Cloudberry Clean Energy ASA

Earnings Release • May 13, 2025

Oslo, Norway, 13 May 2025: Cloudberry Clean Energy ASA ("Cloudberry" or the "Company") reports a strong first quarter with positive portfolio updates.

• Financial highlights
  • o Consolidated revenue of NOK 121m (129m) and proportionate revenue of NOK 152m (139m). LTM Q1 2025 proportionate revenue of NOK 789m
  • o Consolidated EBITDA of NOK 58m (58m) and proportionate EBITDA of NOK 62m (56m). LTM Q1 2025 proportionate EBITDA of NOK 437m
  • o Proportionate production of 194 GWh over the quarter (173 GWh).
  • o Realized an average net power price of NOK 0.71 per kWh (NOK 0.73 per kWh) compared to the Nordic system price of NOK 0.54 per kWh over the quarter
  • o Strong proportionate cash balance of NOK 804m and conservative debt balance
  • o Attractive debt financing with a majority secured long-term at an all-in cost below 4% p.a.
  • o Avoided emissions of 48,000 tCO2e over the quarter (40,500 tCO2e)
• Project updates
  • o Completed at quarter end the previously announced transformative transaction with Skovgaard in Denmark adding 160 GWh to the production portfolio in favorable price regions, in addition a Danish development and asset management team with a strong development portfolio
  • o Secured and made an investment decision on the Øvre Ullestad hydro project with an estimated annual production of 9 GWh, situated in the favorable NO2 price region
  • o In Odal, all turbines have met the return to service (RTS) criteria from Siemens Gamesa per the reporting date

Cloudberry invites investors, analysts, and other stakeholders to a company presentation at 11:00 CEST. Please use the following link to register and join: https://tv.streamfabriken.com/cloudberry_clean_energy_asa_q1_2025

The first quarter report for 2025, the presentation material, and the link to the webcast and Q&A session will be made available at http://www.cloudberry.no/.

For further information please contact: Ole-Kristofer Bragnes, CFO, +47 917 03 415, okb@cloudberry.no Anders Lenborg, CEO, +47 934 13 130, al@cloudberry.no Christian Helland, CCO, +47 418 80 000, ch@cloudberry.no

This information is considered to be inside information pursuant to the EU Market Abuse Regulation (MAR) and is subject to the disclosure requirements pursuant to MAR article 17 and Section 5-12 the Norwegian Securities Trading Act. This stock exchange announcement was published by Ole-Kristofer Bragnes, CFO, in Cloudberry Clean Energy ASA on 13 May 2025, at 07:00 CEST.

About Cloudberry

Cloudberry is a renewable energy company operating in the Nordics and in accordance with local traditions. The Company owns, develops, and operates hydropower plants and wind farms in the Nordics. Cloudberry is powering the energy transition to a sustainable future by providing new renewable energy today and for future generations. The Company believes in a fundamental long-term demand for renewable energy in Europe. With this as a fundament, Cloudberry is building a sustainable, scalable, efficient, and profitable platform for creation of shareholder value. Cloudberry`s shares are traded on Oslo Stock Exchange's main list (Oslo Børs), supported by strong owners and led by an experienced team and board. The Company has offices in Oslo, Norway (main office), Karlstad, Gothenburg and Eskilstuna, Sweden and Lemvig, Denmark. To learn more about Cloudberry, go to www.cloudberry.no