Hi, and welcome to Cloudberry Clean Energy's Q1 2025 presentation. My name is Anders Lenborg, and I am joined today by our CFO, Ole-Kristofer Bragnes. We will take you through a short presentation, and it's also possible to post questions, so please use the Q&A function, and we will try to answer as many of the questions after our short presentation. The agenda today starts with me giving you some highlights and an introduction to Cloudberry. Ole-Kristofer will take you through the financial numbers before we open up for questions. Starting off with the highlights of 2025, we have increased our revenue and EBITDA from last year. We have also realized a power price well above the system price in the Nordics, and we are proud to, quarter after quarter, realize a higher power price than the system price in the Nordics.
We will get back to the reason for that at the end of the presentation. As you can see here on the right-hand side, our production is increasing. Also, the installed capacity is increasing, and we are happy to see that our team in Denmark is up and running. We have both a development team and an asset management team on the ground in Denmark, and we are now working on new projects to increase our footprint in the Danish DK1 attractive price area. We have also worked on our hydro portfolio in Norway. We have just started to construct a new hydropower plant outside Stavanger in the attractive price area NO2, and we will see more hydropower projects and more hydro permit applications coming into our portfolio over the year.
Last but not least, we are very happy to see that all our Siemens Gamesa turbines now have returned to service at the Odal wind farm. This has an impact on our Q1 numbers and will also have an impact going forward. Very happy to see that the wind farm is up and running approximately a year after we had an incident last March. Before going into the numbers, let's have a look at Cloudberry Clean Energy. We have developed a platform that develops, owns, and operates renewable assets in the Nordics. We believe strongly in being present in all the phases of a renewable project, that we have the opportunity to develop our exclusive portfolio, our exclusive backlog with projects from greenfield.
We can develop them, and when they are permitted, construct and put them into production, and also manage our assets, as we also manage a lot of third-party assets in the Nordics. This gives us a unique flexibility to always focus on where we see the best returns for Cloudberry. Another important side of our project is that we have different technologies. We have hydropower, wind power, solar, and BESS projects. Put these together, you will have a very stable production profile throughout the year, much like a base load profile. This is also important for us to have this stable project portfolio generating long-term cash flow for Cloudberry. As you see here on the right-hand side, we have developed a project portfolio in the most attractive price areas in the Nordics.
We have believed in being in the price areas where you see that the interconnectors were coming, interconnectors to the U.K., to Germany, to the Netherlands, to Poland, and so forth. We see also now that these are the attractive price areas when it comes to new demand. We have our projects close to new data center projects, to new logistic hubs in the south of Sweden. We are closely working with the power-to-X industry in Denmark and seeing now that it is very important to develop a project that is attractive for the demand side, and we can offer a stable power production with our mixed technologies. All this, all the different projects, different technologies, and price areas gives us this unique flexibility that we strongly believe is important also going forward.
Diving into the production portfolio, we have created, as mentioned, a diversified production portfolio, diversified on technologies, price areas, and countries. We have now over 1 TWh in production, generating cash flow to the company. At the same time, we have been able to develop our exclusive development portfolio, our backlog. Here you see on the left-hand side how this backlog has grown over the years with both projects that we work on to apply for a permit, but also we have a permitted portfolio. This has been growing over the years. We see still it's very important for us to keep focusing on growing this portfolio, as we also have, as you can see here on the right-hand side, managed to divest and also to sell some of our projects.
We have shown over the last years that we have a strong value creation out of our portfolio, where we have sold a project or farmed down project, generating a NOK 500 million gain over the last years. This recycling we will also see as continuing going forward. Both having a production portfolio and an exclusive development portfolio is important for us. As mentioned, going forward, I think we will continue to see that we manage to develop attractive projects. We have now a larger footprint in Denmark with a new 160 GWh portfolio of producing assets, DK1 being the strongest price area in the Nordics. We will continue to focus on that and also continue to focus on developing new projects like the Nesheade project, as you see here.
It's a wind solar BESS project, and we are working on this, and hopefully we'll see FID on this project later in 2025. In Norway, we have done some hydropower projects and also hydropower sales, and generating more than two-time book value on the sales of these hydropower assets. We think that the hydropower segment will be strong also going forward, and we will continue to focus on building a larger development portfolio of hydro projects so we can have more in our energy mix, but we can also recycle when we see that we get the right price level for our projects. In Sweden, we will continue to cooperate with large landowners like Holmen, continue to focus on larger projects.
