Cloudberry Clean Energy ASA

Investor Presentation • May 11, 2023

First quarter 2023 report

11 May 2023

Disclaimer

This company resentation "he Seen prepared y Cloudery Clear Energy ASA (the Compony) (and is was inceller the "Croup") (and is madesole) for information purposes. This Pesentation on y sell or other wise transact with any seurites issued by or periaining the Company or any member of the Group.

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Agenda

Cloudberry in brief

Highlights & overview

Key Financials

Outlook

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

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Odin positions Cloudberry as a leading Nordic IPP

1) Includes the Odin acquisition, whichis expected to close during Q2 2023, and projects under construction

2) Net to Cloudberry (proportionate figures). Based on the full portfolio

Portfolio overview

Additional backlog of 486 MW not included in overview

Main operational updates

PRODUCING:

Odin. Transaction approved by Danish government. Closing expected Q2 2023

Odal. Difficult weather conditions with severe humidity in combination with low temperatures lead to icing in the weather stations. Actions have been taken to resolve the problem before next winter

CONSTRUCTION:

Øvre Kvemma (Hydro, NO5 Norway) Progressing according to plan. Construction ahead of plan expected to be completed during this year. Financial close 1H 2024.

Sundby Vindpark (Wind, SE 3 Sweden). Finalinvestment decision taken December 2022 and the project is progressing according to plan. Nine Vestas turbines to be installed during H2 2023 and revenue generation from H1 2024.

PERMIT:

Munkhyttan (Wind, SE 3 Sweden). Final investment decision expected during Q2 2023.

ESG update Q1 2023

Sustainability report 2022

Cloudberry Clean Energy ASA

Main ESG Updates

• · No health and safety incidents
• No material or environmental damages recorded
• Avoided emissions of 19,980 tCO2 during the quarter (6,438 tCO2e)
• Cloudberry`s Sustainability Report 2022 was published at the end of first quarter 2023:
  • · The key performance and targets related to the material ESG risks and opportunities
  • · Published the TCFD Report including scenario analysis based on the material risks for the company
• · Conducted awareness training with all employees regarding the Code of Conduct and Whistleblowing procedure, zero-tolerance policy for corruption
• · The procedures related to prequalifying suppliers during tender and procurement processes have been fully incorporated in Cloudberry's new projects during the quarter
• From Q1 2023 Cloudberry reports performance and targets across material topics on a quarterly basis

Click here to view the Sustainability Report 2022 1 ) Relative to baseline emissions from the European electricity mix (EU-27 electricity mix, IEA 2022).

Key Financials

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Profit or loss (including segment reporting)

Consolidated financials

NOK million	Q1 2023	Q1 2022	FY 2022
Revenue and other income	୧୫	30	217
Net income/(loss) from associated companies and JV's	7	13	120
EBITDA	20	12	151
Equity	3,977	2,769	3,794
Proportionate Financials
NOK million	Q1 2023	Q1 2022	FY 2022
Revenues and other income	115	38	୧୯୧
Production	106	32	402
Development	1	O	207
Operations	8	6	38
Corporate	0	0	O
EBITDA	48	5	377
Production	୧୨	20	262
Development	-6	-3	177
Operations	-1	-2	O
Corporate	-14	-10	-63
Power Production (GWh)	90	29	268

Comments

Development segment

• · Strong development in Sweden moving forward both pipeline and backlog projects
• opportunities to the backlog)
• Partnership at Simpevarp (800 MW) significantly reducing development time, risk and cost
• · No project sales over the quarter

Production segment

See next slide

Operations segment

• · Actively involved as project manager and construction manager for the Sundby project
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• · plants with the EU Taxonomy regulations

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Significant growth in cash flow

Cloudberry Production segment. Illustrative EBITDA

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

Summary

• Significant growth in volumes and profitability
• Odin, a transformational step into Denmark
• · Projects under construction are progressing according to time and cost
• · Positive developments in pipeline and backlog projects