Cloudberry Clean Energy ASA

Investor Presentation • May 11, 2023

Cloudberry Clean Energy ASA

Content

Cloudberry in brief	3
Highlights and key figures	5
Operational review	7
Environmental, social and governance review	11
Financial review	13
Condensed interim financial information	17
Interim consolidated statement of profit or loss	17
Interim consolidated statement of comprehensive income	18
Interim consolidated statement of financial position	19
Interim consolidated statement of cash flows	21
Interim consolidated statement of changes in equity	22
Notes to the condensed interim consolidated financial statements	23
Note 1 General information	23
Note 2 Business combinations	23
Note 3 Business segments	24
Note 4 Net financial expenses and significant fair value measures	26
Note 5 Property, plant and equipment	28
Note 6 Inventory	29
Note 7 Investment in associated companies and joint ventures	30
Note 8 Cash and cash equivalents	32
Note 9 Long term debt, corporate funding and guarantees	33
Note 10 Related parties	33
Note 11 Subsequent events	33
Alternative Performance Measures	34

Information about reporting format

Cloudberry reports consolidated financial statements in accordance with IFRS and a supplementary proportionate 1 segment reporting. Proportionate financials represent Cloudberry's proportionate share of the financial results, assets, and liabilities of all entities and excluding any eliminations of transactions between segments. Cloudberry believes that the proportionate reporting provides enhanced insight to the operation, financing and future prospect of the Group. Proportionate reporting is aligned with internal management reporting, analysis and decision making.

Cloudberry is preparing for the adoption of the European Sustainability Reporting Standards (ESRS) required by the Corporate Sustainability Reporting Directive (CSRD). The standard is based on the structure Environment, Social and Governance (ESG). For more information see our Sustainability chapter.

¹ See Alternative Performance Measure appendix for further definitions.

Cloudberry in brief

Cloudberry is a renewable energy company, born, bred, and operating in the Nordics. We own, develop, and operate hydropower plants and wind farms in Norway, Sweden and soon in Denmark 1. We are powering the transition to a sustainable future by providing new renewable energy today and for future generations. We believe in a fundamental long-term demand for renewable energy in Europe. With this as a cornerstone, we are building a sustainable, scalable, efficient, and profitable platform for creation of stakeholder value.

Cloudberry`s business model

Our business model is based on three revenue generating segments and one cost-efficient corporate segment. Development is a green-field developer for both onshore and off-shore projects. Development has a solid track record of organic, in-house developments of wind and hydropower assets in Norway and Sweden. Production is an active owner of renewable power assets in the Nordics. Operations is an asset manager and operator of hydro and wind assets including digital solutions with a scalable operating platform.

Our strong commitment to local communities and our integrated value chain ensures local presence and optimization of stakeholder alignment and value creation.

Our Nordic clean renewable platform

Cloudberry`s growth strategy

Our current portfolio in Norway and Sweden consists of 28 hydropower assets and 51 wind turbines (organized in four projects), wholly or partially owned. During second quarter 2023, we expect to add another 51 wind turbines primarily in Denmark 1 to the portfolio. We have a local and active ownership strategy and prefer majority ownership; however, in certain investments we have shared ownership with strong, strategic partners. The scalable Cloudberry platform is positioned for profitable growth, both in terms of energy production and our in-house development backlog and pipeline. Cloudberry's strategy is to continue to grow both organically and through acquisitions in the Nordic market. We are backed by strong owners and an experienced management team. Our shares are traded on the Oslo Stock Exchange's main list, ticker: CLOUD.

Our Values Be Supportive • Be Committed • Be Bold • Be Exceptional

Production

Production

incl. under construction

In production Capacity: 254 MW Production: 813 GWh

Under construction

Capacity: 40 MW Production: 109 GWh

Total

Capacity: 294 MW Production: 922 GWh

Development

Construction permit 2

Capacity: 128 MW 2 Production: 389 GWh

(normalized)

Backlog

Backlog (exclusive projects) Projects: 16 Capacity: 486 MW

Pipeline (non-exclusive projects) Projects: >20 Capacity: >2,500 MW

¹ Asset portfolio per reporting date with proportionate ownership to Cloudberry incl. the Odin portfolio (closing is expected in Q2 2023, figures assume no triggering of pre-emptive rights).

² Duvhällen project included as 60 MW – Cloudberry has grid capacity permit for 30 MW and has applied for increased grid capacity to match the construction permit.

Highlights and key figures

Financial highlights

• Strong growth in revenue and profitability over the quarter. Consolidated and proportionate revenue of NOK 68m (30m) and NOK 115m (38m) in the first quarter respectively (same quarter last year)
• Consolidated and proportionate EBITDA of NOK 20m (12m) and NOK 48m (5m) in the first quarter respectively
• The increase in profitability mainly relates to increased power production and higher realized average power price of NOK 1.18 per kWh (NOK 1.02 per kWh)
• The production in first quarter implies 19,980 tCO2 (6,438 tCO2e in Q1 2022) of avoided emissions
• Significant gain recorded from fair value adjustments of hedging derivatives showing effect of risk reducing hedging initiatives
• Strong balance sheet fully financed for the Odin acquisition

Project highlights

• Proportionate production tripled over the quarter to 90 GWh (29 GWh)
• Signed a share purchase agreement to acquire 80% of the Odin portfolio (up to 311 GWh in annual production net to Cloudberry). A game changing step into the Danish market, creating a strong and diversified position for Cloudberry. The transaction has been approved by the Danish government and is expected to be closed in Q2 2023
• Strong backlog and pipeline development. Secured new hydro projects in Norway and applications for several existing backlog projects across the Nordics are on track for filing later this year
• Sundby Vindpark. Construction progressing according to plan, nine Vestas turbines to be installed during H2 2023 and revenue generation from H1 2024
• Published the Sustainability Report 2022 summarizing the company`s ESG performance across material ESG topics related to risks and opportunities

Subsequent events

• Subsequent to the quarter Cloudberry has received a dividend from Odal Vind AS of EUR 6.4m

Key figures

NOK million	Q1 2023	Q1 2022	FY 2022
Consolidated Financials
Revenue and other income	68	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
Revenues and other income	115	38	646
EBITDA	48	5	377
Power Production (GWh)	90	29	268

Portfolio overview 1

				Total		Cloudberry's proporionate	Cloudberry's estimated
			Price	capacity		capacity	production
Project	Technology	Location	area	(MW)	Ownership	(MW)	(GWh)	Status
Finnesetbekken	Hydro	Norway	NO-5	1	100%	1	3	Producing
Røyrmyra	Wind	Norway	NO-2	2	100%	2	8	Producing
Forte (5 assets, NO-2)	Hydro	Norway	NO-2	26	34%	8	29	Producing
Forte (4 assets, NO-3)	Hydro	Norway	NO-3	19	34%	6	21	Producing
Forte (6 assets, NO-5)	Hydro	Norway	NO-5	33	34%	11	37	Producing
Selselva	Hydro	Norway	NO-3	5	100%	5	20	Producing
Nessakraft	Hydro	Norway	NO-5	9	100%	9	34	Producing
Bjørgelva	Hydro	Norway	NO-4	3	100%	3	7	Producing
Usma	Hydro	Norway	NO-3	9	100%	9	26	Producing
Åmotfoss	Hydro	Norway	NO-2	5	100%	5	23	Producing
Tinnkraft	Hydro	Norway	NO-2	2	100%	2	6	Producing
Bøen I & II	Hydro	Norway	NO-2	6	100%	6	18	Producing
Ramsliåna	Hydro	Norway	NO-2	2	100%	2	6	Producing
Skåråna (2 assets)	Hydro	Norway	NO-2	4	100%	4	14	Producing
Odal Vind	Wind	Norway	NO-1	163	33.4%	54	176	Producing
Hån	Wind	Sweden	NO-1	21	100%	21	74	Producing
Odin portfolio 2	Wind	Denmark	DK-1	133	80%	106	311	Producing
Total 1 (Producing)				441		254	813
Kvemma	Hydro	Norway	NO-5	8	100%	8	20	Const/Prod. H1 2024
Sundby	Wind	Sweden	SE-3	32	100%	32	89	Const/Prod. H1 2024
Total 2 (Producing + under constr.)				481		294	922
Munkhyttan	Wind	Sweden	SE-3	18	100%	18	60	Final procurement
Duvhalllen	Wind	Sweden	SE-3	60	100%	60	165	Constr. permit
Stenkalles (Vanern)	Offshore	Sweden	SE-3	100	50%	50	164	Constr. permit
Total 3 (Prod. + const. + permit)				659		422	1 311

¹ Asset portfolio per reporting date with proportionate ownership to Cloudberry (not including backlog) .

² SPA signed and government approved. Closing expected Q2 2023. 85 MW is unconditional. Production mainly in DK-1 (93%).