Also here, as you see, we have a battery storage project in Sweden, SE3, which is very important when we also see how the market and the balancing market is developing. Here we are constructing a storage project with a lot of different opportunities and value stacking this project. Looking forward to the future, we have our 2030 strategy. We work on this strategy and putting profitability first, very important for us to show that we can deliver profitable growth. That will continue to be our focus. It will also continue to be our focus to stay well financed, to have a strong balance sheet, to always be financed for our projects, and also to keep on developing our team, to develop our platform, and continue to deliver projects on time and at cost or below cost.
More of the same is summing up our strategy going forward. Before I hand over to Ole-Kristofer here, just a short update on our ESG and HASE. We have had no damages in Q1. We have had no whistleblowing incidents in Q1, and we will continue to focus on our safety culture in Cloudberry. Here on the right-hand side, you see a drill from our Sundbyvind farm in Q1. With that, I hand over to Ole-Kristofer, and he will take you through the numbers, and then I will come back afterwards. Thank you.
Thank you so much, Anders. Hi everyone. My name is Ole-Kristofer Bragnes, the CFO of Cloudberry, and I'm happy to take you through the financial story of this quarter. Before we dive into the details of this quarter, it's good to get a broad view of our development in our balance sheets. It's our listing. When we started out in 2020, we had a relatively small production profile and development backlog and permitted project. This has grown quite significantly throughout our journey, always delivering on projects on time and cost while creating a sufficient producing asset base that we're now able to capitalize on through generating cash flows. That's been very important throughout our journey, while we've also had a strong focus on capital discipline in order to fuel this. We raised equity at accretive prices throughout this journey while being cautious of the debt.
Having sufficient debt facilities in place has been important for us as we've had that and increased that throughout this journey. While drawing up this debt, we needed liquidity in order to go further, but having the equity on hand and the cash balance on hand has given us opportunities to act on what we see has been available to us. Going forward now, as Anders talked about earlier, we have a production profile of around 1 TWh diversified throughout the Nordics, giving us a great foundation in order to grow further. That has been very important to kind of look at the burst of view here before we kind of dive into where we are for this quarter. Looking at the right-hand side here for Q1 2025, we continue on the trend, but you see a small drop in the consolidated equity.
Good reasons for that, which I come back to on the next slide here, but that has to do with the transaction we just did with Skovgaard. While the overall equity has gone down slightly, the equity to the controlling interests, i.e., the shareholders of Cloudberry, has increased since 2024. Diving into the Q1 2025 balance sheet financial, we can start out with taking that equity side. We see that equity is somewhat down quarter year on year, but the share to controlling interest has increased. When we acquired the remaining 20% of the Odin portfolio from Skovgaard, which he utilized to reinvest into Cloudberry, when we acquired that, this is a transaction with the equity, with the non-controlling interest. We acquired the non-controlling interest from our balance sheet and through our cash balance on the asset side.
This reduced the non-controlling interest from NOK 760 million in Q1 2024 to only NOK 131 million in Q1 2025. The equity to the controlling interest has increased both in nominal terms and also important in book value per share as we printed shares to Skovgaard at NOK 17 per share in order to finance this transaction. I urge you to see the quarterly report for more information on how this transaction influences the financial on the balance sheet side, as this purchase price allocation is quite technical. More on that there and reach out if there are further questions. The cash side, we have a strong cash position, and our debt has been increased somewhat as we draw on debt in order to increase our liquidity for projects that have been equity financed.
We have still the facility in place of NOK 2.2 billion, where we are currently NOK 200 million approximately drawn from our local savings banks and very good dialogue with them to potentially increase that further if need be, and also an accordion of NOK 300 million that we could utilize. Of course, it's been important to us to hedge our debt positions as we grow and reporting date. We still have above 80% of our proportionate interest where that is fixed at long-term agreements at an all-in rate of below 4% and average tenor of approximately 10 years. That's a strategy we'll continue on doing as we withdraw the debt. Reverting back to our liquidity and commitments overview, we show this slide every quarter now, and it's good to see whatever liquidity is available to us in order to continue to grow.
