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"unit": "iso4217:NOK" } }, "fact-446": { "value": "5427000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2026-01-01T00:00:00", "unit": "iso4217:NOK" } }, "fact-454": { "value": "Note 1 General information Corporate information Cloudberry Clean Energy ASA (\u201cthe Company\u201d), its subsidiaries and investments in associated companies and joint ventures (\u201cthe Group\u201d or \u201cCloudberry\u201d) is an independent power producer, developing, owning and operating renewable assets in the Nordics. Cloudberry has an integrated business model across the life cycle of renewable power plants including project development, construction, financing, ownership, operations and management. Cloudberry Clean Energy ASA is incorporated and domiciled in Norway. The address of its registered office is Fr\u00f8yas gate 15, NO-0273 Oslo, Norway. Cloudberry Clean Energy ASA was established on 10 November 2017. The Company is listed on Oslo Stock Exchange main list (ticker: CLOUD).", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-4": { "value": "Cloudberry Clean Energy ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-448": { "value": "Cloudberry Clean Energy ASA", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-451": { "value": "Cloudberry Clean Energy ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-1": { "value": "is an independent power producer, developing, owning and operating renewable assets in the Nordics. Cloudberry has an integrated business model across the life cycle of renewable power plants including project development, construction, financing, ownership, operations and management. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-450": { "value": "ASA", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-2": { "value": "Norway", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-447": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-449": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-3": { "value": "Fr\u00f8yas gate 15, NO-0273 Oslo, Norway", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-452": { "value": "Note 2 General accounting policies and principles Basis for preparation The Group\u2019s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and interpretations from International Financial Reporting Interpretations Committee (IFRIC) as adopted by the EU. The Group\u2019s consolidated financial statements are prepared on a going concern basis. These consolidated financial statements for the full year 2025 have been approved for issuance by the Board of Directors on 24 March 2026 and are subject to approval by the Annual General Meeting on 23 April 2026. The functional currency of the parent company Cloudberry Clean Energy ASA is Norwegian krone (NOK) and the consolidated financial accounts are presented in Norwegian Krone (NOK). As a result of rounding adjustments, amounts and percentages may not add up to the total. Basis for measurement The consolidated financial statements have been prepared on a historical cost basis, except that certain financial instruments and derivatives are recognised at fair value, please see note 7. Historical cost is generally based on the fair value of the consideration given when acquiring assets and services. Basis and principles for consolidation The consolidated financial statements comprise the financial state- ments of the parent company Cloudberry Clean Energy ASA and its subsidiaries, see note 25 for a full overview. Subsidiaries are all entities (including structured entities) over which the Group has control. Upon the acquisition of new entities, development or producing projects, single or groups, management assess whether the acqui- sition constitutes a business combination in accordance with IFRS 3, or whether it is considered to be an asset acquisition, see note 5 and note 6. Foreign currency translation The functional currency of the companies in the Group is determined based on the nature of the primary economic environment in which the company operates. Transactions in foreign currencies are initially recorded at the spot rate at the date of the transaction. Monetary balance sheet items denominated in foreign currencies are translated at the functional currency rate of exchange at the balance sheet date. All differences are taken to profit or loss with the exception of net investments in foreign operations, where currency differences are taken to other comprehensive income. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was measured.
Principles of the cash flow statement
The cash flow statement has been prepared using the indirect
method.
Operating activities: changes in working capital comprise of current
interest-free receivables and current interest-free liabilities. Effects
related to capital expenditures, inventory investments, unrealised
changes or reclassifications are not included in changes in working
capital.
Investing activities: acquisition/divestment of shares includes cash
and cash equivalents in the investee that are recognised/divested
at the transaction date. Hence, this is presented net together with
the cash consideration paid or received. Capitalized costs related to
project inventory are presented together with project investments.
Financing activities: interest payments from interest rate derivatives,
which are used to manage the Group\u2019s debt portfolio, are presented
as a part of interests paid.
New pronouncements \u2013 IFRS 18
IFRS 18 Presentation and Disclosure in Financial Statements, which will
replace IAS 1 for annual periods beginning on or after 1 January 2027,
introduces new mandatory categories and subtotals in the state-
ment of profit or loss and revised requirements for the statement of
cash flows, as well as specific disclosures for management-defined
performance measures. Cloudberry is currently assessing the impact
of IFRS 18 on the structure and presentation of its primary financial
statements and related note disclosures, including the classification
of income and expenses and the definition and use of performance
measures.
Accounting principles Cloudberry reports its operations in four segments: Projects, Commercial, Asset Management, and Corporate. The Board of Directors is the Group\u2019s chief operating decision-maker. The segments are determined based on the differences in the nature of their operations, and the main performance indicator for segment reporting is EBITDA. Segment information is prepared on the same basis as the internal management reports reviewed regularly by the Board of Directors. These reports include proportionate revenue, EBITDA, investments and key balance sheet items for each operating segment and form the primary basis for resource allocation and performance assessment. The Group\u2019s segment financials are reported on a proportionate basis, a standard practice in the renewable energy market where assets are often partially owned. This approach helps manage risks, diversify investments, and address the industry\u2019s capital-intensive nature. As such the chief operating decision maker utilises this reporting basis to understand the Group\u2019s investment exposure by considering its proportionate share in different assets or companies. The proportionate measures presented for the operating segments are not IFRS measures but reflect the Group\u2019s share of income, expenses, investments and assets in each underlying project or company. These are the measures reported to, and used by, the chief operating decision maker when monitoring performance and making strategic and capital allocation decisions. A reconciliation between the proportionate segment measures and the consolidated
IFRS figures is provided in the segment tables and in the \u201cAlternative
Performance Measures\u201d section.
The key differences between the proportionate and the consolidated
IFRS financials are that the proportionate figures include all enti-
ties with their respective ownership share in each accounting line,
including associates, joint ventures and subsidiaries with non-con-
trolling interests. In the consolidated financial statements, associates
and joint ventures are accounted for using the equity method, and
subsidiaries are included at 100 per cent with the unowned share of
the result and equity allocated to non-controlling interests.
Accounting principle
Business combinations are accounted for using the acquisition
method in accordance with IFRS 3. Upon acquisition, a purchase price
allocation (PPA) is performed, valuing assets and liabilities at their fair
value. Any excess of the acquisition cost (including non-controlling
interests) over the fair value of identifiable net assets is recognized as
goodwill.
Adjustments to fair value and goodwill may be made within 12 months
if new information arises about conditions existing at the acquisition
date. Acquisition-related costs, except those related to debt or equity
issuance, are expensed as incurred.
Accounting principle Financial assets The Group classifies its financial assets in the following measurement categories: \u2022 Financial assets measured at amortised cost, and \u2022 Financial assets measured at fair value (either through profit or loss, or through other comprehensive income (OCI)) Classification is determined based on the Group\u2019s business model for managing financial assets and the contractual cash flow character- istics. The Group\u2019s cash and cash equivalents, trade receivables, and other financial receivables are measured at amortized cost. Interest income from these assets is recognized in Finance Income using the effective interest method. For trade receivables, the Group applies the simplified approach under IFRS 9 for impairment assessment, recognizing expected credit losses as a separate line item in the statement of profit or loss. Derivative financial instruments with a positive fair value are recog- nized as financial assets and initially measured at fair value, with transaction costs expended in profit or loss. The recognition of subse- quent fair value changes depends on whether the derivatives are designated as hedging instruments: \u2022 Derivatives not designated as hedging instruments \u2013 Fair value gains or losses are recognized in Finance Income or Finance Expenses through profit or loss. \u2022 Derivatives designated as hedging instruments in an effective hedge relationship \u2013 Fair value gains or losses are recognized through OCI as net movements in cash flow hedges. Refer to note 8 for further details on the Group\u2019s hedging activities. Financial assets are derecognized on the trade date when the Group commits to sell the asset. Any resulting gains or losses are recognized directly in profit or loss under other financial income/(expense). Financial liabilities The Group classifies its financial liabilities into the following measure- ment categories: \u2022 Financial liabilities measured at amortized cost \u2022 Financial liabilities measured at fair value (either through profit or loss or through other comprehensive income (OCI)) All financial liabilities, except for derivative liabilities, are initially recog- nized at fair value and subsequently measured at amortized cost using the effective interest method. Interest expenses on these liabil- ities are recognized in Finance Expenses in the income statement, except for borrowing costs directly attributable to project develop- ment, which are capitalized as part of the project asset cost. Derivative financial liabilities are initially measured at fair value, with subsequent changes in fair value recognized as follows: \u2022 Derivatives not designated as hedging instruments \u2013 Fair value changes are recognized through profit or loss. \u2022 Derivatives designated as hedging instruments in an effective hedge relationship \u2013 Fair value changes are recorded through OCI. For further details on hedging activities, refer to note 8. Financial liabilities are derecognized when the obligation is discharged, canceled, or expires. The carrying amounts of financial assets and liabilities measured at amortized cost are considered to approximate their fair values.
Accounting principle
The Group uses derivative financial instruments to hedge market and
financial risks, primarily related to interest rate fluctuations, electricity
price movements, and foreign currency exchange rates.
\u2022
Interest rate exposure \u2013 managed through interest rate swaps
\u2022
Electricity price risk \u2013 mitigated using power purchase agreements
(PPAs)
\u2022
Foreign currency risk \u2013 hedged with foreign currency forward swaps
Hedging instruments held by the Group are classified as either:
\u2022
Designated hedging instruments in a hedge accounting rela-
tionship
\u2022
Hedging instruments not designated in a hedge accounting rela-
tionship
At the inception of a hedge, the Group formally designates and
documents the hedge relationship, including the risk management
objective and strategy.
Hedging instruments that qualify for hedge accounting are
accounted for under the Group\u2019s Cash Flow Hedges policy, as
described below.
Cash flow hedge accounting
When a derivative financial instrument is designated as a cash flow
hedge, the effective portion of changes in its fair value is recognized
in other comprehensive income (OCI) and accumulated in the cash
flow hedge reserve within equity. Any ineffective portion of the fair
value change is recognized immediately in profit or loss.
Upon realization of the underlying hedged transaction, the cumulative
amount in the cash flow hedge reserve is reclassified to the income
statement. Hedge accounting is discontinued when the hedging
instrument expires, is terminated, exercised, or no longer qualifies for
hedge accounting.
Interest rate swaps
The Group utilizes interest rate swaps to reduce cash flow volatility
arising from interest rate fluctuations by converting floating-rate
debt related to power plants into fixed-rate debt (see note 21). These
swaps hedge cash flow variability linked to movements in three-
month benchmark rates (e.g., NIBOR, EURIBOR, CIBOR), ensuring
alignment between derivative results and hedged interest payments.
Cash flow hedge accounting is applied as the swaps cover interest
rate payments associated with existing debt facilities with a high
degree of probability. The derivatives are recorded on the balance
sheet, and their effectiveness is monitored quarterly. Hedge ineffec-
tiveness may arise due to changes in counterparty credit risk.
Power Purchase Agreements (PPAs)
To mitigate electricity price fluctuations, the Group enters into long-
term, fixed-price PPAs, securing future power sales at predetermined
prices per megawatt-hour. The contracted volumes typically repre-
sent a small percentage of total production, minimizing shortfall risk
while providing revenue stability.
Cash flow hedge accounting is applied as the PPAs hedge are highly
probable future sales transactions. The derivatives are carried on the
balance sheet, with their effectiveness monitored quarterly in relation
to production volume fluctuations
Accounting principle
The Group accounts for revenue in accordance with IFRS 15 Revenue
from contracts with customers and applies the five-step method to all
revenue streams.
Accounting principle Deferred income tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.
Accounting principle
Property, plant and equipment (PPE) are measured using the cost
method of IAS 16 and capitalisation of borrowing costs is accounted
for in accordance with IAS 23.
Estimated useful life of power plants
The estimated useful life of power plants is based on assumptions
on expected usage, expected wear and tear, potential technical
or commercial obsolescence, legal or other regulatory limitations,
and lease expiry. The power plants currently in operation have an
expected useful life between ~20-60 years.
Accounting principle
Goodwill is recognized as an intangible asset upon initial recognition
in a business combination, measured as the excess of the acquisition
cost over the fair value of identifiable net assets at the acquisition
date. Goodwill is not amortized but is tested for impairment annually
or more frequently if indicators of impairment exist.
For other non-financial assets such as property, plant, and equipment
(PPE), intangible assets, and investments in associates and joint
ventures (JVs), impairment testing is performed whenever circum-
stances indicate a potential impairment. The recoverable amount is
determined as the higher of fair value less costs to sell or value in use,
with impairment losses recognized in profit or loss when applicable.
Impairment testing is conducted using a discounted cash flow model
(DCF), with future cash flows discounted using the weighted average
cost of capital (WACC), including adjustments for project, country and
market specific risks at cash generating unit (CGU) level.
Accounting principle Investments in associated companies and joint arrangements are accounted for using the equity method in accordance with IAS 28. Accounting policies of equity accounted investees have been changed were necessary to ensure consistency with the policies adopted by the Group.
Accounting principle
Inventories consist of development projects and government grants of el-certificates and guarantees of
origin (GoOs). Inventories are accounted for in accordance with IAS 2 Inventories.
Accounting principle
Cash and cash equivalents consist of bank deposits and money market funds. The Group considers all highly
liquid investments such as deposits with an original or remaining maturity of three months or less to be cash
equivalents. Restricted cash is not considered as cash and cash equivalents but is classified as other current
assets.
The Group has a corporate account agreement with Sparebank 1 S\u00f8r-Norge for the Norwegian companies.
Accounting principle
The Group recognises an obligation to dismantle and remove hydro and wind power plants and to restore
the site after the concession period is over (asset retirement obligation).
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-455": { "value": "
Basis for preparation
The Group\u2019s consolidated financial statements have been prepared
in accordance with International Financial Reporting Standards
(IFRS) and interpretations from International Financial Reporting
Interpretations Committee (IFRIC) as adopted by the EU.
The Group\u2019s consolidated financial statements are prepared on a
going concern basis.
These consolidated financial statements for the full year 2025 have
been approved for issuance by the Board of Directors on 24 March
2026 and are subject to approval by the Annual General Meeting on
23 April 2026.
The functional currency of the parent company Cloudberry Clean
Energy ASA is Norwegian krone (NOK) and the consolidated financial
accounts are presented in Norwegian Krone (NOK). As a result of
rounding adjustments, amounts and percentages may not add up to
the total.
Basis for measurement
The consolidated financial statements have been prepared on a
historical cost basis, except that certain financial instruments and
derivatives are recognised at fair value, please see note 7. Historical
cost is generally based on the fair value of the consideration given
when acquiring assets and services.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-506": { "value": "The Group\u2019s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and interpretations from International Financial Reporting Interpretations Committee (IFRIC) as adopted by the EU. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-481": { "value": "These consolidated financial statements for the full year 2025 have been approved for issuance by the Board of Directors on 24 March 2026 and are subject to approval by the Annual General Meeting on 23 April 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-507": { "value": "full year 2025", "dimensions": { "concept": "ifrs-full:PeriodCoveredByFinancialStatements", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-457": { "value": "
Basis and principles for consolidation
The consolidated financial statements comprise the financial state-
ments of the parent company Cloudberry Clean Energy ASA and its
subsidiaries, see note 25 for a full overview.
Subsidiaries are all entities (including structured entities) over which the Group has control. Upon the acquisition of new entities, development or producing projects, single or groups, management assess whether the acqui- sition constitutes a business combination in accordance with IFRS 3, or whether it is considered to be an asset acquisition, see note 5 and note 6. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-526": { "value": "
Subsidiaries are all entities (including structured entities) over which
the Group has control.
Note 25 List of subsidiaries and equity accounted companies The following companies are consolidated (subsidiaries) as per 31 December 2025. For an overview of investments in associates and joint ventures accounted for using the equity method, see note 16.
Consolidated Part of
Place of economic interest to Group
Name of entity (and related segment) business Group per 31.12.25 from date
Corporate
Cloudberry Clean Energy ASA
Norway
100%
24.11.2017
Commercial
Cloudberry Production AS
Norway
100%
15.02.2020
R\u00f8yrmyra Vindpark AS
Norway
100%
15.02.2020
H\u00e5n 22kV AS
Norway
100%
15.02.2020
Sk\u00e5r\u00e5na Kraft AS
Norway
60%
24.02.2021
Ramsli\u00e5na Kraftverk AS
Norway
60%
31.03.2022
Tinnkraft AS
Norway
60%
01.02.2022
B\u00f8en Kraft AS
Norway
60%
10.06.2022
\u00d8vre Kvemma Kraftverk AS
Norway
60%
05.06.2024
Cloudberry Production II AS
Norway
100%
11.07.2025
Forte Energy Norway AS
Norway
55%
15.11.2020
Anga Kraft AS
Norway
55%
11.07.2025
Botna Kraft AS
Norway
55%
11.07.2025
Br\u00e5berg Kraft AS
Norway
55%
11.07.2025
Dyrdal Kraft AS
Norway
55%
11.07.2025
Eldao Kraftverk AS
Norway
55%
11.07.2025
Espeelvi Kraft AS
Norway
55%
11.07.2025
Kvitno Kraft AS
Norway
55%
11.07.2025
Langedal Kraft AS
Norway
55%
11.07.2025
Consolidated Part of
Place of economic interest to Group
Name of entity (and related segment) business Group per 31.12.25 from date
Rusdals\u00e5ni Kraft AS
Norway
55%
11.07.2025
Setredalen Kraft AS
Norway
55%
11.07.2025
Skeidsfl\u00e5ten Kraft AS
Norway
55%
11.07.2025
Strupen Kraft AS
Norway
55%
11.07.2025
Svard\u00f8la Kraft AS
Norway
55%
11.07.2025
Tverrdalselvi Kraft AS
Norway
55%
11.07.2025
Herand Kraft AS
Norway
60%
11.07.2025
H\u00e5n Vindpark AB
Sweden
100%
15.02.2020
Sundby Vindpark AB
Sweden
100%
21.12.2021
Munkhyttan Vindkraft AB
Sweden
100%
03.02.2022
CB Production AB
Sweden
100%
01.07.2022
Cloudberry Production Holding ApS
Denmark
100%
31.05.2023
Cloudberry Production Aps
Denmark
100%
31.05.2023
Odin Energy Holding P/S
Denmark
100%
31.05.2023
Odin Energy General Partner ApS
Denmark
100%
31.05.2023
Odin Energy Invest I P/S
Denmark
100%
31.05.2023
Odin Energy Invest II P/S
Denmark
100%
31.05.2023
Lem K\u00e6r Vindkraft I/S
Denmark
76%
31.05.2023
N\u00f8rh-Hjortmose Vind 11 I/S
Denmark
90%
31.05.2023
Skr\u00e6ddergaard Vindkraft I/S
Denmark
60%
31.05.2023
Tornbyg\u00e5rd Vindkraft I/S
Denmark
81%
31.05.2023
Trikelsh\u00f8j Vindkraft I/S
Denmark
60%
31.05.2023
Consolidated Part of
Place of economic interest to Group
Name of entity (and related segment) business Group per 31.12.25 from date
Vemb Vindkraft I/S
Denmark
54%
31.05.2023
Volder Mark M5 Erhverv I/S
Denmark
85%
31.05.2023
Odin Energy Invest III P/S
Denmark
100%
31.05.2023
Projects
Cloudberry Develop AS
Norway
100%
15.02.2020
Skogvind AS
Norway
100%
31.08.2020
Re Energi AS
Norway
60%
31.03.2022
\u00d8vre Ullestad Energi AS
Norway
60%
01.01.2025
Forte Vannkraft Utvikling AS
1
Norway
60%
07.01.2022
Forte Vannkraft AS
Norway
60%
11.07.2025
Aspvikelva Kraft AS
Norway
60%
11.07.2025
Fardalen Kraft AS
Norway
60%
11.07.2025
Gjeiskelid Kraft AS
Norway
60%
11.07.2025
Grovlia Kraftverk AS
Norway
60%
11.07.2025
Gr\u00f8vdal Kraft AS
Norway
60%
11.07.2025
Hartevasstj\u00f8nn Kraft AS
Norway
60%
11.07.2025
Hoslemo Kraft AS
Norway
60%
11.07.2025
Kalklavkraft AS
Norway
60%
11.07.2025
Ugulsvik Kraftverk AS
Norway
60%
11.07.2025
Consolidated Part of
Place of economic interest to Group
Name of entity (and related segment) business Group per 31.12.25 from date
Vigda Kraft AS
Norway
60%
11.07.2025
Cloudberry Utveckling AB
Sweden
100%
15.02.2020
Cloudberry Utveckling II AB
Sweden
100%
15.02.2020
Cloudberry Utveckling III AB
Sweden
100%
15.02.2020
Bj\u00f6rnetj\u00e4rnsberget Vindpark AB
Sweden
100%
01.04.2023
Cloudberry Wind AB
Sweden
100%
15.02.2020
Cloudberry Clean Energy AB
Sweden
100%
15.02.2020
Rewind Offshore AB
Sweden
100%
15.02.2020
\u00c4lgfallet Energipark AB
Sweden
70%
13.08.2025
Frostn\u00e4s Vind AB
Sweden
100%
09.12.2025
Klimapark Nees Hede K/S
Denmark
100%
01.02.2024
Komplementarselskabet Klimapark Nees Hede ApS
Denmark
100%
01.02.2024
Cloudberry Development Aps
Denmark
100%
28.03.2025
Asset Management
Captiva Asset Management AS
Norway
100%
07.01.2022
Enestor AS
Norway
51%
01.06.2022
Captiva Asset Management AB
Sweden
100%
01.04.2023
Cloudberry Clean Energy Aps
Denmark
100%
28.03.2025
1 Formerly Captiva Energi AS.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-538": { "value": "Subsidiaries are all entities (including structured entities) over which the Group has control. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-456": { "value": "
Foreign currency translation
The functional currency of the companies in the Group is determined
based on the nature of the primary economic environment in which
the company operates.
Transactions in foreign currencies are initially recorded at the spot
rate at the date of the transaction.
Monetary balance sheet items denominated in foreign currencies
are translated at the functional currency rate of exchange at the
balance sheet date. All differences are taken to profit or loss with the
exception of net investments in foreign operations, where currency
differences are taken to other comprehensive income.
Non-monetary items that are measured in terms of historical cost in a
foreign currency are translated using the exchange rate at the date
of the transaction. Non-monetary items that are measured at fair
value in a foreign currency are translated using the exchange rates at
the date when the fair value was measured.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-482": { "value": "Foreign currency translation The functional currency of the companies in the Group is determined based on the nature of the primary economic environment in which the company operates. Transactions in foreign currencies are initially recorded at the spot rate at the date of the transaction. Monetary balance sheet items denominated in foreign currencies are translated at the functional currency rate of exchange at the balance sheet date. All differences are taken to profit or loss with the exception of net investments in foreign operations, where currency differences are taken to other comprehensive income. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was measured. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-458": { "value": "Principles of the cash flow statement The cash flow statement has been prepared using the indirect method. Operating activities: changes in working capital comprise of current interest-free receivables and current interest-free liabilities. Effects related to capital expenditures, inventory investments, unrealised changes or reclassifications are not included in changes in working capital. Investing activities: acquisition/divestment of shares includes cash and cash equivalents in the investee that are recognised/divested at the transaction date. Hence, this is presented net together with the cash consideration paid or received. Capitalized costs related to project inventory are presented together with project investments. Financing activities: interest payments from interest rate derivatives, which are used to manage the Group\u2019s debt portfolio, are presented as a part of interests paid. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-483": { "value": "New pronouncements \u2013 IFRS 18 IFRS 18 Presentation and Disclosure in Financial Statements, which will replace IAS 1 for annual periods beginning on or after 1 January 2027, introduces new mandatory categories and subtotals in the state- ment of profit or loss and revised requirements for the statement of cash flows, as well as specific disclosures for management-defined performance measures. Cloudberry is currently assessing the impact of IFRS 18 on the structure and presentation of its primary financial statements and related note disclosures, including the classification of income and expenses and the definition and use of performance measures. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-459": { "value": "New pronouncements \u2013 IFRS 18 IFRS 18 Presentation and Disclosure in Financial Statements, which will replace IAS 1 for annual periods beginning on or after 1 January 2027, introduces new mandatory categories and subtotals in the state- ment of profit or loss and revised requirements for the statement of cash flows, as well as specific disclosures for management-defined performance measures. Cloudberry is currently assessing the impact of IFRS 18 on the structure and presentation of its primary financial statements and related note disclosures, including the classification of income and expenses and the definition and use of performance measures. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-453": { "value": "
Note 3 Key accounting estimates and judgments
Significant estimates
The most critical assumptions used by management are the long-
term price forecast for power and the related market developments
together with the applied weighted average cost of capital (WACC)
in discounted cash flow (DCF) models. The uncertainty related to the
long-term price forecast estimate is primarily associated with the
Commercial segment, while WACC estimates are also relevant for
Asset Management. These assumptions are critical input for manage-
ment related to financial statement processes such as:
\u2022
Impairment testing of goodwill, PPE and investment in associates
and JVs. See note 15.
\u2022
Allocation of fair value in business combinations, transactions
related to PPE, investment in associates and JVs, goodwill and
inventory. For business combinations and related significant esti-
mates in 2025, refer to note 5.
Long term price forecast for power
Management relies on two independent providers for long-term
power price forecasts to ensure a balanced and representative
outlook. Each provider develops its own base case for future power
prices, and management uses the average of these forecasts as the
primary input to the Group\u2019s discounted cash flow models.
There are significant variations between individual power price fore-
casts in the market. An averaging approach is therefore considered
the most appropriate methodology, as it reflects a broader market
perspective and mitigates potential bias from any single forecast.
Management applies a structured policy of relying on independent
third-party power curves, and both the selected providers and the
underlying forecasts are subject to ongoing assessment.
The forecast power price curve is updated regularly based on the
latest available data and market information. Geopolitical develop-
ments, including changes in energy security policies, trade restrictions
and regional conflicts, may significantly affect cross border power
flows, fuel markets and long term power price expectations in the
Nordic and continental European markets. Management monitors
such developments on an ongoing basis and considers their potential
impact when assessing the robustness of external power price fore-
casts.
Weighted average cost of capital (WACC)
The Weighted Average Cost of Capital (WACC) is a significant
estimate used by management to prepare the financial statements,
particularly in the valuation of assets and impairment testing.
Cloudberry determines WACC based on externally observed market
indicators, ensuring an unbiased and market-reflective estimate.
Cost of debt
The cost of debt is calculated using the market risk-free rate appli-
cable to the respective country of investment, with an observed
market-based margin added. The total cost of debt is adjusted with
the applicable tax shield. This approach ensures that the debt cost
reflects prevailing financial conditions in the relevant jurisdiction.
Cost of equity
The cost of equity is derived using the Capital Asset Pricing Model
(CAPM), which incorporates the:
\u2022
Risk-free rate relevant to each region
\u2022
Market risk premium applicable to the investment environment
\u2022
Equity beta specific to Cloudberry\u2019s business
The equity beta is determined by using peer group data from publicly
listed renewable energy companies. Initially, the unlevered beta is
obtained from the peer group and subsequently re-levered to reflect
the financial leverage ratio applicable to the specific investment.
Periodic updates and application
To maintain accuracy, WACC is updated periodically to align with
market conditions at the time it is used as an input in financial
reporting.
Significant judgments
The preparation of the consolidated financial statements requires
management to exercise significant judgment in selecting and
applying accounting policies in various key areas. For certain transac-
tions, the application of these policies may have a material impact on
the financial statements.
Key areas where significant judgment is applied include:
\u2022
Assessment of business combination
or asset acquisition note 5, 6 and 14
\u2022
Assessment of control over investments note 5
\u2022
Asset useful life and annual production volumes note 5 and 15
\u2022
Classification of developing projects note 14 and 18
\u2022
Assessment of impairment indicators note 15
Significant estimates The purchase price allocation relies on estimates of fair value, for renewable power projects (development or producing) this is primarily based on discounted cash flow (DCF) models. Key assumptions include: \u2022 Future cash flow projections, which depend on long-term power price curves \u2022 Weighted Average Cost of Capital (WACC) These estimates influence the allocation of fair value between property, plant, and equipment (PPE), investments in associates, and joint ventures (JVs). Further details on estimation methodologies are provided in note 3. Significant judgments Management exercises significant judgment in determining whether an acquisition qualifies as a business combination (under IFRS 3) or an asset acquisition (IAS 2, IAS 16, or IAS 38). \u2022 Business combinations typically involve acquisitions of operating assets, organizations with key personnel, business processes, and clearly defined inputs and outputs. \u2022 Asset acquisitions generally involve single producing power plants, development projects, a ready-to-construct power plant, or assets without structured business operations. In cases of partial ownership, judgment is used to assess whether Cloudberry: \u2022 Holds control (subsidiary classification) \u2022 Shares joint control or significant influence (JV or associate classifi- cation) The purchase price allocation is by nature judgmental as it includes allocation of the purchase price to the underlying assets and liabilities on their underlying estimated fair value. Significant management judgment is applied in valuation methods, the useful life of assets and other estimates.
Significant estimates and judgment
Assessment of asset acquisition or business combination
Material management judgment is necessary to determine whether
an acquired project or power plant constitutes a business combina-
tion or an asset acquisition. This assessment is conducted individually
for each acquisition. If the acquisition is identified as a business
combination, IFRS 3 Business combinations will be applied, while for
asset acquisitions, either IAS 2 inventory or IAS 16 Property plant and
equipment will be applied.
Acquisitions that consist of a single power plant ready to construct
are typically considered asset transactions. Conversely, acquisitions
comprising operational (producing) assets are typically accounted for
as business combinations. Nevertheless, each acquisition undergoes
a distinct assessment to determine the appropriate accounting
treatment.
Impairment
Producing power plants and power plants under construction
undergo impairment testing whenever events or changes in circum-
stances indicate a potential impairment, see note 15 for further
details.
Key estimates and judgments
The Group uses discounted cash flow (DCF) models for impairment
testing. For producing power plant assets, the impairment testing
is based on the same internal investment models that are used for
investment decisions, both at cash generating unit (CGU) level and,
where relevant, as an indicator for impairment assessment at indi-
vidual asset level.
The estimates in DCF models are consistent with those used in the
Group\u2019s budgets and long-term outlook approved by management.
DCF model for power plants
The DCF model evaluates expected cash flows from individual power
plants. Cash flows are estimated based on future cash inflows from
power sales and future cash outflows from related expenses. The
forecast period covers the expected remaining lifetime of the respec-
tive assets.
The DCF model relies on estimates such as the weighted average
cost of capital (WACC), the long-term power price curve, production
volumes, regulatory conditions and judgments regarding useful life
and other technical assumptions. The key estimates that the model
is most sensitive to is the WACC and the long-tern power price curve.
For more information on how management applies these estimates,
please refer to note 3.
Significant estimates
The Group Management has applied significant estimates in the
impairment assessment, related to:
\u2022
Determining the WACC, based on market conditions and updated
regularly.
\u2022
Estimating future power prices, derived from independent third-
party providers.
Significant judgments
The Group Management has exercised significant judgment in the
impairment assessment, related to:
\u2022
Assessing production volumes and asset longevity, reflecting
technical, operational, and regulatory conditions.
\u2022
Identifying impairment indicators, including changes in market
conditions, regulatory uncertainties, and macroeconomic factors.
Changes in these variables may significantly impact impairment
assessments.
Significant estimates and judgments
Development projects
Development costs for work the Group has technical capability, commercial viability, and resources to
complete are accounted for in accordance with IAS 2.
Capitalized development costs consist of external development costs, capitalized salaries for internal
employees and capitalized interest costs related to project funding.
The development projects are part of the Projects segment and are primarily held as project opportuni-
ties and where investment opportunities arise for projects to be retained as a long-term asset; they are
reclassified as held for own use. Once a project is ready for construction, and the Group makes the final
investment decision (FID), the project will be reclassified from inventory to property, plant, and equipment,
and accounted for in accordance with IAS 16.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-460": { "value": "Note 4 Operating segments Accounting principles Cloudberry reports its operations in four segments: Projects, Commercial, Asset Management, and Corporate. The Board of Directors is the Group\u2019s chief operating decision-maker. The segments are determined based on the differences in the nature of their operations, and the main performance indicator for segment reporting is EBITDA. Segment information is prepared on the same basis as the internal management reports reviewed regularly by the Board of Directors. These reports include proportionate revenue, EBITDA, investments and key balance sheet items for each operating segment and form the primary basis for resource allocation and performance assessment. The Group\u2019s segment financials are reported on a proportionate basis, a standard practice in the renewable energy market where assets are often partially owned. This approach helps manage risks, diversify investments, and address the industry\u2019s capital-intensive nature. As such the chief operating decision maker utilises this reporting basis to understand the Group\u2019s investment exposure by considering its proportionate share in different assets or companies. The proportionate measures presented for the operating segments are not IFRS measures but reflect the Group\u2019s share of income, expenses, investments and assets in each underlying project or company. These are the measures reported to, and used by, the chief operating decision maker when monitoring performance and making strategic and capital allocation decisions. A reconciliation between the proportionate segment measures and the consolidated IFRS figures is provided in the segment tables and in the \u201cAlternative Performance Measures\u201d section. The key differences between the proportionate and the consolidated IFRS financials are that the proportionate figures include all enti- ties with their respective ownership share in each accounting line, including associates, joint ventures and subsidiaries with non-con- trolling interests. In the consolidated financial statements, associates and joint ventures are accounted for using the equity method, and subsidiaries are included at 100 per cent with the unowned share of the result and equity allocated to non-controlling interests. Projects The Projects segment is responsible for the development, permitting, procurement, and construction of hydro, wind, solar and storage projects. The segment has a significant development portfolio with renewable assets in the Nordics. Cloudberry manages projects from the early stages of planning until they receive construction permits, ensuring a seamless transition from development to execution. A key priority for Cloudberry is maintaining close dialogue with local communities, and public and private landowners to secure land access, streamline permitting processes, and mitigate environmental impacts. In 2025, Projects continued to mature a diversified pipeline, including hybrid concepts at Nees Hede (solar with planned storage and wind) and Duvh\u00e4llen (wind, solar and battery). In addition, the Projects segment continued to secure strong partnerships such as with Sveaskog and Holmen. Commercial The Commercial segment owns and manages renewable power assets with long-term cash flows in the Nordics. Revenues primarily come from power production, which is continuously sold through bilat- eral agreements or on the spot market via Nordpool. The segment is responsible for optimizing the performance of Cloudberry\u2019s oper- ational assets while also driving strategic growth through mergers, acquisitions, and partnerships. In 2025 the segment was strengthened by the Skovgaard transaction in Denmark and by the Forte transac- tion in Norway. Together these transactions expanded the hydro and wind platform, lifted proportionate hydro production to around 300 GWh and improved diversification across attractive southern Nordic price areas. Asset Management (Captiva) The Asset Management segment is responsible for operation of renewable energy assets, including both Cloudberry-owned projects and external clients\u2019 assets. The segment includes the activities organized in the Captiva Group. Captiva is an asset manager and operator of renewable power assets in the Nordics, with a history spanning over 15 years. Since its acquisition by Cloudberry, Captiva has added significant value to Cloudberry\u2019s hydro and wind develop- ment, procurement, and construction, while also establishing itself as a high-quality asset manager for power plants in the Nordic region. In 2025 the segment was materially scaled up through the integration of Skovgaard Energy\u2019s technically focused Danish asset manage- ment team, adding specialist expertise in wind and solar operations, and through the Forte transaction, which significantly increased the volume of small scale hydropower assets under management. 1 See APM section for proportionate segment reporting
Corporate
The Corporate segment consists of corporate services, group
management, and finance, ensuring efficient capital allocation and
strategic oversight across Group. It is responsible for managing the
Group\u2019s balance sheet, capital needs, and investment decisions,
including overseeing M&A activities with input from relevant segments.
The segment also handles all financial reporting and communication
with external stakeholders, ensuring transparency and compliance
with regulatory requirements. The corporate segment aims to remain
a cost-effective, agile and dynamic team that supports Cloudberry\u2019s
growth. By year-end, there were seven employees in the corporate
segment.
Proportionate financials
The following tables present, for each operating segment, the key
income statement and balance sheet measures that are regularly
reported to the Board of Directors as chief operating decision maker,
including proportionate revenue, EBITDA, investments and segment
assets and liabilities, together with reconciliations to the Group\u2019s
consolidated IFRS figures.
Disclosures by geography are provided in the revenue note 9.
FY2025 Elim. of Residual
Asset Total Group equity ownership Total
NOK million
Projects
Commercial
Management
Corporate
proportionate eliminations consol. ent. consol. Ent. consolidated
Total revenue
42
578
75
2
697
(34)
(190)
98
571
Opex ex depr./amort.
(61)
(251)
(71)
(58)
(441)
34
105
(54)
(357)
Net income/(loss) from ass.
comp./JVs
-
-
-
-
-
-
119
-
119
EBITDA
1
(19)
327
4
(55)
256
-
34
44
333
Depr., amort. and write-downs
(9)
(285)
(7)
(3)
(304)
58
62
(22)
(206)
Operating profit (EBIT)
1
(28)
42
(4)
(58)
(48)
58
96
22
127
Net financial items
36
(113)
-
7
(69)
40
7
(4)
(27)
Profit/(loss) before tax
8
(71)
(4)
(51)
(118)
98
103
18
100
Total assets
767
7 385
167
722
9 042
(358)
(1 243)
1 992
9 434
Interest bearing debt
36
3 137
-
-
3 173
-
(891)
1 026
3 308
Cash
84
141
27
638
891
-
(98)
100
893
NIBD
1
(48)
2 996
(27)
(638)
2 282
-
(792)
926
2 416
FY2024 Elim. of Residual
Asset Total Group equity ownership Total
NOK million
Projects
Commercial
Management
Corporate
proportionate eliminations consol. ent. consol. Ent. consolidated
Total revenue
141
569
65
1
776
(120)
(192)
84
548
Opex ex depr./amort.
(41)
(173)
(68)
(63)
(345)
8
77
(30)
(290)
Net income/(loss) from ass.
comp./JVs
-
-
-
-
-
-
51
-
51
EBITDA
1
100
396
(3)
(62)
431
(112)
(63)
54
309
Depr., amort. and write-downs
(22)
(172)
(6)
(1)
(200)
3
63
(31)
(166)
Operating profit (EBIT)
1
78
224
(9)
(63)
231
(110)
-
23
144
Net financial items
3
(43)
1
22
(16)
(33)
16
24
(10)
Profit/(loss) before tax
81
182
(8)
(40)
214
(143)
16
47
134
Total assets
259
7 011
121
678
8 068
(374)
(366)
(300)
7 028
Interest bearing debt
-
2 645
-
-
2 645
-
1 953
(2 647)
1 951
Cash
75
184
7
662
927
-
(68)
14
874
NIBD
1
(75)
2 461
(7)
(662)
1 718
-
2 021
(2 661)
1 077
1
Classified as Alternative Performance Measures (APMs). For further details, including definitions and usage,
refer to the chapter on Alternative Performance Measures in the financial report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-484": { "value": "Accounting principles Cloudberry reports its operations in four segments: Projects, Commercial, Asset Management, and Corporate. The Board of Directors is the Group\u2019s chief operating decision-maker. The segments are determined based on the differences in the nature of their operations, and the main performance indicator for segment reporting is EBITDA. Segment information is prepared on the same basis as the internal management reports reviewed regularly by the Board of Directors. These reports include proportionate revenue, EBITDA, investments and key balance sheet items for each operating segment and form the primary basis for resource allocation and performance assessment. The Group\u2019s segment financials are reported on a proportionate basis, a standard practice in the renewable energy market where assets are often partially owned. This approach helps manage risks, diversify investments, and address the industry\u2019s capital-intensive nature. As such the chief operating decision maker utilises this reporting basis to understand the Group\u2019s investment exposure by considering its proportionate share in different assets or companies. The proportionate measures presented for the operating segments are not IFRS measures but reflect the Group\u2019s share of income, expenses, investments and assets in each underlying project or company. These are the measures reported to, and used by, the chief operating decision maker when monitoring performance and making strategic and capital allocation decisions. A reconciliation between the proportionate segment measures and the consolidated IFRS figures is provided in the segment tables and in the \u201cAlternative Performance Measures\u201d section. The key differences between the proportionate and the consolidated IFRS financials are that the proportionate figures include all enti- ties with their respective ownership share in each accounting line, including associates, joint ventures and subsidiaries with non-con- trolling interests. In the consolidated financial statements, associates and joint ventures are accounted for using the equity method, and subsidiaries are included at 100 per cent with the unowned share of the result and equity allocated to non-controlling interests. Projects The Projects segment is responsible for the development, permitting, procurement, and construction of hydro, wind, solar and storage projects. The segment has a significant development portfolio with renewable assets in the Nordics. Cloudberry manages projects from the early stages of planning until they receive construction permits, ensuring a seamless transition from development to execution. A key priority for Cloudberry is maintaining close dialogue with local communities, and public and private landowners to secure land access, streamline permitting processes, and mitigate environmental impacts. In 2025, Projects continued to mature a diversified pipeline, including hybrid concepts at Nees Hede (solar with planned storage and wind) and Duvh\u00e4llen (wind, solar and battery). In addition, the Projects segment continued to secure strong partnerships such as with Sveaskog and Holmen. Commercial The Commercial segment owns and manages renewable power assets with long-term cash flows in the Nordics. Revenues primarily come from power production, which is continuously sold through bilat- eral agreements or on the spot market via Nordpool. The segment is responsible for optimizing the performance of Cloudberry\u2019s oper- ational assets while also driving strategic growth through mergers, acquisitions, and partnerships. In 2025 the segment was strengthened by the Skovgaard transaction in Denmark and by the Forte transac- tion in Norway. Together these transactions expanded the hydro and wind platform, lifted proportionate hydro production to around 300 GWh and improved diversification across attractive southern Nordic price areas. Asset Management (Captiva) The Asset Management segment is responsible for operation of renewable energy assets, including both Cloudberry-owned projects and external clients\u2019 assets. The segment includes the activities organized in the Captiva Group. Captiva is an asset manager and operator of renewable power assets in the Nordics, with a history spanning over 15 years. Since its acquisition by Cloudberry, Captiva has added significant value to Cloudberry\u2019s hydro and wind develop- ment, procurement, and construction, while also establishing itself as a high-quality asset manager for power plants in the Nordic region. In 2025 the segment was materially scaled up through the integration of Skovgaard Energy\u2019s technically focused Danish asset manage- ment team, adding specialist expertise in wind and solar operations, and through the Forte transaction, which significantly increased the volume of small scale hydropower assets under management. Corporate The Corporate segment consists of corporate services, group management, and finance, ensuring efficient capital allocation and strategic oversight across Group. It is responsible for managing the Group\u2019s balance sheet, capital needs, and investment decisions, including overseeing M&A activities with input from relevant segments. The segment also handles all financial reporting and communication with external stakeholders, ensuring transparency and compliance with regulatory requirements. The corporate segment aims to remain a cost-effective, agile and dynamic team that supports Cloudberry\u2019s growth. By year-end, there were seven employees in the corporate segment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-461": { "value": "Note 5 Business combinations Accounting principle Business combinations are accounted for using the acquisition method in accordance with IFRS 3. Upon acquisition, a purchase price allocation (PPA) is performed, valuing assets and liabilities at their fair value. Any excess of the acquisition cost (including non-controlling interests) over the fair value of identifiable net assets is recognized as goodwill. Adjustments to fair value and goodwill may be made within 12 months if new information arises about conditions existing at the acquisition date. Acquisition-related costs, except those related to debt or equity issuance, are expensed as incurred. Significant estimates The purchase price allocation relies on estimates of fair value, for renewable power projects (development or producing) this is primarily based on discounted cash flow (DCF) models. Key assumptions include: \u2022 Future cash flow projections, which depend on long-term power price curves \u2022 Weighted Average Cost of Capital (WACC) These estimates influence the allocation of fair value between property, plant, and equipment (PPE), investments in associates, and joint ventures (JVs). Further details on estimation methodologies are provided in note 3. Significant judgments Management exercises significant judgment in determining whether an acquisition qualifies as a business combination (under IFRS 3) or an asset acquisition (IAS 2, IAS 16, or IAS 38). \u2022 Business combinations typically involve acquisitions of operating assets, organizations with key personnel, business processes, and clearly defined inputs and outputs. \u2022 Asset acquisitions generally involve single producing power plants, development projects, a ready-to-construct power plant, or assets without structured business operations. In cases of partial ownership, judgment is used to assess whether Cloudberry: \u2022 Holds control (subsidiary classification) \u2022 Shares joint control or significant influence (JV or associate classifi- cation) The purchase price allocation is by nature judgmental as it includes allocation of the purchase price to the underlying assets and liabilities on their underlying estimated fair value. Significant management judgment is applied in valuation methods, the useful life of assets and other estimates. Business combinations in 2025 Acquisition of remaining 20% in Danish Odin portfolio and other renewable assets and management services from Skovgaard The transaction On 28 March, 2025, Cloudberry Clean Energy ASA (\u201cCloudberry\u201d) completed the transaction with J\u00f8rgen Skovgaard Holding ApS (\u201cSkovgaard\u201d) which included the acquisition of the remaining 20% stake in the Odin portfolio and an 80% stake in Dalane Energi AS (Sv\u00e5heia wind farm), in addition to other renewable assets, project development and management services. The acquisition adds approximately 160 GWh of annual proportionate production to Cloudberry\u2019s portfolio, enhancing its capacity to deliver renewable energy. The transaction is concluded to be a business combination. Transaction elements The transaction includes several key elements, each with its respec- tive structure and asset details: \u2022 Odin portfolio (20%): Increases Cloudberry\u2019s ownership to 100% in the high-quality portfolio of wind assets located primarily in the DK-1 price area in Denmark. \u2022 Dalane Energi AS (80%): The Sv\u00e5heia wind farm includes seven producing Vestas wind turbines located in the attractive NO-2 price area in Norway, adding 70 GWh to Cloudberry\u2019s production capacity. Sv\u00e5heia wind farm was on 19 May 2024 sold to the minority shareholder Dalane Kraft AS. See note 6. \u2022 Other assets: Includes various wind and solar projects and opera- tional turbines. The producing assets are located in Denmark and contribute an additional 13 GWh of production, with commercial operations dating back to 2013. \u2022 Asset management business: Includes a local development and asset management team in Denmark. The team is responsible for managing Cloudberry\u2019s existing and new assets in the region, thereby optimizing operational efficiencies. \u2022 Shares in Skovgaard Energy ApS: Representing a ~6% ownership. Skovgaard Energy owns operating solar assets, a biogas and power to ammonia plant, and local land rights in Denmark.