7

Operational review

Cloudberry reports its operations in four segments: Development, Production, Operations and Corporate. Please see the 2022 annual report for further information about the segments.

Development

Projects under construction

Construction of Øvre Kvemma hydro powerplant continued according to plan during the quarter. Construction is expected to be completed during the year. Financial close is expected H1 2024 after the plant is connected to the grid and tested.

Sundby Vindpark. The final investment decision ("FID") for Sundby Vindpark was taken in December 2022 and the project is progressing according to plan. On site, the final adjustments to the existing infrastructure are being made in preparation for the installation of nine 3.6 MW Vestas turbines. Expected annual production is 89GWh with a long-term ~97% availability guarantee from Vestas. Total investment, including development costs and contingencies, is estimated at EUR 50 million. Cloudberry expects to re-use a significant amount of existing infrastructure (low impact on nature and environment) and expects the project to be operational by the end of 2023.

Projects with construction permit

Munkhyttan is in the final stages of development, including final design and procurement. A final investment decision is targeted before summer 2023.

Stenkalles (Vänern project). The Stenkalles wind farm on Sweden's largest lake, Vänern (SE3), is a 100 MW, 18-turbine project owned 50/50 by Hafslund and Cloudberry. The joint venture and cooperation with Hafslund have been further developed and a joint project organization is now in operation. The expected commissioning date is set to 2025/2026.

At Duvhällen, Cloudberry is still waiting for grid capacity from Vattenfall.

Backlog & pipeline

Cloudberry has a backlog of 486 MW (16 projects), an increase from 424 MW per reporting date of the first quarter 2022. Further, Cloudberry is continuously working to gain access to additional sites in close dialogue with local communities and landowners.

The permitting process for the Swedish onshore wind projects Björnetjärnsberget, Ulricehamn, Söderköping and Munkhyttan II is on track and applications for all four sites will be submitted in less than 12 months.

A permit application for a joint solar project in Norway of up to 8 MW with Skagerak Kraft and Løvenskiold-Fossum has recently been submitted to NVE (Norges vassdrags- og energidirektorat). For Cloudberry, the solar project is a pilot and further information about a potential solar strategy will be reverted to at a later stage.

Development of new hydro projects continued during first quarter. Notice (NO: "Forhåndsmelding") for a planned 28 MW project was sent to the regulating authority NVE during the quarter. Based on the ongoing hearing we expect to be able to file a concession application later this year, and due to the size of the project we are optimistic that the NVE will prioritize the project. The development organization also during the quarter signed two new land lease agreements for early phase hydro projects with a total of 7-8 MW of annual production. A concession application is planned filed for both projects later this year.

For the Simpevarp project, a joint venture agreement was recently signed with Svea Vind Offshore to co-develop the project in order to de-risk and accelerate the development activities. As Svea has already carried out most of the environmental studies, Cloudberry has decided to join forces in order to reduce the development time by 1-2 years and significantly increase the probability of success while lowering development cost. The next milestone is to submit the application, which is expected in the first half of 2024. Further over the quarter consultations have been held with all relevant authorities, the public and interest groups, as well as an ongoing dialogue with local industry and stakeholders on local value creation. Amongst others, local hearings (SE: Samråd) were held over the quarter and ongoing discussions are currently going according to plan.

CONTENT

Production

Main activities

In February 2023, Cloudberry signed sale and purchase agreement to acquire 80% of the Odin portfolio from Skovgaard Energy A/S ("Skovgaard"). The agreement secures Cloudberry a majority stake in a portfolio consisting of up to 51 high-quality wind turbines in production, with 47 turbines located in Denmark and additional 4 turbines in southern Sweden. The Odin portfolio will add up to 311 GWh of estimated annual production net to Cloudberry. Subsequent to the balance sheet date, the transaction received approval from the Danish authorities. Closing of the transaction is progressing according to plan, and is expected to be completed in Q2 2023. Please see the stock exchange notice published 10 February and note 2 in this report for further information with regards to the transaction.

Power production

Cloudberry's proportionate power production in the first quarter totaled 90 GWh, tripling from 29 GWh during the same quarter last year. The significant growth is primarily explained by inclusion of new wind and hydro power plants. The table below shows the proportionate production over the quarter, split between the price areas.

Production	Q1 2023	Q1 2022
NO1	57	2
NO2	25	10
NO3	5	9
NO4	1	0
NO5	4	7
Total	90	29

Hydro power production totaled 31 GWh in the first quarter (24 GWh same quarter last year). A cold winter, especially in the western parts of Norway, resulted in the rivers being frozen over a longer time than usual. For NO3 and NO5 this lowered production compared to a normal year. All power plants with flowing water had stable operations, and there were no technical problems over the quarter.

Wind power production totaled 59 GWh in the first quarter (5 GWh same quarter last year). The large increase reflects the addition of Odal Vind as well as Hån Vindpark which came into full production in December 2022. Odal Vind experienced difficult weather conditions especially in January. Severe humidity in the air in combination with temperatures just below zero lead to icing of the weather stations on the turbines, with loss of production as a result. Actions have been taken to resolve the problem before next winter. Hån is in full production and producing according to expectations.

Power prices

Cloudberry realized an average net power price of NOK 1.18 per kWh during the first quarter of 2023, compared to NOK 1.02 per kWh during the first quarter of 2022. Above normal precipitation in the South of Norway, normalized levels of water in the reservoirs in combination with lowered coal and gas prices reduced prices in NO 1, 2 and 5 compared to the fourth quarter of 2022. Prices in Northern Norway (NO 3 and 4) also came down from the fourth quarter.

~97% of Cloudberry's production in first quarter was at merchant pricing (spot price). Cloudberry has hedged a total of 12 GWh of annual production where 8 GWh expires end of 2024 and 4 GWh by end of 2027.

Operations

The Operations segment represents the activities organized in the Captiva Group under the business areas management services and digital solutions. Cloudberry is currently a 60% owner of Captiva with the option to purchase 100% of the business by 2025.

Management Services

The Operations segment continued its integration with other segments of the Cloudberry Group with the following main activities over the quarter:

• · Actively working on the project & construction management of the Sundby project
• · Implementation of an improved compliance and HSE system on the hydro plants.
• · Co-location of Wind Management team members with Development team members in Gothenburg.

Over the quarter the Operations segment started to deliver on a new service level agreement for two Finnish wind farms with an installed capacity of close to 100 MW. The contract is a milestone contract for Captiva which includes service offerings within financial services, risk management and wind asset management, approximately doubling the number of MWs of wind power Captiva are currently engaged on in Finland.

Digital Solutions

The Operations segment continued its development of the Captiva Portal to include operative insight and KPIs on wind, hydro and solar power to be launched later in 2023. The ramp-up continued of the digital development with focus on commercial modules on PPAs and liquidity planning. Further over the quarter new clients were signed, adding 17 assets and 135 GWh to the digital platform the Captiva Portal.

The TYDE.science project, a 3-year research project partly funded from the Research Council of Norway (Forskningsrådet) is progressing as planned and use-cases being developed in the project are being introduced directly to key customers with the purpose of offering analytics services based on pre-defined cases.

The Operations segment delivered the first taxonomy alignment statements on 11 hydro power plants through a newly launched product Rexonomy. The product has gained a lot of interest and current market feedback indicates that Rexonomy is one of the of the leading products towards the EU Taxonomy alignment services for this asset class.

Corporate

General

The Annual General Assembly was held subsequent to the quarter, and Cloudberry is pleased to welcome its new Chairperson Tove Feld and new Board Member Alexandra Koefod; both bringing significant industry experience to Cloudberry. Please see the recommendation from the Nomination Committee to AGM for full CV's of the new board members. Frank Berg and Liv Lønnum has stepped down, and we thank them for their valuable service to Cloudberry.

Outlook

Cloudberry expects to close the Odin transaction and become a leading Nordic Independent Power Producer (IPP) before summer. The Odin transaction adds significant short-term cash flow and diversifies Cloudberry's production profile across geographies and price areas. On the development side, we already observe a strong cooperation between Skovgaard and Cloudberry and believe the Danishplatform will add significant value to our development and production segment over time.

In Sweden, we do also observe valuable developments in our pipeline and backlog projects. We believe local projects strongly aligned with local stakeholders can add significant value to Cloudberry over time. The recent public hearing at our Simpevarp project (~800 MW) is a good example of our local involvement and project development.

In Norway, Cloudberry still awaits the final outcome of the Norwegian tax proposals. The revised state budget will be publicly announced on 11 May 2023 where updates may be included. If there are no news in the announcement, Cloudberry believes a tax update will delay until fall 2023. New small and mid-scale hydro projects are still targeted by Cloudberry, but new wind developments in Norway will depend on the final outcome of the tax proposal.

On the international arena US and EU is focusing on speeding up the energy transition, at the same time there are fewer investment decisions and it is becoming more and more likely that the 2030 climate targets will be missed. Therefore, Cloudberry believes that not only existing production, but also new projects with strong stakeholder alignment, grid capacity and robust project economics will become highly attractive assets over the years to come.

