reportable benefits 2025 8 315 3 358 3 100 5 946 20 720
1
Bonus also includes cash settlement paid in February 2025 for warrant package 1 for Anders Lenborg and Christian Helland of NOK 150 thousand and
NOK 90 thousand respectively. See stock exchange notice.
The table below shows the remuneration in 2024
FY2024
NOK 1 000
Anders
Lenborg
(CEO)
Ingrid Bjørdal
(CSO)
Ole-Kristofer
Bragnes
(CFO)
1
Christian
Helland
(CCO) Total
Salary 4 200 2 150 1 604 3 150 11 104
Bonus 2 058 773 577 1 133 4 541
Pension benefits 81 81 81 81 325
Other 4 4 4 4 16
Share based payment 5 547 820 883 4 121 11 371
Total reportable benefits 2024 11 890 3 828 3 149 8 489 27 357
1
Salary and other benefits represent the full year, considering that the individual entered a management position from 1 July 2024.
The Board of Directors have set the target KPI for the group performance bonus scheme that was applicable
for achievements in 2025. The Group has a compensation committee which will set the targets for 2026.
Total remuneration, warrants and shares for Executive Management and Board of Directors
Executive management
FY2025
NOK 1 000
Holding
company
Shares pr
31.12.25
Total
remunera-
tion 2025
Warrants
granted 2025
Warrants pr
01.01.2025
Warrants
granted total
pr 31.12.25
Warrants
exercised/
cancelled/
expired
Anders Lenborg
(CEO)
Lenco AS 1 855 156 8 315 - 7 445 000 6 650 000 (795 000)
Ingrid Bjørdal (CSO) 110 000 3 358 - 925 000 925 000 -
Ole-Kristofer
Bragnes (CFO)
- 3 100 - 1 000 000 1 000 000 -
Christian Helland
(CCO)
Amandus
Invest AS
301 758 5 946 - 5 600 000 5 100 000 (500 000)
20 720 - 14 970 000 13 675 000 (1 295 000)
FY2024
NOK 1 000
Holding
company
Shares pr
31.12.24
Total
remunera-
tion 2024
Warrants
granted 2024
Warrants pr
01.01.2024
Warrants
granted total
pr 31.12.24
Warrants
exercised
Anders Lenborg
(CEO)
Lenco AS 1 403 546 11 890 350 000 7 095 000 7 445 000 -
Ingrid Bjørdal (CSO) 110 000 3 828 325 000 600 000 925 000 -
Ole-Kristofer
Bragnes (CFO)
1
- 3 149 300 000 700 000 1 000 000 -
Christian Helland
(CCO)
Amandus
Invest AS
301 758 8 489 350 000 5 250 000 5 600 000 -
27 357 1 325 000 13 645 000 14 970 000 -
1
Salary and other benefits represent the full year, considering that the individual entered a management position from 1 July 2024.
Cloudberry Clean Energy • Annual report 2025Cloudberry Clean Energy • Annual report 2025
162162 FinancialsFinancials | Parent company financial statementsFinancials | Parent company financial statements
Board of Directors
FY2025
Board member Function
Served
since
Term
expires
Remune-
ration in
2025
Warrants
pr 31.12.25
Shares pr
31.12.25
Holding
Company/
Associated
Company
Tove Feld Chairperson of
the Board
2023 2026 746 000 - 61 799
Petter W. Borg Board Member 2019 2026 359 000 - 1 282 905 Caddie Invest
AS
Benedicte H. Fossum Board Member 2020 2026 371 000 - 206 649 Mittas AS/
Jeshol AS
Nicolai Nordstrand Board Member 2022 2026 404 000 - 41 040 628 Havfonn AS/
Snefonn AS
Henrik Joelsson Board Member 2022 2026 375 000 - 70 349 HJ Business
Development
AB
Alexandra Koefoed Board Member 2023 2026 395 000 - 30 899
Mads Andersen Board Member 2024 2026 359 000 - 9329
3 009 000 - 42 702 558
FY2024
Board member Function
Served
since
Term
expires
Remune-
ration in
2024
Warrants
pr 31.12.24
Shares pr
31.12.24
Holding
Company/
Associated
Company
Tove Feld Chairperson of
the Board
2023 2025 702 000 - 43 141
Petter W. Borg Board Member 2019 2025 373 000 - 1 273 576 Caddie Invest
AS
Benedicte H. Fossum Board Member 2020 2025 350 000 - 197 320 Mittas AS/
Jeshol AS
Nicolai Nordstrand Board Member 2022 2025 379 000 - 41 031 299 Havfonn AS/
Snefonn AS
Henrik Joelsson Board Member 2022 2025 352 000 - 61 020 HJ Business
Development
AB
Alexandra Koefoed Board Member 2023 2025 339 000 - 21 570
Mads Andersen Board Member 2024 2025 - - -
Stefanie Witte No longer BoD
member
2020 2024 339 000 - 9 044
2 834 000 - 42 636 970
In 2025 the remuneration to the Board of Directors was paid amounting to a total of NOK 3m (2.8m in 2024).