Consideration and financing
In the purchase price allocation the consideration for the acquisition
is measured at fair value. Settlement of the transaction was made
partly by issuing 28 658 555 new shares in Cloudberry which are
measured per IFRS at the market stock price of NOK 11.6 per share.
The difference between the agreed conversion price (as explained in
the press release 05.12.2024) of NOK 17.0 per share and the stock price
at the transaction date lowers the purchase price through the share
consideration from NOK 487m to NOK 332m. The reason is that the
measurement of the shares and the capital increase has to be meas-
ured at the market price in the financial accounts. Per IFRS the total
consideration for the acquisition was NOK 833m, of which NOK 501m
was paid in cash and NOK 332m was settled in Cloudberry shares. The
cash payment was settled with NOK 386m drawn in external debt and
NOK 115m from the Company\u2019s cash balance.
Accounting treatment of the 20% Odin portfolio acquisition
Prior to this transaction, Cloudberry was already the controlling owner
of the Odin portfolio with an 80% ownership stake. This transaction
represents the purchase of the remaining 20% ownership interest. The
acquisition of the remaining 20% in the Odin portfolio is accounted for
as a transaction with non-controlling interest, treated as an equity
transaction. Following this, the carrying amount of the non-controlling
interests of NOK 583m is derecognised. The consideration for this
acquisition was NOK 416m, resulting in a gain for the controlling
interest of NOK 167m recognised directly in equity.
Final purchase price allocation
The tables to the right present the allocation of the acquisition cost,
book values and identified excess values for the acquired assets in
the Skovgaard transaction:
Allocation of excess values
NOK million
Total
At acquisition date
28.03.2025
Consideration (controlling interests)
Cash
501
Shares
332
Total acquisition cost (controlling interest)
833
Book value of net assets (see table below)
654
Identification of excess value attributable to:
Property, plant and equipment
159
Investment in associates and JVs
18
Gross excess value
177
Deferred tax on excess value
35
Net excess value
142
Fair value of net acquired assets excluding goodwill
796
Of which:
Non-controlling interest
47
Controlling interests
749
Total acquisition cost 100%
Goodwill (controlling interest)
77
Goodwill (non-controlling interest)
18
Goodwill (100%)
94
Total non-controlling interest
64
Book value net acquired assets
NOK million
Total
Property, plant and equipment
211
Investment in associates and JVs
12
Other non-current assets
66
Inventory
12
Other current assets
4
Cash and cash equivalents
8
Acquired assets
312
Current liabilities
20
Deferred tax liability
55
Net asset value acquired assets
238
Acquired NCI
416
Total book value incl NCI
654
NOK million
Total
Total acquisition cost
Non-cash consideration
332
Cash consideration
501
Total acquisition cost
833
Cash in acquired company
8
Net cash outflow at acquisition
493
Completion of the Forte transaction with Swiss Life Asset Management
The transaction
On 11 July 2025, Cloudberry completed a transaction with Swiss Life
Asset Managers to establish one of the largest small-scale hydro plat-
forms in the Nordics. Through this transaction, Cloudberry contributed
its entire producing hydropower portfolio and development projects
as a contribution in kind to Forte Vannkraft AS (\u201cFVK\u201d), obtaining 60%
ownership in FVK. The transaction also included the acquisition of an
additional 5.01% stake in Forte Energy Norway AS (\u201cFEN\u201d), increasing
Cloudberry\u2019s total ownership in FEN to 55% and obtaining a controlling
interest.
In addition, cloudberry acquired 45% ownership of Norhard, where
Swiss Life Asset Managers will retain control.
Transaction details and accounting considerations
FVK
\u2022
Cloudberry acquired a 60% interest in FVK by contributing hydro
assets it previously owned 100% into FVK. As a result, it effectively
disposed of 40% of those assets to the non-controlling interest.
Related to this disposal to the non-controlling interest, the
controlling interest recorded a gain of NOK 75m in equity.
\u2022
The fair value of the net-assets (equity) contributed, amounting
to NOK 224m on 100% basis, from Swiss Life Asset Manager (FVK
before including Cloudberry assets) was recognized as a capital
contribution in kind in the equity.
\u2022
In the purchase price allocation (PPA), the consideration is meas-
ured as Cloudberry\u2019s share of the fair value of the contributed
assets from Swiss Life Asset Manager, amounting to NOK 161m.
\u2022
The 40% disposal of previously held 100% Cloudberry assets are
recognized as a transaction with non-controlling interests at book
value.
FEN
\u2022
FEN was previously accounted for as an associate using the equity
method. As a result of this transaction, Cloudberry obtained control;
the previously held equity interest was derecognized and a gain of
NOK 106m was recognized in profit or loss.
\u2022
Following the transaction, FEN is consolidated as a subsidiary. The
consideration comprises the fair value of the previously held equity
interest together with the cash paid of NOK 57m to obtain control.
Norhard
The associated company is recognized according to the equity
method. As the price of the equity is not material compared to the
overall transaction, no further information is provided in this note.
For both acquisitions, non-controlling interests were measured at
their proportionate share of the acquiree\u2019s identifiable net assets.
Accordingly, goodwill does not include any amount attributable to
non-controlling interests.
Preliminary purchase price allocation as per 31 December 2025
The tables below present the preliminary allocation of the acquisition cost, book values and identified excess values for the acquired assets:
Allocation of excess values
NOK million
FVK
FEN
Total
At acquisition date
Total voting rights after the acquisition
60%
55%
Non-controlling interests
40%
45%
Consideration (controlling interests)
Cash
-
57
57
Shares
161
524
685
Total acquisition cost (controlling interest)
161
581
742
Book value of net assets (see table below)
67
336
403
Identification of excess value attributable to:
Intangible assets
(25)
-
(25)
Property, plant and equipment
180
579
759
Investment in associates and JVs
38
-
38
Inventory
17
-
17
Interest rate swap
-
127
127
Contract
-
37
37
Net liability
(5)
-
(5)
Gross excess value
204
743
947
Deferred tax on excess value
113
164
277
Net excess value
91
580
671
NOK million
FVK
FEN
Total
Fair value of net acquired assets excluding goodwill
158
916
1 074
Of which:
Non-controlling interest
63
412
475
Controlling interests
95
504
599
Total acquisition cost 100%
Goodwill (controlling interest)
67
77
144
Goodwill (non-controlling interest)
-
-
-
Goodwill (100%)
67
77
144
Total non-controlling interest
63
412
475
Book value net acquired assets:
NOK million
FVK
FEN
Total
Intangible assets
25
-
25
Property, plant and equipment
329
920
1 250
Investment in associates and JVs
38
-
38
Other non-current assets
117
26
142
Inventory
21
-
21
Other current assets
76
32
108
Cash and cash equivalents
26
91
117
Acquired assets
632
1 070
1 702
Non-current interest-bearing debt to financial institutions
Other non-current debt , including bank loans
507
718
1 225
Current liabilities
38
13
51
Deferred tax liability
21
1
22
Net asset value acquired assets
67
336
403
NOK million
FVK
FEN
Total
Total acquisition cost
Non-cash consideration
161
524
685
Cash consideration
-
57
57
Total acquisition cost
161
581
742
Cash in acquired company
26
91
117
Net cash outflow at acquisition
(26)
(34)
(60)
NOK million
Total
Acquisition date
Gross revenue from acquisition date until 31.12.25
83
Profit or loss before tax from acquisition date until 31.12.25
10
Pro-forma Group figures 2025
Cloudberry Group FEN and Pro-forma
NOK million reported FVK Group figures
Total revenues
571
68
639
Total profit or loss before tax
100
112
212
Business combinations in 2024
There were no transactions completed in 2024 assessed as business combination. Please refer to note 6 for
information about other transactions during 2024.
Acquisition agreement with Skovgaard
On 5 December 2024, Cloudberry entered into a share purchase agreement with Skovgaard to acquire
selected Danish wind and solar assets, development projects and a local asset management team, including
full ownership of the Odin portfolio and 80% of Sv\u00e5heia wind farm in NO 2. The agreed consideration was
DKK 662 million, to be settled through a combination of cash and new Cloudberry shares. The transaction
was signed in 2024 but closed in the first quarter of 2025 and is therefore accounted for as a 2025 business
combination.
Note 6 Acquisitions and disposal of assets and operations
Acquisitions and disposals in 2025
Sale of Sv\u00e5heia (Dalane Energi AS)
On 20 May 2025, Cloudberry sold its 80% ownership in Dalane Energi
AS (Sv\u00e5heia wind farm) to Dalane Kraft AS, the minority shareholder,
for a consideration of DKK 170 million. The consideration was settled
in cash. Related bank debt of EUR 12.5 million was repaid in connec-
tion with the transaction. The sale resulted in a gain of NOK 7 million,
recognized as other income, and all assets and liabilities were decon-
solidated as of 20 May 2025. For further details, please refer to the
Commercial section under Performance in the Strategy, performance
and risk chapter.
Farm down Duvh\u00e4llen
In June 2025, Cloudberry sold a 60% ownership stake in Duvh\u00e4llen
Vindkraft AB to OX2, reducing its ownership from 100% to 40% and
establishing a partnership for further development of the project.
The transaction led to deconsolidation of Duvh\u00e4llen from the Group\u2019s
accounts at the transaction date. A new investment in the associate
of NOK 23 million was recognized at fair value, and a gain of NOK 4
million was recognized as other income. The remaining 40% interest
is accounted for using the equity method and presented within the
Projects segment.
Acquisitions and disposals in 2024 (summary)
In 2024, Cloudberry increased its ownership in Forte Energy Norway
AS to 49.99% through an additional 15.99% share purchase, accounted
for as an equity accounted associate.The Group also acquired
\u00d8vre Kvemma Kraftverk AS (100%), accounted for as an asset
acquisition, and sold three hydropower plants (Usma, Bj\u00f8rgelva and
Finnesetbekken), recognising a gain of NOK 109 million presented as
other income. In addition, Cloudberry deconsolidated Kraftanmelding
AS following a capital increase and partial disposal, with the
remaining 31.57% investment accounted for as an associate
Please refer to Annual report 2024 note 6 for details about the respec-
tive transactions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-547": { "value": "Accounting principle Business combinations are accounted for using the acquisition method in accordance with IFRS 3. Upon acquisition, a purchase price allocation (PPA) is performed, valuing assets and liabilities at their fair value. Any excess of the acquisition cost (including non-controlling interests) over the fair value of identifiable net assets is recognized as goodwill. Adjustments to fair value and goodwill may be made within 12 months if new information arises about conditions existing at the acquisition date. Acquisition-related costs, except those related to debt or equity issuance, are expensed as incurred. Accounting principle Goodwill is recognized as an intangible asset upon initial recognition in a business combination, measured as the excess of the acquisition cost over the fair value of identifiable net assets at the acquisition date. Goodwill is not amortized but is tested for impairment annually or more frequently if indicators of impairment exist. For other non-financial assets such as property, plant, and equipment (PPE), intangible assets, and investments in associates and joint ventures (JVs), impairment testing is performed whenever circum- stances indicate a potential impairment. The recoverable amount is determined as the higher of fair value less costs to sell or value in use, with impairment losses recognized in profit or loss when applicable. Impairment testing is conducted using a discounted cash flow model (DCF), with future cash flows discounted using the weighted average cost of capital (WACC), including adjustments for project, country and market specific risks at cash generating unit (CGU) level. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-545": { "value": "Accounting principle Business combinations are accounted for using the acquisition method in accordance with IFRS 3. Upon acquisition, a purchase price allocation (PPA) is performed, valuing assets and liabilities at their fair value. Any excess of the acquisition cost (including non-controlling interests) over the fair value of identifiable net assets is recognized as goodwill. Adjustments to fair value and goodwill may be made within 12 months if new information arises about conditions existing at the acquisition date. Acquisition-related costs, except those related to debt or equity issuance, are expensed as incurred. Accounting principle Goodwill is recognized as an intangible asset upon initial recognition in a business combination, measured as the excess of the acquisition cost over the fair value of identifiable net assets at the acquisition date. Goodwill is not amortized but is tested for impairment annually or more frequently if indicators of impairment exist. For other non-financial assets such as property, plant, and equipment (PPE), intangible assets, and investments in associates and joint ventures (JVs), impairment testing is performed whenever circum- stances indicate a potential impairment. The recoverable amount is determined as the higher of fair value less costs to sell or value in use, with impairment losses recognized in profit or loss when applicable. Impairment testing is conducted using a discounted cash flow model (DCF), with future cash flows discounted using the weighted average cost of capital (WACC), including adjustments for project, country and market specific risks at cash generating unit (CGU) level. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-508": { "value": "Accounting principle Business combinations are accounted for using the acquisition method in accordance with IFRS 3. Upon acquisition, a purchase price allocation (PPA) is performed, valuing assets and liabilities at their fair value. Any excess of the acquisition cost (including non-controlling interests) over the fair value of identifiable net assets is recognized as goodwill. Adjustments to fair value and goodwill may be made within 12 months if new information arises about conditions existing at the acquisition date. Acquisition-related costs, except those related to debt or equity issuance, are expensed as incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-485": { "value": "Note 6 Acquisitions and disposal of assets and operations Acquisitions and disposals in 2025 Sale of Sv\u00e5heia (Dalane Energi AS) On 20 May 2025, Cloudberry sold its 80% ownership in Dalane Energi AS (Sv\u00e5heia wind farm) to Dalane Kraft AS, the minority shareholder, for a consideration of DKK 170 million. The consideration was settled in cash. Related bank debt of EUR 12.5 million was repaid in connec- tion with the transaction. The sale resulted in a gain of NOK 7 million, recognized as other income, and all assets and liabilities were decon- solidated as of 20 May 2025. For further details, please refer to the Commercial section under Performance in the Strategy, performance and risk chapter. Farm down Duvh\u00e4llen In June 2025, Cloudberry sold a 60% ownership stake in Duvh\u00e4llen Vindkraft AB to OX2, reducing its ownership from 100% to 40% and establishing a partnership for further development of the project. The transaction led to deconsolidation of Duvh\u00e4llen from the Group\u2019s accounts at the transaction date. A new investment in the associate of NOK 23 million was recognized at fair value, and a gain of NOK 4 million was recognized as other income. The remaining 40% interest is accounted for using the equity method and presented within the Projects segment. Acquisitions and disposals in 2024 (summary) In 2024, Cloudberry increased its ownership in Forte Energy Norway AS to 49.99% through an additional 15.99% share purchase, accounted for as an equity accounted associate.The Group also acquired \u00d8vre Kvemma Kraftverk AS (100%), accounted for as an asset acquisition, and sold three hydropower plants (Usma, Bj\u00f8rgelva and Finnesetbekken), recognising a gain of NOK 109 million presented as other income. In addition, Cloudberry deconsolidated Kraftanmelding AS following a capital increase and partial disposal, with the remaining 31.57% investment accounted for as an associate Please refer to Annual report 2024 note 6 for details about the respec- tive transactions. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-509": { "value": "Note 6 Acquisitions and disposal of assets and operations Acquisitions and disposals in 2025 Sale of Sv\u00e5heia (Dalane Energi AS) On 20 May 2025, Cloudberry sold its 80% ownership in Dalane Energi AS (Sv\u00e5heia wind farm) to Dalane Kraft AS, the minority shareholder, for a consideration of DKK 170 million. The consideration was settled in cash. Related bank debt of EUR 12.5 million was repaid in connec- tion with the transaction. The sale resulted in a gain of NOK 7 million, recognized as other income, and all assets and liabilities were decon- solidated as of 20 May 2025. For further details, please refer to the Commercial section under Performance in the Strategy, performance and risk chapter. Farm down Duvh\u00e4llen In June 2025, Cloudberry sold a 60% ownership stake in Duvh\u00e4llen Vindkraft AB to OX2, reducing its ownership from 100% to 40% and establishing a partnership for further development of the project. The transaction led to deconsolidation of Duvh\u00e4llen from the Group\u2019s accounts at the transaction date. A new investment in the associate of NOK 23 million was recognized at fair value, and a gain of NOK 4 million was recognized as other income. The remaining 40% interest is accounted for using the equity method and presented within the Projects segment. Acquisitions and disposals in 2024 (summary) In 2024, Cloudberry increased its ownership in Forte Energy Norway AS to 49.99% through an additional 15.99% share purchase, accounted for as an equity accounted associate.The Group also acquired \u00d8vre Kvemma Kraftverk AS (100%), accounted for as an asset acquisition, and sold three hydropower plants (Usma, Bj\u00f8rgelva and Finnesetbekken), recognising a gain of NOK 109 million presented as other income. In addition, Cloudberry deconsolidated Kraftanmelding AS following a capital increase and partial disposal, with the remaining 31.57% investment accounted for as an associate Please refer to Annual report 2024 note 6 for details about the respec- tive transactions.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-462": { "value": "Note 7 Risk management and financial instruments The Group is exposed to various risks arising from its business activ- ities and utilizes financial instruments to manage these exposures. This note, together with note 8, outlines key risk categories and the Group\u2019s risk management strategies. The primary risk categories include: \u2022 Market risk \u2022 Operational risk \u2022 ESG risk \u2022 Financial risk These risk categories correspond to the Group\u2019s strategic, market, operational, financial and ESG risks as described in the Risk Management section. The Board of Directors has approved guidelines for risk management and the strategic use of financial instruments to mitigate these risks. The Group\u2019s risk management framework aims to reduce potential adverse impacts on financial performance. Derivative financial instruments are used to hedge specific risk exposures. For a detailed overview of ESG risk management, refer to the Sustainability Statement 2025. 7.1 Market risks Electricity price risk The profitability of the Group\u2019s power plants depends on production volume and electricity prices. A significant portion of electricity sales is subject to price risk, as sales are made at spot market rates. Unless secured through fixed-term contracts, the Group\u2019s production is exposed to market price volatility. Electricity prices are influenced by various factors, including substitute commodity prices (e.g., oil, gas, and coal), meteorological conditions, CO 2 pricing, and broader supply and demand dynamics. Geopolitical events, such as regional conflicts, sanctions, and changes in cross-border interconnector policies, may also materially affect fuel markets, power flows and price formation in the Group\u2019s core markets. Additionally, large-scale climate-related subsidy schemes may exert downward pressure on electricity prices, particularly affecting non-subsidized assets. Given that electricity sales represent a material portion of revenue, fluctuations in electricity prices may adversely impact revenue, profit- ability, and asset valuations. To mitigate price risk, the Group employs hedging strategies, including exchange-traded electricity derivatives (Nord Pool/Nasdaq OMX Commodities) and bilateral contracts with industry counterparties. Hedging strategies are continuously assessed in response to market conditions, hydrological balance, and other relevant factors. For further details on hedging activities and outstanding derivative contracts, refer to note 8. Sensitivity analysis The table on the following page presents a sensitivity analysis based on the Group\u2019s electricity derivatives position as of 31 December 2025, illustrating the potential impact on the income statement and equity. The analysis considers only market risks related to derivatives, excluding the effects of underlying physical electricity sales and purchases. The sensitivity analysis assumes a \u00b110% change in forward electricity prices, applied uniformly over the period covered by the Group\u2019s Power Purchase Agreements (PPAs), with all other variables held constant. Forward price quotations are classified as a significant estimate; for further details, refer to note 3. The selected sensitivity range reflects management\u2019s assessment of a reasonably possible change in market prices. +10% change in electricity forward price quotations
2025
2024
Effect on profit before income tax
-
-
Effect on equity
(1)
(1)
-10% change in electricity forward price quotations
2025
2024
Effect on profit before income tax
-
-
Effect on equity
1
1
The basis for the sensitivity analysis is the price curves published closest to year-end closing date. Inflation risk While inflation does not directly impact the Group\u2019s financial posi- tion, it may adversely affect projects under development, which are accounted for as inventory. The Group\u2019s development projects are capital-intensive, and rising commodity prices increase capital expenditures, particularly for construction and turbine costs. High inflation may erode the present value of expected cash flows from development projects relative to initial investment costs. Additionally, inflation typically leads to higher short- and long-term interest rates, increasing financing costs for these projects. These factors and associated uncertainties may reduce expected profit- ability, potentially leading to project postponements, abandonment, and impairment losses. However, inflationary pressures are often driven by higher energy and power prices, which may partially offset these risks by supporting electricity price levels. Political and regulatory risk The power industry is highly regulated and subject to political, regula- tory and tax risks. Changes in laws, regulations, tax regimes, market design or cross border trading arrangements in the jurisdictions where the Group operates may increase costs, reduce demand, require changes to the business model or otherwise adversely affect the Group\u2019s business, financial performance and financial position. This includes changes in the interpretation and enforcement of tax rules, as well as regulatory requirements such as licence fees and the obligation for certain power plants to deliver concessionary power (typically 10\u201315% of electricity production at an expected \u201ccost price\u201d) to public authorities. Guarantee of Origin Scheme \u2013 political risk The Guarantee of Origin (GO) scheme is subject to political and regulatory risk. Under EU legislation, power plants in the European Economic Area (EEA) may receive approval for GOs for five-year periods. Energy suppliers can purchase these certificates from producers to verify that the supplied electricity originates from renew- able sources. However, the long-term continuity and regulatory framework governing the scheme remain uncertain, posing potential risks to market dynamics and the valuation of renewable energy assets. Renewable energy sector development risk The renewable energy sector remains in a dynamic development phase. Breakthroughs in other renewable energy technologies may reduce governmental support for onshore wind and hydropower expansion, potentially affecting the Group\u2019s future investment oppor- tunities and the residual value of its power plants. Similarly, advancements in non-renewable or currently unknown energy technologies could alter the competitive landscape. These uncertainties in renewable sector development and emerging energy technologies pose risks that may adversely impact the Group\u2019s busi- ness strategy and growth prospects. 7.2 Operational risks Technical complexity of power plants Investments in power generation and energy infrastructure involve inherent technical and operational risks. To mitigate these risks, the Group prioritizes power plants with high technical standards and proven technologies supplied by reputable manufacturers. This approach aims to minimize technical failures, facilitate timely and cost-effective repairs, and secure favorable insurance terms. Despite these measures, unforeseen technical issues may still arise, potentially leading to production disruptions or costly reinvestments, which could negatively impact the Group\u2019s profitability and financial position. Transmission and distribution costs Increases in charges for connecting to and utilizing electricity transmission and distribution networks, as well as costs related to balancing electricity supply and demand, may lead to higher operating expenses. Additionally, restrictions on available network capacity for the Group\u2019s power plants could limit revenue potential and constrain growth opportunities. Development projects Development projects are subject to various risks, particularly in achieving a final investment decision. The Group must successfully negotiate and finalize agreements for construction, maintenance, and operations, secure financing, obtain necessary permits, and ensure adequate grid capacity. Failure to advance a project to completion may result in the write-off of capitalized development costs, potentially impacting the Group\u2019s financial position. Construction projects Projects under construction are subject to risks of cost overruns and delays. Each construction project presents unique challenges, and various factors may impact project timelines and budgets. In renewable energy projects\u2014such as wind, hydro, solar, and storage\u2014issues related to foundations or access roads can cause delays. Adverse weather conditions, such as heavy winds or rainfall, may disrupt installations. Additionally, disruptions in the global supply chain can delay critical components, increase costs, and lead to project overruns. 7.3 ESG risks As Cloudberry is no longer in scope of CSRD/ESRS, we base our sustainability statement on the comprehensive module of the VSME standard, supplemented by selected ESRS disclosures such as our double materiality assessment and its underlying impacts, risks and opportunities. Please refer to the sustainability statement for more information on our sustainability related risks. In addition to the risk assessment as part of the double materiality assessment, sustainability related risks and opportunities are also assessed within the Group\u2019s risk management framework. Scenario and sensitivity analyses are applied in investment decisions, impair- ment testing and portfolio planning, particularly for power prices and hydrology. Based on current analyses, management considers existing design margins, portfolio diversification and risk processes as adequate climate adaptation measures, but this assessment is reviewed regularly. 7.4 Financial risks The Group\u2019s financial risk management aims to maintain a balanced risk profile that ensures flexibility while optimizing returns on assets. Risk management is centrally coordinated at the Group level, with policies and strategies for financial instruments and risk mitigation approved by the Board of Directors. To manage exposure to specific financial risks, the Group utilizes derivatives, including interest rate swaps, power purchase agree- ments, and currency forward contracts. To reduce profit or loss volatility, the Group applies hedge accounting where applicable. For further details, refer to note 8. Interest rate risk The Group is exposed to interest rate risk through its funding and cash management activities. The Group\u2019s assets are primarily financed with long-term debt at floating interest rates, making the Group susceptible to market rate fluctuations. An increase in interest rates would result in higher financing costs and interest payments, reducing profitability. Additionally, interest rate changes affect the fair value of interest rate derivatives (fair value risk). To mitigate interest rate risk while optimizing borrowing costs, the Group employs long-term fixed-rate financing or floating-to-fixed interest rate swaps. Debt denominated in EUR, NOK, and partially in DKK has been hedged to fixed rates for periods exceeding 10 years. Consequently, the Group\u2019s profit or loss and future cash flows related to existing debt have limited sensitivity to interest rate fluctuations. Interest rate sensitivity analysis The table below illustrates the potential impact of a reasonably possible change in interest rates on financial assets and liabilities, after the application of hedge accounting. With all other variables constant, the effect on the Group\u2019s profit before income tax and equity is primarily driven by changes in floating rate borrowings: 1%-point increase in floating interest rate
NOK million
2025
2024
Effect on profit before income tax
57
4
Effect on equity
82
100
1%-point decrease in floating interest rate
NOK million
2025
2024
Effect on profit before income tax
(61)
(4)
Effect on equity
(77)
(92)
Currency risk The Group presents its financial statements in NOK but is exposed to currency risk due to its international operations and transactions. Norwegian power companies sell electricity through Nord Pool, where EUR is the official trading currency, some entities report in NOK, while the Forte entities have EUR as functional and reporting currency. The Group\u2019s Danish and Swedish investment portfolios report in DKK/EUR/ SEK. The Group\u2019s investment in Odal Vind is fully exposed to EUR. As a result, fluctuations in exchange rates between NOK, SEK, DKK, and EUR could materially impact the Group\u2019s business, financial results, cash flows, and financial position. Significant contractual cash flow obligations, particularly for invest- ments and capital expenditures on power plants under construction, are primarily in EUR (e.g., for turbine suppliers) or in the local currency of the investment/project. To mitigate currency risk, the Group uses currency forward contracts to match contractual cash outflows or engages in currency purchases/swaps to minimize FX rate fluctua- tions\u2019 impact on project profitability. Additionally, the Group maintains deposits in local currencies (NOK, SEK, DKK, and EUR) to align with future obligations and may enter future currency swap contracts for larger commitments to further limit exposure to exchange rate fluctuations. Currency sensitivity analysis The Group has conducted a sensitivity analysis to assess the impact of reasonably possible exchange rate fluctuations on its financial instruments. The analysis focuses on the Group\u2019s main currency exposures: SEK, DKK, and EUR. The table below presents the potential impact of exchange rate changes on the Group\u2019s consolidated financial assets and liabilities. Currency gains and losses on monetary items denominated in foreign currencies are recognized in the income statement.
NOK million
2025
2024
Change in SEK
(5%)
(5%)
Effect on cash and cash equivalents
2
1
Effect on long-term debt
-
-
Effect on group receivables and liabilities
-
-
Change in DKK
(5%)
(5%)
Effect on cash and cash equivalents
2
(4)
Effect on long-term debt
51
40
Effect on group receivables and liabilities
(49)
(40)
Change in EUR
(5%)
(5%)
Effect on cash and cash equivalents
(18)
(8)
Effect on long-term debt
33
25
Effect on group receivables and liabilities
(35)
(25)
Credit risk The Group is exposed to credit risk from various counterparties, including off-take partners purchasing electricity, suppliers requiring prepayments, banks providing financing and guarantees, insurance companies covering asset-related risks, and other third parties with contractual obligations, such as warranties under share purchase agreements. The Group\u2019s primary credit risks arise from deposits with financial institutions and other short-term receivables. To mitigate this risk, counterparties for derivative contracts and financial deposits are limited to institutions with high creditworthiness. The Group\u2019s trade receivables have historically had low credit risk, with all receivables over recent years collected in full and on time. As of year-end, management has assessed the credit risk on trade receivables as insignificant, and they are therefore recognized at face value in the financial statements.
Liquidity risk
The Group manages liquidity risk by continuously monitoring future
commitments and liquidity reserves, which consist of cash (refer
to note 19) and available borrowing facilities (refer to note 21).
Management prepares quarterly cash flow forecasts covering at
least 24 months to ensure sufficient liquidity. Before entering into busi-
ness agreements and contracts, liquidity requirements are assessed
to ensure adequate funding is in place.
In managing liquidity risk, the Group also considers contractually
committed investments, lease obligations, guarantees and other
contractual commitments that may require significant future cash
outflows. These obligations are monitored together with cash, cash
equivalents and available credit facilities as part of the Group\u2019s
liquidity planning to ensure that the Group can meet its payment
obligations as they fall due. An overview of the Group\u2019s main contrac-
tual commitments, guarantees and other contractual obligations is
provided in note 22.
The table below presents the maturity profile of nominal cash outflows for contractual obligations:
FY2025
Carrying Less than
NOK million amount
a year 2027
2028
2029
2030+
Total
Bank loan (incl. interest payments)
3 287
299
1 880
754
94
703
3 730
Lease liabilities
31
7
6
6
3
23
45
Accounts payable
32
32
-
-
-
-
32
Total non-derivatives
3 350
338
1 886
760
98
725
3 807
Net-settled derivatives
21
9
6
2
1
3
21
Total financial liabilities and derivatives
3 371
347
1 892
762
99
728
3 828
FY2024
Carrying Less than
NOK million amount
a year 2026
2027
2028
2029+
Total
Bank loan (incl. interest payments)
1 876
223
352
1 461
49
104
2 189
Lease liabilities
40
16
7
6
6
10
45
Accounts payable
27
27
-
-
-
-
27
Total non-derivatives
1 943
266
359
1 467
55
114
2 261
Net-settled derivatives
75
7
10
10
11
37
75
Total financial liabilities and derivatives
2 017
273
368
1 477
66
151
2 336
7.5 Financial instruments
Accounting principle
Financial assets
The Group classifies its financial assets in the following measurement
categories:
\u2022
Financial assets measured at amortised cost, and
\u2022
Financial assets measured at fair value (either through profit or loss,
or through other comprehensive income (OCI))
Classification is determined based on the Group\u2019s business model for
managing financial assets and the contractual cash flow character-
istics.
The Group\u2019s cash and cash equivalents, trade receivables, and other
financial receivables are measured at amortized cost. Interest income
from these assets is recognized in Finance Income using the effective
interest method.
For trade receivables, the Group applies the simplified approach
under IFRS 9 for impairment assessment, recognizing expected credit
losses as a separate line item in the statement of profit or loss.
Derivative financial instruments with a positive fair value are recog-
nized as financial assets and initially measured at fair value, with
transaction costs expended in profit or loss. The recognition of subse-
quent fair value changes depends on whether the derivatives are
designated as hedging instruments:
\u2022
Derivatives not designated as hedging instruments \u2013 Fair value
gains or losses are recognized in Finance Income or Finance
Expenses through profit or loss.
\u2022
Derivatives designated as hedging instruments in an effective
hedge relationship \u2013 Fair value gains or losses are recognized
through OCI as net movements in cash flow hedges. Refer to note 8
for further details on the Group\u2019s hedging activities.
Financial assets are derecognized on the trade date when the Group
commits to sell the asset. Any resulting gains or losses are recognized
directly in profit or loss under other financial income/(expense).
Financial liabilities
The Group classifies its financial liabilities into the following measure-
ment categories:
\u2022
Financial liabilities measured at amortized cost
\u2022
Financial liabilities measured at fair value (either through profit or
loss or through other comprehensive income (OCI))
All financial liabilities, except for derivative liabilities, are initially recog-
nized at fair value and subsequently measured at amortized cost
using the effective interest method. Interest expenses on these liabil-
ities are recognized in Finance Expenses in the income statement,
except for borrowing costs directly attributable to project develop-
ment, which are capitalized as part of the project asset cost.
Derivative financial liabilities are initially measured at fair value, with
subsequent changes in fair value recognized as follows:
\u2022
Derivatives not designated as hedging instruments \u2013 Fair value
changes are recognized through profit or loss.
\u2022
Derivatives designated as hedging instruments in an effective
hedge relationship \u2013 Fair value changes are recorded through OCI.
For further details on hedging activities, refer to note 8.
Financial liabilities are derecognized when the obligation is
discharged, canceled, or expires.
The carrying amounts of financial assets and liabilities measured at
amortized cost are considered to approximate their fair values.
Financial instruments The table below shows the Group\u2019s financial instruments with their carrying amounts recognised in the consolidated financial position on 31 December 2025 and 31 December 2024:
31.12.2025
31.12.2024
Financial Financial Financial Financial Financial Financial Financial Financial
assets at liabilities at assets liabilities assets at liabilities at assets liabilities
NOK million
Note
amortised cost amortised cost - fair value
- fair value
Total 31.12.2025
amortised cost amortised cost - fair value
- fair value
Total 31.12.2024
Financial investments
41
-
66
-
106
13
-
-
-
13
Derivative financial instrument
-
-
183
-
183
-
-
48
-
48
Other non-current assets
173
-
-
-
173
48
-
-
-
48
Total non-current financial assets
213
-
248
-
462
62
-
48
-
110
Accounts receivables
97
-
-
-
97
59
-
-
-
59
Other assets
134
-
-
-
134
30
-
-
-
30
Cash and cash equivalents
19
893
-
-
-
893
874
-
-
-
874
Total current financial assets
1 124
-
-
-
1 124
963
-
-
-
963
Lease liability
-
(7)
-
-
(7)
-
(16)
-
-
(16)
Interest-bearing loans and borrowings
21
-
(139)
-
-
(139)
-
(100)
-
-
(100)
Accounts payables and other liabilities
-
(32)
-
-
(32)
-
(27)
-
-
(27)
Total current financial liabilities
-
(179)
-
-
(179)
-
(143)
-
-
(143)
Lease liability
-
(23)
-
-
(23)
-
(24)
-
-
(24)
Interest-bearing loans and borrowings
21
-
(3 148)
-
-
(3 148)
-
(1 778)
-
-
(1 778)
Derivative financial instrument (incl. in non-current prov.)
21
-
-
-
(21)
(21)
-
-
-
(75)
(75)
Total non-current financial liabilities
-
(3 172)
-
(21)
(3 193)
-
(1 802)
-
(75)
(1 877)
Net financial assets (liabilities)
1 124
(3 350)
248
(21)
(1 999)
963
(1 945)
48
(75)
(1 009)
Fair value measurement
The Group\u2019s derivative financial instruments are measured at fair
value in the statement of financial position and classified within the
IFRS 13 fair value hierarchy:
\u2022
Level 1 \u2013 Quoted prices in active markets for identical instruments
\u2022
Level 2 \u2013 Inputs other than quoted prices that are observable, either
directly or indirectly
\u2022
Level 3 \u2013 Unobservable inputs requiring significant management
judgment
The classification reflects the significance of the lowest-level input
used in the valuation. The Group primarily utilizes interest rate swaps,
power purchase agreements (PPAs), and currency forward contracts
as derivative financial instruments.
Valuation techniques, inputs, and processes
All derivative financial instruments held at the reporting date derive
their fair value primarily from market-related inputs and are therefore
classified as Level 2 within the IFRS 13 fair value hierarchy. The valua-
tion methodologies applied include:
\u2022
Interest Rate Swaps \u2013 Fair value is determined by discounting esti-
mated future cash flows using observable yield curves, as provided
by external financial institutions.
\u2022
Power Purchase Agreements (PPAs) \u2013 Fair value is measured as the
present value of the net difference between forward energy prices
at contract inception and market prices at the valuation date,
multiplied by the contracted megawatt-hour volumes. Changes in
fair value reflect daily fluctuations in market prices and contract
volumes.
Certain PPAs entered into by the Group are designated for delivering
electricity in line with Cloudberry\u2019s expected sales commitments
under fixed-price and fixed-volume contracts. These agreements
qualify for the own use exemption and are accounted for under IFRS
15 Revenue from Contracts with Customers, rather than as financial
instruments under IFRS 9 Financial Instruments.
The fair value hierarchy for assets and liabilities measured at fair
value is presented below. The Group does not have any assets or
liabilities measured at level 1 or 3.
The fair value hierarchy
Level 2
NOK million
31.12.2025
31.12.2024
Derivative assets
\u2013 Interest rate derivatives
175
36
\u2013 Commodity derivatives (PPAs)
4
11
1
Derivative liabilities
\u2013 Interest rate derivatives
1
(21)
(75)
\u2013 FX derivatives
-
-
\u2013 Commodity derivatives (PPAs)
-
-
Fair value
159
(28)
1
In 2024, the fair value change of the interest rate derivative held by Forte, then an associated
company- was included in the carrying amount of the equity accounted company. The fair value
movement per 31 December 2024 is NOK -9m and is measured within level 2 of the fair-value
hierarchy.
There were no transfers between fair-value hierarchy levels as of
31 December 2025 (or the prior year).
The Group\u2019s interest rate derivatives and a PPA agreement are held
for hedging purposes, see note 8 for further detail.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-548": { "value": "Note 7 Risk management and financial instruments The Group is exposed to various risks arising from its business activ- ities and utilizes financial instruments to manage these exposures. This note, together with note 8, outlines key risk categories and the Group\u2019s risk management strategies. The primary risk categories include: \u2022 Market risk \u2022 Operational risk \u2022 ESG risk \u2022 Financial risk These risk categories correspond to the Group\u2019s strategic, market, operational, financial and ESG risks as described in the Risk Management section. The Board of Directors has approved guidelines for risk management and the strategic use of financial instruments to mitigate these risks. The Group\u2019s risk management framework aims to reduce potential adverse impacts on financial performance. Derivative financial instruments are used to hedge specific risk exposures. For a detailed overview of ESG risk management, refer to the Sustainability Statement 2025. 7.1 Market risks Electricity price risk The profitability of the Group\u2019s power plants depends on production volume and electricity prices. A significant portion of electricity sales is subject to price risk, as sales are made at spot market rates. Unless secured through fixed-term contracts, the Group\u2019s production is exposed to market price volatility. Electricity prices are influenced by various factors, including substitute commodity prices (e.g., oil, gas, and coal), meteorological conditions, CO 2 pricing, and broader supply and demand dynamics. Geopolitical events, such as regional conflicts, sanctions, and changes in cross-border interconnector policies, may also materially affect fuel markets, power flows and price formation in the Group\u2019s core markets. Additionally, large-scale climate-related subsidy schemes may exert downward pressure on electricity prices, particularly affecting non-subsidized assets. Given that electricity sales represent a material portion of revenue, fluctuations in electricity prices may adversely impact revenue, profit- ability, and asset valuations. To mitigate price risk, the Group employs hedging strategies, including exchange-traded electricity derivatives (Nord Pool/Nasdaq OMX Commodities) and bilateral contracts with industry counterparties. Hedging strategies are continuously assessed in response to market conditions, hydrological balance, and other relevant factors. For further details on hedging activities and outstanding derivative contracts, refer to note 8. Sensitivity analysis The table on the following page presents a sensitivity analysis based on the Group\u2019s electricity derivatives position as of 31 December 2025, illustrating the potential impact on the income statement and equity. The analysis considers only market risks related to derivatives, excluding the effects of underlying physical electricity sales and purchases. The sensitivity analysis assumes a \u00b110% change in forward electricity prices, applied uniformly over the period covered by the Group\u2019s Power Purchase Agreements (PPAs), with all other variables held constant. Forward price quotations are classified as a significant estimate; for further details, refer to note 3. The selected sensitivity range reflects management\u2019s assessment of a reasonably possible change in market prices.
+10% change in electricity forward price quotations
2025
2024
Effect on profit before income tax
-
-
Effect on equity
(1)
(1)
-10% change in electricity forward price quotations
2025
2024
Effect on profit before income tax
-
-
Effect on equity
1
1
The basis for the sensitivity analysis is the price curves published
closest to year-end closing date.
