Cloudberry Clean Energy ASA

Earnings Release • May 13, 2025

Cloudberry Clean Energy First Quarter Report 2025

13 May 2025

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Agenda

Highlights & strategy

Key Financials

Market & summary

Q1 2025 highlights

Cloudberry

ব Note: Numbers in brackets represents the comparable quarter last year

1) Proportionate figures; atternance measures ("AP/"). The Production capocity includes the Danish the mor contributed in the production figures (please see press release at 05.12.24 and 28.03.2025 for more information)

End to end provider of renewable energy in the Nordics

Local developer, owner and operator of renewables in the Nordics The responsible way

A diversified and growing production portfolio across the Nordics

Annual production

Profitable growth in the development portfolio, securing future growth

Realized a ~NOK 500m gain in internal and external sales from development activities last three years

Permitted projects and backlog

1) Year of internal or external realisation. 2) internal sundby to Commercial segment based on third party voluction 3) Reported gain of NOK 288 includes 7 the couried producing hydra asse Selseha 4) hternalsegment (pranced "Production" segment when reported) bosed on thir d party valuation

NOK 113m²)

NOK 258m3)

NOK 199m4)

Strategic growth initiatives

Danish expansion	Hydro asset swap	Nees Hede	Holmen Partnership	Dingelsundet
160 GWh expansion Financed at ~52% share premium	Sale at 2.3x book value or 28% IRR p.a. in 2024	Increased from 175 MW to 232 MW	One of Sweden's largest land-owners	Pivoting from offshore to a profitable battery project
What	What	What	What	What
Strengthening Danish presence and adding 160 GWh to the production portfolio. Closed in Q1 2025	Selling three hydropower assets and increasing Cloudberry's ownership in the Forte hydropower portfolio	Optimized the project through strategic development over the last year. The solar project is still fully permitted and hybrid possibilities, including battery integration, are being explored	Entered into a strategic, long- term collaboration with Holmen. Gaining access to land areas across SE3 to develop wind farms	Cloudberry, together with Hafslund, is developing an attractive battery project
Why	why	Why	Why	Why
Strengthening the IPP platform Accretive transaction partly financed through share issuance at NOK 17 per share (52% premium)	Showcasing asset values at above 2x book values while net increasing hydro exposure in more favourable regions	Continue to optimize the project economics through increased size and hybrid possibilities	Chosen due to local stakeholder competence to realize projects Partnership significantly strengthened the backlog	Utilizing the existing grid connection to create a profitable battery project

Cloudberry's strategic focus 2025 and onwards

	Profitable	Funded	Capable
	Profitability over growth	Fully financed industrial platform	Executing on our projects		Whe Proven and un
fuel growth	Accretive capital recycling to	Capital discipline remains a top priority	Delivering projects on time and cost in line with historic performance	Regions	Hydro
Taking advantage of the (flexible business model)	cyclicality within the industry	Strong cash position and strong balance sheet to support future projects	Capability showcased through achieved	DK1 & DK2
projects in the right areas.	Focus on the most profitable	Untapped bank facility from local savings banks	collaborations with large landowners (Holmen), with possibility for growth	NO1, NO2 & NO5
Prioritizing hybrid projects			Enhanced focus on maturing the projects to showcase	SE3 & SE4
			value	F

Exploring

Key items

Main ESG updates Q1 2025

• · No recordable HSE incidents or environmental damages in Q1 2025
• No whistle-blowing incidents or breaches of compliance was detected in Q1 2025
• Avoided emissions of 48,000 t CO2e during Q1 2025 compared to 40,500 t CO2e in Q1 2024 11
• We are strengthening the safety culture by enhancing HSE protocols, reporting, and emergency preparedness to maintain high safety standards
• We reaffirm our strong commitment to diversity, equity, and inclusion (DEI), with the Social Sustainability Committee championing initiatives to prevent discrimination and foster an inclusive culture

Key Financials

Fundamental value creation

Combined with low financial risk

NOK million

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Cloudberry

Liquidity and commitments overview

14 EUR/NOK FX of 11.41

Profitable growth from year of listing

Robust performance through a challenging renewable market

NOK million

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Profit or loss (proportionate segment reporting)

NOK million	Q1 2025	Q1 2024	FY 2024
Revenues and other income	152	139	776
Projects	1	7	141
Commercial	139	119	ട്ട്
Asset management	12	13	୧୧
Corporate	O	O	1
EBITDA	62	રેર	431
Projects	-6	-1	100
Commercial	83	77	396
Asset management	-1	-6	-3
Corporate	-13	-14	-62
Power Production (GWh)	194	173	674

Comments Projects segment Revenues are reduced by NOK 6m due to the transfer of Sundby and Munkhyttan power plant to the Commercial segment in Q4 2024 · The transfer realized a gain of NOK 113m or NOK 2m per MW was recorded for the Projects segment in Q4 2024, representing the value created for these projects The EBITDA is comparable with the same quarter last year when excluding the EBITDA generated from Sundby and Munkhyttan Backlog has increased to 1,312MW (711 MW last year). Expanding and advancing the backlog is a significant value driver for the segment, though financial outcomes will fluctuate based on project realizations Asset Management segment Cloudberry further strengthened its Asset Management capabilities through the addition of Skovgaard Energy's technically oriented asset management team, specializing in solar and wind assets with a Danish foothold (the completed Skovgaard transaction). This team will continue to manage the fully owned Odin portfolio, as well as select renewable assets still owned by Skovgaard Continued the relationship with Norsk Vannkraft. Asset management services for two new hydro assets were signed over the quarter Corporate segment Corporate segment Costs with a slight improvement compared to same quarter last year. A noncash cost related to the issued warrants of NOK 4m was booked over the quarter

Market & summary

Favorable market developments

Falling capex prices, increasing power prices and European long-term interest rates below 3%

20

Perfectly positioned

	A flexible local renewable platform to push the energy transition in the Nordies
Strategy
	Focusing on the profitable and uncorrelated technologies where we see the most value

Value	Delivering on our development and construction projects while increasing our project portfolio. A strong balance sheet gives flexibility

Market	Falling capex with solar and battery/storage - taking advantage of near- term possibilities
	Strong drive towards sustainable energy