Environmental, social and governance review

First quarter ESG update

Cloudberrys Sustainability Report 2022 was published at the end of first quarter 2023. The report summarizes the companys activities during 2022, the results of the key performance indicators, and targets related to the material ESG risks and opportunities. Cloudberry also published the TCFD (Task Force on Climate-Related Financial Disclosures) report including the first scenario analysis based on the material climate risks for the company.

No incidents causing harm to people`s health and safety, nor any serious material or environmental damages were recorded in Cloudberry during the first quarter 2023.

Cloudberry received its first whistleblowing notification during first quarter 2023. The incident relates to potential discrimination during a recruitment process. The company has investigated the incident and conducted a third-party verification. The conclusion from the investigation was that no misconduct occurred during the recruitment process. In fact, the process was in line with the Company's ambitions and targets of increasing female representation in the Company. Cloudberry reports

nonetheless on the received notification as part of our transparent communication. The whistleblowing was done anonymously through the whistleblowing channel.

No incidents of corruption or fraud were reported during first quarter 2023.

During first quarter 2023, Cloudberry continued its effort to address the importance of compliance and adherence to the ethical guidelines. An awareness training regarding the Code of Conduct, the Whistleblowing procedure, and the zero-tolerance policy for corruption was conducted with all employees present.

The procedures related to prequalifying suppliers during tender and procurement processes have been fully incorporated in Cloudberry´s new projects in 2023. The targets are set for screening of suppliers having significant impact in our projects.

ESG Key Performance and Targets

Cloudberry reports the performance and targets across our material topics quarterly:

	Q1 2023	Actual 2022	Target 2023	Target 2025
e	19 980	59 496	124 500	249 000
GHG emissions tCO2 e 1	13	10 727	13 500	24 750
Work injuries (incl. Sub-contractors)	0	0	0	0
Employee engagement index 2	5.2	5.2	≥ 5,2	≥ 5,3
Equal opportunities index 2	5.2	5.2	≥ 5,2	≥ 5,3
Female employees % of total 3	24%	24%	35%	> 40 %
				100%
Whistle-blowing incidents	1	0	N/A	N/A
Compliance training	100%	36%	100%	100%
	GHG emissions avoided tCO2 Prescreening of suppliers	71%	10%	50%

¹ The construction of Odal Wind farm was completed In 2022. The power plant is now operating, and the GHG emissions are reported according to the Protocol and Scope 3.

² The results from the Employee engagement index and the Equal opportunities index is 5.2, where 6 is the maximum possible score. The numbers in Q1 2023 are the actual numbers of 2022 and will be updated annually.

³ From 2023 the reporting covers all subsidiaries in the Group. Female employees % of total has been adjusted for 2022.

Transitioning to a low-carbon society

Cloudberry's proportionate power production in first quarter 2023 totaled 90 GWh (29 GWh in Q1 2022). The avoided emissions relative to baseline emissions from the European electricity mix (EU-27 electricity mix, IEA 2022) is equivalent to 19,980 tCO2 e, tripling from 6,438 tCO2 e during the same quarter last year. As of 2023, Cloudberry reports direct and indirect Green House Gas (GHG) emissions on a quarterly basis. The GHG emissions from Scope 1, Scope 2, and Scope 3 in first quarter 2023 amounted to 13 tCO2 e (2,700 1 tCO2 e in Q1 2022). There were no reportable GHG emissions related to the construction activity during first quarter. More construction activities, increasing the GHG emissions, will occur during second quarter 2023.

Climate risks and opportunities

Cloudberry has further aligned with the requirements in the Task Force on Climate-Related Financial Disclosures (TCFD) recommendations, focusing on developing more mature and holistic reporting. During the first quarter, we updated our climate-related financial risks and opportunities related to our recent growth and expansion. The results were further used to formulate the most material risks for Cloudberry, which the scenario analysis is based upon. The detailed TCFD report and the scenario analysis were published on our website in March 2023.

Taxonomy update

The recognised third party, Det Norske Veritas (DNV), was engaged to perform a detailed assessment of our alignment to the criteria of the EU Taxonomy. DNV stated that all of Cloudberry's hydropower plants are aligned to the criteria, and a verification statement has been issued for each of the hydropower plants. A third-party verification of the alignment to the criteria of the EU Taxonomy of our three wind power plants is ongoing and we expect to report alignment within 2023. Our internal analysis found that the three wind power plants are aligned to the criteria. Cloudberry is currently developing a stand-alone Taxonomy report that will be published during 2023. For more detailed information please go to our Sustainability Report 2022.

Local value creation

As a part of the local stakeholder management, Cloudberry initiated a meeting with the landowners at the wind farm projects Duvhällen and Sundby Vindpark. The stakeholders were updated on further development of the wind parks. The meeting was held in our office in Eskilstuna, Sweden, near the project sites.

Politicians from The Environmental Party initiated a meeting to learn more about on- and offshore wind energy projects. In first quarter an introduction to Sundby Vindpark was held on site to promote knowledge and political engagement to raise the importance of more efficient concession/permitting processes.

Furthermore, at Sundby Vindpark, the contractor will use the landowners existing facilities as site office, instead of constructing temporary barracks. By this we avoid unnecessary negative impact on nature, and we avoid use of diesel generators during the construction period.

Subsequent to the quarter, the offshore wind project Simpevarp havsvindpark, held a four-day long local hearing (SE: Samråd). In total Cloudberry met with more than 500 people representing local interest groups, industry, landowners, and other stakeholders. They were informed about the project and permit process and encouraged to send in a statement regarding the project. Transparency and building trust are important factors when planning the hearings. Cloudberry interacts with local communities in the best possible way with the goal to be a positive contributor regarding social, environmental, and economic impact.

¹ The number is an estimate for Q1 2022 calculated out of the total GHG emission in 2022. From 2023 the GHG emissions reported quarterly are based on the invoices from the construction period.

Financial review

Summary of first quarter financial performance

Consolidated and proportionate revenues for the first quarter were NOK 68m and NOK 115m respectively, compared with NOK 30m and NOK 38m in same quarter last year.

Consolidated and proportionate EBITDA for the first quarter were NOK 20m and NOK 48m respectively compared with NOK 12m and NOK 5m in same quarter last year.

The increase in consolidated and proportionate revenues and EBITDA compared to the same quarter last year stems from increased production volumes from new power plants, primarily the wind projects Odal and Hån.

High price contribution tax was implemented from 1 January and is classified as other operating expenses. The total cost in first quarter amounted to NOK 5m, of which NOK 2m is related to consolidated power plants, and NOK 3m is related to Cloudberry's share in Forte and Odal and is therefore included in net income from associated companies and JV's.

Ground rent tax has been calculated and included with a total effect in first quarter of NOK 11m for

the Group, which primarily is related to Odal and therefore included in net income from associated companies and JV's.

Net income from associated companies and JV's was NOK 7m in first quarter (NOK 13m same quarter 2021), of this was NOK 11m related to Odal (NOK 3m) and NOK -5m from Forte (NOK 11m).

Net finance expense in first quarter is a gain of NOK 104m (NOK -11m in same quarter last year). This is mainly due to gain on hedging derivatives showing effectiveness of Cloudberry's risk reducing initiatives. Please see note 4 for further information.

Interest payments related to the long-term debt facility was NOK -3m in first quarter. All long-term interest-bearing debt is secured with fixed interest rate with applied hedge accounting.

As per reporting date the Group has a strong financial position and is fully financed for project Odin with existing cash and debt facilities.

Consolidated financials

Proportionate financials

Consolidated financial summary

The table below summarize the key figures on consolidated basis

Consolidated financials

NOK million	Q1 2023	Q1 2022	FY 2022
Revenue and other income	68	30	217
Net income/(loss) from associated companies and JV	7	13	120
EBITDA	20	12	151
Operating profit (EBIT)	7	4	116
Profit/loss from total operations	111	(6)	122
Total assets	4 706	3 454	4 603
Cash and cash equivalents	1 523	1 084	1 538
Equity	3 977	2 769	3 794
Interst bearing debt	342	353	339
Net interest bearing debt (NIBD)	(1 181)	(731)	(1 199)
Basic earings per share	0.39	(0.02)	0.47

Profit or Loss

Revenue

Total consolidated revenue in first quarter was NOK 68m compared with NOK 30m in the same quarter last year. Increase of revenue from power production was NOK 35m and is due to increased production volumes (from 19GWh to 47GWh in fully owned entities) and increased average power prices. The remaining increase of NOK 3m is related to revenue from project development and operations services from asset management and consultancy.

