Cloudberry Clean Energy ASA

Investor Presentation • Feb 15, 2024

Cloudberry Clean Energy ASA Fourth quarter report 2023

15 February 2024

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Agenda

Strategy & highlights

Key Financials

Market & summary

End to end provider of renewable energy in the Nordics

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

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
			Purpose driven team with		Regions	Hydro	Wind	Solar	Sto
Key items	Accretive capital recycling as the backbone for growth Taking advantage of the cyclicality within the industry (flexible business model)	Strong cash position and low debt Untapped bank facility from local savings banks	successful track record Sector knowledge and data driven insight with M&A capabilities		DK1 & DK2
				F	NO1, NO2 & NOE		IRR driven	IRR driven	11
			delivered and sold three hydro		SE3 & SE4			IRR driven	Expl
Actions	continue to not spend capital on offshore (Stenkalles)	assets at ~2x booked equity in fully financed for projects Q2 23 under construction including Nees Hede (total 434 MW) 100% owner of Captiva. Strengthening competence within core business areas			El		Exploring
	increased focus on solar & storage (Nees Hede)						Cloudberry

Storage

Exploring

Q4 2023 highlights

A diversified and growing portfolio across the Nordics

Annual production

Cloudberry 100% owner of Captiva

A scalable asset management platform

Acquiring the remaining shares in Captiva

• Captiva has added significant value to Cloudberry's hydro development, procurement & construction as well as being recognized as a high-quality asset manager for power plants in the Nordics
• 100% ownership enables
  • · Fully integrating the core business areas to Cloudberry
  • · Increasing the hydro development footprint
  • . Network and competence; in-house

Signed share purchase agreement to acquire Nees Hede from Skovgaard

The Nees Hede climate park1)

Capitalizing on the entry into Denmark The first project from the development agreement with Skovgaard

The project

• Signed a share purchase agreement to acquire the Nees Hede project from Skovgaard Energy. A 211 MW (168 MW proportionate) hybrid project situated in the attractive DK1 price area
• The Nees Hede climate park is to be developed as a hybrid project utilizing the synergies between the wind and solar technologies to achieve beneficial project economics and risk advantages
• The solar capacity has already received environmental permits
• Cloudberry will together with Skovgaard continue to develop the project with an aim to reach permit also for the wind production. Land rights are secured
• Given the rapid decline in the capex for solar panels and hence the favorable project economics, Cloudberry will continue to push towards an FID for the solar project on a stand-alone basis where an FID can be taken as soon as 2024. The project is expected to be financed through existing cash at hand and project debt
• The enterprise value of the project is agreed to be EUR 8m on a cash and debt free basis, where EUR 1.6m is payable on close while EUR 4.8 million and EUR 1.6 million is payable at FID and COD respectively
• The closing of the transaction is estimated in H1 2024

ESG update Q4 2023

Main ESG Updates

• No health and safety incidents or environmental damages recorded
• · Avoided emissions of 34,854 t CO2e during Q4 2023 (21,090 t CO2e in Q4 2022) 11
• Strengthening ESG data management by preparing for the EU's Corporate Sustainability Reporting Directive (CSRD). Cloudberry conducted a double materiality assessment considering the impact on the environment, people, and society, along with the financial implications of ESG topics
• Conducted gap assessment of the company`s GHG emission reporting, as a preparation for the planned limited assurance and the upcoming regulatory requirements defined in the ESRS framework
• Met companies in the supply chain to understand the material GHG emissions, and plan for measures and roadmap towards a net-zero target according to our commitment to the SBTi
• Strong results from the conducted employer engagement survey:
  • · Employee engagement index at 5.3 (6 is maximum)
  • · Diversity, equity, and inclusion (DEI) index 5.3 (6 is maximum)
• Community and stakeholder management by locally engaging with students with interactive sessions at the wind farms Munkhyttan and Sundby

Key Financials

Portfolio overview today & last year

Overview not including the exclusive Backlog of 625 MW (480 MW last year)

Fundamental value creation

Combined with low financial risk

NOKm

Profitable growth from year of listing

Robust performance through a challenging renewable cycle (2022 – 2023)

NOKm

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Profit or loss (segment reporting)

Proportionate Financials

NOK million	Q4 2023	Q4 2022	FY 2023	FY 2022
Revenues and other income	146	136	711	646
Production	119	123	655	402
Development	14	4	15	207
Operations	11	10	38	38
Corporate	2	0	2	O
EBITDA	28	57	400	381
Production	75	85	487	262
Development	4	-9	-16	177
Operations	-4	-1	-6	ব
Corporate	-18	-19	-65	-63
Power Production (GWh)	157	ರಿಕ	520	268

Comments

Development segment

• · Sundby: On time and below budget. All turbines are energized. Project is generating revenue with an expected output of 90% during 2024 (ramping up grid capacity)
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• · Backlog increased to 625 MW (480 MW). Permit application for Björnetjärnsberget and the wind project within Nees Hede has been filed over the quarter
• · No project sales over the quarter

Operations segment

• · Actively involved with Sundby, Odal and Odin, leveraging the organizations experience and competence
• · Signed the Norsk Vannkraft assets under management, representing a total of 14 hydro plants (175 GWh)
• Production segment
  • · See next slide

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Market & summary

Favorable market developments

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

Closing remarks

Strategy

A flexible Nordic renewable platform. Taking advantage of falling solar capex

100% owner of Captiva. Local, lean and driven team

	Increasing backlog in attractive price regions
Value	Sundby delivered on time and below budget. Munkhyttan & Kvemma on time and budget
	Robust balance sheet and cash position of ~NOK 800m to act on value accretive projects like Nees Hede

Market	Favorable developments. Falling capex, long term power prices remain elevated and lower interest rates
	Secured three-year fixed price (PPA) in DK1 at ~NOK 1.18/kWh - more than 100% above the Nordic system price