Cloudberry Clean Energy ASA

Earnings Release • Oct 27, 2021

Third quarter 2021 Status and outlook

27 October 2021

Disclaimer

This concary presentation '' has been presend by Cloudberry Clean Energy ASA (the "Compony") and its subscloiries (together the "Group") and is made soley for information purposes. This Presentation to by , sell or chervise transot with any seurites issued by or pericining to the Company or any member of the Group.

This Presentation noy include for ware the Graps current views with respect of fiture events and financial on be Group and/or the included in which the Group Coling stotements may be itentified by the use of forward-obling words such as "believe", "areas", "treads", "intends", "plans", "plans", "estimates", "articipates", "targets", or sinilar expressions. These forward-looking statements are not historic forts Readers of this Presentotion is curined that forward-loking statemance and that the Groups could financial position, costing results and liguidity, and he development of the industry in within materially from those nade in or suggested, by the fowards contained in his Presentation. No nember of the Group can guornee that the intentions upon which its forward-icoling stotements are based will occur. By their nature, for warel-lowing statements includes and and unists, uncertainties and assumptions as they relate to events and depend on crums of coasin in the fully. Because of these known isks, uncertains, the cutome may differ moterially for thosest out in the forwardlocking stotements speak only as of the date on which of the Group or any officer or employee of the Group undertakes no ablicy upote or publicy revise any forward-looking statement, whether as a result of new information, future events or low.

No representation or wornty, express on increation, and new information, including but not imited to projections, estimates, torges on opinions, cartained here and the whotseeer is occepted as to ony errors, onissions or misstorements on the Group or any officer a employee of the Grup ocept any resility of incliedly on incliedly from the use of this Presentation and the information contained herein

All information set forth in the Presentation and vithout notice. In making the Presentation public the Company underation of provide dolfional information or to make upcates there in the Pesentation should be considered in the context of the circumstances prevoling of the dote hered and has not been and will not be updated to reflect material developments which may occur after such date.

The contents of this Presentation shall not be construction of the funishing of this Presentation should not be considered as the giving of inestment advice by any member of the Group or any of their dress, agents, employees or addisers. Prospective investors should consult in and one to tax advisor or to radios or or and business or tax advice.

Alternative performance measures (APM) used in the described and presented in the unaudited interim financial report for the Group.

This presentation is subject to Norvegian over on this presentation is subject to the exclusive instition of Norwegian courts with Ostockirch court of legal venue.

By reviewing this Presentation, you accept to be bound by the terms above.

Agenda

Overview and highlights Operational update and ESG Key Financials

Outlook

Cloudberry owns, operates and develops Nordic renewables

Local owner, developer and operator of renewable power assets in the Nordics

Large production portfolio, with both hydro and wind assets

Large and growing development backlog and pipeline

Solid development track record - 11 projects developed over the last decade

Aim to be a substantial contributor to the green energy transition

Listing Oslo Stock Exchange's main list June 2021

Business overview per reporting date

Note (1) holdes ssess curently ovned by Cloudery and ossess will be tarstered to Clauderry upon combined on the construction ട habides 33.4% owership of Children (2) holdes 10% over project (100 W.V / 220 GWh, Duvidilenwind form included of WV project (construction permit) – Cloudery has grid capacity permit for 30 MW but has applied for increased grid capacity to match construction permit.

•

• •

• •

• •

• •
• •

Operational update and ESG

Portfolio overview and milestones(1)

Milestones

Nessa, Bjørgelva and Usma Construction and hand-over completed. In production

Odal under construction. Slight delays. First power expected in Q4 and full operation during first half of 2022.

Åmotsfoss, Rams & Skåråna under construction with first power expected in Q4 and full operation shortly thereafter

Hån under construction and according to plan. First power expected end of 2022 and full operation shortly thereafter

Duvhallen Construction permit in place, awaiting extension of grid from 30 to 60 MW during 2022.

Cloudberry Offshore Wind

• Boosting offshore wind
  • · New business area
  • · Hired Charlotte Bergqvist to head the unit
• Stenkalles (Vänern Project) 100 MW shallow water
  • Grid agreement signed
  • Procurement process on-going with Ventolines
  • Final investment decision extended into 2022
  • Cloudberry to retain 100% ownership
• Baltic Sea portfolio
  • Baltic Sea 93 GW potential
  • 2.5 GW pipeline in the Baltic Sea
  • Working with several projects towards public consultation

ESC Integrated in the organisation and throughout the value chain

Planet

• · Assessing Task Force on Climate-Related Financial Disclosures (TCFD)
• EU Taxonomy:
  • · Lifecycle emissions < 100g CO2e/kWh
  • Cloudberry`s hydro and wind projects estimates far below
  • Power density > 5 W/m2 on Cloudberry`s powerplants

People

• · Health and safety policies and procedures
• · Diversity in the organization
• · Developing Suppliers Code of Conduct

Prosperity

• · Local value creation – top priority
• · Utilize best available technology in order to:
  • · Lower our carbon footprint
  • · To secure the company's profitability and financial position

Governance

• ESG goals and KPIs on identified material aspects
• · ESG Due Diligence assessments

10 The reporting contains disclosures from the Well (WEF) Stokeholder Copitalism's core set of environmental, socid and governmes metriss, organized into four pillars - Principles of Governance, Planet, People and Prosperity

Key financials

•

• • •
  • •
• •
• • •

Profit or loss (consolidated & proportionate*)

Consolidated financials

NOK 1 000	Q3 2021	Q3 2020	YTD 2021	YTD 2020	FY 2020
Revenue and other income	6671	923	19 242	1951	3 640
EBITDA	-3 074	-5 781 7	-24 390	-13 330	-29 822
Operating profit (EBIT)	-5 807	-6 647	-30 067	-15 806	-33 111

Proportionate financials

NOK 1 000	Q3 2021	Q3 2020	YTD 2021	YTD 2020	FY 2020
Revenues and other income	23 579	923	46 675	1 951	5 333
Production	23 528	923	41 816	1 740	5 122
Develop	50		4 859	ਰੇਤੇ	ਰੇਤੇ
Corporate				118	118
EBITDA	1662	-5 781	-15 465	-13 330	-26 501
Production	12 230	-370	20 981	-1 779	-1 962
Develop	-3 279	-3 622	-13 319	-6 244	-8 302
Corporate	-7 289	-1 790	-23 127	-5 307	-16 237
Power Production (GWh)	35	3	70	8	14

Comments

• · Delivering valuable growth
  • · Revenue: NOK 24m (NOK 1m last year)
  • · EBITDA: NOK 2m (NOK -6m last year)
• · Power production increased from 3 to 35 GWh
• · Proportionate figures includes Cloudberry's share of Forte Vannkraft (34%) and Odal Vind (33.4%)

• ••
• •
• -

  - •••

Outlook

Market overview

Strong development in the long-term price forecasts

Figur 5-6 Utvikling i kraftprisene i de nordiske prisområdene fra 2025 til 2040

Market development:

CO2

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 reduction in fossil fuels consumption

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

Delivering on our goals

• · Strong growth in revenue and a positive EBITDA
• · Projects delivered according to plan
  • · Projects in production delivered on time and budget
  • · Projects under construction progressing well
• · Established a new business area, Cloudberry Offshore Wind
• Outlook:
  • · Increased activity from the offshore wind portfolio
  • · Significant ramp-up in production as projects under construction are being completed
  • · Pressure on commodity prices and supply capacity
  • · Positive development in long-term power prices

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.