Net income from associated companies and joint ventures (JV)

Net income from associated companies and JV's represents Cloudberry's investment in Odal Vind, Forte and Stenkalles utilizing the equity method to account for Cloudberry's proportion of the company's net income for the consolidated accounts. Odal Vind and Forte's net income represents primarily profit from power sales and are included in the Production segment for the proportionate figures, while Stenkalles is a wind development project and included in the Development segment (from 19 September 2022).

Net income from associated companies and JV's was NOK 7m in first quarter, an decrease of NOK 5m from the same quarter last year. Of the total net income Odal represents NOK 11m (NOK 3m in first

quarter 2022) which is heavily influenced by the high price contribution tax amounting to NOK 3m net to Cloudberry, and tax expense of NOK 13m net to Cloudberry of which NOK 11m represent accrual for ground rent tax. Net income from Forte was NOK -5m in first quarter (NOK 11m in first quarter 2022). The result from Forte is primarily influenced by a negative impacted from a change in fair value of the Løvenskiold power off-take agreement derivative of net NOK -6m, as well as lower production than normal due to frozen rivers.

EBITDA

EBITDA was NOK 20m in first quarter, an increase of NOK 8m from NOK 12m in same quarter previous year. The increase comprises of increased revenues of NOK 38m, increased operating expenses of NOK 24m and a decreased net income from associated companies of NOK 5m.

The increase in operating expenses of NOK 24m relates mainly to increased salary and personnel expenses of NOK 7m, of which NOK 3m is increased warrant costs (non-cash) and increased other operating expenses amounts to NOK 15m. The increase of NOK 15m in other operating expenses consists mainly of NOK 5m related to landowner rent, NOK 4m in external fees and NOK 2m related to high price contribution tax. Increase of NOK 2m relates to increased cost of goods sold.

Operating profit EBIT

EBIT in first quarter was NOK 7m, compared with NOK 4m in same quarter last year. The increase of NOK 3m is due to increased EBITDA of NOK 8m, and NOK 5m in increased depreciations and amortizations.

Statement of financial position Equity

Equity has increased from NOK 3 794m to NOK 3 977m from year end 2022 to end of first quarter 2023. Profit from total operations is NOK 111m and net other comprehensive income is NOK 67m. Increase due to share based payment was NOK 4m. Equity ratio per 31 March 2023 was 85% (82% pr 31 December 2022).

Cash position

Cash and cash equivalents were NOK 1 523m per 31 March 2023, a decrease of NOK 15m from year end 2022. The decrease comprises mainly of NOK 8m from operating activities, NOK -15m from investment activities and NOK -8m from financing activities.

Interest bearing debt

Total interest-bearing debt has increased from NOK 339m to NOK 342m from year end 2022 to 31 March 2023. The increase of NOK 3m comprise of repayment principal amounts on term loans of NOK -3m and increase due to change in fair value of interest swap of NOK 6m.

Proportionate financial summary (APM)1

Proportionate financials represent Cloudberry's proportionate share of the financials of all entities and without eliminations based on Cloudberry's economic interest the subsidiaries. Entities that are not consolidated are included with the proportionate ownership and for consolidated subsidiaries held less than 100% the share to non-controlling interest are excluded. Please refer to the chapter Alternative Performance Measures (APM) for definitions and reconciliations.

The table below summarize the key figures on proportionate basis.

Proportionate financials

NOK million	Q1 2023	Q1 2022	FY 2022
Revenues and other income	115	38	646
Production	106	32	402
Development	1	-	207
Operations	8	6	38
Corporate	-	-	-
EBITDA	48	5	377
Production	69	20	262
Development	(6)	(3)	177
Operations	(1)	(2)	-
Corporate	(14)	(10)	(63)
Power Production (GWh)	90	29	268

Profit or Loss

Proportionate revenue

In the first quarter proportionate revenues increased from NOK 38m to NOK 115m compared to the same quarter last year. The increase of NOK 77m is primarily due to:

· Increased revenue of NOK 74m in the Production segment from power related revenue. Power production increased from 29 GWh to 90 GWh. Achieved average price was NOK 1.18 per kWh compared with NOK 1.02 per kWh same quarter last year.

¹ See Alternative Performance Measure for definition of proportionate financials.

· Increased revenue of NOK 1m in Development segment from development services.

CONTENT

· Increased revenue of NOK 2m from Operations related to increased activities.

Proportionate EBITDA

In first quarter proportionate EBITDA increased from NOK 5m to NOK 48m compared with same quarter

• last year. The increase of NOK 43m is primarily due to: · The Production segment EBITDA increased with NOK 49m from NOK 20m to NOK 69m. This due to increased total revenue of NOK 74m due to higher production volumes and higher power prices, together with increased operating expenses of NOK 25m. Increased operating expenses is mainly related to increased fall lease due to higher volumes and revenues, but also the high price contribution tax of NOK 5m classified as other operating expenses.
• · The Development segment decreased from NOK -3m to NOK -6m. The decrease of NOK 3m relates to increased operating expenses. The Development segment has increased its number of employees following increased development activities especially related to offshore projects which are not capitalized but recognized in the profit loss statement prior to having received concessions. Onshore wind and hydro develop ment projects are capitalized when landowner agreements are signed.
• · The Operations segments increased with NOK 1m to NOK -1m in first quarter compared with NOK -2m same quarter previous year.
• · The Corporate segment had increased operating expenses of NOK 4m in first quarter compared with same quarter last year. This is mainly related to external fees related M&A activities and increased salaries related to the warrant pro gram with adjusted accounting treatment. The increase in warrant cost amounts to NOK 3m and is non-cash.

Condensed interim financial information

Interim consolidated statement of profit or loss

NOK million	Note	Q1 2023	Q1 2022	FY 2022
Sales revenue		68	30	208
Other income		-	-	9
Total revenue	3	68	30	217
Cost of goods sold		(3)	(1)	(14)
Salary and personnel expenses		(23)	(16)	(91)
Other operating expenses		(29)	(14)	(81)
Operating expenses		(55)	(31)	(186)
Net income/(loss) from associated companies	7	7	13	120
EBITDA		20	12	151
Depreciation and amortizations		(13)	(8)	(35)
Operating profit (EBIT)		7	4	116
Financial income	4	110	5	67
Financial expenses	4	(6)	(16)	(61)
Profit/(loss) before tax		111	(7)	122
Income tax expense		-	1	-
Profit/(loss) after tax		111	(6)	122
Profit/(loss) for the year from total operations		111	(6)	122
Profit/(loss) attributable to:
Equity holders of the parent		113	(4)	118
Non-controlling interests		(2)	(2)	3
Earnings per share (NOK):
Continued operation
- Basic		0.39	(0.02)	0.47
- Diluted		0.39	(0.02)	0.47

Interim consolidated statement of comprehensive income

NOK million	Q1 2023	Q1 2022	FY 2022
Profit for the year	111	(6)	122
Other comprehensive income:
Items which may be reclassified over profit and loss in subsequent periods
Net movement of cash flow hedges	(2)	41	91
Income tax effect	-	(9)	(20)
Exchange differences	69	(13)	30
Net other comprehensive income	67	19	101
Total comprehensive income/(loss) for the period	178	13	223
Total comprehensive income/(loss) attributable to:
Equity holders of the parent company	180	13	219
Non-controlling interests	(2)	-	3

Interim consolidated statement of financial position

NOK million	Note	31.03.2023	31.12.2022
ASSETS
Non-current assets
Property, plant and equipment	5	1 624	1 597
Intangible assets		90	86
Goodwill		143	143
Investment in associated companies	7	955	890
Financial assets and other non-current assets		112	105
Total non-current assets		2 924	2 821
Current assets
Inventory	6	117	106
Accounts receivable		27	52
Other current assets		116	86
Cash and cash equivalents	8	1 523	1 538
Total current assets		1 783	1 782
TOTAL ASSETS		4 706	4 603

Interim consolidated statement of financial position

NOK million	Note	31.03.2023	31.12.2022
EQUITY AND LIABILITIES
Equity
Share capital		73	73
Share premium		3 495	3 495
Total paid in capital		3 568	3 568
Other equity		331	146
Non-controlling interests		78	80
Total equity		3 977	3 794
Non-current liabilities
Interest-bearing loans and borrowings	9	330	327
Lease liabilities long term		35	36
Provisions		45	36
Deferred tax liabilities		128	127
Total non-current liabilities		537	526
Current liabilities
Interest-bearing short term financial liabilities	9	12	12
Current lease liabilities		7	7
Accounts payable and other current liabilities		85	135
Provisions		88	129
Total current liabilities		191	283
TOTAL EQUITY AND LIABILITIES		4 706	4 604

