Cloudberry Clean Energy-Q1’26: underlying EBITDA in line – secured first data center site-05/12/2026

Research evidence excerpt

Cloudberry Clean Energy-Q1’26: underlying EBITDA in line – secured first data center site-05/12/2026

Cloudberry Clean Energy

NEWSFLASH | 12 MAY 2026

Q1’26: underlying EBITDA in line – secured first data center site

Cloudberry reports underlying EBITDA in line with our estimate but 13% below consensus, with power generation and the

achieved power price largely in line (the former partly known). The transformer outage at Odal continued to affect power

generation in Q1, with production still expected to ramp up through 2026. Cost cutting initiatives corresponding to annual

savings of NOK 25m have been implemented during the quarter vs Cloudberry’s target of NOK 30m. The company also

secured its first powered land plot with potential for a data center project (160 MW) and is evaluating additional similar

opportunities, which will likely be well received, with the market seemingly valuing early-stage DC projects. BUY, TP NOK

14.

Deviation table

Comments

• Cloudberry achieved an average proportionate power price of NOK 1/kWh in Q1, 3% below cons and 3% ahead of PAS

• The company acquired a 50% stake in the MLK wind farm in Sweden in the end of quarter, resulting in a NOK 66m bargain gain in the

quarter affecting EBITDA in the Commercial segment

• Adjusted for the gain, group EBITDA came in at NOK 125m, 13% below consensus and in line with PAS

• The transformer outage at Odal continued to affect power generation in Q1 (covered by production warranties and insurance), with

production still expected to ramp up through 2026

Bård Rosef

+47 24 13 21 56, bard.rosef@paretosec.com

Helene Tingvold

+47 24 02 81 11, helene.tingvold@paretosec.com

For disclosures on relevant definitions, methods, risks, potential conflicts of interests etc. and disclaimers please see www.paretosec.com.