Cloudberry Clean Energy Aktie

Hi, everyone, and welcome to Cloudberry Clean Energy's Second Quarter Presentation. My name is Anders Lenborg. I'm the CEO of Cloudberry. And today, I'm joined by our CFO, Ole-Kristofer Bragnes. We have, as always, prepared a presentation for you that we will go through over the next 20 or so minutes. And please also use the Q&A button to send us questions, and we will try to answer as many of them as possible after the presentation. All in all, we are going to be on for the next 30 or so minutes.

So the agenda, we have this quarter agenda that also includes the Orron transaction. So after going through some of the highlights, we will dive into the transaction in more detail, and Ole-Kristofer Bragnes will take us through the numbers, and we will finish off with some comments on the power price and market.

Yes. Let's start out with the highlights. And before we go through the numbers, let me just say that these numbers do not include the Orron transaction, except for the installed capacity down on the right-hand side, where we have included the megawatts that will be added from the transaction. The rest of these numbers are purely Cloudberry numbers. And we have had a very strong second quarter. We had a strong first quarter. Second quarter, usually a bit softer, but we have had a strong quarter now with high realized power price of NOK 0.85 and EBITDA almost doubling the EBITDA from same quarter last year to just above NOK 100 million. It's based on the higher power price, but also we have added approximately 20 GWh of new production to the portfolio over the last year, as you can see here on the right-hand side on added capacity.

In addition to that, as mentioned, we have had a large transaction, a game changer for Cloudberry that we will talk more about later in the presentation with the acquisition of about 750 GWh of Orron Nordic wind portfolio. And in addition to that, we have also made some improvements on the BESS side, putting the Dingelsundet BESS project into production and in operation in July and at time and below cost. And we are already looking at second phase and enlarging that battery over the next half year. And we have also acquired a new battery storage project in Sweden of 20 megawatts and applied for new BESS projects in connection with our wind assets in Sweden. So it's been an active quarter with focus on the transaction and the BESS projects.

As you can see here, we have continued to develop our Nordic IPP strategy. Our business model to develop, own, and operate is the same. We think it's important to be in all of the phases of the lifetime of our projects. It gives us fantastic flexibility to focus sometimes on greenfield and development. Other times, it's more interesting to focus on the acquisitions and structural deals like we have done over the last quarters. We see that we can grow our portfolio with acquiring assets at below CapEx.

So that makes a lot of sense for us now to continue to look at this window of opportunities that we have in the Nordics. And as you know, we have taken down the focus on early greenfield development. Still, we have our portfolio of backlog exclusive projects. We have projects with permits. We are, as we're speaking, constructing six hydropower plants. Three of these hydropower plants will be delivered over the next quarter. So we will get back to that in more detail in the next quarter, but they are now on time and cost.

And we, of course, now also a much more diversified portfolio after the acquisition. As you can see here on the right-hand side, we are now in all 12 price areas in the Nordics. Of course, most of our production is still in the South of Norway, South of Sweden and DK1, where we see the highest power prices in the Nordics. But we have added through the transaction with Orron, a lot of new production capacity in SE4 but also in SE2. So this is just 100% aligned with our strategy and it adds more network, more assets and more flexibility into the Cloudberry platform.

This is the production portfolio. So you see we came from around 20, 21 GWh in 2020 with hydropower in Norway, and we have grown that in the last years to over 2,000 throughout the Nordics and different technologies. And as you see here on the right-hand side, our first BESS projects are also now part of the mix. More than 90% of this portfolio is merchant exposed. We have entered into some PPAs -- financial PPAs over the last quarter. But still, we have 90-plus percent in the merchant exposed market, also according to our strategy. And we see now that we have the full exposure to the higher power prices in the Nordics.

The strategy going forward, as I said, the Orron acquisition was 100% aligned with our strategy to grow the platform scales really well. We can -- we have managed to almost double the production portfolio with not a lot of overhead, but we will continue to put profitability over growth. So it's important for us to grow the portfolio in the right way to stay profitable, also to stay fully financed, of course, to have a strong balance sheet. And last but not least, to also develop the platform. So we have a team. And today, we have a fantastic team covering all our technologies and all parts of the life cycles from early phase development to we sell the power in the market.

So this is not going to change. We are on our way to reach our 2030 goals of tripling the business from 1 terawatt hours to 3 terawatt hours, and we will -- you will see continuous growth in -- on the Cloudberry platform going forward. The -- continued also reporting on ESG, and we are focusing on our ESG profile, and that is also involved in all our transactions and in our development of our assets. And the most important here is that we have had no injuries also over the last quarter.

So that was just a quick introduction to Cloudberry. And then let's dive into the transaction, the Orron transaction in more detail. As you have -- we all know, we have acquired the Nordic wind portfolio, more or less the whole Nordic wind portfolio from Orron and also with a small team. As I said, it has -- it is a game changer for Cloudberry. It's scaling, showing how we can scale the platform. And as you know, we have -- we wanted to build the Nordic -- the leading Nordic IPP, and this is a very important step in that -- to build the Nordic leading IPP. And the Orron transaction fulfills Cloudberry in a very good way. It's a perfect match when it comes to assets.

As you see here on the right-hand side, we have complement each other on the asset level, but also to get in a new active owner, a 27% owner with a lot of knowledge when it comes to develop and owning infrastructure assets and also bringing in the Lundin network into the company. It's very positive. And I think also that is going to affect our growth opportunities going forward. So we see we want to pursue the growth opportunities. We want to be the Nordic consolidator in the renewable space. And it also shows how we can grow efficient through using our share and also to bring down the cost of the platform.

Here, we just touch upon some of the effects from the transaction. Scaling, of course, we bring down the overhead per kilowatt hour with this transaction. And we also have a more diversified portfolio and bringing down, as Ole-Kristofer will comment on later, the financial cost. We have entered into a new facility with our banks. And all of this will affect the platform going forward. And of course, the Orron team also brings in a lot of know-how. And also here, we fulfill each other with the Orron team and the Cloudberry team, having different knowledge and different know-how on the different technologies and markets.

So this slide just shows you how we have grown the portfolio with the acquisitions and the structural deals we have done through the years and not focusing so much on the in-house developed projects, but here on the acquisitions. And then you see on the right-hand side here, the effect of the Orron transaction. So that was just a very quick run-through of the transaction, and I will pass on the word to Ole-Kristofer that will take you through the financials. Thank you.

Thank you, Anders. Hi, everyone. My name is Ole-Kristofer Bragnes, CFO of Cloudberry. I'm very happy to take you through the financial story of this quarter. So starting out, we saw the vast growth in our portfolio size that Anders talked about and showed briefly on the last slide, and we have the same story on our balance sheet and shown have been able to grow in an accretive manner.

Fundamental values has been important and being well financed as well, beginning -- starting by raising equity over the market, continuing and constructing the assets that we had in our development portfolio, while also utilizing some M&A and also some capital recycling in order to showcase the value in our portfolio. Throughout the last year or so, we've also seen the potential to utilize our share in order to grow more directly.

We've some attractive opportunities like increasing our exposure in Denmark last year at printing shares at accretive levels and then also doing the first MLK transaction, increasing the portfolio size in Cloudberry and adding Finland as our first country and then now the Orron transaction greatly improving our -- strengthening our balance sheet, increasing diversification in the portfolio and the portfolio size, while also keeping debt relative at low levels compared to our portfolio size as that portfolio is relatively less leveraged.

So all in all, a healthy balance sheet with strong growth across this journey since inception of listing. Diving into this quarter, we report an equity ratio of 56%, which we are happy with. We've shown strong growth in the balance sheet size in relation to total assets, total equity and so forth. And that is explained by the transactions that we have done Q3 last year. Forte Vannkraft, Forte Energy Norway, the hydro platform that we combined together with Swiss Life, now consolidating in both those two portfolios, greatly increasing our exposure towards the hydro space in Norway, but also then the MLK now in Q1 this year, raising total assets and total equity. That's an associated company within these accounts. and now acquiring the last 50% of MLK, but also the great -- the vast Swedish portfolio, which Anders talked about through the Orron transaction, which is not reflected in the figures and will be after close expected in Q3 after we now received all regulatory approvals, which we're happy with and reported on already yesterday through the -- or the day before the stock exchange notice.

In today's increasing interest rate environment, we're happy also to have our strategy with 90% of our proportionate interest-bearing debt has been hedged at an all-in rate of below -- of approximately 4% with a weighted average tenure of 8 years. So more or less covered on that front, and that creates resilience in our cash flows and reduces risk. And talking about -- on the debt side, we're very happy to report that we have secured additional attractive financing, extending the maturity of our credit facility with 3 years with an option for additional 2 and also then increasing our debt facility with an additional NOK 1 billion and an option for an accordion of NOK 750 million. This is with the same bank syndicate that has been with us for a long time, supporting Cloudberry in its growth journey. And I'm happy to see that we're able to achieve an improved margin, well below 2% on this facility in today's environment. So that shows a lot of support.

We have also increased our purpose. We can now do BESS, we can do Finland, we can do solar while maintaining a good covenant structure as we have in our previous facility. And we still want to achieve a relatively modest leverage target with a cap of 50% loan-to-value under this agreement, which we are fine with. And this is expected also to close now in Q3 in relation to the Orron transaction, and this facility will be used to finance that. So very happy to have this in place.

Looking at profitability in -- over the latest years, profitable growth has always been important and is a nice buzzword, and we've utilized different ways of achieving that. We have our underlying financials from our production portfolio. Our production metric has grown quite rapidly across the years and are now up almost 2x the run-rate of our portfolio of our producing assets of over 2 terawatt hours compared to the 818 GWh we reported last 12 months. But we also utilize capital recycling to showcase gains in our portfolio and, of course, development gains as we have constructed the assets that we've had in our portfolio near term and that all these kind of transactions impacted '22 to '24 financials in a very positive way. And now we have a very strong underlying cash flow from our operations from our commercial segment with the power production at -- yes, over 2x what we have historically. So at a very good place.