Inflation risk
While inflation does not directly impact the Group\u2019s financial posi-
tion, it may adversely affect projects under development, which
are accounted for as inventory. The Group\u2019s development projects
are capital-intensive, and rising commodity prices increase capital
expenditures, particularly for construction and turbine costs.
High inflation may erode the present value of expected cash flows
from development projects relative to initial investment costs.
Additionally, inflation typically leads to higher short- and long-term
interest rates, increasing financing costs for these projects. These
factors and associated uncertainties may reduce expected profit-
ability, potentially leading to project postponements, abandonment,
and impairment losses.
However, inflationary pressures are often driven by higher energy
and power prices, which may partially offset these risks by supporting
electricity price levels.
Political and regulatory risk
The power industry is highly regulated and subject to political, regula-
tory and tax risks. Changes in laws, regulations, tax regimes, market
design or cross border trading arrangements in the jurisdictions
where the Group operates may increase costs, reduce demand,
require changes to the business model or otherwise adversely affect
the Group\u2019s business, financial performance and financial position.
This includes changes in the interpretation and enforcement of tax
rules, as well as regulatory requirements such as licence fees and the
obligation for certain power plants to deliver concessionary power
(typically 10\u201315% of electricity production at an expected \u201ccost price\u201d)
to public authorities.
Guarantee of Origin Scheme \u2013 political risk
The Guarantee of Origin (GO) scheme is subject to political and
regulatory risk. Under EU legislation, power plants in the European
Economic Area (EEA) may receive approval for GOs for five-year
periods. Energy suppliers can purchase these certificates from
producers to verify that the supplied electricity originates from renew-
able sources.
However, the long-term continuity and regulatory framework
governing the scheme remain uncertain, posing potential risks to
market dynamics and the valuation of renewable energy assets.
Renewable energy sector development risk
The renewable energy sector remains in a dynamic development
phase. Breakthroughs in other renewable energy technologies may
reduce governmental support for onshore wind and hydropower
expansion, potentially affecting the Group\u2019s future investment oppor-
tunities and the residual value of its power plants.
Similarly, advancements in non-renewable or currently unknown
energy technologies could alter the competitive landscape. These
uncertainties in renewable sector development and emerging energy
technologies pose risks that may adversely impact the Group\u2019s busi-
ness strategy and growth prospects.
7.2 Operational risks
Technical complexity of power plants
Investments in power generation and energy infrastructure involve
inherent technical and operational risks. To mitigate these risks, the
Group prioritizes power plants with high technical standards and
proven technologies supplied by reputable manufacturers. This
approach aims to minimize technical failures, facilitate timely and
cost-effective repairs, and secure favorable insurance terms.
Despite these measures, unforeseen technical issues may still arise,
potentially leading to production disruptions or costly reinvestments,
which could negatively impact the Group\u2019s profitability and financial
position.
Transmission and distribution costs
Increases in charges for connecting to and utilizing electricity
transmission and distribution networks, as well as costs related
to balancing electricity supply and demand, may lead to higher
operating expenses. Additionally, restrictions on available network
capacity for the Group\u2019s power plants could limit revenue potential
and constrain growth opportunities.
Development projects
Development projects are subject to various risks, particularly in
achieving a final investment decision. The Group must successfully
negotiate and finalize agreements for construction, maintenance,
and operations, secure financing, obtain necessary permits, and
ensure adequate grid capacity.
Failure to advance a project to completion may result in the write-off
of capitalized development costs, potentially impacting the Group\u2019s
financial position.
Construction projects
Projects under construction are subject to risks of cost overruns and
delays. Each construction project presents unique challenges, and
various factors may impact project timelines and budgets.
In renewable energy projects\u2014such as wind, hydro, solar, and
storage\u2014issues related to foundations or access roads can cause
delays. Adverse weather conditions, such as heavy winds or rainfall,
may disrupt installations. Additionally, disruptions in the global supply
chain can delay critical components, increase costs, and lead to
project overruns.
7.3 ESG risks
As Cloudberry is no longer in scope of CSRD/ESRS, we base our
sustainability statement on the comprehensive module of the VSME
standard, supplemented by selected ESRS disclosures such as our
double materiality assessment and its underlying impacts, risks and
opportunities. Please refer to the sustainability statement for more
information on our sustainability related risks.
In addition to the risk assessment as part of the double materiality
assessment, sustainability related risks and opportunities are also
assessed within the Group\u2019s risk management framework. Scenario
and sensitivity analyses are applied in investment decisions, impair-
ment testing and portfolio planning, particularly for power prices
and hydrology. Based on current analyses, management considers
existing design margins, portfolio diversification and risk processes
as adequate climate adaptation measures, but this assessment is
reviewed regularly.
7.4 Financial risks
The Group\u2019s financial risk management aims to maintain a balanced
risk profile that ensures flexibility while optimizing returns on assets.
Risk management is centrally coordinated at the Group level, with
policies and strategies for financial instruments and risk mitigation
approved by the Board of Directors.
To manage exposure to specific financial risks, the Group utilizes
derivatives, including interest rate swaps, power purchase agree-
ments, and currency forward contracts. To reduce profit or loss
volatility, the Group applies hedge accounting where applicable. For
further details, refer to note 8.
Interest rate risk
The Group is exposed to interest rate risk through its funding and
cash management activities. The Group\u2019s assets are primarily
financed with long-term debt at floating interest rates, making the
Group susceptible to market rate fluctuations. An increase in interest
rates would result in higher financing costs and interest payments,
reducing profitability. Additionally, interest rate changes affect the
fair value of interest rate derivatives (fair value risk).
To mitigate interest rate risk while optimizing borrowing costs, the
Group employs long-term fixed-rate financing or floating-to-fixed
interest rate swaps. Debt denominated in EUR, NOK, and partially in
DKK has been hedged to fixed rates for periods exceeding 10 years.
Consequently, the Group\u2019s profit or loss and future cash flows related
to existing debt have limited sensitivity to interest rate fluctuations.
Interest rate sensitivity analysis
The table below illustrates the potential impact of a reasonably
possible change in interest rates on financial assets and liabilities,
after the application of hedge accounting. With all other variables
constant, the effect on the Group\u2019s profit before income tax and
equity is primarily driven by changes in floating rate borrowings:
1%-point increase in floating interest rate
NOK million
2025
2024
Effect on profit before income tax
57
4
Effect on equity
82
100
1%-point decrease in floating interest rate
NOK million
2025
2024
Effect on profit before income tax
(61)
(4)
Effect on equity
(77)
(92)
Currency risk
The Group presents its financial statements in NOK but is exposed
to currency risk due to its international operations and transactions.
Norwegian power companies sell electricity through Nord Pool, where
EUR is the official trading currency, some entities report in NOK, while
the Forte entities have EUR as functional and reporting currency. The
Group\u2019s Danish and Swedish investment portfolios report in DKK/EUR/
SEK. The Group\u2019s investment in Odal Vind is fully exposed to EUR. As
a result, fluctuations in exchange rates between NOK, SEK, DKK, and
EUR could materially impact the Group\u2019s business, financial results,
cash flows, and financial position.
Significant contractual cash flow obligations, particularly for invest-
ments and capital expenditures on power plants under construction,
are primarily in EUR (e.g., for turbine suppliers) or in the local currency
of the investment/project. To mitigate currency risk, the Group uses
currency forward contracts to match contractual cash outflows or
engages in currency purchases/swaps to minimize FX rate fluctua-
tions\u2019 impact on project profitability.
Additionally, the Group maintains deposits in local currencies (NOK,
SEK, DKK, and EUR) to align with future obligations and may enter
future currency swap contracts for larger commitments to further
limit exposure to exchange rate fluctuations.
Currency sensitivity analysis
The Group has conducted a sensitivity analysis to assess the impact
of reasonably possible exchange rate fluctuations on its financial
instruments. The analysis focuses on the Group\u2019s main currency
exposures: SEK, DKK, and EUR.
The table below presents the potential impact of exchange rate
changes on the Group\u2019s consolidated financial assets and liabilities.
Currency gains and losses on monetary items denominated in foreign
currencies are recognized in the income statement.
NOK million
2025
2024
Change in SEK
(5%)
(5%)
Effect on cash and cash equivalents
2
1
Effect on long-term debt
-
-
Effect on group receivables and liabilities
-
-
Change in DKK
(5%)
(5%)
Effect on cash and cash equivalents
2
(4)
Effect on long-term debt
51
40
Effect on group receivables and liabilities
(49)
(40)
Change in EUR
(5%)
(5%)
Effect on cash and cash equivalents
(18)
(8)
Effect on long-term debt
33
25
Effect on group receivables and liabilities
(35)
(25)
Credit risk
The Group is exposed to credit risk from various counterparties,
including off-take partners purchasing electricity, suppliers requiring
prepayments, banks providing financing and guarantees, insurance
companies covering asset-related risks, and other third parties with
contractual obligations, such as warranties under share purchase
agreements.
The Group\u2019s primary credit risks arise from deposits with financial
institutions and other short-term receivables. To mitigate this risk,
counterparties for derivative contracts and financial deposits are
limited to institutions with high creditworthiness.
The Group\u2019s trade receivables have historically had low credit risk,
with all receivables over recent years collected in full and on time.
As of year-end, management has assessed the credit risk on trade
receivables as insignificant, and they are therefore recognized at
face value in the financial statements.
Liquidity risk The Group manages liquidity risk by continuously monitoring future commitments and liquidity reserves, which consist of cash (refer to note 19) and available borrowing facilities (refer to note 21). Management prepares quarterly cash flow forecasts covering at least 24 months to ensure sufficient liquidity. Before entering into busi- ness agreements and contracts, liquidity requirements are assessed to ensure adequate funding is in place. In managing liquidity risk, the Group also considers contractually committed investments, lease obligations, guarantees and other contractual commitments that may require significant future cash outflows. These obligations are monitored together with cash, cash equivalents and available credit facilities as part of the Group\u2019s liquidity planning to ensure that the Group can meet its payment obligations as they fall due. An overview of the Group\u2019s main contrac- tual commitments, guarantees and other contractual obligations is provided in note 22. The table below presents the maturity profile of nominal cash outflows for contractual obligations: FY2025
Carrying Less than
NOK million amount
a year 2027
2028
2029
2030+
Total
Bank loan (incl. interest payments)
3 287
299
1 880
754
94
703
3 730
Lease liabilities
31
7
6
6
3
23
45
Accounts payable
32
32
-
-
-
-
32
Total non-derivatives
3 350
338
1 886
760
98
725
3 807
Net-settled derivatives
21
9
6
2
1
3
21
Total financial liabilities and derivatives
3 371
347
1 892
762
99
728
3 828
FY2024
Carrying Less than
NOK million amount
a year 2026
2027
2028
2029+
Total
Bank loan (incl. interest payments)
1 876
223
352
1 461
49
104
2 189
Lease liabilities
40
16
7
6
6
10
45
Accounts payable
27
27
-
-
-
-
27
Total non-derivatives
1 943
266
359
1 467
55
114
2 261
Net-settled derivatives
75
7
10
10
11
37
75
Total financial liabilities and derivatives
2 017
273
368
1 477
66
151
2 336
7.5 Financial instruments Accounting principle Financial assets The Group classifies its financial assets in the following measurement categories: \u2022 Financial assets measured at amortised cost, and \u2022 Financial assets measured at fair value (either through profit or loss, or through other comprehensive income (OCI)) Classification is determined based on the Group\u2019s business model for managing financial assets and the contractual cash flow character- istics. The Group\u2019s cash and cash equivalents, trade receivables, and other financial receivables are measured at amortized cost. Interest income from these assets is recognized in Finance Income using the effective interest method. For trade receivables, the Group applies the simplified approach under IFRS 9 for impairment assessment, recognizing expected credit losses as a separate line item in the statement of profit or loss. Derivative financial instruments with a positive fair value are recog- nized as financial assets and initially measured at fair value, with transaction costs expended in profit or loss. The recognition of subse- quent fair value changes depends on whether the derivatives are designated as hedging instruments: \u2022 Derivatives not designated as hedging instruments \u2013 Fair value gains or losses are recognized in Finance Income or Finance Expenses through profit or loss. \u2022 Derivatives designated as hedging instruments in an effective hedge relationship \u2013 Fair value gains or losses are recognized through OCI as net movements in cash flow hedges. Refer to note 8 for further details on the Group\u2019s hedging activities. Financial assets are derecognized on the trade date when the Group commits to sell the asset. Any resulting gains or losses are recognized directly in profit or loss under other financial income/(expense). Financial liabilities The Group classifies its financial liabilities into the following measure- ment categories: \u2022 Financial liabilities measured at amortized cost \u2022 Financial liabilities measured at fair value (either through profit or loss or through other comprehensive income (OCI)) All financial liabilities, except for derivative liabilities, are initially recog- nized at fair value and subsequently measured at amortized cost using the effective interest method. Interest expenses on these liabil- ities are recognized in Finance Expenses in the income statement, except for borrowing costs directly attributable to project develop- ment, which are capitalized as part of the project asset cost. Derivative financial liabilities are initially measured at fair value, with subsequent changes in fair value recognized as follows: \u2022 Derivatives not designated as hedging instruments \u2013 Fair value changes are recognized through profit or loss. \u2022 Derivatives designated as hedging instruments in an effective hedge relationship \u2013 Fair value changes are recorded through OCI. For further details on hedging activities, refer to note 8. Financial liabilities are derecognized when the obligation is discharged, canceled, or expires. The carrying amounts of financial assets and liabilities measured at amortized cost are considered to approximate their fair values.
Financial instruments
The table below shows the Group\u2019s financial instruments with their carrying amounts recognised in the consolidated financial position on
31 December 2025 and 31 December 2024:
31.12.2025
31.12.2024
Financial Financial Financial Financial Financial Financial Financial Financial
assets at liabilities at assets liabilities assets at liabilities at assets liabilities
NOK million
Note
amortised cost amortised cost - fair value
- fair value
Total 31.12.2025
amortised cost amortised cost - fair value
- fair value
Total 31.12.2024
Financial investments
41
-
66
-
106
13
-
-
-
13
Derivative financial instrument
-
-
183
-
183
-
-
48
-
48
Other non-current assets
173
-
-
-
173
48
-
-
-
48
Total non-current financial assets
213
-
248
-
462
62
-
48
-
110
Accounts receivables
97
-
-
-
97
59
-
-
-
59
Other assets
134
-
-
-
134
30
-
-
-
30
Cash and cash equivalents
19
893
-
-
-
893
874
-
-
-
874
Total current financial assets
1 124
-
-
-
1 124
963
-
-
-
963
Lease liability
-
(7)
-
-
(7)
-
(16)
-
-
(16)
Interest-bearing loans and borrowings
21
-
(139)
-
-
(139)
-
(100)
-
-
(100)
Accounts payables and other liabilities
-
(32)
-
-
(32)
-
(27)
-
-
(27)
Total current financial liabilities
-
(179)
-
-
(179)
-
(143)
-
-
(143)
Lease liability
-
(23)
-
-
(23)
-
(24)
-
-
(24)
Interest-bearing loans and borrowings
21
-
(3 148)
-
-
(3 148)
-
(1 778)
-
-
(1 778)
Derivative financial instrument (incl. in non-current prov.)
21
-
-
-
(21)
(21)
-
-
-
(75)
(75)
Total non-current financial liabilities
-
(3 172)
-
(21)
(3 193)
-
(1 802)
-
(75)
(1 877)
Net financial assets (liabilities)
1 124
(3 350)
248
(21)
(1 999)
963
(1 945)
48
(75)
(1 009)
Fair value measurement The Group\u2019s derivative financial instruments are measured at fair value in the statement of financial position and classified within the IFRS 13 fair value hierarchy: \u2022 Level 1 \u2013 Quoted prices in active markets for identical instruments \u2022 Level 2 \u2013 Inputs other than quoted prices that are observable, either directly or indirectly \u2022 Level 3 \u2013 Unobservable inputs requiring significant management judgment The classification reflects the significance of the lowest-level input used in the valuation. The Group primarily utilizes interest rate swaps, power purchase agreements (PPAs), and currency forward contracts as derivative financial instruments. Valuation techniques, inputs, and processes All derivative financial instruments held at the reporting date derive their fair value primarily from market-related inputs and are therefore classified as Level 2 within the IFRS 13 fair value hierarchy. The valua- tion methodologies applied include: \u2022 Interest Rate Swaps \u2013 Fair value is determined by discounting esti- mated future cash flows using observable yield curves, as provided by external financial institutions. \u2022 Power Purchase Agreements (PPAs) \u2013 Fair value is measured as the present value of the net difference between forward energy prices at contract inception and market prices at the valuation date, multiplied by the contracted megawatt-hour volumes. Changes in fair value reflect daily fluctuations in market prices and contract volumes. Certain PPAs entered into by the Group are designated for delivering electricity in line with Cloudberry\u2019s expected sales commitments under fixed-price and fixed-volume contracts. These agreements qualify for the own use exemption and are accounted for under IFRS 15 Revenue from Contracts with Customers, rather than as financial instruments under IFRS 9 Financial Instruments. The fair value hierarchy for assets and liabilities measured at fair value is presented below. The Group does not have any assets or liabilities measured at level 1 or 3. The fair value hierarchy
Level 2
NOK million
31.12.2025
31.12.2024
Derivative assets
\u2013 Interest rate derivatives
175
36
\u2013 Commodity derivatives (PPAs)
4
11
1
Derivative liabilities
\u2013 Interest rate derivatives
1
(21)
(75)
\u2013 FX derivatives
-
-
\u2013 Commodity derivatives (PPAs)
-
-
Fair value
159
(28)
1 In 2024, the fair value change of the interest rate derivative held by Forte, then an associated company- was included in the carrying amount of the equity accounted company. The fair value movement per 31 December 2024 is NOK -9m and is measured within level 2 of the fair-value hierarchy. There were no transfers between fair-value hierarchy levels as of 31 December 2025 (or the prior year). The Group\u2019s interest rate derivatives and a PPA agreement are held for hedging purposes, see note 8 for further detail. Note 8 Hedge activities and derivatives Accounting principle The Group uses derivative financial instruments to hedge market and financial risks, primarily related to interest rate fluctuations, electricity price movements, and foreign currency exchange rates. \u2022 Interest rate exposure \u2013 managed through interest rate swaps \u2022 Electricity price risk \u2013 mitigated using power purchase agreements (PPAs) \u2022 Foreign currency risk \u2013 hedged with foreign currency forward swaps Hedging instruments held by the Group are classified as either: \u2022 Designated hedging instruments in a hedge accounting rela- tionship \u2022 Hedging instruments not designated in a hedge accounting rela- tionship At the inception of a hedge, the Group formally designates and documents the hedge relationship, including the risk management objective and strategy. Hedging instruments that qualify for hedge accounting are accounted for under the Group\u2019s Cash Flow Hedges policy, as described below. Cash flow hedge accounting When a derivative financial instrument is designated as a cash flow hedge, the effective portion of changes in its fair value is recognized in other comprehensive income (OCI) and accumulated in the cash flow hedge reserve within equity. Any ineffective portion of the fair value change is recognized immediately in profit or loss. Upon realization of the underlying hedged transaction, the cumulative amount in the cash flow hedge reserve is reclassified to the income statement. Hedge accounting is discontinued when the hedging instrument expires, is terminated, exercised, or no longer qualifies for hedge accounting. Interest rate swaps The Group utilizes interest rate swaps to reduce cash flow volatility arising from interest rate fluctuations by converting floating-rate debt related to power plants into fixed-rate debt (see note 21). These swaps hedge cash flow variability linked to movements in three- month benchmark rates (e.g., NIBOR, EURIBOR, CIBOR), ensuring alignment between derivative results and hedged interest payments. Cash flow hedge accounting is applied as the swaps cover interest rate payments associated with existing debt facilities with a high degree of probability. The derivatives are recorded on the balance sheet, and their effectiveness is monitored quarterly. Hedge ineffec- tiveness may arise due to changes in counterparty credit risk. Power Purchase Agreements (PPAs) To mitigate electricity price fluctuations, the Group enters into long- term, fixed-price PPAs, securing future power sales at predetermined prices per megawatt-hour. The contracted volumes typically repre- sent a small percentage of total production, minimizing shortfall risk while providing revenue stability. Cash flow hedge accounting is applied as the PPAs hedge are highly probable future sales transactions. The derivatives are carried on the balance sheet, with their effectiveness monitored quarterly in relation to production volume fluctuations As of 31 December 2025, the Group had the below interest rate swaps and PPAs which it accounts for as hedging instruments designated in a hedge accounting relationship: Risk and hedging instruments
Weighted
Nominal Carrying amount of the
Maturity
average
amount hedging instruments
(months)
rate/price
1
- million
2
Assets
Liabilities
Cash flow hedges
Interest rate risk \u2013 borrowings
Interest rate swap (IRS) \u2013 NOK
125
1.23%
60
29
-
Interest rate swap (IRS) \u2013 EUR
43-319
2.62%
657
7
(2)
Interest rate swap (IRS) \u2013 DKK
34-92
2.96%
914
3
(19)
Commodity price risk \u2013 Forecast transactions
Fixed price PPA
1
24
133
10
4
-
1 The weighted average prices for commodity hedges are presented as the price per megawatt hour for electricity (EUR/MWh). 2 Nom amount in currency. Cash flow hedge accounting impact to reserves in other comprehensive income: Cash flow hedge reserve
NOK million
2025
2024
Opening balance
(2)
40
Net change in value of effective derivative hedging instruments
(1)
(54)
Interest rate swap (IRS) \u2013 NOK
40
(46)
Fixed price PPA
(4)
1
Interest rate swap (IRS) \u2013 NOK Forte
(37)
(9)
Deferred tax/tax credit
-
12
Total movement
(1)
(42)
Closing balance
(4)
(2)
Hedge ineffectiveness In connection with the transfer of Cloudberry\u2019s hydro producing assets to Forte Vannkraft in July 2025, the related debt was refinanced in Forte Vannkraft with EUR loans. The designated hedging instruments were no longer in an effective hedge relation. Consequently, the Group decided to close the hedge and the cumulative fair value change previously recognized in Other comprehensive income was reclassified to Profit or Loss. Upon closing the hedge, the Group realized a fair value gain of NOK 15 million, which was recognized as Finance Income in the income statement as of 31 December 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-486": { "value": "
7.1 Market risks
Electricity price risk
The profitability of the Group\u2019s power plants depends on production
volume and electricity prices. A significant portion of electricity sales
is subject to price risk, as sales are made at spot market rates. Unless
secured through fixed-term contracts, the Group\u2019s production is
exposed to market price volatility.
Electricity prices are influenced by various factors, including substitute
commodity prices (e.g., oil, gas, and coal), meteorological conditions,
CO
2
pricing, and broader supply and demand dynamics. Geopolitical
events, such as regional conflicts, sanctions, and changes in
cross-border interconnector policies, may also materially affect
fuel markets, power flows and price formation in the Group\u2019s core
markets.
Additionally, large-scale climate-related subsidy schemes may
exert downward pressure on electricity prices, particularly affecting
non-subsidized assets.
Given that electricity sales represent a material portion of revenue,
fluctuations in electricity prices may adversely impact revenue, profit-
ability, and asset valuations. To mitigate price risk, the Group employs
hedging strategies, including exchange-traded electricity derivatives
(Nord Pool/Nasdaq OMX Commodities) and bilateral contracts
with industry counterparties. Hedging strategies are continuously
assessed in response to market conditions, hydrological balance, and
other relevant factors.
For further details on hedging activities and outstanding derivative
contracts, refer to note 8.
Sensitivity analysis
The table on the following page presents a sensitivity analysis based
on the Group\u2019s electricity derivatives position as of 31 December
2025, illustrating the potential impact on the income statement and
equity. The analysis considers only market risks related to derivatives,
excluding the effects of underlying physical electricity sales and
purchases.
The sensitivity analysis assumes a \u00b110% change in forward electricity
prices, applied uniformly over the period covered by the Group\u2019s
Power Purchase Agreements (PPAs), with all other variables held
constant. Forward price quotations are classified as a significant
estimate; for further details, refer to note 3. The selected sensitivity
range reflects management\u2019s assessment of a reasonably possible
change in market prices.
+10% change in electricity forward price quotations
2025
2024
Effect on profit before income tax
-
-
Effect on equity
(1)
(1)
-10% change in electricity forward price quotations
2025
2024
Effect on profit before income tax
-
-
Effect on equity
1
1
The basis for the sensitivity analysis is the price curves published closest to year-end closing date. Inflation risk While inflation does not directly impact the Group\u2019s financial posi- tion, it may adversely affect projects under development, which are accounted for as inventory. The Group\u2019s development projects are capital-intensive, and rising commodity prices increase capital expenditures, particularly for construction and turbine costs. High inflation may erode the present value of expected cash flows from development projects relative to initial investment costs. Additionally, inflation typically leads to higher short- and long-term interest rates, increasing financing costs for these projects. These factors and associated uncertainties may reduce expected profit- ability, potentially leading to project postponements, abandonment, and impairment losses. However, inflationary pressures are often driven by higher energy and power prices, which may partially offset these risks by supporting electricity price levels. Political and regulatory risk The power industry is highly regulated and subject to political, regula- tory and tax risks. Changes in laws, regulations, tax regimes, market design or cross border trading arrangements in the jurisdictions where the Group operates may increase costs, reduce demand, require changes to the business model or otherwise adversely affect the Group\u2019s business, financial performance and financial position. This includes changes in the interpretation and enforcement of tax rules, as well as regulatory requirements such as licence fees and the obligation for certain power plants to deliver concessionary power (typically 10\u201315% of electricity production at an expected \u201ccost price\u201d) to public authorities. Guarantee of Origin Scheme \u2013 political risk The Guarantee of Origin (GO) scheme is subject to political and regulatory risk. Under EU legislation, power plants in the European Economic Area (EEA) may receive approval for GOs for five-year periods. Energy suppliers can purchase these certificates from producers to verify that the supplied electricity originates from renew- able sources. However, the long-term continuity and regulatory framework governing the scheme remain uncertain, posing potential risks to market dynamics and the valuation of renewable energy assets. Renewable energy sector development risk The renewable energy sector remains in a dynamic development phase. Breakthroughs in other renewable energy technologies may reduce governmental support for onshore wind and hydropower expansion, potentially affecting the Group\u2019s future investment oppor- tunities and the residual value of its power plants. Similarly, advancements in non-renewable or currently unknown energy technologies could alter the competitive landscape. These uncertainties in renewable sector development and emerging energy technologies pose risks that may adversely impact the Group\u2019s busi- ness strategy and growth prospects. Interest rate risk The Group is exposed to interest rate risk through its funding and cash management activities. The Group\u2019s assets are primarily financed with long-term debt at floating interest rates, making the Group susceptible to market rate fluctuations. An increase in interest rates would result in higher financing costs and interest payments, reducing profitability. Additionally, interest rate changes affect the fair value of interest rate derivatives (fair value risk). To mitigate interest rate risk while optimizing borrowing costs, the Group employs long-term fixed-rate financing or floating-to-fixed interest rate swaps. Debt denominated in EUR, NOK, and partially in DKK has been hedged to fixed rates for periods exceeding 10 years. Consequently, the Group\u2019s profit or loss and future cash flows related to existing debt have limited sensitivity to interest rate fluctuations. Interest rate sensitivity analysis The table below illustrates the potential impact of a reasonably possible change in interest rates on financial assets and liabilities, after the application of hedge accounting. With all other variables constant, the effect on the Group\u2019s profit before income tax and equity is primarily driven by changes in floating rate borrowings: 1%-point increase in floating interest rate
NOK million
2025
2024
Effect on profit before income tax
57
4
Effect on equity
82
100
1%-point decrease in floating interest rate
NOK million
2025
2024
Effect on profit before income tax
(61)
(4)
Effect on equity
(77)
(92)
Currency risk The Group presents its financial statements in NOK but is exposed to currency risk due to its international operations and transactions. Norwegian power companies sell electricity through Nord Pool, where EUR is the official trading currency, some entities report in NOK, while the Forte entities have EUR as functional and reporting currency. The Group\u2019s Danish and Swedish investment portfolios report in DKK/EUR/ SEK. The Group\u2019s investment in Odal Vind is fully exposed to EUR. As a result, fluctuations in exchange rates between NOK, SEK, DKK, and EUR could materially impact the Group\u2019s business, financial results, cash flows, and financial position. Significant contractual cash flow obligations, particularly for invest- ments and capital expenditures on power plants under construction, are primarily in EUR (e.g., for turbine suppliers) or in the local currency of the investment/project. To mitigate currency risk, the Group uses currency forward contracts to match contractual cash outflows or engages in currency purchases/swaps to minimize FX rate fluctua- tions\u2019 impact on project profitability. Additionally, the Group maintains deposits in local currencies (NOK, SEK, DKK, and EUR) to align with future obligations and may enter future currency swap contracts for larger commitments to further limit exposure to exchange rate fluctuations. Currency sensitivity analysis The Group has conducted a sensitivity analysis to assess the impact of reasonably possible exchange rate fluctuations on its financial instruments. The analysis focuses on the Group\u2019s main currency exposures: SEK, DKK, and EUR. The table below presents the potential impact of exchange rate changes on the Group\u2019s consolidated financial assets and liabilities. Currency gains and losses on monetary items denominated in foreign currencies are recognized in the income statement.
NOK million
2025
2024
Change in SEK
(5%)
(5%)
Effect on cash and cash equivalents
2
1
Effect on long-term debt
-
-
Effect on group receivables and liabilities
-
-
Change in DKK
(5%)
(5%)
Effect on cash and cash equivalents
2
(4)
Effect on long-term debt
51
40
Effect on group receivables and liabilities
(49)
(40)
Change in EUR
(5%)
(5%)
Effect on cash and cash equivalents
(18)
(8)
Effect on long-term debt
33
25
Effect on group receivables and liabilities
(35)
(25)
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-487": { "value": "Credit risk The Group is exposed to credit risk from various counterparties, including off-take partners purchasing electricity, suppliers requiring prepayments, banks providing financing and guarantees, insurance companies covering asset-related risks, and other third parties with contractual obligations, such as warranties under share purchase agreements. The Group\u2019s primary credit risks arise from deposits with financial institutions and other short-term receivables. To mitigate this risk, counterparties for derivative contracts and financial deposits are limited to institutions with high creditworthiness. The Group\u2019s trade receivables have historically had low credit risk, with all receivables over recent years collected in full and on time. As of year-end, management has assessed the credit risk on trade receivables as insignificant, and they are therefore recognized at face value in the financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-488": { "value": "Liquidity risk The Group manages liquidity risk by continuously monitoring future commitments and liquidity reserves, which consist of cash (refer to note 19) and available borrowing facilities (refer to note 21). Management prepares quarterly cash flow forecasts covering at least 24 months to ensure sufficient liquidity. Before entering into busi- ness agreements and contracts, liquidity requirements are assessed to ensure adequate funding is in place. In managing liquidity risk, the Group also considers contractually committed investments, lease obligations, guarantees and other contractual commitments that may require significant future cash outflows. These obligations are monitored together with cash, cash equivalents and available credit facilities as part of the Group\u2019s liquidity planning to ensure that the Group can meet its payment obligations as they fall due. An overview of the Group\u2019s main contrac- tual commitments, guarantees and other contractual obligations is provided in note 22. The table below presents the maturity profile of nominal cash outflows for contractual obligations: FY2025
Carrying Less than
NOK million amount
a year 2027
2028
2029
2030+
Total
Bank loan (incl. interest payments)
3 287
299
1 880
754
94
703
3 730
Lease liabilities
31
7
6
6
3
23
45
Accounts payable
32
32
-
-
-
-
32
Total non-derivatives
3 350
338
1 886
760
98
725
3 807
Net-settled derivatives
21
9
6
2
1
3
21
Total financial liabilities and derivatives
3 371
347
1 892
762
99
728
3 828
FY2024
Carrying Less than
NOK million amount
a year 2026
2027
2028
2029+
Total
Bank loan (incl. interest payments)
1 876
223
352
1 461
49
104
2 189
Lease liabilities
40
16
7
6
6
10
45
Accounts payable
27
27
-
-
-
-
27
Total non-derivatives
1 943
266
359
1 467
55
114
2 261
Net-settled derivatives
75
7
10
10
11
37
75
Total financial liabilities and derivatives
2 017
273
368
1 477
66
151
2 336
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-527": { "value": "Accounting principle Financial assets The Group classifies its financial assets in the following measurement categories: \u2022 Financial assets measured at amortised cost, and \u2022 Financial assets measured at fair value (either through profit or loss, or through other comprehensive income (OCI)) Classification is determined based on the Group\u2019s business model for managing financial assets and the contractual cash flow character- istics. The Group\u2019s cash and cash equivalents, trade receivables, and other financial receivables are measured at amortized cost. Interest income from these assets is recognized in Finance Income using the effective interest method. For trade receivables, the Group applies the simplified approach under IFRS 9 for impairment assessment, recognizing expected credit losses as a separate line item in the statement of profit or loss. Derivative financial instruments with a positive fair value are recog- nized as financial assets and initially measured at fair value, with transaction costs expended in profit or loss. The recognition of subse- quent fair value changes depends on whether the derivatives are designated as hedging instruments: \u2022 Derivatives not designated as hedging instruments \u2013 Fair value gains or losses are recognized in Finance Income or Finance Expenses through profit or loss. \u2022 Derivatives designated as hedging instruments in an effective hedge relationship \u2013 Fair value gains or losses are recognized through OCI as net movements in cash flow hedges. Refer to note 8 for further details on the Group\u2019s hedging activities. Financial assets are derecognized on the trade date when the Group commits to sell the asset. Any resulting gains or losses are recognized directly in profit or loss under other financial income/(expense). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-539": { "value": "Accounting principle Financial assets The Group classifies its financial assets in the following measurement categories: \u2022 Financial assets measured at amortised cost, and \u2022 Financial assets measured at fair value (either through profit or loss, or through other comprehensive income (OCI)) Classification is determined based on the Group\u2019s business model for managing financial assets and the contractual cash flow character- istics. The Group\u2019s cash and cash equivalents, trade receivables, and other financial receivables are measured at amortized cost. Interest income from these assets is recognized in Finance Income using the effective interest method. For trade receivables, the Group applies the simplified approach under IFRS 9 for impairment assessment, recognizing expected credit losses as a separate line item in the statement of profit or loss. Derivative financial instruments with a positive fair value are recog- nized as financial assets and initially measured at fair value, with transaction costs expended in profit or loss. The recognition of subse- quent fair value changes depends on whether the derivatives are designated as hedging instruments: \u2022 Derivatives not designated as hedging instruments \u2013 Fair value gains or losses are recognized in Finance Income or Finance Expenses through profit or loss. \u2022 Derivatives designated as hedging instruments in an effective hedge relationship \u2013 Fair value gains or losses are recognized through OCI as net movements in cash flow hedges. Refer to note 8 for further details on the Group\u2019s hedging activities. Financial assets are derecognized on the trade date when the Group commits to sell the asset. Any resulting gains or losses are recognized directly in profit or loss under other financial income/(expense). Financial liabilities The Group classifies its financial liabilities into the following measure- ment categories: \u2022 Financial liabilities measured at amortized cost \u2022 Financial liabilities measured at fair value (either through profit or loss or through other comprehensive income (OCI)) All financial liabilities, except for derivative liabilities, are initially recog- nized at fair value and subsequently measured at amortized cost using the effective interest method. Interest expenses on these liabil- ities are recognized in Finance Expenses in the income statement, except for borrowing costs directly attributable to project develop- ment, which are capitalized as part of the project asset cost. Derivative financial liabilities are initially measured at fair value, with subsequent changes in fair value recognized as follows: \u2022 Derivatives not designated as hedging instruments \u2013 Fair value changes are recognized through profit or loss. \u2022 Derivatives designated as hedging instruments in an effective hedge relationship \u2013 Fair value changes are recorded through OCI. For further details on hedging activities, refer to note 8. Financial liabilities are derecognized when the obligation is discharged, canceled, or expires. The carrying amounts of financial assets and liabilities measured at amortized cost are considered to approximate their fair values. Fair value measurement The Group\u2019s derivative financial instruments are measured at fair value in the statement of financial position and classified within the IFRS 13 fair value hierarchy: \u2022 Level 1 \u2013 Quoted prices in active markets for identical instruments \u2022 Level 2 \u2013 Inputs other than quoted prices that are observable, either directly or indirectly \u2022 Level 3 \u2013 Unobservable inputs requiring significant management judgment The classification reflects the significance of the lowest-level input used in the valuation. The Group primarily utilizes interest rate swaps, power purchase agreements (PPAs), and currency forward contracts as derivative financial instruments. Accounting principle The Group uses derivative financial instruments to hedge market and financial risks, primarily related to interest rate fluctuations, electricity price movements, and foreign currency exchange rates. \u2022 Interest rate exposure \u2013 managed through interest rate swaps \u2022 Electricity price risk \u2013 mitigated using power purchase agreements (PPAs) \u2022 Foreign currency risk \u2013 hedged with foreign currency forward swaps Hedging instruments held by the Group are classified as either: \u2022 Designated hedging instruments in a hedge accounting rela- tionship \u2022 Hedging instruments not designated in a hedge accounting rela- tionship At the inception of a hedge, the Group formally designates and documents the hedge relationship, including the risk management objective and strategy. Hedging instruments that qualify for hedge accounting are accounted for under the Group\u2019s Cash Flow Hedges policy, as described below. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-489": { "value": "Financial assets are derecognized on the trade date when the Group commits to sell the asset. Any resulting gains or losses are recognized directly in profit or loss under other financial income/(expense). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-510": { "value": "Financial liabilities The Group classifies its financial liabilities into the following measure- ment categories: \u2022 Financial liabilities measured at amortized cost \u2022 Financial liabilities measured at fair value (either through profit or loss or through other comprehensive income (OCI)) All financial liabilities, except for derivative liabilities, are initially recog- nized at fair value and subsequently measured at amortized cost using the effective interest method. Interest expenses on these liabil- ities are recognized in Finance Expenses in the income statement, except for borrowing costs directly attributable to project develop- ment, which are capitalized as part of the project asset cost. Derivative financial liabilities are initially measured at fair value, with subsequent changes in fair value recognized as follows: \u2022 Derivatives not designated as hedging instruments \u2013 Fair value changes are recognized through profit or loss. \u2022 Derivatives designated as hedging instruments in an effective hedge relationship \u2013 Fair value changes are recorded through OCI. For further details on hedging activities, refer to note 8. Financial liabilities are derecognized when the obligation is discharged, canceled, or expires. The carrying amounts of financial assets and liabilities measured at amortized cost are considered to approximate their fair values. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-511": { "value": "Financial instruments The table below shows the Group\u2019s financial instruments with their carrying amounts recognised in the consolidated financial position on 31 December 2025 and 31 December 2024:
31.12.2025
31.12.2024
Financial Financial Financial Financial Financial Financial Financial Financial
assets at liabilities at assets liabilities assets at liabilities at assets liabilities
NOK million
Note
amortised cost amortised cost - fair value
- fair value
Total 31.12.2025
amortised cost amortised cost - fair value
- fair value
Total 31.12.2024
Financial investments
41
-
66
-
106
13
-
-
-
13
Derivative financial instrument
-
-
183
-
183
-
-
48
-
48
Other non-current assets
173
-
-
-
173
48
-
-
-
48
Total non-current financial assets
213
-
248
-
462
62
-
48
-
110
Accounts receivables
97
-
-
-
97
59
-
-
-
59
Other assets
134
-
-
-
134
30
-
-
-
30
Cash and cash equivalents
19
893
-
-
-
893
874
-
-
-
874
Total current financial assets
1 124
-
-
-
1 124
963
-
-
-
963
Lease liability
-
(7)
-
-
(7)
-
(16)
-
-
(16)
Interest-bearing loans and borrowings
21
-
(139)
-
-
(139)
-
(100)
-
-
(100)
Accounts payables and other liabilities
-
(32)
-
-
(32)
-
(27)
-
-
(27)
Total current financial liabilities
-
(179)
-
-
(179)
-
(143)
-
-
(143)
Lease liability
-
(23)
-
-
(23)
-
(24)
-
-
(24)
Interest-bearing loans and borrowings
21
-
(3 148)
-
-
(3 148)
-
(1 778)
-
-
(1 778)
Derivative financial instrument (incl. in non-current prov.)
