Cloudberry Clean Energy ASA

Investor Presentation • Oct 25, 2022

Third quarter 2022

Status and outlook

25 October 2022

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.

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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	Q3 2022	Q3 2021	Q3 2022	Q3 202
Revenue	55		387
Net income/(loss) from associated companies and JV	76	ട്	N/A	N/A
EBITDA	74	ကု	284

Business overview per reporting date (net figures)

(1): Asset portfolio per reporting date 25 October 2022 with proportionate ownership to Cloudberry.

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(2): Sterkalles popert: 50% of project to Hotslund A.S. Kaffarden project Bosed on full opposity of 40 W.V.Duvidlen proget included as 6 WW – Cludberry hos grid copacity permit for 30 MV and has opplied for inch the canstruction permi. Munkhytton project, including gation for Munklyttan II,

ESG update Q3'22

• · No health incidents or material damage recorded
• · Avoided emissions during Q3'22 of 17,430 tonn CO2eq (8,715 in Q3'21)
• No whistleblowing or breach of code of conduct
• Stakeholder management and sustainability focus areas are being reviewed
  • An update of the external stakeholder dialogue will be conducted during the fourth quarter 2022
  • · The company will set goals and key performance indicators, and this will be reported on from 2023
• Climate related financial risks and opportunities in the Operations segment were assessed and is integrated in Cloudberry`s overall climate related risks and opportunities

7 carbon emissions accounting from scope 1,2 and 3 is not reflected in the number of avoided emissions.

Portfolio overview, per reporting date

Additional backlog of 420 MW not included in overview

Main operational updates

PRODUCING:

Odal. Achieved production capacity of ~150MW, representing >90% of full capacity. All 34 turbines energized, and 28 turbines taken over by Odal Vind by the end of the quarter.

CONSTRUCTION:

Hån. The construction work is on schedule and within budget. Per the reporting date all turbines were erected.

Øvre Kvemma. Construction of powerplant started. The full 2 150 meters of the drilled waterway was completed mid-October.

PERMIT:

Kafjärden. Positive development. Use of new technology/increased rotor diameter accepted. Expected yearly production increased from 70 to 90 GWh per year.

Key financials

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Profit or loss (consolidated & proportionate1)

Consolidated financials

NOK million	Q3 2022	Q3 2021	YTD 2022	YTD 2021	FY 2021
Revenue and other income	55		142	19	41
Net income/(loss) from associated companies and JV	76	5	100	6	16
EBITDA	74	-3	118	-24	-32
Equity	3,752	2,085	3,752	2,085	2,636

Proportionate Financials

NOK million	Q3 2022	Q3 2021	YTD 2022	YTD 2021	FY 2021
Revenues and other income	387	24	510	47	83
Production	173	24	279	42	77
Development	203	O	203	5	б
Operations	12	0	28	0	O
Corporate	O	O	O	O	O
EBITDA	284	2	326	-16	-25
Production	111	12	179	21	43
Development	194	-3	186	-13	-30
Operations	2	0	5	O	O
Corporate	-23	-7	-44	-23	-38
Power Production (GWh)	70	35	172	70	117

Comments

• · Strong increase in profitability driven by new assets in production, higher power prices and sale of development projects
  • Proportionate revenue of NOK 387 million (NOK 24m in Q3'21)
  • Proportionate EBITDA of NOK 284m (NOK 2m)
  • · Production increased to 70 GWh (35 GWh)
• · Proportionate figures includes Cloudberry's share of Forte Vannkraft (34%) and Odal Vind (33.4%)

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Favorable outlook for Nordic power prices

Strong power price outlook driven by energy demand and ambitious climate goals

Positive outlook for power prices

EUR/MWh - Volue Norwegian system price estimates (not inflation adj.)

Key market drivers

Strong governmental support and agreement for climate neutrality with EU Fitfor55 and REPowerEU

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)

The relevant Nordic authorities recognizes the need for more power and are facilitating an increase in installation pace

Positive development in the long-term power prices

16 1) Historic average: 2012-2021. Forward projections: 2022-2031 Source: Volue Q3 2022 report, Statnett

Summary and outlook

• · Strong financial and operational quarter
  • · Significant growth in revenue and profitability
  • · Strong cash position to execute on existing project portfolio in southern Sweden
• · Projects are progressing according to time and cost
• New tax proposal in Norway will mainly impact Odal Vind, no impairment expected
• · 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.