Cloudberry Clean Energy ASA

Investor Presentation • Nov 8, 2024

08 November 2024

This company presentation (the "Presentation") has been prepared by Cloudberry Clean Energy ASA (the "Company") and its subsidiaries (together the "Group") and is made solely for information purposes. This Presentation does not constitute any recommendation to buy, sell or otherwise transact with any securities issued by or pertaining to the Company or any member of the Group.

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Highlights & strategy

Key Financials

Market & summary

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

Annual production

Munkhyttan (SE-3). Per reporting date, all turbines have been commissioned and test production is currently underway. The project remains within budget and has been delivered ahead of the initial time schedule.

Øvre-Kvemma (NO-5). Share purchase agreement signed in February 2022 before the hydro power plant was constructed. The commissioning period was completed in Q2 2024, and the hydro power plant was subsequently taken over on July 5, 2024 on budget.

Odal Wind (NO-1). Production has resumed over the quarter with 20 turbines operational at reporting date. Siemens Gamesa plans to sequentially restart the remaining turbines, aiming for full operation, except for turbine 9, by year-end.

Sundby (SE-3). Delivered on schedule and below budget. As of the reporting date, all turbines are producing with site work completed.

Duvhällen (SE-3). Early procurement preparations have continued over the quarter.

Nees Hede (DK-1). The project has per the reporting date concluded on final design of the solar park and initiated the procurement process to prepare for a potential FID expected over the coming quarters.

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Cloudberry's strategic focus

	Profitable	Funded	Capable
	Profitability over growth	Fully financed industrial platform	Executing on our projects				Where to play Proven and uncorrelated technologies
items Key	Accretive capital recycling as the backbone for growth (continuously evaluating sale or farm-downs in order to finance new and accretive projects) Taking advantage of the cyclicality within the industry (flexible business model)	Strong cash position and low debt Untapped bank facility from local savings banks	Purpose driven team with successful track record Sector knowledge and data driven insight with M&A capabilities Collaborates with several large and undisclosed landowners to secure access to favorable land for development. Signed 300 MW of backlog over the quarter	C 이	Regions DK1 & DK2 DK2 NO1, NO2 & NO5	Hydro	Wind IRR driven driven	Solar IRR driven driven	Storage Exploring
Actions	increased focus on solar & storage	fully financed for remaining capex from projects undergoing test	delivered and sold three hydro assets at ~2x booked equity in 2023 and three hydro assets at ~2.3x booked equity in 2024		SE3 & SE4 Fl		Exploring	IRR driven driven	Exploring
		production and Nees Hede	delivering all our construction projects on time and cost (Hån, Sundby, Kvemma, Munkhyttan)					Cloudberry

• Elmera Group and Småkraft to join Cloudberry as co -owners of Kraftanmelding AS, a subsidiary of Captiva
• As part of the transaction, Cloudberry will transfer its digital businesses within Captiva to Kraftanmelding
• Over NOK 20m equity investment made by primarily Elmera Group and Småkraft to finance further digital initiatives for the Nordic power market
• Pre -money valuation, including Cloudberry's digital business, at 1.4x book value. A gain of NOK 8m was recorded over the quarter.
• Post transaction, the company will be jointly owned by Cloudberry (~32%), Elmera (~34%), Småkraft (~8%) as well as founders and employees (~27%)
• Kraftanmelding, a leader in balancing services for run -of -river hydro power in Norway, addresses the need for flexibility due to increased intermittent power production. The partnership strengthens its market position, leveraging Elmera's significant power consumption (21 TWh annually) to connect producers and consumers

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• No health and safety incidents or environmental damages recorded in Q3 2024
  • Lower operational HSE risk due to no ongoing construction projects
• No whistle-blowing incidents or breeches of compliance was detected in Q3 2024
• Avoided emissions of 33,974 t CO2e during Q3 2024 (34,410 t CO2e in Q3 2023)1)
  • Avoided emissions behind target due to reduced production at Odal wind
• Completed a pilot with Spoor AI, using advanced AI technology to detect and track birds, providing valuable insights and opportunities to implement measures that enhance ecological compatibility at wind farms

