olivLaw · European equity research
Cloudberry Clean Energy ASA CLOUD.OL
Norway · Euronext Oslo Børs · ISIN NO0010876642 · Vertical: Listed companies from Norway
Cloudberry Clean Energy is a developer and asset manager of hydro, wind, solar and storage projects across the Nordics, operating in Norway, Sweden and Denmark. In 2025 the company expanded its portfolio through acquisitions, and proportionate production rose about 17%, making it relevant as regional energy demand grows.
At the close of 04 Nov 2026, Cloudberry Clean Energy ASA (CLOUD.OL) stock was 12.86 NOK (+3.54% on the day), with market capitalisation 3.9 bn NOK, P/E 61.2 on diluted EPS of 0.21 NOK over the last 12 months, beta 0.06, 52-week range 10.54–13.74 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 60.6
- strong (55–70)
- Bollinger (20, 2)
- 11.14 – 13.21
- in the upper half of the band · %B 0.83 · band width 17.0%
- SMA 50 / 200
- 12.36 / 12.57
- mixed trend
- MACD (12, 26, 9)
- 0.18 / 0.09
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +9.7% | −1.5% | +11.2 pp | — |
| 3 months | −2.4% | −5.3% | +2.8 pp | — |
| 6 months | −1.8% | +4.7% | −6.5 pp | — |
| Year to date | 0.0% | +6.0% | −6.0 pp | — |
| 1 year | +2.4% | +8.2% | −5.8 pp | −5.3% |
| 3 years | +23.4% | +47.2% | −23.8 pp | +15.4% |
| 5 years | −24.4% | +41.8% | −66.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 3-quarter history (min 12.4, median 39.1, max 61.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 333.0 m | 382.0 m | 512.0 m |
| Revenue YoY | unavailable | +14.7% | +34.0% |
| Net income | 272.0 m | 96.0 m | 67.0 m |
| Net income YoY | unavailable | −64.7% | −30.2% |
| Diluted EPS | 0.93 | 0.32 | 0.21 |
| Diluted EPS YoY | unavailable | −65.6% | −34.4% |
| net % | 81.7% | 25.1% | 13.1% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 893.0 m NOK
- Financial debt
- 3.3 bn NOK
- Net debt
- 2.4 bn NOK
- Equity
- 5.4 bn NOK
- Total assets
- 9.4 bn NOK
- Debt / equity
- 0.61x
- Current ratio
- 4.55x
- ROE
- 1.3%
- ROA
- 0.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 333.0 m | 382.0 m | 512.0 m | esef· 21 Oct 2026verified |
| Operating income | 37.0 m | 144.0 m | 127.0 m | esef· 21 Oct 2026verified |
| Interest expense | 121.0 m | 244.0 m | 267.0 m | esef· 21 Oct 2026verified |
| Pre-tax income | 222.0 m | 134.0 m | 100.0 m | esef· 21 Oct 2026verified |
| Income tax | -11.0 m | 10.0 m | 15.0 m | esef· 21 Oct 2026verified |
| Net income | 272.0 m | 96.0 m | 67.0 m | esef· 21 Oct 2026verified |
| Diluted EPS | 0.93 | 0.32 | 0.21 | esef· 21 Oct 2026verified |
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 779.0 m | 874.0 m | 893.0 m | esef· 21 Oct 2026verified |
| Receivables | 61.0 m | 59.0 m | 97.0 m | esef· 21 Oct 2026verified |
| Inventories | 99.0 m | 152.0 m | 169.0 m | esef· 21 Oct 2026verified |
| Current assets | 1.2 bn | 1.1 bn | 1.3 bn | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 4.0 bn | 4.2 bn | — | esef· 08 May 2025verified |
| Goodwill | 206.0 m | 208.0 m | 357.0 m | esef· 21 Oct 2026verified |
| Intangibles (excl. goodwill) | 24.0 m | 5.0 m | — | esef· 08 May 2025verified |
| Total assets | 6.7 bn | 7.0 bn | 9.4 bn | esef· 21 Oct 2026verified |
| Short-term debt | 78.0 m | 98.0 m | 139.0 m | esef· 21 Oct 2026verified |
| Long-term debt | 1.5 bn | 1.9 bn | 3.2 bn | esef· 21 Oct 2026verified |
| Current liabilities | 364.0 m | 204.0 m | 284.0 m | esef· 21 Oct 2026verified |
| Total liabilities | 2.1 bn | 2.3 bn | 4.0 bn | esef· 21 Oct 2026verified |
| Equity | 4.6 bn | 4.8 bn | 5.4 bn | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 292.5 m | 290.9 m | 304.5 m | esef· 21 Oct 2026derived |
Cash flow · NOK
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 43.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 3.9 bn NOK
Key indicators
Coverage and freshness
Score by group
44% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 43.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 1.6% | 23 (vs peers) | 24% |
| Net margin · Quality | 13.1% | 79 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 0.5x | 0 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 4.6x | 100 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 61.2x | 5 (vs peers) | 24% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 14% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality44/100 · 2/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation· partial5/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CLOUDBERRY CLEAN ENERGY ASA (CLOUD.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 512.0 m NOK in 2025; YoY growth 34.0%; net margin 13.1%; ROE 1.3%.