The nomination committee will propose the remuneration for the board members for 2025 at the Company
general meeting in April 2026.
Cloudberry Clean Energy • Annual report 2025Cloudberry Clean Energy • Annual report 2025
163163 FinancialsFinancials | Parent company financial statementsFinancials | Parent company financial statements
Share based payments and long-term incentive plan (LTIP)
The Company’s share-based payment remuneration and the LTI programme of the Executive Management
is disclosed in Note 10 of the consolidated financial statements.
The table shows the outstanding warrants as of 1 January 2025 and 31 December 2025 and movements in
the year:
FY2025
Outstanding warrants 01.01. 24 658 332
Granted in 2025 -
Exercised in 2025 (825 000)
Cancelled/terminated/expired in 2025 (1 416 667)
Outstanding warrants 31.12. 22 416 665
Exercisable 31.12. 16 616 656
Charged to profit and loss statement 2025 (NOK thousand ) 8 292
Charged to equity 2025 (NOK thousand ) 8 292
The table shows the outstanding warrants as of 1 January 2024 and 31 December 2024 and movements in
the year:
FY2024
Outstanding warrants 01.01. 22 899 999
Granted in 2024 3 750 000
Exercised in 2024 (825 000)
Expired in 2024 (1 166 667)
Outstanding warrants 31.12. 24 658 332
Exercisable 31.12. 12 274 990
Charged to profit and loss statement 2024 (NOK thousand ) 15 932
Charged to equity 2024 (NOK thousand ) 17 146
As of the date of the annual report the following warrants are outstanding:
FY2025
# Warrants Grant date Expiry date
Weighted
average
remaining
contractual
life
Weighted
average
strike
price
Vested
instruments
31.12.2025
Share
price
(grant
date)
Warrant package #3 4 866 666 17.06.2021 17.06.2026 0.5 12.5 4 866 666 14.7
Warrant package #4 2 766 666 15.06.2022 28.04.2027 1.3 17.4 2 766 666 16.0
Warrant package #5 11 233 333 27.04.2023 26.04.2028 2.3 12.6 7 733 329 10.4
Warrant package #6 3 550 000 16.04.2024 16.04.2029 3.3 11.1 1 249 995 8.8
22 416 665 16 616 656
Cloudberry Clean Energy • Annual report 2025Cloudberry Clean Energy • Annual report 2025
164164 FinancialsFinancials | Parent company financial statementsFinancials | Parent company financial statements
Note 5 Other operating expenses
The table shows the breakdown on other operating expenses in 2025 and 2024.
NOK 1 000 2025 2024
Rental of office and equipment 7 062 6 114
External accounting and auditing fees 4 392 3 840
Legal and other fees 10 700 11 198
Other 5 619 3 535
Total other operating expenses 27 773 24 687
Expenses related to statutory audit and other auditor services is presented below:
NOK 1 000 2025 2024
Statutory audit 2 000 2 481
Other assurance services 108 -
Total auditor costs 2 108 2 481
Note 6 Financial items
Financial income
NOK 1 000 2025 2024
Interest income from subsidiaries 2 635 7 501
Interest income 23 928 27 836
Other financial income and exchange differences 6 244 3 163
Guarantee commission 5 226 -
Total financial income 38 032 38 501
Financial expense
NOK 1 000 2025 2024
Interest expense 2 562 2 738
Interest expense - group companies 8 761 7 619
Other financial expense and exchange differences 18 682 5 182
Total financial expense 30 005 15 539
Cloudberry Clean Energy • Annual report 2025Cloudberry Clean Energy • Annual report 2025
165165 FinancialsFinancials | Parent company financial statementsFinancials | Parent company financial statements
Note 7 Income tax expense
NOK 1 000 2025 2024
Tax expense in the income statement
Changes in deferred tax assets - -
Tax expense on ordinary profit/loss - -
Taxable income
Ordinary result before tax (66 026) (54 416)
Permanent differences 13 260 16 592
Changes in temporary differences 13 (4)
Received group contribution - -
Use of tax losses - -
Taxable income (52 752) (37 828)
Payable tax in the balance
Payable tax on this year's result - -
Payable tax on received group contribution - -
Total payable tax in the balance - -
The tax effect of temporary differences and loss to be carried forward that has formed the basis for
deferred tax and deferred tax advantages, specified on type of temporary difference.