Key Financials

NOK million

• Strong balance sheet and low debt
  • Equity ratio of 69%
  • Main reason for drop in total equity compared to the same quarter last year is due to previously explained impairments in Q4 2023
• Consolidated cash position of NOK 706m
• Completed the acquisition of Øvre Kvemma over the quarter. The purchase price for the shares was approximately NOK 124 million
• Strong support from local saving banks. Undrawn credit facility of NOK ~750m
• Financials Q3'24 (proportionate):
  • Total assets: NOK 7 903m
  • Interest bearing loans and borrowings: NOK 2 466m
  • Cash and cash equivalents of NOK 804m
• Per reporting date approximately 75% of proportionate interestbearing debt is fixed at long term agreements at an all-in rate of below 4%

NOK million

A combination of growth in production volumes, in-house development and successful recycling of capital has significantly increased the groups profitability

Proportionate EBITDA Consolidated EBITDA

NOK million

NOK million Comments

• The increase in consolidated revenues and EBITDA compared to the same quarter last year is mainly due to the gain from the divestments related to Kraftanmelding of NOK 8.3m recognized in the third quarter
• Financials still affected by production stops in Odal. Run-rate production has increased since resuming operations in August
• Operating expenses are overall in line with same quarter previous year. A non-cash cost related to the issued warrants of NOK 4m was booked over the quarter.

NOK million	Q3 2024	Q3 2023	YTD 2024	FY 2023
Revenues and other income	88	86	515	711
Projects	2	0	13	15
Commercial	66	77	453	655
Asset management	20	10	49	38
Corporate	0	0	0	2
EBITDA	14	14	264	401
Projects	-7	-5	-16	-16
Commercial	26	34	328	487
Asset management	7	-1	-3	-6
Corporate	-11	-14	-44	-64
Power Production (GWh)	145	155	461	520

Projects segment • Sundby: All turbines undergoing test production with the financials recorded under the Projects segment. Internal handover to the Commercial segment is expected to commence in Q4 2024 • Cloudberry has entered a strategic, long-term collaboration with Holmen Renewable Energy, a part of Holmen – one of Sweden's largest landowners and manufacturers of wood products and board and paper. 300 MW in onshore wind projects added to the backlog over the quarter from the collaboration. More info in quarterly report • Backlog has increased to 1,033 MW (686 MW last year). Projects has further continuously monitored the earlier filed permit applications for a total of 34 turbines • Value will be shown in financials for the segment when the projects are realized. Reducing project risks through construction phase and maturing of the backlog and permitted projects represents clear value drivers for the segment Asset Management segment • The organizational integration and realization of synergies have started in 2024. A digital reorganization, was conducted over the first half of 2024 and expected to reduce run-rate costs through 2H 2024 • Gain on sale of NOK 8m was recorded over the quarter from the Kraftanmelding transaction. More information can be found in the quarterly report Corporate segment • A non-cash cost related to the issued warrants of NOK 4m was booked over the quarter Commercial segment • Please see separate slide on next page

17 Includes alternative performance measure (APM), see definition in quarterly report and annual report

• Power production increased to 145 GWh (155 GWh in Q3'23) • Wind power production totaled 85 GWh (100 GWh in Q3'23) • Hydro power production totaled 60 GWh (55 GWh in Q3'23) • Cloudberry realized an average net power price of NOK 0.47 per kWh (NOK 0.50 per kWh in Q3'23) compared to the Nordic system price of NOK 0.23 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 • The drop in revenue and EBITDA compared to the same quarter last year is primarily explained by lower production volume (primarily from Odal) and a lower realized average power price • On August 12, Odal Wind resumed production after a temporary halt, with 20 turbines now operational. Siemens Gamesa plans to sequentially restart the remaining turbines, aiming for full operation, except for turbine 9, by year-end. Please see quarterly report for further Odal information • Both LTM figures are impacted by accretive hydro sales in Q2 2024 and Q2 2023. The sale in Q2 2023 was a larger transaction, and the difference in the gain on sale explains the majority of the difference in the drop from Q3 2023 LTM to Q3 2024 LTM. • The gain in Q2 2023 was NOK 258m (2.0x booked value) compared to a gain in Q2 2024 of NOK 109m (2.3x book value)

Market & summary

Closing remarks

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

Value	Delivering on our development and construction projects while increasing our project porttolio. A strong balance sheet gives flexibility
	Showcasing favorable portfolio composition with an achieved price of ~2x the system price

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

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