Cloudberry Clean Energy ASA

Investor Presentation • Sep 5, 2023

5 September 2023

Contents

11:30	The Energy Transition	Thina Saltvedt
12:00	Perfectly Positioned towards 2030	Anders Lenborg
12:45	Value Creation and Capital Strategy	Christian A. Helland
13:15	Break
13:30	Accelerating Development	Charlotte Bergqvist
14:10	Creating Synergies within Cloudberry	Stig J. Østebrøt
14:30	Closing Remarks	Anders Lenborg

Contents

11:30	The Energy Transition	Thina Saltvedt
12:00	Perfectly Positioned Towards 2030	Anders Lenborg
12:45	Value Creation and Capital Strategy	Christian A. Helland
13:15	Break
13:30	Accelerating Development	Charlotte Bergqvist
14:10	Creating Synergies within Cloudberry	Stig J. Østebrøt
14:30	Closing Remarks	Anders Lenborg

Lead ESG Expert, Nordea Global Sustainability

Slides presented separately

Contents

11:30	The Energy Transition	Thina Saltvedt
12:00	Perfectly Positioned towards 2030	Anders Lenborg
12:45	Value Creation and Capital Strategy	Christian A. Helland
13:15	Break
13:30	Accelerating Development	Charlotte Bergqvist
14:10	Creating Synergies within Cloudberry	Stig J. Østebrøt
14:30	Closing Remarks	Anders Lenborg

Chief Executive Officer al@cloudberry.no

Established the Nordic platform with a clear strategy towards 2030

We have access to exclusive projects throughout the Nordics and we cover and create value through the full life cycle

We have a robust balance sheet, we have the cash generating assets and we have the flexibility

What

Cloudberry endeavors to be best in local stakeholder management to attract projects and execute according to local needs

Matching the right projects with local community values and capital

The Cloudberry Way

The Cloudberry business model Developer Power producer Corporate ESG Our Portfolio1) Type Capacity1) In production 235 MW Under construction 59 MW Construction permit 110 MW Backlog 491 MW

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

Operate

Forte 25 MW – Hydro NO-2, NO-3, NO-5 The local partner

Odal Vind 54 MW – Wind NO-1 Taking advantage of opportunities

Hån 21 MW – Wind NO-1 Execution through in-house creativity

Odin Energy 106 MW – Wind DK-1 1) Creating the Nordic platform

Re-Energi 28 MW – Hydro NO-3 Working together with local communities

listing in Q2 20201) Summary items from Merkur	Status three years later Q2 2023
Large backlog and pipeline to be developed		Significantly increased the backlog to 491 MW spread across the Nordics (Not including Danish opportunities)
Large set of attractive growth opportunities		Increased production portfolio from two assets in 2020 to 25 hydropower assets and 105 wind turbines, wholly and partially owned Sold three hydropower assets realizing a return of an equity IRR of ~55% over the period
Scalable platform – flexible cost setup, outsourcing of operations and construction, deep industry knowledge and network		Built a best-in-class team to enable project execution and value accretive growth Acquired Captiva to create an end-to-end platform with clear synergies
Growing production portfolio providing long-term cash flow to fund growth opportunities		Increased production portfolio in 2020 from 21 GWh to run rate production of 736 GWh per Q2 2023 (not included projects under construction) Increased EBITDA from a negative NOK 27 million in 2020 to NOK 669 million for the last twelve months per Q2 2023
Opportunity to tap capital markets to fund growth opportunities, with shares as an attractive currency in transactions Great relationships with leading financial institutions		2020-2022: Raised above NOK 3bn in equity. Utilized share-based payments in several transactions. 2023: Re-cycling of capital to maximize shareholder value through accretive sale to fund further growth Strong relationship with local savings banks. Announced facility increase to NOK 2.2bn with ~NOK 1.1bn currently drawn

14 1) Proportionate figures per reporting date. Excluding sold hydro assets during Q2 2023 and projects under construction. Sold assets represents annual estimated production of 77 GWh or 19 MW capacity

2) Does not include the opportunities from the development agreement with Skovgaard

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

15 1) 2023 figure is 1H 2023 actual and 2H 2023 normalized production based on normal weather year of 368 GWh (736/2)

2) Run-rate production for producing assets and projects under construction

Annual normalized estimated production profile by technology. Based on current producing portfolio of 736 GWh

PURPOSE

Providing renewable energy for today – and for future generations

How

The Cloudberry way: We will make a difference through integrated focus on exposure sustainability, a strong culture, an agile organization, flexible funding, creating local engagement and taking a holistic stakeholder perspective.