NOK 1 000 2025 2024 Difference
Tangible assets (11) 2 13
Total 4 13
Deferred tax asset
Shares and other securities (75) 133 208
Accumulated tax loss carried forward (136 153) (83 401) 52 752
Not included in the deferred tax calculation 136 241 83 264 (52 977)
Basis for deferred tax asset in the balance sheet 13 - (5)
Basis for calculation of deferred tax asset 13 - 5
Deferred tax 3 - (3)
Deferred tax asset is not recognised in the balance sheet.
Cloudberry Clean Energy • Annual report 2025Cloudberry Clean Energy • Annual report 2025
166166 FinancialsFinancials | Parent company financial statementsFinancials | Parent company financial statements
Note 8 Subsidiaries
The following subsidiaries are fully consolidated in the financial statement as of 31 December 2025
Name of Entity
Place of
business
Owner
share
Share of
votes
Investment
(NOK 1000)
Equity
(NOK 1 000)
Profit
(NOK 1 000)
Cloudberry
Production AS Subsidiary Oslo, Norway 100% 100% 2 182 922 3 059 193 383 851
Cloudberry
Develop AS Subsidiary Oslo, Norway 100% 100% 561 243 715 521 104 207
Cloudberry
Production II AS Subsidiary Oslo, Norway 100% 100% 320 053 320 267 247
Captiva Asset
Management AS Subsidiary Oslo, Norway 100% 100% 164 838 78 061 51 542
Total 3 229 056 4 173 042 539 847
Note 9 Cash, cash equivalents and corporate funding
NOK 1 000 2025 2024
Free cash 471 323 581 467
Money market funds 157 630 150 142
Total cash 628 953 731 608
Placement in money market fund is a short-term placement. The placement is made to receive interest and
is cash equivalent.
Cash deposits for tax deduction account (restricted funds) and deposit for rent are not included as cash.
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Note 10 Equity capital, share capital and shareholder information
The table below show the changes in equity in 2025 and 2024:
NOK 1 000
Share
capital
Share
premium
Total paid in
capital
Other
equity
Retained
earnings
Total
other
equity
Total equity
capital
Equity as at 01.01 2024: 72 843 3 495 220 3 568 062 26 700 43 309 70 009 3 638 071
Sharecapital increase/
reduction 21 620 640 - - - 640
Profit/(Loss) for the period - - - - (54 416) (54 416) (54 416)
Share based payment - - - 17 146 - 17 146 17 146
Repurchase own shares (702) 702 - - - - -
Equity as at 31.12 2024 72 162 3 496 541 3 568 703 43 845 (11 107) 32 738 3 601 441
Equity as at 01.01 2025: 72 162 3 496 541 3 568 703 43 845 (11 107) 32 738 3 601 441
Sharecapital increase/
reduction 7 365 334 694 342 059 152 955 - 152 955 495 014
Profit/(Loss) for the period - - - - (66 026) (66 026) (66 026)
Share based payment - - - 8 293 - 8 293 8 293
Repurchase own shares - - - - - - -
Equity as at 31.12 2025 79 526 3 831 235 3 910 762 205 093 (77 133) 127 961 4 038 722
The table below show the share capital, share premium and number of shares as of 31 December 2025 and
31 December 2024.
NOK 1 000 2025 2024
Share capital 79 526 72 162
Share premium 3 831 235 3 496 541
Share capital and premium at 31 December 3 910 762 3 568 703
Number of shares at 31 December 318 104 624 288 646 437
The shares are at par value NOK 0.25.
The following changes to the share capital has taken place in 2025:
NOK Date
Number of
shares
Share
capital
Number of shares 1 January 2025 288 646 437 72 161 609
Capital increase 02.04.2025 28 658 555 7 164 639
Capital increase 16.06.2025 74 632 18 658
Capital increase 11.09.2025 725 000 181 250
Number of shares and share capital 31 December 2025 318 104 624 79 526 156
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The table below show the largest shareholders of Cloudberry as of 31 December 2025.