The estimated value range is 1.82–6.24 NOK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 3.61 NOK, the price of 12.86 NOK leaves a potential of -71.9% (value / price − 1) and a margin of safety of -256.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 13.1%
- Current ratio: 4.6x
What contradicts it
- ROIC: 1.6%
- Interest coverage: 0.5x
- P/E (TTM): 61.2x
- Shareholder yield (distributions): 0.0%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Norway · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 85.6 bn | 21.8 | 7.9% | 21.4% | +42.5% | +46% / +70% |
| AFG.OLAf Gruppen Asa | 21.6 bn | 19.9 | 39.7% | 3.4% | +4.4% | +9% / +71% |
| ELK.OLElkem Asa | 19.6 bn | 40.2 | 1.9% | 2.7% | −15.7% | +12% / +77% |
| ATEA.OLAtea Asa | 19.0 bn | 22.0 | 19.7% | 2.3% | +8.1% | +15% / +40% |
| AKSO.OLAker Solutions Asa | 17.6 bn | 6.9 | 22.5% | 4.1% | +19.2% | +19% / −11% |
| AUSS.OLAustevoll Seafood Asa | 16.7 bn | 37.2 | 1.6% | 1.1% | +11.1% | −6% / +11% |
| BRG.OLBorregaard Asa | 15.5 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −10% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.9 | 17.1% | 11.4% | −10.8% | +18% / +45% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +38% / +30% |
| B2I.OLB2 Impact Asa | 8.7 bn | 14.2 | 11.0% | 16.4% | +2.6% | +39% / +236% |
| AKVA.OLAkva Group Asa | 5.8 bn | 31.3 | 13.7% | 4.2% | +24.4% | +74% / +153% |
| BOUV.OLBouvet Asa | 5.1 bn | 14.5 | 80.7% | 9.2% | −0.2% | −18% / −14% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| CLOUD.OLCloudberry Clean Energy Asa | 3.9 bn | 61.2 | 1.3% | 13.1% | +34.0% | −6% / +28% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.7 bn | 10.9 | 34.9% | 16.8% | +12.4% | −11% / +22% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −14% / −7% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.9 | 30.1% | 16.1% | +32.3% | −51% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 110.5 | 2.9% | 8.6% | +7.9% | −7% / −47% |
| CAPSL.OLCapsol Technologies Asa | 868.8 m | — | -89.4% | -114.8% | −25.0% | −34% / −67% |
| BOR.OLBorgestad Asa | 563.7 m | 36.8 | 2.1% | 1.4% | −3.0% | −5% / +44% |
| ARR.OLArribatec Group Asa | 239.5 m | 4.9 | 22.1% | 9.3% | +15.7% | −31% / −54% |
| DELIA.OLDellia Group Asa | 73.4 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.9 m | 0.1 | — | 7,297.7% | −87.2% | −81% / −97% |
| AGLX.OLAgilyx Asa | — | — | -182.4% | -12,189.3% | +20.3% | −41% / −42% |
1- and 3-year price returns: for CLOUD.OL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (NOK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 8.80 Total return -32% · Per year -32% | 15.49 Total return 20% · Per year 20% | 23.24 Total return 81% · Per year 81% |
| 3 years | 10.44 Total return -19% · Per year -7% | 20.49 Total return 59% · Per year 17% | 33.47 Total return 160% · Per year 38% |
| 5 years | 12.39 Total return -4% · Per year -1% | 27.10 Total return 111% · Per year 16% | 48.19 Total return 275% · Per year 30% |
- Exit P/E± 5.12
- Net margin± 3.59
- Annual revenue growth± 2.67
- Annual dilution± 0.30
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Cloudberry Clean Energy is a developer and asset manager of hydro, wind, solar and storage projects across the Nordics, operating in Norway, Sweden and Denmark. In 2025 the company expanded its portfolio through acquisitions, and proportionate production rose about 17% 1, making it relevant as regional energy demand grows.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Energy price volatilityhigh
The company is exposed to power price risk, managed through diversification and hedging, but price changes can still affect receipts 1.
- Regulation and taxesmedium
Proposed taxation of small-scale hydro in Norway could change returns on existing assets 1.
- Refinancing and debt riskmedium
Net debt has risen, and the company depends on its corporate credit facility and project financing 1.
- Project execution and asset performancemedium
Construction delays, cost overruns or technical asset problems could reduce returns 1.
- Environmental and ESG risklow
Impacts on sensitive habitats and climate-related risks could lead to delays or local conflicts 1.
Investment thesis
What would need to be true (bull case)
- If clean energy demand in the Nordic region keeps growing, the diversified portfolio and extended backlog could support higher production and revenue.