Looking at the quarter specifically, we've had -- we are doubling our EBITDA. We're almost 50% up on the revenue side. And Q2 is normally a relative soft quarter in terms of power price, but it's very good to see that the power price has been held very well across -- throughout the summer and now into Q3 with strong reported power price, as you can see on the Nord Pool exchange. That is the main reason behind the increase in revenue and profitability, the increase in power price, but we also have a modest growth in production volumes. I'll come back to that on the next slide.

And it's important, again, as Anders talked about, that the transaction is, of course, not included in these figures as the transaction is not closed, but expected to be so in Q3 and start impacting the financials and to see the returns and how our portfolio scales.

Diving into the commercial segment, I talked about the production volumes. That is modestly up compared to the same quarter last year, but it's -- and the reason for that is the full quarter contribution from MLK, the Finland acquisition we did in Q1. But it's important to note that compared to the normalized production levels, output has been negatively affected by weaker wind resources in Denmark, historically low hydrological balance in Southern Norway, reducing hydro volumes at the time where they should be higher from a dry and cold winter, but all these elements are also increasing prices, and we see the realized power prices has greatly improved compared to the same quarter last year.

And again, this highlights the importance of being diversified across the Nordics. We now have a very diversified portfolio and can capture differences in wind resources, et cetera. For instance, now it's been playing very well in Denmark with very high power prices, whereas not in Sweden. And this will offset each other, and it's important to have that diversified portfolio and show resilience in our earnings. And these two elements, the production volumes and the increase in realized power prices is, of course, what's explaining the drive in the commercial segment compared to the same quarter last year.

Looking at our other segments, projects mainly driven by realization development gains, which has not been evident over this quarter, while we are driving our portfolio forward and very happy to see Dingelsundet now subsequent to the quarter being in commercial production on time and below cost. That's an important value driver. And the explanation why the difference in numbers there is related to the increased project segment, call it that from the Forte Vannkraft acquisition in Q3 last year, the Norhard coming into the Drilling segment and then also, yes, realizing a higher operating cost base from the acquired activities.

Asset Management, very happy to see that the operational improvements and the profitability improvements that has been set into motion are showcasing themselves in the P&L. We do have improved EBITDA supported by lower operating expenses and also a slight growth in revenue, and we have some interesting new contracts on the asset management side as we reported out -- reported on in the quarterly report and very happy to see that growth. On the corporate segment, we have a reduced operating cost base down from -- down to NOK 11 million from NOK 15 million same quarter last year, although this quarter has also been impacted by NOK 3 million of transaction-related costs. And if we do compare and annualize this figure and compare it to a total proportion of asset base, this is around 0.5% in relation to proportionate assets.

So although we want to be value enhancing throughout all levels in Cloudberry, just as a strictly cost base, this is 0.5% in relation to the total proportionate asset base. And we do expect this number to decrease further with the Orron transaction that Anders talked about from the synergies. The platform really scales. We do not expect a significant growth in corporate costs at all. We have some numbers in the presentation of our expecting an increased overhead, but this scales well, and this really improves the profitability and resilience in our platform as we're able to continue to grow and move forward.

So that is all on the financial side for all -- for now, sorry, and then I'll hand it over to Anders for some marketing summary before we do some Q&A. Thank you.

Thank you, Ole-Kristofer. And as Ole-Kristofer mentioned, we have had a strong power price over the last quarter. We don't try to predict the power price in Cloudberry, but we use third parties. And as you can see here on the left-hand side, we have had a historical delivery on the power price above 45% over the system price. So historically, due to our portfolio and due to the price areas where we are -- we have our production, we, in general, deliver over the system price, which is the average of the price areas.

Here, going forward, we have used the forward price in 20 -- for 2027, where you can see the forward price going -- increasing sharply. And then we have used the Thema price curve from '28 until 2035. What we have done this time is also to show the spread between Thema's high case and low case. So before, we have just shown the base case on the price. But here, we have taken in also the high case and low case. And as you can see, this is of great importance for Cloudberry with our exposure to the spot price and the power price with our merchant portfolio.

So as you can see, it looks like we're going to have stronger and stronger higher power prices over the next year, but also it's likely to see that we will continue to have high power prices over the years. I mean this is also driven by -- in the short term by the hydrological balance, as Ole-Kristofer touched upon, which is very low, giving high power prices. It's dry in the south of Norway and Sweden, but also high gas prices. We have increased demand, especially from the digital industry. We have increased demand all over the Nordics. And we see very little new production added. I mean, we see upgrades. We see some smaller projects. We don't see the larger added new production over the next years. And if you also look at the new permits and new applications, it's quite low all through the Nordics, especially Norway, Sweden and Denmark.

So this is a very interesting part of our business and important to pay attention to. And when we, of course, see in PPA opportunities where we can fix the price on good high levels, we also do that. So we have entered into some fixed price agreements in -- for '26 and '27, but still 90% plus is merchant exposed as of now.

Yes, then I think we have been through most of our presentation. I think Cloudberry is perfectly positioned for the energy transition and for the new energy reality. We have a large producing portfolio of over 2 terawatt hours, producing long-term cash flow for the company. And we also have our in-house developed exclusive portfolio of projects and where we can tap into these projects where we see that is beneficial. We have plenty of M&A and structural deal opportunities in the Nordics. There's a lot of interesting opportunities now, and we will also continue to develop and grow the platform through acquisitions and always to stay well funded and we have a strong cash position. We have strong bank facilities, and we are also using our shares to grow the business. So all in all, we are very happy where we are today.

Thank you so much for your attention. And I think we have probably gotten some questions that we will try to answer over the next minutes.

Thank you, Anders. So we have received some questions about the cost base in the commercial segment and also see this from the first from the analysts. So just to explain quickly, the wind has been the predominant producer over this quarter. And for wind technology, we have more of a fixed cost base. So the incremental revenue above the fixed cost base that creates the EBITDA. And of course, that's driven by two factors, production volumes and average realized prices.

For this quarter, average realized prices have been doing very well, production volumes below, call it, P50 estimates and then that reduced factor impacts EBITDA margins. And I think that explains the forecast and the cost base are more or less the same, but they scale a lot more on the wind side at higher realized prices compared to -- in addition to high power volumes.

Hydro on the other side, much more stable EBITDA margins as you have more, call it, profit split with the local landowners, et cetera. So that's more stable, more, call it, defensive in a way, and then you have a much more fixed cost base on the wind side. So that's the explanation for it. The cost base is more or less the same as it has been, for instance, over the last quarter.

So that's that question. Do we have...

Thank you. We have also received a question when it comes to our Powerland Initiative, and we touched upon that very high level last quarter. But we have, as we have said, looked into the combinations of our production portfolio and developing Powerland projects. And I think we have continued to work on these projects. We do have a lot of knowledge when it comes to zoning, when it comes to securing power and capacity in the grid. And we do -- we have continued to work on these projects, but it's a bit too early to give an update.

But over the next half year, we will also be ready to give a more extensive update on our Powerland portfolio and how we are working on that going forward. So I think that was it, and that was all we had for today. And thank you for your time and for your interest in Cloudberry, and have a nice day.

Thank you.

Hi, everyone, and good morning. My name is Anders Lenborg. I'm the CEO of Cloudberry Clean Energy, and I'm happy to welcome you all to this Cloudberry presentation. We have prepared a presentation for you that I will go through in the next 20 or so minutes. And we are, of course, extremely delighted to have agreed on this transformative deal with Orrön Energy. And over the last years, we have been working to scale our platform and to grow the company. And it has always been a goal to create the leading Nordic IPP, and here we are today. So I would also like to welcome the CEO of Orrön Energy, Daniel Fitzgerald, who is joining us in the start of this presentation.

Good morning.

Good morning, Daniel. So we -- as I said, we are extremely delighted to be able to share the news today that we have agreed on this transformative transaction. It's almost doubling the production of Cloudberry Clean Energy's portfolio. We have had a unique position in the Nordics and so have Orrön. And we always believe that 1 plus 1 would be more than 3 if we manage to combine these 2 portfolios on one platform. And we have been working on this over the last months to find a structure and a setup that is right for both parties. And we are very happy that not only that we've made this milestone, but also to welcome a new experienced, very experienced industrial owner into Cloudberry and becoming Cloudberry's largest shareholder. So Daniel, if you have some comments, we would like to open up for you to comment on the transaction.

Thank you, Anders, and great to be able to share this news with the market today. I think for many years, we've looked at Cloudberry's assets, and I'm sure the other way around, it's a really complementary combination where I think the strength of Cloudberry having built the platform out of Norway, expanding into Denmark and now into Sweden is very, very complementary with Orrön Energy assets primarily across Sweden and in Finland. And so with Cloudberry coming into MLK earlier this year, it opened the door for a broader conversation around putting the 2 companies together. And I think what I'm most excited about is the future journey, not the transaction today, which is, of course, very, very important. But with this platform now, we have the ability to really go and grow a Nordic-focused listed IPP, and this will be the biggest Nordic-focused and Nordic-listed IPP.

And as Anders touched on, Orrön Energy comes on board as a 27% shareholder in Cloudberry. We bring the support of the Lundin Group and the Lundin family behind Cloudberry in their journey. And I think the entrepreneurship and team within Orrön Energy will also add so much value into Cloudberry's journey. From the governance side, I think myself and Henrika Frykman will join the Board of Cloudberry as part of this transaction, and we will hold the shares within Orrön Energy. So this really is a combination that brings the best of Cloudberry and the best of Orrön together. And going forward, I see this as Orrön Energy's Nordic vehicle where we will be contributing as much as we can into the future growth of Cloudberry. At this point in the market, it's really interesting to see the opportunities for consolidation and growth. And I think having that added strength and that added depth of assets and team gives us so much more than either we could do on our own or Cloudberry could do on their own.

And so this, for me, represents a very compelling transaction, I think, and a springboard to be able to grow into the future. We will hold our own webcast as Orrön Energy at 11:00 today. So for those of you who have questions for Orrön Energy or around our future strategy, then I would welcome those questions at the webcast at 11:00 today. And within Orrön Energy, we'll hold this ownership within Cloudberry and we'll then also own our existing greenfield development business, the Karskruv asset and we'll have the means of going and growing the business both through this vehicle and through the other opportunities we have live. So it's just a big thank you to the Cloudberry team. I think this is really a compelling transaction. I really look forward to what's coming next within this platform with Anders and the team as we move forward. And so with that, Anders, I'll pass back to you for the presentation.