20 largest shareholders as of 31 December
Number of
shares
Share of
ownership
Share of
voting rights
Ferd AS 35 454 343 11.1% 11.1%
The Bank of New York Mellon SA/NV 31 922 528 10.0% 10.0%
Joh Johannson Eiendom AS 29 512 098 9.3% 9.3%
Havfonn AS (Bergesen family) 24 761 554 7.8% 7.8%
Morgan Stanley & Co. Int. Plc. 23 244 980 7.3% 7.3%
Snefonn AS (Bergesen family) 16 203 725 5.1% 5.1%
The Northern Trust Comp, London Br 15 872 434 5.0% 5.0%
Skandinaviska Enskilda Banken AB 15 711 739 4.9% 4.9%
Skandinaviska Enskilda Banken AB 11 550 000 3.6% 3.6%
Farvatn Capital AS 10 007 145 3.1% 3.1%
UBS AG 9 849 711 3.1% 3.1%
The Bank of New York Mellon SA/NV 8 033 759 2.5% 2.5%
Citibank Europe plc 5 543 271 1.7% 1.7%
Clearstream Banking S.A. 4 762 422 1.5% 1.5%
J.P. Morgan Securities LLC 4 049 049 1.3% 1.3%
Gjensidige Forsikring ASA 4 023 469 1.3% 1.3%
MP Pensjon PK 3 421 320 1.1% 1.1%
Ccpartner AS 2 900 000 0.9% 0.9%
J.P. Morgan SE 2 427 638 0.8% 0.8%
Verdipapirfondet Storebrand Norge 2 282 364 0.7% 0.7%
Other 56 571 075 17.8% 17.8%
Total number of shares 318 104 624 100% 100%
Note 11 Intercompany items between companies in the same group
The Company has the following balance sheet item related to group companies
NOK 1 000 2025 2024
Receivables
Loans to companies in the same group 628 413 610 496
Other short-term receivables within the group 12 972 -
Total 641 385 610 496
Liabilities
Other short-term liabilities within the group 535 363 603 350
Total 535 363 603 350
As of 31 December 2025, there were no loans issued to employees or shareholders.
Note 12 Subsequent events
The Board of Directors is not aware of any other events that occurred after the balance sheet date, or any
new information regarding existing matters, that can have a material effect on the 2025 financial statements
for the company.
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Responsibility statement
We declare to the best of our knowledge that
• the Cloudberry Clean Energy ASA consolidated financial statements for the period 1 January 2025 to
31 December 2025 have been prepared in accordance with IFRS and IFRICs as adopted by the European
Union, and additional Norwegian disclosure requirements in the Norwegian Accounting Act, and that
• the financial statements for the parent company, Cloudberry Clean Energy ASA, for the period 1 January
2025 to 31 December 2025 have been prepared in accordance with the Norwegian Accounting Act and
generally accepted accounting practice in Norway, and that
• the information presented in the financial statements gives a true and fair view of the assets, liabilities,
financial position and result for Cloudberry Clean Energy ASA and the Cloudberry Group for the period as
a whole, and that
• the Board of Directors’ Report includes a true and fair view of the development, performance and financial
position of Cloudberry Clean Energy ASA and the Cloudberry Group, together with a description of the
principal risks and uncertainties that they face
Oslo, 24 March 2026
The Board of Directors of Cloudberry Clean Energy ASA
Tove Feld
Chair of the Board
Petter W. Borg
Board member
Benedicte Fossum
Board member
Henrik Joelsson
Board member
Nicolai Nordstrand
Board member
Mads Andersen
Board member
Alexandra Koefoed
Board member
Anders J. Lenborg
CEO
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Statsautoriserte revisorer
Ernst & Young AS
Stortorvet 7, 0155 Oslo
Postboks 1156 Sentrum, 0107 Oslo
Foretaksregisteret: NO 976 389 387 MVA
Tlf: +47 24 00 24 00
www.ey.no
Medlemmer av Den norske Revisorforening
A member firm of Ernst & Young Global Limited
To the Annual General Meeting in Cloudberry Clean Energy ASA
INDEPENDENT AUDITOR'S REPORT
Report on the audit of the financial statements
Opinion
We have audited the financial statements of Cloudberry Clean Energy ASA (the Company), which
comprise:
The financial statements of the Company, which comprise the statement of financial position as
at 31 December 2025, the statement of profit or loss and statement of cash flows for the year
then ended and notes to the financial statements, including a summary of significant accounting
policies, and
The financial statements of the Group, which comprise the statement of financial position as at
31 December 2025, the statement of profit or loss, statement of comprehensive income,
statement of changes in equity and statement of cash flows for the year then ended and notes to
the financial statements, including material accounting policy information.
