Valuation Update With 7 Day Price Move • Jul 02
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €1.09, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 17x in the Renewable Energy industry in Europe. Total returns to shareholders of 7.5% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €0.44 per share. Board Change • May 21
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Mads Andersen was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Tillkännagivande • Apr 23
Cloudberry Clean Energy ASA Announces Election to Board of Directors Cloudberry Clean Energy ASA has held its Annual General Meeting on April 23, 2026. The Board of Directors were approved Nomination Committee's recommendations. The following were elected as members of the Board of Directors until the Annual General Meeting in 2027: Kjell-Erik Østdahl, chair; Ragnhild Marta Wiborg. Tillkännagivande • Mar 20
Cloudberry Clean Energy ASA (OB:CLOUD) acquired 50% stake in 132-megawatt onshore wind farm in Finland from Sampi Renewables Holding As. Cloudberry Clean Energy ASA (OB:CLOUD) signed a share purchase agreement to acquire 50% stake in 132-megawatt onshore wind farm in Finland from Sampi Renewables Holding As for €78.1 million on March 13, 2026. The agreed enterprise value for Cloudberry’s 50% of the wind farm is €75 million on a cash and debt-free basis. The new shares will be issued at the current market price of €1.11 (rounded) per share represented by the 20-day volume-weighted average share price prior to signing of the share purchase agreement. This implies the issuance of 17,980,314 new shares, corresponding to 5.3% of the outstanding shares in Cloudberry following the issuance. The payment for the acquired shares, including the refinancing of existing project debt, will be financed through a combination of new debt, new shares, and cash €45 million in a ring-fenced debt structure from a Nordic bank, €20 million to be settled in new shares in Cloudberry Clean Energy ASA, and €12 million to be settled in cash from Cloudberry’s balance sheet.
The transaction is subject to customary closing conditions. Closing is expected to take place within one month from signing of the share purchase agreement.
Cloudberry Clean Energy ASA (OB:CLOUD) completed the acquisition of 50% stake in 132-megawatt onshore wind farm in Finland from Sampi Renewables Holding As on March 18, 2026. As part of the completion, the board of directors has today resolved to issue 17,980,314 new shares in per share as partial settlement for the Acquisition. Reported Earnings • Nov 10
Third quarter 2024 earnings released: kr0.06 loss per share (vs kr0.12 loss in 3Q 2023) Third quarter 2024 results: kr0.06 loss per share (improved from kr0.12 loss in 3Q 2023). Revenue: kr85.0m (up 13% from 3Q 2023). Net loss: kr19.0m (loss narrowed 46% from 3Q 2023). Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 1.8% growth forecast for the Renewable Energy industry in Germany. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 22
Second quarter 2024 earnings released: EPS: kr0.42 (vs kr1.12 in 2Q 2023) Second quarter 2024 results: EPS: kr0.42 (down from kr1.12 in 2Q 2023). Revenue: kr207.0m (down 38% from 2Q 2023). Net income: kr121.0m (down 63% from 2Q 2023). Profit margin: 59% (down from 98% in 2Q 2023). Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Renewable Energy industry in Germany. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Tillkännagivande • Apr 19