Thank you so much, Daniel, for your kind words, and I couldn't agree more. This is a very interesting transaction and an important step on the growth journey of Cloudberry, but it's the future we are looking to. And I think, as you said, this will make us a much stronger platform and a player in the Nordics when it comes to new opportunities. As I mentioned, we have created a presentation that we will go through, and then we will open up for questions after the presentation. And as you know, we have, over the years, built a unique Nordic renewable platform. We have had assets throughout the Nordic countries. And with this, we will expand our network. We will expand our portfolio and also expand our team and we'll have more, I think, over 230 new turbines in our portfolio and reaching around 400 turbines spinning throughout the Nordics.

With hydropower, of course, in Norway and wind and BESS projects throughout the Nordics and also working on hybrid solutions. So it's a proven technologies. We will stay in Nordics and stay with solar, wind, BESS and hydro, making this a unique combination of technologies and presence in 10 different price areas and with very different production profiles. So we are working, as mentioned earlier, on creating a large portfolio of producing assets now over 2 terawatt hour in production with a perfect mix between the technologies when it comes to production profiles. And we are also, as we touched upon and Daniel mentioned, we are also looking at how to develop this producing portfolio further with repowering opportunities with BESS opportunities and also hybrid opportunities.

So we are very much looking forward to continue to develop the portfolio also. As we also touched upon, we think it's a perfect fit. The 2 companies know each other. We have entrepreneurial cultures, both of us. We are hands-on, nothing fancy here. It's hard work and continue to scale the platform that is in focus. We built this fantastic organization. We have built the platform, and now we are scaling it with this transaction. And I think overhead, cost is going to be down and the profitability will be up. So we will then buy assets in this structure, and we are using our share. So we will have an EGM in August, and we will have to print shares to match the valuation of the deal. And as Daniel said, then Orrön will be the largest shareholder with about 27% of the shares in Cloudberry. At the same time, we have also managed to have a new financing structure in place, a new facility, and we are very happy to continue our good cooperation with the Norway savings bank, and we have now reached a new facility with NOK 1 billion new loan in that facility. So that's how it's going to be financed.

We are not using any of our cash, except for EUR 4 million for the working capital in the companies on the Orrön side. Yes. Just 2 words on the history here. As many of you know, we have throughout the last 5 years, grown the platform from almost nothing. I think we had 3 GWh the first time we reported back in 2020. And it's, of course, satisfying to see that we have managed to grow this accretive. We have had several of these transactions up through the years, but not of the size that we see here. It's by far our largest M&A deal in the history of Cloudberry. And at the same time, we have also continued to develop our own in-house projects and have several projects under construction as we speak. But all in all, we have now looking at over 2 terawatt hour in production. And in addition, of course, we have our development projects. And it's also an interesting side to this transaction that we both have worked on powered land projects, and we see also the opportunities to combine this production portfolio with our powered land portfolio.

Yes. And we have focused on building a diversified Nordic production portfolio, and we have managed that coming from hydropower in Norway back in 2020, 2021 and then gradually moved into new markets with Denmark, Sweden, Finland. We have built and testing now our first best projects as you see here on the right-hand side, the majority is wind and hydro, but we will also continue to develop the BESS projects. both stand-alone project, but also BESS in existing wind farms, and we will see that continuing, especially in Sweden and Denmark over the next years. And also keeping the portfolio very much merchant exposed. We have entered into some smaller PPAs now in Denmark for NOK 1 per kilowatt hour. And of course, we will continue to look at opportunities, but it has to be for the right -- at the right price and at the right risk profile. But still around 90% of our portfolio is merchant exposed. So back to the transaction. I think we see -- we have bought assets around 230-plus turbines spinning. But in addition to that, we see a lot of scaling effect and synergies.

And as I mentioned, the scaling is important for us because we have a platform and we can now take on board a large portfolio of over 700 GWh and still manage that on our platform. So the Cloudberry platform was built for growth, and it's now delivering and we are now delivering on our growth ambitions. And for those who know us, we have said that we have this 3 in 30 strategy and that means we want to have at least 3 terawatt hour in production in 2030. And with this transaction, we are reaching that -- we're taking 60% to 70% of that gap, closing that gap, and we are confident that we will reach that target within the 2030. And also on the synergy side, of course, we see that we have been through some good years. We have been through the bad years. We have always been focusing that we are financed and set up for also the tough years. Now we have come through that. We are looking bright at the future. And with this, we can also see many synergies with this transaction.

Especially on the producing side, we will keep on focusing on reducing balancing cost and also to use the market to our advantage when it comes to running the assets on the best possible way. And I think with the organization and the OEM competence to have in Orrön, combined with our asset manager and our knowledge on the Captiva platform in Cloudberry, that will be a very good match going forward. So here, you see an overview of the production portfolio. Yes, we will be more exposed in Sweden. We are happy to see that we are increasing our production in SE3 and SE4 especially. We have not been very big there, but we are going also to continue to focus on Sweden and develop these assets and new assets. And also in Finland, MLK earlier this year, and now we will double the production in Finland with almost 200 GWh. And from that on, also look to build the portfolio stronger in Finland over time. Yes, this is some highlights from the stock exchange announcement.

You have here the most important numbers and also some more information on the process going forward. It is quite a lot of work between signing and closing due to the size, but also due to the assets here. We have infrastructure assets, and we need permissions and so on from governmental offices in the Nordics. So this will be something we start working on today. And as I mentioned, we're happy to continue our good relationship and work with the Norwegian saving banks. We have secured attractive financing and at very good levels, we have increased it with NOK 1 billion and actually got a very good facility and with also a lot of flexibility. So we hope to continue our good cooperation with the saving banks and use the new facility also going forward, both with internal accretive growth and external opportunities. Yes. Here is also a closer overview of the assets. We will not dive into that now, but open up for questions.Yes. Thank you. I can -- I've received several questions here, but one of the questions here is related to our data center in the Nordics. And as we have mentioned under our Q1 presentation earlier this year, we saw that we had a unique position when it comes to powered land projects in the Nordics. We have a combination of land that we own and also long leases on land. And that in combination with our powered production competence is interesting for the data center developers. So we have started to develop powered land project, both in Norway, Sweden and Denmark. And the same -- on the same at the same time, Orrön has also developed a strategy when it comes to powered land projects. So this combination is just adding more megawatts to our powered land strategy. We have started to apply for capacity for some of the projects and also the zoning processes are ongoing for several projects. And I think we will get back to that in more detail when we see the capacity coming in and how we can use our power also.

We think it's going to be a requirement in the future that powered land project data center developers also can bring new production to the market or to the data center as we have seen in Ireland, and we have also seen that discussion starting up in the Nordics that if you are going to consume a lot of power on the data centers, you also have to come up with some percentage of the power that's actually going into the data center. And I think this is a unique position. We see that in Norway, for example, the TSO has awarded over 20 terawatt hours to data centers, but we see very little new production coming into the market here in Norway. And the same we see in Sweden. There is a huge demand, but very little new power producing production coming into the mix. So that's something that we're going to continue to work on. Yes, the plan going forward, this is just in line with our strategy. As I mentioned earlier, we have this Nordic focus. We want to create the Nordic champion. We want to stay with the proven technologies. So this is actually 100% aligned with our strategy.

And what you can expect also going forward is to continue to follow the strategy of growth with the Nordic focus and proven technologies. It could be that we're also now looking at doing more fixed price contracts when we have a much larger production portfolio, but we come from a very low level of fixed price contracts on our portfolio. So it will not be a majority of the portfolio, but it could be that we enter into some more PPAs. Yes. Going forward, we will focus on Sweden, of course. It will be our biggest market. But also, we think that this is a very nice step stone into Finland. First MLK transaction earlier this year, but with more power production in Finland, we will also continue to develop our opportunities in Finland going forward and also balancing this with the hydro production in Norway and projects in Denmark. So we are always looking to get the best possible mix between technologies, price areas and the Nordic countries.

Yes. Question here on repowering. So that's an interesting question. Cloudberry's portfolio of both hydro and wind assets are quite young. We -- I think our oldest assets is from 2016. It's a good mix with the Orrön portfolio. They have already repowered some of their projects, some of the turbines. And we will continue to develop new repowering projects and also looking at how we can repower these projects in combination with BESS and make hybrid production assets out of the grid connection. So I think it's interesting that we get a lot of new grid connection points and repowering opportunities with this acquisition.

And a new question coming in here, ask if we are going to pay a dividend. That's also a question that has been raised earlier. When we listed, we said that we will have to build a large enough portfolio. We have seen lots of opportunities, and we will, over time, of course, discuss with the Board and look into a dividend strategy. And with this acquisition transaction, we are much closer to that discussion, but that's something that we need to discuss on our side on the Board, and then we will, in due time, get back to that and inform the market on the dividend. But that's absolutely something that we are looking at. Yes, it's many questions here. I think time is running. How will reach the 3 GWh? I think the last question here. How are we going to reach 3 terawatt hours? Good question. I think we will continue what we have done so far. It's a combination of in-house developed projects where we see that we can get good returns. We will continue to develop hydropower, hybrid wind and solar projects.

And -- but what we also see now is that we have a market that is very attractive and we can get -- do accretive transactions. And if we can do accretive transactions and buy for less than we can -- we are building the CapEx then I think we will focus on using the window we see now in the market, both when it comes to stand-alone assets, stand-alone projects with concession and permits and -- but also looking at other more structural deals like this to grow the platform and use our share or our cash to finance the growth going forward. So I think with this, we are very good positioned for the -- to reach the 3 terawatt hour 2030 goal and maybe also going above. But it has to be accretive and it has to be in -- making sense in the mix of our portfolio. Thank you so much. And for your time, and have a nice day. Bye-bye.