In our opinion:
the financial statements comply with applicable statutory requirements,
the financial statements of the Company give a true and fair view of the financial position of the
Company as at 31 December 2025, and its financial performance and cash flows for the year
then ended in accordance with the Norwegian Accounting Act and accounting standards and
practices generally accepted in Norway, and
the financial statements of the Group give a true and fair view of the financial position of the
Group as at 31 December 2025, and its financial performance and cash flows for the year then
ended in accordance with IFRS Accounting Standards as adopted by the EU.
Our opinion is consistent with our additional report to the Audit Committee.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our
responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of
the financial statements section of our report. We are independent of the Company and the Group in
accordance with the requirements of the relevant laws and regulations in Norway and the International
Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants
(including International Independence Standards) (the IESBA Code) as applicable to audits of financial
statements of public interest entities, and we have fulfilled our other ethical responsibilities in accordance
with these requirements. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit
Regulation (537/2014) Article 5.1 have been provided.
We have been the auditor of the Company for 6 years from the election by the general meeting of the
shareholders on 18 June 2020 for the accounting year 2020.
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Independent auditor's report - Cloudberry Clean Energy ASA 2025
A member firm of Ernst & Young Global Limited
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our
audit of the financial statements for 2025. These matters were addressed in the context of our audit of the
financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate
opinion on these matters.
Acquisitions
Basis for the key audit matter
During 2025 the Company entered into two
transactions with significant impact to the
financial statements.
The one transaction included the remaining
shares in the controlled Odin portfolio and other
businesses from the same seller.
In the other transaction, the Company acquired
control of the previously equity accounted
investment Forte Energy Norway AS, and
controlling ownership share of Forte Vannkraft
AS.
The Company assessed whether the
transactions constituted business combinations
in line with IFRS 3 and whether control was
obtained in line with IFRS 10. The Company also
assessed whether the transactions are disclosed
in the financial statements in line with IFRS
standards.
The various acquisitions are considered to be a
key audit matter due to the volume, as well as
the significant judgement and assumptions
involved in these assessments.
Our audit response
As part of our audit procedures, we obtained an
understanding of the transactions and the various
related agreements.
We assessed the information used to determine
whether the transaction constituted a business
combination or an asset acquisition, as well as
whether control was obtained as part of the
transactions. Additionally, we assessed the
timing of when control was obtained and the
accounting treatment of disposal of associate.
We assessed the competence and capability of
management, including assessment of the work
performed by the management’s expert.
We obtained an understanding of the valuation
processes and discussed the assumptions
applied in the valuation model with management
and management’s expert. We have also
evaluated the inputs to the model against other
sources of information.
We evaluated the presentation of the Company’s
disclosures in note 5 – Business Combinations
and Note 6 – Acquisitions and Disposals of
Assets and Operations.
Other information
The Board of Directors and Managing Director (management) are responsible for the information in the
Board of Directors’ report and the other information presented with the financial statements. The other
information comprises the annual report other than the financial statements and our auditor's report
thereon. Our opinion on the financial statements does not cover the information in the Board of Directors’
report and the other information presented with the financial statements.
In connection with our audit of the financial statements, our responsibility is to read the information in the
Board of Directors’ report and for the other information presented with the financial statements. The
purpose is to consider if there is material inconsistency between the information in the Board of Directors’
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Independent auditor's report - Cloudberry Clean Energy ASA 2025
A member firm of Ernst & Young Global Limited
report and the other information presented with the financial statements and the financial statements or
our knowledge obtained in the audit, or otherwise the information in the Board of Directors’ report and for
the other information presented with the financial statements otherwise appears to be materially
misstated. We are required to report if there is a material misstatement in the Board of Directors’ report
and the other information presented with the financial statements. We have nothing to report in this
regard.
Based on our knowledge obtained in the audit, it is our opinion that the Board of Directors’ report
is consistent with the financial statements and
contains the information required by applicable statutory requirements.
Our statement on the Board of Directors’ report applies correspondingly for the statement on Corporate
Governance.