Since last quarter, we've paid some of the CapEx on Sundbyvind Montgut as they are completed. Still some small CapEx items left in relation to tidying up the site and some grid, etc. Also added on the Øvre Ullestad project, which Anders talked about, the new hydro construction project. NOK 93 million now in remaining committed CapEx in Cloudberry. On the other side, the Kvemma, the hydro project which was completed and taken over by Cloudberry last summer, that's still equity financed. We haven't needed to, we can draw that debt when need be, but we still have that equity finance as we don't want to draw that debt and pay interest on it when we have sufficient available liquidity, but that can be drawn on very short notice.
Again, like I talked about on the last side, we have some remaining debt facility liquidity there in place, NOK 140 million approx after drawing the Kwemma debt. We have an accordion and strong relationships with the local savings banks and other banks if we need to increase that facility further to fund our remaining portfolio and continuous growth. We still remain intact with the notion that we want to be 50%-50% equity in debt in a project. We do not want to go beyond that. Reverting over to the P&L side, we see the same story as we did in the balance sheet, just the income side of it.
We've had strong growth in our journey since listing, and as we have more and more assets producing, we have the cash flow for production and selling the power in the southern parcel generating high power prices. That's been good to us. Also very important is the capital recycling and the value creation from our development side, which has been very important and fueled Cloudberry's growth in our financials. We've had internal sales of Håland, Sundby Ind, Montagut as they've been completed in 2022 and 2024, generating strong value creation in the development or projects segment, which you can see in the proportionate financials, all at third-party valuations showcasing the value created there in the development phase, but also two capital recyclings on the hydropower side in 2023 and 2024, showcasing the value of our assets.
Capital recycling has been important to us and will be important to us in order to fuel growth as profitability is very important and profitability over growth remains an intact story like Anders talked about. Also, the value creation that has been done in the project segment will continue to be a strong factor for Cloudberry, although lumpy as it will tie that over to project realizations. More on that later. Looking at the Q1 financials, we see we have an increase in proportionate revenue and EBITDA on the back of higher power related revenues. Taking one step back again, proportionate financials, that reflects the ownership stake in all assets, notably that includes Odal and Forte, where we are the minority shareholder and the ownership adjustment in Odin portfolio.
Looking at that in relation to consolidated revenue, we see a slight decrease in power related revenue. That is primarily caused by Denmark, where we had lower wind resources over the quarter. Again, as Odin is fully consolidated and Odal and Forte are only included with their net income and not the EBITDA and revenue in the consolidated financials, the lower wind resources in Denmark affect consolidated figures on a relatively much higher level than the proportionate financials. That is the main reason why they have the differences here between the consolidated and the proportionate.
Just to clarify, the recent acquisition that we completed over the quarter in Denmark, which Anders talked about, is finalized at quarter end, so you do not have any P&L effects notably in this quarter for the revenue generated from the 160 GWh we acquired, and that will continue to generate cash flows as we go on from the next quarter. In terms of the segments, commercial segment remains an important financial driver for Cloudberry. This is where we sell our electricity. Power production has increased to 194 from 173.
As this is a winter quarter in Q1, wind power remains the majority of our production, and that has increased quarter on quarter, mainly due to Odal ramping up production, which is great to see, and then Sundby Ind Montagut also being completed, while Denmark has shown less production over this quarter compared to last quarter due to lower wind resources. More on that is in the quarterly report of interest. Like Anders talked about, all turbines in Odal have passed return to service in accordance with Siemens Gamesa, and production will continue to ramp up through 2025 as final repairs and inspection have been completed. Average price of NOK 0.71 compared to NOK 0.73 in Q1 2024, much higher than the system price, showcasing the favorable position in the southern price areas in the Nordics, which has been the strategy from day one.
On the right-hand side there, we showcase the last 12-month figures, and this is the same comment that we had the last quarters, but just to clarify again, we've had accretive asset sales in both 2024 and 2023, which you see in the Q1 2024 LTM and the Q1 2025 LTM. The gain in 2023 was a nominal larger gain at two times book value compared to the gain we had in 2024 at 2.3 times book value, so more accretive sale, but less nominal value. When you deduct these, we have growth in the LTM figures as well. Lastly, on the remaining segments, we have the project segment, we'll start there. Revenue has decreased with NOK 6 million, but that's due to Sundbyvind Montgut being transferred to the commercial segment as they have been completed.