Hi, and welcome to Cloudberry Clean Energy's First Quarter Presentation. My name is Anders Lenborg. I'm the CEO of Cloudberry, and I'm joined here today by Ole-Kristofer Bragnes, our CFO. We have prepared a presentation for you that we will go through shortly. And please also use the opportunity to ask questions, and we will try to answer as many of the questions as possible after the presentation. The agenda today, we -- I will start off with giving some highlights and an introduction to Cloudberry. Ole-Kristofer will then take you through the numbers, and I will sum up with some comments on the market and price curves going forward.

So let's dive into the presentation. We are very pleased to see that we have increased both the revenue and EBITDA from the first quarter 2025 to first quarter 2026. That's mainly due to a higher power price. We have a realized power price of NOK 1 per kilowatt hour or approximately EUR 100 per megawatt hour. And that is historically a very high power price in the Nordics that has, in combination with the increased production, given a very strong result for the first quarter 2026.

As you can see here on the right hand side, we have also then increased capacity, installed capacity and including our projects under construction, we are closing in on 500-megawatt in total and production in our production portfolio. In addition to a strong quarter when it comes to the revenue and EBITDA, we have also continued grow the platform, continue to grow Cloudberry with an entrance into Finland. Very happy.

We have followed Finland and the opportunities there over the last couple of years, but we have now entered into the Finnish market with acquiring 50% of the wind farm MLK. We will get back to that in more detail. And in addition to that, we have also entered into the power land sector, and we have started off with a project in Norway, but we are also looking at projects throughout the Nordics. And we will also go into that in more detail later in the presentation.

But before going to the details and numbers, I want to give you an introduction to Cloudberry. We have, over the years, developed a profitable independent power producer, profitable IPP. As you can see here, we focus on the Nordics. We have created a platform that covers the full life cycle of our projects from early phase greenfield development until they are in production, and we also have operation and management of our assets. And this is according to our developed own and operate strategy.

We want to be able to both develop but also to own the projects that we developed to secure our production portfolio, yielding long-term cash flow to the company. As you can see here, we have now approximately 1.3 terawatt hours in production. But we have also a backlog of projects. The backlog is exclusive projects. We have a project that is permitted, and we have projects under construction.

Today, we are constructing a best project in Sweden, battery storage project in Sweden and hydro power plants in Norway. We are in 4 different countries. We're covering 4 proven technologies. We have a hydropower, we have win, we have solar and best in our portfolio. And all this giving Cloudberry a very important flexibility so we can always focus on where we see the best returns. And we have also managed to establish us in 9 different price areas, giving us a very strong power price historically compared to the system price in the Nordics. As you can see, we have developed most of our projects in the South of Norway and Sweden and also in Jutland, in Denmark and now entering Finland also this last quarter.

So all in all, flexibility has been very important to stay profitable. We have seen that the CapEx and regulations have affected us up through the years and then we have always been able to focus where we see the best returns. And I think going forward, you will see just more of the same, that we will continue to stay focused, continue to stay Nordic and with proven technologies and try to combine the different technologies to create a base load profile production portfolio to optimize the production and also the profile throughout the year.

So flexibility is to be diversified is also key. As you can see here, we have started out with a small hydro portfolio in Norway, 5, 6 years back. And over the years, developed this and entered into Sweden to Denmark and now Finland with other technologies. And just if you look at the development from 2025 to 2026, it has been quite substantial with these new developments, hydro in Norway and entering into Finland in the last quarter. So these are attractive assets.

We have also an attractive M&A market. We see a lot of opportunities, and we are quite confident that we can continue this growth continue to develop these assets, both in-house, but also in the M&A market over the next year. Approximately 90% of our portfolio is merchant, and we have secured some PPAs. We have a new PPA last quarter, where we entered into 2027 PPA in Denmark on approximately EUR 85 per megawatt hour.

So this is also what we have focused on to develop a diversified portfolio and continue to grow with. And that's also important over the next years to continue to grow the production portfolio. I'm very happy to finally manage to be across Nordic platform. As I said, we have been following Finland up through the last couple of years to see what's the right timing to enter the market, where can we find the right assets and projects for us to enter the market.

And when MLK, we got the opportunity on MLK and at a level below CapEx, we found that this is both the right timing and the right entry into Finland. And we're also very happy that we are now partnering with an energy that is only the other 50% of MLK and we have already started to look at developing the assets further with the best battery storage system in connection with the wind farm.

And we are also looking at other opportunities in Finland. It's a natural development of us entering the Finnish market, and we also continue to grow the portfolio in Finland over the next couple of years. And this is also a very natural development of the Cloudberry strategy and the Cloudberry competence. We have, over the years, built a team and experienced team and a lot of experience with the local stakeholder management, securing land, securing grid capacity and we have seen that this powered landmark is quite attractive, and we have the competence in-house now, both on developing their projects, but also the market and how the customers are looking at the powered land opportunities.

So over the last quarters, we have developed a portfolio. We have started out in Norway, securing the first site, 160-megawatt site in just south of Oslo in NO2. And we are continuing to develop other opportunities in Norway and Denmark and Sweden. And we will -- we're looking at the pipeline, I think, of around 1 gigawatt of opportunities, but it's just too early to say how much this will be. But we see that this is attractive and also it's attractive for some of the data center players to have a gateway to the Nordics and have a Nordic portfolio. So this is something we find very interesting, and we will continue to develop, and we will continue to also update the market when we have the next deadline.

Just a couple of comments on the strategy. We continue to focus on being a profitable we continue to develop projects and acquire through M&A projects that are accretive. We want to stay fully financed with a strong balance sheet. So as you saw here in Finland, we have used our share, and that's a currency that is getting more and more popular. So I will also think that this is a one way to finance the opportunities also in the future.

And we have cash and we have a facility that we can use, but we think it's in a combination with the share, this gives us a lot of flexibility and also to continue to develop our platform. We have rightsized the platform last quarter, taking down our greenfield development capabilities. And now we have focused more on the M&A short-term brownfield opportunities and strengthened our team now on the M&A side and strategy side.

So the strategy is pretty much the same as it has been earlier, but adding powered land to the mix. And of course, we are focusing on the ESG and safety. We have 0 incidents last quarter. And we are continuing to reporting and continue to focus on the footprint and ESG focus in Cloudberry and we are also very pleased to see that we get recognized by the banks on how we are performing on the ESG side. So with that, I think I will just finish off and give the word to Ole-Kristofer, and he will take you through the numbers. Thank you.

Thank you so much, Anders. My name is Ole-Kristofer Bragnes, I am the CFO of Cloudberry, and very happy to take you through the financial story of this quarter.

So first of all, we've had a very strong growth in our balance sheet since inception and the Cloudberry listing in 2020. We raised some equity over the years, and that has enabled a lot of growth within the production volumes, the platform Cloudberry -- Cloudberry has a strong Nordic IPP. We have reduced increased our asset base, our producing portfolio, creating long-term cash flow they use growth within the project segment and the remaining of the platform.

We also done some capital recycling throughout the years to showcase the value of the platform that we have built and also realized development gains. You see this all through the balance sheet development through the equity increase in total assets. And we've also been very cautious with that throughout the years.

Capital discipline has been a foundation for growth. We raised some equity as mentioned, and have also started to utilize our share a bit for consolidation purposes and increasing production base, which we believe is very important to have a sufficient size to further capitalize on the platform and the synergies within that.

So going into the beginning of Q1 of '26. We see that we have increased the balance sheet size, as I mentioned, year-over-year. This is predominantly from the transactions that we've done in the last 12 months. For those of you who remember, we entered into a new hydro platform with Swiss Life in Q3 where we injected all our hydro assets at contribution in kind into Forte Vannkraft over 2x book value and also increased our ownership in Forte Energy Norway, the producing small-scale hydro platform we already own with as we slide but now up to above 50%, where we now consolidate both assets and then also then increased our hydro exposure.

That is the majority of the growth, but also then the inclusion of MEK, the entry into Finland, as Anders talked about earlier in Q1, which increases the assets, but also the total equity where the vast majority of the transaction was settled in Cloudberry shares, which is, again, as Anders talked about, there's a good currency to use to consolidate and get the scale effects of the Cloudberry platform within Cloudberry.

We were a bit, as mentioned, been cautious with that, but we also from a risk management perspective prioritized to hedge our interest rate exposure, given that we're merchant exposure on the power price. So we still have over 70% of our proportionate interest-bearing debt fixed at long-term agreements at around 4%. And that's important now in this volatile interest rate environment.

Exiting Q1 with a strong cash position that enables growth and we continue to build the Cloudberry platform into what we believe is next. Okay. So on the P&L side, as I mentioned, it's -- of course, the power sale, that's the backbone of the profitability within the Cloudberry platform, selling power at prevailing market price, but also capital recycling and development gains. That's been very important for the profitability in Cloudberry, especially evident in '22 to '24, where we've done as mentioned, capital recycling, selling down hydro assets at historically high levels, showcasing the value of the platform and asset appreciation has been within the platform that over to this book values and realizing strong IRRs, which on development gains for completing the Munkhyttan, wind farms in SE3, but also development activities within the hydro assets that we did divest whereas the gain is recorded within the commercial segment.

And throughout the year, is of course, increasing our production volumes from 268 GVH in '22 and now reporting almost 800 GVH in '25 or in LTM Q1 '26 and we have now a strong asset base of 1.3 terawatt hours, including on the construction that yields long-term cash flow to fund the platform going forward.

Diving into this quarter, we see we have strong growth year-over-year in both revenue and EBITDA at also increasing EBITDA margins. We do show a strong realized power price that's driving this and slight increase in power volumes. I'll come back to those 2 factors on the next slide when we go through the commercial segment.

But I also wanted to just quickly highlight the IFRS gain that we have now in relation to the MLK transaction. So when we acquired the MLK and this is completely the same as we've done for all transactions that just end result is a little bit different for this transaction. When we acquired MLK, this is a business combination. And then according to IFRS, you need to include at fair market value and fair market value is not what you acquired it for. It's based on a market-based perspective, on weighted average cost of capital, updated power curves and so forth.

