Cloudberry Clean Energy ASA

Investor Presentation • Aug 15, 2023

Second quarter and first half year report 2023

14 August 2023

Disclaimer

This company presentation") has been repared by Clouberry Clean Energy ASA (the "Compony") and its subsidiries (together the "Group") ond is made solej for information purposes. This Presentation to by , sell or chervise transot with any seurites issued by or pericining to the Company or any member of the Group.

This Presentation now include for and reflect the Graps current views with respect of financial on operations performance of the Group and/or the included in which the Group Coling stotements may be itentified by the use of forward-obling words such as "believe", "areas", "treads", "intends", "plone", "plans", "estimates", "articipates", "targets", or sinilar expressions. These forward-looking statements are not historic forts Readers of this Pesentation are cautioned that forvardles of the ne not purchises of the Groups cound financial position, operating results and ligilding and the development of the industry in which in these nade in or suggested, by the forward-coling statements ontained in this Pesentation. No menter of the Group can guornee that the intentations upon which its forward-icoling stotements are based will occure . By their nature, for warel-looking statements includes and and unists, uncertainties and assumptions as they relate to events and depend on crums of coasin in the fully. Because of these known isks, uncertains, the cutome may differ moterially for thosest out in the forwardlocking stotements speak only as of the date on which of the Group or any officer or employee of the Group undertakes no ablicy upote or publicy revise any forward-looking statement, whether as a result of new information, future events or low.

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Agenda

Highlights

Overview & status

Key Financials

Outlook

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Delivering on our strategy

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

An organic growth platform

Efficient use of capital, maximizing shareholder value

Portfolio overview

Additional backlog of 491 MW not included in overview

1) Proportionate figures. Excluding sold hydro construction. Sold assets represents annual estimated production 7 of 77 GWh or 19 MW capacity

Main operational updates

PRODUCING:

Selselva, Nessakraft and Åmotsfoss (Hydro assets). Sold June 2023. Net gain booked of NOK 258m realizing a material value creation.

Odin. Transaction closed 31 May 2023. Significantly diversifies the Cloudberry portfolio into the attractive price area DK1.

CONSTRUCTION:

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 preparation will start in Q3 2023, and revenue generation expected by end of 2024.

Øvre Kvemma (Hydro, NO5 Norway) Progressing according to plan. Construction ahead and the project is expected to be completed during this year. Financial close 1H 2024 after the plant is commissioned.

Sundby Vindpark (Wind, SE 3 Sweden). Final investment decision taken December 2022 and the project is progressing according to plan. Nine Vestas turbines to be installed for a total of 32.4 MW during H2 2023 with revenue generation from 1H 2024.

PERMIT:

Duvhällen (Wind, SE 3 Sweden). Grid capacity confirmation of at least 60 MW received. Early preparation and project assessment will commence over the next quarters.

ESG update Q2 2023

Cloudberry

Transparency Act Report 2022

Cloudberry Clean Energy ASA

Main ESG Updates

• · No health and safety incidents
• · No environmental damages recorded
• · Avoided emissions of 25,974 tCO2e during the quarter (16,428 tCO2e in Q2 2022) 1)
• Cloudberry published the Transparency Act Report 2022 at the end of second quarter 2023
• Fostering diversity, equity, and inclusion (DEI) in the organization all employees attended a workshop focusing on company culture, values, and strategy
• · To ensure ESG is integrated in all business units, a Sustainability Handbook providing tools and guidelines has been developed and implemented
• Community engagement and stakeholder management locally
  • A kick-off event at the Sundby Vindpark for construction workers, suppliers and landowners
  • · A four-day local hearing (SE: Samråd) at the offshore wind project Simpevarp havsvindpark involving local interest groups and industry companies. The local hearing is part of a mandatory process.

Key Financials

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Profit or loss (including segment reporting)

Consolidated Financials

NOK million	Q2 2023	Q2 2022	YTD 2023	YTD 2022	FY 2022
Revenue and other income	335	58	403	87	217
Net income/(loss) from associated companies and JV's	20	10	28	24	120
EBITDA1)	281	32	301	44	151
Equity	5.011	2,876	5.011	2,876	3,794

Proportionate Financials

NOK million	Q2 2023	Q2 2022	YTD 2023	YTD 2022	FY 2022
Revenues and other income	363	85	478	123	646
Production	353	74	460	106	402
Development	0	0		O	207
Operations	10	11	18	ાર	38
Corporate	0	0	O	O	O
EBITDA1)	281	37	328	42	381
Production	309	49	378	୧୫	262
Development	-9	-5	-14	-8	177
Operations	0	5	-1	3	ব
Corporate	-20	-12	-34	-21	-63
Power Production (GWh)	117	74	208	102	268

Comments

Production segment

· See next slide

Development segment

• · Projects under construction and backlog moving ahead on time and budget
• · Backlog increased to 491 MW where increase stems from new hydro projects
• · Increase operating expenses stems from increased number of employees
• · No project sales over the quarter

Operations segment

• · Actively involved with Sundby, Odal and Odin, leveraging the organizations experience and competence
• · Continued service contracts with sold assets, establishing a new client

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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

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

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 volumes and profitability
• · Sale of three hydropower plants showcasing the fundamental values in the portfolio, realizing a significant gain
• · Completed the Odin, a transformational step into Denmark
• · Projects under construction are progressing according to time and cost
• · Positive developments in backlog projects. Local projects strongly aligned with local stakeholders can add material value to Cloudberry over time