Cloudberry Clean Energy ASA

Investor Presentation • Feb 13, 2025

Cloudberry Clean Energy Fourth Quarter Report 2024

13 February 2025

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Agenda

Highlights & strategy

Key Financials

Market & summary

Q4 2024 highlights

Cloudberry

1) Poportionate figures; alternative performance moly includes the Danish transactions igned in Dec 2024 (glease see press release of র্ব 05.12.24 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

1) Portfolio based on net ownes), The apocity and production includes the Danish transaction signed in Dec 2024 (please e press relected to 12.2.2 5 for more information)

A diversified and growing production portfolio across the Nordics

Annual production

୧ 1) Annd ru notuction for asses and projects under construction holules the Danish transaction signed in Dec 2024 (please see press release at 05.12.24 for more information)

Profitable growth in the development portfolio, securing future growth

Realized a ~NOK 500m gain in internal and external sales from development activities last three years

1) Year of internal or external recisation. 2) hterral sundly to Commercial segment based on third party voluction 3) Reported gain of NOK 288 in includes 7 the coquired producing hydro asset Selseha 4) httend segment (branded "Production" segment when reported) bosed on third carty valuation

Strategic growth initiatives

Cloudberry's strategic focus 2025 and onwards

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

Exploring

Key items

Main ESG updates Q4 2024

• · No recordable HSE incidents or environmental damages in Q4 2024
• No whistle-blowing incidents or breaches of compliance was detected in Q4 2024
• Avoided emissions of 53,150 t CO2e during Q4 2024 compared to 34,854 t CO2e in Q4 2023 11
  • · Avoided emissions behind target due to reduced production at Odal wind
• Conducted employee survey in Nov/Dec 2024 with a 95% response rate. Very positive results and improvements in both Engagement and Diversity indexes. Results and measures are being discussed in the teams

Key Financials

Fundamental value creation

Combined with low financial risk

NOK million

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Liquidity and commitments overview

Cloudberry

Profitable growth from year of listing

Robust performance through a challenging renewable market

NOK million

Profit or loss Q4 2024

Consolidated key figures NOK million

NOK million

Proportionate key figures

Growth in profitability in on the back of value creation in the Projects segment and increase in power related revenues

Comments

• Projects segment recorded a gain on sale of NOK 113m in Q4 2024 from the internal sale of Munkhyttan and Sundby explaining the majority of the increase in the proportionate financials. Power related revenues also increased over the quarter
• · Showcases the value creation in the Projects segment of above NOK 2m per MW
• Consolidated figures in Q4 2023 impacted by the write down of all off-shore activities (Stenkalles) of net NOK -57m and a non-cash deferred tax expense in Odal of NOK -18m related to the implementation of the resource rent tax

Profit or loss (proportionate segment reporting)

NOK million	Q4 2024	Q4 2023	FY 2024	FY 2023
Revenues and other income	260	146	776	711
Projects	128	14	141	15
Commercial	117	119	569	୧୧୮
Asset management	15	11	64	38
Corporate	1	2	1	2
EBITDA	166	58	430	401
Projects	116	4	100	-16
Commercial	୧୫	75	396	487
Asset management	-1	-4	-4	-6
Corporate	-18	-18	-62	-64
Power Production (GWh)	213	157	674	520

Comments

Projects segment

• Sundby & Munkhyttan: Financials from power production are recorded in the Projects segment prior to internal handover to the Commercial segment at the end of Q4 2024
• Sundby and Munkhyttan were sold from the Projects segment to the Commercial segment at an enterprise value of EUR 39m or 650/MWh for Munkhyttan and EUR 55m or EUR 620/MWh for Sundby. The enterprise value is calculated by a reputable audit firm. A gain on sale of NOK 113m, or above NOK 2m per MW, was recorded for the segment representing the value created for these projects
• Backlog has increased to 1,239MW (625 MW last year). Cloudberry secured approximately 200 MW of new projects in Q4 24 in SE3. This achievement underscores our growing brand presence in the region

Asset Management segment

• Cloudberry further strengthens its Asset Management capabilities through the addition of Skovgaard Energy's technically oriented asset management team, specializing in solar and wind assets with a Danish foothold (the signed Skovgaard transaction). This team will continue to manage the fully owned "Odin" portfolio, as well as select renewable assets still owned by Skovgaard
• Signed a second technical management agreement for a 20 MW wind farm with state-owned "Elektrum

Corporate segment

Corporate recognized a one-off expense of NOK 6m related to the signed Skovgaard transaction. Further, a non-cash cost related to the issued warrants of NOK 4m 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

Perfectly positioned

	A flexible local renewable platform to push the energy transition in the Nordies
Strategy
	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. A strong balance sheet gives flexibility

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