So it's a more technical approach. This is, as I mentioned, like we've done for previous transaction, but combining this with the fact that we acquired these assets below book values, this has resulted in badwill over the -- through the purchase price allocation and badwill you need to recognize through the P&L. Same as we've done projects action, but then there has been some goodwill or other effects, which you do not have to take through the P&L. But the bad will need to go through the P&L, and that results in a gain of NOK 66 million, which is evident in the consolidated EBITDA or the proportionate revenue and hence, the EBITDA. So sum up a more technical IFRS adjustment that we need to take in this quarter in combination with the acquisition.

Looking into the commercial segment. This is also where the gain is recognized by stripping this out. We have a growth in both revenue and EBITDA and also increasing EBITDA margins within the segment. So that's good to see. We are realizing an average power price of NOK 1 per kilowatt hour, which is 1 historical high power price for us in the Nordics and the growth compared to Q1 of NOK 0.7 per kilowatt hours.

We see here in this quarter that we have a power price that's much more close to the system price, whereas we have been for previous quarter, much higher and that has to do with our -- all the Nordic price regions have been at very high power prices over this quarter, including where we produced relating this to the actual area prices when where we produce them. When we produce, we see the capture price we achieved for this quarter is very strong compared to previous estimates.

On the other hand, we have production volumes, which is lower. There's been a lot less wind in the Nordics, especially in Norway and Sweden. But here, you really start to see the diversification effect of the Danish wind portfolio because in Denmark, there was a lot to win. That's the driver for the production for this quarter. And it's good to see when we do have a little bit less production, the power price is a lot higher. So this affects a little bit more correlated.

And also, I wanted to highlight that, and this is that it's obviously a prioritized for us to achieve higher revenues and low production volumes. So when power prices are negative or around 0, we do curtail our production volumes as we, of course, want to decrease revenues and not production. This will increase the achieved power price, and this will be more evident when we start to see or if we see more negative pricing towards the summer and so forth. But is, of course, more important for us to increase revenue, and we're also now participating in a lot more balancing markets that we talked a little bit about in the quarterly report that will be also a contributor to revenue at volatile power prices or low power prices.

Looking at the other segments. Our project segment is more or less in line with the year last same quarter last year. The project segment main profitability driver is realizing projects. We've done so in the past. For this quarter, we are developing our projects further -- but we do have some very interesting opportunities with the data center activities, like Anders talked about earlier.

We have best initiatives on our current assets, which we talked about last quarter, how that drives profitability and also driving our backlog forward and work on a permitted project is of importance, but you won't see it in the P&L until we actually realize some of these effects. For instance, completing the [indiscernible] project is an important development game that we're looking forward to see.

As a management side, we're very happy to see that we're realizing the improvement program that we talked about over the last quarters. We have a showcase and cost reduction and improved revenue in the same time, and that's driving profitability. So EBITDA is up year-on-year and now in the positive side, which is very good. But of course, the main importance of asset management is not the EBITDA contribution, although it needs to be positive and increasing.

It's all the effects and the synergies between the other segment and the expertise that, that drives into our platform, ranging from increasing availability on our current assets to network and opportunities M&A capabilities and so forth. And our corporate segment lastly is more or less in line with the same quarter, actually a minor drop, which is again, good to see.

And lastly, I wanted to highlight that we did in the last quarter, initiate -- or in the last quarterly report, initiated a cost reduction program, predominantly in relation to a refocused development strategy, focusing more on late-stage development or development in combination with our current assets, much closer to cash flow instead of creating a backlog and early stage greenfield opportunities that we have done in the past.

There's more on that in the last report. We targeted about NOK 30 million in annual savings that would be evident throughout the year. And we've already now completed all reduction in FTEs, around 20% reduction in combination with some overhead reduction, we are at around NOK 25 million in cost reduction now and the remaining up to at least NOK 30 million will be increased reduction in operational expenditures and reduced debt spending compared to our initial estimates before we started to divert our project strategy.

We are also evaluating some more simplified reporting to reduce reporting costs, and that will be most evident in the third quarter report, if we do any large adjustments, which is not subject to monitor half year reporting requirements. So that's all from me on the financial side, and I'll hand it back over to Anders for marketing summary before we divert over to Q&A. So thank you so much.

Thank you, Ole-Kristofer. And as Ole-Kristofer mentioned, we have delivered a strong quarter driven by higher power prices. And here, you see the power price historically, how Cloudberry has delivered on the power price achieved power price compared to the system price. And then you will see a hike here in the curve going forward. And for 2026, this is the forward power price curve. So this is the forward power price curve in 2026, and then it's the Tema price curve from '27 and onwards.

So you see here that we have had a spike here in the power prices in the next year due to the -- that we put in the forward power price -- and we haven't seen that this hike has continued in the forward pricing, but it's also an increase in power price in the Tema price curve. And then we can speculate if it's going to continue to have a higher forward price or if it's going to be somewhere between what we see now on the forward price or the price curve from Tema.

What we see is a very strong demand for new renewable energy. We have on top of the energy transition driven by the climate goals, the digital industry that has come into the Nordic market now for full. So only in Norway now, we have 21 new terawatt hours of production and capacity being awarded to the digital industry over the last year, and we see the same also in the other Nordic countries.

It's a very strong demand for more power, both from the traditional industry that is transforming its energy mix and but also to the new digital industry. that we see emerge throughout the Nordics. So it's several drivers here. And if you look at the new projects coming into -- in production, new permits, -- it is very low. It has been low throughout Norway, Sweden and Denmark. And I think it will take years before we see a higher supply from these projects because of the lag in the new permits.

So demand side staying strong and even also building on new industry and the supply side that is quite modest. So this is the picture, how we see it and our Tema, our partner on the price curves going forward. So as we also talked about earlier, we have a new energy reality. We have seen now that geopolitics is driving energy, security of supply has become a great issue for throughout Europe and also in the Nordics. So we see also a new interest for securing power and securing new projects.

And I think being in the Nordics, having the network and having the experience. We have a strong balance sheet, an attractive share. This all gives us a perfect starting point for the next years and that we can utilize the position we have and the knowledge to continue to grow the company both through in-house developed projects, but especially through now also M&A opportunities that we are currently seeing as attractive through -- so as we say, we are perfectly positioned for the energy transition. And thank you for listening, and I think we will now jump over to questions, and thank you for your time.

We've had -- thank you, Anders. We've had 2 questions that I can start with. One is related to buybacks if we're evaluating buybacks at the current levels. And we have done buybacks in the past that made a lot of sense to us then, although declared this is a board matter that needs to be resolved through the Board. But how we see it as there's a lot of interesting growth potential outside of the Cloudberry share at the moment. But again, this needs to be run through the board if buybacks are evaluated.

Secondly, we had a question about best initiatives within our current portfolio. And Sweden is the most close to where we can see some activity. Of course, we are constructing an asset at [indiscernible], which is expected to be done at around Q3. But we see we could look at best initiatives in combination with our existing wind farm with permitting could take as short as 6 to 9 months and around 12 months, give or take, to construct project. So that could have come a lot quicker than what a traditional wind project or hydro project could take from permit to COD.

And that's all we have time for today. And the question we see. Thank you so much for listening in.

Hi, everyone, and thank you for joining Cloudberry Clean Energy's fourth quarter presentation. My name is Anders Lenborg. I'm the CEO of Cloudberry and today, I'm joined by our CFO, Ole-Kristofer Bragnes. We have prepared a presentation for you. And after the presentation, we are opening up for questions. So please send us your questions, and we will try to answer as many as possible.

Before diving into the details, let's have a look at the agenda. I will start off by giving you some highlights and an update. Ole-Kristofer will take you through the key financials, and I will finish off with some comments on the market and a short summary.

Let's start with the highlights for the last quarter. Over the past year, we have managed to grow the company. You see here on the right-hand side, our growth, both in actual production, but also in installed capacity. At the same time, we have implemented a cost-saving program. We will get back to in more detail later in the presentation, but it will give annual savings of at least NOK 30 million. This has strengthened our profitability and also our cost discipline and is reflected in higher revenue and EBITDA. In addition to the cost saving program, we have received a EUR 5 million payment from the Odal wind farm, and we have also used distressed opportunity and acquired our first SE-4 wind project. Let's start with also giving you an update on the platform.

Cloudberry Clean Energy is a Nordic independent power producer, Nordic IPP. Our business model is to develop, own and operate renewable assets in the Nordics. We have a very diversified portfolio. We believe in being diversified on different technologies, different price areas and different maturity on our portfolio. So starting with the project portfolio or the asset portfolio, we have a terawatt of producing assets that's generating long-term cash flow to the company as we speak. We have also several projects under construction, that is mainly hydropower project and BESS projects. We have also permits that we are working on getting them ready to build, early-stage projects, the backlog. So the backlog is where we have entered into land lease agreements, water lease agreements or exclusive secured exclusivity. So all in all, this gives us a very good flexibility.

We have been able to always focus on where we see the best returns within our project portfolio and what kind of should focus on. And the combination of hydropower, wind power, BESS and also solar project in our portfolio and in hybrid projects. It has resulted in a very stable production throughout the year. Another feature is very important is that we have our production in the right price areas, meaning that we have the production in the price areas with the highest power price. So what you see here that we have mainly our production in the south of Norway, in the south of Sweden and in Denmark, and all these price areas have the highest power prices in the Nordics, also with interconnectors out of all these price areas to the continent and also to the U.K.

So this is how we have been thinking and how we have built our portfolio and our platform. It is to be able to act on different technologies, different type of projects where we see the best returns and to diversify the portfolio political risk being one of our largest risk, it's important to also be diversified on different countries. So this is the flexibility that we are always trying to achieve. And diving into the portfolio in more detail. You see here the production portfolio, a diversified production portfolio coming from hydropower in Norway in 2020. And today, having more than 1 terawatt hour throughout the Nordics in different technologies, and we are constructing our first BESS project in Sweden, one of the larger batteries there with the utility of Oslo and that will be in operation later in 2026.

