Cloudberry Clean Energy ASA

Investor Presentation • Oct 31, 2023

Third quarter
report 2023

31 October 2023

Disclaimer

This company presentation (the "Presentation") has been prepared by Cloudberry Clean Energy ASA (the "Company") and its subsidiaries (together the "Group") and is made solely for information purposes. This Presentation does not constitute any recommendation to buy, sell or otherwise transact with any securities issued by or pertaining to the Company or any member of the Group.

This Presentation may include forward-looking statements that reflect the Group's current views with respect to future events and financial and operational performance of the Group and/or the industry in which the Group Operates. These forward-looking statements may be identified by the use of forward-looking words such as "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", or similar expressions. These forward-looking statements are not historic facts. Readers of this Presentation are cautioned that forward-looking statements are not guarantees of future performance and that the Group's actual financial position, operating results and liquidity, and the development of the industry in which the Group operates, may differ materially from those made in, or suggested, by the forward-looking statements contained in this Presentation. No member of the Group can quarantee that the intentions, beliefs or current expectations upon which its forward-looking statements are based will occur. By their nature, forward-looking statements involve, and are subject to, known and unknown risks, uncertainties and assumptions as they relate to events and depend on circumstances that may or may not occur in the future. Because of these known and unknown risks, uncertainties and assumptions, the outcome may differ materially from those set out in the forward-looking statements. These forwardlooking statements speak only as of the date on which they are made. No member of the Group or any officer or employee of the Group undertakes no obligation to publicly update or publicly revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

No representation or warranty, express or implied, is made as to, and no reliance should be placed on, any information, including but not limited to projections, estimates, targets and opinions, contained herein, and no responsibility or liability whatsoever is accepted as to any errors, omissions or misstatements contained herein. Accordingly, no member of the Group or any officer or employee of the Group accept any responsibility or liability whatsoever arising directly or indirectly from the use of this Presentation and the information contained herein.

All information set forth in the Presentation may change materially and without notice. In making the Presentation public the Company undertakes no obligation to provide additional information or to make updates thereto. The information set forth in the Presentation should be considered in the context of the circumstances prevailing at the date hereof and has not been and will not be updated to reflect material developments which may occur after such date.

The contents of this Presentation shall not be construed as legal, business or tax advice, and the furnishing of this Presentation should not be considered as the giving of investment advice by any member of the Group or any of their directors, officers, agents, employees or advisers. Prospective investors should consult its own legal, business or tax advisor as to legal, business or tax advice.

Alternative performance measures (APM) used in this presentation are further described and presented in the unaudited interim financial report for the Group.

This presentation is subject to Norwegian law and any dispute arising in respect of this presentation is subject to the exclusive jurisdiction of Norwegian courts with Oslo district court as legal venue.

By reviewing this Presentation, you accept to be bound by the terms above.

Agenda

Highlights

Overview & status

Key Financials

Outlook

• • •
• • •
• •
• •
• •

• •

• •

• •
• •
• •
• •
• •

	Consolidated		Proportionate 1
NOK million l	Q3 2023	Q3 2022	Q3 2023	Q3 2022
Revenuel		55	86	387
Net income/(loss) from assos. comp. and JV's	$-13$	76	N/A	N/A
EBITDA		74	14	284

The Cloudberry business model Our Portfolio¹⁾ Type Capacity¹⁾ In production $\frac{A}{V}$ 235 MW $459$ MW Under construction Power Construction permit $\frac{A}{V}$ 110 MW Developer Sweden Corporate producer Norway ESG Backlog $4/686$ MW Assets in production and under දිරා constructions (MW¹) Asset Karlstad
Office Manager ₩ Eskilstund Office Gothenburg ₩ Office The local developer, owner and operator of renewables in the Nordics The sustainable way Denmark 5 Portfolio based on net ownership (proportionate figures) per reporting date of Q3 2023

End to end provider of renewable energy in the Nordics

A diversified and fully funded portfolio across the Nordics

Annual historical production, 2023 estimate based on normalized production and run-rate producing assets including under construction

6 $1)$ 2023 figure is Q1 - Q3 2023 actual and Q4 2023 normalized production based on normal weather year

$\overline{2}$ Run-rate production for producing assets and projects under construction

Portfolio overview and project updates

Additional backlog of 686 MW not included in overview

Main operational updates

PRODUCING:

Odin. Delivers according to expectations

CONSTRUCTION:

Sundby Vindpark (Wind, SE 3 Sweden). Progressing according to time and budget. Lifting is complete ahead of time. Three turbines are currently energized and test production has started with ramp-up the production over the next nine months

Øvre Kvemma (Hydro, NO5 Norway) Progressing according to time and budget. Construction completed, waiting final grid connection and financial close expected 1H 2024 after the plant is commissioned.

Munkhyttan (Wind SE 3 Sweden). Final investment decision taken in June 2023. Three Vestas turbines to be installed for a total of 18.6MW. Site preparations have started. Progress according to plan. Revenue generation expected by end of 2024.

BACKLOG

New backlog project. Signed term-sheet to acquire the Nees Hede project from Skovgaard. A 210 MW (168) proportionate) hybrid project of wind and solar. See next slide for further information.