Cloudberry Clean Energy ASA Announces Board Changes On 16 April 2024 the annual General Meeting of Cloudberry Clean Energy ASA was held and approved Mads Andersen is elected as a new board member for one year. Tove Feld is elected as the chairperson. Following this, the Board of Directors is composed by: Petter W. Borg, board member (elected until 2025), Benedicte H. Fossum, board member (elected until 2025), Henrik Joelsson, board member (elected until 2025), Nicolai Nordstrand, board member (elected until 2025), Alexandra Koefoed, board member (elected until 2025), Mads Andersen, board member (elected until 2025). In accordance with the proposal of the Nomination Committee, the General Meeting adopted the following resolution: Morten Bergesen, chair (elected until 2025), Henrik Lund (elected until 2025) and Joakim Gjersøe (elected until 2026). Reported Earnings • Mar 21
Full year 2023 earnings released: EPS: kr0.93 (vs kr0.47 in FY 2022) Full year 2023 results: EPS: kr0.93 (up from kr0.47 in FY 2022). Revenue: kr333.0m (up 60% from FY 2022). Net income: kr272.0m (up 131% from FY 2022). Profit margin: 82% (up from 57% in FY 2022). Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Renewable Energy industry in Germany. Reported Earnings • Feb 16
Full year 2023 earnings released: EPS: kr0.94 (vs kr0.47 in FY 2022) Full year 2023 results: EPS: kr0.94 (up from kr0.47 in FY 2022). Revenue: kr610.0m (up 192% from FY 2022). Net income: kr275.0m (up 133% from FY 2022). Profit margin: 45% (down from 56% in FY 2022). Revenue is expected to decline by 2.9% p.a. on average during the next 3 years, while revenues in the Renewable Energy industry in Germany are expected to grow by 9.6%. Tillkännagivande • Feb 09
Cloudberry Clean Energy ASA Announces Chief Financial Officer Changes, Effective July 1, 2024 Cloudberry Clean Energy ASA has appointed Ole-Kristofer Bragnes as Chief Financial Officer (CFO). Former Chief Value Officer (CFO) Christian Helland will continue in Cloudberry as the Chief Commercial Officer (CCO) with an increased focus on value creation for the group. Helland will as CCO lead Cloudberry's commercial, M&A and new technologies segment. Bragnes currently serves as the Senior Financial Officer in Cloudberry, and he has over seven years of experience with capital markets transactions, debt structuring and other senior management roles including a former position as CFO of Pioneer Property Group ASA. Christian Helland will hold the position until Ole-Kristofer Bragnes enters the CFO position July 1, 2024. Tillkännagivande • Feb 08
Cloudberry Clean Energy ASA Appoints Christian Helland as Chief Commercial Officer Cloudberry Clean Energy ASA announced former Chief Value Officer (CFO) Christian Helland will continue in Cloudberry as the Chief Commercial Officer (CCO) with an increased focus on value creation for the group. Helland will as CCO lead Cloudberry's commercial, M&A and new technologies segment. Tillkännagivande • Dec 21
Cloudberry Clean Energy ASA (OB:CLOUD) acquired remaining 40% stake in Captiva AS from Captiva Capital Partner AS for NOK 23 million. Cloudberry Clean Energy ASA (OB:CLOUD) acquired remaining 40% stake in Captiva AS from Captiva Capital Partner AS for NOK 23 million on December 20, 2023.Cloudberry Clean Energy ASA (OB:CLOUD) completed the acquisition of remaining 40% stake in Captiva AS from Captiva Capital Partner AS on December 20, 2023. Tillkännagivande • Nov 09
Cloudberry Clean Energy ASA (OB:CLOUD) commences an Equity Buyback Plan for 7,000,000 shares, representing 2.4% of its issued share capital, under the authorization approved on September 28, 2023. Cloudberry Clean Energy ASA (OB:CLOUD) commences share repurchases on October 31, 2023, under the program mandated by the Annual General Meeting held on September 28, 2023. As per the mandate, the company is authorized to repurchase up to 7,000,000 shares, representing 2.4% of its issued share capital. The purchase price shall be minimum NOK 0.25 and maximum NOK 14.60 per share. The program is valid till June 30, 2024. As of September 28, 2023, the company had 291,370,104 shares issued and outstanding.