21
-
-
-
(21)
(21)
-
-
-
(75)
(75)
Total non-current financial liabilities
-
(3 172)
-
(21)
(3 193)
-
(1 802)
-
(75)
(1 877)
Net financial assets (liabilities)
1 124
(3 350)
248
(21)
(1 999)
963
(1 945)
48
(75)
(1 009)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-512": { "value": "Fair value measurement The Group\u2019s derivative financial instruments are measured at fair value in the statement of financial position and classified within the IFRS 13 fair value hierarchy: \u2022 Level 1 \u2013 Quoted prices in active markets for identical instruments \u2022 Level 2 \u2013 Inputs other than quoted prices that are observable, either directly or indirectly \u2022 Level 3 \u2013 Unobservable inputs requiring significant management judgment The classification reflects the significance of the lowest-level input used in the valuation. The Group primarily utilizes interest rate swaps, power purchase agreements (PPAs), and currency forward contracts as derivative financial instruments. Valuation techniques, inputs, and processes All derivative financial instruments held at the reporting date derive their fair value primarily from market-related inputs and are therefore classified as Level 2 within the IFRS 13 fair value hierarchy. The valua- tion methodologies applied include: \u2022 Interest Rate Swaps \u2013 Fair value is determined by discounting esti- mated future cash flows using observable yield curves, as provided by external financial institutions. \u2022 Power Purchase Agreements (PPAs) \u2013 Fair value is measured as the present value of the net difference between forward energy prices at contract inception and market prices at the valuation date, multiplied by the contracted megawatt-hour volumes. Changes in fair value reflect daily fluctuations in market prices and contract volumes. Certain PPAs entered into by the Group are designated for delivering electricity in line with Cloudberry\u2019s expected sales commitments under fixed-price and fixed-volume contracts. These agreements qualify for the own use exemption and are accounted for under IFRS 15 Revenue from Contracts with Customers, rather than as financial instruments under IFRS 9 Financial Instruments. The fair value hierarchy for assets and liabilities measured at fair value is presented below. The Group does not have any assets or liabilities measured at level 1 or 3. The fair value hierarchy
Level 2
NOK million
31.12.2025
31.12.2024
Derivative assets
\u2013 Interest rate derivatives
175
36
\u2013 Commodity derivatives (PPAs)
4
11
1
Derivative liabilities
\u2013 Interest rate derivatives
1
(21)
(75)
\u2013 FX derivatives
-
-
\u2013 Commodity derivatives (PPAs)
-
-
Fair value
159
(28)
1 In 2024, the fair value change of the interest rate derivative held by Forte, then an associated company- was included in the carrying amount of the equity accounted company. The fair value movement per 31 December 2024 is NOK -9m and is measured within level 2 of the fair-value hierarchy. There were no transfers between fair-value hierarchy levels as of 31 December 2025 (or the prior year). The Group\u2019s interest rate derivatives and a PPA agreement are held for hedging purposes, see note 8 for further detail. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-463": { "value": "Note 8 Hedge activities and derivatives Accounting principle The Group uses derivative financial instruments to hedge market and financial risks, primarily related to interest rate fluctuations, electricity price movements, and foreign currency exchange rates. \u2022 Interest rate exposure \u2013 managed through interest rate swaps \u2022 Electricity price risk \u2013 mitigated using power purchase agreements (PPAs) \u2022 Foreign currency risk \u2013 hedged with foreign currency forward swaps Hedging instruments held by the Group are classified as either: \u2022 Designated hedging instruments in a hedge accounting rela- tionship \u2022 Hedging instruments not designated in a hedge accounting rela- tionship At the inception of a hedge, the Group formally designates and documents the hedge relationship, including the risk management objective and strategy. Hedging instruments that qualify for hedge accounting are accounted for under the Group\u2019s Cash Flow Hedges policy, as described below. Cash flow hedge accounting When a derivative financial instrument is designated as a cash flow hedge, the effective portion of changes in its fair value is recognized in other comprehensive income (OCI) and accumulated in the cash flow hedge reserve within equity. Any ineffective portion of the fair value change is recognized immediately in profit or loss. Upon realization of the underlying hedged transaction, the cumulative amount in the cash flow hedge reserve is reclassified to the income statement. Hedge accounting is discontinued when the hedging instrument expires, is terminated, exercised, or no longer qualifies for hedge accounting. Interest rate swaps The Group utilizes interest rate swaps to reduce cash flow volatility arising from interest rate fluctuations by converting floating-rate debt related to power plants into fixed-rate debt (see note 21). These swaps hedge cash flow variability linked to movements in three- month benchmark rates (e.g., NIBOR, EURIBOR, CIBOR), ensuring alignment between derivative results and hedged interest payments. Cash flow hedge accounting is applied as the swaps cover interest rate payments associated with existing debt facilities with a high degree of probability. The derivatives are recorded on the balance sheet, and their effectiveness is monitored quarterly. Hedge ineffec- tiveness may arise due to changes in counterparty credit risk. Power Purchase Agreements (PPAs) To mitigate electricity price fluctuations, the Group enters into long- term, fixed-price PPAs, securing future power sales at predetermined prices per megawatt-hour. The contracted volumes typically repre- sent a small percentage of total production, minimizing shortfall risk while providing revenue stability. Cash flow hedge accounting is applied as the PPAs hedge are highly probable future sales transactions. The derivatives are carried on the balance sheet, with their effectiveness monitored quarterly in relation to production volume fluctuations
As of 31 December 2025, the Group had the below interest rate swaps and PPAs which it accounts for as
hedging instruments designated in a hedge accounting relationship:
Risk and hedging instruments
Weighted
Nominal Carrying amount of the
Maturity
average
amount hedging instruments
(months)
rate/price
1
- million
2
Assets
Liabilities
Cash flow hedges
Interest rate risk \u2013 borrowings
Interest rate swap (IRS) \u2013 NOK
125
1.23%
60
29
-
Interest rate swap (IRS) \u2013 EUR
43-319
2.62%
657
7
(2)
Interest rate swap (IRS) \u2013 DKK
34-92
2.96%
914
3
(19)
Commodity price risk \u2013 Forecast transactions
Fixed price PPA
1
24
133
10
4
-
1
The weighted average prices for commodity hedges are presented as the price per megawatt hour for electricity (EUR/MWh).
2
Nom amount in currency.
Cash flow hedge accounting impact to reserves in other comprehensive income:
Cash flow hedge reserve
NOK million
2025
2024
Opening balance
(2)
40
Net change in value of effective derivative hedging instruments
(1)
(54)
Interest rate swap (IRS) \u2013 NOK
40
(46)
Fixed price PPA
(4)
1
Interest rate swap (IRS) \u2013 NOK Forte
(37)
(9)
Deferred tax/tax credit
-
12
Total movement
(1)
(42)
Closing balance
(4)
(2)
Hedge ineffectiveness
In connection with the transfer of Cloudberry\u2019s hydro producing assets to Forte Vannkraft in July 2025, the
related debt was refinanced in Forte Vannkraft with EUR loans. The designated hedging instruments were no
longer in an effective hedge relation. Consequently, the Group decided to close the hedge and the cumulative
fair value change previously recognized in Other comprehensive income was reclassified to Profit or Loss.
Upon closing the hedge, the Group realized a fair value gain of NOK 15 million, which was recognized as
Finance Income in the income statement as of 31 December 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-528": { "value": "Accounting principle The Group uses derivative financial instruments to hedge market and financial risks, primarily related to interest rate fluctuations, electricity price movements, and foreign currency exchange rates. \u2022 Interest rate exposure \u2013 managed through interest rate swaps \u2022 Electricity price risk \u2013 mitigated using power purchase agreements (PPAs) \u2022 Foreign currency risk \u2013 hedged with foreign currency forward swaps Hedging instruments held by the Group are classified as either: \u2022 Designated hedging instruments in a hedge accounting rela- tionship \u2022 Hedging instruments not designated in a hedge accounting rela- tionship At the inception of a hedge, the Group formally designates and documents the hedge relationship, including the risk management objective and strategy. Hedging instruments that qualify for hedge accounting are accounted for under the Group\u2019s Cash Flow Hedges policy, as described below. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-513": { "value": "Accounting principle The Group uses derivative financial instruments to hedge market and financial risks, primarily related to interest rate fluctuations, electricity price movements, and foreign currency exchange rates. \u2022 Interest rate exposure \u2013 managed through interest rate swaps \u2022 Electricity price risk \u2013 mitigated using power purchase agreements (PPAs) \u2022 Foreign currency risk \u2013 hedged with foreign currency forward swaps Hedging instruments held by the Group are classified as either: \u2022 Designated hedging instruments in a hedge accounting rela- tionship \u2022 Hedging instruments not designated in a hedge accounting rela- tionship At the inception of a hedge, the Group formally designates and documents the hedge relationship, including the risk management objective and strategy. Hedging instruments that qualify for hedge accounting are accounted for under the Group\u2019s Cash Flow Hedges policy, as described below. Cash flow hedge accounting When a derivative financial instrument is designated as a cash flow hedge, the effective portion of changes in its fair value is recognized in other comprehensive income (OCI) and accumulated in the cash flow hedge reserve within equity. Any ineffective portion of the fair value change is recognized immediately in profit or loss. Upon realization of the underlying hedged transaction, the cumulative amount in the cash flow hedge reserve is reclassified to the income statement. Hedge accounting is discontinued when the hedging instrument expires, is terminated, exercised, or no longer qualifies for hedge accounting. Interest rate swaps The Group utilizes interest rate swaps to reduce cash flow volatility arising from interest rate fluctuations by converting floating-rate debt related to power plants into fixed-rate debt (see note 21). These swaps hedge cash flow variability linked to movements in three- month benchmark rates (e.g., NIBOR, EURIBOR, CIBOR), ensuring alignment between derivative results and hedged interest payments. Cash flow hedge accounting is applied as the swaps cover interest rate payments associated with existing debt facilities with a high degree of probability. The derivatives are recorded on the balance sheet, and their effectiveness is monitored quarterly. Hedge ineffec- tiveness may arise due to changes in counterparty credit risk. Power Purchase Agreements (PPAs) To mitigate electricity price fluctuations, the Group enters into long- term, fixed-price PPAs, securing future power sales at predetermined prices per megawatt-hour. The contracted volumes typically repre- sent a small percentage of total production, minimizing shortfall risk while providing revenue stability. Cash flow hedge accounting is applied as the PPAs hedge are highly probable future sales transactions. The derivatives are carried on the balance sheet, with their effectiveness monitored quarterly in relation to production volume fluctuations ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-490": { "value": "Accounting principle The Group uses derivative financial instruments to hedge market and financial risks, primarily related to interest rate fluctuations, electricity price movements, and foreign currency exchange rates. \u2022 Interest rate exposure \u2013 managed through interest rate swaps \u2022 Electricity price risk \u2013 mitigated using power purchase agreements (PPAs) \u2022 Foreign currency risk \u2013 hedged with foreign currency forward swaps Hedging instruments held by the Group are classified as either: \u2022 Designated hedging instruments in a hedge accounting rela- tionship \u2022 Hedging instruments not designated in a hedge accounting rela- tionship At the inception of a hedge, the Group formally designates and documents the hedge relationship, including the risk management objective and strategy. Hedging instruments that qualify for hedge accounting are accounted for under the Group\u2019s Cash Flow Hedges policy, as described below. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-491": { "value": "Note 9 Sales revenues and other income Accounting principle The Group accounts for revenue in accordance with IFRS 15 Revenue from contracts with customers and applies the five-step method to all revenue streams. Revenue The Group generates revenue from three of its four segments that develop (Projects), own (Commercial) and operate (Asset Management) hydropower plants and wind farms in Norway, Denmark, and Sweden. Revenue streams from the three revenue-generating segments are categorized as follows: 1. Power-related products - Sale of electricity in the spot market and power purchase contracts (PPAS) including electricity certificates and guarantees of origin. 2. Asset management - Commercial and technical management services for renewable energy power plants. 3. Project development services - Management services for the devel- opment of hydro and wind assets. 4. Consultancy - Consultancy with accounting, financial and technical management services. Revenue from power-related products is recognized at the spot, regulated or contract price upon delivery, to the extent the Group has a right to invoice. Revenue from management, project develop- ment and consultancy is recognized at the fixed contract price as services are rendered and the Group has an unconditional right to consideration. The Group applies the practical expedient not to adjust for a financing component when the period between transfer and payment is less than one year. Other income Sale of development projects and producing assets (PPE) The Projects segment develops renewable power projects with the intention to own and operate them as power-producing assets. When more attractive strategic alternatives arise, ready-to-build projects or operating assets (PPE) may be divested to other Group entities or external parties. Such opportunistic transactions are accounted for as net gains or losses in accordance with IFRS 10, rather than as revenue under IFRS 15. Government grants Government grants can comprise electricity certificates and guaran- tees of origin (GOs), which are earned upon power generation (1 GO per MWh). At the time the grant is received, electricity certificates and GOs are initially measured at nil, and income is recognized when the certificates and GOs are sold. In Denmark, certain wind turbines in the Odin portfolio are eligible for subsidy schemes and public grants, including support for periods of low power prices or curtailment; these are recognized based on actual production or the duration of the shutdown. Public grants are presented as other income within total revenues. Total revenue The total sales revenue and other operating income are presented in the table below:
NOK million
2025
2024
Power related products
441
317
Asset management
37
31
Consultancy services
27
21
Other revenue
7
14
Sales revenues
512
382
Net gain sale of PPE and project inventory
16
118
Public grants
18
47
Other
26
1
Other income
59
166
Total revenue
571
548
Sales revenue increased in 2025, primarily driven by underlying growth in power-related revenues from an enlarged portfolio, higher production volumes and higher achieved power prices. Other income decreased year-on-year, as the prior year included gains from the sale of three hydropower plants, whereas in 2025 other income comprised smaller divestment gains, public grants and insurance settlements. Sales revenue and other operating income per country In presenting information based on geographical areas, external revenues and other income from customers will be attributed to the country of the underlying legal entity recognising the sale. For information about the revenue split between business segments, see note 4. The total sales revenue and other operating income per country are presented in the table below:
NOK million
2025
2024
Norway
249
252
Denmark
271
265
Switzerland
-
2
Sweden
51
29
Total revenue
571
548
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-529": { "value": "Accounting principle The Group accounts for revenue in accordance with IFRS 15 Revenue from contracts with customers and applies the five-step method to all revenue streams. Revenue The Group generates revenue from three of its four segments that develop (Projects), own (Commercial) and operate (Asset Management) hydropower plants and wind farms in Norway, Denmark, and Sweden. Revenue streams from the three revenue-generating segments are categorized as follows: 1. Power-related products - Sale of electricity in the spot market and power purchase contracts (PPAS) including electricity certificates and guarantees of origin. 2. Asset management - Commercial and technical management services for renewable energy power plants. 3. Project development services - Management services for the devel- opment of hydro and wind assets. 4. Consultancy - Consultancy with accounting, financial and technical management services. Revenue from power-related products is recognized at the spot, regulated or contract price upon delivery, to the extent the Group has a right to invoice. Revenue from management, project develop- ment and consultancy is recognized at the fixed contract price as services are rendered and the Group has an unconditional right to consideration. The Group applies the practical expedient not to adjust for a financing component when the period between transfer and payment is less than one year. Total revenue The total sales revenue and other operating income are presented in the table below:
NOK million
2025
2024
Power related products
441
317
Asset management
37
31
Consultancy services
27
21
Other revenue
7
14
Sales revenues
512
382
Net gain sale of PPE and project inventory
16
118
Public grants
18
47
Other
26
1
Other income
59
166
Total revenue
571
548
Sales revenue increased in 2025, primarily driven by underlying growth in power-related revenues from an enlarged portfolio, higher production volumes and higher achieved power prices. Other income decreased year-on-year, as the prior year included gains from the sale of three hydropower plants, whereas in 2025 other income comprised smaller divestment gains, public grants and insurance settlements. Sales revenue and other operating income per country In presenting information based on geographical areas, external revenues and other income from customers will be attributed to the country of the underlying legal entity recognising the sale. For information about the revenue split between business segments, see note 4. The total sales revenue and other operating income per country are presented in the table below:
NOK million
2025
2024
Norway
249
252
Denmark
271
265
Switzerland
-
2
Sweden
51
29
Total revenue
571
548
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-514": { "value": "Accounting principle The Group accounts for revenue in accordance with IFRS 15 Revenue from contracts with customers and applies the five-step method to all revenue streams. Revenue The Group generates revenue from three of its four segments that develop (Projects), own (Commercial) and operate (Asset Management) hydropower plants and wind farms in Norway, Denmark, and Sweden. Revenue streams from the three revenue-generating segments are categorized as follows: 1. Power-related products - Sale of electricity in the spot market and power purchase contracts (PPAS) including electricity certificates and guarantees of origin. 2. Asset management - Commercial and technical management services for renewable energy power plants. 3. Project development services - Management services for the devel- opment of hydro and wind assets. 4. Consultancy - Consultancy with accounting, financial and technical management services. Revenue from power-related products is recognized at the spot, regulated or contract price upon delivery, to the extent the Group has a right to invoice. Revenue from management, project develop- ment and consultancy is recognized at the fixed contract price as
services are rendered and the Group has an unconditional right to
consideration. The Group applies the practical expedient not to adjust
for a financing component when the period between transfer and
payment is less than one year.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-464": { "value": "Other income Sale of development projects and producing assets (PPE) The Projects segment develops renewable power projects with the intention to own and operate them as power-producing assets. When more attractive strategic alternatives arise, ready-to-build projects or operating assets (PPE) may be divested to other Group entities or external parties. Such opportunistic transactions are accounted for as net gains or losses in accordance with IFRS 10, rather than as revenue under IFRS 15. Government grants Government grants can comprise electricity certificates and guaran- tees of origin (GOs), which are earned upon power generation (1 GO per MWh). At the time the grant is received, electricity certificates and GOs are initially measured at nil, and income is recognized when the certificates and GOs are sold. In Denmark, certain wind turbines in the Odin portfolio are eligible for subsidy schemes and public grants, including support for periods of low power prices or curtailment; these are recognized based on actual production or the duration of the shutdown. Public grants are presented as other income within total revenues.
Total revenue
The total sales revenue and other operating income are presented in the table below:
NOK million
2025
2024
Power related products
441
317
Asset management
37
31
Consultancy services
27
21
Other revenue
7
14
Sales revenues
512
382
Net gain sale of PPE and project inventory
16
118
Public grants
18
47
Other
26
1
Other income
59
166
Total revenue
571
548
Sales revenue increased in 2025, primarily driven by underlying growth in power-related revenues from an
enlarged portfolio, higher production volumes and higher achieved power prices. Other income decreased
year-on-year, as the prior year included gains from the sale of three hydropower plants, whereas in 2025
other income comprised smaller divestment gains, public grants and insurance settlements.
Sales revenue and other operating income per country
In presenting information based on geographical areas, external revenues and other income from customers
will be attributed to the country of the underlying legal entity recognising the sale.
For information about the revenue split between business segments, see note 4.
The total sales revenue and other operating income per country are presented in the table below:
NOK million
2025
2024
Norway
249
252
Denmark
271
265
Switzerland
-
2
Sweden
51
29
Total revenue
571
548
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-540": { "value": "
Government grants
Government grants can comprise electricity certificates and guaran-
tees of origin (GOs), which are earned upon power generation (1 GO
per MWh). At the time the grant is received, electricity certificates and
GOs are initially measured at nil, and income is recognized when the
certificates and GOs are sold. In Denmark, certain wind turbines in
the Odin portfolio are eligible for subsidy schemes and public grants,
including support for periods of low power prices or curtailment; these
are recognized based on actual production or the duration of the
shutdown. Public grants are presented as other income within total
revenues.
Total revenue The total sales revenue and other operating income are presented in the table below:
NOK million
2025
2024
Power related products
441
317
Asset management
37
31
Consultancy services
27
21
Other revenue
7
14
Sales revenues
512
382
Net gain sale of PPE and project inventory
16
118
Public grants
18
47
Other
26
1
Other income
59
166
Total revenue
571
548
Sales revenue increased in 2025, primarily driven by underlying growth in power-related revenues from an enlarged portfolio, higher production volumes and higher achieved power prices. Other income decreased year-on-year, as the prior year included gains from the sale of three hydropower plants, whereas in 2025 other income comprised smaller divestment gains, public grants and insurance settlements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-492": { "value": "
Note 10 Employee benefits and share-based payments
The tables below show the total remuneration:
FY 2025
Anders Ingrid Ole-Kristofer Charlotte Christian Erik W.
Lenborg Bj\u00f8rdal Bragnes Bergqvist Helland Welle-Strand
NOK million
(CEO)
2
(CSO) (CFO)
(CPO)
1
(CCO)
2
(COO)
Total
Salary
4.4
2.3
2.1
1.5
3.3
1.9
15.4
Bonus
1.3
0.5
0.4
-
0.7
0.4
3.2
Pension benefits
0.1
0.1
0.1
0.3
0.1
0.1
0.7
Share-based payments
2.5
0.5
0.5
-
1.9
0.2
5.7
Total reportable benefits
8.3
3.4
3.1
1.7
5.9
2.6
25.0
1
Salary and other benefits are presented up to 30 September 2025, when the individual stepped down from her position in executive management.
2
Bonus also includes cash settlement paid in February 2025 for warrant package 1 for Anders Lenborg and Christian Helland of NOK 0.15m and NOK 0.09m
respectively. See stock exchange notice.
FY 2024
Anders Ingrid Ole-Kristofer Charlotte Christian Erik W.
Lenborg Bj\u00f8rdal Bragnes Bergqvist Helland Welle-Strand
NOK million (CEO) (CSO)
(CFO)
1
(CPO) (CCO)
(COO)
1
Total
Salary
4.2
2.2
1.6
1.5
3.2
1.7
14.2
Bonus
2.1
0.8
0.6
0.5
1.1
0.5
5.6
Pension benefits
0.1
0.1
0.1
0.3
0.1
0.1
0.7
Share-based payments
5.5
0.8
0.9
1.8
4.1
0.2
13.4
Total reportable benefits
11.9
3.8
3.2
4.1
8.5
2.5
33.9
1
Salary and other benefits represent the full year, considering that the individual entered a management position from 1 July 2024.
Total shares, remuneration and warrants for top management per year-end
FY 2025
Warrants Warrants
Total Warrants granted exercised/
Holding Shares pr remun- granted Warrants pr total pr cancelled/
NOK million company 31.12.25 aration 2025 01.01.2025 31.12.25 expired
Anders Lenborg (CEO)
Lenco AS
1 855 156
8
-
7 445 000
6 650 000
(795 000)
Ingrid Bj\u00f8rdal (CSO)
110 000
3
-
925 000
925 000
-
Ole-Kristofer Bragnes (CFO)
-
3
-
1 000 000
1 000 000
-
Charlotte Bergqvist (CPO)
-
2
-
2 000 000
1 433 333
(566 667)
Christian Helland (CCO)
Amandus
301 758
6
-
5 600 000
5 100 000
(500 000)
Invest AS
Erik W. Welle Strand (COO)
Belisarius
181 702
3
-
300 000
300 000
-
Invest AS
25
-
17 270 000
15 408 333
(1 861 667)
FY 2024
Warrants
Total Warrants granted
Holding Shares pr remun- granted Warrants pr total pr Warrants
NOK million company 31.12.24 aration 2024 01.01.2024 31.12.24 exercised
Anders Lenborg (CEO)
Lenco AS
1 403 546
12
350 000
7 095 000
7 445 000
-
Ingrid Bj\u00f8rdal (CSO)
110 000
4
325 000
600 000
925 000
-
Ole-Kristofer Bragnes (CFO)
-
3
300 000
700 000
1 000 000
-
Charlotte Bergqvist (CPO)
-
4
300 000
1 700 000
2 000 000
-
Christian Helland (CCO)
Amandus
301 758
9
350 000
5 250 000
5 600 000
-
Invest AS
Erik W. Welle Strand (COO)
Belisarius
181 702
3
300 000
-
300 000
-
Invest AS
34
1 925 000
15 345 000
17 270 000
-
Share-based payments and long-term incentive program (LTIP)
In accordance with the terms adopted by the General Meeting of the Company on 21 March 2020, and
updated by the General Meeting on 4 April 2024, the Board of Directors has established an equity-settled
share incentive scheme for the executive managers and key employees of the Group. The key conditions are
as follows:
The LTIP equity programme may cover up to 10% of the issued shares in the Company from time to time.
Allocations are proposed by the Board and are subject to shareholder approval. The exercise price for the
warrants is determined by the Board at its reasonable discretion, considering the fair market value of the
shares on the date of the Board of Director\u2019s proposed allocation of warrants under the programme, and is
subject to approval by the general meeting in connection with the issuance of warrants. The duration of the
warrants from grant date is 5 years, and the vesting period is 3 years from the grant date.
The value of the warrants recognised in the accounts is determined at grant date fair value using the Black-
Scholes option pricing model. The grant date is determined by the Board of Directors. No new warrants
were granted in 2025. The key assumptions applied for the grants in 2024 are a 40% volatility (based on the
Company\u2019s historic volatility from listing on the Oslo B\u00f8rs Main List to the grant date in April 2024), a 3.95%
risk-free interest rate and a 0% dividend yield. Other inputs to the model include the current share price, the
exercise price and the expected life of the option (vesting period plus one year).
The table shows the outstanding warrants as of 1 January and 31 December 2025 and movements in the year: FY 2025
Outstanding warrants 01.01.
24 658 332
Granted in 2025
-
Exercised in 2025
(825 000)
Expired in 2025
(1 416 667)
Outstanding warrants 31.12.
22 416 665
Vested 31.12.2025
16 616 656
Charged to profit and loss during year (NOK million)
8
Charged to equity during year (NOK million)
8
FY 2024
Outstanding warrants 01.01.
22 899 999
Granted in 2024
3 750 000
Exercised in 2024
(825 000)
Expired in 2024
(1 166 667)
Outstanding warrants 31.12.
24 658 332
Vested 31.12.2024
12 274 990
Charged to profit and loss during year (NOK million)
19
Charged to equity during year (NOK million)
17
As of the date of the annual report the following warrants are outstanding: FY 2025
Weighted
average Weighted Vested
# Warrants Grant Expiry remaining average instruments Share price
outstanding date date contractual life strice price 31.12.2025 (grant date)
Warrant package #3
4 866 666
17/06/2021
17.06.2026
0.5
12.5
4 866 666
14.7
Warrant package #4
2 766 666
15/06/2022
28.04.2027
1.3
17.4
2 766 666
16.0
Warrant package #5
11 233 333
27/04/2023
26.04.2028
2.3
12.6
7 733 329
10.4
Warrant package #6
3 550 000
16/04/2024
16.04.2029
3.3
11.1
1 249 995
8.8
22 416 665
16 616 656
Per 31 December 2025, the equity incentive plan covers 7.0% of the issued shares in the Company. Cl", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-530": { "value": "Note 10 Employee benefits and share-based payments Employee benefits The table below shows the employee benefits accrued in the period and the capitalized costs related to development projects.
NOK million
2025
2024
Salaries
93
89
Social security tax
14
13
Pension benefits
4
5
Share based payments
8
19
Other benefits
9
2
Gross personnel expenses
129
127
Capitalized development costs (project inventory)
(5)
(6)
Total personnel expenses
123
122
Average number of full-time equivalents (FTEs)
59
57
Number of full-time equivalents as 31.12 (FTEs)
63
50
Remuneration to board members is included in salaries, see note 24. Pension The Group has an established pension scheme that is classified as a defined contribution plan. The pension scheme is in line with the requirements of the law. Contributions to the defined contribution scheme are recognised in the consolidated statement of profit or loss in the period in which the contribution amounts are earned by the employees. The defined contribution plan does not commit the Group beyond the amounts contributed. Remuneration of the Executive Group Management The remuneration of the Executive Group Management comprises a fixed salary, including personal benefits such as company car, free telephone and health insurance, a variable group performance-based bonus scheme, pension benefits, and a long-term share-based incentive program The tables below show the total remuneration: FY 2025
Anders Ingrid Ole-Kristofer Charlotte Christian Erik W.
Lenborg Bj\u00f8rdal Bragnes Bergqvist Helland Welle-Strand
NOK million
(CEO)
2
(CSO) (CFO)
(CPO)
1
(CCO)
2
(COO)
Total
Salary
4.4
2.3
2.1
1.5
3.3
1.9
15.4
Bonus
1.3
0.5
0.4
-
0.7
0.4
3.2
Pension benefits
0.1
0.1
0.1
0.3
0.1
0.1
0.7
Share-based payments
2.5
0.5
0.5
-
1.9
0.2
5.7
Total reportable benefits
8.3
3.4
3.1
1.7
5.9
2.6
25.0
1 Salary and other benefits are presented up to 30 September 2025, when the individual stepped down from her position in executive management. 2 Bonus also includes cash settlement paid in February 2025 for warrant package 1 for Anders Lenborg and Christian Helland of NOK 0.15m and NOK 0.09m respectively. See stock exchange notice. FY 2024
Anders Ingrid Ole-Kristofer Charlotte Christian Erik W.
Lenborg Bj\u00f8rdal Bragnes Bergqvist Helland Welle-Strand
NOK million (CEO) (CSO)
(CFO)
1
(CPO) (CCO)
(COO)
1
Total
Salary
4.2
2.2
1.6
1.5
3.2
1.7
14.2
Bonus
2.1
0.8
0.6
0.5
1.1
0.5
5.6
Pension benefits
0.1
0.1
0.1
0.3
0.1
0.1
0.7
Share-based payments
5.5
0.8
0.9
1.8
4.1
0.2
13.4
Total reportable benefits
11.9
3.8
3.2
4.1
8.5
2.5
33.9
1 Salary and other benefits represent the full year, considering that the individual entered a management position from 1 July 2024. Total shares, remuneration and warrants for top management per year-end FY 2025
Warrants Warrants
Total Warrants granted exercised/
Holding Shares pr remun- granted Warrants pr total pr cancelled/
NOK million company 31.12.25 aration 2025 01.01.2025 31.12.25 expired
Anders Lenborg (CEO)
Lenco AS
1 855 156
8
-
7 445 000
6 650 000
(795 000)
Ingrid Bj\u00f8rdal (CSO)
110 000
3
-
925 000
925 000
-
Ole-Kristofer Bragnes (CFO)
-
3
-
1 000 000
1 000 000
-
Charlotte Bergqvist (CPO)
-
2
-
2 000 000
1 433 333
(566 667)
Christian Helland (CCO)
Amandus
301 758
6
-
5 600 000
5 100 000
(500 000)
Invest AS
Erik W. Welle Strand (COO)
Belisarius
181 702
3
-
300 000
300 000
-
Invest AS
25
-
17 270 000
15 408 333
(1 861 667)
FY 2024
Warrants
Total Warrants granted
Holding Shares pr remun- granted Warrants pr total pr Warrants
NOK million company 31.12.24 aration 2024 01.01.2024 31.12.24 exercised
Anders Lenborg (CEO)
Lenco AS
1 403 546
12
350 000
7 095 000
7 445 000
-
Ingrid Bj\u00f8rdal (CSO)
110 000
4
325 000
600 000
925 000
-
Ole-Kristofer Bragnes (CFO)
-
3
300 000
700 000
1 000 000
-
Charlotte Bergqvist (CPO)
-
4
300 000
1 700 000
2 000 000
-
Christian Helland (CCO)
Amandus
301 758
9
350 000
5 250 000
5 600 000
-
Invest AS
Erik W. Welle Strand (COO)
Belisarius
181 702
3
300 000
-
300 000
-
Invest AS
34
1 925 000
15 345 000
17 270 000
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-465": { "value": "
NOK million
2025
2024
Salaries
93
89
Social security tax
14
13
Pension benefits
4
5
Share based payments
8
19
Other benefits
9
2
Gross personnel expenses
129
127
Capitalized development costs (project inventory)
(5)
(6)
Total personnel expenses
123
122
Average number of full-time equivalents (FTEs)
59
57
Number of full-time equivalents as 31.12 (FTEs)
63
50
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-541": { "value": "Remuneration of the Executive Group Management The remuneration of the Executive Group Management comprises a fixed salary, including personal benefits such as company car, free telephone and health insurance, a variable group performance-based bonus scheme, pension benefits, and a long-term share-based incentive program The tables below show the total remuneration: FY 2025
Anders Ingrid Ole-Kristofer Charlotte Christian Erik W.
Lenborg Bj\u00f8rdal Bragnes Bergqvist Helland Welle-Strand
NOK million
(CEO)
2
(CSO) (CFO)
(CPO)
1
(CCO)
2
(COO)
Total
Salary
4.4
2.3
2.1
1.5
3.3
1.9
15.4
Bonus
1.3
0.5
0.4
-
0.7
0.4
3.2
Pension benefits
0.1
0.1
0.1
0.3
0.1
0.1
0.7
Share-based payments
2.5
0.5
0.5
-
1.9
0.2
5.7
Total reportable benefits
8.3
3.4
3.1
1.7
5.9
2.6
25.0
1 Salary and other benefits are presented up to 30 September 2025, when the individual stepped down from her position in executive management. 2 Bonus also includes cash settlement paid in February 2025 for warrant package 1 for Anders Lenborg and Christian Helland of NOK 0.15m and NOK 0.09m respectively. See stock exchange notice. FY 2024
Anders Ingrid Ole-Kristofer Charlotte Christian Erik W.
Lenborg Bj\u00f8rdal Bragnes Bergqvist Helland Welle-Strand
NOK million (CEO) (CSO)
(CFO)
1
(CPO) (CCO)
(COO)
1
Total
Salary
4.2
2.2
1.6
1.5
3.2
1.7
14.2
Bonus
2.1
0.8
0.6
0.5
1.1
0.5
5.6
Pension benefits
0.1
0.1
0.1
0.3
0.1
0.1
0.7
Share-based payments
5.5
0.8
0.9
1.8
4.1
0.2
13.4
Total reportable benefits
11.9
3.8
3.2
4.1
8.5
2.5
33.9
1 Salary and other benefits represent the full year, considering that the individual entered a management position from 1 July 2024. Total shares, remuneration and warrants for top management per year-end FY 2025
Warrants Warrants
Total Warrants granted exercised/
Holding Shares pr remun- granted Warrants pr total pr cancelled/
NOK million company 31.12.25 aration 2025 01.01.2025 31.12.25 expired
Anders Lenborg (CEO)
Lenco AS
1 855 156
8
-
7 445 000
6 650 000
(795 000)
Ingrid Bj\u00f8rdal (CSO)
110 000
3
-
925 000
925 000
-
Ole-Kristofer Bragnes (CFO)
-
3
-
1 000 000
1 000 000
-
Charlotte Bergqvist (CPO)
-
2
-
2 000 000
1 433 333
(566 667)
Christian Helland (CCO)
Amandus
301 758
6
-
5 600 000
5 100 000
(500 000)
Invest AS
Erik W. Welle Strand (COO)
Belisarius
181 702
3
-
300 000
300 000
-
Invest AS
25
-
17 270 000
15 408 333
(1 861 667)
FY 2024
Warrants
Total Warrants granted
Holding Shares pr remun- granted Warrants pr total pr Warrants
NOK million company 31.12.24 aration 2024 01.01.2024 31.12.24 exercised
Anders Lenborg (CEO)
Lenco AS
1 403 546
12
350 000
7 095 000
7 445 000
-
Ingrid Bj\u00f8rdal (CSO)
110 000
4
325 000
600 000
925 000
-
Ole-Kristofer Bragnes (CFO)
-
3
300 000
700 000
1 000 000
-
Charlotte Bergqvist (CPO)
-
4
300 000
1 700 000
2 000 000
-
Christian Helland (CCO)
Amandus
301 758
9
350 000
5 250 000
5 600 000
-
Invest AS
Erik W. Welle Strand (COO)
Belisarius
181 702
3
300 000
-
300 000
-
Invest AS
34
1 925 000
15 345 000
17 270 000
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-466": { "value": "
Note 11 Other operating expenses
The table shows the breakdown of other operating expenses in FY 2025 and FY 2024.
NOK million
2025
2024
Lease short-term, low value and variable
33
16
External accounting and auditing fees
16
12
Legal and other fees
37
32
Operating and maintenance power plants
65
52
Other
27
24
Total other operating expenses
179
136
Expenses related to statutory audit and other auditor services is presented below:
NOK million
2025
2024
Statutory audit
7
8
Other assurance services
-
-
Total auditor costs
7
8
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-515": { "value": "Note 11 Other operating expenses The table shows the breakdown of other operating expenses in FY 2025 and FY 2024.
NOK million
2025
2024
Lease short-term, low value and variable
33
16
External accounting and auditing fees
16
12
Legal and other fees
37
32
Operating and maintenance power plants
65
52
Other
27
24
Total other operating expenses
179
136
Expenses related to statutory audit and other auditor services is presented below:
NOK million
2025
2024
Statutory audit
7
8
Other assurance services
-
-
Total auditor costs
7
8
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-493": { "value": "Expenses related to statutory audit and other auditor services is presented below:
NOK million
2025
2024
Statutory audit
7
8
Other assurance services
-
-
Total auditor costs
7
8
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-467": { "value": "
Note 12 Financial items
The table shows the breakdown of financial income and financial expense in FY 2025 and FY 2024.
Financial income
NOK million
2025
2024
Interest income
33
33
Other financial income
28
28
Exchange differences
180
173
Total financial income
240
234
Financial expense
NOK million
2025
2024
Interest expense
(109)
(89)
Other financial expense
(3)
(1)
Exchange differences
(165)
(155)
Capitalized interest
11
2
Total financial expense
(267)
(244)
Financial income
Other financial income of NOK 28m relates to gain on interest rate derivatives of NOK 17m in Cloudberry and
NOK 10m in Forte, and a gain on currency swap of NOK 1m.
Exchange difference gains in financial income for the year amount to NOK 180m, of which NOK 85m relates to
internal debt and receivables, and NOK 95m relates to bank deposits and debt in foreign currency.
The cash effect of interest received amounts to NOK 33m.
Financial expenses
Exchange difference losses in financial expenses for the year amount to NOK 165m, of which NOK 52m
relates to translation differences of internal debt and receivables, and NOK 113m relates to bank deposits
and debt in foreign currency.
The cash effect of interest payments and commitment fees relating to interest-bearing debt and debt facili-
ties was NOK 109m.
Foreign currency exposure
The Group finances investments denominated in foreign currencies with external debt in the same currency.
As a result, quarterly foreign exchange gains and losses arise due to FX rate fluctuations, impacting the profit
and loss statement. However, this external debt is offset by internal receivables in the same currency, effec-
tively reducing currency exposure at the Group level.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-494": { "value": "Financial income
NOK million
2025
2024
Interest income
33
33
Other financial income
28
28
Exchange differences
180
173
Total financial income
240
234
Financial income Other financial income of NOK 28m relates to gain on interest rate derivatives of NOK 17m in Cloudberry and NOK 10m in Forte, and a gain on currency swap of NOK 1m. Exchange difference gains in financial income for the year amount to NOK 180m, of which NOK 85m relates to internal debt and receivables, and NOK 95m relates to bank deposits and debt in foreign currency. The cash effect of interest received amounts to NOK 33m. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-495": { "value": "Financial expense
NOK million
2025
2024
Interest expense
(109)
(89)
Other financial expense
(3)
(1)
Exchange differences
(165)
(155)
Capitalized interest
11
2
Total financial expense
(267)
(244)
Financial expenses Exchange difference losses in financial expenses for the year amount to NOK 165m, of which NOK 52m relates to translation differences of internal debt and receivables, and NOK 113m relates to bank deposits and debt in foreign currency. The cash effect of interest payments and commitment fees relating to interest-bearing debt and debt facili- ties was NOK 109m. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-496": { "value": "Foreign currency exposure The Group finances investments denominated in foreign currencies with external debt in the same currency. As a result, quarterly foreign exchange gains and losses arise due to FX rate fluctuations, impacting the profit and loss statement. However, this external debt is offset by internal receivables in the same currency, effec- tively reducing currency exposure at the Group level.", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-468": { "value": "
Note 13 Tax
Accounting principle
Deferred income tax is recognised, using the liability method, on temporary differences arising between the
tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements.
Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will
be available against which the temporary differences can be utilised.
Tax expense and deferred tax
The table below show the tax expense in the income statement
NOK million
2025
2024
Tax expense in the income statement
Income tax payable
46
(1)
Change in deferred tax related to resource tax
(49)
-
Change in deferred income tax
(12)
(9)
Tax expense in the income statement
(15)
(10)
Reconciliation of nominal tax rate and effective tax rate
Profit before income tax
100
134
Nominal tax rate
22%
22%
Expected tax expense
(22)
(29)
Effect on taxes of:
Permanent differences
34
37
Change in unrecognized tax asset related to tax losses carried forward
(22)
(10)
Changes related to deferred tax on excess values
(3)
-
Changes related to other deferred tax
2
(7)
Change deferred tax on resource rent
(3)
-
Tax expense in the income statement
(15)
(10)
Effective tax rate
15%
7%
The table shows the deferred tax asset and liability in the balance sheet.
NOK million
2025
2024
Temporary differences deferred tax asset:
Inventory valuation
22
-
Property, plant and equipment
7
-
Derivatives
26
106
Other receivables
-
11
Tax loss carried forward
497
441
Subtotal
552
558
Of which not recognised as tax asset
(208)
(154)
Basis for deferred tax asset
344
404
Deferred tax asset
76
89
Temporary differences deferred tax liability:
Inventory valuation
(8)
(8)
Property, plant and equipment
(1 206)
(520)
Intangible assets
(151)
-
Derivative assets
(161)
(48)
Other
(75)
(2)
Subtotal
(1 601)
(578)
Of which not recognised
7
-
Basis for deferred tax liability
(1 594)
(578)
Deferred tax liability
(351)
(127)
Temporarily differences deferred tax liability resource rent
Resource rent tax basis (related to investment in property, plant and equipment)
(123)
(5)
Deferred tax liability resource rent
(67)
(3)
of which deferred tax asset presented in the statement of financial position
40
14
of which deferred tax liabilities presented in the statement of financial position
(418)
(55)
The appropriate tax rate in Norway/Denmark and Sweden is 22% and 20.6% respectively.
Effective resource rent tax rate on Norwegian wind is 25% and Norwegian large-scale hydro is 45%.
As per 31 December 2025 the Group has recorded a valuation allowance of net NOK 201m (NOK 154m) related
to tax losses carried forward, which is not included as a recognised deferred tax asset.
The table below shows the movement in net deferred tax in the statement of financial position from
1 January to 31 December:
NOK million
2025
2024
Net deferred tax at 01.01
(41)
(44)
Recognized in profit or loss statement
(12)
(9)
Recognized in other comprehensive income
(8)
10
Acquisitions and disposals of subsidiaries
(297)
3
Other and currency translation differences
28
-
Change in deferred tax realted to resource tax
(49)
-
Net deferred tax at 31.12
(378)
(41)
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-497": { "value": "Note 13 Tax Accounting principle Deferred income tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Tax expense and deferred tax The table below show the tax expense in the income statement
NOK million
2025
2024
Tax expense in the income statement
Income tax payable
46
(1)
Change in deferred tax related to resource tax
(49)
-
Change in deferred income tax
(12)
(9)
Tax expense in the income statement
(15)
(10)
Reconciliation of nominal tax rate and effective tax rate
Profit before income tax
100
134
Nominal tax rate
22%
22%
Expected tax expense
(22)
(29)
Effect on taxes of:
Permanent differences
34
37
Change in unrecognized tax asset related to tax losses carried forward
(22)
(10)
Changes related to deferred tax on excess values
(3)
-
Changes related to other deferred tax
2
(7)
Change deferred tax on resource rent
(3)
-
Tax expense in the income statement
(15)
(10)
Effective tax rate
15%
7%
The table shows the deferred tax asset and liability in the balance sheet.
NOK million
2025
2024
Temporary differences deferred tax asset:
Inventory valuation
22
-
Property, plant and equipment
7
-
Derivatives
26
106
Other receivables
-
11
Tax loss carried forward
497
441
Subtotal
552
558
Of which not recognised as tax asset
(208)
(154)
Basis for deferred tax asset
344
404
Deferred tax asset
76
89
Temporary differences deferred tax liability:
Inventory valuation
(8)
(8)
Property, plant and equipment
(1 206)
(520)
Intangible assets
(151)
-
Derivative assets
(161)
(48)
Other
(75)
(2)
Subtotal
(1 601)
(578)
Of which not recognised
7
-
Basis for deferred tax liability
(1 594)
(578)
Deferred tax liability
(351)
(127)
Temporarily differences deferred tax liability resource rent
Resource rent tax basis (related to investment in property, plant and equipment)
(123)
(5)
Deferred tax liability resource rent
(67)
(3)
of which deferred tax asset presented in the statement of financial position
40
14
of which deferred tax liabilities presented in the statement of financial position
(418)
(55)
The appropriate tax rate in Norway/Denmark and Sweden is 22% and 20.6% respectively. Effective resource rent tax rate on Norwegian wind is 25% and Norwegian large-scale hydro is 45%. As per 31 December 2025 the Group has recorded a valuation allowance of net NOK 201m (NOK 154m) related to tax losses carried forward, which is not included as a recognised deferred tax asset. The table below shows the movement in net deferred tax in the statement of financial position from 1 January to 31 December:
NOK million
2025
2024
Net deferred tax at 01.01
(41)
(44)
Recognized in profit or loss statement
(12)
(9)
Recognized in other comprehensive income
(8)
10
Acquisitions and disposals of subsidiaries
(297)
3
Other and currency translation differences
28
-
Change in deferred tax realted to resource tax
(49)
-
Net deferred tax at 31.12
(378)
(41)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-531": { "value": "Accounting principle Deferred income tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-516": { "value": "Accounting principle Deferred income tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-469": { "value": "Note 14 Property, plant and equipment Accounting principle Property, plant and equipment (PPE) are measured using the cost method of IAS 16 and capitalisation of borrowing costs is accounted for in accordance with IAS 23. Estimated useful life of power plants The estimated useful life of power plants is based on assumptions on expected usage, expected wear and tear, potential technical or commercial obsolescence, legal or other regulatory limitations, and lease expiry. The power plants currently in operation have an expected useful life between ~20-60 years. Significant estimates and judgment Assessment of asset acquisition or business combination Material management judgment is necessary to determine whether an acquired project or power plant constitutes a business combina- tion or an asset acquisition. This assessment is conducted individually for each acquisition. If the acquisition is identified as a business combination, IFRS 3 Business combinations will be applied, while for asset acquisitions, either IAS 2 inventory or IAS 16 Property plant and equipment will be applied. Acquisitions that consist of a single power plant ready to construct are typically considered asset transactions. Conversely, acquisitions comprising operational (producing) assets are typically accounted for as business combinations. Nevertheless, each acquisition undergoes a distinct assessment to determine the appropriate accounting treatment. Impairment Producing power plants and power plants under construction undergo impairment testing whenever events or changes in circum- stances indicate a potential impairment, see note 15 for further details. Property, plant and equipment During the year, the Group\u2019s property, plant and equipment increased significantly, mainly due to the Forte transaction completed in July 2025. Total additions from business combinations were NOK 2 365m, of which NOK 1 846m related to producing power plants and NOK 144m to power plants under construction, including NOK 39m from an asset purchase through the Odin transaction and the addition of the Sv\u00e5heia hydropower plant with subsequent disposal. Additions to producing power plants not related to business combi- nations primarily concerned further investments in the Sundby, Munkhyttan and H\u00e5n wind farms. Construction projects under Forte Vannkraft, Fardalen, Aspvikelva and Grovlia progressed during the year, with \u00d8vre Ullestad and repair costs at Odin as key drivers for additions to power plants under construction. Annual depreciation increased compared with prior periods, reflecting the enlarged asset base. Producing power plants are pledged as security for long-term debt, see note 21. For information about contractual obligations related to construction projects, see note 22. The table on the following page shows the split of PPE into producing power plants, power plants under construction, equipment and right- to-use lease assets.