Oslo, 10 May 2023

The Board of Directors of Cloudberry Clean Energy ASA

Interim consolidated statement of cash flows

Cash flow from operating activities
Profit/(loss) before tax 111 (7)	122
Net gain from sale of PPE and project inventory - -	(9)
Depreciations, amortizations and impairment losses 13 8	35
Write down, project inventory - -	-
Net income from associated companies and JV's (7) (13)	(120)
Share based payment - non cash to equity 4 2	26
Net interest paid/received 1 4	12
Unrealized effect from change in fair value derivatives (63) -	-
Unrealised foreign exchange (gain)/loss (25) 8	1
Change in accounts payable (51) (12)	88
Change in accounts receivabe 24 (3)	(25)
Change in other current assets and liabilities - (63)	(88)
Net cash flow from operating activities 8 (76)	43
Cash flow from investing activities
Interest received 3 -	10
Investment and capitalization projects (7) (14)	(44)
Investments in PPE and intangible assets (12) (33)	(304)
Proceeds from sale of PPE and project inventory - -	60
Acquisition of shares in subsidiaries, net of cash acquired - 52	(70)
Investments in associated companies and JV's - -	(31)
Loans to associated companies and JV's - -	(33)
Distributions from associated companies and JV's - -	31
Net cash flow from (used in) investing activities (15) 4	(379)
Cash flow from financing activities
Payment to escrow account - (14)	(14)
Transfer from escrow account - 60	82
Proceeds from new term loans - 80	116
Repayment of term loan - (81)	(151)
Repayment of current interest-bearing liabilities (3) -	(13)
Interest paid other than lease (3) (4)	(22)
Payment on lease liabilities - interest - -	(1)
Repayment on lease liabilities (1) (1)	(3)
Share capital increase - -	767
Net cash flow from financing activities (8) 40	760
Total change in cash and cash equivalents (15) (32)	424
Effect of exchange rate changes on cash and cash equivalents - -	(1)
Cash and cash equivalents at start of period 1 538 1 115	1 115
Cash and cash equivalents at end of period 1 523 1 083	1 538

Interim consolidated statement of changes in equity

	Attributable to parent company equity holders
	Paid in capital Other Equity
	Share capital	Share premium	Share based payment	Cash flow hedge reserves	Exch. diff.	Retained earnings	Total other equity	Total	Non controlling interests	Total equity
Equity as at 01.01.2022:	59	2 676	6	3	(12)	(96)	(99)	2 636	-	2 636
Profit/loss for the period	-	-	-	-	-	(4)	(4)	(4)	(2)	(6)
Other comprehensive income	-	-	-	32	(13)	-	18	18	-	18
Total comprehensive income	-	-	-	32	(13)	(4)	14	14	(2)	12
Share capital increase	1	50	-	-	-	-	-	51	67	118
Share based payments in the year	-	-	2	-	-	-	2	2	-	2
Transaction with non-controlling interest	-	-	-	-	-	-	-	-	-	-
Transfer to other equity	-	-	-	-	-	-	-	-	-	-
Equity as at 31.03.2022	60	2 726	8	35	(25)	(100)	(82)	2 702	65	2 769
Equity as at 01.04.2022:	60	2 726	8	35	(25)	(100)	(82)	2 702	65	2 767
Profit/loss for the period	-	-	-	-	-	122	122	122	6	128
Other comprehensive income	-	-	-	40	43	-	83	83	-	83
Total comprehensive income	-	-	-	40	43	122	205	205	6	211
Share capital increase	13	770	-	-	-	-	-	783	9	792
Share based payments in the year	-	-	24	-	-	-	24	24	-	24
Transaction with non-controlling interest	-	-	-	-	-	-	-	-	-	-
Transfer to other equity	-	-	-	-	-	-	-	-	-	-
Equity as at 31.12.2022	73	3 495	31	74	18	22	146	3 714	80	3 794
Equity as at 01.01 2023:	73	3 495	31	74	18	22	146	3 714	80	3 794
Profit/loss for the period	-	-	-	-	-	113	113	113	(2)	111
Other comprehensive income	-	-	-	(1)	69	-	67	67	-	67
Total comprehensive income	-	-	-	(1)	69	113	180	180	(2)	178
Share capital increase	-	-	-	-	-	-	-	-	-	-
Share based payments in the year	-	-	4	-	-	-	4	4	-	4
Transaction with non-controlling interest	-	-	-	-	-	-	-	-	-	-
Transfer to other equity	-	-	-	-	-	-	-	-	-	-
Equity as at 31.03.2023	73	3 495	36	73	87	135	331	3 899	79	3 977

Notes to the condensed interim consolidated financial statements

Note 1 General information

Corporate information

Cloudberry Clean Energy ASA ("Cloudberry"), its subsidiaries and investments in associated companies ("the Group") is a Nordic renewable power producer, developer and operator. The Company has an integrated business model across the life cycle of hydro- and wind power plants including project development, construction (normally outsourced), financing, ownership, management and operations.

Cloudberry Clean Energy ASA is incorporated and domiciled in Norway. The address of its registered office is Frøyas gate 15, NO-0273 Oslo, Norway.

Note 2 Business combinations

Acquisition of 80% of the Odin portfolio

On 10 February 2023, Cloudberry signed sale and purchase agreement to acquire 80% of the Odin portfolio from Skovgaard Energy A/S ("Skovgaard"). The agreement secures Cloudberry a majority stake in a portfolio consisting of up to 51 high-quality wind turbines in production, with 47 turbines located in Denmark and additional 4 turbines in southern Sweden. The Odin portfolio will add up to 311 GWh of estimated annual production net to Cloudberry, the exposure is primarily in the DK1 price area.

The transaction has been subject to approval from the Danish authorities due to that the assets are classified as critical infrastructure. On 14 April the transaction was approved. Closing of the transaction is now pendant on the legal structuring on the new holding company and the transfer of all assets and agreements. The assets that have non-controlling interests or assets which are held less than 50% must also have consent from the other owners before completion. The work is progressing

Cloudberry Clean Energy ASA was established on 10 November 2017. The Company is listed on Oslo Stock Exchange main list (ticker: CLOUD).

The condensed interim consolidated financial statements for the first quarter of 2023 were authorized by the Board of Directors for issue on 10 May 2023.

The accounting policies applied by Cloudberry in these interim financial statements are consistent with those of the financial year 2022. The presentation currency is NOK (Norwegian Krone).

according to plan and is expected to be completed in second quarter of 2023.

The transaction will be structured with all assets (SPV's) transferred under a new holding company. Cloudberry has established a Danish holding company which will acquire the 80% share. The acquisition also includes land, re-powering options and a well anchored partnership with Skovgaard on asset management and development. The team is local and highly successful.

The total enterprise value is set to DKK 1 488m. The final purchase price will be reduced with the cash flow generation between 1st of January 2023 to Closing, potential pre-emptive rights in Tranche 2 (as described below) and adjustments related to net debt and net working capital.

The transaction will be divided into two tranches, where Tranche 1 includes all entities which are wholly owned and partially owned entities without

pre-emptive rights (approx. 247 GWh). Tranche 2 covers entities which are partially owned with pre-emptive rights (approx. 64 GWh). For the entities included in Tranche 2, the existing co-owners have certain shareholder rights (such as inter alia right of first refusal) which may be triggered by the transaction. Consequently, the exact size of the portfolio to be transferred in relation to Tranche 2 is subject to changes.

The acquisition is fully financed through existing cash balance and drawing our bank facility (approx. 50%/50%).

The preliminary purchase price allocation is under preparation and will be ready when the transaction is completed and published in the next quarterly report.

Note 3 Business segments

The Group reports its operations in four business segments.

• · Production is an active owner of renewable power assets in the Nordics.
• · Development, is a green-field developer both on and off-shore with a long history of organic, in-house developments of wind and hydropower assets in Norway and Sweden.
• · Operations is an asset manager and operator of renewable power assets, that also delivers industrial digital solutions.
• · Corporate is a cost efficient segment that ensure management tasks for the Group like financing, marketing, reporting and other corporate activities.

The Group reports on proportionate financials (APM) for each business segment. Proportionate financials represent Cloudberry's proportionate share of the financials of all entities and without eliminations based on Cloudberry's economic interest the subsidiaries. Entities that are not consolidated are included with the proportionate ownership and for consolidated subsidiaries held less than 100% the non-controlling interest are excluded.

Proportionate financials are further defined and described in the APM section of this report.

The tables below show the proportionate segment reporting for the respective periods Q1 2023, Q1 2022 and FY 2022 and overall reconciliation to the Group consolidated IFRS reporting.

