Cloudberry Clean Energy ASA

Investor Presentation • Aug 20, 2025

Cloudberry Clean Energy Second quarter and first half year report - 2025

20 August 2025

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Agenda

Highlights & strategy

Key Financials

Market & summary

Q2 2025 highlights

Cloudberry

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

1) Proportionate figures atternance messures ("APM"), The Production copactiv includes the Forte transaction closed subsequent to the quarter and has not contributed in the production figures (please see quarterly report 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

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information

A diversified and growing production portfolio across the Nordics

Annual production

୧ 1) Annud run-ate production for assess on de construction bosed on hormalized production including the newy closed Forte encorrent to the quarter end. Please see quarterly report for more information

Strong portfolio growth since listing

Producing portfolio development1)

Permitted

Creating a leading, industrial hydro power developer and producer

8 1) Numbers proportional to respective portaling assets and assets under construction. The figures includes for FEN and Cloud asses and proportionate to the FVK portfolio where there are two assets with minorities

Strategic growth initiatives in 2025

Dingelsundet

Reached final investment decision (FID) for phase one

What

The partners Hafslund and Cloudberry has reached FID for the BESS project, located outside Karlstad, Sweden. The project's size will be 24 MW / 48 MWh with 50/50 ownership

Why

Utilizing the existing grid connection to create a profitable battery project on the back of strong market fundamentals

Sveaskog Partnership

One of Europe's largest landowners

What

Partnered with Sveaskog (30%) on the Algfallet backlog project. Marks the start of a long-term partnership with a shared ambition to explore similar opportunities

Why

Partnering up with the landowner, Sveaskog, to increase local goodwill and permit probability

Danish expansion

160 GWh expansion Financed at ~52% share premium in Q1 25

What

Strengthening Danish presence and adding 160 GWh to the production portfolio. Closed in Q1 2025.

Divested Svåheia in Q2 2025 at same price as acquired for from Skovgaard

Why

Accretive transaction partly financed through share issuance at NOK 17 per share (52% premium) The valuation for Svåheia is based on the same principles as the remaining assets in the transaction supporting the overall valuation

Cloudberry's strategic focus 2025 and onwards

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

Exploring

Main ESG updates Q2 2025

• · No recordable HSE incidents or environmental damages in Q2 2025
• No whistle-blowing incidents or breaches of compliance was detected in Q2 2025
• · Avoided emissions of 49,500 t CO2e during Q2 2025 compared to 33,500 t CO2e in Q2 2025 11
• We continued to strengthen the safety culture by implementing a new comprehensive, digital HSE system
• · Implemented biodiversity initiatives, such as incorporating biodiversity mitigations into an ongoing hydro concession process and using goats for vegetation management

Key Financials

Fundamental value creation

Combined with low financial risk

NOK million

Financial position Q2 2025 (consolidated)

NOK million

Comments

• Strong balance sheet and low debt. Equity ratio of 66%
• · Total equity decreased due to reduction of non controlling interest (NCI) following the acquisition of the remaining 20% stake in Odin in Q1 2025, reducing NCI from NOK 643m in Q2 2024 to NOK 71m in Q2 2025
  • · The equity to the controlling interest has increased both in nominal terms and in book value per share
• · Strong support from local saving banks. Attractive debt facility in place of NOK 2.2 billion with ~NOK 500m currently undrawn
• · Financials Q2'25 (proportionate):
  • · Total assets: NOK 8,307m
  • · Interest bearing loans and borrowings: NOK 2,880m
  • · Cash and cash equivalents of NOK 848m
• · Per Q2 2025, above 80% of proportionate interest-bearing debt is fixed at long term agreements at an all-in rate of below 4% with a weighted average tenure of ~10 years

Liquidity and commitments overview

Cloudberry

15 1) Please see quarterly report for information about the transaction. FEN: Forte Vannkraft Note: EUR/NOK FX of 11.83

Profitable growth from year of listing

Robust performance through a challenging renewable market Large gains in 2022, 2023 and 2024 explaining drop to LTM Q2 2025

NOK million

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Commercial segment (proportionate)

Comments Power production increased to 199 GWh (143 GWh in Q2'24) · Wind power production totaled 151 GWh (95 GWh in Q2'24) · Hydro power production totaled 48 GWh (48 GWh in Q2'24) · Cloudberry realized an average net power price of NOK 0.62 per kWh (NOK 0.59 per kWh in Q2'24) compared to the Nordic system price of NOK 0.31 per kWh over the quarter · This showcases Cloudberry's favorable portfolio composition in the relatively higher southern price areas compared to the theoretical average of the Nordic region · Quarterly and LTM figures are impacted by accretive hydro sales in Q2 2024 of NOK 109m and a large warranty settlement in Odal recorded in Q2 2024 from availability warranty. See Q2 2024 report for further information. · Excluding these effects, proportionate sales revenues increased, driven

• by higher production volumes resulting from, amongst other factors, increased ownership shares in both the Forte and Odin portfolios, as well
• as a higher achieved average power price in the quarter compared to last year
• · divestment of Svåheia to the local utility Dalane over the quarter. The sales price was the same as part of the Skovgaard transaction in Q1 2025 supporting the valuation for the overall transaction

Profit or loss (proportionate segment reporting)

NOK million	Q2 2025	Q2 2024	YTD 2025	YTD 2024	FY 2024
Revenues and other income	157	288	309	427	776
Projects	5	4	6	11	141
Commercial	134	268	272	386	ട്ട്
Asset Management	18	17	31	30	65
Corporate	0	0	0	0	1
EBITDA	54	194	116	250	431
Projects	-2	-8	-9	-10	100
Commercial	71	225	154	302	396
Asset Management	0	-4	-1	-10	-3
Corporate	-15	-19	-28	-32	-62
Power production (GWh)	199	143	393	316	674

Comments

Projects segment

• Revenues includes a gain of NOK 4m from the farm down of Duvällen
• Q2 2024 was also affected by revenue from Sundby before being transferred to the Commercial segment in Q4 2024 for a gain of ~NOK 2m per MW
• Backlog has increased to 1,357MW (733 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

• The Forte Transaction, closed subsequent to the quarter, will increase the volume of small-scale hydro power assets and establishing a strong platform for future growth in hydro asset management
• Automated price curtailments by the BRP were implemented for the Swedish wind assets (Hån, Munkhyttan, and Sundby), paving the way for future participation in balancing markets
• · Continued the relationship with Norsk Vannkraft. Asset management services for two new hydro assets were signed over the quarter

Corporate segment

Costs improved compared to same quarter last year. A non-cash cost related to the issued warrants of NOK 2m was booked over the quarter

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Market & summary

Favorable market developments

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

Cloudberry Source: Therna May 2025 report (latest availabel). Including July 25 ond forward prices for the emaining of 2025. Average onual FX hove been used 21 for historical periods

Perfectly positioned

Strategy	A flexible local renewable platform to push the energy transition in the Nordics
	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. Increased hydro capabilities through the Forte transaction
	A strong balance sheet gives flexibility

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

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