Cloudberry Clean Energy ASA

Earnings Release • Jun 7, 2022

First quarter 2022 Status and outlook

07 June 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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	Consolidated		Proportionate1
NOK million	Q1 2022	Q1 2021	Q1 2022	Q1 2021
Revenue	30	ব	38	6
EBITDA	12	-9	5	- /

Business overview per reporting date

Proportionate production capacity of 368 MW (net to Cloudberry) including construction permits

Note (1): Asset portfolio per reporting date 7 June 2022 with proportionate ownership to Cloudberry: 141 MW expected to be in production by end of 2022

6 Note (2) : noldes 100% ovnership of Sterkeller : 100 MV (and 100 % and full copcoty of Koffinden : 10 MV) , Duvidler : wird form in: ded on 60 WW (roject (construction permit Cloudberry has grid capacity permit for 30 MW but has applied for increased grid capacity to match the construction permit.

Renewable Energy - the Responsible Way

Key ESG activities over the quarter

• · 100% of turnover, operating expenses and investments are taxonomy eligible
• · Transitioning to a low-carbon society
  • · Cloudberry has set the ambition to be net-zero by 2040
  • · Confirmed reaching net zero for Scope 1 and 2. Scope 3 calculation is ongoing
• · Strengthened the assessment of climate related financial risks and opportunities in line with the TCFD framework
• · Engaging with local communities
• · No health incidents or material damages, no whistleblowing reports and no confirmed incidents of corruption

Sustainability at the core of our business

Sustainability is at the core of Cloudberry's business and seen as a necessity for the company's long-term achievements and value creation.

The Company provides responsible renewable energy for future generations and its long-term success is linked to operating the business in a sustainable way.

The Sustainability Report 2021 was published at the end of first quarter 2022.

Portfolio overview, per reporting date

Fins. Røyrn. Forte Selselva Nessa Bjørg. Tinnkr. Total Odal Rams Hån Kvemma Total Kafjard. Munk Duvhel. Stenk. Total bekken (34%) (33.4%) Skåråna

Status

Odal. First power in December 2021. All turbines have been erected and 15 turbines have been energized. All turbines expected to be energized by 30 June 2022

Ramsliåna & Skåråna. Ramsliåna is completed and in production per 31 March 2022. Construction and hand-over is completed at Skåråna and we expect Skåråna to produce revenue by end of Q2 22

Hån. Project is going according to plan and foundations for all turbines have been completed. First power expected end of 2022.

Kafjärden. New project. Capacity range from 20 - 40 MW pending final development work and turbine selection. Planned completed by end of 2023

Munkhyttan. New project. 18 MW (phase 1). Final development and procurement on-going. Secured option for Munkhyttan II (additional 18MW) at same terms and conditions

Duvhällen. Construction is expected to commence following receipt of increased power grid capacity permit, which is expected during 2022

Stenkalles. Working closely with Ventolines to optimize the project to reduce risk. FID is expected in 2022 and commercial operation targeted in 2024

Key financials

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Profit or loss (consolidated & proportionate*)

Consolidated financials

NOK million	Q12022	Q1 2021	FY 2021
Revenue and other income	30	ব	41
EBITDA	12	-d	-32
Operating profit (EBIT)	ব	-11	-41

Proportionate Financials

NOK million	Q1 2022	Q1 2021	FY 2021
Revenues and other income	38	6	83
Production	32	6	77
Development	O	O	6
Operations	6	O	O
Corporate	O	0	O
EBITDA	5	-7	-25
Production	20	1	43
Development	-3	-3	-30
Operations	-2	0	0
Corporate	-10	-5	-38
Power Production (GWh)	29	8	117

Comments

• · Increased profitability on the back of increased power production and higher realized prices
  • · Proportionate revenue increased from NOK 6 million in Q1 2021 to NOK 38 million in Q1 2022
  • · Proportionate EBITDA improved from NOK -7 million in Q1 2021 to NOK 5 million in Q1 2022
  • · Production increased from 8 GWh in Q1 2021 to 29 GWh in Q1 2022
• · Proportionate figures includes Cloudberry's share of Forte Vannkraft (34%) and Odal Vind (33.4%).

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Positive outlook for Nordic power prices

Cloudberry's portfolio strategically situated in high price areas

Positive outlook for power prices in key Cloudberry price areas NOK (øre)/kWh

Key market drivers

Positive development in the long-term power prices. Both Volue and NVE (the Norwegian Water Resources and Energy Directorate) increasing the long-term prices

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)

Ambitious climate goals will lead to a significant reduction in fossil fuel consumption

Interconnectors between Norway and Northern Europe/UK - increasing the export capacity

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.