Responsibilities of management for the financial statements
Management is responsible for the preparation of financial statements of the Company that give a true
and fair view in accordance with the Norwegian Accounting Act and accounting standards and practices
generally accepted in Norway, and for the preparation of the consolidated financial statements of the
Group that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the
EU. Management is responsible for such internal control as management determines is necessary to
enable the preparation of financial statements that are free from material misstatement, whether due to
fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s and the
Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern
and using the going concern basis of accounting unless management either intends to liquidate the
Company or the Group, or to cease operations, or has no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with ISAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of these financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional
scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override
of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Company’s and the Group’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
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Independent auditor's report - Cloudberry Clean Energy ASA 2025
A member firm of Ernst & Young Global Limited
Conclude on the appropriateness of management’s use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to
events or conditions that may cast significant doubt on the Company’s and the Group’s ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are required to
draw attention in our auditor’s report to the related disclosures in the financial statements or, if
such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor’s report. However, future events or conditions
may cause the Company and the Group to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and
events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Group to express an opinion on the consolidated financial
statements. We are responsible for the direction, supervision and performance of the group audit.
We remain solely responsible for our audit opinion.
We communicate with the Board of Directors regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.
We also provide the Audit Committee with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters
that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with the Board of Directors, we determine those matters that were of
most significance in the audit of the financial statements of the current period and are therefore the key
audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should
not be communicated in our report because the adverse consequences of doing so would reasonably be
expected to outweigh the public interest benefits of such communication.
Report on other legal and regulatory requirement
Report on compliance with regulation on European Single Electronic Format (ESEF)
Opinion
As part of the audit of the financial statements of Cloudberry Clean Energy ASA we have performed an
assurance engagement to obtain reasonable assurance about whether the financial statements included
in the annual report, with the file name Cloudberry-2025-12-31-0-en.zip, have been prepared, in all
material respects, in compliance with the requirements of the Commission Delegated Regulation (EU)
2019/815 on the European Single Electronic Format (the ESEF Regulation) and regulation pursuant to
Section 5-5 of the Norwegian Securities Trading Act, which includes requirements related to the
preparation of the annual report in XHTML format and iXBRL tagging of the consolidated financial
statements.
In our opinion, the financial statements, included in the annual report, have been prepared, in all material
respects, in compliance with the ESEF Regulation.
Management’s responsibilities
Management is responsible for the preparation of the annual report in compliance with the ESEF
Regulation. This responsibility comprises an adequate process and such internal control as management
determines is necessary.
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Independent auditor's report - Cloudberry Clean Energy ASA 2025
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Auditor’s responsibilities
Our responsibility, based on audit evidence obtained, is to express an opinion on whether, in all material
respects, the financial statements included in the annual report have been prepared in accordance with
the ESEF Regulation. We conduct our work in accordance with the International Standard for Assurance
Engagements (ISAE) 3000 – “Assurance engagements other than audits or reviews of historical financial
information”. The standard requires us to plan and perform procedures to obtain reasonable assurance
about whether the financial statements included in the annual report have been prepared in accordance
with the ESEF Regulation.
As part of our work, we perform procedures to obtain an understanding of the Company’s processes for
preparing the financial statements in accordance with the ESEF Regulation. We test whether the financial
statements are presented in XHTML-format. We evaluate the completeness and accuracy of the iXBRL
tagging of the consolidated financial statements and assess management’s use of judgement. Our
procedures include reconciliation of the iXBRL tagged data with the audited financial statements in
human-readable format. We believe that the evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
Oslo, 24 March 2026
E
RNST & YOUNG AS
Asbjørn Ler
State Authorised Public Accountant (Norway)
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Alternative performance measure
The alternative performance measures (abbreviated APMs) that
hereby are provided by Cloudberry are a supplement to the financial
statements that are prepared in accordance with IFRS. This is based
on the Group’s experience that APMs are frequently used by analysts,
investors, and other parties for supplement information.
The purpose of the APMs, both financial and non- financial, is to provide an enhanced insight to the oper-
ations, financing, and future prospect for the Group. Management also uses these measures internally for
key performance measures (KPIs). They represent the most important measures to support the strategy.
Financial APMs should not be considered as a substitute for measures of performance in accordance with
IFRS. APMs are calculated consistently over time and are based on financial data presented in accordance
with IFRS and other operational data as described below.
The Group uses the following financial APMs:
Financial APMs
Measure Description Reason for including
EBITDA EBITDA is net earnings before
interest, tax, depreciation,
amortisation and impairments.