Q1 2023							Elimination of equity	Residual ownership for fully
					Total	Group	consoli	consoli	Total
NOK million	Production	Development	Operations	Corporate	Propor tionate	elimi nations	dated entities	dated entities	Consoli dated
Total revenue	106	1	8	-	115	(3)	(52)	9	68
Operating expenses ex depreciations and amortisations	(38)	(7)	(9)	(14)	(67)	3	19	(10)	(55)
Net income/(loss) from associated companies	-	-	-	-	-	-	7	-	7
EBITDA	69	(6)	(1)	(14)	48	-	(26)	(1)	20
Depreciation and amortisation	(15)	-	(2)	(1)	(17)	-	6	(2)	(13)
Operating profit (EBIT)	54	(6)	(3)	(15)	30	-	(20)	(3)	7
Net financial items	9	3	-	83	96	-	8	1	104
Profit/(loss) before tax	63	(2)	(3)	68	126	-	(12)	(2)	111
Total assets	3 284	404	163	1 708	5 559	(262)	(644)	53	4 706
Interest bearing debt	909	56	6	-	971	-	(633)	4	342
Cash	(78)	(13)	26	1 683	1 617	-	(149)	54	1 523
NIBD	987	69	(20)	(1 683)	(646)	-	(484)	(50)	(1 181)

Q1 2022							Elimination of equity	Residual ownership for fully
NOK million	Production	Development	Operations	Corporate	Total Propor tionate	Group elimi nations	consoli dated entities	consoli dated entities	Total Consoli dated
Total revenue	32	-	6	-	38	(1)	(11)	4	30
Operating expenses ex depreciations and amortisations	(12)	(3)	(8)	(10)	(33)	1	7	(5)	(31)
Net income/(loss) from associated companies	-	-	-	-	-	-	13	-	13
EBITDA	20	(3)	(2)	(10)	5	-	9	(1)	12
Depreciation and amortisation	(7)	-	(2)	-	(9)	-	3	(2)	(8)
Operating profit (EBIT)	13	(3)	(4)	(10)	(4)	-	11	(3)	4
Net financial items	9	(4)	-	(1)	4	-	(14)	-	(11)
Profit/(loss) before tax	22	(8)	(4)	(11)	(1)	-	(3)	(3)	(7)
Total assets	2 156	348	159	1 349	4 012	(147)	(579)	168	3 454
Interest bearing debt	856	-	12	-	868	-	(523)	8	353
Cash	(12)	(62)	27	1 199	1 152	-	(127)	59	1 084
NIBD	868	62	(15)	(1 199)	(283)	-	(397)	(51)	(731)

FY 2022 NOK million					Total Propor	Group elimi	Elimination of equity consoli dated	Residual ownership for fully consoli dated	Total Consoli
	Production	Development	Operations	Corporate	tionate	nations	entities	entities	dated
Total revenue	402	207	38	-	646	(218)	(254)	43	217
Operating expenses ex depreciations and amortisations	(139)	(30)	(33)	(63)	(265)	25	94	(40)	(186)
Net income/(loss) from associated companies	-	-	-	-	-	-	120	-	120
EBITDA	262	177	4	(63)	381	(193)	(40)	3	151
Depreciation and amortisation	(38)	-	(6)	(3)	(48)	-	18	(5)	(35)
Operating profit (EBIT)	224	177	(2)	(66)	333	(193)	(22)	(2)	116
Net financial items	(19)	(9)	-	43	15	-	(10)	2	6
Profit/(loss) before tax	204	168	(2)	(22)	348	(193)	(33)	-	122
Total assets	3 132	381	179	2 178	5 870	(695)	(595)	23	4 603
Interest bearing debt	865	55	6	-	926	-	(591)	4	339
Cash	(131)	(21)	34	1 704	1 587	-	(122)	73	1 538
NIBD	996	76	(28)	(1 704)	(661)	-	(469)	(69)	(1 199)

Please refer to the section APM section of this report for definitions and further reconciliations to the Group IFRS reported figures.

Note 4 Net financial expenses and significant fair value measures

Financial income

NOK million	Q1 2023	Q1 2022	FY 2022
Interest income	3	-	11
Other financial income	73	2	13
Exchange differences	35	4	44
Total financial income	110	5	67

Financial expense

NOK million	Q1 2023	Q1 2022	FY 2022
Interest expense	(3)	(5)	(24)
Other financial expense	-	(1)	(5)
Exchange differences	(4)	(12)	(45)
Capitalized interest	1	2	12
Total financial expense	(6)	(16)	(61)

In first quarter other financial income of NOK 73m comprise of gain on currency derivatives and PPA derivatives, as well as money market fund remeasurements.

The change in fair value of currency derivative swaps amounted to NOK 57m which relates to hedging of the investment obligations in Sundby and Odin. A further fair value gain of NOK 7m is recorded from the power price agreement swap related to Bøen. The derivatives are accounted at fair value over the profit or loss statement. Please see section below describing derivatives and fair value measures. Other financial income related to change in value of placements in money market funds amounted to NOK 9m.

Exchange difference income in first quarter was NOK 35m, of this was NOK 28m related to internal debt and receivables, while NOK 7m was related to bank deposits in foreign currency.

The cash effect of interest payments and commitment fee related to fixed long-term loans and debt facilities was NOK -3m in first quarter.

Derivatives and fair value measures

The Group uses derivative financial instruments to hedge certain risk exposures. Please see note 8, 9 and 10 in the annual report for 2022 for details about financial risks, instruments and hedge accounting.

The Group has entered into interest swap agreements related to the loan facilities on producing power plants. These derivatives are designated as hedging instruments and accounted with hedge accounting.

The Group also actively uses currency swaps to hedge currency risk for future contractual obligations, this has been done for capital expenditure and acquisitions with postponed settlement like the Odin transaction. These derivatives have been accounted with change in fair value over the profit or loss statement.

Further the Group may use purchase price agreements to hedge the power price risk. The Group has recognized two power price agreements (PPA). The PPA at Bøen is accounted as a financial instrument with change in fair value over the profit or loss statement, while a financial PPA of ~4 GWh is recognized using hedge accounting with change in fair value recognized over OCI.

The table below shows the fair value of the derivatives included in the balance sheet.

NOK million	31.03.2023	31.12.2022
Derivative financial instrument asset	98	39
Derivative financial instrument liability	(25)	(25)

Per 31 March the derivative financial assets relate to currency swap agreements with NOK 57m, interest swap derivatives with NOK 32m, while NOK 9m relates to power purchase agreement. Financial derivative assets are classified as financial assets or other current assets in the statement of financial position.

The derivative financial liability relates with NOK 18m to power purchase agreements, while NOK 7m relates to interest swap agreements.

The interest swap liability is presented together with non-current interest-bearing loans and borrowings, while other derivative liabilities are classified as provisions.

Note 5 Property, plant and equipment

The table below shows the split of PPE into producing power plants, assets under construction, other equipment and right-to-use lease assets.

	Producing	Power		Right to
	power	plant under		use - lease
NOK million	plants	construction	Equipment	asset	Total
Carrying amount beginning of period	1 437	118	2	40	1 597
Additions from Business combinations	-	-	-	-	-
Additions	-	5	-	-	5
Disposals	-	-	-	-	-
Transfer between groups	-	-	-	-	-
Depreciations and amortisations	(9)	-	-	(2)	(11)
Impairments losses	-	-	-	-	-
Effect of movement in foreign exchange	25	7	1	-	33
Carrying amount at end of period	1 453	130	3	38	1 624
Estimated useful life (years)	25-50	N/A	5-10	5-50

In first quarter there has been no additions through business combinations, the Odin transaction is expected to be closed in second quarter, see note 2 business combinations.

Additions in first quarter amounts to NOK 5m and is mainly related to Sundby classified as power plant under construction.

The total contractual obligations related to the project Sundby amounts to EUR 50m, of which EUR 12.5m is already invested and reflected in the table above, classified as power plant under construction.

The construction project Øvre Kvemma will be financially closed after the commissioning period expected in first half of 2024 and the total contractual obligation is NOK 124m.

Note 6 Inventory

	Projects - with
NOK million	construction permit	Projects - Backlog	Total
Project inventory beginning of period	66	41	106
Acqusitions during the year	-	-	-
Capitalization (salary, borrowing cost, other expenses)	7	1	8
Disposals	-	-	-
Transfer to PPE	-	-	-
Write down current year	-	-	-
Effects of movements in foreign exchange	2	-	2
Project inventory end of period	75	42	117

Included in the carrying amount is capitalized external costs related to the projects, salaries to the employees working with project development and internal borrowing costs.

Projects with construction permit comprise of the wind project Duvhällen and Munkhyttan, both are located in SE3 Sweden.

Capitalized costs in first quarter 2023 consists of NOK 1m in salaries and internal borrowing costs, NOK 7m in external fees.

Note 7 Investment in associated companies and joint ventures

Investments in associated companies and joint ventures are accounted for using the equity method.

The table shows the summarized investments in associated companies and joint ventures included in the Groups balance sheet as of 31 March 2023

Name of Entity		Place of business	Consolidated economic interest per 31.12.22	Segment	Principal Activities
Forte Energy Norway AS	Assosiated company	Norway	34.0%	Production	Hydro power production
Odal Vind AS	Assosiated company	Norway	33.4%	Production	Wind power production
Stenkalles Holding AS	Joint Venture	Sweden	50.0%	Development	Offshore wind with construction permit
Proxima Hydrotech AS	Assosiated company	Norway	33.3%	Operations	Management hydro

The table show the summarized financial information in the Group accounts for equity accounted companies.