New hybrid project added to the backlog

Signed term sheet to acquire the hybrid project Nees Hede from Skovgaard

The Nees Hede climate park¹⁾

Capitalizing on the entry into Denmark The first project from the development agreement with Skovgaard

The project

• Signed term-sheet to acquire the Nees Hede project from Skovgaard Energy. A 210 MW (168 MW proportionate) hybrid project added to the backlog¹⁾
• The Nees Hede climate park is to be developed as a hybrid project utilizing the synergies between the wind and solar technologies to achieve beneficial project economics and risk advantages
• The solar capacity has already received environmental permits
• Cloudberry will together with Skovgaard continue to develop the project with an aim to reach permit also for the wind production. Land rights are secured
• The first hybrid project developed by Cloudberry. Transferring the hybrid project know-how from Skovgaard to Cloudberry
• The closing of the transaction is estimated in Q4 2023
• Please see a separate stock exchange notice published 31.10.2023 for further information

ESG update Q3 2023

Main ESG Updates

• No health and safety incidents and environmental damages recorded in the development projects, production or operation of the power plants
• Avoided emissions of 34,410 tCO2e during the quarter (17,430 tCO2e in Q3 2022)¹⁾
• Cloudberry will publish a stand-alone Taxonomy report during fourth quarter 2023. The Report will describe how Cloudberry's activities contribute to the EU Taxonomy objectives
• Have assessed measures to reduce nature impact and improve biodiversity at projects. Relevant measures, such as insect and bumblebee nests with flowering plants, has been identified at the Sundby wind farm project
• Risk management in the supply chain conducting meetings with suppliers and assessing risks and opportunities in supply chain outside the EU
• Community engagement and stakeholder management locally. Informal meetings with politicians, landowners and neighbors on the site at Sundby wind farm focusing on the progress of the project

Key Financials

Growing fundamental values

Combined with low financial risk

NOKm

• •
• •
• •
• •
• •

Total asset Total equity Cash and cash equivalents Interest-bearing loans and borrowings

• •
• •
• •
• • •
• •
• •

Profit or loss (including segment reporting)

Consolidated financials

NOK million	Q3 2023	Q3 2022	YTD 2023	YTD 2022	FY 2022
Revenue and other income	74	55	477	142	217
Net income/(loss) from associated companies and JV's	$-13$	76	14	100	120
EBITDA	$\overline{2}$	74	303	118	151
Equity	4,889	3,752	4,889	3,752	3,794
Proportionate Financials
NOK million	Q3 2023	Q3 2022	YTD 2023	YTD 2022	FY 2022
Revenues and other income	86	387	564	510	646
Production	77	173	536	279	402
Development	$\circ$	203		203	207
Operations	10	12	27	28	38
Corporate	O	$\circ$	$\circ$	$\circ$	$\circ$
EBITDA 1)	14	284	342	326	381
Production	34	111	412	179	262
Development	$-5$	194	$-20$	186	177
Operations	$-1$	$\overline{2}$	-3	5	4
Corporate	$-14$	$-23$	$-48$	$-44$	$-63$
Power Production (GWh)	155	70	362	172	268

Comments

Production segment

See next slide

Development segment

• Projects under construction and backlog moving ahead on time and budget
• Backlog increased to 686 MW where the majority of the increase stems the Nees Hede project²⁾
• No project sales over the quarter

Operations segment

• Actively involved with Sundby, Odal and Odin, leveraging the organizations experience and competence
• Improving the digital platform, focus shifting towards scaling sales activities

$14$ Alternative performance measure (APM), see definition in quarterly report and annual report $\left( \begin{matrix} 1 \end{matrix} \right)$

2) Signed term-sheet to acquire the project from Skovgaard Energy. Expected to close in Q4 2023

• • •
• •
• •
• •
• •
• •
• •
• •

Financial strategies and outlook

Profitability and balance sheet

Continue to build fundamental values and profitability by focusing on cash-flow (EBITDA) and booked equity Robust balance sheet and continued de-risking of financial parameters remain important in a volatile market

Deployment of capital

Cloudberry will use our flexible business model to deploy capital towards the most accretive projects. Capital to be allocated towards Nordic renewable projects with low cost per kWh and strong ESG profiles within our return requirements

We observe accretive opportunities within on-shore wind (Sweden & Denmark), hydro (Norway) and solar (Denmark, Norway). Onshore wind in Norway is pending on the outcome of the resource rent tax proposal expected resolved in Q4 2023

M&A

M&A will continue to play a vital role for Cloudberry given a significant increase in deal flow from our Nordic hubs. Continue to expand the portfolio by buying into low-cost opportunities where our in-house development and operational team can add significant value through the value chain

Outlook & summary

Cloudberry perfectly positioned for the energy transition

Strong power price outlook driven by renewable energy demand and ambitious climate goals

Positive outlook for power prices

EUR/MWh - Volue Nordic system price estimates (not inflation adj.)

Key market drivers

EU driving the energy transition through EU Fitfor55, REPowerEU and Net Zero Industry Act

Massive demand for new renewable energy, driven by electrification of industry and transport

Norway and Sweden quickly running into a power deficit. Authorities recognize the need for new renewable power before 2030

Positive shift in the long-term power prices

Summary

• Significant growth in production volumes
• Short-term dip in power prices due to heavy perception
• On-shore wind tax in Norway expected to be clarified before year end 2023
• Strong development in Denmark
• Positive developments in backlog projects. Local projects strongly aligned with local stakeholders can add material value to Cloudberry over time
• Projects under construction are progressing according to time and cost