Shows performance regardless of capital
structure, tax situation or effects arising from
different depreciation methods. Management
believes the measurement enables an
evaluation of operating performance.
EBIT EBIT is net earnings before interest
and tax.
Shows performance regardless of capital
structure and tax situation. Management
believes the measurement enables an
evaluation of operating performance.
Net interest-
bearing debt
(NIBD)
Net interest-bearing debt is
interest-bearing debt, less cash
and cash equivalents. IFRS 16
leasing liabilities are not included in
the net interest-bearing debt.
Shows the interest-bearing debt position of
the company adjusted for the cash position.
Management believes the measure provides an
indicator of net indebtedness and risk.
Equity ratio Equity ratio equals total equity
divided by total assets
Shows the equity relative to the assets.
Management believes the measurement
enables an evaluation the financial strength
and an indicator of risk.
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Reconcilliation of financial APMs (consolidated figures)
NOK million FY 2025 FY 2024
EBITDA 333 309
EBIT 127 144
Equity ratio 58% 68%
Net interest bearing debt (NIBD) 2 416 1 077
NOK million FY 2025 FY 2024
Non-current interest bearing debt 3 169 1 853
Current interest bearing debt 139 98
Cash and cash equivalent (893) (874)
Net interest bearing debt (NIBD) 2 416 1 077
NOK million FY 2025 FY 2024
Operating profit (EBIT) 127 144
Depreciations and amortizations 206 166
EBITDA 333 309
Reconcilliation of financial APMs (proportionate figures)
NOK million FY 2025 FY 2024
Interest bearing debt 3 173 2 645
Cash and cash equivalent (891) (927)
Net interest bearing debt (NIBD) 2 282 1 718
NOK million FY 2025 FY 2024
Total revenue 697 776
Operating expenses (441) (345)
EBITDA 256 431
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Proportionate financials
The Group’s segment financials are reported on a proportionate basis.
The Group introduces Proportionate Financials, as the Group is of the opinion that this method improves
transparency and earnings visibility, and also aligns with internal management reporting.
The key differences between the proportionate and the consolidated IFRS financials are that all entities are
included with the Group respective ownership share:
• Associated companies (ownership between 20%-49%) or joint ventures (ownership 50%) are included in
the financial accounting lines, the profit or loss statement and share of assets and net debt, with the
respective proportionate ownership share. In the consolidated financials associated companies and joint
ventures are consolidated with the equity method.
• Subsidiaries that have non-controlling interests (ownership between 50%-99%) are presented with only the
Group controlled ownership share, while in the consolidated financials they are included with 100%.
• Group internal revenues, expenses and profits are eliminated in the consolidated financial statements,
while in the proportionate financials, internal revenue and expenses, are retained.
• Proportionate interest-bearing debt and NIBD does not include shareholder loans
From the consolidated IFRS reported figures, to arrive at the proportionate figures for the respective periods
the Group has:
“Other eliminations group”:
• Added back eliminated internal profit or loss items and internal debt and assets.
“Elimination of equity accounted entities”:
• Excluded the equity accounted net profit from associated companies in the period. Included the propor-
tionate share of the line in the profit or loss statement items (respectively: revenues, operating expenses,
depreciations and amortizations and net finance items)
• Replaced the investment in shares in associated companies including historical share of profit or loss
(asset value) with the share of balance sheet items (total assets, interest bearing debt and cash) for the
respective associated company.
• Reclassified excess value items included in the equity method to the respective line in the Profit or loss
statement, and in the balance sheet.
“Residual ownership”:
• Excluded residual ownership share related to non-controlling interest in the respective accounting lines.
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The tables below reconcile the consolidated Group figures with the proportionate financials for the periods FY 2025 and FY 2024:
FY 2025
NOK million
Total
consolidated
Other
eliminations
group
Proportionate
share of line
items ass.
comp.
Residual
ownership fully
consolidated
entitied
Total
proportionate
Total revenue 571 34 190 (98) 697
Opex ex depr. and amort. (357) (34) (105) 54 (441)
Net income/(loss) from ass.
comp/JVs 119 - (119) - -
EBITDA 333 - (34) (44) 256
Depr., amort. and write-downs (206) (58) (62) 22 (304)
Operating profit (EBIT) 127 (58) (96) (22) (48)
Net financial items (27) (40) (7) 4 (69)
Profit/(loss) before tax 100 (98) (103) (18) (118)
Total assets 9 434 358 1 243 (1 992) 9 042
Interest bearing debt 3 308 - 891 (1 026) 3 173
Cash 893 - 98 (100) 891
Net interest bearing debt (NIBD) 2 416 - 792 (926) 2 282
FY 2024
NOK million
Total
consolidated
Other
eliminations
group
Proportionate
share of line
items ass.
comp.