- A largely fixed-rate funding structure and a fee-based asset management model could reduce the volatility of results.
- Expansion into Denmark and Finland could open further acquisition and development opportunities.
What would break the thesis
- Profit fell in 2025 and net debt rose considerably, which could limit financial flexibility.
- If power prices fall or hydro taxes expand, revenues and margins could come under pressure.
- Reported results partly depend on transaction gains, which may not recur.
What to watch
- Evolution of the exclusive backlog and hybrid projects in Projects2026
- Effect of the cost-reduction program on EBITDA and profit2026
- Outcome of the proposed resource rent tax on small-scale hydronext 10-K
- Trend in net interest-bearing debt and the equity rationext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Cloudberry is structured into three collaborative segments: Projects, Commercial and Asset Management 1. The Projects segment develops hydro, wind, solar and battery storage (BESS) projects in Norway, Sweden and Denmark, from origination and permitting through construction. The Commercial segment actively owns the renewable portfolio, while Asset Management operates both its own assets and third-party assets.
In 2025 the company reported operating revenues of NOK 571 million, up from NOK 548 million in 2024, and EBITDA of NOK 333 million, up from NOK 309 million 1. Profit for the year fell to NOK 85 million from NOK 124 million, mainly due to higher operating costs and gains in 2024 that did not recur 1.
Cloudberry extended its footprint through the Skovgaard and Forte transactions, which added wind and hydro assets and a presence in Denmark 1. It entered Finland in March 2026, as a subsequent event 1. The funding structure relies largely on fixed-rate debt under a NOK 2.2 billion corporate credit facility 1.
Segments
Projects
The Projects segment recorded proportionate revenue of NOK 42 million in 2025, down from NOK 141 million in 2024, and negative EBITDA of NOK -19 million 1. The decline mainly reflects a NOK 113 million development gain booked in 2024 1. The exclusive backlog reached 1 366 MW across 45 projects 1.
Commercial
The Commercial segment produced 789 GWh on a proportionate basis in 2025 and realized a net power price of NOK 0.69 per kWh, against a system price of NOK 0.47 1. Segment EBITDA fell to NOK 327 million from NOK 396 million, due to higher operating expenses from a larger portfolio 1. Year-end production capacity stood at 339 MW 1.
Asset Management
The Asset Management segment, operated through Captiva, grew revenue to NOK 75 million from NOK 65 million 1. The activity is largely fee-based and expanded with the integration of the Danish team and the Forte hydro portfolio 1. The segment moved to a positive EBITDA after a loss the previous year 1.
Market context
Cloudberry operates in Nordic power markets characterized by rising electrification, emerging power-intensive industries and higher price volatility 1. It focuses on proven technologies, hydro, wind, solar and storage, in southern price areas of Norway, Sweden and Denmark 1. Its position is also shaped by the regulatory framework, including a proposed resource rent tax on small-scale hydro in Norway 1.
Structural demand for clean energy is supported by electrification, digitalization and energy security, and renewable energy is seen as both an environmental and geopolitical necessity 1. If pricing or tax rules change, results in segments exposed to spot prices could be affected.
Trends
- Electrification and rising demandtailwind
Electrification, digitalization and new power-intensive industries create structural demand for clean energy in the Nordic region 1. This could support production revenues and interest in new projects.
- Energy security and infrastructure resiliencetailwind
Geopolitical uncertainty has raised the importance of domestic energy and resilient infrastructure 1. Projects that bring local value and long-term stability could benefit from this interest.
- Nordic price volatilitymixed
Nordic markets have become more volatile, and the company manages price exposure through diversification and hedging 1. Volatility could also hurt energy revenues if prices fall.
- Changing regulatory frameworkheadwind
Regulation can change returns, and in 2025 a resource rent tax was proposed for small-scale hydro in Norway 1. If such measures spread, asset costs and returns could be affected.
Competitive position
The analyzed sources do not name competitors, but Cloudberry operates in a market of renewable developers and asset managers in Norway, Sweden and Denmark. Its stated advantage is combining development, operation and asset management, along with local presence in several countries 1. Competition could intensify as more investors seek Nordic assets.
The company differentiates through its ability to acquire and integrate portfolios, such as the Skovgaard and Forte transactions 1. If rivals obtained better acquisition or financing terms, Cloudberry's relative position could come under pressure.
- Regional renewable developers and operators
Not named in the analyzed sources; competition comes from other developers and asset managers in the Nordic region.
- Renewable asset investors
Financial investors can compete for the same assets, as suggested by partnerships with OX2 and Swiss Life Asset Managers 1.
- Local utilities
Regional utilities can buy or develop assets, as happened with the Svåheia sale to Dalane Kraft 1.
- Industrial companies with own projects
Industrial players can develop their own renewable projects, which could reduce acquisition room for Cloudberry.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202521 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Cloudberry Clean Energy ASA · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.