The end-to-end provider Why What

PRODUCTION

• Diversified and well managed portfolio of producing assets in the Nordics
• Best in class availability Competent, cost efficient and data-

CORPORATE

• Attractive and efficient investment platform
• M&A center of excellency
• Creating stakeholder value from ESG
• Continuous de-risking of financial, technological and geographical

DEVELOPMENT

• Sustainably develop hydro, wind, solar & storage in the Nordics
• Obtained firm back-log and large pipeline
• Best in class project hit-rate

OPERATION

driven asset management • Leading industry partner for digital transformation and data analytics

Contents

11:30	The Energy Transition	Thina Saltvedt
12:00	Perfectly Positioned towards 2030	Anders Lenborg
12:45	Value Creation and Capital Strategy	Christian A. Helland
13:15	Break
13:30	Accelerating Development	Charlotte Bergqvist
14:10	Creating Synergies within Cloudberry	Stig J. Østebrøt
14:30	Closing Remarks	Anders Lenborg

Chief Value Officer ch@cloudberry.no

1) The illustration shows compounding return on the Q2 2023 book equity (excluding minority interest), compounded with 5%, 10% and 15% respectively to illustrate 2030 book equity with different annual returns. This is highly illustrative as the return on equity over the years will wary 23

In-house development

• Capital light business model with high return expectations (ROE > 15%)
• Experienced local organization with strong relations and alignment with local stakeholders and industry
• Clear nature and environmental focus increasing the hit-rate, the attractiveness and return expectations of the projects

Optimizing cashflow from production

• Exposure to merchant power price while continuously managing risk
• Active cost focus to increase free cash flow
• Close monitoring and optimizing of existing production
• Improving operational performance by digitalization

M&A. Buying into under-valued assets with development potential

• Take advantage of local, Nordic opportunities arising due to special situations
• Utilize Cloudberry's flexible business model to evaluate and invest in accretive assets across the value chain
• Acquire attractive projects with growth opportunities or low-cost entries with value potential

Efficient capital allocation and risk reduction

• A flexible and robust business model gives Cloudberry the opportunity to continuously evaluate the best risk vs return for its capital through the full value chain
• Re-cycle capital to optimize return on capital employed (ROCE)
• Continuous de-risking of projects throughout the full value chain

Return expectations as shown in the 2020 annual presentation

Latest realizations

2023: Divested Selselva, Åmotsfoss and Nessakraft

• Divested Selselva, Nessakraft and Åmotsfoss, representing an estimated annual production of 77 GWh
• Total transaction value of NOK 703 million
• Significant value creation resulting in a price above two times the booked equity

• Internal rate of return of above 55% p.a.

• Hån vas sold internally in August 2022 from the Development Segment to the Production segment

• Enterprise value of EUR 58 million based on a valuation by Newsec Infra. Valuation was done based on a discounted cash flows and comparable transactions
• Value creation of NOK 9 million per MW
• Internal rate of return of above 50% p.a.

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

• Cloudberry trades below the reported book equity per share at publishing date. On the other hand, we observe significant interests for our assets at book value or higher. This is evident by the recent sale of hydro assets at 2.0x the booked equity
• Cloudberry observes that the most discounted kWh's in the Nordic market is the current market value on our own portfolio implicitly from the share price
• Based on Cloudberry's flexible business model for value creation, Cloudberry seeks a Power of Attorney to have the option to buyback own shares at accretive prices
• With a cash balance of above NOK 1 bn (Q2 2023) the option to buy back own share will require less than 10% of the existing cash and is not expected to influence targeted growth opportunities