NOK million	Forte Energy Norway AS	Odal Vind AS	Stenkalles Holding AS	Proxima Hydrotech AS	Total
Book value as beginning of year	318	555	17	1	890
Additions of invested capital	-	-	-	-	-
Additions from business combinations	-	-	-	-	-
Share of profit/loss for the period	(5)	11	2	-	8
Depreciation of excess value	(1)	-	-	-	(1)
Dividend paid to the owners	-	-	-	-	-
Currency translation differences	10	45	-	-	55
Items charges to equity	2	-	-	-	2
Book value at reporting date	324	611	19	1	955
Excess value beginning of year	134	19	1	-	154
Excess value at reporting date	133	19	1	-	153

The tables show the summarized financial information for Forte Energy Norway AS "Forte" and Odal Vind AS "Odal" for the periods Q1 2023, Q1 2022 and FY 2022.

The figures represent 100% of the companies' operations:

Revenue and balance total

	Q1 2023			Q1 2022			Q1 2022
NOK million	Forte	Odal	Total	Forte	Odal	Total	Forte	Odal	Total
Revenue	20	134	154	18	11	29	337	405	742
EBITDA	11	88	99	10	4	14	170	307	476
Profit for the period	(16)	32	17	33	8	42	153	219	373
Total assets	1 562	2 969	4 531	1 192	2 133	3 325	1 468	2 717	4 185
Total cash and cash equivalents	260	172	432	90	287	377	242	83	325
Long term debt	749	979	1 727	703	851	1 554	687	907	1 593
Total equity	568	1 772	2 340	429	1 184	1 613	538	1 604	2 142

Please note that restricted cash is not included in reported cash and cash equivalents. Odal have EUR 39m in deposits that have been classified as other current assets.

The tables below show Cloudberry's share of the summarized financial information on a line for line basis for Forte and Odal respectively:

Revenue and balance based on Cloudberry's ownership

		Q1 2023		Q1 2022		Q1 2022
NOK million	Forte	Odal	Total	Forte	Odal	Total	Forte	Odal	Total
Revenue	7	45	52	6	4	10	114	135	250
EBITDA	4	29	33	3	1	5	58	102	160
Profit for the period	(5)	11	6	11	3	14	52	73	125
Total assets	522	992	1 513	405	713	1 118	499	908	1 407
Total cash and cash equivalents	87	57	144	31	96	126	82	28	110
Long term debt	250	327	577	239	284	523	234	303	536
Total equity	190	592	782	146	395	541	183	536	719

Note 8 Cash and cash equivalents

The Group has a corporate account agreement with SpareBank 1 SR-Bank for the Norwegian companies. No credit facility is incorporated in this agreement, but a larger facility with SpareBank 1 SR-Bank is established, see note 9 in this report.

The Group has the following cash and cash equivalents as per 31 March 2023:

NOK million	31.03.2023	31.12.2022
Bank deposits	516	541
Money market funds	1 007	998
Total cash and cash equivalents	1 523	1 538

Investments in money market funds consist of investments in KLP fund and Fondsforvaltning. These placements are short term placements and are readily convertible to cash.

Of bank deposits per 31 March, NOK 71m (NOK 96m previous reporting date) is related to Kraftanmelding AS, which is a company owned 50.5% in the Operations segment. The company is a power trade agent and receives settlement from spot sales before it settles with the power producers. Hence, the cash position must be seen in relation to other short-term positions, current accounts payable, current provisions and other current debt and assets (including restricted cash related to settlements).

Restricted cash is not included in cash and cash equivalents, this is classified as other current assets.

Note 9 Long term debt, corporate funding and guarantees

The Group has a NOK 1 400 million credit facility with SpareBank 1 SR-Bank ASA, with a possibility to increase the facility with additional NOK 500m. The facility consists of a term loan facility to finance investments in producing power plants (hydro and wind) in Norway and Sweden. The facility covers current inhouse producing assets and growth opportunities both organically and in-organically.

The credit facility consists of a loan facility of NOK 1 100m, and a revolving credit and guarantee facility of NOK 300m.

The Group has the following long-term borrowings as per 31 March 2023.

NOK million	31.03.2023	31.12.2022
Total bank loan related to power plants	335	338
Reclassified principal payment to short term interest bearing loans and borrowings	(12)	(12)
Derivative liability related to hedge accounting	7	1
Total long term interest bearing loans and borrowings	330	327

The interest rate on the term loan is 3 months NIBOR plus margin less than 2%. The Group has entered into interest swap agreements, swapping floating rate to fixed, the Group use hedge accounting, see note 4 in this report.

The covenants related to the term loan and revolving credit facility are related to minimum equity and equity/ debt ratio in Cloudberry Clean Energy ASA and in Cloudberry Production AS, and a minimum cash NOK 40m at Group level. The Group is not in any covenant breach.

Guarantees

The Group has entered no new guarantees in first quarter 2023, please refer to note 24 in the annual report for 2022 for further information about guarantees and contractual obligation.

Note 10 Related parties

There were no material transactions entered with related parties per the first quarter of 2023, for further information about Group policies for related party transactions, refer to the annual report for 2022, note 27.

Note 11 Subsequent events

New Chairperson and board member elected

On 27 April the Company held the Annual General Assembly, and a new Chairperson Tove Feld and new Board Member Alexandra Koefod was elected. Please see the recommendation from the Nomination Committee to AGM for full CV's of the new board members. Frank Berg and Liv Lønnum has stepped down, and we thank them for their valuable service to Cloudberry.

Alternative Performance Measures

The alternative performance measures (abbreviated APMs) that hereby are provided by the Group are a supplement to the financial statements that are prepared in accordance with IFRS. This is based on the Group's experience that APMs are frequently used by analysts, investors, and other parties for supplemental information.

The purpose of the APMs, both financial and nonfinancial, is to provide an enhanced insight to the operations, financing, and future prospect for the Group. Management also uses these measures internally for key performance measures (KPIs). They represent the most important measures to support the strategic goals. Financial APMs should not be considered as a substitute for measures of performance in accordance with IFRS. APMs are calculated consistently over time and are based on financial data presented in accordance with IFRS and other operational data as described below. The Group uses the following financial APMs:

Measure	Description	Reason for including
EBITDA	EBITDA is net earnings before interest, tax, depreciation, amortisation & impairments.	Shows performance regardless of capital structure, tax situation or effects arising from different depreciation methods. Management believes the measurement enables an evaluation of operating performance.
EBIT	EBIT is net earnings before interest and tax.	Shows performance regardless of capital structure and tax situation. Management believes the measurement enables an evaluation of operating performance.
Net interest-bearing debt (NIBD)	Net interest-bearing debt is interest bearing debt, less cash and cash equivalents. IFRS 16 leasing liabilities are not included in the net interest-bearing debt.	Shows the interest-bearing debt position of the company adjusted for the cash position. Management believes the measure provides an indicator of net indebtedness and risk.
Equity ratio	Equity ratio equals total equity divided by total assets	Shows the equity relative to the assets. Management believes the measurement enables an evaluation the financial strength and an indicator of risk.

Financial APMs

Reconciliation of financial APMs (consolidated figures)

NOK million	Q1 2023	Q1 2022	FY 2022
EBITDA	20	12	151
EBIT	7	4	116
Equity ratio	85%	80%	82%
Net interest bearing debt (NIBD)	-1 181	-731	-1 199

NOK million	Q1 2023	Q1 2022	FY 2022
Non-current interest bearing debt	330	341	327
Current interest bearing debt	12	12	12
Cash and cash equivalent	-1 523	-1 084	-1 538
Net interest bearing debt (NIBD)	-1 181	-731	-1 199

NOK million	Q1 2023	Q1 2022	FY 2022
Operating profit (EBIT)	7	4	116
Depreciations and amortizations	13	8	35
EBITDA	20	12	151

Reconciliation of financial APMs (proportionate figures)

NOK million	Q1 2023	Q1 2022	FY 2022
Total revenue	115	38	646
Operating expenses	-67	-33	-265
EBITDA	48	5	381

NOK million	Q1 2023	Q1 2022	FY 2022
Interest bearing debt	971	868	926
Cash and cash equivalent	-1 617	-1 152	-1 587
Net interest bearing debt (NIBD)	-646	-283	-661

Proportionate Financials

The Group's segment financials are reported on a proportionate basis.

The Group presents Proportionate Financials, as the Group is of the opinion that this method improves transparency and earnings visibility, and also aligns with internal management reporting.