On October 30, 2023, the company announced a share repurchase program. Under the program, the company will repurchase 3,000,000 shares, with an aggregate maximum amount of NOK 43.8 million. The shares will be repurchased with a maximum price of NOK 14.60 per share. The purpose of the program is to reduce the capital of the Company. The program is expected to commence around November 1, 2023 and will be completed on December 31, 2023, at the latest. Reported Earnings • Nov 02
Third quarter 2023 earnings released: kr0.12 loss per share (vs kr0.23 profit in 3Q 2022) Third quarter 2023 results: kr0.12 loss per share (down from kr0.23 profit in 3Q 2022). Revenue: kr75.0m (up 36% from 3Q 2022). Net loss: kr35.0m (down 161% from profit in 3Q 2022). Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Renewable Energy industry in Germany. New Risk • Aug 17
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 22% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 22% per year for the foreseeable future. Minor Risks Share price has been volatile over the past 3 months (7.7% average weekly change). Shareholders have been diluted in the past year (22% increase in shares outstanding). Reported Earnings • Aug 17
Second quarter 2023 earnings released: EPS: kr1.12 (vs kr0.097 in 2Q 2022) Second quarter 2023 results: EPS: kr1.12 (up from kr0.097 in 2Q 2022). Revenue: kr335.0m (up 488% from 2Q 2022). Net income: kr326.0m (up kr299.0m from 2Q 2022). Profit margin: 97% (up from 47% in 2Q 2022). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 6.2% growth forecast for the Renewable Energy industry in Germany. Tillkännagivande • Jul 01
Norsk Vannkraft As acquired 4.5-MW Hydro Plant in Norway, Selselva Kraft AS and Nessakraft AS from Cloudberry Clean Energy ASA (OB:CLOUD) for NOK 703 million. Norsk Vannkraft As entered into a share sale and purchase agreement to acquire 4.5-MW Hydro Plant in Norway, Selselva Kraft AS and Nessakraft AS from Cloudberry Clean Energy ASA (OB:CLOUD) for NOK 703 million on June 16, 2023. The transaction is expected to close 30 June 2023 and is not subject to any conditions. Advokatfirma DLA Piper Norway DA has acted as legal counsel for Cloudberry. The transaction is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
Norsk Vannkraft As completed the acquisition of 4.5-MW Hydro Plant in Norway, Selselva Kraft AS and Nessakraft AS from Cloudberry Clean Energy ASA (OB:CLOUD) for NOK 703 million on June 30, 2023. Tillkännagivande • Jun 17
Norsk Vannkraft As entered into a share sale and purchase agreement to acquire 4.5-MW Hydro Plant in Norway, Selselva Kraft AS and Nessakraft AS from Cloudberry Clean Energy ASA (OB:CLOUD) for NOK 703 million. Norsk Vannkraft As entered into a share sale and purchase agreement to acquire 4.5-MW Hydro Plant in Norway, Selselva Kraft AS and Nessakraft AS from Cloudberry Clean Energy ASA (OB:CLOUD) for NOK 703 million on June 16, 2023. The transaction is expected to close 30 June 2023 and is not subject to any conditions. Advokatfirma DLA Piper Norway DA has acted as legal counsel for Cloudberry. Tillkännagivande • Jun 01
Cloudberry Clean Energy ASA (OB:CLOUD) completed the acquisition of 80% stake in Odin Energy P/S from Skovgaard Energy A/S for DKK 1 265 million. Cloudberry Clean Energy ASA (OB:CLOUD) signed a sale and purchase agreement to acquire 80% stake in Odin Energy P/S from Skovgaard Energy A/S on February 10, 2023. Skovgaard will keep a 20% ownership The agreed enterprise value for 80% of Odin Energy is DKK 1,488 million. The final purchase price will be reduced with the cash flow generation between January 1, 2023 to Closing of the deal. As part of the transaction and included in the enterprise value, Odin will also purchase the land associated with the Danish turbines and certain rights to new wind and solar projects through a development agreement with Skovgaard. The transaction will be divided into two tranches, where Tranche 1 includes all entities which are wholly owned and partially owned entities without pre-emptive rights, Tranche 2 covers entities which are partially owned with pre-emptive rights. The acquisition of the portfolio will be fully financed by existing cash and the existing bank facility available to Cloudberry by Nordic banks. The transaction is inter alia subject to approval from Danish authorities. The transaction is expected to close in later in the second quarter of 2023. Cloudberry Clean Energy ASA (OB:CLOUD) completed the acquisition of 80% stake in Odin Energy P/S from Skovgaard Energy A/S for DKK 1 265 million on May 31, 2023. Recent Insider Transactions • May 17
Chief Technology Officer recently bought €826k worth of stock On the 11th of May, Stig Østebrøt bought around 856k shares on-market at roughly €0.96 per share. This transaction increased Stig's direct individual holding by 34x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €926k more in shares than they have sold in the last 12 months. Reported Earnings • May 13
First quarter 2023 earnings released: EPS: kr0.39 (vs kr0.02 loss in 1Q 2022) First quarter 2023 results: EPS: kr0.39 (up from kr0.02 loss in 1Q 2022). Revenue: kr68.0m (up 127% from 1Q 2022). Net income: kr113.0m (up kr117.0m from 1Q 2022). Board Change • May 10