"The math isn't complicated: When the share count goes down, your interest in our business goes up. Every small bit helps if repurchases are made at value-accretive prices" (Warren Buffett in Berkshire Hathaway's 2023 annual letter)

• 1. Option to buy back up to 7 million shares (up to 2.4% of the share capital)
• 1. Maximum price of NOK 14.6 per share, equaling booked equity per share per Q2 2023

Coverage

SEB Pareto Securities

HAUCK AUFHÄUSER INVESTMENT BANKING Jefferies

DNB

Accelerating Development

Contents

11:30	The energy transition	Thina Saltvedt
12:00	Perfectly positioned towards 2030	Anders Lenborg
12:45	Value creation and capital strategy	Christian A. Helland
13:15	Break
13:30	Accelerating Development	Charlotte Bergqvist
14:10	Creating synergies within Cloudberry	Stig J. Østebrøt

Chief Development Officer cb@cloudberrywind.se

We have local knowledge and presence

We build local relationships

We find ways for local involvement and engage local stakeholders early

We are navigating in the local dynamics where every project is unique

We build trust by adjusting plans in accordance with early feasibility studies and local opinion

We find ways to create value through sustainable solutions

Development

Cloudberry, including Captiva, have a solid track record of in-house and acquired developments of wind and hydropower assets in Norway and Sweden as well as management and advisory services in hundreds of projects in the Nordics.

Nearly 20 years as hydro and wind developer

More than 1 500 MW in total in-house developed and acquired wind, solar and hydro assets at all stages of development

Engaged in 500 assets, over 2 000 MW in management and advisory services

Project maturity

Competence and know-how from the recently completed Hån project without safety incidents (on time and on budget), transferred into the ongoing construction of Sundby and Munkhyttan

	Greenfield development					Development (Backlog overview)			Construction
Project name	Technology	Price zone	MW	GWh	2023	2024	2025	2026	2027
TVK	Hydro	NO5	5	17
Fossum sol 1	Solar PV	NO2	3	3
Røyrmyra extension	Onshore wind	NO2	5	14
Wind NO2 A	Onshore wind	NO2	14	42
Wind NO2 B	Onshore wind	NO2	14	49
Bøen III	Hydro	NO2	1	5
Wind SE3 C	Onshore wind	SE3	18	55
Wind NO2 D	Onshore wind	NO2	100	350
Selbuskogen	Onshore wind	NO3	63	189
Björnetjärnsberget	Onshore wind	SE3	100	310
Wind SE3 E	Onshore wind	SE3	24	75
Wind SE3 F	Onshore wind	SE3	100	300						Legend
Re-energi	Hydro	NO3	28	85						Investigations &
Skårdal	Hydro	NO2	5	15						Hearings File application & EiB
Lødølja	Hydro	NO3	5	15						Additional material & appeal
Tveitelva/ Reppaelva	Hydro	NO5	2	7						process
Heielva	Hydro	NO5	5	13						Permit
Totals			491	~1 500

Table represents best guess on application and application processes 38

Near term pipeline
Non-exclusive projects of ~14 TWh

Cloudberry, including Captiva, hold a combined pool of resources in personnel and skillsets that is highly complementary

• A fully developed Cloudberry project from early greenfield to operation
• Low risk project with ideal size, location and good wind conditions
• Support and involvement from local stakeholders
• Adjacent to Marker windfarm, successfully developed and divested in 2019 to BKW Energie
• Successfully established a unique cross-border grid connection to sell electricity to the Norwegian grid
• Constructed on time and budget from FID in Q2 2021
• Enterprise value at completion of EUR 58 million1) NOK 9 million per MW in value creation

Capacity 32 MW	Production 89 GWh normalized
FID	COD estimate
December 2022	Q4 2023/Q1 2024

• Sundby was acquired from a third party an entry into an ongoing development project where Cloudberry identified significant potential for value creation
• Entry point at a discount to the capital invested
• FID was taken in December 2022 and Cloudberry will install 9 Vestas turbines of 3.6MW each. Instalment of the turbines to be initiated in September 2023
• The first 24 MW is expected to generate revenue in Q1 2024, while the remaining 8 MW is expected to be connected later in 2024
• Cloudberry is able to utilize a significant amount of existing infrastructure, resulting in a low impact on nature and the environment.

