Edison Investment Research - CLOUDBERRY CLEAN ENERGY AS (CLOUD) Cloudberry Clean Energy - Transformative FY23 with revenue rocketing

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Edison Investment Research

Toby Thorrington

Cloudberry Clean Energy - Transformative FY23 with revenue rocketing

Cloudberry Clean Energy recorded a strong performance for FY23. Revenue nearly tripled compared to FY22 (NOK217m), reaching NOK610m. EBITDA also significantly increased to NOK263m (FY22: NOK151m). The company’s total portfolio capacity grew to 494MW (FY22: 316MW), with 267MW of producing assets. This expansion was reflected in Cloudberry’s increase in net assets, which rose to NOK6,691m (FY22: NOK4,603m). Despite the company’s substantial growth throughout FY23, it maintained a strong financial position, with net cash of NOK779m (FY22: NOK1,538m).

16/04/2024 1 EN

Underlying

CLOUDBERRY CLEAN ENERGY AS

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NO0010876642 Norway

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Toby Thorrington

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Cloudberry Clean Energy - Transformative FY23 with revenue rocketing

Cloudberry (Hold, TP: NOK9.00) - A tough start to the year

Cloudberry (Hold, TP: NOK10.00) - Patience needed

The Merchants Trust - Celebrating its 135th anniversary

AVAX - Exceeding expectations

Hostelworld Group - Backpacking them in

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