The table below shows the split of PPE into producing power plants, power plants under construction, equipment and right-to-use lease assets.
FY 2025
Power
Producing plant under Right to use
NOK million power plants
construction
Equipment
- lease asset
Total
Accumulated cost 1.1.2025
4 354
9
4
219
4 585
Additions from bus.comb. and
acquisitions during the year
2 342
144
-
-
2 486
Additions during the year
30
186
-
1
218
Transfer between groups
15
(14)
-
-
1
Cost of disposed assets
(335)
-
-
-
(335)
Effects of movements in foreign
exchange
14
3
-
1
17
Accumulated cost at 31.12.2025
6 421
327
4
221
6 973
Accumulated depreciations and
impairment losses at 1.1.2025
366
-
3
45
413
Accumulated depreciations acquired
assets during the year
108
-
-
-
108
Depreciations for the year
189
-
-
16
206
Impairment losses
-
1
-
-
1
Accumulated depreciations and
impairment losses disposed assets
-
-
-
-
-
Effects of movements in foreign
exchange
5
-
-
-
5
Accumulated depreciations and
impairment losses at 31.12.2025
668
1
3
61
733
Carrying amount at 31.12.2025
5 753
326
-
160
6 239
Carrying amount beginning of period
3 988
9
1
174
4 172
Estimated useful life (years)
25-60
5-10
5-10
FY 2024
Power
Producing plant under Right to use
NOK million power plants
construction
Equipment
- lease asset
Total
Accumulated cost 1.1.2024
3 372
684
5
209
4 271
Additions from bus.comb. and
acquisitions during the year
123
1
-
-
124
Additions during the year
375
(100)
(2)
-
274
Transfer between groups
596
(596)
-
-
-
Cost of disposed assets
(280)
-
-
-
(280)
Effects of movements in foreign
exchange
167
20
-
9
196
Accumulated cost at 31.12.2024
4 354
9
4
219
4 585
Accumulated depreciations and
impairment losses at 1.1.2024
243
-
3
28
274
Accumulated depreciations acquired
assets during the year
-
-
-
-
-
Depreciations for the year
160
-
1
14
175
Impairment losses
-
-
-
-
-
Accumulated depreciations and
impairment losses disposed assets
(67)
-
-
-
(67)
Effects of movements in foreign
exchange
30
-
(1)
2
31
Accumulated depreciations and
impairment losses at 31.12.2024
366
-
3
45
413
Carrying amount at 31.12.2024
3 988
9
1
174
4 172
Carrying amount beginning of period
3 129
684
2
182
3 997
Estimated useful life (years)
25\u201360
5\u201310
5\u201310
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-517": { "value": "Accounting principle Property, plant and equipment (PPE) are measured using the cost method of IAS 16 and capitalisation of borrowing costs is accounted for in accordance with IAS 23. Estimated useful life of power plants The estimated useful life of power plants is based on assumptions on expected usage, expected wear and tear, potential technical or commercial obsolescence, legal or other regulatory limitations, and lease expiry. The power plants currently in operation have an expected useful life between ~20-60 years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-498": { "value": "Accounting principle Property, plant and equipment (PPE) are measured using the cost method of IAS 16 and capitalisation of borrowing costs is accounted for in accordance with IAS 23. Estimated useful life of power plants The estimated useful life of power plants is based on assumptions on expected usage, expected wear and tear, potential technical or commercial obsolescence, legal or other regulatory limitations, and lease expiry. The power plants currently in operation have an expected useful life between ~20-60 years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-532": { "value": "FY 2025
Power
Producing plant under Right to use
NOK million power plants
construction
Equipment
- lease asset
Total
Accumulated cost 1.1.2025
4 354
9
4
219
4 585
Additions from bus.comb. and
acquisitions during the year
2 342
144
-
-
2 486
Additions during the year
30
186
-
1
218
Transfer between groups
15
(14)
-
-
1
Cost of disposed assets
(335)
-
-
-
(335)
Effects of movements in foreign
exchange
14
3
-
1
17
Accumulated cost at 31.12.2025
6 421
327
4
221
6 973
Accumulated depreciations and
impairment losses at 1.1.2025
366
-
3
45
413
Accumulated depreciations acquired
assets during the year
108
-
-
-
108
Depreciations for the year
189
-
-
16
206
Impairment losses
-
1
-
-
1
Accumulated depreciations and
impairment losses disposed assets
-
-
-
-
-
Effects of movements in foreign
exchange
5
-
-
-
5
Accumulated depreciations and
impairment losses at 31.12.2025
668
1
3
61
733
Carrying amount at 31.12.2025
5 753
326
-
160
6 239
Carrying amount beginning of period
3 988
9
1
174
4 172
Estimated useful life (years)
25-60
5-10
5-10
FY 2024
Power
Producing plant under Right to use
NOK million power plants
construction
Equipment
- lease asset
Total
Accumulated cost 1.1.2024
3 372
684
5
209
4 271
Additions from bus.comb. and
acquisitions during the year
123
1
-
-
124
Additions during the year
375
(100)
(2)
-
274
Transfer between groups
596
(596)
-
-
-
Cost of disposed assets
(280)
-
-
-
(280)
Effects of movements in foreign
exchange
167
20
-
9
196
Accumulated cost at 31.12.2024
4 354
9
4
219
4 585
Accumulated depreciations and
impairment losses at 1.1.2024
243
-
3
28
274
Accumulated depreciations acquired
assets during the year
-
-
-
-
-
Depreciations for the year
160
-
1
14
175
Impairment losses
-
-
-
-
-
Accumulated depreciations and
impairment losses disposed assets
(67)
-
-
-
(67)
Effects of movements in foreign
exchange
30
-
(1)
2
31
Accumulated depreciations and
impairment losses at 31.12.2024
366
-
3
45
413
Carrying amount at 31.12.2024
3 988
9
1
174
4 172
Carrying amount beginning of period
3 129
684
2
182
3 997
Estimated useful life (years)
25\u201360
5\u201310
5\u201310
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-550": { "value": "Note 15 Goodwill and impairment Accounting principle Goodwill is recognized as an intangible asset upon initial recognition in a business combination, measured as the excess of the acquisition cost over the fair value of identifiable net assets at the acquisition date. Goodwill is not amortized but is tested for impairment annually or more frequently if indicators of impairment exist. For other non-financial assets such as property, plant, and equipment (PPE), intangible assets, and investments in associates and joint ventures (JVs), impairment testing is performed whenever circum- stances indicate a potential impairment. The recoverable amount is determined as the higher of fair value less costs to sell or value in use, with impairment losses recognized in profit or loss when applicable. Impairment testing is conducted using a discounted cash flow model (DCF), with future cash flows discounted using the weighted average cost of capital (WACC), including adjustments for project, country and market specific risks at cash generating unit (CGU) level. Key estimates and judgments The Group uses discounted cash flow (DCF) models for impairment testing. For producing power plant assets, the impairment testing is based on the same internal investment models that are used for investment decisions, both at cash generating unit (CGU) level and, where relevant, as an indicator for impairment assessment at indi- vidual asset level. The estimates in DCF models are consistent with those used in the Group\u2019s budgets and long-term outlook approved by management. DCF model for power plants The DCF model evaluates expected cash flows from individual power plants. Cash flows are estimated based on future cash inflows from power sales and future cash outflows from related expenses. The forecast period covers the expected remaining lifetime of the respec- tive assets. The DCF model relies on estimates such as the weighted average cost of capital (WACC), the long-term power price curve, production volumes, regulatory conditions and judgments regarding useful life and other technical assumptions. The key estimates that the model is most sensitive to is the WACC and the long-tern power price curve. For more information on how management applies these estimates, please refer to note 3. Significant estimates The Group Management has applied significant estimates in the impairment assessment, related to: \u2022 Determining the WACC, based on market conditions and updated regularly. \u2022 Estimating future power prices, derived from independent third- party providers. Significant judgments The Group Management has exercised significant judgment in the impairment assessment, related to: \u2022 Assessing production volumes and asset longevity, reflecting technical, operational, and regulatory conditions. \u2022 Identifying impairment indicators, including changes in market conditions, regulatory uncertainties, and macroeconomic factors. Changes in these variables may significantly impact impairment assessments. Annual impairment test of Goodwill Goodwill is allocated to the following CGUs for impairment testing:
NOK million
Reporting segment
2025
2024
Significant CGU\u2019s
Projects
37
37
Commercial
Odin
93
93
Forte
144
-
Asset Management
82
78
Total
357
208
For the purpose of impairment testing of goodwill, the recoverable amount for these assets has been determined estimating the value in use of the assets and comparing against the carrying value of the CGU\u2019s. The value in use calculations are based on management\u2019s budgets and long term outlook and include scenario and sensitivity analyses to reflect uncertainty in power prices, interest rates, regula- tory frameworks and geopolitical developments in the Group\u2019s core markets. The below table summarizes the method for valuation/goodwill testing per segment and the key assumptions and estimates in the calculations:
Recoverable amount
Segment
based on
Key assumptions
Projects
Discounted CF model
Price pr MW, expected
- Value in use future development cost
and discount rate
Commercial
Discounted CF model
Long term power
- Value in use
price curve
1,
change in
discount rate, estimated
production volumes
Asset Discounted CF model Management business
Management - Value in use plan, discount rate and
growth in terminal
1 Average of two independent providers for long-term power price forecasts. For valuation of producing power plant assets in the commercial segment the forecast period exceeds five years and covers the remaining lifetime of the respective assets. Goodwill Projects Goodwill of NOK 37m is allocated to the Projects segment. Projects with construction permits are valued based on a market price per MW/GWh, with no discount applied. Projects in development are valued based on the price per MW/ GWh of a permitted project, discounted using a 15 per cent devel- opment-specific rate from the estimated time of permit approval. Estimated development costs incurred until permit approval are deducted from this value. The impairment test is sensitive to the following assumptions: \u2022 Future cash flows, based on market price per MW/GWh. \u2022 Project timelines, including development progress and permit approval. \u2022 Discount rate of 15 per cent, applied to projects awaiting permits. The Group concludes that no reasonable change in these assump- tions would result in a carrying value exceeding the recoverable amount. Accordingly, no impairment loss has been recognized, as the recover- able amount exceeds the carrying value. Goodwill Commercial Goodwill in the Commercial segment relates to (i) the Odin portfolio of wind assets in Denmark and (ii) the Forte hydropower platform in Norway established in 2025 (see note 5, section \u201cForte transaction\u201d). Goodwill arising from the Forte transaction primarily reflects deferred tax on fair value uplifts identified in the Grand Slam purchase price allocation for the Forte Vannkraft and Forte Energy Norway portfolios and is therefore largely a technical result of recognising deferred tax on excess values. The goodwill from Forte is recognised including deferred tax, consistent with the underlying PPA. At 31 December 2025, goodwill in the Commercial segment is allo- cated to the following cash generating units (CGUs) for impairment testing: \u2022 Odin CGU \u2013 Danish wind portfolio \u2013 Goodwill DKK 59m (NOK 93m as of year-end 2025) \u2022 Forte CGU \u2013 Norwegian small scale hydropower platform, NOK 144m No impairment has been recognised for either CGU in 2025, as the recoverable amounts (value in use) exceed the respective carrying amounts, including goodwill. Odin CGU The Odin CGU consists of producing wind farms in Denmark and related assets. The recoverable amount is determined as value in use based on a discounted cash flow (DCF) model consistent with the methodology described in note 3 and in the general impairment section of this note. Goodwill for Odin arises mainly from: \u2022 Portfolio acquisition: Acquiring a portfolio rather than individual assets involves a premium, reflecting control benefits and lower transaction costs. \u2022 Market entry: Expansion into the Danish market enhances portfolio diversification across market regions, currencies, and balancing technologies, reducing overall Group risk. \u2022 Repowering potential: While the option to repower is not explicitly valued, it is included in goodwill, as certain assets in the portfolio are expected to benefit from repowering. Key assumptions in the impairment test for Odin are: \u2022 Discount rate (WACC): 5.2 per cent. \u2022 Power price curves: average of two independent power price providers, in line with Group policy. \u2022 Production volumes, operating costs and asset lives consistent with internal budgets and long term outlook. The value in use exceeds the carrying amount of the Odin CGU by approximately DKK 21m, and no impairment has been recognised. The Danish power price curve is more front loaded than in Cloudberry\u2019s other core markets, implying that a disproportionate share of the portfolio\u2019s NPV is generated in the early years. Given that the assets are depreciated on a straight line basis, it is therefore natural that the accounting headroom is relatively limited and expected to be so if the power price estimates materialise. Sensitivity analysis \u2013 Odin Management has performed separate sensitivity analyses for the Odin CGU, considered to be reasonably possible changes in key assumptions: \u2022 WACC +0.5 percentage points: result in impairment of DKK 43m. \u2022 WACC +1.0 percentage points: would result in full impairment of goodwill allocated to Odin, DKK 59m, and indicate further impair- ment of PPE and investment in associates and joint ventures of total DKK 44m. \u2022 Power price curve \u20135%: would result in full impairment of goodwill allocated to Odin, DKK 59m, and indicate further impairment of PPE and investment in associates and joint ventures of total DKK 12m. The impairment test for 2025 confirms that, under the base case, goodwill allocated to Odin remains recoverable. Power prices remain the most sensitive assumption. Forte CGU The Forte CGU comprises Cloudberry\u2019s proportionate share of the small scale hydropower platform in Norway held through Forte Vannkraft AS and Forte Energy Norway AS, established through the Forte transaction with Swiss Life Asset Managers completed in July 2025 (see note 5 and note 16). Goodwill for Forte arises mainly from: \u2022 fair value uplifts on hydropower plants and related assets identified in the Grand Slam PPA; and \u2022 associated deferred tax on these fair value adjustments, which is recognised as part of goodwill in accordance with IFRS 3. Accordingly, goodwill for the Forte CGU is recognised including deferred tax, consistent with the PPA prepared for the transaction. The recoverable amount is determined as value in use, based on a DCF model at CGU level. The main assumptions are: \u2022 Discount rate (WACC): 5.6%, reflecting Norwegian hydro risk, country specific interest rate environment and capital structure. \u2022 Forecast period: remaining concession/technical life of the hydro- power assets. \u2022 Power price curves: average of two independent power price providers, in line with Group policy. \u2022 Production volumes and O&M/capex based on updated hydro- logical assessments and investment plans, including ongoing construction projects within the Forte portfolio. Under the base case, the value in use of the Forte CGU exceeds its carrying amount, including goodwill, by approximately NOK 395m. No impairment has therefore been recognised in 2025. Sensitivity analysis \u2013 Forte Management has performed separate sensitivity analyses for the Forte CGU, considered to be reasonably possible changes in key assumptions: \u2022 WACC +0.5 percentage points: reduces headroom to approxi- mately NOK 173m, but still no impairment. \u2022 WACC +1.0 percentage points: would significantly reduce head- room and could result in a partial impairment of goodwill of NOK 23m. \u2022 Power price curve \u20137.5%: reduces headroom to approximately NOK 179m, but still no impairment. The impairment test for 2025 confirms that, under the base case, goodwill allocated to Forte remains recoverable. Goodwill Asset Management As of 31 December 2025, goodwill of NOK 82m is recognised in the Asset Management segment (net of previous impairments). The goodwill relates primarily to the acquisition of Captiva (initial 60 per cent acquired in 2022 and increased to 100 per cent in December 2023) and to the acquisition of the Danish asset management team as part of the Skovgaard transaction completed in March 2025. The Skovgaard transaction increased goodwill in the segment by NOK 8 million. The recognised goodwill reflects established capabilities within renewable energy advisory, asset management expertise, consul- tancy competence and integrated operational systems. The Asset Management segment represents a single cash generating unit (CGU). In recent years the business has been reshaped into a pure play asset management platform: digital operations were spun out to Kaia (Kraftanmelding AS) in 2024, financial services have been outsourced, and the project development portfolio has been trans- ferred to Forte, while the segment has been strengthened through the addition of the Danish team. The remaining operations consist of asset management and consultancy services, including investments in Enestor. For the annual impairment test, the recoverable amount of the Asset Management CGU is determined as value in use, based on a discounted cash flow (DCF) model using the segment\u2019s five year business plan and a terminal value. The base case model applies: \u2022 Discount rate (WACC): 8.35% \u2022 Terminal growth rate: 3 per cent (1 per cent above annual inflation estimates) \u2022 Management\u2019s revenue growth forecasts (moderate but profit- able growth driven by additional wind, solar and hydro mandates, including volumes from Cloudberry\u2019s own portfolio, the Forte platform and external clients, with margin expansion supported by scalable processes and increased use of digital tools) Under these assumptions, the value in use of the Asset Management CGU exceeds the carrying amount of the CGU including goodwill. Accordingly, no impairment has been recognised for goodwill in the Asset Management segment in 2025. Sensitivity analysis Sensitivity analysis has been performed on key assumptions. Reasonably possible changes, including a 2 percentage point increase in the discount rate or a 2 percentage point reduction in the terminal growth rate (to a level equal to inflation), do not reduce the recoverable amount below the carrying amount and therefore do not indicate any impairment of goodwill in the Asset Management segment. Impairment test of other assets For impairment assessment, assets are categorized into cash-gen- erating units (CGUs), representing the lowest level of separately identifiable cash flows. The Group\u2019s CGUs are as follows: Property, plant and equipment (PPE, producing and under construction) \u2022 Hydropower: Power plants sharing the same water flow or infra- structure constraints are assessed as a single CGU. \u2022 Wind Farms: Each wind farm is considered an individual CGU. The Group applies a discounted cash flow (DCF) model to determine impairment indicators. If the model estimates a net investment value below book value, an impairment indicator is identified. However, in 2025, no impairment indicators were observed across producing power plants; therefore, no further impairment testing was conducted. Investments in associated companies and joint ventures The Group applies the equity method for assessing its investments in associates and JVs. At each reporting date, the Group evaluates whether impairment indicators exist. If present, the recoverable amount is compared to the carrying value, and any impairment loss is recognized in the statement of profit or loss as \u201cnet income/loss from associated companies and joint ventures. For 2025, no impairment indicators were identified in investments related to producing power plants, and further impairment testing was not required. Inventory (development projects) The Group evaluates impairment for development projects when their net realizable value (NRV) is lower than the carrying amount. A quarterly review is conducted to assess project progress. If a project is deprioritized, put on hold, or discontinued, its estimated sales value (less disposal costs) is evaluated against book value, and any shortfall is recognized as an impairment loss. \u2022 Projects with construction permits are measured at an estimated market price per MW or GWh, benchmarked against recent transactions. \u2022 Projects in concession processes are grouped for assessment based on development stage and progress. As of 31 December 2025, impairment of NOK 4m has been recognized, see note 18.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-518": { "value": "Note 15 Goodwill and impairment Accounting principle Goodwill is recognized as an intangible asset upon initial recognition in a business combination, measured as the excess of the acquisition cost over the fair value of identifiable net assets at the acquisition date. Goodwill is not amortized but is tested for impairment annually or more frequently if indicators of impairment exist. For other non-financial assets such as property, plant, and equipment (PPE), intangible assets, and investments in associates and joint ventures (JVs), impairment testing is performed whenever circum- stances indicate a potential impairment. The recoverable amount is determined as the higher of fair value less costs to sell or value in use, with impairment losses recognized in profit or loss when applicable. Impairment testing is conducted using a discounted cash flow model (DCF), with future cash flows discounted using the weighted average cost of capital (WACC), including adjustments for project, country and market specific risks at cash generating unit (CGU) level. Key estimates and judgments The Group uses discounted cash flow (DCF) models for impairment testing. For producing power plant assets, the impairment testing is based on the same internal investment models that are used for investment decisions, both at cash generating unit (CGU) level and, where relevant, as an indicator for impairment assessment at indi- vidual asset level. The estimates in DCF models are consistent with those used in the Group\u2019s budgets and long-term outlook approved by management. DCF model for power plants The DCF model evaluates expected cash flows from individual power plants. Cash flows are estimated based on future cash inflows from power sales and future cash outflows from related expenses. The forecast period covers the expected remaining lifetime of the respec- tive assets. The DCF model relies on estimates such as the weighted average cost of capital (WACC), the long-term power price curve, production volumes, regulatory conditions and judgments regarding useful life and other technical assumptions. The key estimates that the model is most sensitive to is the WACC and the long-tern power price curve. For more information on how management applies these estimates, please refer to note 3. Significant estimates The Group Management has applied significant estimates in the impairment assessment, related to: \u2022 Determining the WACC, based on market conditions and updated regularly. \u2022 Estimating future power prices, derived from independent third- party providers. Significant judgments The Group Management has exercised significant judgment in the impairment assessment, related to: \u2022 Assessing production volumes and asset longevity, reflecting technical, operational, and regulatory conditions. \u2022 Identifying impairment indicators, including changes in market conditions, regulatory uncertainties, and macroeconomic factors. Changes in these variables may significantly impact impairment assessments. Annual impairment test of Goodwill Goodwill is allocated to the following CGUs for impairment testing:
NOK million
Reporting segment
2025
2024
Significant CGU\u2019s
Projects
37
37
Commercial
Odin
93
93
Forte
144
-
Asset Management
82
78
Total
357
208
For the purpose of impairment testing of goodwill, the recoverable amount for these assets has been determined estimating the value in use of the assets and comparing against the carrying value of the CGU\u2019s. The value in use calculations are based on management\u2019s budgets and long term outlook and include scenario and sensitivity analyses to reflect uncertainty in power prices, interest rates, regula- tory frameworks and geopolitical developments in the Group\u2019s core markets. The below table summarizes the method for valuation/goodwill testing per segment and the key assumptions and estimates in the calculations:
Recoverable amount
Segment
based on
Key assumptions
Projects
Discounted CF model
Price pr MW, expected
- Value in use future development cost
and discount rate
Commercial
Discounted CF model
Long term power
- Value in use
price curve
1,
change in
discount rate, estimated
production volumes
Asset Discounted CF model Management business
Management - Value in use plan, discount rate and
growth in terminal
1 Average of two independent providers for long-term power price forecasts. For valuation of producing power plant assets in the commercial segment the forecast period exceeds five years and covers the remaining lifetime of the respective assets. Goodwill Projects Goodwill of NOK 37m is allocated to the Projects segment. Projects with construction permits are valued based on a market price per MW/GWh, with no discount applied. Projects in development are valued based on the price per MW/ GWh of a permitted project, discounted using a 15 per cent devel- opment-specific rate from the estimated time of permit approval. Estimated development costs incurred until permit approval are deducted from this value. The impairment test is sensitive to the following assumptions: \u2022 Future cash flows, based on market price per MW/GWh. \u2022 Project timelines, including development progress and permit approval. \u2022 Discount rate of 15 per cent, applied to projects awaiting permits. The Group concludes that no reasonable change in these assump- tions would result in a carrying value exceeding the recoverable amount. Accordingly, no impairment loss has been recognized, as the recover- able amount exceeds the carrying value. Goodwill Commercial Goodwill in the Commercial segment relates to (i) the Odin portfolio of wind assets in Denmark and (ii) the Forte hydropower platform in Norway established in 2025 (see note 5, section \u201cForte transaction\u201d). Goodwill arising from the Forte transaction primarily reflects deferred tax on fair value uplifts identified in the Grand Slam purchase price allocation for the Forte Vannkraft and Forte Energy Norway portfolios and is therefore largely a technical result of recognising deferred tax on excess values. The goodwill from Forte is recognised including deferred tax, consistent with the underlying PPA. At 31 December 2025, goodwill in the Commercial segment is allo- cated to the following cash generating units (CGUs) for impairment testing: \u2022 Odin CGU \u2013 Danish wind portfolio \u2013 Goodwill DKK 59m (NOK 93m as of year-end 2025) \u2022 Forte CGU \u2013 Norwegian small scale hydropower platform, NOK 144m No impairment has been recognised for either CGU in 2025, as the recoverable amounts (value in use) exceed the respective carrying amounts, including goodwill. Odin CGU The Odin CGU consists of producing wind farms in Denmark and related assets. The recoverable amount is determined as value in use based on a discounted cash flow (DCF) model consistent with the methodology described in note 3 and in the general impairment section of this note. Goodwill for Odin arises mainly from: \u2022 Portfolio acquisition: Acquiring a portfolio rather than individual assets involves a premium, reflecting control benefits and lower transaction costs. \u2022 Market entry: Expansion into the Danish market enhances portfolio diversification across market regions, currencies, and balancing technologies, reducing overall Group risk. \u2022 Repowering potential: While the option to repower is not explicitly valued, it is included in goodwill, as certain assets in the portfolio are expected to benefit from repowering. Key assumptions in the impairment test for Odin are: \u2022 Discount rate (WACC): 5.2 per cent. \u2022 Power price curves: average of two independent power price providers, in line with Group policy. \u2022 Production volumes, operating costs and asset lives consistent with internal budgets and long term outlook. The value in use exceeds the carrying amount of the Odin CGU by approximately DKK 21m, and no impairment has been recognised. The Danish power price curve is more front loaded than in Cloudberry\u2019s other core markets, implying that a disproportionate share of the portfolio\u2019s NPV is generated in the early years. Given that the assets are depreciated on a straight line basis, it is therefore natural that the accounting headroom is relatively limited and expected to be so if the power price estimates materialise. Sensitivity analysis \u2013 Odin Management has performed separate sensitivity analyses for the Odin CGU, considered to be reasonably possible changes in key assumptions: \u2022 WACC +0.5 percentage points: result in impairment of DKK 43m. \u2022 WACC +1.0 percentage points: would result in full impairment of goodwill allocated to Odin, DKK 59m, and indicate further impair- ment of PPE and investment in associates and joint ventures of total DKK 44m. \u2022 Power price curve \u20135%: would result in full impairment of goodwill allocated to Odin, DKK 59m, and indicate further impairment of PPE and investment in associates and joint ventures of total DKK 12m. The impairment test for 2025 confirms that, under the base case, goodwill allocated to Odin remains recoverable. Power prices remain the most sensitive assumption. Forte CGU The Forte CGU comprises Cloudberry\u2019s proportionate share of the small scale hydropower platform in Norway held through Forte Vannkraft AS and Forte Energy Norway AS, established through the Forte transaction with Swiss Life Asset Managers completed in July 2025 (see note 5 and note 16). Goodwill for Forte arises mainly from: \u2022 fair value uplifts on hydropower plants and related assets identified in the Grand Slam PPA; and \u2022 associated deferred tax on these fair value adjustments, which is recognised as part of goodwill in accordance with IFRS 3. Accordingly, goodwill for the Forte CGU is recognised including deferred tax, consistent with the PPA prepared for the transaction. The recoverable amount is determined as value in use, based on a DCF model at CGU level. The main assumptions are: \u2022 Discount rate (WACC): 5.6%, reflecting Norwegian hydro risk, country specific interest rate environment and capital structure. \u2022 Forecast period: remaining concession/technical life of the hydro- power assets. \u2022 Power price curves: average of two independent power price providers, in line with Group policy. \u2022 Production volumes and O&M/capex based on updated hydro- logical assessments and investment plans, including ongoing construction projects within the Forte portfolio. Under the base case, the value in use of the Forte CGU exceeds its carrying amount, including goodwill, by approximately NOK 395m. No impairment has therefore been recognised in 2025. Sensitivity analysis \u2013 Forte Management has performed separate sensitivity analyses for the Forte CGU, considered to be reasonably possible changes in key assumptions: \u2022 WACC +0.5 percentage points: reduces headroom to approxi- mately NOK 173m, but still no impairment. \u2022 WACC +1.0 percentage points: would significantly reduce head- room and could result in a partial impairment of goodwill of NOK 23m. \u2022 Power price curve \u20137.5%: reduces headroom to approximately NOK 179m, but still no impairment. The impairment test for 2025 confirms that, under the base case, goodwill allocated to Forte remains recoverable. Goodwill Asset Management As of 31 December 2025, goodwill of NOK 82m is recognised in the Asset Management segment (net of previous impairments). The goodwill relates primarily to the acquisition of Captiva (initial 60 per cent acquired in 2022 and increased to 100 per cent in December 2023) and to the acquisition of the Danish asset management team as part of the Skovgaard transaction completed in March 2025. The Skovgaard transaction increased goodwill in the segment by NOK 8 million. The recognised goodwill reflects established capabilities within renewable energy advisory, asset management expertise, consul- tancy competence and integrated operational systems. The Asset Management segment represents a single cash generating unit (CGU). In recent years the business has been reshaped into a pure play asset management platform: digital operations were spun out to Kaia (Kraftanmelding AS) in 2024, financial services have been outsourced, and the project development portfolio has been trans- ferred to Forte, while the segment has been strengthened through the addition of the Danish team. The remaining operations consist of asset management and consultancy services, including investments in Enestor. For the annual impairment test, the recoverable amount of the Asset Management CGU is determined as value in use, based on a discounted cash flow (DCF) model using the segment\u2019s five year business plan and a terminal value. The base case model applies: \u2022 Discount rate (WACC): 8.35% \u2022 Terminal growth rate: 3 per cent (1 per cent above annual inflation estimates) \u2022 Management\u2019s revenue growth forecasts (moderate but profit- able growth driven by additional wind, solar and hydro mandates, including volumes from Cloudberry\u2019s own portfolio, the Forte platform and external clients, with margin expansion supported by scalable processes and increased use of digital tools) Under these assumptions, the value in use of the Asset Management CGU exceeds the carrying amount of the CGU including goodwill. Accordingly, no impairment has been recognised for goodwill in the Asset Management segment in 2025. Sensitivity analysis Sensitivity analysis has been performed on key assumptions. Reasonably possible changes, including a 2 percentage point increase in the discount rate or a 2 percentage point reduction in the terminal growth rate (to a level equal to inflation), do not reduce the recoverable amount below the carrying amount and therefore do not indicate any impairment of goodwill in the Asset Management segment. Impairment test of other assets For impairment assessment, assets are categorized into cash-gen- erating units (CGUs), representing the lowest level of separately identifiable cash flows. The Group\u2019s CGUs are as follows: Property, plant and equipment (PPE, producing and under construction) \u2022 Hydropower: Power plants sharing the same water flow or infra- structure constraints are assessed as a single CGU. \u2022 Wind Farms: Each wind farm is considered an individual CGU. The Group applies a discounted cash flow (DCF) model to determine impairment indicators. If the model estimates a net investment value below book value, an impairment indicator is identified. However, in 2025, no impairment indicators were observed across producing power plants; therefore, no further impairment testing was conducted. Investments in associated companies and joint ventures The Group applies the equity method for assessing its investments in associates and JVs. At each reporting date, the Group evaluates whether impairment indicators exist. If present, the recoverable amount is compared to the carrying value, and any impairment loss is recognized in the statement of profit or loss as \u201cnet income/loss from associated companies and joint ventures. For 2025, no impairment indicators were identified in investments related to producing power plants, and further impairment testing was not required. Inventory (development projects) The Group evaluates impairment for development projects when their net realizable value (NRV) is lower than the carrying amount. A quarterly review is conducted to assess project progress. If a project is deprioritized, put on hold, or discontinued, its estimated sales value (less disposal costs) is evaluated against book value, and any shortfall is recognized as an impairment loss. \u2022 Projects with construction permits are measured at an estimated market price per MW or GWh, benchmarked against recent transactions. \u2022 Projects in concession processes are grouped for assessment based on development stage and progress. As of 31 December 2025, impairment of NOK 4m has been recognized, see note 18.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-499": { "value": "Note 15 Goodwill and impairment Accounting principle Goodwill is recognized as an intangible asset upon initial recognition in a business combination, measured as the excess of the acquisition cost over the fair value of identifiable net assets at the acquisition date. Goodwill is not amortized but is tested for impairment annually or more frequently if indicators of impairment exist. For other non-financial assets such as property, plant, and equipment (PPE), intangible assets, and investments in associates and joint ventures (JVs), impairment testing is performed whenever circum- stances indicate a potential impairment. The recoverable amount is determined as the higher of fair value less costs to sell or value in use, with impairment losses recognized in profit or loss when applicable. Impairment testing is conducted using a discounted cash flow model (DCF), with future cash flows discounted using the weighted average cost of capital (WACC), including adjustments for project, country and market specific risks at cash generating unit (CGU) level. Key estimates and judgments The Group uses discounted cash flow (DCF) models for impairment testing. For producing power plant assets, the impairment testing is based on the same internal investment models that are used for investment decisions, both at cash generating unit (CGU) level and, where relevant, as an indicator for impairment assessment at indi- vidual asset level. The estimates in DCF models are consistent with those used in the Group\u2019s budgets and long-term outlook approved by management. DCF model for power plants The DCF model evaluates expected cash flows from individual power plants. Cash flows are estimated based on future cash inflows from power sales and future cash outflows from related expenses. The forecast period covers the expected remaining lifetime of the respec- tive assets. The DCF model relies on estimates such as the weighted average cost of capital (WACC), the long-term power price curve, production volumes, regulatory conditions and judgments regarding useful life and other technical assumptions. The key estimates that the model is most sensitive to is the WACC and the long-tern power price curve. For more information on how management applies these estimates, please refer to note 3. Significant estimates The Group Management has applied significant estimates in the impairment assessment, related to: \u2022 Determining the WACC, based on market conditions and updated regularly. \u2022 Estimating future power prices, derived from independent third- party providers. Significant judgments The Group Management has exercised significant judgment in the impairment assessment, related to: \u2022 Assessing production volumes and asset longevity, reflecting technical, operational, and regulatory conditions. \u2022 Identifying impairment indicators, including changes in market conditions, regulatory uncertainties, and macroeconomic factors. Changes in these variables may significantly impact impairment assessments. Annual impairment test of Goodwill Goodwill is allocated to the following CGUs for impairment testing:
NOK million
Reporting segment
2025
2024
Significant CGU\u2019s
Projects
37
37
Commercial
Odin
93
93
Forte
144
-
Asset Management
82
78
Total
357
208
For the purpose of impairment testing of goodwill, the recoverable amount for these assets has been determined estimating the value in use of the assets and comparing against the carrying value of the CGU\u2019s. The value in use calculations are based on management\u2019s budgets and long term outlook and include scenario and sensitivity analyses to reflect uncertainty in power prices, interest rates, regula- tory frameworks and geopolitical developments in the Group\u2019s core markets. The below table summarizes the method for valuation/goodwill testing per segment and the key assumptions and estimates in the calculations:
Recoverable amount
Segment
based on
Key assumptions
Projects
Discounted CF model
Price pr MW, expected
- Value in use future development cost
and discount rate
Commercial
Discounted CF model
Long term power
- Value in use
price curve
1,
change in
discount rate, estimated
production volumes
Asset Discounted CF model Management business
Management - Value in use plan, discount rate and
growth in terminal
1 Average of two independent providers for long-term power price forecasts. For valuation of producing power plant assets in the commercial segment the forecast period exceeds five years and covers the remaining lifetime of the respective assets. Goodwill Projects Goodwill of NOK 37m is allocated to the Projects segment. Projects with construction permits are valued based on a market price per MW/GWh, with no discount applied. Projects in development are valued based on the price per MW/ GWh of a permitted project, discounted using a 15 per cent devel- opment-specific rate from the estimated time of permit approval. Estimated development costs incurred until permit approval are deducted from this value. The impairment test is sensitive to the following assumptions: \u2022 Future cash flows, based on market price per MW/GWh. \u2022 Project timelines, including development progress and permit approval. \u2022 Discount rate of 15 per cent, applied to projects awaiting permits. The Group concludes that no reasonable change in these assump- tions would result in a carrying value exceeding the recoverable amount. Accordingly, no impairment loss has been recognized, as the recover- able amount exceeds the carrying value. Goodwill Commercial Goodwill in the Commercial segment relates to (i) the Odin portfolio of wind assets in Denmark and (ii) the Forte hydropower platform in Norway established in 2025 (see note 5, section \u201cForte transaction\u201d). Goodwill arising from the Forte transaction primarily reflects deferred tax on fair value uplifts identified in the Grand Slam purchase price allocation for the Forte Vannkraft and Forte Energy Norway portfolios and is therefore largely a technical result of recognising deferred tax on excess values. The goodwill from Forte is recognised including deferred tax, consistent with the underlying PPA. At 31 December 2025, goodwill in the Commercial segment is allo- cated to the following cash generating units (CGUs) for impairment testing: \u2022 Odin CGU \u2013 Danish wind portfolio \u2013 Goodwill DKK 59m (NOK 93m as of year-end 2025) \u2022 Forte CGU \u2013 Norwegian small scale hydropower platform, NOK 144m No impairment has been recognised for either CGU in 2025, as the recoverable amounts (value in use) exceed the respective carrying amounts, including goodwill. Odin CGU The Odin CGU consists of producing wind farms in Denmark and related assets. The recoverable amount is determined as value in use based on a discounted cash flow (DCF) model consistent with the methodology described in note 3 and in the general impairment section of this note. Goodwill for Odin arises mainly from: \u2022 Portfolio acquisition: Acquiring a portfolio rather than individual assets involves a premium, reflecting control benefits and lower transaction costs. \u2022 Market entry: Expansion into the Danish market enhances portfolio diversification across market regions, currencies, and balancing technologies, reducing overall Group risk. \u2022 Repowering potential: While the option to repower is not explicitly valued, it is included in goodwill, as certain assets in the portfolio are expected to benefit from repowering. Key assumptions in the impairment test for Odin are: \u2022 Discount rate (WACC): 5.2 per cent. \u2022 Power price curves: average of two independent power price providers, in line with Group policy. \u2022 Production volumes, operating costs and asset lives consistent with internal budgets and long term outlook. The value in use exceeds the carrying amount of the Odin CGU by approximately DKK 21m, and no impairment has been recognised. The Danish power price curve is more front loaded than in Cloudberry\u2019s other core markets, implying that a disproportionate share of the portfolio\u2019s NPV is generated in the early years. Given that the assets are depreciated on a straight line basis, it is therefore natural that the accounting headroom is relatively limited and expected to be so if the power price estimates materialise. Sensitivity analysis \u2013 Odin Management has performed separate sensitivity analyses for the Odin CGU, considered to be reasonably possible changes in key assumptions: \u2022 WACC +0.5 percentage points: result in impairment of DKK 43m. \u2022 WACC +1.0 percentage points: would result in full impairment of goodwill allocated to Odin, DKK 59m, and indicate further impair- ment of PPE and investment in associates and joint ventures of total DKK 44m. \u2022 Power price curve \u20135%: would result in full impairment of goodwill allocated to Odin, DKK 59m, and indicate further impairment of PPE and investment in associates and joint ventures of total DKK 12m. The impairment test for 2025 confirms that, under the base case, goodwill allocated to Odin remains recoverable. Power prices remain the most sensitive assumption. Forte CGU The Forte CGU comprises Cloudberry\u2019s proportionate share of the small scale hydropower platform in Norway held through Forte Vannkraft AS and Forte Energy Norway AS, established through the Forte transaction with Swiss Life Asset Managers completed in July 2025 (see note 5 and note 16). Goodwill for Forte arises mainly from: \u2022 fair value uplifts on hydropower plants and related assets identified in the Grand Slam PPA; and \u2022 associated deferred tax on these fair value adjustments, which is recognised as part of goodwill in accordance with IFRS 3. Accordingly, goodwill for the Forte CGU is recognised including deferred tax, consistent with the PPA prepared for the transaction. The recoverable amount is determined as value in use, based on a DCF model at CGU level. The main assumptions are: \u2022 Discount rate (WACC): 5.6%, reflecting Norwegian hydro risk, country specific interest rate environment and capital structure. \u2022 Forecast period: remaining concession/technical life of the hydro- power assets. \u2022 Power price curves: average of two independent power price providers, in line with Group policy. \u2022 Production volumes and O&M/capex based on updated hydro- logical assessments and investment plans, including ongoing construction projects within the Forte portfolio. Under the base case, the value in use of the Forte CGU exceeds its carrying amount, including goodwill, by approximately NOK 395m. No impairment has therefore been recognised in 2025. Sensitivity analysis \u2013 Forte Management has performed separate sensitivity analyses for the Forte CGU, considered to be reasonably possible changes in key assumptions: \u2022 WACC +0.5 percentage points: reduces headroom to approxi- mately NOK 173m, but still no impairment. \u2022 WACC +1.0 percentage points: would significantly reduce head- room and could result in a partial impairment of goodwill of NOK 23m. \u2022 Power price curve \u20137.5%: reduces headroom to approximately NOK 179m, but still no impairment. The impairment test for 2025 confirms that, under the base case, goodwill allocated to Forte remains recoverable. Goodwill Asset Management As of 31 December 2025, goodwill of NOK 82m is recognised in the Asset Management segment (net of previous impairments). The goodwill relates primarily to the acquisition of Captiva (initial 60 per cent acquired in 2022 and increased to 100 per cent in December 2023) and to the acquisition of the Danish asset management team as part of the Skovgaard transaction completed in March 2025. The Skovgaard transaction increased goodwill in the segment by NOK 8 million. The recognised goodwill reflects established capabilities within renewable energy advisory, asset management expertise, consul- tancy competence and integrated operational systems. The Asset Management segment represents a single cash generating unit (CGU). In recent years the business has been reshaped into a pure play asset management platform: digital operations were spun out to Kaia (Kraftanmelding AS) in 2024, financial services have been outsourced, and the project development portfolio has been trans- ferred to Forte, while the segment has been strengthened through the addition of the Danish team. The remaining operations consist of asset management and consultancy services, including investments in Enestor. For the annual impairment test, the recoverable amount of the Asset Management CGU is determined as value in use, based on a discounted cash flow (DCF) model using the segment\u2019s five year business plan and a terminal value. The base case model applies: \u2022 Discount rate (WACC): 8.35% \u2022 Terminal growth rate: 3 per cent (1 per cent above annual inflation estimates) \u2022 Management\u2019s revenue growth forecasts (moderate but profit- able growth driven by additional wind, solar and hydro mandates, including volumes from Cloudberry\u2019s own portfolio, the Forte platform and external clients, with margin expansion supported by scalable processes and increased use of digital tools) Under these assumptions, the value in use of the Asset Management CGU exceeds the carrying amount of the CGU including goodwill. Accordingly, no impairment has been recognised for goodwill in the Asset Management segment in 2025. Sensitivity analysis Sensitivity analysis has been performed on key assumptions. Reasonably possible changes, including a 2 percentage point increase in the discount rate or a 2 percentage point reduction in the terminal growth rate (to a level equal to inflation), do not reduce the recoverable amount below the carrying amount and therefore do not indicate any impairment of goodwill in the Asset Management segment. Impairment test of other assets For impairment assessment, assets are categorized into cash-gen- erating units (CGUs), representing the lowest level of separately identifiable cash flows. The Group\u2019s CGUs are as follows: Property, plant and equipment (PPE, producing and under construction) \u2022 Hydropower: Power plants sharing the same water flow or infra- structure constraints are assessed as a single CGU. \u2022 Wind Farms: Each wind farm is considered an individual CGU. The Group applies a discounted cash flow (DCF) model to determine impairment indicators. If the model estimates a net investment value below book value, an impairment indicator is identified. However, in 2025, no impairment indicators were observed across producing power plants; therefore, no further impairment testing was conducted. Investments in associated companies and joint ventures The Group applies the equity method for assessing its investments in associates and JVs. At each reporting date, the Group evaluates whether impairment indicators exist. If present, the recoverable amount is compared to the carrying value, and any impairment loss is recognized in the statement of profit or loss as \u201cnet income/loss from associated companies and joint ventures. For 2025, no impairment indicators were identified in investments related to producing power plants, and further impairment testing was not required. Inventory (development projects) The Group evaluates impairment for development projects when their net realizable value (NRV) is lower than the carrying amount. A quarterly review is conducted to assess project progress. If a project is deprioritized, put on hold, or discontinued, its estimated sales value (less disposal costs) is evaluated against book value, and any shortfall is recognized as an impairment loss. \u2022 Projects with construction permits are measured at an estimated market price per MW or GWh, benchmarked against recent transactions. \u2022 Projects in concession processes are grouped for assessment based on development stage and progress. As of 31 December 2025, impairment of NOK 4m has been recognized, see note 18.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-470": { "value": "Note 15 Goodwill and impairment Accounting principle Goodwill is recognized as an intangible asset upon initial recognition in a business combination, measured as the excess of the acquisition cost over the fair value of identifiable net assets at the acquisition date. Goodwill is not amortized but is tested for impairment annually or more frequently if indicators of impairment exist. For other non-financial assets such as property, plant, and equipment (PPE), intangible assets, and investments in associates and joint ventures (JVs), impairment testing is performed whenever circum- stances indicate a potential impairment. The recoverable amount is determined as the higher of fair value less costs to sell or value in use, with impairment losses recognized in profit or loss when applicable. Impairment testing is conducted using a discounted cash flow model (DCF), with future cash flows discounted using the weighted average cost of capital (WACC), including adjustments for project, country and market specific risks at cash generating unit (CGU) level. Key estimates and judgments The Group uses discounted cash flow (DCF) models for impairment testing. For producing power plant assets, the impairment testing is based on the same internal investment models that are used for investment decisions, both at cash generating unit (CGU) level and, where relevant, as an indicator for impairment assessment at indi- vidual asset level. The estimates in DCF models are consistent with those used in the Group\u2019s budgets and long-term outlook approved by management. DCF model for power plants The DCF model evaluates expected cash flows from individual power plants. Cash flows are estimated based on future cash inflows from power sales and future cash outflows from related expenses. The forecast period covers the expected remaining lifetime of the respec- tive assets. The DCF model relies on estimates such as the weighted average cost of capital (WACC), the long-term power price curve, production volumes, regulatory conditions and judgments regarding useful life and other technical assumptions. The key estimates that the model is most sensitive to is the WACC and the long-tern power price curve. For more information on how management applies these estimates, please refer to note 3. Significant estimates The Group Management has applied significant estimates in the impairment assessment, related to: \u2022 Determining the WACC, based on market conditions and updated regularly. \u2022 Estimating future power prices, derived from independent third- party providers. Significant judgments The Group Management has exercised significant judgment in the impairment assessment, related to: \u2022 Assessing production volumes and asset longevity, reflecting technical, operational, and regulatory conditions. \u2022 Identifying impairment indicators, including changes in market conditions, regulatory uncertainties, and macroeconomic factors. Changes in these variables may significantly impact impairment assessments. Annual impairment test of Goodwill Goodwill is allocated to the following CGUs for impairment testing:
NOK million
Reporting segment
2025
2024
Significant CGU\u2019s
Projects
37
37
Commercial
Odin
93
93
Forte
144
-
Asset Management
82
78
Total
357
208
For the purpose of impairment testing of goodwill, the recoverable amount for these assets has been determined estimating the value in use of the assets and comparing against the carrying value of the CGU\u2019s. The value in use calculations are based on management\u2019s budgets and long term outlook and include scenario and sensitivity analyses to reflect uncertainty in power prices, interest rates, regula- tory frameworks and geopolitical developments in the Group\u2019s core markets.