Capacity 8 MW	Production 20 GWh normalized
Acquired	Financial close
February 2022	H1 2024

• Øvre Kvemma is a development project that was acquired by Cloudberry in February 2022. Financial close is expected after the plant is successfully tested and approved expected in H1 2024
• A sizeable run of river hydro project in a favorable price region
• Limited impact on biodiversity and nature due to drilled waterways (2 km out of 2.5 km)
• Construction is complete and we expect to start testing during Q4 2023

Project example from Hån Wind farm

• The wind farm will produce 2 220 GWh in its 30 years lifetime, leading to ~ 500 000 tons CO2^e of avoided emissions ²
• This is equivalent of annual emissions of ~ 70 000 inhabitants³ in Norway
• Avoid and minimize the impact on nature
• Just-in-time principle for turbine components = reduced impact on nature by 7,500 m²
• Reused the existing roads, made roads and verges as narrow as possible
• 70% less concrete by using rock-anchored foundations
• Participated in development of a bike trail Unionsleden, built during the construction of Hån

45 1) Calculations based on Vestas' Life Cycle Analysis of V150 4.2 MW, with site specific amendments for the Hån wind farm (lower tower and longer lifetime)

• 2) Assumption being offset of electricity production from EU-27 electricity mix index (IEA 2022)
• 3) Annual average emission per Norwegian is 7.1 tons CO2e. Source: Menon Economics, MENON-PUBLIKASJON NR. 122/2022

The Cloudberry way

• Careful selection of sites with a structured screening process including social, environmental and technical aspects
• Long term perspective – contributing to local communities and partnerships with local industry
• We support and understand our local impact and take responsibility where we set our physical mark

Interacting with landowners, locals and suppliers is key in Cloudberry's stakeholder management

Example: Cloudberry met >500 people representing local interest groups and industry during the Simpevarp local hearings

Building local knowledge and trust by being transparent is an important goal

Contents

11:30	The energy transition	Thina Saltvedt
12:00	Perfectly positioned towards 2030	Anders Lenborg
12:45	Value creation and capital strategy	Christian A. Helland
13:15	Break
13:30	Accelerating Development	Charlotte Bergqvist
14:10	Creating Synergies within Cloudberry	Stig J. Østebrøt
14:30	Closing remarks	Anders Lenborg

Captiva Chief Executive Officer sjo@captiva.no

Developed for the industry, by the industry

Pipeline

Hydro team`s network and local presence generating new hydro development projects – four new projects year to date

M&A

8 years of experience advising on more than 1 000 MW wind farms used in QA of the Odin transaction

Development

Wind team`s experience, capacity and commitment to solve complex engineering and procurement necessary to reach FID on Sundby

Commercial

Commercial team managing 800MW+ implementing routines on commercial curtailment to avoid production on negative market prices

Profitable on stand alone basis… …with strong synergies Why Plus

• Profitable since established in 2006
• Annual turnover of 55 MNOK (2022), doubled since 2016
• Net profit margin of 15% last 7 years
• Investments in growth 2022-2024
• Expectations of increased revenues and steady-state EBITDA margins of 15-20%

• Secure strategic alignment on crucial competence, capacity and digital capabilities for Cloudberry towards 2030 • Valuable synergies across the value chain: Increased deal access Improved asset selection & valuation

Increased execution abilities and risk reduction

Contents

11:30	The energy transition	Thina Saltvedt
12:00	Perfectly positioned towards 2030	Anders Lenborg
12:45	Value creation and capital strategy	Christian A. Helland
13:15	Break
13:30	Accelerating Development	Charlotte Bergqvist
14:10	Creating synergies within Cloudberry	Stig J. Østebrøt
14:30	Closing remarks	Anders Lenborg

Uniquely positioned for the energy transition, with a clear strategy, sustainability at core and committed people

With a Nordic focus, we utilize our flexible business model to execute on accretive projects and M&A opportunities

A strong balance sheet - positioned for further profitable growth