The key differences between the proportionate and the consolidated IFRS financials are that all entities are included with the Group respective ownership share:

• · Associated companies (ownership between 20%- 49%) or joint ventures (ownership 50%) are included in the financial accounting lines, the profit or loss statement and share of assets and net debt, with the respective proportionate ownership share. In the consolidated financials associated companies and joint ventures are consolidated with the equity method.
• · Subsidiaries that have non-controlling interests (ownership between 50%-99%) are presented with only the Group controlled ownership share, while in the consolidated financials they are included with 100%.
• · Group internal revenues, expenses and profits are eliminated in the consolidated financial statements, while in the proportionate financials, internal revenue and expenses, are retained.
• · Proportionate interest-bearing debt and NIBD does not include shareholder loans

From the consolidated IFRS reported figures, to arrive at the proportionate figures for the respective periods the Group has:

A: Added back eliminated internal profit or loss items and internal debt and assets, column A.

B: Replaced the equity accounted net profit from associated companies in the period with items in column C and D. Replaced the investment in shares in associated companies including historical share of profit or loss (asset value) with balance sheet items in column C and D.

C: Reclassified excess value items included in the equity method to the respective line in the Profit or loss statement, and in the balance sheet.

D: Included the proportionate share of the line in the profit or loss statement items (respectively: revenues, operating expenses, depreciations and amortizations and net finance items) and the balance sheet items (total assets, interest bearing debt and cash) for the respective associated company.

E: Excluded residual ownership share related to non-controlling interest in the respective accounting lines.

The tables below reconcile the consolidated Group figures with the proportionate financial for the periods Q1 2023, Q1 2022 and FY 2022:

Q1 2023

		A	B	C	D	E
NOK million	Total consolidated	Other eliminations group	Equity accounted	Excess value	Proportionate share of line items ass. comp.	Residual ownership fully consolidated entitied	Total proportionate
Total revenue	68	3	-	-	52	(9)	115
Operating expenses ex depreciations and amortisations	(55)	(3)	-	-	(19)	10	(67)
Net income/(loss) from associated companies	7	-	(7)	-	-	-	-
EBITDA	20	-	(7)	-	33	1	47
Depreciation and amortisation	(13)	-	-	(1)	(5)	2	(17)
Operating profit (EBIT)	7	-	(7)	(1)	28	3	30
Net financial items	104	-	-	-	(8)	(1)	96
Profit/(loss) before tax	111	-	(7)	(1)	20	2	126
Total assets	4 706	262	(955)	153	1 446	(53)	5 559
Interest bearing debt	342	-	-	-	633	(4)	971
Cash	1 523	-	-	-	149	(54)	1 617
NIBD	(1 181)	-	-	-	484	50	(646)

Q1 2022

		A	B	C	D	E
NOK million	Total Consolidated	Other eliminations group	Equity accounted	Excess value	Proportionate share of line items ass. comp.	Residual ownership fully consolidated entitied	Total proportionate
Total revenue	30	1	-	-	11	(4)	38
Operating expenses ex depreciations and amortisations	(31)	(1)	-	-	(7)	5	(33)
Net income/(loss) from associated companies	13	-	(13)	-	-	-	-
EBITDA	12	-	(13)	-	5	1	5
Depreciation and amortisation	(8)	-	-	(1)	(2)	2	(9)
Operating profit (EBIT)	4	-	(13)	(1)	3	3	(4)
Net financial items	(11)	-	-	-	14	-	4
Profit/(loss) before tax	(7)	-	(13)	(1)	18	3	(1)
							-
Total assets	3 454	147	(701)	160	1 122	(168)	4 012
Interest bearing debt	353	-	-	-	523	(8)	868
Cash	1 084	-	-	-	127	(59)	1 152
NIBD	(731)	-	-	-	397	51	(283)

FY 2022

		A	B	C	D	E
NOK million	Total consolidated	Other eliminations group	Equity accounted	Excess value	Proportionate share of line items ass. comp.	Residual ownership fully consolidated entitied	Total proportionate
Total revenue	217	218	-	-	254	(43)	646
Operating expenses ex depreciations and amortisations	(186)	(25)	-	-	(94)	40	(264)
Net income/(loss) from associated companies	120	-	(120)	-	-	-	-
EBITDA	151	193	(120)	-	161	(3)	381
Depreciation and amortisation	(35)	-	-	(3)	(15)	5	(48)
Operating profit (EBIT)	116	193	(120)	(3)	146	2	333
Net financial items	6	-	-		10	(2)	15
Profit/(loss) before tax	122	193	(120)	(3)	156	1	348
Total assets	4 603	695	(890)	156	1 330	(23)	5 872
Interest bearing debt	339	-	-	-	591	(4)	926
Cash	1 538	-	-	-	122	(73)	1 587
NIBD	(1 199)	-	-	-	469	69	(661)

Non-financial APMs

Measure	Description	Reason for including
Power Production	Power delivered to the grid over the defined time period (one year). Units are measured in GWh. Example A typical 4 MW turbine produces 3 000 full-load hours during a year. 4 MW x 3 000 hours = 12 000 MWh or 12 GWh. For illustration, according to the International Energy Agency 1 ("IEA") the electrical power consumption per capita in Europe is approximately 6 MWh per year. For power production estimates the normalized annual level of power production (GWh) is used. This may deviate from actual production within a single 12-month period but this measure is the best estimate for annual production over a period of several years. Defined as "Normalized production".	Shows Cloudberry's total production in GWh for the full year including the proportionate share of the production from Cloudberry's associated companies.
Production & under construction, secured	At the time of measure, the estimated power output of the secured production and under construction portfolio. The measure is at year-end. Units are measured in MW.	Shows Cloudberry's total portfolio of secured projects that are either producing or under construction.
Construction Permits	At the time of measure, the estimated total power output to be installed in projects with construction permits. Construction Permit is the stage when concession has been granted, but before a final investment decision has been made. The measure is at year-end. Units are measured in MW.	Shows Cloudberry's total portfolio of projects with construction permits.
Backlog	At the time of measure, the estimated total effect to be installed related to projects that are exclusive to the Group and in a concession application process. The measure is at year-end. Units are measured in MW	Shows Cloudberry's portfolio of projects where Cloudberry has an exclusive right to the projects. The projects are still under development.
Direct emissions	Direct emissions is the use of fossil fuels for transportation or combustion in owned, leased or rented assets. It also includes emissions from industrial processes. We measure this in tons of CO2 equivalents.	Shows Cloudberry's direct emissions (Scope 1, GHG emissions). Emissions are reported quarterly.
Indirect emissions	Indirect emissions relate to purchased energy; electricity and heating/cooling where the organisation has operational control. We measure this in tons of CO2 equivalents. Emissions from value chain activities are a result of the Group's upstream and downstream activities, which are not controlled by the Group. Examples are consumption of products, business travel, goods transportation and waste handling. The electricity emission factors used are based on electricity production mixes from statistics made public by the IEA.	Shows Cloudberry's indirect emissions (Scope 2 and Scope 3, GHG emissions). Emissions are reported quarterly.
CO2 reduction	Refers to the reduction of greenhouse gas emissions relative to baseline emissions from the European electricity mix (EU-27 electricity mix, IEA 2022).	Shows Cloudberry's reduction of greenhouse gases quarterly relative to the European Electricity mix (EU-27 electricity mix, IEA 2022).

Measure	Description	Reason for including
Work injuries incl. sub-contractors	Related to incidents causing harm to people's health and safety, and serious material and environmental damage.	Shows Cloudberry's total work injuries including sub-contractors resulting in lost time.
Employee engagement index	The results from the measured Employee engagement index, where 6 is the maximum possible score.	Shows the result on diversity, equity, and inclusion (DEI) index within Cloudberry. The index is annually updated.
Equal opportunities index	The results from the measured Equal opportunities index, where 6 is the maximum possible score.	Shows the result on diversity, equity, and inclusion (DEI) index within Cloudberry. The index is annually updated.
Female employees	Highlights Cloudberry`s gender balance in the organization and sets gender balance targets.	Shows the total number female employees as a percentage of all employees. Covers personnel in all subsidiaries of the Group.
Prescreening of suppliers	Declaration form used as a basis for pre-screening of suppliers of products and services to Cloudberry, reflecting regulatory requirements, quality, sustainability topics and Health, Safety and Environment (HSE).	Shows the number in percentage of suppliers prescreened.
Whistle-blowing incidents	A whistleblowing channel is available on our website to all our employees, suppliers, partners, and other stakeholders. All notifications may be reported anonymously, and the whistleblowing channel is operated by an independent third party. Cloudberry wants to be made aware of all and any irregularities or concerns regarding the organization and the business.	Shows the number of confirmed incidents of whistleblowing.
Compliance training	Compliance with all laws and regulations	Show the number of employees that are trained annually in compliance and adherence to ethical guidelines.

1 https://www.iea.org/data-and-statistics/?country=WEOEUR&fuel=Energy%20consumption&indicator=ElecConsPerCapita (accessed 14 June 2021).

Cloudberry Clean Energy ASA Frøyas gate 15 0273 Oslo, Norway

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