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Chairperson Tove Feld was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 28
Full year 2022 earnings released: EPS: kr0.47 (vs kr0.40 loss in FY 2021) Full year 2022 results: EPS: kr0.47 (up from kr0.40 loss in FY 2021). Revenue: kr209.0m (up 410% from FY 2021). Net income: kr118.0m (up kr181.0m from FY 2021). Profit margin: 56% (up from net loss in FY 2021). The move to profitability was primarily driven by higher revenue. Reported Earnings • Feb 17
Full year 2022 earnings released: EPS: kr0.48 (vs kr0.40 loss in FY 2021) Full year 2022 results: EPS: kr0.48 (up from kr0.40 loss in FY 2021). Revenue: kr217.0m (up kr180.9m from FY 2021). Net income: kr121.0m (up kr184.0m from FY 2021). Profit margin: 56% (up from net loss in FY 2021). The move to profitability was primarily driven by higher revenue. Tillkännagivande • Feb 11
Cloudberry Clean Energy ASA (OB:CLOUD) signed a sale and purchase agreement to acquire 80% stake in Odin Energy P/S from Skovgaard Energy A/S. Cloudberry Clean Energy ASA (OB:CLOUD) signed a sale and purchase agreement to acquire 80% stake in Odin Energy P/S from Skovgaard Energy A/S on February 10, 2023. Skovgaard will keep a 20% ownership The agreed enterprise value for 80% of Odin Energy is DKK 1,488 million. The final purchase price will be reduced with the cash flow generation between January 1, 2023 to Closing of the deal. As part of the transaction and included in the enterprise value, Odin will also purchase the land associated with the Danish turbines and certain rights to new wind and solar projects through a development agreement with Skovgaard. The transaction will be divided into two tranches, where Tranche 1 includes all entities which are wholly owned and partially owned entities without pre-emptive rights, Tranche 2 covers entities which are partially owned with pre-emptive rights. The acquisition of the portfolio will be fully financed by existing cash and the existing bank facility available to Cloudberry by Nordic banks. The transaction is inter alia subject to approval from Danish authorities. The transaction is expected to close in later in the second quarter of 2023. Valuation Update With 7 Day Price Move • Feb 11
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €1.22, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 22x in the Renewable Energy industry in Europe. Total loss to shareholders of 16% over the past year. Board Change • Nov 18
No independent directors There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: No independent directors. 7 non-independent directors. Board Member Henrik Joelsson was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Reported Earnings • Oct 26
Third quarter 2022 earnings released: EPS: kr0.23 (vs kr0.06 loss in 3Q 2021) Third quarter 2022 results: EPS: kr0.23 (up from kr0.06 loss in 3Q 2021). Revenue: kr55.0m (up kr48.3m from 3Q 2021). Net income: kr57.0m (up kr68.1m from 3Q 2021). Revenue is forecast to grow 42% p.a. on average during the next 2 years, while revenues in the Renewable Energy industry in Germany are expected to remain flat. Reported Earnings • Aug 19
Second quarter 2022 earnings released: EPS: kr0.11 (vs kr0.15 loss in 2Q 2021) Second quarter 2022 results: EPS: kr0.11 (up from kr0.15 loss in 2Q 2021). Revenue: kr58.0m (up kr50.0m from 2Q 2021). Net income: kr27.0m (up kr45.0m from 2Q 2021). Profit margin: 47% (up from net loss in 2Q 2021). Over the next year, revenue is forecast to grow 105% compared to a 12% decline forecast for the Renewable Energy industry in Germany. Board Change • May 04
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Director Benedicte Fossum was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Breakeven Date Change • Apr 05
Forecast to breakeven in 2022 The 3 analysts covering Cloudberry Clean Energy expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of kr11.9m in 2022. Earnings growth of 98% is required to achieve expected profit on schedule. Breakeven Date Change • Mar 04
Forecast to breakeven in 2022 The 3 analysts covering Cloudberry Clean Energy expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of kr10.5m in 2022. Earnings growth of 94% is required to achieve expected profit on schedule. Reported Earnings • Feb 12
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: kr0.39 loss per share (up from kr0.87 loss in FY 2020). Net loss: kr62.4m (loss widened 84% from FY 2020). Revenue exceeded analyst estimates by 11%. Over the next year, revenue is forecast to grow 249% compared to a 28% decline forecast for the industry in Germany. Tillkännagivande • Jan 09
Cloudberry Clean Energy ASA (OB:CLOUD) completed the acquisition of a 60% stake in Captiva As from Captiva Capital Partner AS. Cloudberry Clean Energy ASA (OB:CLOUD) signed a basic agreement to acquire a 60% stake in Captiva As from Captiva Capital Partner AS on November 17, 2021. The agreed enterprise value of Captiva is NOK 160 million on a cash free debt free basis, and the final purchase price shall be settled with 50% new shares in Cloudberry and 50% cash at closing. The acquisition is conditional on inter alia approval by the Board of Cloudberry and a confirmatory due diligence. The transaction is expected to be completed during 2021.
