Cloudberry Clean Energy ASA

Investor Presentation • Aug 18, 2022

Second quarter & first half year 2022

Status and outlook

18 August 2022

Disclaimer

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Agenda

Overview and highlights

Key Financials

Outlook

Cloudberry develops, owns and operates Nordic renewables

Local developer, owner and operator of hydro- and wind power in the Nordics – the responsible way

Large and growing development backlog and pipeline both on- and off-shore

Diversified and growing production portfolio. Complementary hydro and wind assets close to the European power connectors.

Highly efficient operating platform

Listed on Oslo Stock Exchange's main list

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Business overview per reporting date (net figures)

Note (1): Asset portfolio per reporting date 18 August 2022 with proportionate ownership to Cloudberry.

6 Note (2) Sterkalles project, 50% overship hotel with Hofslund AS signed by 2022 for sole of 50% of for any of 40% Durblief project included as 60 MV – Couclery has gid captied for incressed grid or incressed grid on match the construction permit. Markytton project, included os BMV (nt including option for Munkhyttan II).

Q2 ESG update

• · 100% of Cloudberry`s turnover, operating expenses and investments within Production and Development segments are taxonomy eligible
• Scope 3 calculation is ongoing in the value chain
• Conducted due diligence assessment as required of the Norwegian Transparency Act, the work is published on Cloudberry website
• No health incidents or serious material damage, one near miss recorded and diligently followed up
• No whistleblowing or breach of code of conduct
• Sick leave at low levels below 1 %

Hån – Responsible construction - Minimizing nature impact

Portfolio overview, per reporting date

Additional backlog of 420 MW not included in overview

(34%)

8

(33.4%)

Operational updates

PRODUCING:

Bøen I & II. New hydro projects in Q2 2022. In production

Skåråna. Connected to grid. In production from August

CONSTRUCTION:

Odal. All 34 Siemens turbines have been erected. 32 of 34 turbines energized. In production, ramp-up ongoing.

Hån. Project progressing according to time & budget. Vestas turbines to be erected during Q3/Q4. First power expected end of 2022.

PERMIT:

Kafjärden. Final development and turbine selection ongoing.

Munkhyttan I. Procurement on-going. Secured option for Munkhyttan II (additional 18MW)

Duvhällen. Construction is expected to commence given increased grid capacity permit, expected during 2022

Stenkalles. Signed binding termsheet with Hafslud for sale of 50% of the project (reducing Cloudberry's net capacity to 50 MW). Final investment decision ("FID") expected by year end 2022 and turbine erection in 2024.

Key financials

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Profit or loss (consolidated & proportionate*)

Consolidated financials

NOK million	Q2 2022	Q2 2021	YTD 2022	YTD 2021	FY 2021
Revenue and other income	58	00	87	13	41
EBITDA	32	-12	44	-21	-32
Operating profit (EBIT)	24	-14 /	28	-24 /	-41

Proportionate financials

NOK million	Q2 2022	Q2 2021	YTD 2022	YTD 2021	FY 2021
Revenues and other income	85	17	123	23	83
Production	74	13	106	18	77
Development	O	5	O	5	6
Operations	11	0	16	O	O
Corporate	O	O	O	O	O
EBITDA	37	-10	42	-17	-25
Production	49		୧୫	9	43
Development	-5	-7	-8	-10	-30
Operations	5	O	3	0	0
Corporate	-12	-11	-21	-16	-38
Power Production (GWh)	74	27	102	35	117

Comments

• · Increased profitability on the back of increased power production and higher realized prices
  • · Proportionate revenue increased from NOK 17 million in Q2 2021 to NOK 85 million in Q2 2022
  • · Proportionate EBITDA improved from NOK -10 million in Q2 2021 to NOK 37 million in Q2 2022
  • · Production on increased from 27 GWh in Q2 2021 to 74 GWh in Q2 2022
• · Proportionate figures includes Cloudberry's share of Forte Vannkraft (34%) and Odal Vind (33.4%)

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Development segment (proportionate)

Significant value creation from internal development (subsequent event)

13 * Represent period from founding the Cloudberry Group 15 February 2020 to 31 December 2020

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Favourable outlook for Nordic power prices

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

Positive outlook for power prices

Key market drivers

Strong governmental support and agreement for climate neutrality with EU Fitfor55 and REPowerEU

Statnett expecting 40% increase in Nordic power consumption by 2040, largely due to electrification of power intensive industries, as well as new industries (hydrogen, battery, data centers)

The relevant Nordic authorities recognizes the need for more power and are facilitating an increase in installation pace

Positive development in the long-term power prices

Summary and outlook

• Positive EBITDA and strong growth in revenue
• Significant ramp-up in production as projects under construction are being completed
• Commodity prices and supply capacity remains a key topic and require best practice planning and cost optimization
• · Strong power market with high spot- and forward prices in relevant price areas

Cloudberry is a renewable energy company, born, bred, and operating in the Nordic and in accordance with local traditions.

We own, develop, and operate hydropower plants and wind farms in Norway and Sweden.

We are powering the transition to a sustainable future by providing new renewable energy today and for future generations.