Cloudberry Clean Energy ASA

Investor Presentation • Aug 21, 2024

Cloudberry Clean Energy Second Quarter Report 2024

21 August 2024

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Agenda

Highlights & strategy

Key Financials

Market & summary

Q2 2024 highlights

Cloudberry

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End to end provider of renewable energy in the Nordics

Local developer, owner and operator of renewables in the Nordics The responsible way

A diversified and growing portfolio across the Nordics

Annual production

Portfolio overview

Overview not including the exclusive Backlog of 733 MW (491 MW last year)

Comments

Odal Wind (NO-1). Production has resumed with six turbines operational subsequent to the quarter. The remaining turbines will be restarted sequentially with 20 turbines expected operational by the end of august 2024 and all turbines expected operational by year end.

Sundby (SE-3). Delivered on schedule and below budget. As of the reporting date, all turbines are undergoing test production. Final construction and site clean-up will be completed during Q3 2024.

Øvre-Kvemma (NO-5). Share purchase agreement signed in February 2022 before the hydro power plant was constructed. The plant is now completed, and the commissioning period finished. Subsequent to the quarter financial close was achieved, and Cloudberry has obtained ownership over the plant July 5, 2024.

Munkhyttan (SE-3). Ahead of initial timeline and on budget. All three turbines have been energized, and the first kWh has been produced from each turbine. The project is on track to start commercial production by the end of Q3 2024.

Nees Hede (DK-1). Development moving forward towards FID, potentially as early as in 2024.

Duvhällen (SE-3). Procurement preparations initiated.

Cloudberry's strategic focus

	Profitable	Funded	Capable
	Profitability over growth	Fully financed industrial platform	Executing on our projects			Where to play Proven and uncorrelated technologies
Key items	Accretive capital recycling as the backbone for growth (continuously evaluating sale or farm-downs in order to finance new and accretive projects) Taking advantage of the cyclicality within the industry (flexible business model)	Strong cash position and low debt Untapped bank facility from local savings banks	Purpose driven team with successful track record Sector knowledge and data driven insight with M&A capabilities	Regions DK1 & DK2 NO1, NO2 & NOS	Hydro	Wind IRR driven	Solar IRR driven	Storage Exploring
Actions	increased focus on solar & storage	fully financed for projects under construction and Nees Hede	delivered and sold three hydro assets at ~2x booked equity in 2023 and three hydro assets at ~2.3x booked equity in 2024 delivering all our construction projects on time and cost (Hån, Sundby, Kvemma, Munkhyttan)	SE3 & SE4 FI		Exploring	IRR driven Cloudberry	Exploring

New cooperation with Holmen

Significantly accelerates Cloudberry's development activities

1. New long-term cooperation between Cloudberry and Holmen

• · Cloudberry gains access to Holmen areas in SE3 for the development of wind energy projects. Holmen is one of Sweden's largest forest owners and manufacturers of wood products, board and paper
• · The cooperation spans several years, covering the entire process from early development to potential construction and ownership.
• 1. Significant Growth Opportunities
  2. Initially nearly 1 TWh of targeted development projects with significant potential for future growth. Projects will be added to backlog over time, and the target represents approximately 40%-50% increase in the current backlog
  3. Cloudberry's local presence and close collaboration with Holmen and other stakeholders ensure efficient use of land and create strong opportunities for joint success
• 1. Local Impact and faster energy transition
  2. · Cloudberry's strong local presence ensures close cooperation with communities, creating trust and mutual benefits
  3. Our projects will be designed to create lasting value for local communities, industries and contribute to the local economy

ESG update Q2 2024

Main ESG Updates

• · No health and safety incidents or environmental damages recorded in Q2 2024
  • · Health and safety training conducted in Q2 2024 related to construction of Munkhyttan wind farm
• No whistle-blowing incidents or breeches of compliance was detected in Q2 2024
• · Avoided emissions of 33,505 t CO2e during Q2 2024 (25,974 t CO2e in Q2 2023)1)
• Implemented biodiversity initiatives at Sundby wind farm
• · Celebrated Pride month with several initiatives to reinforce our commitment to diversity, equity, and inclusion
• Published the Transparency Act report 2023 Disclosed assed risks and measures related to the value chain
• · Completed a quality audit of a key supplier to the Sundby project in Q2. The audit revealed no nonconformities but identified some areas for improvement

Celebrated Pride Month in Cloudberry

1 ) Relative to baseline emissions from the European electricity mix (EU-27 electricity mix, IEA 2023).

Key Financials

Fundamental value creation

Combined with low financial risk

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Cloudberry

Liquidity and commitments overview

14 EUR/NOK FX of 11.4

Profitable growth from year of listing

Robust performance through a challenging renewable market

NOKm

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Profit or loss (segment reporting)

Proportionate Financials

NOK million	Q2 2024		Q2 2023 LTM Q2 2024	FY 2023
Revenues and other income	288	363	୧୧୨	711
Commercial (Production)	268	353	582	୧୧୮
Projects (Development)	4	0	25	15
Asset Management (Operations)	17	10	50	38
Corporate	0	0	2	2
EBIDA	194	280	321	401
Commercial (Production)	225	309	411	487
Projects (Development)	-8	-9	-11	-16
Asset Management (Operations)	-4	0	-15	-6
Corporate	-19	-20	-63	-64
Power Production (GWh)	143	117	628	520

Comments

Projects segment (Development)

• Sundby: All turbines undergoing test production with the financials recorded under the Projects segment. Internal handover to the Commercial (Production) segment will commence in H2 2024.
• Backlog has increased to 733 MW (491 MW last year), and permit application for Östergötland wind farm project (formerly Söderköping) was submitted over the quarter
• Cloudberry has entered a strategic, long-term collaboration with Holmen Renewable Energy, a part of Holmen – one of Sweden's largest forest owners and manufacturers of wood products and board and paper. More info in quarterly report
• · Value will be shown in financials for the segment when the projects are realized. Reducing project risks through construction phase and maturing of the backlog and permitted projects represents clear value drivers for the segment

Asset Management segment

• The organizational integration and realization of synergies have started in 2024 and will proceed over next quarters. Clear steps have been taken that will reduce the cost going forward which will materialize in H2 2024
• Captiva's digital investments are currently undergoing a strategic process. Cloudberry expects to provide a detailed update during Q3 2024

Corporate segment

NOK 5 million in warrant costs were recorded over the quarter which is a noncash expense. Further the board remuneration for 2023/2024 of NOK 3.5m was paid and booked over the quarter following the annual general meeting held in April

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Market & summary

Favorable market developments

Falling capex prices, increasing power prices and European long-term interest rates below 3%

Closing remarks

Strategy	A flexible local renewable platform to push the energy transition in the Nordics
	Focusing on the proven and uncorrelated technologies where we see the most value
	Delivering on our development and construction projects while increasing our project portfolio
Value	Showcasing underlying asset values through efficient re-cycling of capital Strong balance sheet gives flexibility

Market	Falling capex with solar and battery/storage - taking advantage of near- term possibilities
	Strong drive towards sustainable energy