Cloudberry Clean Energy ASA (OB:CLOUD) completed the acquisition of a 60% stake in Captiva As from Captiva Capital Partner AS on November 17, 2021. Tillkännagivande • Dec 10
Cloudberry Clean Energy ASA announced that it has received NOK 600 million in funding from Ferd AS and other investors Cloudberry Clean Energy ASA announced that it has received NOK 600,000,000 in a round of funding on December 9, 2021. The transaction included participation from Ferd AS and the company's top management team. Reported Earnings • Oct 28
Third quarter 2021 earnings released: kr0.06 loss per share (vs kr0.21 loss in 3Q 2020) Third quarter 2021 results: Net loss: kr11.1m (flat on 3Q 2020). Breakeven Date Change • Sep 23
Forecast to breakeven in 2021 The 2 analysts covering Cloudberry Clean Energy expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of kr76.8m in 2021. Earnings growth of 48% is required to achieve expected profit on schedule. Reported Earnings • Aug 30
First half 2021 earnings released: kr0.31 loss per share (vs kr0.34 loss in 1H 2020) First half 2021 results: Net loss: kr31.9m (loss widened 174% from 1H 2020). Tillkännagivande • Aug 21
Cloudberry Clean Energy ASA (OB:CLOUD) signed a share purchase agreement to acquire Usma Kraft AS from TrønderEnergi and others. Cloudberry Clean Energy ASA (OB:CLOUD) signed a share purchase agreement to acquire Usma Kraft AS from TrønderEnergi and others on August 20, 2021. Advokatfirmaet DLA Piper Norway DA has acted as legal advisor to Cloudberry and Krafthuset AS has acted as advisor to the sellers. Tillkännagivande • Jul 02
Cloudberry Clean Energy ASA (OB:CLOUD) completed the acquisition of a 33.4% stake in Odal Vindkraftverk AS. Cloudberry Clean Energy AS (OB:CLOUD) agreed to acquire 33.4% stake in Odal Vindkraftverk AS on December 9, 2020. Under the terms, Cloudberry Clean acquires at least 10% in Odal Vindkraftverk AS and has the right to acquire up to a 33.4% shareholding until June 30, 2021. As of December 23, 2020, Cloudberry Clean Energy AS acquired 15% stake in Odal Vindkraftverk AS. Odal Vindkraftverk AS has raised €90 million in investment grade debt from a syndicate of institutional lenders to partly finance the construction of the Odal windfarm.
Cloudberry Clean Energy ASA (OB:CLOUD) completed the acquisition of a 33.4% stake in Odal Vindkraftverk AS on June 30, 2021. Tillkännagivande • Jun 03
Cloudberry Clean Energy AS has completed a Follow-on Equity Offering in the amount of NOK 1.075 billion. Cloudberry Clean Energy AS has completed a Follow-on Equity Offering in the amount of NOK 1.075 billion.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 86,000,000
Price\Range: NOK 12.5
Transaction Features: Subsequent Direct Listing 