So at the time as building this production portfolio, we have built up our own exclusive backlog. We have approximately 1.6 gigawatt of projects in the backlog. And here is where we are now refocusing and focusing on the more mature projects. So we have, over the last years, built this backlog. We are now not going to follow up new -- acquire new megawatts into that portfolio, but focus on what we already have on our plate and also on the on the late-stage projects, they're ready to build projects that we can realize over the next 1 to 2 years. So that's a change in our strategy and focusing now more on the later stage projects and also to upgrade our existing assets, producing assets with BESS. And here, we have an example on what we are working on as we speak to retrofit our existing assets with BESS. Here on the right-hand side, you see an illustrative example from our Munkhyttan project, where we see how BESS can uplift our project EBITDA.

So here, we try to optimize the project, the producing asset, both when it comes to intraday performance, but also to make it ready for the frequency markets where we see that possibility. In addition to looking at our existing portfolio, we see that we have a lot of interesting opportunities in the M&A market. We are positioned as one of the few pan-Nordic players with the network throughout the Nordics, we see, of course, the more structural deal flow, but we also see an exclusive more one-to-one deal flow. And being positioned on the ground in the Nordics and having cash and also facilities unused facilities in the -- with our banks. This gives us a fantastic positioning when it comes to new M&A opportunities. And we have up through the years, used both our M&A capabilities on growing the project portfolio, but also the production portfolio. And we see examples today in the Nordics where we can acquire brownfield producing assets for below CapEx. So I think you will see more of that also going forward from Cloudberry over the next year.

And then let's have 2 words about our 2030 strategy. We have followed this strategy over the last 5 years. I think we have seen that we have done quite well growing the company. And we are going to stick to the strategy, but stay Nordic put profitability over growth. Here, we will also focus, as I said, more on the late-stage project more on brownfield and M&A opportunities because of the market. But we also want to stay well funded, always focusing on have a strong balance sheet, always making sure that we don't have to do anything.

We can -- we have the freedom to choose or if you want to enter into a PPA or not, or if we want to have a facility, a new facility or not. So this is important for us at the same time as keeping the platform alive and keeping the developing the projects, both on the proven technologies, but also within the different markets. So what we have been doing so far is what you're going to see also going forward. And what we are working on now is also to have a closer look at opportunities in Finland. And of course, safety is important for us. We have 0 safety incidents over the last year, and it will always be our priority to think safety first. So that is a very important achievement. It is also good to see that we have delivered on the ESG side, and we have been achieved a high score in our sector in the Nordics from DNB Carnegie. So with that, I think I'll give the word to Ole-Kristofer and he will take you through the financials. Thank you.

Thank you, Anders. Hello, everyone. My name is Ole-Kristofer Bragnes and I am the CFO of Cloudberry and again, happy to take you through the financial history of this quarter. Starting out, we've had a very strong balance sheet development since listing and the inception of Cloudberry, and that has enabled us to grow the portfolio, as Anders has talked about in a very meaningful way. We have raised equity over this time to create a platform that we can capitalize on and being well financed has been on the backbone supporting us here, meaning we're able to act on opportunities in very short notice. That has resulted in growth while keeping a healthy balance sheet.

So capital discipline has been important for us. And we are exiting now '25 in a good manner. We have relative low amount of debt compared to the portfolio size and strong growth in equity over this year. So moving into the '25 balance sheet zooming in on this quarter, we see, we have quite large movements in our total assets and total equity and this is primarily due to the transactions we've done over the years -- over the year in '25. We are now in '25 consolidating a much larger hydro portfolio that we did entering into this year through the Forte transaction, which we closed in Q3 '25. So you can read more about that in the report. But essentially, we are consolidating now almost 0.5 terawatt hour of hydro portfolio. So that's increasing our total assets combined with also the Skovgaard transaction that we closed over the years, over '25, which you can read more about in the Q1 report. So stepping away from those 2 transactions, we do see we have a strong balance sheet and low debt equity ratio of 58% and a solid cash position of almost NOK 900 million on a proportionate basis which is very interesting for us entering into '26 where we see many opportunities like Anders alluded to either to the M&A space or a late-stage development.

So it's a very interesting position for Cloudberry to have entering into this year with a strong balance sheet and a strong cash position, which will enable value creation going forward at least in our view. Shifting over to the P&L side. We have had a strong focus on value creation over the last years. That has one to do with increasing our production portfolio, increasing here now from 268 GVH to almost 800 GVH produced in '25, all the years at strong realized prices, especially compared to the Nordic system price, where we are [indiscernible] outperforming, but also having capital recycling, development premiums, driving profitability and value creation over these years. We've done several accretive hydro sales realizing strong IRRs that book value is about 2x, and also showcase development premiums. And this in combination is very important for the Cloudberry platform to have several drivers of profitability and the value creation.

But -- and lastly, exiting now in '25, we have had a strong power price, NOK 0.69 per kilowatt hours and not higher -- much higher than what we did in and the drop here from '24 to the '25 financials is due to some gains we had in '24 development premiums. I'll come back to that, but there are some factors when we dive into the quarter-on-quarter development that -- where it seems like there's been a drop, but underlying financials has improved. Looking into Q4, this quarter, we see on the proportionate side, there are increased profitability driven by higher production and realized price like I talked about. But we did have a gain of over NOK 100 million in Q4 '24 relating to the development premium from Sundby and Munkhyttan once they were completed and sold at third-party evaluations that explains the drop on the proportional side. But again, underlying financial has improved.

On the consolidated side, there's been an increase in the financials, and that has to do with the transaction I talked about earlier. Year-on-year comparisons are influenced by the Forte transaction closed in Q2 '25 and the Skovgaard transaction, which we closed in Q1 '25. And on the consolidated side, it's primarily the Forte transaction where we're now consolidating a larger portfolio, which we've earlier had as an associated company. The commercial segment is still the most important driver for the underlying financials. This is where we sell our electricity at primarily spot pricing being around 90% merchant exposed. We have a slight increase in our production volumes quarter-on-quarter, even though this quarter is driven by relative low wind speeds. And we do also have a transformer outage in Odal, unfortunately, last quarter, but very happy to see we've already replaced that transformer and has been energized subsequent to the quarter. So that's been quickly fixed due to some risk mitigating initiatives that we've had in place already.

And although the production has slowed a bit over the quarter due to Windspeed and Odal as I talked about, we are realizing a very strong average net price of NOK 0.79 per kilowatt hour, and that's very strong compared to the same quarter last year of NOK 0.59, and also strong compared to the system price, which is the theoretical average of the Nordic price regions showcasing our favorable portfolio composition. So looking at the fourth quarter, that's driven by higher realized price, but then looking at the right-hand side of the graphs there, '24 versus '25, again, an effect of value accretion in '24, a large hydro sale that we did and also a warranty settlement in Odal are impacting those financials, and we exclude those 2 positive effects, underlying financials has improved. Looking at the other segments. We have the project segment, which we can start with. Again, same effect. Last year, we had that development gain, showcasing improving financials in Q4 '24. We've also had a positive EBITDA effect of NOK 4 million from the Norhard drilling company, which we are in the proportional project financials. And those 2 effects explains the majority of the difference there year-over-year.

In the Asset Management segment, we're very happy to see that the segment is starting to realize the impact of the improvement program that has been going on through '25. Several larger initiatives has been done through last years. We have strengthened the hydro side, greatly increasing assets under management. We have entered into Denmark to the Skovgaard transactions and happy to see that we're now reporting a growth of NOK 10 million in revenue on the asset management side, driving profitability up into the positives. The corporate segment are reduced operating expenses quarter-on-quarter or year-on-year, sorry. And we had some transaction costs and over this quarter, one-offs relating to past transactions and also positive warrant cost actually over this quarter due to reversal of employee tax in Q3 '25, but this is noncash like we talked about previously over the last quarters.

And lastly, we are initiating a cost cut program on the back of what Anders has been talking about, about refocusing of the development strategy. We are focusing much more late-stage development, capitalizing on the development platform that we have built, a partnership that we have created to increase the value of the platform we have and also the current asset base. So we are targeting NOK 30 million in savings. Due to the rightsizing of the organization, this will unfortunately cause a 20% approximately reduction in totally FTEs, primarily within the project segments. This, combined with lower overhead cost and also more selective dev expanding will get us to the NOK 30 million as we are envisaging. We will also evaluate more simplified reporting for Q1 and Q3 reports, which will reduce reporting costs.

We'll come back to that and how that will be in the next quarter. And these cost savings in total are expected to be realized throughout '26 and will be more evident in the P&L towards the end of the year, as there are some one-offs in relation to these cost cuts that needs to be taken before they are fully realized. So thank you so much. That leaves the financial side of this quarter, and I'll hand it over to Anders for a more of a market and summary before we round up with some questions. Thank you.

Thank you Ole-Kristofer. Let's move on. Here, you see the system price, actual system price up to 2025. And then you see the Thema Nordic system price in euro megawatt hours from '25 and onwards. As you can see, we have over the years, every quarter since 2020 delivered prices well above the system price. Now in '25, I think we have almost 50%, 47% realized price over the system price. And that is the unique combination of our technologies, where we are producing assets in the best price areas and also our merchant exposure.

So this is very satisfying to see that we are delivering well above the system price year after year. We also see several drivers, both short, mid and long term. We have, for years, said that we need more production into our energy mix . We have new demand coming, but we have not so much new production in the pipeline in the Nordics. So here, it's a mismatch between the demand side, driven by new data centers, driven by the electrification in general, and also other demand PTX and so forth in Denmark. So demand drivers are strong, and then we see that our production portfolios in the Nordics are not increasing in the same speed. And what we experienced is that our development project, it takes too much time to get them from greenfield until production. So this is something that is an issue for all the Nordic countries and something that is high up on our agenda to make sure that we speed up the development of new renewable energy. So then this is a very strong market drivers for us, and I think it also looks good.

