Cloudberry Clean Energy First Quarter Report 2024

08 May 2024

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Agenda

Highlights & strategy

Key Financials

Market & summary

Q1 2024 highlights

Cloudberry

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 711 MW (486 MW last year)

Comments

Odal Vind (NO-1). Production stop due to blade incident. Covered by availability warranties. No financials recognized in the accounts per reporting data. Further information in the quarterly report

Sundby (SE-3). Undergoing test production with 15GWh produced over the quarter. Sundby is on time and estimated below budget

Øvre-Kvemma (NO-5). Hydro-plant completed and connected to the grid. First power achieved and currently entering commissioning period. Financial close expected in June 2024

Munkhyttan (SE-3). Ahead of initial timeline and on budget. Vestas currently mobilizing on site. Pre-installation of the turbines completed and main installation ongoing

Nees Hede (DK-1). Development moving forward towards FID 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)	Strong cash position and low debt Untapped bank facility from	Purpose driven team with successful track record Sector knowledge and data driven insight with M&A capabilities		Regions DK1 & DK2	Hydro	Wind	Solar	Sto
	Taking advantage of the cyclicality within the industry (flexible business model)	local savings banks		ৰাটি	NO1, NO2 & NO5		IRR driven	IRR driven	1
Actions	increased focus on solar & storage	fully financed for projects under construction including Nees Hede	delivered and sold three hydro assets at ~2x booked equity in 2023 delivering all our construction projects on time and cost (Hăn, Sundby, Kvemma, Munkhyttan)		SE3 & SE4			IRR driven	Expl
					F		Exploring
								Cloudberry

Storage

Exploring

ESG update Q1 2024

Main ESG Updates

· No health and safety incidents or environmental damages recorded
· No whistle-blowing incident or breech of compliance was detected in Q1
· Avoided emissions of 40,534 t CO2e during Q1 2024 (19,980 t CO2e in Q1 2023) 11
· Published the 2023 Sustainability report in Q1 2024 including a stand-alone Taxonomy report for 2023
- · Cloudberry prepares to comply with the requirements in the EU's Corporate Sustainability Reporting Directive (CSRD), and the report was a further step in the right direction
· Auditor conducted a limited assurance of the 2023 GHG emissions reporting. No diviations were found and the conclusion was presented in the 2023 Sustainability Report
· Many local stakeholder activities in Q1, especially in connection with our development and construction projects (Sundby, Munkhyttan, Re Energi etc)
- · Mettings and dialogue with neighbors, landowners, politicians, school classes, etc.

Key Financials

Fundamental value creation

Combined with low financial risk

Profitable growth from year of listing

Robust performance through a challenging renewable market

NOKm

- •
- •
•
- •

Profit or loss (segment reporting)

Proportionate Financials

NOK million	Q1 2024		Q1 2023 LTM Q1 2024	FY 2023

Revenues and other income	139	115	735	711
Commercial (Production)	119	106	୧୧୫	୧୧୮
Projects (Development)	7	1	21	15
Asset Management (Operations)	13	8	43	38
Corporate	0	0	2	2

EBITDA	56	48	410	401
Commercial (Production)	77	ea	495	487
Projects (Development)	-1	-6	-12	-16
Asset Management (Operations)	-6	-1	-10	-6
Corporate	-14	-14	-64	-64

Power Production (GWh)	173	90	603	520

Comments

Projects segment (Development)

· Sundby: All turbines undergoing test production with the financials recorded under the Projects segment until final municipal approvals
· Stenkalles: Converting the near-shore project into an attractive storage/battery project utilizing the existing 100 MW grid connection
· representatives signed land lease for 19 GWh hydro project in NO2. Further an 80 MW wind project in SE3 have been added
· Value will be shown in financials 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 the first quarter and will proceed over next quarters. Clear steps have been taken that will reduce the cost going forward which will materialize in H2 2024.
· Signed new technical and commercial management agreement Akmene One in Lithuania, expanding on an already established commercial relationship with Aquila
· Initiated strategic process regarding the digital solutions sub segment