The below table summarizes the method for valuation/goodwill
testing per segment and the key assumptions and estimates in the
calculations:
Recoverable amount
Segment
based on
Key assumptions
Projects
Discounted CF model
Price pr MW, expected
- Value in use future development cost
and discount rate
Commercial
Discounted CF model
Long term power
- Value in use
price curve
1,
change in
discount rate, estimated
production volumes
Asset Discounted CF model Management business
Management - Value in use plan, discount rate and
growth in terminal
1
Average of two independent providers for long-term power price forecasts.
For valuation of producing power plant assets in the commercial
segment the forecast period exceeds five years and covers the
remaining lifetime of the respective assets.
Goodwill Projects
Goodwill of NOK 37m is allocated to the Projects segment.
Projects with construction permits are valued based on a market
price per MW/GWh, with no discount applied.
Projects in development are valued based on the price per MW/
GWh of a permitted project, discounted using a 15 per cent devel-
opment-specific rate from the estimated time of permit approval.
Estimated development costs incurred until permit approval are
deducted from this value.
The impairment test is sensitive to the following assumptions:
\u2022
Future cash flows, based on market price per MW/GWh.
\u2022
Project timelines, including development progress and permit
approval.
\u2022
Discount rate of 15 per cent, applied to projects awaiting permits.
The Group concludes that no reasonable change in these assump-
tions would result in a carrying value exceeding the recoverable
amount.
Accordingly, no impairment loss has been recognized, as the recover-
able amount exceeds the carrying value.
Goodwill Commercial
Goodwill in the Commercial segment relates to (i) the Odin portfolio
of wind assets in Denmark and (ii) the Forte hydropower platform in
Norway established in 2025 (see note 5, section \u201cForte transaction\u201d).
Goodwill arising from the Forte transaction primarily reflects deferred
tax on fair value uplifts identified in the Grand Slam purchase price
allocation for the Forte Vannkraft and Forte Energy Norway portfolios
and is therefore largely a technical result of recognising deferred
tax on excess values. The goodwill from Forte is recognised including
deferred tax, consistent with the underlying PPA.
At 31 December 2025, goodwill in the Commercial segment is allo-
cated to the following cash generating units (CGUs) for impairment
testing:
\u2022
Odin CGU \u2013 Danish wind portfolio \u2013 Goodwill DKK 59m (NOK 93m as
of year-end 2025)
\u2022
Forte CGU \u2013 Norwegian small scale hydropower platform,
NOK 144m
No impairment has been recognised for either CGU in 2025, as the
recoverable amounts (value in use) exceed the respective carrying
amounts, including goodwill.
Odin CGU
The Odin CGU consists of producing wind farms in Denmark and
related assets. The recoverable amount is determined as value in
use based on a discounted cash flow (DCF) model consistent with
the methodology described in note 3 and in the general impairment
section of this note.
Goodwill for Odin arises mainly from:
\u2022
Portfolio acquisition: Acquiring a portfolio rather than individual
assets involves a premium, reflecting control benefits and lower
transaction costs.
\u2022
Market entry: Expansion into the Danish market enhances portfolio
diversification across market regions, currencies, and balancing
technologies, reducing overall Group risk.
\u2022
Repowering potential: While the option to repower is not explicitly
valued, it is included in goodwill, as certain assets in the portfolio
are expected to benefit from repowering.
Key assumptions in the impairment test for Odin are:
\u2022
Discount rate (WACC): 5.2 per cent.
\u2022
Power price curves: average of two independent power price
providers, in line with Group policy.
\u2022
Production volumes, operating costs and asset lives consistent with
internal budgets and long term outlook.
The value in use exceeds the carrying amount of the Odin CGU by
approximately DKK 21m, and no impairment has been recognised. The
Danish power price curve is more front loaded than in Cloudberry\u2019s
other core markets, implying that a disproportionate share of the
portfolio\u2019s NPV is generated in the early years. Given that the assets
are depreciated on a straight line basis, it is therefore natural that the
accounting headroom is relatively limited and expected to be so if the
power price estimates materialise.
Sensitivity analysis \u2013 Odin
Management has performed separate sensitivity analyses for the
Odin CGU, considered to be reasonably possible changes in key
assumptions:
\u2022
WACC +0.5 percentage points: result in impairment of DKK 43m.
\u2022
WACC +1.0 percentage points: would result in full impairment of
goodwill allocated to Odin, DKK 59m, and indicate further impair-
ment of PPE and investment in associates and joint ventures of
total DKK 44m.
\u2022
Power price curve \u20135%: would result in full impairment of goodwill
allocated to Odin, DKK 59m, and indicate further impairment of PPE
and investment in associates and joint ventures of total DKK 12m.
The impairment test for 2025 confirms that, under the base case,
goodwill allocated to Odin remains recoverable. Power prices remain
the most sensitive assumption.
Forte CGU
The Forte CGU comprises Cloudberry\u2019s proportionate share of the
small scale hydropower platform in Norway held through Forte
Vannkraft AS and Forte Energy Norway AS, established through the
Forte transaction with Swiss Life Asset Managers completed in July
2025 (see note 5 and note 16).
Goodwill for Forte arises mainly from:
\u2022
fair value uplifts on hydropower plants and related assets identified
in the Grand Slam PPA; and
\u2022
associated deferred tax on these fair value adjustments, which is
recognised as part of goodwill in accordance with IFRS 3.
Accordingly, goodwill for the Forte CGU is recognised including
deferred tax, consistent with the PPA prepared for the
transaction.
The recoverable amount is determined as value in use, based on a
DCF model at CGU level. The main assumptions are:
\u2022
Discount rate (WACC): 5.6%, reflecting Norwegian hydro risk,
country specific interest rate environment and capital structure.
\u2022
Forecast period: remaining concession/technical life of the hydro-
power assets.
\u2022
Power price curves: average of two independent power price
providers, in line with Group policy.
\u2022
Production volumes and O&M/capex based on updated hydro-
logical assessments and investment plans, including ongoing
construction projects within the Forte portfolio.
Under the base case, the value in use of the Forte CGU exceeds its
carrying amount, including goodwill, by approximately NOK 395m. No
impairment has therefore been recognised in 2025.
Sensitivity analysis \u2013 Forte
Management has performed separate sensitivity analyses for the
Forte CGU, considered to be reasonably possible changes in key
assumptions:
\u2022
WACC +0.5 percentage points: reduces headroom to approxi-
mately NOK 173m, but still no impairment.
\u2022
WACC +1.0 percentage points: would significantly reduce head-
room and could result in a partial impairment of goodwill of
NOK 23m.
\u2022
Power price curve \u20137.5%: reduces headroom to approximately
NOK 179m, but still no impairment.
The impairment test for 2025 confirms that, under the base case,
goodwill allocated to Forte remains recoverable.
Goodwill Asset Management
As of 31 December 2025, goodwill of NOK 82m is recognised in the
Asset Management segment (net of previous impairments). The
goodwill relates primarily to the acquisition of Captiva (initial 60 per
cent acquired in 2022 and increased to 100 per cent in December
2023) and to the acquisition of the Danish asset management team
as part of the Skovgaard transaction completed in March 2025. The
Skovgaard transaction increased goodwill in the segment by NOK 8
million. The recognised goodwill reflects established capabilities within
renewable energy advisory, asset management expertise, consul-
tancy competence and integrated operational systems.
The Asset Management segment represents a single cash generating
unit (CGU). In recent years the business has been reshaped into a
pure play asset management platform: digital operations were spun
out to Kaia (Kraftanmelding AS) in 2024, financial services have been
outsourced, and the project development portfolio has been trans-
ferred to Forte, while the segment has been strengthened through
the addition of the Danish team. The remaining operations consist of
asset management and consultancy services, including investments
in Enestor.
For the annual impairment test, the recoverable amount of the
Asset Management CGU is determined as value in use, based on
a discounted cash flow (DCF) model using the segment\u2019s five year
business plan and a terminal value. The base case model applies:
\u2022
Discount rate (WACC): 8.35%
\u2022
Terminal growth rate: 3 per cent (1 per cent above annual inflation
estimates)
\u2022
Management\u2019s revenue growth forecasts (moderate but profit-
able growth driven by additional wind, solar and hydro mandates,
including volumes from Cloudberry\u2019s own portfolio, the Forte
platform and external clients, with margin expansion supported by
scalable processes and increased use of digital tools)
Under these assumptions, the value in use of the Asset Management
CGU exceeds the carrying amount of the CGU including goodwill.
Accordingly, no impairment has been recognised for goodwill in the
Asset Management segment in 2025.
Sensitivity analysis
Sensitivity analysis has been performed on key assumptions.
Reasonably possible changes, including a 2 percentage point
increase in the discount rate or a 2 percentage point reduction in the
terminal growth rate (to a level equal to inflation), do not reduce the
recoverable amount below the carrying amount and therefore do
not indicate any impairment of goodwill in the Asset Management
segment.
Impairment test of other assets
For impairment assessment, assets are categorized into cash-gen-
erating units (CGUs), representing the lowest level of separately
identifiable cash flows. The Group\u2019s CGUs are as follows:
Property, plant and equipment (PPE, producing and under construction)
\u2022
Hydropower: Power plants sharing the same water flow or infra-
structure constraints are assessed as a single CGU.
\u2022
Wind Farms: Each wind farm is considered an individual CGU.
The Group applies a discounted cash flow (DCF) model to determine
impairment indicators. If the model estimates a net investment
value below book value, an impairment indicator is identified.
However, in 2025, no impairment indicators were observed across
producing power plants; therefore, no further impairment testing was
conducted.
Investments in associated companies and joint ventures
The Group applies the equity method for assessing its investments
in associates and JVs. At each reporting date, the Group evaluates
whether impairment indicators exist. If present, the recoverable
amount is compared to the carrying value, and any impairment loss is
recognized in the statement of profit or loss as \u201cnet income/loss from
associated companies and joint ventures.
For 2025, no impairment indicators were identified in investments
related to producing power plants, and further impairment testing
was not required.
Inventory (development projects)
The Group evaluates impairment for development projects when
their net realizable value (NRV) is lower than the carrying amount.
A quarterly review is conducted to assess project progress. If a
project is deprioritized, put on hold, or discontinued, its estimated
sales value (less disposal costs) is evaluated against book value, and
any shortfall is recognized as an impairment loss.
\u2022
Projects with construction permits are measured at an estimated
market price per MW or GWh, benchmarked against recent
transactions.
\u2022
Projects in concession processes are grouped for assessment
based on development stage and progress.
As of 31 December 2025, impairment of NOK 4m has been recognized,
see note 18.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-553": { "value": "Accounting principle Goodwill is recognized as an intangible asset upon initial recognition in a business combination, measured as the excess of the acquisition cost over the fair value of identifiable net assets at the acquisition date. Goodwill is not amortized but is tested for impairment annually or more frequently if indicators of impairment exist. For other non-financial assets such as property, plant, and equipment (PPE), intangible assets, and investments in associates and joint ventures (JVs), impairment testing is performed whenever circum- stances indicate a potential impairment. The recoverable amount is determined as the higher of fair value less costs to sell or value in use, with impairment losses recognized in profit or loss when applicable. Impairment testing is conducted using a discounted cash flow model (DCF), with future cash flows discounted using the weighted average cost of capital (WACC), including adjustments for project, country and market specific risks at cash generating unit (CGU) level. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-552": { "value": "Accounting principle Goodwill is recognized as an intangible asset upon initial recognition in a business combination, measured as the excess of the acquisition cost over the fair value of identifiable net assets at the acquisition date. Goodwill is not amortized but is tested for impairment annually or more frequently if indicators of impairment exist. For other non-financial assets such as property, plant, and equipment (PPE), intangible assets, and investments in associates and joint ventures (JVs), impairment testing is performed whenever circum- stances indicate a potential impairment. The recoverable amount is determined as the higher of fair value less costs to sell or value in use, with impairment losses recognized in profit or loss when applicable. Impairment testing is conducted using a discounted cash flow model (DCF), with future cash flows discounted using the weighted average cost of capital (WACC), including adjustments for project, country and market specific risks at cash generating unit (CGU) level. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-542": { "value": "Accounting principle Goodwill is recognized as an intangible asset upon initial recognition in a business combination, measured as the excess of the acquisition cost over the fair value of identifiable net assets at the acquisition date. Goodwill is not amortized but is tested for impairment annually or more frequently if indicators of impairment exist. For other non-financial assets such as property, plant, and equipment (PPE), intangible assets, and investments in associates and joint ventures (JVs), impairment testing is performed whenever circum- stances indicate a potential impairment. The recoverable amount is determined as the higher of fair value less costs to sell or value in use, with impairment losses recognized in profit or loss when applicable. Impairment testing is conducted using a discounted cash flow model (DCF), with future cash flows discounted using the weighted average cost of capital (WACC), including adjustments for project, country and market specific risks at cash generating unit (CGU) level. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-533": { "value": "Accounting principle Goodwill is recognized as an intangible asset upon initial recognition in a business combination, measured as the excess of the acquisition cost over the fair value of identifiable net assets at the acquisition date. Goodwill is not amortized but is tested for impairment annually or more frequently if indicators of impairment exist. For other non-financial assets such as property, plant, and equipment (PPE), intangible assets, and investments in associates and joint ventures (JVs), impairment testing is performed whenever circum- stances indicate a potential impairment. The recoverable amount is determined as the higher of fair value less costs to sell or value in use, with impairment losses recognized in profit or loss when applicable. Impairment testing is conducted using a discounted cash flow model (DCF), with future cash flows discounted using the weighted average cost of capital (WACC), including adjustments for project, country and market specific risks at cash generating unit (CGU) level. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-500": { "value": "
Note 16 Investments in associated companies and joint ventures
Accounting principle
Investments in associated companies and joint arrangements are
accounted for using the equity method in accordance with IAS 28.
Accounting policies of equity accounted investees have been
changed were necessary to ensure consistency with the policies
adopted by the Group.
Associates and joint ventures
The table shows the summarized investments classified as
associated companies and joint ventures as of 31 December 2025
accounted for using the equity method:
Place of Economic interest
Name of entity (and related segment) business
to Group per 31.12.25
Principal activities
Commercial
Odal Vind AS
Associated company
Norway
33%
Wind power
F\u00e5re Vindm\u00f8llelaug I/S
Associated company
Denmark
47%
Wind power
Fl\u00f8vej 33 I/S
Associated company
Denmark
50%
Wind power
N\u00f8rgaard Vind I/S
Associated company
Denmark
50%
Wind power
Stakroge Vindkraft I/S
Associated company
Denmark
26%
Wind power
Stakroge VM4 I/S
Associated company
Denmark
50%
Wind power
\u00d8stergaard Vindkraft I/S
Associated company
Denmark
20%
Wind power
Vindtved Vindkraft I/S
Associated company
Denmark
38%
Wind power
P/S T\u00e6ndpibe Vind
Associated company
Denmark
15%
Wind power
Volder Mark Vindkraft I/S
Associated company
Denmark
17%
Wind power
Krejbjerg Vindm\u00f8llelaug I/S
Associated company
Denmark
40%
Wind power
Orreholmen Vindkraft AB
Joint Venture
Sweden
50%
Wind power
Vetteberget Vindkraft AB
Joint Venture
Sweden
50%
Wind power
Projects
Dingelsundet Energy AS
Joint Venture
Norway
1
50%
Battery energy storage system (BESS) constuction
Fossum Sol 1 AS
Associated company
Norway
33%
Solar power in construction permit process
Sm\u00e5voll Kraftverk AS
Associated company
Norway
30%
Hydro power
Osaelva Kraftverk AS
Associated company
Norway
30%
Hydro power
Norhard Equipment AS
Associated company
Norway
45%
Project construction
Energipark Holstebro-Struer P/S
Associated company
Denmark
33.3%
Wind power
Komplementarselskabet Energipark
Associated company
Denmark
33.3%
Wind power
Holstebro-Struer ApS
Duvh\u00e4llen Vindpark AB
Associated company
Sweden
40%
Wind power
Asset Management
Kaia Solutions AS
2
Associated company
Norway
32%
Balancing services for power companies
1
The Dingelsundet group has a Norwegian holding company, while the operating (BESS construction) company is based in Sweden.
2
Formerly Kraftanmelding AS.
Forte Energy Norway AS (Forte) In 2025, Cloudberry completed a transaction with Swiss Life Asset Managers to establish one of the largest small-scale hydro platforms in the Nordics. Through this transaction, Cloudberry contributed its producing hydropower portfolio and development projects as a contribution in kind to Forte Vannkraft AS (FVK), obtaining 60% ownership in FVK, and acquired an additional 5.01% stake in Forte Energy Norway AS (FEN), increasing its ownership in FEN to 55% and obtaining control. Following completion of the transaction, both FVK and FEN are fully consolidated in the Group\u2019s financial statements and Forte is therefore no longer presented as investments in associated company at year-end. Through the Forte transaction, Cloudberry also acquired a 45% ownership interest in Norhard Equipment AS and, through FVK, an indirect 30% interest in Sm\u00e5voll Kraftverk AS and Osaelva Kraftverk AS. These invest- ments are accounted for using the equity method and presented under \u201cOther\u201d in the reported figures in this note. Odal Vind AS (Odal) Odal was first acquired in December 2020 with 15% ownership, and Cloudberry increased its ownership to 33.4% in July 2021. The other owners of Odal Vind AS are Akershus Energi Vind AS and KLP, owning 33.4% and 33.2% respectively. The windfarm was constructed during 2021 and 2022, and all turbines were taken over by Odal in 2023. Following the operational challenges and temporary shutdown in 2024, all turbines met the return to service criteria from Siemens Gamesa and the wind farm operated largely as normal in 2025, with a transformer outage in the fourth quarter that was resolved by replacement and energizing subsequent to year-end. During 2025, a dividend of EUR 5 million proportionate to Cloudberry was distributed from Odal\u2019s restricted cash balance. The windfarm has a normalized annual production of 176 GWh net to Cloudberry and a remaining concession period of 27 years. Odin portfolio of JV and associated companies (Odin portfolio) The Odin portfolio of joint ventures and associated entities includes producing power plants that represent only the entities within the larger acquired Odin portfolio that we do not own a controlling share in. We therefore account for their results using the equity accounting method in the consolidated Group accounts. Of the 402 GWh proportionate share from the total Odin portfolio net to Cloudberry, these entities represent approximately 66 GWh proportionate to Cloudberry. Dingelsundet Energy AS Following the decision in 2023 to halt the offshore wind development at Stenkalles, Cloudberry and Hafslund redirected the project towards alternative energy applications and renamed it Dingelsundet Energy AS. The existing grid connection and transformation station at V\u00e4nern provide a strong basis for battery-based grid services and other flexible energy solutions. In 2025, the partners reached a final investment decision for the Dingelsundet Battery Energy Storage System (BESS), a 24 MW/48 MWh project outside Karlstad owned 50/50 by Cloudberry and Hafslund. Construction progressed according to plan during the year, with factory acceptance tests completed, civil works advancing on schedule and commissioning expected in the third quarter of 2026. Dingelsundet is presented under \u201cOther\u201d in the reported figures in this note. Duvh\u00e4llen Vindkraft AB (Duvh\u00e4llen) Duvh\u00e4llen is a permitted onshore wind project in SE 3 near Eskilstuna. In June 2025, Cloudberry entered into a partnership with OX2 and sold 60% of Duvh\u00e4llen, reducing its ownership from 100% to 40% and leading to deconsolidation of the project from the Group\u2019s accounts. The remaining ownership is equity-accounted and presented under \u201cOther\u201d in the summarized information. The table shows the summarised financial information in the Group accounts for equity accounted companies. FY2025
Forte Energy
NOK million
Norway AS
Odal Vind AS
Odin Portfolio
Other
1
Total
Book value beginning of year
468
581
315
59
1 424
Additions of invested capital
-
-
6
57
62
Additions from acquisitions
-
-
30
9
39
Additions from business combinations
-
-
-
86
86
Share of profit/loss for the year
1
6
19
-
27
Depreciation of excess value
(2)
(1)
(10)
(1)
(13)
Dividend paid to the owners
-
(59)
(19)
-
(78)
Divestments
(416)
-
-
-
(416)
Currency translation differences
(20)
2
1
-
(16)
Items charged to equity
(31)
-
-
-
(31)
Book value at reporting date
-
530
343
209
1 083
Excess value beginning of year
207
18
214
9
448
Excess value 31 December 2025
-
17
197
68
282
Book value of equity at 31 December
associated company/JV
-
513
147
141
801
1 Other includes investment in Dingelsundet, Kaia, Fossum Sol, Duvh\u00e4llen, Norhard, Holstebro-Stuer, Sm\u00e5voll and Osaelva. FY2024
Forte Energy
NOK million
Norway AS
Odal Vind AS
Odin Portfolio
Other
Total
Book value beginning of year
316
511
313
35
1 175
Additions of invested capital
165
-
-
24
189
Share of profit/loss for the year
3
45
15
3
65
Depreciation of excess value
(4)
(1)
(9)
-
(14)
Dividend paid to the owners
(14)
-
(18)
-
(32)
Divestments
-
-
-
(2)
(2)
Currency translation differences
9
25
16
-
50
Items charged to equity
(7)
-
-
-
(7)
Book value at reporting date
468
581
315
59
1 424
Excess value beginning of year
131
18
217
-
366
Excess value 31 December 2024
207
18
214
9
448
Book value of equity at 31 December
associated company/JV
261
563
101
50
976
The tables below present summarized financial information for Forte, Odal and the Odin portfolio of associates and joint ventures. The first two columns show figures on a 100 percent basis for FY 2025 and FY 2024 respectively, while the two columns to the right present Cloudberry\u2019s share of the same information (excluding excess values and related depreciation) on a line-by-line basis. The FY 2025 figures reflect the increased ownership in the Odin portfolio in the first quarter of 2025 and the divestment of Forte as an associated entity following the Forte transaction in the third quarter, whereas the comparative figures for FY 2024 are based on the previous ownership interests. Forte
Based on 100%
Cloudberry share
NOK million
2025
2024
2025
2024
Revenue
47
87
23
37
EBITDA
23
40
11
17
Profit for the period
5
8
3
2
Total assets
1
1 303
1 290
651
645
Total cash and cash equivalents
1
91
94
46
47
Non-current Interest-bearing loans and borrowings
1
719
716
359
358
Total equity
1
533
519
267
260
1 Balance figures as of 30 June 2025, as of 31 December 2025 the entity is fully consolidated. Odal
Based on 100%
Cloudberry share
NOK million
2025
2024
2025
2024
Revenue
285
357
95
119
EBITDA
122
225
41
75
Profit for the period
19
137
6
46
Total assets
1
2 701
2 867
902
957
Total cash and cash equivalents
67
53
22
18
Non-current Interest-bearing loans and borrowings
945
971
316
324
Total equity
1 535
1 687
513
564
1 Odal also has as per 31 December 2025 ~NOK 355m based on 100% and NOK 118m based on Cloudberry share in restricted cash mainly towards Siemens Gamesa and the project financing not reported under cash and cash equivalent but included under total assets. Odin portfolio \u2013 Associates and joint ventures
Based on 100%
Cloudberry share
NOK million
2025
2024
2025
2024
Revenue
130
115
39
29
EBITDA
98
87
28
21
Profit for the period
62
43
15
9
Total assets
534
528
177
138
Total cash and cash equivalents
8
7
3
2
Non-current Interest-bearing loans and borrowings
120
133
60
53
Total equity
393
360
108
75
Note 25 List of subsidiaries and equity accounted companies The following companies are consolidated (subsidiaries) as per 31 December 2025. For an overview of investments in associates and joint ventures accounted for using the equity method, see note 16.
Consolidated Part of
Place of economic interest to Group
Name of entity (and related segment) business Group per 31.12.25 from date
Corporate
Cloudberry Clean Energy ASA
Norway
100%
24.11.2017
Commercial
Cloudberry Production AS
Norway
100%
15.02.2020
R\u00f8yrmyra Vindpark AS
Norway
100%
15.02.2020
H\u00e5n 22kV AS
Norway
100%
15.02.2020
Sk\u00e5r\u00e5na Kraft AS
Norway
60%
24.02.2021
Ramsli\u00e5na Kraftverk AS
Norway
60%
31.03.2022
Tinnkraft AS
Norway
60%
01.02.2022
B\u00f8en Kraft AS
Norway
60%
10.06.2022
\u00d8vre Kvemma Kraftverk AS
Norway
60%
05.06.2024
Cloudberry Production II AS
Norway
100%
11.07.2025
Forte Energy Norway AS
Norway
55%
15.11.2020
Anga Kraft AS
Norway
55%
11.07.2025
Botna Kraft AS
Norway
55%
11.07.2025
Br\u00e5berg Kraft AS
Norway
55%
11.07.2025
Dyrdal Kraft AS
Norway
55%
11.07.2025
Eldao Kraftverk AS
Norway
55%
11.07.2025
Espeelvi Kraft AS
Norway
55%
11.07.2025
Kvitno Kraft AS
Norway
55%
11.07.2025
Langedal Kraft AS
Norway
55%
11.07.2025
Consolidated Part of
Place of economic interest to Group
Name of entity (and related segment) business Group per 31.12.25 from date
Rusdals\u00e5ni Kraft AS
Norway
55%
11.07.2025
Setredalen Kraft AS
Norway
55%
11.07.2025
Skeidsfl\u00e5ten Kraft AS
Norway
55%
11.07.2025
Strupen Kraft AS
Norway
55%
11.07.2025
Svard\u00f8la Kraft AS
Norway
55%
11.07.2025
Tverrdalselvi Kraft AS
Norway
55%
11.07.2025
Herand Kraft AS
Norway
60%
11.07.2025
H\u00e5n Vindpark AB
Sweden
100%
15.02.2020
Sundby Vindpark AB
Sweden
100%
21.12.2021
Munkhyttan Vindkraft AB
Sweden
100%
03.02.2022
CB Production AB
Sweden
100%
01.07.2022
Cloudberry Production Holding ApS
Denmark
100%
31.05.2023
Cloudberry Production Aps
Denmark
100%
31.05.2023
Odin Energy Holding P/S
Denmark
100%
31.05.2023
Odin Energy General Partner ApS
Denmark
100%
31.05.2023
Odin Energy Invest I P/S
Denmark
100%
31.05.2023
Odin Energy Invest II P/S
Denmark
100%
31.05.2023
Lem K\u00e6r Vindkraft I/S
Denmark
76%
31.05.2023
N\u00f8rh-Hjortmose Vind 11 I/S
Denmark
90%
31.05.2023
Skr\u00e6ddergaard Vindkraft I/S
Denmark
60%
31.05.2023
Tornbyg\u00e5rd Vindkraft I/S
Denmark
81%
31.05.2023
Trikelsh\u00f8j Vindkraft I/S
Denmark
60%
31.05.2023
Consolidated Part of
Place of economic interest to Group
Name of entity (and related segment) business Group per 31.12.25 from date
Vemb Vindkraft I/S
Denmark
54%
31.05.2023
Volder Mark M5 Erhverv I/S
Denmark
85%
31.05.2023
Odin Energy Invest III P/S
Denmark
100%
31.05.2023
Projects
Cloudberry Develop AS
Norway
100%
15.02.2020
Skogvind AS
Norway
100%
31.08.2020
Re Energi AS
Norway
60%
31.03.2022
\u00d8vre Ullestad Energi AS
Norway
60%
01.01.2025
Forte Vannkraft Utvikling AS
1
Norway
60%
07.01.2022
Forte Vannkraft AS
Norway
60%
11.07.2025
Aspvikelva Kraft AS
Norway
60%
11.07.2025
Fardalen Kraft AS
Norway
60%
11.07.2025
Gjeiskelid Kraft AS
Norway
60%
11.07.2025
Grovlia Kraftverk AS
Norway
60%
11.07.2025
Gr\u00f8vdal Kraft AS
Norway
60%
11.07.2025
Hartevasstj\u00f8nn Kraft AS
Norway
60%
11.07.2025
Hoslemo Kraft AS
Norway
60%
11.07.2025
Kalklavkraft AS
Norway
60%
11.07.2025
Ugulsvik Kraftverk AS
Norway
60%
11.07.2025
Consolidated Part of
Place of economic interest to Group
Name of entity (and related segment) business Group per 31.12.25 from date
Vigda Kraft AS
Norway
60%
11.07.2025
Cloudberry Utveckling AB
Sweden
100%
15.02.2020
Cloudberry Utveckling II AB
Sweden
100%
15.02.2020
Cloudberry Utveckling III AB
Sweden
100%
15.02.2020
Bj\u00f6rnetj\u00e4rnsberget Vindpark AB
Sweden
100%
01.04.2023
Cloudberry Wind AB
Sweden
100%
15.02.2020
Cloudberry Clean Energy AB
Sweden
100%
15.02.2020
Rewind Offshore AB
Sweden
100%
15.02.2020
\u00c4lgfallet Energipark AB
Sweden
70%
13.08.2025
Frostn\u00e4s Vind AB
Sweden
100%
09.12.2025
Klimapark Nees Hede K/S
Denmark
100%
01.02.2024
Komplementarselskabet Klimapark Nees Hede ApS
Denmark
100%
01.02.2024
Cloudberry Development Aps
Denmark
100%
28.03.2025
Asset Management
Captiva Asset Management AS
Norway
100%
07.01.2022
Enestor AS
Norway
51%
01.06.2022
Captiva Asset Management AB
Sweden
100%
01.04.2023
Cloudberry Clean Energy Aps
Denmark
100%
28.03.2025
1 Formerly Captiva Energi AS.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-471": { "value": "Note 16 Investments in associated companies and joint ventures Accounting principle Investments in associated companies and joint arrangements are accounted for using the equity method in accordance with IAS 28. Accounting policies of equity accounted investees have been changed were necessary to ensure consistency with the policies adopted by the Group. Associates and joint ventures The table shows the summarized investments classified as associated companies and joint ventures as of 31 December 2025 accounted for using the equity method:
Place of Economic interest
Name of entity (and related segment) business
to Group per 31.12.25
Principal activities
Commercial
Odal Vind AS
Associated company
Norway
33%
Wind power
F\u00e5re Vindm\u00f8llelaug I/S
Associated company
Denmark
47%
Wind power
Fl\u00f8vej 33 I/S
Associated company
Denmark
50%
Wind power
N\u00f8rgaard Vind I/S
Associated company
Denmark
50%
Wind power
Stakroge Vindkraft I/S
Associated company
Denmark
26%
Wind power
Stakroge VM4 I/S
Associated company
Denmark
50%
Wind power
\u00d8stergaard Vindkraft I/S
Associated company
Denmark
20%
Wind power
Vindtved Vindkraft I/S
Associated company
Denmark
38%
Wind power
P/S T\u00e6ndpibe Vind
Associated company
Denmark
15%
Wind power
Volder Mark Vindkraft I/S
Associated company
Denmark
17%
Wind power
Krejbjerg Vindm\u00f8llelaug I/S
Associated company
Denmark
40%
Wind power
Orreholmen Vindkraft AB
Joint Venture
Sweden
50%
Wind power
Vetteberget Vindkraft AB
Joint Venture
Sweden
50%
Wind power
Projects
Dingelsundet Energy AS
Joint Venture
Norway
1
50%
Battery energy storage system (BESS) constuction
Fossum Sol 1 AS
Associated company
Norway
33%
Solar power in construction permit process
Sm\u00e5voll Kraftverk AS
Associated company
Norway
30%
Hydro power
Osaelva Kraftverk AS
Associated company
Norway
30%
Hydro power
Norhard Equipment AS
Associated company
Norway
45%
Project construction
Energipark Holstebro-Struer P/S
Associated company
Denmark
33.3%
Wind power
Komplementarselskabet Energipark
Associated company
Denmark
33.3%
Wind power
Holstebro-Struer ApS
Duvh\u00e4llen Vindpark AB
Associated company
Sweden
40%
Wind power
Asset Management
Kaia Solutions AS
2
Associated company
Norway
32%
Balancing services for power companies
1 The Dingelsundet group has a Norwegian holding company, while the operating (BESS construction) company is based in Sweden. 2 Formerly Kraftanmelding AS.
Forte Energy Norway AS (Forte)
In 2025, Cloudberry completed a transaction with Swiss Life Asset Managers to establish one of the largest
small-scale hydro platforms in the Nordics. Through this transaction, Cloudberry contributed its producing
hydropower portfolio and development projects as a contribution in kind to Forte Vannkraft AS (FVK),
obtaining 60% ownership in FVK, and acquired an additional 5.01% stake in Forte Energy Norway AS (FEN),
increasing its ownership in FEN to 55% and obtaining control. Following completion of the transaction, both
FVK and FEN are fully consolidated in the Group\u2019s financial statements and Forte is therefore no longer
presented as investments in associated company at year-end.
Through the Forte transaction, Cloudberry also acquired a 45% ownership interest in Norhard Equipment AS
and, through FVK, an indirect 30% interest in Sm\u00e5voll Kraftverk AS and Osaelva Kraftverk AS. These invest-
ments are accounted for using the equity method and presented under \u201cOther\u201d in the reported figures in this
note.
Odal Vind AS (Odal)
Odal was first acquired in December 2020 with 15% ownership, and Cloudberry increased its ownership to
33.4% in July 2021. The other owners of Odal Vind AS are Akershus Energi Vind AS and KLP, owning 33.4% and
33.2% respectively. The windfarm was constructed during 2021 and 2022, and all turbines were taken over
by Odal in 2023. Following the operational challenges and temporary shutdown in 2024, all turbines met the
return to service criteria from Siemens Gamesa and the wind farm operated largely as normal in 2025, with
a transformer outage in the fourth quarter that was resolved by replacement and energizing subsequent to
year-end. During 2025, a dividend of EUR 5 million proportionate to Cloudberry was distributed from Odal\u2019s
restricted cash balance. The windfarm has a normalized annual production of 176 GWh net to Cloudberry
and a remaining concession period of 27 years.
Odin portfolio of JV and associated companies (Odin portfolio)
The Odin portfolio of joint ventures and associated entities includes producing power plants that represent
only the entities within the larger acquired Odin portfolio that we do not own a controlling share in. We
therefore account for their results using the equity accounting method in the consolidated Group accounts.
Of the 402 GWh proportionate share from the total Odin portfolio net to Cloudberry, these entities represent
approximately 66 GWh proportionate to Cloudberry.
Dingelsundet Energy AS
Following the decision in 2023 to halt the offshore wind development at Stenkalles, Cloudberry and Hafslund
redirected the project towards alternative energy applications and renamed it Dingelsundet Energy AS. The
existing grid connection and transformation station at V\u00e4nern provide a strong basis for battery-based grid
services and other flexible energy solutions. In 2025, the partners reached a final investment decision for
the Dingelsundet Battery Energy Storage System (BESS), a 24 MW/48 MWh project outside Karlstad owned
50/50 by Cloudberry and Hafslund. Construction progressed according to plan during the year, with factory
acceptance tests completed, civil works advancing on schedule and commissioning expected in the third
quarter of 2026. Dingelsundet is presented under \u201cOther\u201d in the reported figures in this note.
Duvh\u00e4llen Vindkraft AB (Duvh\u00e4llen)
Duvh\u00e4llen is a permitted onshore wind project in SE 3 near Eskilstuna. In June 2025, Cloudberry entered into
a partnership with OX2 and sold 60% of Duvh\u00e4llen, reducing its ownership from 100% to 40% and leading to
deconsolidation of the project from the Group\u2019s accounts. The remaining ownership is equity-accounted and
presented under \u201cOther\u201d in the summarized information.
The table shows the summarised financial information in the Group accounts for equity accounted companies.
FY2025
Forte Energy
NOK million
Norway AS
Odal Vind AS
Odin Portfolio
Other
1
Total
Book value beginning of year
468
581
315
59
1 424
Additions of invested capital
-
-
6
57
62
Additions from acquisitions
-
-
30
9
39
Additions from business combinations
-
-
-
86
86
Share of profit/loss for the year
1
6
19
-
27
Depreciation of excess value
(2)
(1)
(10)
(1)
(13)
Dividend paid to the owners
-
(59)
(19)
-
(78)
Divestments
(416)
-
-
-
(416)
Currency translation differences
(20)
2
1
-
(16)
Items charged to equity
(31)
-
-
-
(31)
Book value at reporting date
-
530
343
209
1 083
Excess value beginning of year
207
18
214
9
448
Excess value 31 December 2025
-
17
197
68
282
Book value of equity at 31 December
associated company/JV
-
513
147
141
801
1
Other includes investment in Dingelsundet, Kaia, Fossum Sol, Duvh\u00e4llen, Norhard, Holstebro-Stuer, Sm\u00e5voll and Osaelva.
FY2024
Forte Energy
NOK million
Norway AS
Odal Vind AS
Odin Portfolio
Other
Total
Book value beginning of year
316
511
313
35
1 175
Additions of invested capital
165
-
-
24
189
Share of profit/loss for the year
3
45
15
3
65
Depreciation of excess value
(4)
(1)
(9)
-
(14)
Dividend paid to the owners
(14)
-
(18)
-
(32)
Divestments
-
-
-
(2)
(2)
Currency translation differences
9
25
16
-
50
Items charged to equity
(7)
-
-
-
(7)
Book value at reporting date
468
581
315
59
1 424
Excess value beginning of year
131
18
217
-
366
Excess value 31 December 2024
207
18
214
9
448
Book value of equity at 31 December
associated company/JV
261
563
101
50
976
The tables below present summarized financial information for Forte, Odal and the Odin portfolio of associates and joint ventures. The first two columns show figures on a 100 percent basis for FY 2025 and FY 2024 respectively,
while the two columns to the right present Cloudberry\u2019s share of the same information (excluding excess values and related depreciation) on a line-by-line basis. The FY 2025 figures reflect the increased ownership in the Odin
portfolio in the first quarter of 2025 and the divestment of Forte as an associated entity following the Forte transaction in the third quarter, whereas the comparative figures for FY 2024 are based on the previous ownership
interests.