2026 has started very strong with power prices over NOK 1. And we see that the hydro balance is quite low in Norway, and that will also continue over the next months. So this is a perfect position for Cloudberry as a power producer with almost a full emergent production portfolio. So to sum up our presentation, we are positioned for the new energy reality and the energy reality is more focused on resilience, more focus on local production, more focused on security of supply. That is something we see throughout the Nordics. And having this 1 terawatt hour with merchant exposure is very interesting, and we are also working on how we can build more value into the operational assets. At the same time, we have a lot of incoming possibilities. We have distressed projects. We have platforms. We have structural deals. We have partnerships possibilities all over the Nordics. So that's very satisfying to see and that we are positioned ourselves with a strong balance sheet and that we can move on some of these opportunities. And that is also how we want to stay, make sure that we have -- we will continue to have a strong balance sheet, continue to have an oxygen to sit through a period of headwind in the renewable sector.

So with that, thank you so much for listening in on our presentation. And then we will hear if we have any questions, and Ole-Kristofer will answer some of the questions that has come in. Thank you.

I can start out with doing one question, and that relates to that we have a strong cash balance and a question is about dividend or proposal of dividends. We also -- yes, we realize we have a strong cash balance. We have very many interesting opportunities that we currently see in the market. Anders just talked about that and that our strong balance sheet is a very good enabler for value creation, especially in the times we're going into now. But ultimately, the dividend is up to the Board, but that's backdrop I can give you on that now. So that's the question I had. If you had one more, Anders?

Yes. We also had a question about resource rent tax. This last autumn, we had a proposal to lower the threshold for the hydro tax, the resource rent tax on hydropower. That proposition was stopped by the Norwegian Parliament, that has been a hearing that we have also responded to, but it's not a political doable to implement any extra tax on our hydro power portfolio. So we are very sure that this is not going to be anything that comes up the next 4 years with the response from the majority of the parliament in Norway.

I can do one more question. So a bit on the technical side, but we had a question about the restricted cash balance in Odal and how that relates to the dividend that we received. So -- and here, we need to separate between our accounts. So in a proportionate proportion of financials, we report our reflective ownership stake of Odal into our cash balance. But primarily, Odal has their cash in the restricted cash accounts towards the debt institution and Siemens following the return-to-service program that Odal has had. So that restricted cash balance is accrued into the current assets. And that's proportionate current as such, which we do not report on . We report on total proportionate assets in our Note 3. So you don't see this as clearly, and that's why we also state in the note for Odal and also in the text for Odal how much of -- how much cash balance Odal has that is restricted, which ultimately will be converted to cash at some point in time.

So that's also why the EUR 5 million dividend in Odal increases our cash balance, both on the proportion on the consolidated side because that has never been into our cash accounts, both, of course, in consolidated where Odal is not included, so that increases it. But also in the proportionate side, where it has been under current assets. So a bit of a technical explanation, but given that there's a question and there's more text on that in the report. So I think that was all the questions we received and that time for. So many thank you for following on to this presentation. And we'll see you back over to on the next quarter. So thank you.

Hi, and welcome to Cloudberry Clean Energy's presentation of our third quarter 2025 results. My name is Anders Lenborg. I'm the CEO of Cloudberry, and I'm joined here today by our CFO, Ole-Kristofer Bragnes.

We have, as always, prepared a presentation for you, and we will go through that in a few seconds. But please also use the Q&A function and send questions, and we will open up and try to answer as many of your questions after the presentation.

Before we dive into the details, the agenda is also known for many of you. I will take you through the highlights. Ole-Kristofer will take you through the financial numbers, and we will also comment on the price and the market and a summary.

So let's start with the highlights. Solid figures in a quarter with less production than we hoped, but we have managed to increase both revenue and also double the EBITDA from the same quarter last year, and much thanks to a realized power price that is much higher than the system price with our realized power price of NOK 0.61. And that is, of course, a result of our merchant exposure, but also the price areas where we have our projects. As you see here on the right-hand side, you can see the power production has increased over the quarter.

Last quarter, we have been busy for us. We have -- as we have informed about earlier, merged our small hydro scale platform with Swiss Life's development platform. And together, this is one of the largest small hydro platforms in the Norwegian market. And we're very happy to have reached this new milestone with Swiss Life, our cooperation going back to before 2020. And over the years, we have seen that together, we can make new progress in this market.

We have also made our first FID on a BESS project, the battery energy storage project in Sweden together with Hafslund, and the work is already started. And it's positive to see that we further diversify our portfolio with our first BESS projects. More to come, I would think, over the next years.

We have also received EUR 5 million from Odal. And it's good to have all the turbines in Odal back in service and also see that we have received the first payments from the cash that is in the Odal structure.

So let's take two steps back and look to Cloudberry and our business model and what we do. So Cloudberry is a Nordic independent power producer. We have a develop, own and operate strategy and business model, and we are very focused on the Nordic market. We believe in being in the whole value chain from early phase greenfield projects until they are in production but also to manage the assets when they are operational. In that way, we can both have the long-term cash flow from the producing assets, but we have also shown up through the years, the development gains we get from our development portfolio.

So here you see on the right-hand side, we have a portfolio that is very diversified from early phase project until they are in production. We have now passed 1 terawatt hour of production, and we are currently constructing also several hydropower projects in Norway in addition to the BESS project in Sweden.

When it comes to construction permits, we have a mix. We have some permits in Denmark and Sweden, where we focus on wind and solar projects. And we also have an exclusive backlog where we have new in-house developed projects that we are constantly developing until we get them into a permitting process and then into construction.

In addition to the in-house developed backlog, we have a pipeline of opportunities. This is structural opportunities. There could be M&A deals. There are a lot of opportunities in the Nordic market today. And I think we see that we are perfectly positioned to make gains from having a strong balance sheet and a network and all the knowledge that we need to advance on these pipeline M&A projects.

Today, we have production in 8 different price areas throughout Norway, Sweden and Denmark. And I think what we have seen here in Norway over the last month is the political risk that we find in our sector. That's why it's very important for us to diversify our portfolio. So we have diversified it on different technologies and different countries, as you can see here, as we have built the production portfolio. And as you can see, we have also now our first BESS projects under construction, and we will further diversify the project portfolio in the coming years.

Many of you know that the Norwegian government has proposed a resource rent tax on small scale hydro, that's hydro projects or hydro assets that is below 10 megawatts in installed capacity. This is a proposal that we are very negative to and the whole sector. It's a proposal from a minority government that has now also get a lot of feedback that this is not going to help the development of new renewable energy that the government actually says that they want to support. So this is -- this will affect our portfolio if it goes through. Around 15% of our portfolio is a small-scale hydro without the resource rent tax. But it's still early days, and we believe that we will -- they will not get the support needed to go through with this proposal. So we think that this can also be something we can get -- come back to at the end of this year.

Yes. So over the years, we have built a portfolio of producing assets. As you can see here on the left-hand side, steadily increasing the production portfolio to get a certain level of producing assets, generating long-term cash flow to the company. So this is something that we are focusing on, and we'll continue to build a large producing portfolio. On the right-hand side, at the same time, we are also building our backlog of projects and working with the backlog to bring it to permitted projects and also take an FID. So this shows that we are both building a new cash flow generating assets, but also securing a backlog of exclusive projects. And in addition to that, always looking at good M&A opportunities, and make efforts to use our network in the Nordic. And especially in today's market, we see a lot of opportunities, and we have a lot of incoming possibilities in Cloudberry.

Yes. This is also a slide you have seen before, but now we have gone through with the process of merging the Swiss Life portfolio and the Cloudberry portfolio. Now we have a small-scale hydropower platform that's covering development projects, projects under construction. We have a producing assets, and we have also a team that will manage to both develop the new project and also manage the project when they are operational. So all in all, we are very happy with this cooperation and looking forward to further develop it.

And as you can see here, our Cloudberry assets that we put into this platform, we gained 1.9x the book value. So that's in line with the earlier divestments we have done on the hydro side, which we have achieved around 2x book value on our hydro assets.

In addition to what we have been touching upon, we focus, as I said, on developing partnerships with large landowners in Sweden and also in Norway, developing these more strategic cooperations are important for us. Large landowners make it easier to handle all the local stakeholders, and it could also be that with the large -- our partners, it's easier to also work with the local stakeholder and the management of local stakeholders.

Same we see in Denmark, we have a portfolio there. We have people on the ground, both on the asset management side but also on the development side. And it's a big focus now on land and securing capacity in the grid. And we have taken some of our projects and redesign them, so we can meet the requirements from data center developers or power-to-X developers, where we can offer powered land. So it's just more than a stand-alone renewable project, but it's more of a capacity in the grid-powered land and also our production in Denmark and our development portfolio. So this goes hand in hand.

Strategy is, of course, to continue to do what we have done over the last couple of years. We will look at the strategy now again, as we do every 6 months and see if we should do some adjustments to the strategy when it comes to all these opportunities that we see in the Nordic market and position ourselves also for the new demand from the power-intensive industry both from the classic industry but also from the new industry driven by the data center projects in the Nordics.

Yes, ESG update for last quarter, no incidents, and we're happy to see that. That's important for us that we can keep on delivering 0 incidents and 0 whistleblowing. And we are also very happy to see that we got the highest rating from DNB Carnegie's portfolio. We got the highest ESG rating in the energy and utilities sector last quarter, and we are very happy to see our work that our work on both the sustainable business model, but also on the reporting is recognized in the market.

Thank you so much. Then I'll hand over to Ole-Kristofer, and he will take you through the numbers.

Thank you so much, Anders. My name is Ole-Kristofer Bragnes, and I'm the CFO of Cloudberry and we'll be happy to take you through the financials for this quarter. So first of all, capital discipline really is a foundation for continuous growth for us. And that, Anders said, on the strategy, has been important for Cloudberry and will continue to be important for Cloudberry going forward.

So that in the past has enabled us to act on a lot of opportunities, either bolt-on acquisitions entering into Denmark while being capitalized and have the flexibility through our debt structure. And we see that also now in what can be characterized as a bit of a tricky market. It's important to have capital discipline which can enable us to come out of this a bit challenging market at a much stronger state that we were going into it. So capital discipline and on the back of capital recycling will be important, and we'll be opportunistic on that going forward.