Residual
ownership fully
consolidated
entitied
Total
proportionate
Total revenue 548 120 192 (84) 776
Opex ex depr. and amort. (290) (8) (77) 30 (345)
Net income/(loss) from ass.
comp/JVs 51 - (51) - -
EBITDA 309 112 63 (54) 431
Depr., amort. and write-downs (166) (3) (63) 31 (200)
Operating profit (EBIT) 144 110 - (23) 231
Net financial items (10) 33 (16) (24) (16)
Profit/(loss) before tax 134 143 (16) (47) 214
Total assets 7 028 374 366 300 8 068
Interest bearing debt 1 951 - (1 953) 2 647 2 645
Cash 874 - 68 (14) 927
Net interest bearing debt (NIBD) 1 077 - (2 021) 2 661 1 718
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Non-financial APMs
Measure Description Reason for including
Power
production
Power delivered to the grid over the
defined time period (one year). Units are
measured in GWh.
Example
A typical 4 MW turbine produces 3 000
full-load hours during a year. 4 MW x
3 000 hours = 12 000 MWh or 12 GWh.
For illustration, according to the
International Energy Agency
1
(“IEA”) the
electrical power consumption per capita
in Europe is approximately 6 MWh per
year.
For power production estimates a
normalized annual level of power
production (GWh) is used. This may
deviate from actual production within
a single 12-month period but is the best
estimate for annual production over
a period of several years. Defined as
“Normalized production”.
Shows Cloudberry’s total production
in GWh for the full year including the
proportionate share of the production
from Cloudberry’s associated companies.
Production &
under
construction,
secured
At the time of measure, the estimated
power output of the secured production
and under construction portfolio. The
measure is at year-end. Units are
measured in MW.
Shows Cloudberry’s total portfolio
of secured projects that are either
producing or under construction.
Construction
permits
At the time of measure, the estimated
total power output to be installed in
projects with construction permit.
Construction Permit is at the stage when
concession has been granted, but before
a final investment decision has been
made. The measure is at year-end. Units
are measured in MW.
Shows Cloudberry’s total portfolio of
projects with construction permit.
Measure Description Reason for including
Backlog At the time of measure, the estimated
total effect to be installed related to
projects that are exclusive to the Group
and in a concession application process.
The measure is at year-end. Units are
measured in MW
Shows Cloudberry’s portfolio of project
where Cloudberry has an exclusive right
to the projects. The projects are still
under development.
Direct
emissions
Measure in tons of CO
2
equivalents. The
use of fossil fuels for transportation or
combustion in owned, leased or rented
assets. It also includes emission from
industrial processes.
Shows Cloudberry’s direct emissions
(Scope 1, GHG emissions) for the full year.
Indirect
emissions
Measure in tons of CO
2
equivalents.
Related to purchased energy; electricity
and heating/cooling where the
organisation has operational control.
The electricity emission factors used are
based on electricity production mixes
from statistics made public by the IEA.
Emissions from value chain activities
are a result of the Group’s upstream
and downstream activities, which are
not controlled by the Group. Examples
are consumption of products, business
travel, goods transportation and waste
handling.
Shows Cloudberry’s indirect emissions
(Scope 2 and Scope 3, GHG emissions) for
the full year.
CO
2
reduction Refers to the reduction of greenhouse
gas emissions relative to baseline
emissions from the European electricity
mix (EU-27 electricity mix, IEA 2020
2)
.
Shows Cloudberry’s reduction of
greenhouse gases for the full year
relative to the European Electricity mix
after the direct and indirect emissions
from Cloudberry’s operation is subtracted
1
https://www.iea.org/data-and-statistics/?country=WEOEUR&fuel=Energy%20consumption&indicator=ElecConsPerCapita (accessed 14 June 2021).
2
https://www.iea.org/data-and-statistics/charts (accessed 6 May 2021).
Cloudberry Clean Energy • Annual report 2025Cloudberry Clean Energy • Annual report 2025
178178 FinancialsFinancials | Alternative performance measureFinancials | Alternative performance measure
artbox.no
Cloudberry Clean Energy ASA
Frøyas gate 15
0273 Oslo, Norway
www.cloudberry.no