Forte
Based on 100%
Cloudberry share
NOK million
2025
2024
2025
2024
Revenue
47
87
23
37
EBITDA
23
40
11
17
Profit for the period
5
8
3
2
Total assets
1
1 303
1 290
651
645
Total cash and cash equivalents
1
91
94
46
47
Non-current Interest-bearing loans and borrowings
1
719
716
359
358
Total equity
1
533
519
267
260
1
Balance figures as of 30 June 2025, as of 31 December 2025 the entity is fully consolidated.
Odal
Based on 100%
Cloudberry share
NOK million
2025
2024
2025
2024
Revenue
285
357
95
119
EBITDA
122
225
41
75
Profit for the period
19
137
6
46
Total assets
1
2 701
2 867
902
957
Total cash and cash equivalents
67
53
22
18
Non-current Interest-bearing loans and borrowings
945
971
316
324
Total equity
1 535
1 687
513
564
1
Odal also has as per 31 December 2025 ~NOK 355m based on 100% and NOK 118m based on Cloudberry share in restricted cash mainly towards Siemens
Gamesa and the project financing not reported under cash and cash equivalent but included under total assets.
Odin portfolio \u2013 Associates and joint ventures
Based on 100%
Cloudberry share
NOK million
2025
2024
2025
2024
Revenue
130
115
39
29
EBITDA
98
87
28
21
Profit for the period
62
43
15
9
Total assets
534
528
177
138
Total cash and cash equivalents
8
7
3
2
Non-current Interest-bearing loans and borrowings
120
133
60
53
Total equity
393
360
108
75
Note 25 List of subsidiaries and equity accounted companies
The following companies are consolidated (subsidiaries) as per 31 December 2025.
For an overview of investments in associates and joint ventures accounted for using the equity method, see note 16.
Consolidated Part of
Place of economic interest to Group
Name of entity (and related segment) business Group per 31.12.25 from date
Corporate
Cloudberry Clean Energy ASA
Norway
100%
24.11.2017
Commercial
Cloudberry Production AS
Norway
100%
15.02.2020
R\u00f8yrmyra Vindpark AS
Norway
100%
15.02.2020
H\u00e5n 22kV AS
Norway
100%
15.02.2020
Sk\u00e5r\u00e5na Kraft AS
Norway
60%
24.02.2021
Ramsli\u00e5na Kraftverk AS
Norway
60%
31.03.2022
Tinnkraft AS
Norway
60%
01.02.2022
B\u00f8en Kraft AS
Norway
60%
10.06.2022
\u00d8vre Kvemma Kraftverk AS
Norway
60%
05.06.2024
Cloudberry Production II AS
Norway
100%
11.07.2025
Forte Energy Norway AS
Norway
55%
15.11.2020
Anga Kraft AS
Norway
55%
11.07.2025
Botna Kraft AS
Norway
55%
11.07.2025
Br\u00e5berg Kraft AS
Norway
55%
11.07.2025
Dyrdal Kraft AS
Norway
55%
11.07.2025
Eldao Kraftverk AS
Norway
55%
11.07.2025
Espeelvi Kraft AS
Norway
55%
11.07.2025
Kvitno Kraft AS
Norway
55%
11.07.2025
Langedal Kraft AS
Norway
55%
11.07.2025
Consolidated Part of
Place of economic interest to Group
Name of entity (and related segment) business Group per 31.12.25 from date
Rusdals\u00e5ni Kraft AS
Norway
55%
11.07.2025
Setredalen Kraft AS
Norway
55%
11.07.2025
Skeidsfl\u00e5ten Kraft AS
Norway
55%
11.07.2025
Strupen Kraft AS
Norway
55%
11.07.2025
Svard\u00f8la Kraft AS
Norway
55%
11.07.2025
Tverrdalselvi Kraft AS
Norway
55%
11.07.2025
Herand Kraft AS
Norway
60%
11.07.2025
H\u00e5n Vindpark AB
Sweden
100%
15.02.2020
Sundby Vindpark AB
Sweden
100%
21.12.2021
Munkhyttan Vindkraft AB
Sweden
100%
03.02.2022
CB Production AB
Sweden
100%
01.07.2022
Cloudberry Production Holding ApS
Denmark
100%
31.05.2023
Cloudberry Production Aps
Denmark
100%
31.05.2023
Odin Energy Holding P/S
Denmark
100%
31.05.2023
Odin Energy General Partner ApS
Denmark
100%
31.05.2023
Odin Energy Invest I P/S
Denmark
100%
31.05.2023
Odin Energy Invest II P/S
Denmark
100%
31.05.2023
Lem K\u00e6r Vindkraft I/S
Denmark
76%
31.05.2023
N\u00f8rh-Hjortmose Vind 11 I/S
Denmark
90%
31.05.2023
Skr\u00e6ddergaard Vindkraft I/S
Denmark
60%
31.05.2023
Tornbyg\u00e5rd Vindkraft I/S
Denmark
81%
31.05.2023
Trikelsh\u00f8j Vindkraft I/S
Denmark
60%
31.05.2023
Consolidated Part of
Place of economic interest to Group
Name of entity (and related segment) business Group per 31.12.25 from date
Vemb Vindkraft I/S
Denmark
54%
31.05.2023
Volder Mark M5 Erhverv I/S
Denmark
85%
31.05.2023
Odin Energy Invest III P/S
Denmark
100%
31.05.2023
Projects
Cloudberry Develop AS
Norway
100%
15.02.2020
Skogvind AS
Norway
100%
31.08.2020
Re Energi AS
Norway
60%
31.03.2022
\u00d8vre Ullestad Energi AS
Norway
60%
01.01.2025
Forte Vannkraft Utvikling AS
1
Norway
60%
07.01.2022
Forte Vannkraft AS
Norway
60%
11.07.2025
Aspvikelva Kraft AS
Norway
60%
11.07.2025
Fardalen Kraft AS
Norway
60%
11.07.2025
Gjeiskelid Kraft AS
Norway
60%
11.07.2025
Grovlia Kraftverk AS
Norway
60%
11.07.2025
Gr\u00f8vdal Kraft AS
Norway
60%
11.07.2025
Hartevasstj\u00f8nn Kraft AS
Norway
60%
11.07.2025
Hoslemo Kraft AS
Norway
60%
11.07.2025
Kalklavkraft AS
Norway
60%
11.07.2025
Ugulsvik Kraftverk AS
Norway
60%
11.07.2025
Consolidated Part of
Place of economic interest to Group
Name of entity (and related segment) business Group per 31.12.25 from date
Vigda Kraft AS
Norway
60%
11.07.2025
Cloudberry Utveckling AB
Sweden
100%
15.02.2020
Cloudberry Utveckling II AB
Sweden
100%
15.02.2020
Cloudberry Utveckling III AB
Sweden
100%
15.02.2020
Bj\u00f6rnetj\u00e4rnsberget Vindpark AB
Sweden
100%
01.04.2023
Cloudberry Wind AB
Sweden
100%
15.02.2020
Cloudberry Clean Energy AB
Sweden
100%
15.02.2020
Rewind Offshore AB
Sweden
100%
15.02.2020
\u00c4lgfallet Energipark AB
Sweden
70%
13.08.2025
Frostn\u00e4s Vind AB
Sweden
100%
09.12.2025
Klimapark Nees Hede K/S
Denmark
100%
01.02.2024
Komplementarselskabet Klimapark Nees Hede ApS
Denmark
100%
01.02.2024
Cloudberry Development Aps
Denmark
100%
28.03.2025
Asset Management
Captiva Asset Management AS
Norway
100%
07.01.2022
Enestor AS
Norway
51%
01.06.2022
Captiva Asset Management AB
Sweden
100%
01.04.2023
Cloudberry Clean Energy Aps
Denmark
100%
28.03.2025
1
Formerly Captiva Energi AS.
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-549": { "value": "Note 16 Investments in associated companies and joint ventures Accounting principle Investments in associated companies and joint arrangements are accounted for using the equity method in accordance with IAS 28. Accounting policies of equity accounted investees have been changed were necessary to ensure consistency with the policies adopted by the Group. Associates and joint ventures The table shows the summarized investments classified as associated companies and joint ventures as of 31 December 2025 accounted for using the equity method:
Place of Economic interest
Name of entity (and related segment) business
to Group per 31.12.25
Principal activities
Commercial
Odal Vind AS
Associated company
Norway
33%
Wind power
F\u00e5re Vindm\u00f8llelaug I/S
Associated company
Denmark
47%
Wind power
Fl\u00f8vej 33 I/S
Associated company
Denmark
50%
Wind power
N\u00f8rgaard Vind I/S
Associated company
Denmark
50%
Wind power
Stakroge Vindkraft I/S
Associated company
Denmark
26%
Wind power
Stakroge VM4 I/S
Associated company
Denmark
50%
Wind power
\u00d8stergaard Vindkraft I/S
Associated company
Denmark
20%
Wind power
Vindtved Vindkraft I/S
Associated company
Denmark
38%
Wind power
P/S T\u00e6ndpibe Vind
Associated company
Denmark
15%
Wind power
Volder Mark Vindkraft I/S
Associated company
Denmark
17%
Wind power
Krejbjerg Vindm\u00f8llelaug I/S
Associated company
Denmark
40%
Wind power
Orreholmen Vindkraft AB
Joint Venture
Sweden
50%
Wind power
Vetteberget Vindkraft AB
Joint Venture
Sweden
50%
Wind power
Projects
Dingelsundet Energy AS
Joint Venture
Norway
1
50%
Battery energy storage system (BESS) constuction
Fossum Sol 1 AS
Associated company
Norway
33%
Solar power in construction permit process
Sm\u00e5voll Kraftverk AS
Associated company
Norway
30%
Hydro power
Osaelva Kraftverk AS
Associated company
Norway
30%
Hydro power
Norhard Equipment AS
Associated company
Norway
45%
Project construction
Energipark Holstebro-Struer P/S
Associated company
Denmark
33.3%
Wind power
Komplementarselskabet Energipark
Associated company
Denmark
33.3%
Wind power
Holstebro-Struer ApS
Duvh\u00e4llen Vindpark AB
Associated company
Sweden
40%
Wind power
Asset Management
Kaia Solutions AS
2
Associated company
Norway
32%
Balancing services for power companies
1 The Dingelsundet group has a Norwegian holding company, while the operating (BESS construction) company is based in Sweden. 2 Formerly Kraftanmelding AS. Forte Energy Norway AS (Forte) In 2025, Cloudberry completed a transaction with Swiss Life Asset Managers to establish one of the largest small-scale hydro platforms in the Nordics. Through this transaction, Cloudberry contributed its producing hydropower portfolio and development projects as a contribution in kind to Forte Vannkraft AS (FVK), obtaining 60% ownership in FVK, and acquired an additional 5.01% stake in Forte Energy Norway AS (FEN), increasing its ownership in FEN to 55% and obtaining control. Following completion of the transaction, both FVK and FEN are fully consolidated in the Group\u2019s financial statements and Forte is therefore no longer presented as investments in associated company at year-end. Through the Forte transaction, Cloudberry also acquired a 45% ownership interest in Norhard Equipment AS and, through FVK, an indirect 30% interest in Sm\u00e5voll Kraftverk AS and Osaelva Kraftverk AS. These invest- ments are accounted for using the equity method and presented under \u201cOther\u201d in the reported figures in this note. Odal Vind AS (Odal) Odal was first acquired in December 2020 with 15% ownership, and Cloudberry increased its ownership to 33.4% in July 2021. The other owners of Odal Vind AS are Akershus Energi Vind AS and KLP, owning 33.4% and 33.2% respectively. The windfarm was constructed during 2021 and 2022, and all turbines were taken over by Odal in 2023. Following the operational challenges and temporary shutdown in 2024, all turbines met the return to service criteria from Siemens Gamesa and the wind farm operated largely as normal in 2025, with a transformer outage in the fourth quarter that was resolved by replacement and energizing subsequent to year-end. During 2025, a dividend of EUR 5 million proportionate to Cloudberry was distributed from Odal\u2019s restricted cash balance. The windfarm has a normalized annual production of 176 GWh net to Cloudberry and a remaining concession period of 27 years. Odin portfolio of JV and associated companies (Odin portfolio) The Odin portfolio of joint ventures and associated entities includes producing power plants that represent only the entities within the larger acquired Odin portfolio that we do not own a controlling share in. We therefore account for their results using the equity accounting method in the consolidated Group accounts. Of the 402 GWh proportionate share from the total Odin portfolio net to Cloudberry, these entities represent approximately 66 GWh proportionate to Cloudberry. Dingelsundet Energy AS Following the decision in 2023 to halt the offshore wind development at Stenkalles, Cloudberry and Hafslund redirected the project towards alternative energy applications and renamed it Dingelsundet Energy AS. The existing grid connection and transformation station at V\u00e4nern provide a strong basis for battery-based grid services and other flexible energy solutions. In 2025, the partners reached a final investment decision for the Dingelsundet Battery Energy Storage System (BESS), a 24 MW/48 MWh project outside Karlstad owned 50/50 by Cloudberry and Hafslund. Construction progressed according to plan during the year, with factory acceptance tests completed, civil works advancing on schedule and commissioning expected in the third quarter of 2026. Dingelsundet is presented under \u201cOther\u201d in the reported figures in this note. Duvh\u00e4llen Vindkraft AB (Duvh\u00e4llen) Duvh\u00e4llen is a permitted onshore wind project in SE 3 near Eskilstuna. In June 2025, Cloudberry entered into a partnership with OX2 and sold 60% of Duvh\u00e4llen, reducing its ownership from 100% to 40% and leading to deconsolidation of the project from the Group\u2019s accounts. The remaining ownership is equity-accounted and presented under \u201cOther\u201d in the summarized information. The table shows the summarised financial information in the Group accounts for equity accounted companies. FY2025
Forte Energy
NOK million
Norway AS
Odal Vind AS
Odin Portfolio
Other
1
Total
Book value beginning of year
468
581
315
59
1 424
Additions of invested capital
-
-
6
57
62
Additions from acquisitions
-
-
30
9
39
Additions from business combinations
-
-
-
86
86
Share of profit/loss for the year
1
6
19
-
27
Depreciation of excess value
(2)
(1)
(10)
(1)
(13)
Dividend paid to the owners
-
(59)
(19)
-
(78)
Divestments
(416)
-
-
-
(416)
Currency translation differences
(20)
2
1
-
(16)
Items charged to equity
(31)
-
-
-
(31)
Book value at reporting date
-
530
343
209
1 083
Excess value beginning of year
207
18
214
9
448
Excess value 31 December 2025
-
17
197
68
282
Book value of equity at 31 December
associated company/JV
-
513
147
141
801
1 Other includes investment in Dingelsundet, Kaia, Fossum Sol, Duvh\u00e4llen, Norhard, Holstebro-Stuer, Sm\u00e5voll and Osaelva. FY2024
Forte Energy
NOK million
Norway AS
Odal Vind AS
Odin Portfolio
Other
Total
Book value beginning of year
316
511
313
35
1 175
Additions of invested capital
165
-
-
24
189
Share of profit/loss for the year
3
45
15
3
65
Depreciation of excess value
(4)
(1)
(9)
-
(14)
Dividend paid to the owners
(14)
-
(18)
-
(32)
Divestments
-
-
-
(2)
(2)
Currency translation differences
9
25
16
-
50
Items charged to equity
(7)
-
-
-
(7)
Book value at reporting date
468
581
315
59
1 424
Excess value beginning of year
131
18
217
-
366
Excess value 31 December 2024
207
18
214
9
448
Book value of equity at 31 December
associated company/JV
261
563
101
50
976
The tables below present summarized financial information for Forte, Odal and the Odin portfolio of associates and joint ventures. The first two columns show figures on a 100 percent basis for FY 2025 and FY 2024 respectively, while the two columns to the right present Cloudberry\u2019s share of the same information (excluding excess values and related depreciation) on a line-by-line basis. The FY 2025 figures reflect the increased ownership in the Odin portfolio in the first quarter of 2025 and the divestment of Forte as an associated entity following the Forte transaction in the third quarter, whereas the comparative figures for FY 2024 are based on the previous ownership interests. Forte
Based on 100%
Cloudberry share
NOK million
2025
2024
2025
2024
Revenue
47
87
23
37
EBITDA
23
40
11
17
Profit for the period
5
8
3
2
Total assets
1
1 303
1 290
651
645
Total cash and cash equivalents
1
91
94
46
47
Non-current Interest-bearing loans and borrowings
1
719
716
359
358
Total equity
1
533
519
267
260
1 Balance figures as of 30 June 2025, as of 31 December 2025 the entity is fully consolidated. Odal
Based on 100%
Cloudberry share
NOK million
2025
2024
2025
2024
Revenue
285
357
95
119
EBITDA
122
225
41
75
Profit for the period
19
137
6
46
Total assets
1
2 701
2 867
902
957
Total cash and cash equivalents
67
53
22
18
Non-current Interest-bearing loans and borrowings
945
971
316
324
Total equity
1 535
1 687
513
564
1 Odal also has as per 31 December 2025 ~NOK 355m based on 100% and NOK 118m based on Cloudberry share in restricted cash mainly towards Siemens Gamesa and the project financing not reported under cash and cash equivalent but included under total assets. Odin portfolio \u2013 Associates and joint ventures
Based on 100%
Cloudberry share
NOK million
2025
2024
2025
2024
Revenue
130
115
39
29
EBITDA
98
87
28
21
Profit for the period
62
43
15
9
Total assets
534
528
177
138
Total cash and cash equivalents
8
7
3
2
Non-current Interest-bearing loans and borrowings
120
133
60
53
Total equity
393
360
108
75
Note 25 List of subsidiaries and equity accounted companies The following companies are consolidated (subsidiaries) as per 31 December 2025. For an overview of investments in associates and joint ventures accounted for using the equity method, see note 16.
Consolidated Part of
Place of economic interest to Group
Name of entity (and related segment) business Group per 31.12.25 from date
Corporate
Cloudberry Clean Energy ASA
Norway
100%
24.11.2017
Commercial
Cloudberry Production AS
Norway
100%
15.02.2020
R\u00f8yrmyra Vindpark AS
Norway
100%
15.02.2020
H\u00e5n 22kV AS
Norway
100%
15.02.2020
Sk\u00e5r\u00e5na Kraft AS
Norway
60%
24.02.2021
Ramsli\u00e5na Kraftverk AS
Norway
60%
31.03.2022
Tinnkraft AS
Norway
60%
01.02.2022
B\u00f8en Kraft AS
Norway
60%
10.06.2022
\u00d8vre Kvemma Kraftverk AS
Norway
60%
05.06.2024
Cloudberry Production II AS
Norway
100%
11.07.2025
Forte Energy Norway AS
Norway
55%
15.11.2020
Anga Kraft AS
Norway
55%
11.07.2025
Botna Kraft AS
Norway
55%
11.07.2025
Br\u00e5berg Kraft AS
Norway
55%
11.07.2025
Dyrdal Kraft AS
Norway
55%
11.07.2025
Eldao Kraftverk AS
Norway
55%
11.07.2025
Espeelvi Kraft AS
Norway
55%
11.07.2025
Kvitno Kraft AS
Norway
55%
11.07.2025
Langedal Kraft AS
Norway
55%
11.07.2025
Consolidated Part of
Place of economic interest to Group
Name of entity (and related segment) business Group per 31.12.25 from date
Rusdals\u00e5ni Kraft AS
Norway
55%
11.07.2025
Setredalen Kraft AS
Norway
55%
11.07.2025
Skeidsfl\u00e5ten Kraft AS
Norway
55%
11.07.2025
Strupen Kraft AS
Norway
55%
11.07.2025
Svard\u00f8la Kraft AS
Norway
55%
11.07.2025
Tverrdalselvi Kraft AS
Norway
55%
11.07.2025
Herand Kraft AS
Norway
60%
11.07.2025
H\u00e5n Vindpark AB
Sweden
100%
15.02.2020
Sundby Vindpark AB
Sweden
100%
21.12.2021
Munkhyttan Vindkraft AB
Sweden
100%
03.02.2022
CB Production AB
Sweden
100%
01.07.2022
Cloudberry Production Holding ApS
Denmark
100%
31.05.2023
Cloudberry Production Aps
Denmark
100%
31.05.2023
Odin Energy Holding P/S
Denmark
100%
31.05.2023
Odin Energy General Partner ApS
Denmark
100%
31.05.2023
Odin Energy Invest I P/S
Denmark
100%
31.05.2023
Odin Energy Invest II P/S
Denmark
100%
31.05.2023
Lem K\u00e6r Vindkraft I/S
Denmark
76%
31.05.2023
N\u00f8rh-Hjortmose Vind 11 I/S
Denmark
90%
31.05.2023
Skr\u00e6ddergaard Vindkraft I/S
Denmark
60%
31.05.2023
Tornbyg\u00e5rd Vindkraft I/S
Denmark
81%
31.05.2023
Trikelsh\u00f8j Vindkraft I/S
Denmark
60%
31.05.2023
Consolidated Part of
Place of economic interest to Group
Name of entity (and related segment) business Group per 31.12.25 from date
Vemb Vindkraft I/S
Denmark
54%
31.05.2023
Volder Mark M5 Erhverv I/S
Denmark
85%
31.05.2023
Odin Energy Invest III P/S
Denmark
100%
31.05.2023
Projects
Cloudberry Develop AS
Norway
100%
15.02.2020
Skogvind AS
Norway
100%
31.08.2020
Re Energi AS
Norway
60%
31.03.2022
\u00d8vre Ullestad Energi AS
Norway
60%
01.01.2025
Forte Vannkraft Utvikling AS
1
Norway
60%
07.01.2022
Forte Vannkraft AS
Norway
60%
11.07.2025
Aspvikelva Kraft AS
Norway
60%
11.07.2025
Fardalen Kraft AS
Norway
60%
11.07.2025
Gjeiskelid Kraft AS
Norway
60%
11.07.2025
Grovlia Kraftverk AS
Norway
60%
11.07.2025
Gr\u00f8vdal Kraft AS
Norway
60%
11.07.2025
Hartevasstj\u00f8nn Kraft AS
Norway
60%
11.07.2025
Hoslemo Kraft AS
Norway
60%
11.07.2025
Kalklavkraft AS
Norway
60%
11.07.2025
Ugulsvik Kraftverk AS
Norway
60%
11.07.2025
Consolidated Part of
Place of economic interest to Group
Name of entity (and related segment) business Group per 31.12.25 from date
Vigda Kraft AS
Norway
60%
11.07.2025
Cloudberry Utveckling AB
Sweden
100%
15.02.2020
Cloudberry Utveckling II AB
Sweden
100%
15.02.2020
Cloudberry Utveckling III AB
Sweden
100%
15.02.2020
Bj\u00f6rnetj\u00e4rnsberget Vindpark AB
Sweden
100%
01.04.2023
Cloudberry Wind AB
Sweden
100%
15.02.2020
Cloudberry Clean Energy AB
Sweden
100%
15.02.2020
Rewind Offshore AB
Sweden
100%
15.02.2020
\u00c4lgfallet Energipark AB
Sweden
70%
13.08.2025
Frostn\u00e4s Vind AB
Sweden
100%
09.12.2025
Klimapark Nees Hede K/S
Denmark
100%
01.02.2024
Komplementarselskabet Klimapark Nees Hede ApS
Denmark
100%
01.02.2024
Cloudberry Development Aps
Denmark
100%
28.03.2025
Asset Management
Captiva Asset Management AS
Norway
100%
07.01.2022
Enestor AS
Norway
51%
01.06.2022
Captiva Asset Management AB
Sweden
100%
01.04.2023
Cloudberry Clean Energy Aps
Denmark
100%
28.03.2025
1 Formerly Captiva Energi AS.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-519": { "value": "Note 16 Investments in associated companies and joint ventures Accounting principle Investments in associated companies and joint arrangements are accounted for using the equity method in accordance with IAS 28. Accounting policies of equity accounted investees have been changed were necessary to ensure consistency with the policies adopted by the Group. Associates and joint ventures The table shows the summarized investments classified as associated companies and joint ventures as of 31 December 2025 accounted for using the equity method:
Place of Economic interest
Name of entity (and related segment) business
to Group per 31.12.25
Principal activities
Commercial
Odal Vind AS
Associated company
Norway
33%
Wind power
F\u00e5re Vindm\u00f8llelaug I/S
Associated company
Denmark
47%
Wind power
Fl\u00f8vej 33 I/S
Associated company
Denmark
50%
Wind power
N\u00f8rgaard Vind I/S
Associated company
Denmark
50%
Wind power
Stakroge Vindkraft I/S
Associated company
Denmark
26%
Wind power
Stakroge VM4 I/S
Associated company
Denmark
50%
Wind power
\u00d8stergaard Vindkraft I/S
Associated company
Denmark
20%
Wind power
Vindtved Vindkraft I/S
Associated company
Denmark
38%
Wind power
P/S T\u00e6ndpibe Vind
Associated company
Denmark
15%
Wind power
Volder Mark Vindkraft I/S
Associated company
Denmark
17%
Wind power
Krejbjerg Vindm\u00f8llelaug I/S
Associated company
Denmark
40%
Wind power
Orreholmen Vindkraft AB
Joint Venture
Sweden
50%
Wind power
Vetteberget Vindkraft AB
Joint Venture
Sweden
50%
Wind power
Projects
Dingelsundet Energy AS
Joint Venture
Norway
1
50%
Battery energy storage system (BESS) constuction
Fossum Sol 1 AS
Associated company
Norway
33%
Solar power in construction permit process
Sm\u00e5voll Kraftverk AS
Associated company
Norway
30%
Hydro power
Osaelva Kraftverk AS
Associated company
Norway
30%
Hydro power
Norhard Equipment AS
Associated company
Norway
45%
Project construction
Energipark Holstebro-Struer P/S
Associated company
Denmark
33.3%
Wind power
Komplementarselskabet Energipark
Associated company
Denmark
33.3%
Wind power
Holstebro-Struer ApS
Duvh\u00e4llen Vindpark AB
Associated company
Sweden
40%
Wind power
Asset Management
Kaia Solutions AS
2
Associated company
Norway
32%
Balancing services for power companies
1 The Dingelsundet group has a Norwegian holding company, while the operating (BESS construction) company is based in Sweden. 2 Formerly Kraftanmelding AS. Forte Energy Norway AS (Forte) In 2025, Cloudberry completed a transaction with Swiss Life Asset Managers to establish one of the largest small-scale hydro platforms in the Nordics. Through this transaction, Cloudberry contributed its producing hydropower portfolio and development projects as a contribution in kind to Forte Vannkraft AS (FVK), obtaining 60% ownership in FVK, and acquired an additional 5.01% stake in Forte Energy Norway AS (FEN), increasing its ownership in FEN to 55% and obtaining control. Following completion of the transaction, both FVK and FEN are fully consolidated in the Group\u2019s financial statements and Forte is therefore no longer presented as investments in associated company at year-end. Through the Forte transaction, Cloudberry also acquired a 45% ownership interest in Norhard Equipment AS and, through FVK, an indirect 30% interest in Sm\u00e5voll Kraftverk AS and Osaelva Kraftverk AS. These invest- ments are accounted for using the equity method and presented under \u201cOther\u201d in the reported figures in this note. Odal Vind AS (Odal) Odal was first acquired in December 2020 with 15% ownership, and Cloudberry increased its ownership to 33.4% in July 2021. The other owners of Odal Vind AS are Akershus Energi Vind AS and KLP, owning 33.4% and 33.2% respectively. The windfarm was constructed during 2021 and 2022, and all turbines were taken over by Odal in 2023. Following the operational challenges and temporary shutdown in 2024, all turbines met the return to service criteria from Siemens Gamesa and the wind farm operated largely as normal in 2025, with a transformer outage in the fourth quarter that was resolved by replacement and energizing subsequent to year-end. During 2025, a dividend of EUR 5 million proportionate to Cloudberry was distributed from Odal\u2019s restricted cash balance. The windfarm has a normalized annual production of 176 GWh net to Cloudberry and a remaining concession period of 27 years. Odin portfolio of JV and associated companies (Odin portfolio) The Odin portfolio of joint ventures and associated entities includes producing power plants that represent only the entities within the larger acquired Odin portfolio that we do not own a controlling share in. We therefore account for their results using the equity accounting method in the consolidated Group accounts. Of the 402 GWh proportionate share from the total Odin portfolio net to Cloudberry, these entities represent approximately 66 GWh proportionate to Cloudberry. Dingelsundet Energy AS Following the decision in 2023 to halt the offshore wind development at Stenkalles, Cloudberry and Hafslund redirected the project towards alternative energy applications and renamed it Dingelsundet Energy AS. The existing grid connection and transformation station at V\u00e4nern provide a strong basis for battery-based grid services and other flexible energy solutions. In 2025, the partners reached a final investment decision for the Dingelsundet Battery Energy Storage System (BESS), a 24 MW/48 MWh project outside Karlstad owned 50/50 by Cloudberry and Hafslund. Construction progressed according to plan during the year, with factory acceptance tests completed, civil works advancing on schedule and commissioning expected in the third quarter of 2026. Dingelsundet is presented under \u201cOther\u201d in the reported figures in this note. Duvh\u00e4llen Vindkraft AB (Duvh\u00e4llen) Duvh\u00e4llen is a permitted onshore wind project in SE 3 near Eskilstuna. In June 2025, Cloudberry entered into a partnership with OX2 and sold 60% of Duvh\u00e4llen, reducing its ownership from 100% to 40% and leading to deconsolidation of the project from the Group\u2019s accounts. The remaining ownership is equity-accounted and presented under \u201cOther\u201d in the summarized information. The table shows the summarised financial information in the Group accounts for equity accounted companies. FY2025
Forte Energy
NOK million
Norway AS
Odal Vind AS
Odin Portfolio
Other
1
Total
Book value beginning of year
468
581
315
59
1 424
Additions of invested capital
-
-
6
57
62
Additions from acquisitions
-
-
30
9
39
Additions from business combinations
-
-
-
86
86
Share of profit/loss for the year
1
6
19
-
27
Depreciation of excess value
(2)
(1)
(10)
(1)
(13)
Dividend paid to the owners
-
(59)
(19)
-
(78)
Divestments
(416)
-
-
-
(416)
Currency translation differences
(20)
2
1
-
(16)
Items charged to equity
(31)
-
-
-
(31)
Book value at reporting date
-
530
343
209
1 083
Excess value beginning of year
207
18
214
9
448
Excess value 31 December 2025
-
17
197
68
282
Book value of equity at 31 December
associated company/JV
-
513
147
141
801
1 Other includes investment in Dingelsundet, Kaia, Fossum Sol, Duvh\u00e4llen, Norhard, Holstebro-Stuer, Sm\u00e5voll and Osaelva. FY2024
Forte Energy
NOK million
Norway AS
Odal Vind AS
Odin Portfolio
Other
Total
Book value beginning of year
316
511
313
35
1 175
Additions of invested capital
165
-
-
24
189
Share of profit/loss for the year
3
45
15
3
65
Depreciation of excess value
(4)
(1)
(9)
-
(14)
Dividend paid to the owners
(14)
-
(18)
-
(32)
Divestments
-
-
-
(2)
(2)
Currency translation differences
9
25
16
-
50
Items charged to equity
(7)
-
-
-
(7)
Book value at reporting date
468
581
315
59
1 424
Excess value beginning of year
131
18
217
-
366
Excess value 31 December 2024
207
18
214
9
448
Book value of equity at 31 December
associated company/JV
261
563
101
50
976
The tables below present summarized financial information for Forte, Odal and the Odin portfolio of associates and joint ventures. The first two columns show figures on a 100 percent basis for FY 2025 and FY 2024 respectively, while the two columns to the right present Cloudberry\u2019s share of the same information (excluding excess values and related depreciation) on a line-by-line basis. The FY 2025 figures reflect the increased ownership in the Odin portfolio in the first quarter of 2025 and the divestment of Forte as an associated entity following the Forte transaction in the third quarter, whereas the comparative figures for FY 2024 are based on the previous ownership interests. Forte
Based on 100%
Cloudberry share
NOK million
2025
2024
2025
2024
Revenue
47
87
23
37
EBITDA
23
40
11
17
Profit for the period
5
8
3
2
Total assets
1
1 303
1 290
651
645
Total cash and cash equivalents
1
91
94
46
47
Non-current Interest-bearing loans and borrowings
1
719
716
359
358
Total equity
1
533
519
267
260
1 Balance figures as of 30 June 2025, as of 31 December 2025 the entity is fully consolidated. Odal
Based on 100%
Cloudberry share
NOK million
2025
2024
2025
2024
Revenue
285
357
95
119
EBITDA
122
225
41
75
Profit for the period
19
137
6
46
Total assets
1
2 701
2 867
902
957
Total cash and cash equivalents
67
53
22
18
Non-current Interest-bearing loans and borrowings
945
971
316
324
Total equity
1 535
1 687
513
564
1 Odal also has as per 31 December 2025 ~NOK 355m based on 100% and NOK 118m based on Cloudberry share in restricted cash mainly towards Siemens Gamesa and the project financing not reported under cash and cash equivalent but included under total assets. Odin portfolio \u2013 Associates and joint ventures
Based on 100%
Cloudberry share
NOK million
2025
2024
2025
2024
Revenue
130
115
39
29
EBITDA
98
87
28
21
Profit for the period
62
43
15
9
Total assets
534
528
177
138
Total cash and cash equivalents
8
7
3
2
Non-current Interest-bearing loans and borrowings
120
133
60
53
Total equity
393
360
108
75
Note 25 List of subsidiaries and equity accounted companies The following companies are consolidated (subsidiaries) as per 31 December 2025. For an overview of investments in associates and joint ventures accounted for using the equity method, see note 16.
Consolidated Part of
Place of economic interest to Group
Name of entity (and related segment) business Group per 31.12.25 from date
Corporate
Cloudberry Clean Energy ASA
Norway
100%
24.11.2017
Commercial
Cloudberry Production AS
Norway
100%
15.02.2020
R\u00f8yrmyra Vindpark AS
Norway
100%
15.02.2020
H\u00e5n 22kV AS
Norway
100%
15.02.2020
Sk\u00e5r\u00e5na Kraft AS
Norway
60%
24.02.2021
Ramsli\u00e5na Kraftverk AS
Norway
60%
31.03.2022
Tinnkraft AS
Norway
60%
01.02.2022
B\u00f8en Kraft AS
Norway
60%
10.06.2022
\u00d8vre Kvemma Kraftverk AS
Norway
60%
05.06.2024
Cloudberry Production II AS
Norway
100%
11.07.2025
Forte Energy Norway AS
Norway
55%
15.11.2020
Anga Kraft AS
Norway
55%
11.07.2025
Botna Kraft AS
Norway
55%
11.07.2025
Br\u00e5berg Kraft AS
Norway
55%
11.07.2025
Dyrdal Kraft AS
Norway
55%
11.07.2025
Eldao Kraftverk AS
Norway
55%
11.07.2025
Espeelvi Kraft AS
Norway
55%
11.07.2025
Kvitno Kraft AS
Norway
55%
11.07.2025
Langedal Kraft AS
Norway
55%
11.07.2025
Consolidated Part of
Place of economic interest to Group
Name of entity (and related segment) business Group per 31.12.25 from date
Rusdals\u00e5ni Kraft AS
Norway
55%
11.07.2025
Setredalen Kraft AS
Norway
55%
11.07.2025
Skeidsfl\u00e5ten Kraft AS
Norway
55%
11.07.2025
Strupen Kraft AS
Norway
55%
11.07.2025
Svard\u00f8la Kraft AS
Norway
55%
11.07.2025
Tverrdalselvi Kraft AS
Norway
55%
11.07.2025
Herand Kraft AS
Norway
60%
11.07.2025
H\u00e5n Vindpark AB
Sweden
100%
15.02.2020
Sundby Vindpark AB
Sweden
100%
21.12.2021
Munkhyttan Vindkraft AB
Sweden
100%
03.02.2022
CB Production AB
Sweden
100%
01.07.2022
Cloudberry Production Holding ApS
Denmark
100%
31.05.2023
Cloudberry Production Aps
Denmark
100%
31.05.2023
Odin Energy Holding P/S
Denmark
100%
31.05.2023
Odin Energy General Partner ApS
Denmark
100%
31.05.2023
Odin Energy Invest I P/S
Denmark
100%
31.05.2023
Odin Energy Invest II P/S
Denmark
100%
31.05.2023
Lem K\u00e6r Vindkraft I/S
Denmark
76%
31.05.2023
N\u00f8rh-Hjortmose Vind 11 I/S
Denmark
90%
31.05.2023
Skr\u00e6ddergaard Vindkraft I/S
Denmark
60%
31.05.2023
Tornbyg\u00e5rd Vindkraft I/S
Denmark
81%
31.05.2023
Trikelsh\u00f8j Vindkraft I/S
Denmark
60%
31.05.2023
Consolidated Part of
Place of economic interest to Group
Name of entity (and related segment) business Group per 31.12.25 from date
Vemb Vindkraft I/S
Denmark
54%
31.05.2023
Volder Mark M5 Erhverv I/S
Denmark
85%
31.05.2023
Odin Energy Invest III P/S
Denmark
100%
31.05.2023
Projects
Cloudberry Develop AS
Norway
100%
15.02.2020
Skogvind AS
Norway
100%
31.08.2020
Re Energi AS
Norway
60%
31.03.2022
\u00d8vre Ullestad Energi AS
Norway
60%
01.01.2025
Forte Vannkraft Utvikling AS
1
Norway
60%
07.01.2022
Forte Vannkraft AS
Norway
60%
11.07.2025
Aspvikelva Kraft AS
Norway
60%
11.07.2025
Fardalen Kraft AS
Norway
60%
11.07.2025
Gjeiskelid Kraft AS
Norway
60%
11.07.2025
Grovlia Kraftverk AS
Norway
60%
11.07.2025
Gr\u00f8vdal Kraft AS
Norway
60%
11.07.2025
Hartevasstj\u00f8nn Kraft AS
Norway
60%
11.07.2025
Hoslemo Kraft AS
Norway
60%
11.07.2025
Kalklavkraft AS
Norway
60%
11.07.2025
Ugulsvik Kraftverk AS
Norway
60%
11.07.2025
Consolidated Part of
Place of economic interest to Group
Name of entity (and related segment) business Group per 31.12.25 from date
Vigda Kraft AS
Norway
60%
11.07.2025
Cloudberry Utveckling AB
Sweden
100%
15.02.2020
Cloudberry Utveckling II AB
Sweden
100%
15.02.2020
Cloudberry Utveckling III AB
Sweden
100%
15.02.2020
Bj\u00f6rnetj\u00e4rnsberget Vindpark AB
Sweden
100%
01.04.2023
Cloudberry Wind AB
Sweden
100%
15.02.2020
Cloudberry Clean Energy AB
Sweden
100%
15.02.2020
Rewind Offshore AB
Sweden
100%
15.02.2020
\u00c4lgfallet Energipark AB
Sweden
70%
13.08.2025
Frostn\u00e4s Vind AB
Sweden
100%
09.12.2025
Klimapark Nees Hede K/S
Denmark
100%
01.02.2024
Komplementarselskabet Klimapark Nees Hede ApS
Denmark
100%
01.02.2024
Cloudberry Development Aps
Denmark
100%
28.03.2025
Asset Management
Captiva Asset Management AS
Norway
100%
07.01.2022
Enestor AS
Norway
51%
01.06.2022
Captiva Asset Management AB
Sweden
100%
01.04.2023
Cloudberry Clean Energy Aps
Denmark
100%
28.03.2025
1 Formerly Captiva Energi AS.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-546": { "value": "Accounting principle Investments in associated companies and joint arrangements are accounted for using the equity method in accordance with IAS 28. Accounting policies of equity accounted investees have been changed were necessary to ensure consistency with the policies adopted by the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-543": { "value": "Accounting principle Investments in associated companies and joint arrangements are accounted for using the equity method in accordance with IAS 28. Accounting policies of equity accounted investees have been changed were necessary to ensure consistency with the policies adopted by the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-534": { "value": "Accounting principle Investments in associated companies and joint arrangements are accounted for using the equity method in accordance with IAS 28. Accounting policies of equity accounted investees have been changed were necessary to ensure consistency with the policies adopted by the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-472": { "value": "
Note 17 Non-current financial assets and other assets
The table shows the breakdown of financial assets and other assets as of 31 December 2025:
NOK million
31.12.2025
31.12.2024
Intangible assets
3
5
Deferred tax asset
41
14
Investment in other shares
66
-
Derivative assets
183
48
Other non-current assets
170
43
Total non-current financial assets and other assets
461
110
Included in other non-current assets are non-financial contractual assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-554": { "value": "Note 17 Non-current financial assets and other assets The table shows the breakdown of financial assets and other assets as of 31 December 2025:
NOK million
31.12.2025
31.12.2024
Intangible assets
3
5
Deferred tax asset
41
14
Investment in other shares
66
-
Derivative assets
183
48
Other non-current assets
170
43
Total non-current financial assets and other assets
461
110
Included in other non-current assets are non-financial contractual assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-551": { "value": "Note 17 Non-current financial assets and other assets The table shows the breakdown of financial assets and other assets as of 31 December 2025:
NOK million
31.12.2025
31.12.2024
Intangible assets
3
5
Deferred tax asset
41
14
Investment in other shares
66
-
Derivative assets
183
48
Other non-current assets
170
43
Total non-current financial assets and other assets
461
110
Included in other non-current assets are non-financial contractual assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-520": { "value": "Note 18 Inventory Accounting principle Inventories consist of development projects and government grants of el-certificates and guarantees of origin (GoOs). Inventories are accounted for in accordance with IAS 2 Inventories. Significant estimates and judgments Development projects Development costs for work the Group has technical capability, commercial viability, and resources to complete are accounted for in accordance with IAS 2. Capitalized development costs consist of external development costs, capitalized salaries for internal employees and capitalized interest costs related to project funding. The development projects are part of the Projects segment and are primarily held as project opportuni- ties and where investment opportunities arise for projects to be retained as a long-term asset; they are reclassified as held for own use. Once a project is ready for construction, and the Group makes the final investment decision (FID), the project will be reclassified from inventory to property, plant, and equipment, and accounted for in accordance with IAS 16. Inventory per year-end
NOK million
31.12.2025
31.12.2024
Projects
169
152
Government grants
-
-
Total
169
152
The group presents the project portfolio as projects with construction permits and backlog projects. For backlog projects, the company holds exclusive rights, but the projects are still under development. The table below shows the split of project inventory in projects with construction permit and project backlog. FY2025
Projects - with Projects -
NOK million construction permit
backlog
Total
Project inventory 01.01.
95
57
152
Acquisitions through business combination
10
22
32
Acquisitions during the year
5
-
5
Capitalization (salary, borrowing cost, other expenses)
21
11
32
Disposals
(52)
-
(52)
Write down current year
-
(4)
(4)
Effects of movements in foreign exchange
1
3
4
Project inventory 31.12.
80
89
169
FY2024
Projects - with Projects -
NOK million construction permit
backlog
Total
Project inventory 01.01.
51
48
99
Acqusitions during the year
23
-
23
Capitalized right of lease asset
9
-
9
Capitalization (salary, borrowing cost, other expenses)
11
9
19
Effects of movements in foreign exchange
2
-
2
Project inventory 31.12.