Moving into the Q3 consolidated balance sheet. There's a couple of effects through the Forte transaction, which has greatly impacted our financials. So I'll try to walk you quickly through some of them, and there is more information in the quarterly report. So we see a strong growth in our balance sheet on pretty much all metrics compared to the same quarter last year. So what happened in the Forte transaction is that we had two separate portfolios. Let's start out with the Forte Energy Norway portfolio, which is the producing hydropower portfolio where we own 49.99% of that prior to the transaction.

What happens is that we acquired the remain -- acquired 5% approximately of those shares, reaching 55% and then having to consolidate that portfolio in accordance with IFRS. When that happens, you need to deconsolidate associated company and then consolidate the full financials at fair market value, which has a P&L effect, which you can see -- which we'll get back to when we go through the P&L. But that will increase the balance sheet and the same happened with Forte Vannkraft. We injected our 100% owned hydropower assets into Forte Vannkraft portfolio. The book values will remain intact as those are -- will continue to be consolidated, but the whole of Forte Vannkraft portfolio will be consolidated going forward. That includes producing hydropower asset Haran but also the projects that are under construction on a 100% basis. So those two effects greatly explain why we have such an increase in the balance sheet. But again, important to see that we have still sufficient strong equity and total asset side in relation to our debt and we report an equity ratio of 58%.

That same growth -- we see the same growth in our proportionate financials, which are coming from the same explanation, the consolidation of these two larger portfolios. And further, we are and have continued to hedge our interest rate exposure, and we now have 70% hedged at all in rate below 4%, a weighted average tenure of 10. That's a slight drop compared to the previous quarter, Q2 of where we report around 80%, and that's due to debt in Forte Vannkraft not being hedged at present, but we'll look into that. It's important to remain hedged on the interest rate as we have a strong merchant exposure on the power sales.

So moving on to the P&L side. This is the, call it, the flip side of the increase in producing portfolio base, which Anders talked about a little bit earlier. And we've had a strong growth here in underlying financials and profitability due to the increase in our producing asset base combined with strong realized average price over the period.

In addition to that, capital recycling has been very important for Cloudberry and it's a great value driver, which will continue to utilize going forward as well. And we've had in '22 to '24, some both external and internal sales, divested hydropower assets 2x at over -- around 2x book value, realizing strong IRRs in addition to showcasing development premium once we've internally sold wind assets that have been complete at strong values based on third-party valuations. So those effects explains -- we have these effects in '22, '23 and '24, which explains why it's a drop to Q3 '25, but the underlying profitability from power sales has increased as we now have a much larger producing portfolio base in Q3 '25 of above 1 terawatt hours of producing assets, which is much larger than what we started with.

Diving into the Q3 P&L, the first we can note is that here we see the P&L effect from the consolidation of the Forte Energy portfolio, which I talked about a bit earlier. So we have a gain in the consolidated financials due to IFRS of NOK 110 million, which is a step-up to fair value compared to the book values we had on that portfolio. So this is a bit technical. But when you consolidate this portfolio, you need to take it in a fair market value, and the difference is either a gain or a loss. In this situation, we have a gain which showcases the excess values we've had on our hydropower assets and that's evident in the consolidated financials. But again, we have some more explanation about this in the report for those of you who want to dive into it.

The consolidation of Forte Vannkraft portfolio does not have the same P&L effects. Portfolio -- no, the proportionate and consolidated revenues and EBITDA have increased compared to the same quarter last year, when you look at the underlying financials, primarily due to increased power production and average realized price.

Also important to note that there's a catch-up effect of NOK 7 million in operating expenses, which were charged to the quarter, and that relates to prior quarters in '25. So the year-to-date costs are correct, but some of that cost should have been taken in the previous quarters. We also have some transaction costs, which both effects are lowering the EBITDA for this quarter, but they are then treated as one-offs.

If you look about the segments, we can start with the Commercial segment, and that segment continues to be the strongest P&L driver for Cloudberry. We've had a strong growth in our portfolio power production for 145 GWh to 177 GWh but that's despite having very low wind speeds or wind resources in this quarter. And for wind, remember, we talked about it earlier quarters that the wind cost base are much more fixed. So the revenues there scale a lot better or the operating expenses scale. Meaning that when there's lower wind resources, we have -- we will have lower EBITDA margins. And that's on the flip side. If you have more natural or neutral production or higher power prices, you have a much better achieved EBITDA margin than you do at hydro. So that's evident in this quarter, very low wind resources. We have a growth in our portfolio. That's despite -- or have growth in the power production, but that's despite having a very much larger portfolio now than we did the same quarter last year.

On the other side, we achieved a very strong net power price of NOK 0.61 per kilowatt hour, like Anders also mentioned, compared to a system price of NOK 0.43 for this quarter. And again, this showcases the favorable portfolio composition relatively -- from the higher southern price areas compared to the theoretical average. So that's good to see.

On the right-hand side here of the charts, the LTM figures showcase a drop, but that's due to a very accretive hydro sale in Q2 '24 where we have NOK 109 million of a gain that we recorded from capital recycling and also a large warranty settlement in Q2 '24. So despite that, when you look at the underlying production, that's been growing from 618 GWh to 783 GWh on an LTM basis and also with strong realized prices. So underlying growth, but then the capital recycling effects are causing what seems like a drop.

Moving on to the other segments. We can start with projects. The revenue increase is mainly due to Norhard, which is a construction or drilling company that does drilling for some of our projects, but also external projects. And that has a positive EBITDA effect of NOK 3 million for this quarter. And again, like we talked about previously, driving projects and the backlog and the project construction forward is a great value driver for the project segments and you only see P&L effects once we realize a project for this segment, either internally or externally. So -- and then you'll have -- should have large gains more than make up for the costs associated with this quarter, but that's first when we actually do a sale.

For the asset management side, we have increased volumes. And even though the revenue looks like there's a very small drop Q2 '24 had around NOK 8 million of gain in Q3 '24. And when you adjust for that, there's a strong growth from the asset management side, which is very good to see. -- reaching positive EBITDA.

On the corporate side, there is -- it seems like there's a little larger cost base there, but that's driven by NOK 4 million in transaction costs relating to the transaction we had done in the previous months and also there's a noncash warrant cost of NOK 6 million compared to NOK 4 million in the same quarter last year. And those two effects explain the difference there. So underlying cost base is intact. So that's it for the financial side. I'll leave it over to Anders for market and summary before we move over to Q&A. So thank you.

Thank you, Ole-Kristofer, and thank you for all the questions you have sent in. We will get back to that. Yes, on the market development side, as you can see, we have realized power price well above our long-term power price. And this is something that we have done over the last years and is as a result of the combination of our merchant exposure, our PPAs on attractive levels and of course, the price regions that we are having our projects. As you can see, we used the Thema Nordic price curve together with Volt and it is increasing over the next couple of years. What we see is also that especially the data centers are looking to the Nordics to expand and get more capacity. It is favorable in part of the of Europe. So we see that most of the growth in the data center capacity will come in the Nordics throughout the Nordics, but especially then in our three Scandinavian countries and in the right price areas where we have our projects. So this is positive, and we are talking to several of the players to follow up on these opportunities.

So all in all, I think we have -- we are very well positioned for the future. We have our Nordic focus. We have our platform. We have the knowledge and not least the network in the Nordics, and we see now how much that means when it comes to positioning ourselves in the Nordic markets. That, in combination with a strong balance sheet, we have cash, we have debt facilities that we haven't used. We have also our share that you have seen -- we have used over the last years. So all in all, we are very well positioned in today's market and also for the future. So thank you so much. Then I think our presentation is finished.

We have received a lot of questions. So that's always nice to see. And I will try to answer some of these questions that you have sent us in connection to M&A opportunities. Also when it comes to the proposed ground rent -- or sorry, the resource rent tax. And also when it comes to questions regarding the power price and also the Cloudberry share.

So to start out, we have received some questions about market in general, the M&A opportunities, what are you seeing in the market. What we see is a market that is partly distressed with the everything from larger IPP, larger platforms, portfolios of projects but also brownfield assets that is producing and down to smaller stand-alone projects or operating assets. So we have the whole spectrum. Unfortunately, we see that some of the players have already gone into bankruptcy and are very distressed, but others are just looking to also yes, develop their portfolio together with Cloudberry.

What we do is to focus on where we see the most attractive opportunities and try to work on these opportunities. But I think being active in today's market is a core for Cloudberry and to take advantage of our knowledge and of our position going forward with expanding our footprint in the three Scandinavian countries, but also looking towards opportunities in Finland, like we have done over the last couple of years. So in that sense, very attractive and interesting M&A opportunities in the market as we speak.

On the tax proposal, yes, we have paused our -- one of our construction projects. We have started to develop it, but it's early days. So we have found out that it's the right thing to do now to pause it to see what the outcome of the resource rent tax proposal will be. So that is one project under construction. We have another project under construction that have come long -- far and it's kind of too late to do something there. But we are also looking on the earlier project in the portfolio where we have not taken an FID, and we will pause all of those process also. And we will not use any CapEx on the one project that we have paused and also we will not use any CapEx on those other projects for the time being. What we see is that this proposal has met a lot of opposition, and we don't think there will be a support for the proposal. We have also seen now that the whole industry has been very clear that this will just do the opposite of what the government has said that they want to do, mainly to develop new renewable and sustainable power. Now they will have the opposite -- we will see the opposite effect. All the larger players in the small-scale hydro sector is now stopping their projects and it also affects, of course, the whole value chain in this sector. So that is something that we -- I hope we can come back to the market with more information end of November or in December.

We have also questions here on the power price going forward. And of course, we see that, as you also saw from the Thema power price, the price curve is increasing. We see larger demand from industry than new industry. Also, when you look at the supply side, there is almost no new projects coming on grid not only in Norway but also in Denmark and Sweden. So in the South, where we are in the south regions of Sweden and Norway, the demand is increasing and there is very little new production. And over time, this will, of course, affect the power price. And we also see that from the price curves that they are increasing. And how that will affect our share price is too early to say. But I mean doing the right things, developing the right project, having the right focus will also, of course, affect our share price over the -- over time. So that was some of the questions that we have received. And Ole-Kristofer? No. You're happy.

Thank you so much, and thank you for your time, and have a nice day.