We showcase that in Q4 2024, realizing a strong gain of approximately NOK 2 million per megawatt and as a development gain there, recording the project segment, representing the value creation for the project. Excluding this, EBITDA is comparable with the last quarters. It is important here again that is driving the projects forward, increasing the backlog. That is the main value driver for the project segment, and you will only see that value creation in the financials as the projects are realized. For the asset management segment, that has had a great increase now with the Skovgaard transaction, increasing the solar capabilities. In Denmark, having a Danish footload is very important to us, and the team will continue to manage the Odin portfolio as well, which they have been. We have a great foundation now to continue to grow the asset management side of Denmark.
Lastly, corporate segment is in line with previous quarters, and also please note there's a non-cash cost here related to the warrants of NOK 4 million, which is boxed over the quarter. All in all, a good quarter for Cloudberry. Reverting back to you, Anders, for markets and summary before we take some Q&A at the end. Thank you.
Coming in for landing here, just a couple of slides here. You see the Nordic long-term power price, and as you see, Cloudberry has delivered well above the system price. Quarter after quarter, we managed to get a better price than the Nordic system price, and that is due to, like Ole- Kristofer said, the price areas that we are in, but also that we have managed to enter into PPAs on attractive levels.
That is also part of our strategy, to be well financed, and we do not need to enter into any PPAs when we do our FIDs on the projects. We can finance the projects, and we have no requirements for PPAs. Of course, if we see that we get attractive prices for some of our assets in the most attractive price areas, we have entered into PPAs, and we will continue to also do that as long as it is on attractive levels for Cloudberry. That is also part of the flexibility that we have in Cloudberry, that we can choose to enter into PPAs when we think it is right and the level we think is right, and we do not have to do that to finance the construction projects. Here you see the TMR Nordic power price and what we have delivered over the last quarter.
To sum it up, we think that we are perfectly positioned. The strategy is working. We like to stay Nordic. Nordic has the Nordic countries have fantastic resources when it comes to hydropower, when it comes to wind, and so forth. We have a lot of projects. We have a lot of opportunities, and we will continue to focus on delivering profitable growth. We will continue to develop our platform with all the great people. We will continue to deliver projects, development projects at time and cost. With all that and the market also developing in a positive way, we believe that we are perfectly positioned also for the future. Thank you so much for listening in to our presentation. I could see that we have got some questions, and I will hand over the word to Ole- Kristofer.
We'll answer some of them, and I will also get back to some of the questions.
Thank you, Anders. I can start out with taking two more detailed questions. The first one is Ullestad. We reported NOK 68 million in CapEx there. Someone has been correct that saw that we only have NOK 65 million in contractual commitment, which is reported in the notes. The difference in the NOK 3 million is what we have added on as internal contingencies and so forth, which is customary for these kinds of projects. That is just the contingency and internal hours, which is the difference there. That cost is all in.
They include the entire EPC contract for Cloudberry, and it's a good way to showcase our project and come directly from pipeline and into project under construction, not necessarily through the backlog as we have a vast network and also with entrepreneurs, etc., that want to work with us, and that's how we got access to this project. Also a question about capture rates in Denmark, how that performed over the quarter. Capture rates are hard to estimate how they will develop going forward. There are a lot of very reputable analyst firms that do this, which I'll hand over to if you have more questions about capture rates. We see maybe Denmark capturing, say, 10-15-20% discount to the area price, but that will vary from quarter to quarter depending on wind resources and other external factors. Not something we can be very precise on.
Those were the two questions I recorded, Anders. Do you have other?
Yeah, thank you. I have got a question here for balancing risk and how we handle this in Cloudberry is that we do not have any balancing risk in our portfolio in Norway and Sweden. We rather try to look at this balancing cost as an opportunity. We are Dingelsund, the best project in Sweden, Neshede also with battery storage in Denmark, and we have several other projects with battery storage and how to turn this into something positive in both Norway, Sweden, and Denmark. Balancing costs and risk are very low in the Cloudberry portfolio. Another question was Björnshans Berge, which is a Swedish wind project we have developed. It has been also some focus on this project in the media.
We are continuing to develop the project, and we hope to take the next step in the permitting process later in 2025, and it's then a work in progress in Cloudberry. Thank you. I think that was it. That was the questions we had, and thank you so much for attending and listening to our presentation, and have a nice day. Thank you.