95
57
152
Projects with construction permits include Nees Hede, Frostn\u00e4s and two projects acquired through the Forte transaction. Nees Hede is a solar project in the Danish DK-1 price area where development costs has been capitalized and Frostn\u00e4s is a wind project in the SE-4 price area in Sweden acquired in December 2025. The wind project Duvh\u00e4llen was disposed of in June 2025 following the sale of 60% to OX2, which is reflected in the disposal of inventory. The project backlog includes Bj\u00f6rntjernsberget, Ulricehamn, Re Energi and other wind, solar and hydro projects in Norway, Sweden and Denmark, while the \u00d6sterg\u00f6tland project has been written down per year-end. Additions through business combinations primarily relate to Danish projects acquired through the Skovgaard transaction and projects acquired through the Forte transaction, while Frostn\u00e4s is presented as acquisition during the year.", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-473": { "value": "Note 18 Inventory Accounting principle Inventories consist of development projects and government grants of el-certificates and guarantees of origin (GoOs). Inventories are accounted for in accordance with IAS 2 Inventories. Significant estimates and judgments Development projects Development costs for work the Group has technical capability, commercial viability, and resources to complete are accounted for in accordance with IAS 2. Capitalized development costs consist of external development costs, capitalized salaries for internal employees and capitalized interest costs related to project funding. The development projects are part of the Projects segment and are primarily held as project opportuni- ties and where investment opportunities arise for projects to be retained as a long-term asset; they are reclassified as held for own use. Once a project is ready for construction, and the Group makes the final investment decision (FID), the project will be reclassified from inventory to property, plant, and equipment, and accounted for in accordance with IAS 16. Inventory per year-end
NOK million
31.12.2025
31.12.2024
Projects
169
152
Government grants
-
-
Total
169
152
The group presents the project portfolio as projects with construction permits and backlog projects. For
backlog projects, the company holds exclusive rights, but the projects are still under development. The table
below shows the split of project inventory in projects with construction permit and project backlog.
FY2025
Projects - with Projects -
NOK million construction permit
backlog
Total
Project inventory 01.01.
95
57
152
Acquisitions through business combination
10
22
32
Acquisitions during the year
5
-
5
Capitalization (salary, borrowing cost, other expenses)
21
11
32
Disposals
(52)
-
(52)
Write down current year
-
(4)
(4)
Effects of movements in foreign exchange
1
3
4
Project inventory 31.12.
80
89
169
FY2024
Projects - with Projects -
NOK million construction permit
backlog
Total
Project inventory 01.01.
51
48
99
Acqusitions during the year
23
-
23
Capitalized right of lease asset
9
-
9
Capitalization (salary, borrowing cost, other expenses)
11
9
19
Effects of movements in foreign exchange
2
-
2
Project inventory 31.12.
95
57
152
Projects with construction permits include Nees Hede, Frostn\u00e4s and two projects acquired through the Forte
transaction. Nees Hede is a solar project in the Danish DK-1 price area where development costs has been
capitalized and Frostn\u00e4s is a wind project in the SE-4 price area in Sweden acquired in December 2025. The
wind project Duvh\u00e4llen was disposed of in June 2025 following the sale of 60% to OX2, which is reflected in
the disposal of inventory.
The project backlog includes Bj\u00f6rntjernsberget, Ulricehamn, Re Energi and other wind, solar and hydro
projects in Norway, Sweden and Denmark, while the \u00d6sterg\u00f6tland project has been written down per
year-end.
Additions through business combinations primarily relate to Danish projects acquired through the Skovgaard
transaction and projects acquired through the Forte transaction, while Frostn\u00e4s is presented as acquisition
during the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-501": { "value": "Accounting principle Inventories consist of development projects and government grants of el-certificates and guarantees of origin (GoOs). Inventories are accounted for in accordance with IAS 2 Inventories. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-474": { "value": "Note 19 Cash, cash equivalents and corporate funding Accounting principle Cash and cash equivalents consist of bank deposits and money market funds. The Group considers all highly liquid investments such as deposits with an original or remaining maturity of three months or less to be cash equivalents. Restricted cash is not considered as cash and cash equivalents but is classified as other current assets. The Group has a corporate account agreement with Sparebank 1 S\u00f8r-Norge for the Norwegian companies.
NOK million
2025
2024
Bank deposits
735
724
Money market funds
158
150
Total cash and cash equivalents
893
874
Investments in money market funds consist of investments in KLP and Fondsforvaltning. These are short term placements and readily convertible to cash. Restricted cash is not included in cash and cash equivalents; if cash is restricted, it is classified as other current assets. Some cash is held in subsidiaries, requiring dividends or group contribution to be transferred to the parent company.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-502": { "value": "Accounting principle Cash and cash equivalents consist of bank deposits and money market funds. The Group considers all highly liquid investments such as deposits with an original or remaining maturity of three months or less to be cash equivalents. Restricted cash is not considered as cash and cash equivalents but is classified as other current assets. The Group has a corporate account agreement with Sparebank 1 S\u00f8r-Norge for the Norwegian companies. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-544": { "value": "Restricted cash is not considered as cash and cash equivalents but is classified as other current assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-475": { "value": "
Note 20 Share capital and shareholder information
Share capital
The tables below show the share capital, share premium and number of shares as of 31 December 2025:
NOK million
2025
2024
Share capital
80
72
Share premium
3 831
3 497
Share capital and premium at 31 December
3 911
3 569
Number of shares at 31 December
318 104 624
288 646 437
The shares have a par value of NOK 0.25. The change in share capital during the year is due to capital
increase.
Cloudberry has one share class and each share in the Company carries one vote at the Company\u2019s general
meeting. All shares carry equal rights, including the right to participate in general meetings.
The following capital changes has taken place in 2025:
Number
NOK million
Date
of shares
Share capital
Number of shares 1 January 2025
288 646 437
72 161 609
Capital increase
02.04.2025
28 658 555
7 164 639
Capital increase
16.06.2025
74 632
18 658
Capital increase
11.09.2025
725 000
181 250
Number of shares and share capital 31 December 2025
318 104 624
79 526 156
In 2025, the Annual General Meeting approved a share purchase program for the Board of Directors, under
which 74 632 new shares were issued. These shares are subject to a three-year lock-up period.
The table below shows the 20 largest shareholders of Cloudberry as of 31 December 2025:
Number of Share of Share of
20 largest shareholders as of 31 December shares ownership voting rights
Ferd AS
35 454 343
11.1%
11.1%
The Bank of New York Mellon SA/NV
31 922 528
10.0%
10.0%
Joh Johannson Eiendom AS
29 512 098
9.3%
9.28%
Havfonn AS (Bergesen family)
24 761 554
7.8%
7.78%
Morgan Stanley & Co. Int. Plc.
23 244 980
7.3%
7.31%
Snefonn AS (Bergesen family)
16 203 725
5.1%
5.09%
The Northern Trust Comp, London Br
15 872 434
5.0%
4.99%
Skandinaviska Enskilda Banken AB
15 711 739
4.9%
4.9%
Skandinaviska Enskilda Banken AB
11 550 000
3.6%
3.6%
Farvatn Capital AS
10 007 145
3.1%
3.1%
UBS AG
9 849 711
3.1%
3.1%
The Bank of New York Mellon SA/NV
8 033 759
2.5%
2.5%
Citibank Europe plc
5 543 271
1.7%
1.7%
Clearstream Banking S.A.
4 762 422
1.5%
1.5%
J.P. Morgan Securities LLC
4 049 049
1.3%
1.3%
Gjensidige Forsikring ASA
4 023 469
1.3%
1.3%
MP Pensjon PK
3 421 320
1.1%
1.1%
Ccpartner AS
2 900 000
0.9%
0.9%
J.P. Morgan SE
2 427 638
0.8%
0.8%
Verdipapirfondet Storebrand Norge
2 282 364
0.7%
0.7%
Other
56 571 075
17.8%
17.8%
Total number of shares 318 104 624
100.0%
100.0%
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-521": { "value": "Share capital The tables below show the share capital, share premium and number of shares as of 31 December 2025:
NOK million
2025
2024
Share capital
80
72
Share premium
3 831
3 497
Share capital and premium at 31 December
3 911
3 569
Number of shares at 31 December
318 104 624
288 646 437
The shares have a par value of NOK 0.25. The change in share capital during the year is due to capital increase. Cloudberry has one share class and each share in the Company carries one vote at the Company\u2019s general meeting. All shares carry equal rights, including the right to participate in general meetings. The following capital changes has taken place in 2025:
Number
NOK million
Date
of shares
Share capital
Number of shares 1 January 2025
288 646 437
72 161 609
Capital increase
02.04.2025
28 658 555
7 164 639
Capital increase
16.06.2025
74 632
18 658
Capital increase
11.09.2025
725 000
181 250
Number of shares and share capital 31 December 2025
318 104 624
79 526 156
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-522": { "value": "In 2025, the Annual General Meeting approved a share purchase program for the Board of Directors, under which 74 632 new shares were issued. These shares are subject to a three-year lock-up period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-476": { "value": "
Note 21 Interest-bearing debt and debt facilities
The Group has the following interest-bearing loans and borrowings as per 31 December 2025:
NOK million
31.12.2025
31.12.2024
Non-current interest-bearing debt and borrowings
3 148
1 778
Non-current derivative liability related to hedge accounting
21
75
Total non-current interest-bearing loans and borrowings
3 169
1 853
Current interest-bearing loans and borrowings
139
98
Total interest-bearing loans and borrowings to banks
3 308
1 951
The table below shows a reconciliation of opening balance, movements and closing balance of the
interest-bearing loans and borrowings for the year 2025:
NOK million
In cash flow statement
Opening balance interest-bearing loans and borrowings 01.01.25
1 951
Repayment of term loan
cash outflow
(270)
Drawn from bank facility
cash inflow
618
Debt from business combinations
non-cash
1 166
Downpayments
cash outflow
(133)
Change in interest swap derivatives
non-cash
(54)
Effects of movements in foreign exchange
non-cash
31
Closing balance interest-bearing debt and borrowings 31.12.25
3 308
Of which:
Drawn from bank facility
618
Debt from business combinations
1 166
Proceeds from new term loans 2025
1 783
Repayment of term loan
(270)
Downpayments
(133)
Total repayment of term loan 2025
(403)
The main debt facilities within the Group are situated in Cloudberry Production AS, Forte Vannkraft AS (FVK)
and Forte Energy Norway AS (FEN). The remaining consolidated debt is primarily associated within the Danish
subsidiaries under the Odin portfolio, financed through local Danish banks.
Cloudberry Production AS
Cloudberry Production AS is financed through a bank syndicate comprising Sparebank 1 S\u00f8r-Norge,
Sparebank 1 Nord-Norge and Sparebank 1 \u00d8stlandet. As of the reporting date, the total facility is at NOK
2 200m, with a possibility to increase it by an additional NOK 300m through an accordion. At year-end
approximately NOK 1.70 bn was utilized. The facility can be utilized for both construction and producing
assets in Norway, Sweden and Denmark. Final maturity for the facility is in Q1 2027. Cloudberry is already
engaged in constructive discussions with the lending banks regarding a renewal in 2026.
The term loan with the bank syndicate in Cloudberry Production AS is subject to the following material
financial covenants (numbers in bracket represent actual reported numbers per 31.12.25):
1. Group consolidated equity ratio: minimum 30% (58% per 31.12.25)
Cloudberry Production AS equity ratio: minimum 30% (64% per 31.12.25)
Minimum Group equity: NOK 1 800m (NOK 5 427m per 31.12.25)
Minimum equity Cloudberry Production AS: NOK 900m (NOK 3 059m per 31.12.25)
2. Liquidity reserves Group level: minimum NOK 80m consolidated, of which NOK 70m will have to be in the SR
Bank cash pool (NOK 893m per 31.12.25, majority in cash pool).
3. Minimum secured 75% share of principal per loan of 5 years.
Forte Vannkraft AS (FVK)
FVK has a corporate debt facility from Sparebank 1 S\u00f8r-Norge and Sparebanken M\u00f8re. The total facility size
is EUR 90m and at year-end 2025 ~EUR 58m was drawn towards the facility. The facility is primarily to be used
towards Norwegian hydro assets in production and under construction. Cloudberry owns 60% of FVK and the
facility size and debt levels are reported on a 100% basis. Final maturity for the debt facility is 30.06.2028.
The main financial covenants are:
1. Historical 12 months debt service covenant ratio of >1.35.
2. Equity ratio of >35%
The group was not in breach of any covenants as of 31.12.25
Forte Energy Norway AS (FEN)
FEN has a term-loan from DNB and SEB of EUR 59m per 31.12.2025. Cloudberry owns 55% of FEN and the facility
size and debt levels are reported on a 100% basis. Final maturity for the term-loan is in September 2031.
The main financial covenants are:
1. Historical 12 months debt service covenant ratio of >1.10
2. Forward looking 12/24 months debt service covenant ratio >1.25.
3. Equity ratio of >30%
The group was not in breach of any covenants as of 31.12.25
The total interest-bearing debt in the group increased to NOK 3 308m as of year-end 2025, up from
NOK 1 951m in 2024, primarily driven by new debt drawn in connection with the Skovgaard and Forte trans-
actions and the consolidation of the Forte portfolio. The remaining consolidated debt is primarily associated
with the Danish subsidiaries under the Odin portfolio, financed through local Danish banks.
The interest rate on the term loans has a margin of less than 2% plus the benchmark rate (NIBOR/STIBOR/
CIBOR). The Group has a strategy to enter into interest swap agreements, swapping floating rates to fixed. If
possible, the Group applies hedge accounting to account for its interest rate derivatives, see note 8. As of the
reporting date, over 70% of the total proportionate interest-bearing debt is hedged, with an all-in cost below
4% per annum with an average duration of slightly above 10 years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-535": { "value": "Note 21 Interest-bearing debt and debt facilities The Group has the following interest-bearing loans and borrowings as per 31 December 2025:
NOK million
31.12.2025
31.12.2024
Non-current interest-bearing debt and borrowings
3 148
1 778
Non-current derivative liability related to hedge accounting
21
75
Total non-current interest-bearing loans and borrowings
3 169
1 853
Current interest-bearing loans and borrowings
139
98
Total interest-bearing loans and borrowings to banks
3 308
1 951
The table below shows a reconciliation of opening balance, movements and closing balance of the interest-bearing loans and borrowings for the year 2025:
NOK million
In cash flow statement
Opening balance interest-bearing loans and borrowings 01.01.25
1 951
Repayment of term loan
cash outflow
(270)
Drawn from bank facility
cash inflow
618
Debt from business combinations
non-cash
1 166
Downpayments
cash outflow
(133)
Change in interest swap derivatives
non-cash
(54)
Effects of movements in foreign exchange
non-cash
31
Closing balance interest-bearing debt and borrowings 31.12.25
3 308
Of which:
Drawn from bank facility
618
Debt from business combinations
1 166
Proceeds from new term loans 2025
1 783
Repayment of term loan
(270)
Downpayments
(133)
Total repayment of term loan 2025
(403)
The main debt facilities within the Group are situated in Cloudberry Production AS, Forte Vannkraft AS (FVK) and Forte Energy Norway AS (FEN). The remaining consolidated debt is primarily associated within the Danish subsidiaries under the Odin portfolio, financed through local Danish banks. Cloudberry Production AS Cloudberry Production AS is financed through a bank syndicate comprising Sparebank 1 S\u00f8r-Norge, Sparebank 1 Nord-Norge and Sparebank 1 \u00d8stlandet. As of the reporting date, the total facility is at NOK 2 200m, with a possibility to increase it by an additional NOK 300m through an accordion. At year-end approximately NOK 1.70 bn was utilized. The facility can be utilized for both construction and producing assets in Norway, Sweden and Denmark. Final maturity for the facility is in Q1 2027. Cloudberry is already engaged in constructive discussions with the lending banks regarding a renewal in 2026. The term loan with the bank syndicate in Cloudberry Production AS is subject to the following material financial covenants (numbers in bracket represent actual reported numbers per 31.12.25): 1. Group consolidated equity ratio: minimum 30% (58% per 31.12.25) Cloudberry Production AS equity ratio: minimum 30% (64% per 31.12.25) Minimum Group equity: NOK 1 800m (NOK 5 427m per 31.12.25) Minimum equity Cloudberry Production AS: NOK 900m (NOK 3 059m per 31.12.25) 2. Liquidity reserves Group level: minimum NOK 80m consolidated, of which NOK 70m will have to be in the SR Bank cash pool (NOK 893m per 31.12.25, majority in cash pool). 3. Minimum secured 75% share of principal per loan of 5 years. Forte Vannkraft AS (FVK) FVK has a corporate debt facility from Sparebank 1 S\u00f8r-Norge and Sparebanken M\u00f8re. The total facility size is EUR 90m and at year-end 2025 ~EUR 58m was drawn towards the facility. The facility is primarily to be used towards Norwegian hydro assets in production and under construction. Cloudberry owns 60% of FVK and the facility size and debt levels are reported on a 100% basis. Final maturity for the debt facility is 30.06.2028. The main financial covenants are: 1. Historical 12 months debt service covenant ratio of >1.35. 2. Equity ratio of >35% The group was not in breach of any covenants as of 31.12.25 Forte Energy Norway AS (FEN) FEN has a term-loan from DNB and SEB of EUR 59m per 31.12.2025. Cloudberry owns 55% of FEN and the facility size and debt levels are reported on a 100% basis. Final maturity for the term-loan is in September 2031. The main financial covenants are: 1. Historical 12 months debt service covenant ratio of >1.10 2. Forward looking 12/24 months debt service covenant ratio >1.25. 3. Equity ratio of >30% The group was not in breach of any covenants as of 31.12.25 The total interest-bearing debt in the group increased to NOK 3 308m as of year-end 2025, up from NOK 1 951m in 2024, primarily driven by new debt drawn in connection with the Skovgaard and Forte trans- actions and the consolidation of the Forte portfolio. The remaining consolidated debt is primarily associated with the Danish subsidiaries under the Odin portfolio, financed through local Danish banks. The interest rate on the term loans has a margin of less than 2% plus the benchmark rate (NIBOR/STIBOR/ CIBOR). The Group has a strategy to enter into interest swap agreements, swapping floating rates to fixed. If possible, the Group applies hedge accounting to account for its interest rate derivatives, see note 8. As of the reporting date, over 70% of the total proportionate interest-bearing debt is hedged, with an all-in cost below 4% per annum with an average duration of slightly above 10 years.", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-523": { "value": "Note 21 Interest-bearing debt and debt facilities The Group has the following interest-bearing loans and borrowings as per 31 December 2025:
NOK million
31.12.2025
31.12.2024
Non-current interest-bearing debt and borrowings
3 148
1 778
Non-current derivative liability related to hedge accounting
21
75
Total non-current interest-bearing loans and borrowings
3 169
1 853
Current interest-bearing loans and borrowings
139
98
Total interest-bearing loans and borrowings to banks
3 308
1 951
The table below shows a reconciliation of opening balance, movements and closing balance of the interest-bearing loans and borrowings for the year 2025:
NOK million
In cash flow statement
Opening balance interest-bearing loans and borrowings 01.01.25
1 951
Repayment of term loan
cash outflow
(270)
Drawn from bank facility
cash inflow
618
Debt from business combinations
non-cash
1 166
Downpayments
cash outflow
(133)
Change in interest swap derivatives
non-cash
(54)
Effects of movements in foreign exchange
non-cash
31
Closing balance interest-bearing debt and borrowings 31.12.25
3 308
Of which:
Drawn from bank facility
618
Debt from business combinations
1 166
Proceeds from new term loans 2025
1 783
Repayment of term loan
(270)
Downpayments
(133)
Total repayment of term loan 2025
(403)
The main debt facilities within the Group are situated in Cloudberry Production AS, Forte Vannkraft AS (FVK) and Forte Energy Norway AS (FEN). The remaining consolidated debt is primarily associated within the Danish subsidiaries under the Odin portfolio, financed through local Danish banks. Cloudberry Production AS Cloudberry Production AS is financed through a bank syndicate comprising Sparebank 1 S\u00f8r-Norge, Sparebank 1 Nord-Norge and Sparebank 1 \u00d8stlandet. As of the reporting date, the total facility is at NOK 2 200m, with a possibility to increase it by an additional NOK 300m through an accordion. At year-end approximately NOK 1.70 bn was utilized. The facility can be utilized for both construction and producing assets in Norway, Sweden and Denmark. Final maturity for the facility is in Q1 2027. Cloudberry is already engaged in constructive discussions with the lending banks regarding a renewal in 2026. The term loan with the bank syndicate in Cloudberry Production AS is subject to the following material financial covenants (numbers in bracket represent actual reported numbers per 31.12.25): 1. Group consolidated equity ratio: minimum 30% (58% per 31.12.25) Cloudberry Production AS equity ratio: minimum 30% (64% per 31.12.25) Minimum Group equity: NOK 1 800m (NOK 5 427m per 31.12.25) Minimum equity Cloudberry Production AS: NOK 900m (NOK 3 059m per 31.12.25) 2. Liquidity reserves Group level: minimum NOK 80m consolidated, of which NOK 70m will have to be in the SR Bank cash pool (NOK 893m per 31.12.25, majority in cash pool). 3. Minimum secured 75% share of principal per loan of 5 years. Forte Vannkraft AS (FVK) FVK has a corporate debt facility from Sparebank 1 S\u00f8r-Norge and Sparebanken M\u00f8re. The total facility size is EUR 90m and at year-end 2025 ~EUR 58m was drawn towards the facility. The facility is primarily to be used towards Norwegian hydro assets in production and under construction. Cloudberry owns 60% of FVK and the facility size and debt levels are reported on a 100% basis. Final maturity for the debt facility is 30.06.2028. The main financial covenants are: 1. Historical 12 months debt service covenant ratio of >1.35. 2. Equity ratio of >35% The group was not in breach of any covenants as of 31.12.25 Forte Energy Norway AS (FEN) FEN has a term-loan from DNB and SEB of EUR 59m per 31.12.2025. Cloudberry owns 55% of FEN and the facility size and debt levels are reported on a 100% basis. Final maturity for the term-loan is in September 2031. The main financial covenants are: 1. Historical 12 months debt service covenant ratio of >1.10 2. Forward looking 12/24 months debt service covenant ratio >1.25. 3. Equity ratio of >30% The group was not in breach of any covenants as of 31.12.25 The total interest-bearing debt in the group increased to NOK 3 308m as of year-end 2025, up from NOK 1 951m in 2024, primarily driven by new debt drawn in connection with the Skovgaard and Forte trans- actions and the consolidation of the Forte portfolio. The remaining consolidated debt is primarily associated with the Danish subsidiaries under the Odin portfolio, financed through local Danish banks. The interest rate on the term loans has a margin of less than 2% plus the benchmark rate (NIBOR/STIBOR/ CIBOR). The Group has a strategy to enter into interest swap agreements, swapping floating rates to fixed. If possible, the Group applies hedge accounting to account for its interest rate derivatives, see note 8. As of the reporting date, over 70% of the total proportionate interest-bearing debt is hedged, with an all-in cost below 4% per annum with an average duration of slightly above 10 years.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-503": { "value": "Note 21 Interest-bearing debt and debt facilities The Group has the following interest-bearing loans and borrowings as per 31 December 2025:
NOK million
31.12.2025
31.12.2024
Non-current interest-bearing debt and borrowings
3 148
1 778
Non-current derivative liability related to hedge accounting
21
75
Total non-current interest-bearing loans and borrowings
3 169
1 853
Current interest-bearing loans and borrowings
139
98
Total interest-bearing loans and borrowings to banks
3 308
1 951
The table below shows a reconciliation of opening balance, movements and closing balance of the interest-bearing loans and borrowings for the year 2025:
NOK million
In cash flow statement
Opening balance interest-bearing loans and borrowings 01.01.25
1 951
Repayment of term loan
cash outflow
(270)
Drawn from bank facility
cash inflow
618
Debt from business combinations
non-cash
1 166
Downpayments
cash outflow
(133)
Change in interest swap derivatives
non-cash
(54)
Effects of movements in foreign exchange
non-cash
31
Closing balance interest-bearing debt and borrowings 31.12.25
3 308
Of which:
Drawn from bank facility
618
Debt from business combinations
1 166
Proceeds from new term loans 2025
1 783
Repayment of term loan
(270)
Downpayments
(133)
Total repayment of term loan 2025
(403)
The main debt facilities within the Group are situated in Cloudberry Production AS, Forte Vannkraft AS (FVK) and Forte Energy Norway AS (FEN). The remaining consolidated debt is primarily associated within the Danish subsidiaries under the Odin portfolio, financed through local Danish banks. Cloudberry Production AS Cloudberry Production AS is financed through a bank syndicate comprising Sparebank 1 S\u00f8r-Norge, Sparebank 1 Nord-Norge and Sparebank 1 \u00d8stlandet. As of the reporting date, the total facility is at NOK 2 200m, with a possibility to increase it by an additional NOK 300m through an accordion. At year-end approximately NOK 1.70 bn was utilized. The facility can be utilized for both construction and producing assets in Norway, Sweden and Denmark. Final maturity for the facility is in Q1 2027. Cloudberry is already engaged in constructive discussions with the lending banks regarding a renewal in 2026. The term loan with the bank syndicate in Cloudberry Production AS is subject to the following material financial covenants (numbers in bracket represent actual reported numbers per 31.12.25): 1. Group consolidated equity ratio: minimum 30% (58% per 31.12.25) Cloudberry Production AS equity ratio: minimum 30% (64% per 31.12.25) Minimum Group equity: NOK 1 800m (NOK 5 427m per 31.12.25) Minimum equity Cloudberry Production AS: NOK 900m (NOK 3 059m per 31.12.25) 2. Liquidity reserves Group level: minimum NOK 80m consolidated, of which NOK 70m will have to be in the SR Bank cash pool (NOK 893m per 31.12.25, majority in cash pool). 3. Minimum secured 75% share of principal per loan of 5 years. Forte Vannkraft AS (FVK) FVK has a corporate debt facility from Sparebank 1 S\u00f8r-Norge and Sparebanken M\u00f8re. The total facility size is EUR 90m and at year-end 2025 ~EUR 58m was drawn towards the facility. The facility is primarily to be used towards Norwegian hydro assets in production and under construction. Cloudberry owns 60% of FVK and the facility size and debt levels are reported on a 100% basis. Final maturity for the debt facility is 30.06.2028. The main financial covenants are: 1. Historical 12 months debt service covenant ratio of >1.35. 2. Equity ratio of >35% The group was not in breach of any covenants as of 31.12.25 Forte Energy Norway AS (FEN) FEN has a term-loan from DNB and SEB of EUR 59m per 31.12.2025. Cloudberry owns 55% of FEN and the facility size and debt levels are reported on a 100% basis. Final maturity for the term-loan is in September 2031. The main financial covenants are: 1. Historical 12 months debt service covenant ratio of >1.10 2. Forward looking 12/24 months debt service covenant ratio >1.25. 3. Equity ratio of >30% The group was not in breach of any covenants as of 31.12.25 The total interest-bearing debt in the group increased to NOK 3 308m as of year-end 2025, up from NOK 1 951m in 2024, primarily driven by new debt drawn in connection with the Skovgaard and Forte trans- actions and the consolidation of the Forte portfolio. The remaining consolidated debt is primarily associated with the Danish subsidiaries under the Odin portfolio, financed through local Danish banks. The interest rate on the term loans has a margin of less than 2% plus the benchmark rate (NIBOR/STIBOR/ CIBOR). The Group has a strategy to enter into interest swap agreements, swapping floating rates to fixed. If possible, the Group applies hedge accounting to account for its interest rate derivatives, see note 8. As of the reporting date, over 70% of the total proportionate interest-bearing debt is hedged, with an all-in cost below 4% per annum with an average duration of slightly above 10 years.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-504": { "value": "Note 22 Provisions, guarantees and other contractual obligations Accounting principle The Group recognises an obligation to dismantle and remove hydro and wind power plants and to restore the site after the concession period is over (asset retirement obligation). Non-current provisions The Group has NOK 112m in non-current provisions, of which NOK 79m relates to asset retirement obligations, and the remainder NOK 33m to other non-current provisions. Asset retirement obligation relates to H\u00e5n Vindpark, Sundby Vindpark, R\u00f8yrmyra Vindpark, and entities within the Odin portfolio, the obligations are all payable between 15-30 years. Current liabilities and provisions Current debt and provisions
NOK million
2025
2024
Accounts payables
27
22
Advance tax witholdings, tax payable and other public tax
11
5
Total account payables and other liabilities
32
27
Accrued salary and bonus
24
16
Provision for project costs
18
6
Public duties payable
4
4
PPA contract termination
-
5
Accrued fall lease
27
11
Other
32
21
Total Provisions
105
62
Guarantees and other contractual obligations The Group\u2019s guarantees and other contractual obligations primarily relate to wind power projects and ongoing hydro construction investments. Cloudberry has recently completed its wind power projects Sundby and Munkhyttan. As of 31.12.25, the remaining capex (obligations) amounts to approximately EUR 1.2 million for Sundby and EUR 0.3 million for Munkhyttan relating to final invoices. For ongoing hydro construction projects in the Forte Vannkraft portfolio, the remaining capex proportionate to Cloudberry is estimated at EUR 31 million, of which EUR 17 million relates to projects subject to resource rent tax. Approximately EUR 11 million is expected to be reimbursed by the state, resulting in a net remaining capex exposure of around EUR 20 million. Further, Forte Vannkraft AS (60% ownership) has guaranteed a debt obli- gation in the associated company Norhard (45% ownership) of EUR 3.5m proportionate to Cloudberry which is not reflected in the consolidated accounts. The Group also has a guarantee on an escrow account for office rent of NOK 2 million. Cloudberry Clean Energy ASA has no significant contingencies as of the reporting date.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-477": { "value": "Note 22 Provisions, guarantees and other contractual obligations Accounting principle The Group recognises an obligation to dismantle and remove hydro and wind power plants and to restore the site after the concession period is over (asset retirement obligation). Non-current provisions The Group has NOK 112m in non-current provisions, of which NOK 79m relates to asset retirement obligations, and the remainder NOK 33m to other non-current provisions. Asset retirement obligation relates to H\u00e5n Vindpark, Sundby Vindpark, R\u00f8yrmyra Vindpark, and entities within the Odin portfolio, the obligations are all payable between 15-30 years. Current liabilities and provisions Current debt and provisions
NOK million
2025
2024
Accounts payables
27
22
Advance tax witholdings, tax payable and other public tax
11
5
Total account payables and other liabilities
32
27
Accrued salary and bonus
24
16
Provision for project costs
18
6
Public duties payable
4
4
PPA contract termination
-
5
Accrued fall lease
27
11
Other
32
21
Total Provisions
105
62
Guarantees and other contractual obligations The Group\u2019s guarantees and other contractual obligations primarily relate to wind power projects and ongoing hydro construction investments. Cloudberry has recently completed its wind power projects Sundby and Munkhyttan. As of 31.12.25, the remaining capex (obligations) amounts to approximately EUR 1.2 million for Sundby and EUR 0.3 million for Munkhyttan relating to final invoices. For ongoing hydro construction projects in the Forte Vannkraft portfolio, the remaining capex proportionate to Cloudberry is estimated at EUR 31 million, of which EUR 17 million relates to projects subject to resource rent tax. Approximately EUR 11 million is expected to be reimbursed by the state, resulting in a net remaining capex exposure of around EUR 20 million. Further, Forte Vannkraft AS (60% ownership) has guaranteed a debt obli- gation in the associated company Norhard (45% ownership) of EUR 3.5m proportionate to Cloudberry which is not reflected in the consolidated accounts. The Group also has a guarantee on an escrow account for office rent of NOK 2 million. Cloudberry Clean Energy ASA has no significant contingencies as of the reporting date.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-536": { "value": "Accounting principle The Group recognises an obligation to dismantle and remove hydro and wind power plants and to restore the site after the concession period is over (asset retirement obligation). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-524": { "value": "Accounting principle The Group recognises an obligation to dismantle and remove hydro and wind power plants and to restore the site after the concession period is over (asset retirement obligation). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-525": { "value": "
Guarantees and other contractual obligations
The Group\u2019s guarantees and other contractual obligations primarily relate to wind power projects and
ongoing hydro construction investments.
Cloudberry has recently completed its wind power projects Sundby and Munkhyttan. As of 31.12.25, the
remaining capex (obligations) amounts to approximately EUR 1.2 million for Sundby and EUR 0.3 million for
Munkhyttan relating to final invoices.
For ongoing hydro construction projects in the Forte Vannkraft portfolio, the remaining capex proportionate
to Cloudberry is estimated at EUR 31 million, of which EUR 17 million relates to projects subject to resource rent
tax. Approximately EUR 11 million is expected to be reimbursed by the state, resulting in a net remaining capex
exposure of around EUR 20 million. Further, Forte Vannkraft AS (60% ownership) has guaranteed a debt obli-
gation in the associated company Norhard (45% ownership) of EUR 3.5m proportionate to Cloudberry which is
not reflected in the consolidated accounts.
The Group also has a guarantee on an escrow account for office rent of NOK 2 million.
Cloudberry Clean Energy ASA has no significant contingencies as of the reporting date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-537": { "value": "Guarantees and other contractual obligations The Group\u2019s guarantees and other contractual obligations primarily relate to wind power projects and ongoing hydro construction investments. Cloudberry has recently completed its wind power projects Sundby and Munkhyttan. As of 31.12.25, the remaining capex (obligations) amounts to approximately EUR 1.2 million for Sundby and EUR 0.3 million for Munkhyttan relating to final invoices. For ongoing hydro construction projects in the Forte Vannkraft portfolio, the remaining capex proportionate to Cloudberry is estimated at EUR 31 million, of which EUR 17 million relates to projects subject to resource rent tax. Approximately EUR 11 million is expected to be reimbursed by the state, resulting in a net remaining capex exposure of around EUR 20 million. Further, Forte Vannkraft AS (60% ownership) has guaranteed a debt obli- gation in the associated company Norhard (45% ownership) of EUR 3.5m proportionate to Cloudberry which is not reflected in the consolidated accounts. The Group also has a guarantee on an escrow account for office rent of NOK 2 million. Cloudberry Clean Energy ASA has no significant contingencies as of the reporting date.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-478": { "value": "
Note 23 Earnings per share
Earnings per share is calculated as profit/(loss) attributable to the equity holders of the parent company divided by the number of shares
outstanding.
Diluted earnings per share is affected by the warrant program for equity settled share-based payments transactions, see note 10.
NOK million
2025
2024
Profit attributable to the equity holders of the company
67
96
Weighted average number of shares outstanding for the purpose of basic earnings per share
310 402 035
289 713 921
Earnings per share for income attributable to the equity holders of the company - basic NOK
0.22
0.33
Effect of potential dilutive shares
Weighted average number of shares outstanding for the purpose of diluted earnings per share
323 940 923
291 388 921
Earnings per share for income attributable to the equity holders of the company - diluted NOK
0.21
0.32
For information about share capital on 31 December see note 20.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-479": { "value": "
Note 24 Transactions with related parties
The Group\u2019s related parties include the Company and its subsid-
iaries, as well as members of the Board of Directors, executive
management, and their close associates. Related parties also include
companies in which these individuals have a significant influence.
All transactions with related parties are conducted on an arm\u2019s length
basis and in the ordinary course of business. In 2025, no material
related party agreements were entered into.
The Board of Directors ensures that any material transaction between
the Company and its shareholders, a shareholder\u2019s parent company,
members of the Board of Directors, executive personnel, or their close
associates is executed on arm\u2019s length terms. The Board has adopted
rules of procedure that include guidelines requiring Board members
and executive management to notify the Company of any material
direct or indirect interest in transactions involving the Company.
Transactions and balances between the Company and its subsidi-
aries are fully eliminated in the consolidated financial statements.
The Group has had transactions with the following related parties:
NOK million
Related party
Relation for Cloudberry
Nature of transaction
2025
2024
Bergehus Holding AS
Subsidiary of related company
Office lease
5
5
Forte Energy Norway AS
1
Associated company / subsidiary
Management fee revenue
4
3
from July 2025
1
Management fee related to entity as associated company upon consolidation from Q3 2025.
See note 10 for information about management remuneration.
As of 31 December 2025, there were no employee or shareholder loans.
Remuneration to the Board of Directors
FY 2025
Remuneration
Served Term paid in 2025 Warrants Shares Holding company/
Function since expires (NOK) pr 31.12.25 pr 31.12.25 associated company
Tove Feld
Chairperson of the Board
2023
2026
746 000
-
61 799
Petter W. Borg
Board Member
2019
2026
359 000
-
1 282 905
Caddie Invest AS
Benedicte H. Fossum
Board Member
2020
2026
371 000
-
206 649
Mittas AS/ Jeshol AS
Nicolai Nordstrand
Board Member
2022
2026
404 000
-
41 040 628
Havfonn AS/ Snefonn AS
Henrik Joelsson
Board Member
2022
2026
375 000
-
70 349
HJ Business Development AB
Alexandra Koefoed
Board Member
2023
2026
395 000
-
30 899
Mads Andersen
Board Member
2024
2026
359 000
-
9 329
3 009 000
-
42 702 558
FY 2024
Remuneration
Served Term paid in 2024 Warrants Shares Holding company/
Function since expires (NOK) pr 31.12.24 pr 31.12.24 associated company
Tove Feld
Chairperson of the Board
2023
2025
702 000
-
43 141
Petter W. Borg
Board Member
2019
2025
373 000
-
1 273 576
Caddie Invest AS
Benedicte H. Fossum
Board Member
2020
2025
350 000
-
197 320
Mittas AS/ Jeshol AS
Nicolai Nordstrand
Board Member
2022
2025
379 000
-
41 031 299
Havfonn AS/ Snefonn AS
Henrik Joelsson
Board Member
2022
2025
352 000
-
61 020
HJ Business Development AB
Alexandra Koefoed
Board Member
2023
2025
339 000
-
21 570
Mads Andersen
Board Member
2024
2025
-
-
-
Stefanie Witte
No longer BoD member
2020
2024
339 000
-
9 044
2 834 000
-
42 636 970
The remuneration to the Board is proposed by the nomination
committee to the Annual General Meeting (AGM). The remuneration is
paid after the next AGM when the remuneration is earned.
The remuneration for the period 2024/2025 was paid in April 2025 and
the remuneration for the period 2025/2026 will be paid after the AGM
in April 2026.
The Group has a share purchase program for Board members imple-
mented by the AGM in 2021. The Board members shall use 30% of the
fixed gross remuneration (prior to tax) per year to acquire shares in
the Company, until the value of the shares of each individual member
reaches a threshold of two years of board remuneration. The Board
members shall after the threshold of two years board remuneration
has been achieved, be offered to use up to 30% of the gross board
remuneration (prior to tax) to acquire shares.
For further information please refer to the Remuneration report
for 2025 that will be presented at the AGM and published on the
company\u2019s website.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-505": { "value": "Note 24 Transactions with related parties The Group\u2019s related parties include the Company and its subsid- iaries, as well as members of the Board of Directors, executive management, and their close associates. Related parties also include companies in which these individuals have a significant influence. All transactions with related parties are conducted on an arm\u2019s length basis and in the ordinary course of business. In 2025, no material related party agreements were entered into. The Board of Directors ensures that any material transaction between the Company and its shareholders, a shareholder\u2019s parent company, members of the Board of Directors, executive personnel, or their close associates is executed on arm\u2019s length terms. The Board has adopted rules of procedure that include guidelines requiring Board members and executive management to notify the Company of any material direct or indirect interest in transactions involving the Company. Transactions and balances between the Company and its subsidi- aries are fully eliminated in the consolidated financial statements. The Group has had transactions with the following related parties:
NOK million
Related party
Relation for Cloudberry
Nature of transaction
2025
2024
Bergehus Holding AS
Subsidiary of related company
Office lease
5
5
Forte Energy Norway AS
1
Associated company / subsidiary
Management fee revenue
4
3
from July 2025
1 Management fee related to entity as associated company upon consolidation from Q3 2025. See note 10 for information about management remuneration. As of 31 December 2025, there were no employee or shareholder loans. Remuneration to the Board of Directors FY 2025
Remuneration
Served Term paid in 2025 Warrants Shares Holding company/
Function since expires (NOK) pr 31.12.25 pr 31.12.25 associated company
Tove Feld
Chairperson of the Board
2023
2026
746 000
-
61 799
Petter W. Borg
Board Member
2019
2026
359 000
-
1 282 905
Caddie Invest AS
Benedicte H. Fossum
Board Member
2020
2026
371 000
-
206 649
Mittas AS/ Jeshol AS
Nicolai Nordstrand
Board Member
2022
2026
404 000
-
41 040 628
Havfonn AS/ Snefonn AS
Henrik Joelsson
Board Member
2022
2026
375 000
-
70 349
HJ Business Development AB
Alexandra Koefoed
Board Member
2023
2026
395 000
-
30 899
Mads Andersen
Board Member
2024
2026
359 000
-
9 329
3 009 000
-
42 702 558
FY 2024
Remuneration
Served Term paid in 2024 Warrants Shares Holding company/
Function since expires (NOK) pr 31.12.24 pr 31.12.24 associated company
Tove Feld
Chairperson of the Board
2023
2025
702 000
-
43 141
Petter W. Borg
Board Member
2019
2025
373 000
-
1 273 576
Caddie Invest AS
Benedicte H. Fossum
Board Member
2020
2025
350 000
-
197 320
Mittas AS/ Jeshol AS
Nicolai Nordstrand
Board Member
2022
2025
379 000
-
41 031 299
Havfonn AS/ Snefonn AS
Henrik Joelsson
Board Member
2022
2025
352 000
-
61 020
HJ Business Development AB
Alexandra Koefoed
Board Member
2023
2025
339 000
-
21 570
Mads Andersen
Board Member
2024
2025
-
-
-
Stefanie Witte
No longer BoD member
2020
2024
339 000
-
9 044
2 834 000
-
42 636 970
The remuneration to the Board is proposed by the nomination committee to the Annual General Meeting (AGM). The remuneration is paid after the next AGM when the remuneration is earned. The remuneration for the period 2024/2025 was paid in April 2025 and the remuneration for the period 2025/2026 will be paid after the AGM in April 2026. The Group has a share purchase program for Board members imple- mented by the AGM in 2021. The Board members shall use 30% of the fixed gross remuneration (prior to tax) per year to acquire shares in the Company, until the value of the shares of each individual member reaches a threshold of two years of board remuneration. The Board members shall after the threshold of two years board remuneration has been achieved, be offered to use up to 30% of the gross board remuneration (prior to tax) to acquire shares. For further information please refer to the Remuneration report for 2025 that will be presented at the AGM and published on the company\u2019s website. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-480": { "value": "
Note 26 Subsequent events
On 13 March 2026 Cloudberry Clean Energy ASA entered into a share purchase agreement with Sampi
Renewables Holding AS to acquire 50% of a 132 MW onshore wind farm in Finland through a Norwegian
holding company owning 50% of the MLK wind farm. Orr\u00f6n Energy AB will remain the joint venture partner
for the remaining 50%. The wind farm has been in full operation since 2022, with an expected annual net
production to Cloudberry of approximately 189 GWh. The agreed enterprise value for Cloudberry\u2019s 50% share
is EUR 75 million, significantly below construction cost. Financing will consist of EUR 45 million in new debt,
EUR 20 million to be settled in new shares in Cloudberry and EUR 12 million in cash. The transaction is consid-
ered a non-adjusting event after the reporting period, and no adjustments have been made to the 2025
financial statements as a result. Closing of the transaction took place on 18 March 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300VUALPJQLAH7B56", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }