Cloudberry Clean Energy ASA

Quarterly Report • Feb 15, 2024

Cloudberry Clean Energy ASA

Content

Cloudberry in brief	3
Highlights and key figures	5
Operational review	7
Environmental, social, and governance review	13
Financial review	17
Condensed interim financial information	21
Interim consolidated statement of profit or loss	21
Interim consolidated statement of comprehensive income	22
Interim consolidated statement of financial position	23
Interim consolidated statement of cash flows	25
Interim consolidated statement of changes in equity	26
Notes to the condensed interim consolidated financial statements	27
Note 1 General information	27
Note 2 Business combinations	28
Note 3 Disposal of assets	29
Note 4 Acquisition of 40% shares in Captiva Digital Services AS	30
Note 5 Business segments	30
Note 6 Net financial costs and significant fair value measures	33
Note 7 Property, plant and equipment (PPE)	34
Note 8 Inventory	35
Note 9 Investment in associated companies and joint ventures	36
Note 10 Cash and cash equivalents	39
Note 11 Interest-bearing debt, corporate funding and guarantees	40
Note 12 Share buy-back program	41
Note 13 Related parties	41
Note 14 Subsequent events	41
Responsibility statement	42
Alternative Performance Measures	43

Information about reporting format

Cloudberry reports consolidated financial statements in accordance with IFRS and a supplementary proportionate1 segment reporting. Proportionate financials represent Cloudberry's proportionate share of the financial results, assets, and liabilities of all entities and excluding any eliminations of transactions between segments. Cloudberry believes that proportionate reporting provides enhanced insight to the operation, financing and future prospects of the Group. Proportionate reporting is aligned with internal management reporting, analysis and decision making.

Cloudberry is preparing for the adoption of the European Sustainability Reporting Standards (ESRS) required by the Corporate Sustainability Reporting Directive (CSRD). The framework is based on the structure Environment, Social and Governance (ESG). For more information see our Sustainability chapter.

¹ See Alternative Performance Measure appendix for further definitions.

Cloudberry in brief

Cloudberry is a renewable energy company, born, bred, and operating in the Nordics. We own, develop, and operate hydropower plants and wind farms in Norway, Sweden and Denmark. We are powering the transition to a sustainable future by providing new renewable energy today and for future generations. As the junction box between capital, local stakeholders, and neighbors, we balance respect for biodiversity and community values with sustainable growth. We believe in a fundamental long-term demand for renewable energy in Europe. With this as a cornerstone, we have built a sustainable, scalable and efficient platform for creation of stakeholder value.

Cloudberry`s business model

Our business model is based on three revenue generating segments and one cost-efficient corporate segment. Development is a green-field developer for hydro, wind and solar projects. Development has a solid track record of organic, in-house developments of wind and hydropower assets in Norway, Sweden & Denmark. Production is an active owner of renewable power assets in the Nordics. Operations is an asset manager and operator of renewable assets including digital solutions with a scalable operating platform.

Our strong commitment to local communities and our integrated value chain ensures local presence and optimization of stakeholder alignment and value creation.

Our Nordic clean renewable platform

Cloudberry`s growth strategy

Our current portfolio in production and under construction in Norway, Sweden and Denmark consists of 25 hydropower assets and 105 wind turbines (organized in six projects), wholly and partially owned. We have a local and active ownership strategy and prefer majority ownership; however, in certain investments we have shared ownership with strong, strategic partners. The scalable Cloudberry platform is positioned for profitable growth, both in terms of energy production and our in-house development portfolio. Cloudberry's strategy is to continue to grow both organically and through acquisitions in the Nordic market. We are backed by strong owners and an experienced management team. Our shares are traded on the Oslo Stock Exchange's main list, ticker: CLOUD.

Production

Production

incl. under construction 1

In production Capacity: 267 MW

Production: 825 GWh

Under construction

Capacity: 27 MW Production: 80 GWh

Total

Capacity: 294 MW Production: 905 GWh

Development

Construction permit

Capacity: 200 MW Production: 333 GWh

Backlog

Backlog (exclusive projects) Projects: 20 Capacity: 625 MW

Pipeline (non-exclusive projects) Projects: >20 Capacity: >2 500 MW

¹ Asset portfolio per reporting date with proportionate ownership to Cloudberry i.e. excluding sold assets. Production figures represent normalised annual production.

5

Fourth quarter report 2023

Highlights and key figures

Financial highlights

• Consolidated revenue of NOK 133m (75m) and proportionate revenue of NOK 146m (136m). Last twelve months proportionate revenue of NOK 711m (646m)
• Consolidated EBITDA of NOK -41m (33m) and proportionate EBITDA of NOK 58m (57m). Last twelve months proportionate EBITDA of NOK 400m (381m)
• Consolidated EBITDA is affected by 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
• Significant increase in proportionate production: 157 GWh (95 GWh)
• Realized power price of NOK 0.76 per kWh (NOK 1.29)
• Strong balance sheet and low debt. Cash position of NOK 782m
• Avoided emissions during the fourth quarter of 34 854 tCO2e (21,090 tCO2e)

Portfolio updates

• Sundby (32 MW). Revenue generating. All turbines erected ahead of time with total project estimated to be below cost
• Captiva. Acquired the remaining 40% to become a 100% owner. Core business areas will be fully integrated
• Kvemma & Munkhyttan progressing according to time and cost

Subsequent events

• Nees Hede (140 MW). Signed share purchase agreement in February. Ready to construct 140 MW solar in the attractive DK-1 region. Cloudberry is prioritizing Nees Hede due to the project's strategic fit and attractive business case (sharp fall in solar panel prices)

Key figures

NOK million	Q4 2023	Q4 2022	FY 2023	FY 2022
Consolidated Financials
Revenue and other income	133	75	610	217
Net income/(loss) from associated companies and JV's	(86)	20	(72)	120
EBITDA	(41)	33	262	151
Equity	4 631	3 794	4 631	3 794
Proportionate Financials
Revenues and other income	146	136	711	646
EBITDA	58	57	400	381
Power Production (GWh)	157	95	520	268

400 500 MW Portfolio overview 1

						Cloudberry's	Cloudberry's
			Price	Total capacity		proporionate capacity	estimated production
Project	Technology	Location	area	(MW)	Ownership	(MW)	(GWh)	Status
Røyrmyra	Wind	Norway	NO-2	2	100%	2	8	Producing
Forte (5 assets, NO-2)	Hydro	Norway	NO-2	26	34%	8	29	Producing
Forte (4 assets, NO-3)	Hydro	Norway	NO-3	19	34%	6	21	Producing
Forte (6 assets, NO-5)	Hydro	Norway	NO-5	33	34%	11	37	Producing
Finnesetbekken	Hydro	Norway	NO-5	1	100%	1	3	Producing
Bjørgelva	Hydro	Norway	NO-4	3	100%	3	7	Producing
Usma	Hydro	Norway	NO-3	9	100%	9	26	Producing
Tinnkraft	Hydro	Norway	NO-2	2	100%	2	6	Producing
Bøen I & II	Hydro	Norway	NO-2	6	100%	6	18	Producing
Ramsliåna	Hydro	Norway	NO-2	2	100%	2	6	Producing
Skåråna (2 assets)	Hydro	Norway	NO-2	4	100%	4	14	Producing
Odal Vind	Wind	Norway	NO-1	163	33.4 %	54	176	Producing
Hån	Wind	Sweden	NO-1	21	100%	21	74	Producing
Odin 1	Wind	Denmark	DK-11	133	80%	106	311	Producing
Sundby	Wind	Sweden	SE-3	32	100%	32	89	Test Production
Total 1 (Producing)				454		267	825
Kvemma	Hydro	Norway	NO-5	8	100%	8	20	Const/Prod. H1 2024
Munkhyttan	Wind	Sweden	SE-3	19	100%	19	60	Const/Prod. H2 2024
Total 2 (Producing + under constr.)				481		294	905
Duvhalllen	Wind	Sweden	SE-3	60	100%	60	165	Constr. permit
Nees Hede 2	Solar	Denmark	DK-1	175	80%	140	168	Constr. permit
	Total 3 (Prod. + const. + permit)			716		494	1 238

¹ Odin portfolio. 288 GWh in DK-1. 18 GWH in SE-3. 6 GWh in DK-2 price region

² Signed share purchase agreement for the acquisition of the Nees Hede project. Expected to close in Q1/Q2 24.

7

Fourth quarter report 2023

Operational review

Cloudberry reports its operations in four segments: Development, Production, Operations and Corporate. Please see the 2022 annual report for further information about the segments.

Development

Projects under construction

The construction of the Sundby Vindpark (SE-3) is on time and expected to be below budget once complete. Per reporting date, all turbines are energized with test production having commenced for all turbines. The test production is taking place under a 50/50 profit split with Vestas until end of January 2024, and Sundby has produced 6 GWh over the fourth quarter. The test production financials are included in the Development segment and not included in the production numbers before final hand over to Cloudberry. Official takeover from Vestas will commence following completion of test production and final municipal approvals expected over the coming months. Following takeover, Sundby is able to provide a maximum effect of 23.5 MW to the grid, with an increase to 32 MW from the grid owner expected within H1 2025. However, Cloudberry still expect to have 90% of the expected annualized production during this period.

The wind farm consists of nine 3.6 MW Vestas turbines with an expected annual production of 89 GWh and a long-term ~97% availability guarantee from Vestas. Cloudberry is reusing a significant amount of existing infrastructure, resulting in a low impact on nature and the environment. The total investment is estimated at EUR 50 million and per the end of Q4 2023 there was approximately EUR 3m in remaining capex (including contingency).

The final investment decision for Munkhyttan I (SE-3) was taken in June 2023. Once completed, the project will increase Cloudberry's wind power production in the attractive SE3 area of Sweden. Cloudberry will install 18.6 MW based on three Vestas V162 turbines of 6.2 MW each with a long-term service contract with ~97% uptime guarantee from Vestas. The expected annual production is 60 GWh and the total investment is estimated at slightly above EUR 30 million. Per the end of Q4 2023 there was approximately EUR 24m in remaining capex (including contingency).

The project is on time and budget, with all foundations casted and all roads constructed. Internal cable laying is well under way and transformer and station is expected to be delivered according to plan. Munkhyttan is expected to be revenue generating by the end of 2024.

Construction of Øvre Kvemma (NO-5) hydro powerplant continued according to plan and the power plant is now completed per the reporting date. The powerplant will be connected to the grid during Q1 24 before the plant can enter the commissioning period. Financial close will then follow after the commissioning is finished, expected in 1H 2024. The enterprise value of the transaction is NOK 124 million, of which NOK 13 million has been paid to an escrow account currently included in other current assets in Cloudberry's financials.

Projects with construction permit

Nees Hede (Solar, DK-1): Subsequent to the quarter, Cloudberry has signed a share purchase agreement for Odin Energy Holding P/S to acquire the Nees Hede hybrid project comprising of 175 MW permitted solar (140 MW proportionate), and an additional 36 MW of potential wind power development (29 MW proportionate). Nees Hede is a climate park with a favorable ESG footprint and local acceptance, situated on the western part of Jutland in the attractive DK 1 price area. Through the acquisition of the Odin portfolio earlier in 2023, Cloudberry is perfectly positioned to take part in further development opportunities in Denmark as shown by this project. The Nees Hede project represents an important milestone as the first project from the development agreement with Skovgaard.

Due to the transaction being signed, the permitted solar project has been removed from the backlog and listed as a permitted project in the project overview. The 29 MW proportionate wind development in Nees Hede is included in the backlog figures,

CONTENT

where Cloudberry has also secured a right to buy the associated land from Skovgaard if the project is successfully permitted.

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. Cloudberry will together with Skovgaard continue to develop the project with an aim to reach permit also for the wind project. Per the reporting date the permit for the wind project has been filed. However, 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 wind turbines can be added to the project at a later stage if successfully permitted, and still yielding the advantages of a hybrid project. The project is expected to be financed through existing cash at hand and project debt.

Closing of the transaction is expected in H1 2024. 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 - all numbers proportionate to Cloudberry.

Duvhällen (SE-3): As the grid process was prolonged Cloudberry applied for a permit extension earlier this year. Over the fourth quarter Cloudberry has received a prolongation of the permit, which gives the project an additional four years to complete the construction and erection of the turbines. Early procurement preparations have been initiated over the quarter.

Stenkalles (Vänern project, SE-3): The Stenkalles wind farm on Sweden's largest lake, Vänern (SE-3), is a 100 MW (50 MW proportionate), 18-turbine project owned 50/50 by Hafslund and Cloudberry. In light of the increased capex for offshore wind projects, the project has evaluated the opportunity to increase the turbine size in order to increase project economics. The county (SE: Länsstyrelse) has recently rejected this possibility. Cloudberry is not

compromising on return requirements and capital discipline and has decided not to move forward with the Stenkalles project in its current form. Instead, the project is evaluating how to use the strategically positioned gird connection for a potential battery/ solar project, where the associated capex has decreased. Cloudberry expects minimal development costs to capitalize on this potential opportunity. The Stenkalles project (off-shore) has thus been removed as a permitted project in the project overview and included in the backlog.

Based on the decision not to go forward with the current offshore wind project, Stenkalles has written down the project on its balance sheet. Cloudberry's net P&L effect (non cash) related to the write down of Stenkalles is a negative NOK 57 million. After the impairment there are no off-shore wind assets on Cloudberry's balance sheet.

Backlog & pipeline

Per the reporting date the backlog has been adjusted to 625 MW (20 exclusive projects), up from 480 MW as per the same quarter last year. The main changes over the quarter are the removal of the Nees Hede Solar project to permitted project (140 MW) (the Nees Hede wind project (29 MW) is kept in the backlog) and transferring the Stenkalles project from permitted projects to the backlog (50 MW).

During the fourth quarter a permit application for Björnetjärnsberget, with a total of 17 large scale wind turbines has been filed. Going forward we also expect to file applications for Ulricehamn, Söderköping and Munkhyttan II within the first half of 2024. Cloudberry is also fully focused on continuing to work in close dialogue with local communities, public and private landowners to ensure efficient permitting processes, limit nature impact and gain access to additional sites.

Cloudberry is working on a large non-exclusive pipeline of promising projects across Norway, Sweden and Denmark totaling 14 TWh of hydro, solar, onshore and offshore wind projects. Prior to signing land leases, a structured approach to site evaluation improves the project hit rate and reduces risk.

9

Fourth quarter report 2023

Production

Power production

Cloudberry's proportionate power production in the fourth quarter totaled 157 GWh (95 GWh), a ~65% increase from the same quarter last year. The significant growth is primarily explained by the inclusion of the Odin portfolio, offset by the three sold hydropower plants in Q2 2023. The table below shows the proportionate production over the quarter, split between the different price areas.

Production (GWh)	Q4 23	Q4 22
NO-1	39	46
NO-2	16	24
NO-3	6	11
NO-4	1	2
NO-5	4	13
SE-3	5	-
DK-1	86	-
DK-2	2	-
Total	157	95
Of which hydro	23	47
Of which wind	134	48

Proportionate wind power production totaled 134 GWh in the fourth quarter (48 GWh same quarter last year). The large increase stems mainly from the inclusion, and strong performance, of the Odin portfolio offset by production stops in Odal.

The turbines in the Odal wind farms are from the Siemens Gamesa Renewable Energy 4.X series, where Siemens Gamesa has announced that they are currently experiencing blade and main bearing issues related to the 4.x and 5.x platforms. For the fourth quarter of 2023, the problems with the turbine blades in the Odal wind farm have continued causing production stops. At present, no turbines in Odal are stopped due to main bearing issues. Odal wind farm took immediate action when the issue arose earlier in 2023 and have established a task force to handle these issues. Planned production stops will continue going forward in the coming quarters as the faulty blades are repaired or exchanged. However, lost production from the blade issues (or potential main bearing issues) will be covered by the availability warranty with Siemens Gamesa with the first availability period ending at the end of June 2024, one year after the takeover of the last turbine.

There are no provisions or other financials included in the 2023 figures from Odal to reflect the lost production covered under the availability guarantees. Settlement under the availability is expected to be completed in 2H 2024, once the calculation is final in accordance with market practice. Cloudberry will revert with a more detailed estimate of the expected settlement at or in relation to the end of the first availability period. Further, all repairs made by Siemens Gamesa are directly covered under the turbines supply agreement warranty and/or service contract. Necessary actions have been and will be continuously taken to safeguard Odal wind farm's contractual position towards Siemens Gamesa.

Proportionate hydro power production totaled 23 GWh in the fourth quarter (47 GWh same quarter last year). All power plants with flowing water had stable operations, and there were no technical problems over the quarter. The majority of the difference stems from the sale of the three hydro power plants in Q2 2023, as well as colder and dryer weather causing production below normal.

At the end of the fourth quarter, Cloudberry had a proportionate balance of Guarantees of Origin certificates ("GOs") of approximately 55 000 certificates relating to past production in the portfolio not already sold or included on the balance sheet. The GOs balance will be sold over the coming quarters.

Power prices

Cloudberry realized an average net power price of NOK 0.76 per kWh (NOK 1.29 per kWh same quarter last year) during the fourth quarter of 2023. The realized price is affected by a high amount of GOs that was earned throughout 2023 and sold over the quarter. During the fourth quarter of 2023, Cloudberry entered into a power purchase agreement ("PPA") in Denmark in relation to the Odin portfolio securing DKK 73 million in proportionate revenue over a three-year period. The PPA is a three-year baseload contract for a fixed annual volume of 31.5 GWh in DK-1 with a fixed power price of DKK 0.77/kWh (NOK 1.18 per kWh); a power price above the currently seen power curves.

~12% of Cloudberry's production in fourth quarter was at fixed prices (hedged). At reporting date Cloudberry had hedges in place in accordance with

the table below. The majority of the hedges were existing legacy hedges in the Odin portfolio. The overall ambition for Cloudberry is to achieve a hedge amount covering all interest expenses and overhead costs (approx. 30% hedging). This will be phased in over time.

Asset	Contract (Annual GWh)	Expiry	Type
NO-2	8	2024	Baseload
NO-2	4	2027	Baseload
DK-1	37	2027	Pay as produced
DK-1	13	2023	Pay as produced
DK-1	32	2026	Baseload (starting 01.01.2024)
Total	94

Volumes are proportionate to Cloudberry

Operations

The Operations segment represents the activities organized in the Captiva Group under the business areas: management services and digital solutions. Cloudberry initially acquired 60% of Captiva in January 2022. In December 2023 Cloudberry acquired the remaining 40%, making Captiva a fully integrated part of the Cloudberry group. The organizational integration and realization of synergies was prepared during the fourth quarter of 2023 and will be implemented during 1H 2024. Please see the Corporate segment for more information about the transaction.

Management Services

The Operations segment continued its integration with other segments of Cloudberry with the following main activities over the quarter:

• · Completion of project and construction management on the Sundby project with all turbines now put in test production
• · Engaged in development and construction work on the Munkhyttan project
• · Supporting the Production segment on Odal wind farm with a task force related to the Siemens Gamesa turbines and blades. Cloudberry leverages on the Captiva team's experience from other wind projects with similar issues, in addition to project management expertise from the majority owned subsidiary Enestor

· Performed a study on five potential solar alpine sites for a Swiss utility

Following Cloudberry's sale of the hydro power plants Åmotsfoss, Selselva and Nessakraft in the second quarter of 2023, the Operations segment started delivering on the new Service Level Agreement with the buyer, Norsk Vannkraft, establishing a new client relationship on hydro plant asset management. In the fourth quarter of 2023, Captiva reached an agreement to include the other assets owned by Norsk Vannkraft under the same Service Level Agreement, making Norsk Vannkraft one of the largest asset management clients with 14 hydro power plants and an annual production of 175 GWh.

Digital Solutions

The Operations segment continued its development of the Captiva Portal to include operative insight and KPIs on wind, hydro and solar power. Marketing and sales activities are scaled up, with promising leads in the Nordics and also into the Swiss solar market, where the first clients in Switzerland was signed over the quarter.

Further, the development of data analytic tools continued, strengthening the operations on both Cloudberry's own assets and on external clients.

Corporate

General

Cloudberry has continuous focus on optimizing liquidity in order to enhance profitability. With a strong balance sheet and a current cash position close to NOK 800m, the ongoing construction projects Sundby and Munkhyttan have both been equity financed to date, where debt will be drawn on the two projects during 1H 2024. Cloudberry further has the flexibility to utilize the available facility to draw additional debt on existing projects. The credit facility is for a total of NOK 2 200 million with local savings banks, of which approximately NOK 1 250 million is currently drawn. At present all debt drawn, except the debt in relation to the Odin transaction, is fixed at long term contracts at attractive levels over the last years (10 – 20y fixed rates). The total Odin debt exposure is ~60% secured with 5–10-year interest rate swap agreements.

On 28 September 2023, the general meeting granted the board of directors an authorization to acquire own shares, at a purchase price of up to NOK 14.60 per share, which is in effect until the annual general meeting in 2024. Over the fourth quarter Cloudberry's board of directors launched a share buy-back program commencing 01 November 2023 and completed 31 December 2023. Over the period Cloudberry acquired 2 807 500 shares, equaling 0.96% of the shares in Cloudberry at an average price of NOK 10.3197. The purpose of the program has been to reduce the share capital of the company.

Given the potential value creation in the Nees Hede project (fully financed 140 MW solar net to Cloudberry), the buy-back program has not at present been prolonged into 2024 for capital preservation purposes. However, going forward Cloudberry sees share buy backs as an effective and accretive tool for value creation which will be continuously evaluated based on inter alia current market price and market opportunities. It is expected that Cloudberry will ask the general meeting in 2024 for a prolongation of a share buy-back authorization.

In December 2023, the Norwegian government published a statement that they had reached a broad consensus on the resource rent tax on Norwegian on-shore wind. Overall, the resource rent tax (NO: Grunnrenteskatt) for Norwegian onshore wind is lowered from an original effective tax rate of 40% to 25%. Further, the high price contribution tax (NO: høyprisbidrag) of 23% of prices above 70 øre/kWh was terminated from 1 October 2023. For existing wind farms, the government has also proposed changes to the transition rules which is better than their initial proposal, although not achieving full investment neutrality. The resource rent tax primarily affects the Odal Vind farm (54 MW net to Cloudberry).

Cloudberry estimates that the new resource rent tax represents a reduction in asset values for Cloudberry of ~NOK 1 per share, compared to the asset values without the taxation and the initial assessment of ~NOK 2-3 per share when the proposal was first announced in September 2022. For new wind farms the resource tax will be structured with cash payments of negative resource tax, as is already implemented on large scale hydro. This represents a positive development, which makes the resource tax investment neutral for new projects.

In December 2023, Cloudberry acquired the remaining 40% of the shares in Captiva Digital Services AS ("Captiva") from CCP AS. This is according to Cloudberry's strategic plan and will continue to strengthen the synergies between the two companies enabling further growth and development. Captiva's external customers will remain top priority serving them with the same integrity, competence and focus as always. Since first acquiring Captiva, Captiva have 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. Through the acquisition, Cloudberry will be able to further integrate the business areas within Captiva that is core for Cloudberry in order to scale these in the best manner possible.

Cloudberry acquired 40% of the shares in Captiva for a cash consideration of NOK 23 million (NOK 57 million on 100% basis). The enterprise value on a debt and cash free basis for 100% of Captiva is ~NOK 107 million and verified through a fairness opinion by a reputable third party. The change from enterprise value to equity value consisting predominantly of internal debt to Cloudberry. Following the acquisition, Cloudberry has recognized a net consolidated loss of NOK 89 million (approximately NOK 54 million for the original 60% ownership) in order to reflect the agreed enterprise value on Cloudberry's balance sheet.

Outlook

Another exciting quarter coming to an end for Cloudberry, marking the ending of a busy year. Entering into Denmark was an important milestone in 2023, and we are very pleased to see how the relationship with Skovgaard is developing and how the Odin portfolio is performing. The Nees Hede project further represents an important milestone as the first project from the development agreement with Skovgaard, showing the potential of our Danish entry earlier this year. We have also throughout the year seen the benefit of having the competence that sits within Captiva in-house, and we are very happy having acquired the remaining 40% in order to continue to fully integrate the business areas that are core for Cloudberry.

In a time with volatile power prices and capex costs, we continue to see how important it is to have a flexible platform and diversified portfolio of renewable technologies and development projects throughout the Nordics. As we have seen capex prices increasing for off-shore wind, we have the ability to look towards solar where capex has decreased dramatically over the last quarters. This shows the effectiveness and our disciplined approach to value creation by shifting focus and capital from offshore wind to solar.

Project execution remains a top priority for Cloudberry, and we are happy to see that the current projects under construction are progressing according to plan and are currently looking to come in at time and cost with no safety issues. All turbines at Sundby are undergoing test-production, while Munkhyttan is soon ready to welcome the Vestas turbines at site. Kvemma is complete and

will soon be connected to the grid, and we are looking forward to close the Kvemma transaction which will increase our hydro portfolio. Within the backlog we are happy to have filed applications for both Björnetjärnsberget and the wind project within Nees Hede and we will continue to devote time and resources in order to continue to progress the backlog projects towards permitted projects.

In Norway, the resource rent tax proposal has now been concluded where existing on-shore wind projects has seen some improvements, while new projects has achieved investment neutrality through a cash compensation from the Norwegian state. As such we will continue to develop our Norwegian wind projects in our backlog. Cloudberry will further continue to focus on hydro projects in Norway, primarily wind in Sweden and wind and solar projects in Denmark. We will also evaluate storage opportunities in order to optimize our projects further where the Stenkalles grid connection represents an interesting opportunity.

Going forward we see positive market developments, with falling capex prices and sustained higher power prices in the current forecasts on the back of what looks like interest rates having peaked. Profitable growth and capital discipline remain key priorities going forward. Cloudberry will continue with its uncompromised focus on value creation and local stakeholder management in the Nordics.

Cloudberry is perfectly positioned for the future with a robust balance sheet and a flexible business model.

Environmental, social, and governance review

Cloudberry`s overarching purpose is to provide renewable energy today and for future generations. We want to power the transition to a sustainable future and do it The Cloudberry Way. This purpose shapes everything we do, and our long-term success is linked to operating our business sustainably and profitably. We believe these two conditions to be mutually dependent on each other. To fulfill our purpose, Cloudberry identifies, understands, and systematically manages material sustainability topics internally and in our value chain. This is of utmost importance for future long-term value creation.

Fourth quarter ESG update - Key Performance and Targets

This section covers key highlights and updates from the fourth quarter of 2023. More details will be presented in Cloudberry`s annual sustainability report which will be published on 20 March 2024.

Actual Target Q4 2023 Q3 2023 YTD 2023 2022 2023 Environment GHG emissions avoided tCO2 e 1 34 854 34 410 115 218 59 496 124 500 GHG emissions tCO2 e 1 527 8 196 12 889 10 727 13 500 Social Work injuries (incl. Sub-contractors) 2 0 1 1 0 0 Employee engagement index 3 5.3 5.2 5.3 5.2 ≥ 5.2 Equal opportunities index 3 5.3 5.2 5.3 5.2 ≥ 5.2 Female employees % of total 4 28% 27% 28% 24% 35% Governance Prescreening of suppliers 5 N/A N/A N/A 10% 50% Whistle-blowing incidents 0 0 1 0 N/A Compliance training 100% 100% 100% 36% 100%
				Target 2025
				249 000
				24 750
				0
				≥ 5.3
				≥ 5.3
				> 40%
				100%
				N/A
				100%

Cloudberry reports the performance and targets across our material sustainability topics quarterly:

¹ To be adjusted according to the new factor EU-27 electricity mix 2023, in the annual report 2023

² Work injuries defined as lost time injury.

³ The results from the Employee engagement index and the Equal opportunities index originate from the latest survey in 2023. The maximum possible score is 6.

⁴ From 2023 the reporting covers all subsidiaries in the Group. Female employees % of total has been adjusted for 2022.

⁵ Cloudberry is in the process of collecting data regarding material suppliers.

Environmental

GHG emissions avoided

Cloudberry's proportionate power production in the fourth quarter 2023 totaled 157 GWh (95 GWh in Q4 2022). The avoided emissions relative to baseline emissions from the European electricity mix (EU-27 electricity mix, IEA 2022), is equivalent to 34,854 tCO2 e (21,090 tCO2 e in Q4 2022).

Transitioning to a low-carbon society

As of 2023, Cloudberry reports direct and indirect greenhouse gas (GHG) emissions quarterly. The GHG emissions from Scope 1, Scope 2, and Scope 3 in the fourth quarter 2023 amounted to 1,527 tCO2 e (2,7001 tCO2 e in Q4 2022). Most of the emissions reported in the fourth quarter are from the concrete and steel used in the foundations at the Munkhyttan wind farm and from the construction of wind turbines at Sundby. With the GHG emissions reported in the fourth quarter, most of the emissions from construction of Sundby have been reported, and only minor emissions of Sundby construction are expected in the first half of 2024. The construction activities at Munkhyttan will continue during the first half of 2024 and the GHG emissions related to the construction are expected to increase during this period, according to the plan. The GHG emissions in the whole year of 2023 totaled 12,889 tCO2 e (10,727 tCO2 e in 2022), a result within the target for 2023. Additional details concerning Cloudberry`s GHG emissions will be disclosed in the Sustainability Report 2023.

In the fourth quarter of 2023, Cloudberry engaged a third party to conduct a gap assessment of

Cloudberrys greenhouse gas (GHG) emission reporting. The assessment and screening are based on the GHG Protocol's Corporate Standard. The assessment includes a description of the organizational boundaries, Scope 1, Scope 2, and Scope 3 emissions and methodology. The findings and considerations from the gap assessment are good and are used as a preparation for the planned limited assurance of the companys GHG emissions reporting, to be disclosed in the Sustainability Report 2023. The work will ensure Cloudberry is prepared for the upcoming regulatory requirements defined in the ESRS framework.

Cloudberry completed and submitted a climate netzero target according to the Science Based Target Initiative (SBTi) in the fourth quarter of 2023. The approved target paves the way for Cloudberry to establish a roadmap for reducing Scope 1, Scope 2, and Scope 3 emissions, aligning with both short-term and long-term objectives and actions.

Taxonomy report

In the fourth quarter of 2023, Cloudberry released a stand-alone Taxonomy report outlining how our activities contribute substantially to the EU Taxonomy objectives without doing any significant harm and complying with the minimum safeguards. The detailed report is accessible on the company's website. Assessments are ongoing for the recently acquired wind portfolio Odin. The Sustainability Report 2023 will incorporate the Odin portfolio in a full-year 2023 Taxonomy report.

¹ The number is pro-rata for the quarter based on calculated GHG emissions in 2022. From 2023 the GHG emissions reported quarterly are based on the invoices from the construction period.

Social

Health and safety

During the fourth quarter of 2023, no incidents causing harm to people`s health or serious material damages were recorded in Cloudberry.

At the construction site of the Munkhyttan wind farm, safety walks are regularly conducted by the contractor and the project manager at the site. These walks aim to identify and mitigate health and safety risks, as well as address unsafe or unwanted environmental and nature-related situation ns. A review of the protocol from the safety walk takes place during the construction meeting, and any identified deviations are discussed and addressed. Immediate action is taken to resolve issues arising from these deviations.

During the fourth quarter of 2023, at the construction site of Munkhyttan, a tree fell and landed on a parked car due to strong winds. No individuals were in the immediate vicinity and no personal injuries occurred. In response, Cloudberry took measures to ensure the safety of the surrounding area`s other trees, mitigating the risk of similar incidents. Cloudberry works continuously to prevent incidents that negatively affect the health and safety of individuals or result in significant material or environmental damage.

The Sundby wind farm, situated near a local community, attracted a high number of visitors seeking access to the site during construction. Cloudberry observed that the safety signs at the site entrances were insufficient to keep neighbors and other locals away from the construction areas. In response to this, to reduce the risk of visitors entering the site during construction, Cloudberry intensified safety measures to minimize trespassing at the construction site. Measures included additional signs displaying security information and providing a link to the project website at the three site entrances. The signs specifically address and make people aware of the dangers and measures on-site.

Health and safety measures are of the highest importance to Cloudberry, and we constantly work to reduce risks involved during the construction of the company`s projects.

Engagement, diversity, and equal opportunities

Cloudberry acts responsibly towards its employees and works actively and systematically to foster diversity, equity, and inclusion (DEI) in the organization. During the fourth quarter of 2023, all employees attended a workshop where behavior related to company values was among the topics. Cloudberry also conducted the annual engagement survey focusing on compliance, HMS, work-life balance, and DEI in the workplace. The result from the survey gave a DEI index of 5,3 and an engagement index of 5,3 (6 is the maximum score), which are slightly better results compared to 2022. The survey gives valuable insight and an opportunity for the company to learn, adjust, and implement new measures to continuously improve. The results of the survey are distributed in the organization and will be addressed by the local teams during the first quarter of 2024.

Local community impact

In the fourth quarter of 2023, the company engaged with students from areas located near our wind farm construction sites in Sweden as part of Cloudberry's local stakeholder management and focus on local value creation.

At the Sundby construction site, we welcomed a group of students from a university in Eskilstuna. The students made a field trip to the wind farm as part of their education in renewable energy. Cloudberry presented the project to the students, providing insights into various aspects of wind power within a broader context. The tour included a discussion about Sundby as a development and construction project, operational considerations of wind farms, and Cloudberry's commitment to nature, biodiversity, and community impact.

In the local area of the Munkhyttan wind farm, Cloudberry actively engages in continuous conversations with high school students specializing in diverse fields of education, including construction, technology, electricity, and nature studies. Cloudberry visited the school to deliver lectures on wind power and renewable energy. Additionally, the students participated in a field trip to the

Munkhyttan site, where they gained insights into the impacts on nature, sustainable use of materials, and the construction of foundations for the turbines. Throughout the site tour, significant emphasis was placed on conveying the strict adherence to environmental, health, and safety measures that apply during a construction project.

The interactive sessions at Sundby and Munkhyttan wind farms are aimed at engaging students and fostering their interest in renewable energy in addition to educating local communities about our projects, which aligns with Cloudberry's approach to stakeholder management.

Governance

Corporate Sustainability Reporting Directive

Cloudberry prepares to comply with the requirements of the EU`s Corporate Sustainability Reporting Directive (CSRD). In the fourth quarter of 2023, the company conducted a double materiality assessment according to the criteria in CSRD. The assessment discloses the material sustainability topics in Cloudberry by considering our influence on the environment, people, and society, along with the financial implications. Stakeholders both internal and external were actively involved in the assessment process. The analysis of this assessment will detail the impacts, risks, and opportunities. Together with Cloudberry's updated material ESG topics, these findings will be presented in the company's annual sustainability report for 2023.

Responsible business conduct

There were no whistleblowing reports and no reported nor detected incidents of corruption or fraud during the fourth quarter of 2023.

In the fourth quarter of 2023, Cloudberry organized a Code of Conduct training for its entire workforce. The session emphasized governance and compliance matters, including anti-corruption measures and whistleblowing. Employees were also briefed

on the organization's policies and fundamental principles regarding the management of crises and emergencies, as well as other aspects related to the contingency of the company`s operations. Ensuring responsible business conduct is paramount for Cloudberry and enhances credibility and trustworthiness among stakeholders.

Responsible value chain

Cloudberry continuously advances our efforts to identify and minimize risks within the supply chain. At the end of the fourth quarter of 2023, Cloudberry conducted the annual due diligence assessment following the OECD and UNGP Guidelines specifically focusing on human rights and decent working conditions in the supply chain. A workshop was conducted with relevant key personnel within the organization, where risks and measures were assessed. Simultaneously, internal routines and procedures related to material purchases are updated. The objective is to mitigate adverse impacts on the environment and communities, with a specific focus on addressing issues like human rights violations, decent working conditions, and environmental degradation. The efforts involving risks and measures related to human rights and decent working conditions will be disclosed in the 2023 annual Transparency Act report.

Financial review

Summary of fourth quarter financial performance

(Figures in brackets represent same quarter last year)

Consolidated and proportionate revenues for the fourth quarter were NOK 133m and NOK 146m respectively (NOK 75m and NOK 136m). Full year proportionate revenue was NOK 711m (646m).

Consolidated and proportionate EBITDA for the fourth quarter were NOK -41m and NOK 58m respectively (NOK 33m and NOK 57m). Full year proportionate EBITDA was NOK 400m (381m).

The increase in consolidated revenues compared to same quarter last year stems from power related revenues and increased production volumes, primarily related to the Odin portfolio acquired in second quarter this year.

The reduction in consolidated EBITDA was mainly due to a total loss from associated companies and JV's of NOK -86m (NOK 20m). This loss mainly relates to write down of the off-shore activities in Stenkalles (NOK -69m) and Odal with a loss of NOK -29m mainly related to a deferred tax expense on

the implementation of resource rent tax (NOK -18m) and an adjustment for depreciation not relating to the fourth quarter (NOK -11m). Lower average power price also affected profitability.

In December 2023 Cloudberry acquired the remaining 40% of the shares in Captiva. The total enterprise value was agreed to NOK 107m, which has resulted in an impairment on balance sheet values to reflect the agreed values. An impairment of goodwill and intangible assets of a total of NOK 99m in the quarter was recognized, offset by a reversal of deferred tax liability of NOK 10m (net P&L effect of NOK 89m). The consolidated EBIT over the quarter amounted NOK -184m (NOK 23m).

Net finance cost in fourth quarter was a gain of NOK 7m (NOK 16). This is mainly related to a gain on FX of net NOK 25m (NOK -13m), consisting of a NOK 24m gain from internal group related balances and NOK 1m gain primarily from external debt. Net interest expense was NOK -25m (NOK -2m) in the quarter.

Consolidated financials

Proportionate financials

Consolidated financial summary

The table below summarizes the key figures on the consolidated basis

Consolidated financials

NOK million	Q4 2023	Q4 2022	FY 2023	FY 2022
Revenue and other income	133	75	610	217
Net income/(loss) from associated companies and JV	(86)	20	(72)	120
EBITDA	(41)	33	262	151
Operating profit (EBIT)	(184)	23	36	116
Profit/loss from total operations	(163)	37	236	122
Total assets	6 702	4 603	6 702	4 603
Cash and cash equivalents	782	1 538	782	1 538
Equity	4 631	3 794	4 631	3 794
Interst bearing debt	1 585	339	1 585	339
Net interest bearing debt (NIBD)	803	(1 199)	803	(1 199)
Basic earings per share	(0.45)	0.13	0.94	0.47

Profit or Loss (same quarter last year) Revenue

Total consolidated revenue in the fourth quarter was NOK 133m (NOK 75m). The increase of NOK 58m is mainly related to increase of sales revenue from power production of NOK 48m and increased other income of NOK 9m which primarily stems from reversal of accruals related to Stenkalles as further explained below.

Net income from associated companies and joint ventures (JV's)

Net income from associated companies and JV's represents Cloudberry's investment in Odal Vind, Forte, Stenkalles and parts of the Odin portfolio utilizing the equity method to account for Cloudberry's proportion of the companies' net income for the consolidated accounts. Odin, Odal Vind and Forte's net income primarily represents profit from power sales and is included in the Production segment for the proportionate figures, while Stenkalles is an offshore-wind development project, and its net income is included in the Development segment.

Net income from associated companies and JVs was NOK -86m (NOK 20m) in the fourth quarter, a decrease of NOK -106m from the same quarter last year. Of the total net income

NOK -69m was related to Stenkalles (NOK 0m). The project wrote down all development cost related to the off-shore wind project in Lake Vänern in the fourth quarter based on a decision to not move forward with the project. The remaining book value in the project is related to the investment in the transformer that is being finalized and going forward Cloudberry and Hafslund will evaluate how to best utilize the transformer and the potential value of the current permit. The NOK-69m is offset by other income of NOK 12m relating to previously accrued gain adjustment which are now reversed as the project will not move forward. The net P&L effect related to Stenkalles for Cloudberry is NOK-57m. The costs have no effect on the cash balance.

Odal wind had a loss of NOK -29m (NOK 21m). Over the quarter Odal Vind recognized a deferred tax liability per 31.12.23 from the implementation of the resource rent tax, causing a deferred tax expense over the quarter of NOK -18m (proportionate to Cloudberry). The deferred tax expense is non cash, represents the majority of the negative result and does not relate to tax payable in Odal. Further over the quarter Odal Vind made a depreciation adjustment, depreciating NOK -11m for the full year 2023 (proportionate to Cloudberry) not relating to the fourth quarter.

Net income from Forte was NOK 2m (NOK -1m) in the quarter. Net income from only the associates and JV's in the Odin portfolio was NOK 10m in the quarter. The portfolio was acquired in June 2023.

EBITDA

EBITDA in the fourth quarter was NOK -41m (NOK 33m). The decrease of NOK 74m comprises of increased total revenues of NOK 58, mainly from increased production volumes, increased operating expenses of NOK 25m and a decrease in net income from associated companies and JVs of NOK 107m.

The increase in operating expenses of NOK 25m relates to increased cost of goods sold of NOK 9m, increased salary and personnel expenses of NOK 9m, and increased other operating expenses of NOK 7m.

The increase in salary and personnel expenses of NOK 9m consists of NOK 2m in increased salary expenses due to increased number of employees. An increase of 5m is related to salaries in the Operations segment which was capitalized on projects in same quarter last year, but this quarter expensed. Increased warrants cost represent NOK 1m. The total warrant cost in fourth quarter this year was NOK 6m and is non-cash.

Increased other operating expenses of NOK 7m consists mainly of increased operations costs related to power plants of NOK 15m (NOK 14 related to the Odin portfolio), while accrual for fall lease is reduced with NOK 5m compared to same quarter last year. Remaining other costs have been reduced with NOK 3m compared to the same quarter last year.

Operating profit (EBIT)

EBIT in the fourth quarter was NOK -184m (NOK 23m). The decrease of NOK 207m is due to reduced EBITDA of NOK -74m, while the impairment loss of intangible assets and goodwill related to Captiva was NOK -74m and NOK -25m respectively. Increased depreciations of NOK -30m is mainly due to increased depreciations following the acquisition of the Odin portfolio and increase in amortizations of NOK -5m relates to contract amortization in Odin and increased amortizations in Captiva.

Statement of financial position Equity

Equity has increased from NOK 3 794m to NOK 4 631m from year end 2022 to year end 2023. Profit from total operations is NOK 236m and net other comprehensive income is NOK -87m. Increase of share capital and share premium is NOK 1m which is related to the board share purchase program. The share repurchase program represents a reduction of NOK -29m while share-based payments increase with NOK 24m. Increase related to non-controlling interest from business combination is a net of NOK 723m, while other transactions with non-controlling interests represent NOK -30m. Cloudberry's equity ratio as of 31 December 2023 was 69% (82% as of 31 December 2022).

Cash position

Cash and cash equivalents were NOK 782m per 31 December 2023, a decrease of NOK 756m from year end 2022. The decrease comprises mainly of NOK 226m from operating activities, NOK -1,809m from investment activities. The larger movements in investment activities stems from NOK -2,009 related to investment in the Odin portfolio and NOK 684 from sale of the three power plants: both in Q2 2023. NOK 830m stems from financing activities. The effect of exchange rate changes on cash and cash equivalents was NOK -2m.

Interest bearing debt

Total interest-bearing debt has increased from NOK 339m to NOK 1 585m from year end 2022 to year end 2023. The increase of NOK 1 246m comprises of new debt drawn of NOK 1 200m, repaid term loans on sold power plants of NOK 207m, repayment of principal amounts on term loans of NOK 54m, increase in debt from acquired entities in Odin portfolio of NOK 336m, change in foreign exchange rates effect on debt represents a decrease of NOK 67m of which NOK -47m is recognized in the profit or loss statement and NOK -20m is included in OCI. Change in fair value of interest rate derivatives have increased the debt with NOK 38m.

Proportionate financial summary (APM)1

Proportionate financials represent Cloudberry's proportionate share of the results of all entities and without eliminations based on Cloudberry's economic interest. Entities that are not consolidated are included with their proportionate ownership and for consolidated subsidiaries below 100% ownership, the share of non-controlling interest is excluded. Please refer to the chapter Alternative Performance Measures (APM) for further definitions and reconciliations. The table below summarizes the key figures on a proportionate basis.

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	-	2	-
EBITDA	58	57	400	381
Production	75	85	487	262
Development	4	(9)	(16)	177
Operations	(4)	(1)	(6)	4
Corporate	(18)	(19)	(65)	(63)
Power Production (GWh)	157	95	520	268

Profit or Loss

Proportionate revenue and other income

In the fourth quarter proportionate revenues and other income was NOK 146m compared with NOK 136m same quarter last year. The increase of NOK 10m is primarily due to:

• · Reduction of power related revenues of NOK -4m in the Production segment. Though power production in the quarter increased significantly from 95 GWh to 157 GWh, largely due to the inclusion of the Odin portfolio, the decline is driven by a reduction in the achieved average price of NOK 0.76 per kWh compared to NOK 1.29 per kWh in the same quarter last year. Within the total power revenue of NOK 119m, NOK 21 m was attributed to the sale of GOs relating to production from primarily 2023 and settled in the fourth quarter.
• · Increased revenues in the Development segment of NOK 10m. Over the quarter NOK 12m has been recorded which primarily stems from the reversal of accruals related to Stenkalles. A further NOK 2m in power revenue has been recorded from the test production at Sundby.
• · Increased revenue of NOK 2m from Operations2 in the fourth quarter compared to last year.
• · Increased revenue from Corporate of NOK 2m related to sublease of office space, primarily to Captiva, which is eliminated in the consolidated reporting.

Proportionate EBITDA

In the fourth quarter proportionate EBITDA was NOK 58m compared with NOK 57m same quarter last year. The following changes were related to the segments:

• · The Production segment EBITDA was reduced by NOK -10m from NOK 85m to NOK 75m. This relates to reduced revenues of NOK -4m and an increase of operating expenses of NOK -6m. Included in the operating expenses is an increase related to service and maintenance in the Odin portfolio, while fall lease is reduced due to lower revenue and profitability.
• · The Development segment EBITDA increased from NOK -9m to NOK 4m. The increase of NOK 13m relates to increased revenues of NOK 10m and reduced operation expenses of NOK 3m.
• · The Operations2 segment EBITDA decreased from NOK -1m to NOK -4m. The decrease of NOK -3m comprises of increased revenues of NOK 1m, and increased costs of NOK -4m.
• · The Corporate segment EBITDA decreased with NOK 1m from NOK -19m to NOK -18m.

¹ See Alternative Performance Measure for definition of proportionate financials.

² Please note that the segment reporting of the Captiva business in the operations segment for the fourth quarter are included with 60% ownership for the profit or loss statement until December 19 2023, while the balance sheet per year end is included based on 100% ownership.

Condensed interim financial information

Interim consolidated statement of profit or loss

NOK million	Note	Q4 2023	Q4 2022	FY 2023	FY 2022
Sales revenue		119	70	333	208
Other income		14	5	277	9
Total revenue	5	133	75	610	217
Cost of goods sold		(13)	(3)	(26)	(14)
Salary and personnel expenses		(38)	(29)	(120)	(91)
Other operating expenses		(37)	(30)	(130)	(81)
Operating expenses		(87)	(62)	(276)	(186)
Net income/(loss) from associated companies	9	(86)	20	(72)	120
EBITDA		(41)	33	262	151
Depreciation		(39)	(9)	(109)	(27)
Amortizations		(5)	-	(18)	(8)
Write downs	4	(99)	-	(99)	-
Operating profit (EBIT)		(184)	23	36	116
Financial income	6	48	16	309	67
Financial expenses	6	(41)	-	(121)	(61)
Profit/(loss) before tax		(177)	39	225	122
Income tax expense		14	(2)	11	-
Profit/(loss) after tax		(163)	37	236	122
Profit/(loss) for the year from total operations		(163)	37	236	122
Profit/(loss) attributable to:
Equity holders of the parent		(130)	38	275	118
Non-controlling interests		(33)	(1)	(39)	3
Earnings per share (NOK):
Continued operation
- Basic		(0.45)	0.13	0.94	0.47
- Diluted		(0.45)	0.13	0.94	0.47

Interim consolidated statement of comprehensive income

NOK million	Q4 2023	Q4 2022	FY 2023	FY 2022
Profit for the year	(163)	37	236	122
Other comprehensive income:
Items which may be reclassified to profit and loss in subsequent periods
Net movement of cash flow hedges	(66)	2	(29)	91
Income tax effect	14	(1)	6	(20)
Exchange differences	(3)	(3)	(64)	30
Net other comprehensive income	(55)	(1)	(87)	101
Total comprehensive income/(loss) for the period	(218)	36	148	223
Total comprehensive income/(loss) attributable to:
Equity holders of the parent company	(161)	33	234	219
Non-controlling interests	(58)	3	(86)	3

Interim consolidated statement of financial position

NOK million	Note	31.12.2023	31.12.2022
ASSETS
Non-current assets
Property, plant and equipment	7	3 997	1 597
Intangible assets		24	86
Goodwill		206	143
Investment in associated companies	9	1 186	890
Financial assets and other non-current assets		88	105
Total non-current assets		5 501	2 821
Current assets
Inventory	8	99	106
Accounts receivable		59	52
Other current assets		261	86
Cash and cash equivalents	10	782	1 538
Total current assets		1 200	1 782
TOTAL ASSETS		6 702	4 603

Interim consolidated statement of financial position

NOK million	Note	31.12.2023	31.12.2022
EQUITY AND LIABILITIES
Equity
Share capital		73	73
Share premium		3 496	3 495
Total paid in capital		3 569	3 568
Other equity		376	146
Non-controlling interests		685	80
Total equity		4 631	3 794
Non-current liabilities
Interest-bearing loans and borrowings	11	1 507	327
Lease liabilities long term		30	36
Provisions		115	36
Deferred tax liabilities		58	127
Total non-current liabilities		1 709	526
Current liabilities
Interest-bearing loans and borrowings	11	78	12
Other interest-bearing financial liabilities		57	-
Current lease liabilities		7	7
Accounts payable and other current liabilities		141	135
Provisions		80	129
Total current liabilities		363	283
TOTAL EQUITY AND LIABILITIES		6 702	4 603

Oslo, 14 February 2024

The Board of Directors of Cloudberry Clean Energy ASA

Tove Feld Chair of the Board

Stefanie Witte Board member

Petter W. Borg Board member

Henrik Joelsson Board member

Benedicte Fossum Board member

Alexandra Koefoed Board member

Nicolai Nordstrand Board member

Anders J. Lenborg CEO

Interim consolidated statement of cash flows

NOK million	Q4 2023	Q4 2022	FY 2023	FY 2022
Cash flow from operating activities
Profit/(loss) before tax	(177)	41	225	122
Net gain from sale of PPE and project inventory	(14)	(5)	(272)	(9)
Depreciations, amortizations and impairment losses	44	10	126	35
Write downs	99	-	99	-
Net income from associated companies and JV's	86	(21)	72	(120)
Share based payment - non cash to equity	6	4	24	26
Net interest paid/received	27	2	28	12
Unrealized effect from change in fair value derivatives	9	(18)	(12)	-
Unrealised foreign exchange (gain)/loss	(22)	11	(56)	1
Change in accounts payable	91	(25)	6	88
Change in accounts receivabe	(17)	5	5	(25)
Change in other current assets and liabilities	(29)	(169)	(18)	(88)
Net cash flow from operating activities	103	(164)	226	43
Cash flow from investing activities
Interest received	7	4	23	10
Investment and capitalization projects	(4)	(2)	(15)	(44)
Investments in PPE and intangible assets	(104)	(133)	(535)	(304)
Net proceeds from sale of PPE and project inventory	-	2	684	60
Investment in business comb. net of cash acquired	-	-	(2 009)	(51)
Payment for increase in controlling interest	(23)	-	(23)	-
Investment in asset acquisitions, net of cash acquired	-	-	-	(19)
Investments in associated companies and JV's	-	-	-	(31)
Net cash flow from loans to associated companies and JV's	(5)	(30)	(20)	(33)
Distributions from associated companies and JV's	6	31	85	31
Net cash flow from (used in) investing activities	(123)	(128)	(1 809)	(379)
Cash flow from financing activities
Payment to escrow account	-	-	(3)	(14)
Transfer from escrow account	-	22	-	82
Proceeds from new term loans	129	-	1 200	116
Payment of capitalised borrowing costs	(1)	-	(8)	-
Repayment of term loan	(3)	(33)	(207)	(151)
Repayment of current interest-bearing liabilities	(20)	(3)	(54)	(13)
Interest paid on loans and borrowings	(20)	(6)	(55)	(22)
Other interest paid	(12)	-	-	-
Payment on lease liabilities - interest	(1)	(1)	(2)	(1)
Repayment on lease liabilities	(1)	(1)	(5)	(3)
Share capital increase	-	-	1	767
Payment for shares bought back	(29)	-	(29)	-
Dividends paid to NCI	(7)	-	(7)	-
Net cash flow from financing activities	36	(21)	830	760
Total change in cash and cash equivalents	15	(314)	(754)	424
Effect of exchange rate changes on cash and cash equivalents	(17)	(2)	(2)	(1)
Cash and cash equivalents at start of period	784	1 853	1 538	1 115
Cash and cash equivalents at end of period	782	1 538	782	1 538

Fourth quarter report 2023

Interim consolidated statement of changes in equity

	Attributable to parent company equity holders
		Paid in capital	Other Equity
	Share	Share	Treasury	Share based	Cash flow hedge	Exch.	Retained	Total other		Non controlling	Total
	capital	premium	shares	payment	reserves	diff.	earnings	equity	Total	interests	equity
Equity as at 01.01.2022:	59	2 676	-	6	3	(12)	(95)	(99)	2 636	-	2 636
Profit/loss for the period	-	-	-	-	-	-	118	118	118	3	122
Other comprehensive income	-	-	-	-	71	30	-	101	101	-	101
Total comprehensive income	-	-	-	-	71	30	118	219	219	3	223
Share capital increase	14	819	-	-	-	-	-	-	833	-	833
Repurchase own shares	-	-	-	-	-	-	-	-	-	-	-
Share based payments in the year	-	-	-	26	-	-	-	26	26	-	26
Transaction with non-controlling interest	-	-	-	-	-	-	-	-	-	-	-
Transaction with non-controlling interest from business combinations	-	-	-	-	-	-	-	-	-	77	77
Transfer to other equity	-	-	-	-	-	-	-	-	-	-	-
Equity as at 31.13.2022	73	3 495	-	31	74	18	24	146	3 714	80	3 794
Equity as at 01.01 2023:	73	3 495	-	31	74	18	24	146	3 714	80	3 794
Profit/loss for the period	-	-	-	-	-	-	275	275	275	(39)	236
Other comprehensive income	-	-	-	-	(23)	(18)	-	(41)	(41)	(47)	(87)
Total comprehensive income	-	-	-	-	(23)	(18)	275	234	234	(86)	148
Share capital increase	-	1	-	-	-	-	-	-	1	-	1
Repurchase own shares	-	-	(29)	-	-	-	-	-	(29)	-	(29)
Share based payments in the year	-	-	-	24	-	-	-	24	24	-	24
Transaction with non-controlling interest from business combinations	-	-	-	-	-	-	-	-	-	723	723
Transaction with non-controlling interest	-	-	-	-	-	-	2	2	2	(32)	(30)
Transfer to other equity	-	-	-	-	-	-	-	-	-	-	-
Equity as at 31.12.2023	73	3 496	(29)	55	51	-	300	405	3 945	685	4 631

Notes to the condensed interim consolidated financial statements

Note 1 General information

Corporate information

Cloudberry Clean Energy ASA ("Cloudberry"), its subsidiaries and investments in associated companies and joint ventures ("the Group") is an independent power producer, developing owning and operating renewable assets in the Nordics. The Company has an integrated business model across the life cycle of renewable power plants including project development, construction (normally outsourced), financing, ownership, management, and operations.

Cloudberry Clean Energy ASA is incorporated and domiciled in Norway. The address of its registered office is Frøyas gate 15, NO-0273 Oslo, Norway.

Cloudberry Clean Energy ASA was established on 10 November 2017. The Company is listed on the Oslo Stock Exchange main list (ticker: CLOUD).

The condensed interim consolidated financial statements for the fourth quarter of 2023 were authorized by the Board of Directors for issue on 14 February 2024.

The accounting policies applied by Cloudberry in these interim financial statements are consistent with those of the financial year 2022. The presentation currency is NOK (Norwegian Krone).

Note 2 Business combinations

There were no new business combinations during the fourth quarter of 2023, but the purchase price allocation related to the acquisition of Odin was updated during the quarter.

The updated purchase price allocation were related to adjustments of the following:

• · An update of the valuation model for the producing wind power assets
• · An adjustment of the final purchase price after adjusting the balances in the acquired entities
• · Updating with tax assessment for deferred tax of the acquired assets and liabilities, recognizing a deferred tax asset.

For further information about the transaction, please see the second quarter and first half year report, note 2 Business combinations for details.

The updated purchase price allocation is presented in the table below:

NOK million	Total
Acquisition date	31.05.2023
Voting rights/shareholding acquired through the acquisition	80%
Total voting rights after the acqusition	80%
Non-controlling interests	20%
Consideration (controlling interest)
Cash	2 061
Shares	-
Total acquisition cost (controlling interest)	2 061
Book value of net assets (see table below)	884
Identification of excess value. attributable to:
Intagible assets	7
Property, plant and equipment	1 546
Investment in associates and JV's	234
Short term assets
Other liabilities	(60)
Gross excess value	1 726
Deferred tax on excess value	10
Net excess value	1 736
Fair value of net acquired assets excluding goodwill	2 688
Of which
Non-controlling interest	723
Controlling interests	1 965
Total acquisition cost 100%	2 784
Goodwill (controlling interest)	95
Goodwill (non-controlling interest)	-
Goodwill (100%)	95
Total non-controlling interest	- 723

The table below presents the book value of net acquired assets in Odin Group:

NOK million	Total
Property, plant and equipment	1 026
Intangible assets	-
Investment in associates and JV's	106
Other non-current assets	18
Inventory	-
Other current assets	128
Cash and cash equivalents	29
Acquired assets	1 307
Non-current interest-bearing debt to financial institutions	336
Other non-current debt	46
Current liabilities	41
Deferred tax liability	-
Other	-
Net asset value aquired assets	884
Total acquisition cost	2 061
Non-cash consideration	21
Cash consideration	2 039
Cash in acquired company	(29)
Net cash outflow at acquisition	2 010

Note 3 Disposal of assets

There has been no disposal of assets during the fourth quarter of 2023. Please refer to the second quarter and first half year report, for details about the disposal of three hydro powerplants assets completed in the second quarter of 2023.

Note 4 Acquisition of 40% shares in Captiva Digital Services AS

On 20 December 2023 Cloudberry announced that it has acquired the remaining 40% shares in Captiva Digital Services AS (Captiva) from CCP AS. The first 60% was acquired in January 2022, please see the annual report for 2022 note 5 Business Combinations for further information about the initial transaction.

The purchase price for the shares was NOK 22.9m and was settled with cash payment.

The related non-controlling interest in Captiva that was acquired had a book value pre-transaction of NOK 25m, with the purchase price of NOK 23m it was recognized a loss of NOK 2m for the NCI in the statement of equity. The acquisition is accounted for as a transaction with non-controlling interest and is presented in the statement for equity.

Please note that the investments in Enestor AS, Kraftanmelding AS and Broentech AS remain with the same ownership share for Captiva and non-controlling interest in these investments amount to NOK 5m per year end for the Group.

Impairment

In the fourth quarter the Group prepared the annual impairment assessment for impairment indicators of intangible assets and the annual review of goodwill. At the same time related to the acquisition of the 40% shares in Captiva Digital Services AS, a valuation of the separate cash generating units in Captiva was prepared by management. The valuation was supported through a fairness opinion by a reputable third party. The valuation was used as a basis for the transaction price and therefor also the basis for the recoverable amount related to intangible assets and goodwill as it through the transaction, was considered to be at market terms and is assessed as fair value of the assets.

Therefore, the Group recognized an impairment loss related to intangible assets and goodwill of NOK -74m and NOK -25m respectively. Also, a tax income of NOK 10m from reversal of deferred tax was recognized. The net PL effect of the write downs was NOK 89m for the Group.

Note 5 Business segments

The Group reports its operations in four business segments.

• · Production is an active owner of renewable power assets in the Nordics.
• · Development is a green-field developer for hydro, wind and solar projects. Development has a solid track record of organic, in-house developments of wind and hydropower assets in Norway, Sweden & Denmark.
• · Operations is an asset manager and operator of renewable power assets, that also delivers industrial digital solutions.
• · Corporate is a cost-efficient segment that ensures management tasks for the Group like financing, marketing, reporting and other corporate activities.

The Group reports on proportionate financials (APM) for each business segment. Proportionate financials represent Cloudberry's proportionate share of the results of all entities and without eliminations based

on Cloudberry's economic interest. The reporting recognizes Cloudberry's proportionate share of results for entities that are not consolidated and consolidated subsidiaries held at less than 100%, excluding the share of non-controlling interest.

Proportionate financials are further defined and described in the APM section of this report.

The Odin portfolio which was acquired in second quarter 2023 is included in the Production segment.

The Group increased the ownership in Captiva from 60% to 100% on 19 December, Captiva is a part of the Operations segment. The fourth quarter segment reporting therefore includes a 60% ownership for the profit or loss statement until the acquisition date, while the balance sheet per year end is included based on 100% ownership.

The tables below show the proportionate segment reporting for the respective periods Q4 2023, Q4 2022, FY 2023 and FY 2022. The tables include a reconciliation to the Group consolidated IFRS reported figures. Please refer to the APM section of this report for further reconciliations to the Group IFRS reported figures.

Q4 2023					Total	Group	Elimination of equity consoli	Residual ownership for fully consoli	Total
NOK million	Production	Development	Operations	Corporate	Propor tionate	elimi nations	dated entities	dated entities	Consoli dated
Total revenue	119	14	11	2	146	(9)	(38)	33	133
Operating expenses ex depreciations and amortisations	(44)	(10)	(15)	(20)	(89)	8	17	(24)	(87)
Net income/(loss) from associated companies	-	-	-	-	-	-	(86)	-	(86)
EBITDA	75	4	(4)	(18)	58	(1)	(107)	9	(41)
Depreciation and amortisation	(55)	(72)	(57)	(1)	(185)	-	95	(53)	(143)
Operating profit (EBIT)	20	(68)	(61)	(19)	(128)	(1)	(12)	(43)	(184)
Net financial items	(28)	21	(1)	13	5	-	4	(2)	7
Profit/(loss) before tax	(9)	(47)	(62)	(6)	(123)	(1)	(8)	(45)	(177)
Total assets	5 705	924	184	539	7 352	(264)	(711)	325	6 702
Interest bearing debt	2 134	-	10	-	2 144	-	(626)	67	1 585
Cash	277	(67)	45	546	800	-	(80)	62	782

Q4 2022							Elimination of equity	Residual ownership for fully
					Total	Group	consoli	consoli	Total
NOK million	Production	Development	Operations	Corporate	Propor tionate	elimi nations	dated entities	dated entities	Consoli dated
Total revenue	123	4	10	-	136	(5)	(69)	12	75
Operating expenses ex depreciations and amortisations	(38)	(12)	(10)	(19)	(80)	9	22	(13)	(62)
Net income/(loss) from associated companies	-	-	-	-	-	-	21	-	21
EBITDA	85	(9)	(1)	(19)	57	4	(26)	-	34
Depreciation and amortisation	(11)	-	(1)	(1)	(13)	-	4	(1)	(10)
Operating profit (EBIT)	74	(9)	(2)	(20)	44	4	(21)	(1)	25
Net financial items	(19)	6	2	15	5	-	12	(1)	16
Profit/(loss) before tax	55	(3)	-	(4)	48	4	(9)	(2)	41
Total assets	3 132	381	179	2 178	5 870	(695)	(595)	23	4 603
Interest bearing debt	865	55	6	-	926	-	(591)	4	339
Cash	(131)	(21)	34	1 704	1 587	-	(122)	73	1 538
NIBD	996	76	(28)	(1 704)	(661)	-	(469)	(69)	(1 199)

FY 2023							Elimination of equity	Residual ownership for fully
NOK million	Production	Development	Operations	Corporate	Total Propor tionate	Group elimi nations	consoli dated entities	consoli dated entities	Total Consoli dated
Total revenue	655	15	38	2	711	(22)	(159)	80	610
Operating expenses ex depreciations and amortisations	(168)	(31)	(44)	(68)	(311)	20	75	(60)	(276)
Net income/(loss) from associated companies	-	-	-	-	-	-	(72)	-	(72)
EBITDA	487	(16)	(6)	(65)	400	(1)	(156)	20	262
Depreciation and amortisation	(136)	(72)	(64)	(3)	(275)	-	118	(68)	(225)
Operating profit (EBIT)	351	(88)	(70)	(68)	124	(1)	(38)	(49)	36
Net financial items	(40)	22	(1)	184	166	-	25	(2)	189
Profit/(loss) before tax	311	(66)	(71)	116	290	(1)	(13)	(51)	225
Total assets	5 705	924	184	539	7 352	(264)	(711)	325	6 702
Interest bearing debt	2 134	-	10	-	2 144	-	(626)	67	1 585
Cash	277	(67)	45	546	800	-	(80)	62	782
NIBD	1 857	67	(35)	(546)	1 344	-	(546)	5	803

FY 2022							Elimination of equity	Residual ownership for fully
NOK million	Production	Development	Operations	Corporate	Total Propor tionate	Group elimi nations	consoli dated entities	consoli dated entities	Total Consoli dated
Total revenue	402	207	38	-	646	(218)	(254)	43	217
Operating expenses ex depreciations and amortisations	(139)	(30)	(33)	(63)	(265)	25	94	(40)	(186)
Net income/(loss) from associated companies	-	-	-	-	-	-	120	-	120
EBITDA	262	177	4	(63)	381	(193)	(40)	3	151
Depreciation and amortisation	(38)	-	(6)	(3)	(48)	-	18	(5)	(35)
Operating profit (EBIT)	224	177	(2)	(66)	333	(193)	(22)	(2)	116
Net financial items	(19)	(9)	-	43	15	-	(10)	2	6
Profit/(loss) before tax	204	168	(2)	(22)	348	(193)	(33)	-	122
Total assets	3 132	381	179	2 178	5 870	(695)	(595)	23	4 603
Interest bearing debt	865	55	6	-	926	-	(591)	4	339
Cash	(131)	(21)	34	1 704	1 587	-	(122)	73	1 538
NIBD	996	76	(28)	(1 704)	(661)	-	(469)	(69)	(1 199)

Note 6 Net financial costs and significant fair value measures

Financial income

NOK million	Q4 2023	Q4 2022	FY 2023	FY 2022
Interest income	9	5	28	11
Other financial income	11	9	151	13
Exchange differences	28	2	130	44
Total financial income	48	16	309	67

Financial expense

NOK million	Q4 2023	Q4 2022	FY 2023	FY 2022
Interest expense	(35)	(7)	(60)	(24)
Other financial expense	(1)	18	(1)	(5)
Exchange differences	(3)	(15)	(62)	(45)
Capitalized interest	(2)	4	3	12
Total financial expense	(41)	-	(120)	(61)

In the fourth quarter, other financial income of NOK 11m relates to a gain on power price agreement swaps (PPA derivatives) (NOK 3m) and money market fund remeasurements (NOK 8m).

Exchange difference gains in financial income in the fourth quarter amount to NOK 28m, of which NOK 23m relate to internal debt and receivables and NOK 5m relate to bank deposits and debt in foreign currency.

The cash effect of interest payments and commitment fees relating to fixed long-term loans and debt facilities was NOK -20m in the fourth quarter.

Exchange difference losses in financial expenses in the fourth quarter amount to NOK -3m, of which NOK 1m relates to internal debt and receivables, and NOK -4m relates to bank deposits and debt in foreign currency.

Derivatives and fair value measures

The Group uses derivative financial instruments to hedge interest rate, currency, and power price risk exposures. Please see notes 8, 9 and 10 in the annual report for 2022 for details about financial risks, financial instruments, and hedge accounting.

The Group has entered into interest swap agreements related to the loan facilities on producing power plants. These derivatives are designated as hedging instruments and accounted for using hedge accounting principles.

The Group uses currency swaps to proactively hedge against currency risk exposure associated with future contractual obligations for capital expenditure and acquisitions with deferred settlement, such as the Odin transaction. These derivatives are accounted for by recognizing changes in fair value through the profit or loss statement. During the second quarter, these derivatives were settled, and as of reporting date, the Group does not hold any active currency swaps.

Additionally, the Group uses power price agreements to hedge against the power price risk. The Group has entered into the following power price agreements (PPAs):

• · A PPA at Bøen, classified as a financial instrument with changes in fair value recognized through the profit or loss statement.
• · A financial PPA for ~4 GWh, accounted for using hedge accounting, with changes in fair value recognized through OCI.
• · PPA agreements related to the Odin portfolio, recognized in the purchase price allocation. These agreements are accounted for as own use contracts in accordance with IFRS 15 sales revenue and will not be accounted for according to IFRS 9.
• · During the quarter, the Group entered into a three-year PPA for 39 GWh (31.5 GWh annual proportionate production) in DK1. The agreement will be accounted for as own use contract in accordance with IFRS 15 sales revenue and will not be accounted for according to IFRS 9.

The table below shows the fair value of the derivatives included in the balance sheet.

NOK million	31.12.2023	31.12.2022
Non-current derivative financial instrument asset	45	39
Current derivative financial instrument asset	-	-
Non-current derivative financial instrument liability	(39)	(25)
Current derivative financial instrument liability	(6)	-

As of the reporting date, the non-current derivative financial instrument asset relates to interest swap derivatives for NOK 35m and NOK 10m to power purchase agreement swaps. These derivative financial instrument assets are classified as financial assets and other non-current assets in the statement of financial position.

The non-current portion of the derivative financial instrument liability relates to interest swap derivatives for NOK 39m, while the current portion relates to the power purchase agreement at Bøen for NOK 6m. The PPA derivative liability is classified as a provision.

Note 7 Property, plant and equipment (PPE)

	Producing power	Power plant under		Right to use - lease
NOK million	plants	construction	Equipment	asset	Total
Carrying amount beginning of period	1 437	118	2	40	1 597
Additions from business combinations	2 415	-	-	157	2 572
Additions	1	536	-	-	537
Disposals	(483)	-	-	(1)	(484)
Transfer between groups	-	-	-	-	-
Transfer from inventory	-	26	-	-	26
Depreciations of the year	(94)	-	(1)	(13)	(109)
Impairments losses	-	-	-	-	-
Effect of movement in foreign exchange	(146)	4	1	(1)	(142)
Carrying amount at end of period	3 129	684	2	181	3 997
Estimated useful life (years)	25-50	N/A	5-10	5-50

During the fourth quarter, the increase in PPE was mainly related to power plants under construction related to Sundby with NOK 93m and Munkhyttan with NOK 17m.

The total contractual obligations at Sundby amount to EUR 50m of which EUR 47m is included in the table above, and the remaining CAPEX is EUR 3m. The total contractual obligation related to Munkhyttan is slightly above EUR 30m, of which EUR 6m is included in the table above and the remaining obligation is EUR 24m.

The construction project Øvre Kvemma will be financially closed after the commissioning period expected in first half of 2024 and the total contractual obligation is NOK 124m.

In the second quarter there were a significant increase in PPE through the acquisition of the Odin portfolio, with NOK 2 572m. Please note that the updated purchase price allocation per year end 2023 allocated further value to PPE compared to the initial allocation per June 2023. Please see further information about the acquisition and purchase price allocation in note 2 Business combinations in this report.

The Group disposed of three producing hydropower plants in the second quarter: Nessakraft, Selselva and Åmotsfoss, reducing the PPE balance with NOK 484m. Please see further information on the disposal in note 3 Disposal of assets in the second quarter and half year report for 2023.

Note 8 Inventory

	Projects - with
	construction	Projects -
NOK million	permit	Backlog	Total
Project inventory beginning of period	66	41	106
Acqusitions during the year	-	4	4
Capitalization (salary, borrowing cost, other expenses)	9	4	13
Disposals	-	-	-
Transfer to PPE	(26)	-	(26)
Write down current year	-	-	-
Effects of movements in foreign exchange	2	-	3
Project inventory end of period	51	49	99

Per year end the project with a construction permit was the wind project Duvhällen, which is located in the Swedish SE-3 price area.

Munkhyttan, for which a final investment decision was taken in second quarter has been transferred from Inventory to Property, Plant and Equipment for the commencement of its construction. Please see note 7 Property, plant and equipment in this report.

Note 9 Investment in associated companies and joint ventures

Investments in associated companies and joint ventures are accounted for using the equity method.

The table shows the summarized investments in associated companies and joint ventures included in the Groups balance sheet as of 31 December 2023:

Consolidated
Name of Entity		Place of	economic interest per
		business	31.12.23	Segment	Principal Activities
Forte Energy Norway AS with SPV's.	Assosiated company	Norway	34.0%	Production	Hydro power
Odal Vind AS	Assosiated company	Norway	33.4%	Production	Wind power
Odin portfolio (80% ownership):
Fåre Vindmøllelaug I/S	Assosiated company	Denmark	47.5%	Production	Wind power
Fløvej 33 I/S	Joint Venture	Denmark	50.0%	Production	Wind power
Nørgaard Vind I/S	Joint Venture	Denmark	50.0%	Production	Wind power
Østergaard Vindkraft I/S	Assosiated company	Denmark	20.0%	Production	Wind power
P/S Tændpibe Vind	Assosiated company	Denmark	15.0%	Production	Wind power
Stakroge Vindkraft I/S	Assosiated company	Denmark	25.9%	Production	Wind power
Stakroge VM4 I/S	Joint Venture	Denmark	50.0%	Production	Wind power
Vindtved Vindkraft I/S	Assosiated company	Denmark	37.6%	Production	Wind power
Volder Mark Vindkraft I/S	Assosiated company	Denmark	15.8%	Production	Wind power
Orreholmen Vindkraft AB	Joint Venture	Sweden	50.0%	Production	Wind power
Vetteberget Vindkraft AB	Joint Venture	Sweden	50.0%	Production	Wind power
Fossum Sol AS	Assosiated company	Norway	33.3%	Development	Solar power in construction permit process
Stenkalles Holding AS	Joint Venture	Sweden	50.0%	Development	Development project
Simpevarp AB	Joint Venture	Sweden	50.0%	Development	Offshore wind in construction permit process
Proxima Hydrotech AS	Assosiated company	Norway	33.3%	Operations	Management hydro

The Odin entities included in the table above (and in this note) represent only the entities in the Odin portfolio that utilize the equity accounting method in the consolidated Group accounts. Of the total 311 GWh proportionate share from the total Odin portfolio net to Cloudberry, these entities represent approximately 49 GWh proportionate to Cloudberry.

The table shows the summarized financial information in the Group accounts for equity accounted companies.

	Forte Energy
NOK million	Norway AS	Odal Vind AS	Odin portfolio	Other	Total
Book value as beginning of year	317	555	-	18	890
Conversion of debt to equity	-	-	-	84	84
Additions from business combinations	-	-	339	-	339
Share of profit/loss for the period	2	(10)	13	(67)	(62)
Depreciation of excess value	(3)	(1)	(5)	(1)	(10)
Dividend paid to the owners	-	(73)	(12)	-	(85)
Correction from previos years result	-	-	-	-	-
Currency translation differences	11	40	(22)	-	29
Items charges to equity	-	-	-	-	-
Book value at reporting date	328	511	313	35	1 186
Excess value beginning of year	133	19	-	1	153
Excess value at reporting date	130	18	217	-	366

Stenkalles in included in "Other" and represent the main figures in this column.

The tables show the summarized financial information for Forte Energy Norway AS "Forte", Odal Vind AS "Odal" and the Odin portfolio of associate and joint venture companies for the periods Q4 2023, Q4 2022, FY 2023 and FY 2022. These figures represent 100% of the companies' operations:

Revenue and balance total

Forte

NOK million	Q4 2023	Q4 2022	FY 2023	FY 2022
Revenue	14	43	119	337
EBITDA	6	32	63	170
Profit for the period	-10	1	6	153
Total assets	1 353	1 468	1 353	1 468
Total cash and cash equivalents	136	242	136	242
Long term debt	717	687	717	687
Total equity	553	538	553	538

Odal

NOK million	Q4 2023	Q4 2022	FY 2023	FY 2022
Revenue	52	158	270	405
EBITDA	18	104	129	307
Profit for the period	-83	63	-26	219
Total assets	2 615	2 717	2 615	2 717
Total cash and cash equivalents	66	83	66	83
Long term debt	952	907	952	907
Total equity	1 476	1 604	1 476	1 604

Odin Portfolio - Associates and joint ventures

NOK million	Q4 2023	Q4 2022	FY 2023	FY 2022
Revenue	95	-	105	-
EBITDA	83	-	88	-
Profit for the period	58	-	59	-
Total assets	552	-	552	-
Total cash and cash equivalents	3	-	3	-
Long term debt	170	-	170	-
Total equity	352	-	352	-

The tables below show Cloudberry's share of the summarized financial information (excluding excess values and depreciations) on a line-by-line basis for Forte, Odal and the Odin portfolio of associates and joint ventures respectively:

Revenue and balance based on Cloudberry ownership

NOK million	Q4 2023	Q4 2022	FY 2023	FY 2022
Revenue	5	15	40	114
EBITDA	2	11	22	58
Profit for the period	-3	0	2	52
Total assets	460	499	460	499
Total cash and cash equivalents	46	82	46	82
Long term debt	244	234	244	234
Total equity	188	183	188	183

Odal

Forte

NOK million	Q4 2023	Q4 2022	FY 2023	FY 2022
Revenue	17	53	90	135
EBITDA	6	35	43	102
Profit for the period	-28	21	-9	73
Total assets	873	908	873	908
Total cash and cash equivalents	22	28	22	28
Long term debt	318	303	318	303
Total equity	493	536	493	536

Odin Portfolio - Associates and joint ventures

NOK million	Q4 2023	Q4 2022	FY 2023	FY 2022
Revenue	23	-	25	-
EBITDA	20	-	20	-
Profit for the period	13	-	11	-
Total assets	144	-	144	-
Total cash and cash equivalents	1	-	1	-
Long term debt	57	-	57	-
Total equity	78	-	78	-

Fourth quarter report 2023

Note 10 Cash and cash equivalents

The Group has a corporate account agreement with SpareBank 1 SR-Bank for the Norwegian companies. No credit facility is incorporated in this agreement, but a larger facility with SpareBank 1 SR-Bank is established, see note 11 in this report.

The Group has the following cash and cash equivalents as per 31 December 2023:

NOK million	31.12.2023	31.12.2022
Bank deposits	468	541
Money market funds	314	998
Total cash and cash equivalents	782	1 538

Investments in money market funds consists of investments in the KLP fund and Fondsforvaltning. These placements are short-term and readily convertible to cash.

Restricted cash is not included in cash and cash equivalents, this is classified as other current assets.

Of the total bank deposits per 31 December, NOK 81m (NOK 96m per 31 Dec 2022) relates to Kraftanmelding AS, which is a company owned 50.1% in the Operations segment. The company is a power trade agent and receives settlements from spot sales before it settles with the power producers. Therefore, the cash position must be seen in relation to other short-term positions, current accounts payable, current provisions and other current debt and assets.

Note 11 Interest-bearing debt, corporate funding and guarantees

The Group has the following interest-bearing debt as per 31 December 2023.

NOK million	31.12.2023	31.12.2022
Non-current interest-bearing loans and borrowings	1 469	327
Non-current derivative liability related to hedge accounting	39	(1)
Current interest-bearing loans and borrowings	78	12
Total interest-bearing debt	1 585	338

In the third quarter 2023 the Group increased its credit facility with a bank syndicate comprising Sparebank 1 SR-Bank, Sparebank 1 Nord-Norge and Sparebank 1 Østlandet, securing an additional NOK 800m. As of reporting date, the total facility stands at NOK 2 200m, with the potential to raise it by an additional NOK 300m. The facility can be utilized for both construction and producing assets in Norway, Sweden and Denmark. The remaining consolidated debt is held within the Danish companies acquired under the Odin portfolio with local banks.

The interest rate on the term loans has a margin of less than 2% plus the benchmark rate (NIBOR/ STIBOR/CIBOR). The Group has a strategy to enter into interest swap agreements, swapping floating rates to fixed. All debt denominated in EUR, NOK and partially DKK has been swapped to fixed interest rates for periods exceeding 10 years. DKK loans amounting to a consolidated debt of DKK 312m currently remain on floating rates. The Group applies hedge accounting to account for its interest rate derivatives, see note 6 in this report.

The term loan with the bank syndicate is subject to financial covenants requiring minimum equity thresholds of NOK 1 800m and NOK 900m, as well as equity/debt ratio of both 30% for Cloudberry Clean Energy ASA and in Cloudberry Production AS, respectively. Additionally, a minimum cash balance of NOK 80m at Group level is required. The Group is remains in full compliance with all covenants and is not in any breach.

In fourth quarter the remaining debt related to Hån Vindpark was drawn from the facility, NOK 129m (EUR 11m) and used to refinance existing internal debt.

The following changes to long term borrowings have taken place in 2023:

• · New debt related to the following:
  • DKK 532m (NOK 844m) drawn related to the acquisition of the Odin portfolio from the bank facility.
  • EUR 18m (NOK 208m) drawn related to Hån Vindpark
  • NOK 148m drawn on Bøen and Usma power plants.
  • DKK 209m (NOK 336m) in consolidated debt from the Odin business combination
• · Settlement of debt related to disposed power plants of NOK 207m.
• · Reduction due to payment of principal amounts of NOK 54m (NOK 20m in fourth quarter).
• · Increase due to change of fair value of interest rate derivatives of NOK 39m.
• · Reduction of NOK 67m due to changes in exchange rates on debt in foreign currency

The resulting effect of the foreign exchange rate movement that was recognized in the profit or loss statement as other financial income was NOK 36m in the quarter and NOK 46m year to date.

New Guarantees 2023

The Group entered into a parent guarantee with Vestas related to the final investment decision on Munkhyttan and signing of the turbine contract in second quarter. The remaining amount obligated per reporting date was EUR 17m.

The Group has not entered into any other new guarantees in fourth quarter, please refer to note 24 in the annual report for 2022 for further information about guarantees and contractual obligations.

Note 12 Share buy-back program

The Group initiated a share buy-back program to repurchase up to 3,000,000 of its shares in order to enhance shareholder value by returning capital to shareholders. The buy-back program was authorized by the board of directors at the general meeting held on 28 September 2023 for the purchase of up to NOK 14.60 per share.

During the fourth quarter, The Group acquired 2,807,500 shares at an average of NOK 10.3197 per share. The total cost of ~NOK 29m was deducted from shareholder equity.

Given the potential value creation in the Nees Hede project (fully financed 140 MW solar net to Cloudberry), the buy-back program has not at present been prolonged into 2024 for capital preservation purposes. However, going forward Cloudberry sees share buy backs as an effective and accretive tool for value creation which will be continuously evaluated based on inter alia current market price and market opportunities. It is expected that Cloudberry will ask the general meeting in 2024 for a prolongation of a share buy-back authorization.

Note 13 Related parties

There were no material transactions entered with related parties per the fourth quarter of 2023, for further information about Group policies for related party transactions, refer to the annual report for 2022, note 27.

Note 14 Subsequent events

Subsequent to the quarter, Cloudberry has signed a share purchase agreement for Odin Energy Holding P/S to acquire the Nees Hede hybrid project comprising of 175 MW permitted solar (140 MW proportionate), and an additional 36 MW of potential wind power development (29 MW proportionate). Nees Hede is a climate park with a favorable ESG footprint and local acceptance, situated on the western part of Jutland in the attractive DK 1 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. Cloudberry will together with Skovgaard continue to develop the project with an aim to reach permit also for the wind project. Per the reporting date the permit for the wind project has been filed. However, 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 wind turbines can be added to the project at a later stage if successfully permitted, and still yielding the advantages of a hybrid project. The project is expected to be financed through existing cash at hand and project debt.

Closing of the transaction is expected in H1 2024. 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 - all numbers proportionate to Cloudberry.

Responsibility statement

We confirm to the best of our knowledge, that the condensed interim financial statement for the period 1 January 2023 to 31 December 2023 has been prepared in accordance with IFRS as adopted by EU, and that the information gives a true and fair view of the company's assets, liabilities, financial position and result for the period. We also confirm that presented information provides a fair overview of important events that have occurred during the period and their impact on the financial statements, key risk and uncertainty factors that Cloudberry's is facing during the next accounting period.

Oslo, 14 Februar 2024

The Board of Directors of Cloudberry Clean Energy ASA

Tove Feld Chair of the Board

Stefanie Witte Board member

Petter W. Borg Board member

Henrik Joelsson Board member

Benedicte Fossum

Board member

Alexandra Koefoed Board member

Nicolai Nordstrand Board member

Anders J. Lenborg CEO

Alternative Performance Measures

The alternative performance measures (APMs) provided by the Group are a supplement to the financial statements prepared in accordance with IFRS. The APMs are frequently used by analysts, investors, and other parties as supplementary information.

The purpose of the APMs, both financial and non-financial, is to provide an enhanced insight to the operations, financing, and future prospects for the Group. Management also uses these measures internally for key performance measures (KPIs). They represent the most important measures to support the strategy goals. Financial APMs should

not be considered as a substitute for measures of performance in accordance with IFRS. APMs are calculated consistently over time and are based on financial data presented in accordance with IFRS and other operational data as described below. The Group uses the following financial APMs:

Measure	Description	Reason for including
EBITDA	EBITDA is net earnings before interest, tax, depreciation, amortization & impairments.	Shows performance regardless of capital structure, tax situation or effects arising from different depreciation methods. Management believes the measurement enables an evaluation of operating performance.
EBIT	EBIT is net earnings before interest and tax.	Shows performance regardless of capital structure and tax situation. Management believes the measurement enables an evaluation of operating performance.
Net interest-bearing debt (NIBD)	Net interest-bearing debt is interest bearing debt, less cash, and cash equivalents. IFRS 16 leasing liabilities are not included in the net interest-bearing debt.	Shows the interest-bearing debt position of the company adjusted for the cash position. Management believes the measure provides an indicator of net indebtedness and risk.
Equity ratio	Equity ratio equals total equity divided by total assets	Shows the equity relative to the assets. Management believes the measurement enables an evaluation of the financial strength and is an indicator of risk.

Financial APMs

Reconciliation of financial APMs (consolidated figures)

NOK million	Q4 2023	Q4 2022	FY 2023	FY 2022
EBITDA	(41)	33	262	151
EBIT	(184)	23	36	116
Equity ratio	69%	82%	69%	82%
Net interest bearing debt (NIBD)	803	(1 199)	803	(1 199)

NOK million	Q4 2023	Q4 2022	FY 2023	FY 2022
Non-current interest bearing debt	1 507	327	1 507	327
Current interest bearing debt	78	12	78	12
Cash and cash equivalent	(782)	(1 538)	(782)	(1 538)
Net interest bearing debt (NIBD)	803	(1 199)	803	(1 199)

NOK million	Q4 2023	Q4 2022	FY 2023	FY 2022
Operating profit (EBIT)	(184)	23	36	116
Depreciations and amortizations	143	10	225	35
EBITDA	(41)	33	262	151

Reconciliation of financial APMs (proportionate figures)

NOK million	Q4 2023	Q4 2022	FY 2023	FY 2022
Total revenue	146	136	711	646
Operating expenses	(89)	(80)	(311)	(265)
EBITDA	58	57	400	381

NOK million	Q4 2023	Q4 2022	FY 2023	FY 2022
Interest bearing debt	2 144	926	2 144	926
Cash and cash equivalent	(800)	(1 587)	(800)	(1 587)
Net interest bearing debt (NIBD)	1 344	(661)	1 344	(661)

Proportionate Financials

The Group introduces Proportionate Financials, as the Group is of the opinion that this method improves transparency and earnings visibility, and also aligns with internal management reporting. The Group's segment financials are reported on a proportionate basis.

The key differences between the proportionate and the consolidated IFRS financials are that all entities are included with the Group respective ownership share:

• · Associated companies (ownership between 20%- 49%) or joint ventures (ownership 50%) are included in the financial statement lines, the profit or loss statement and share of assets and net debt, with the respective proportionate ownership share. In the consolidated financials associated companies and joint ventures are consolidated using the equity method.
• · Subsidiaries that have non-controlling interests (ownership between 50%-99%) are presented with only the Group controlled ownership share, while in the consolidated financials they are included with 100%.
• · Group internal revenues, expenses and profits are eliminated in the consolidated financial statements, while in the proportionate financials, internal revenues and expenses, are retained.
• · Proportionate interest-bearing debt and NIBD does not include shareholder loans.

From the consolidated IFRS reported figures, to arrive at the proportionate figures for the respective periods the Group has:

A: Added back eliminated internal profit or loss items and internal debt and assets, column A.

B: Replaced the equity accounted net profit from associated companies in the period with items in column C and D. Replaced the investment in shares in associated companies including historical share of profit or loss (asset value) with balance sheet items in column C and D.

C: Reclassified excess value items included in the equity method to the respective line in the Profit or loss statement, and in the balance sheet.

D: Included the proportionate share of the line in the profit or loss statement items (respectively: revenues, operating expenses, depreciations and amortizations and net finance items) and the balance sheet items (total assets, interest bearing debt and cash) for the respective associated company.

E: Excluded residual ownership share related to non-controlling interest in the respective accounting lines.

The tables below reconcile the consolidated Group figures with the proportionate financial for the periods Q4 2023, Q4 2022, FY 2023 and FY 2022:

Q4 2023

		A	B	C	D	E
NOK million	Total consolidated	Other eliminations group	Equity accounted	Excess value	Proportionate share of line items ass. comp.	Residual ownership fully consolidated entitied	Total proportionate
Total revenue	133	9	-	-	38	(34)	146
Operating expenses ex depreciations and amortisations	(87)	(8)	-	-	(18)	24	(89)
Net income/(loss) from associated companies	(86)	-	86	-	-	-	-
EBITDA	(41)	1	86	-	21	(10)	58
Depreciation and amortisation	(143)	-	-	(83)	(13)	53	(185)
Operating profit (EBIT)	(184)	1	86	(83)	8	43	(128)
Net financial items	7	-	-	-	(4)	2	5
Profit/(loss) before tax	(177)	1	86	(83)	4	45	(123)
Total assets	6 702	264	(1 186)	366	1 532	(325)	7 352
Interest bearing debt	1 585	-	-	-	626	(67)	2 144
Cash	782	-	-	-	80	(62)	800
NIBD	803	-	-	-	546	69	1 344

Q4 2022

		A	B	C	D	E
NOK million	Total Consolidated	Other eliminations group	Equity accounted	Excess value	Proportionate share of line items ass. comp.	Residual ownership fully consolidated entitied	Total proportionate
Total revenue	75	5	-	-	69	(12)	137
Operating expenses ex depreciations and amortisations	(62)	(9)	-	-	(21)	13	(80)
Net income/(loss) from associated companies	21	-	(21)	-	-	-	-
EBITDA	34	(4)	(21)	-	47	1	57
Depreciation and amortisation	(10)	-	-	(1)	(3)	1	(13)
Operating profit (EBIT)	25	(4)	(21)	(1)	45	2	44
Net financial items	16	-	-	-	(12)	-	5
Profit/(loss) before tax	41	(4)	(21)	(1)	33	2	48
							-
Total assets	4 603	695	(890)	156	1 330	(23)	5 870
Interest bearing debt	339	-	-	-	591	(4)	926
Cash	1 538	-	-	-	122	(73)	1 587
NIBD	(1 199)	-	-	-	469	69	(661)

FY 2023

		A	B	C	D	E
NOK million	Total consolidated	Other eliminations group	Equity accounted	Excess value	Proportionate share of line items ass. comp.	Residual ownership fully consolidated entitied	Total proportionate
Total revenue	610	22	-	-	159	(80)	711
Operating expenses ex depreciations and amortisations	(276)	(20)	-	-	(75)	60	(311)
Net income/(loss) from associated companies	(72)	-	72	-	-	-	-
EBITDA	262	1	72	-	84	(20)	400
Depreciation and amortisation	(225)	-	-	(78)	(40)	69	(275)
Operating profit (EBIT)	36	1	72	(78)	44	49	124
Net financial items	189	-	-	-	(25)	2	166
Profit/(loss) before tax	225	1	72	(78)	19	51	290
Total assets	6 702	264	(1 186)	366	1 532	(325)	7 352
Interest bearing debt	1 585	-	-	-	626	(67)	2 144
Cash	782	-	-	-	80	(62)	800
NIBD	803	-	-	-	546	69	1 344

FY 2022

		A	B	C	D	E
NOK million	Total consolidated	Other eliminations group	Equity accounted	Excess value	Proportionate share of line items ass. comp.	Residual ownership fully consolidated entitied	Total proportionate
Total revenue	217	218	-	-	254	(43)	646
Operating expenses ex depreciations and amortisations	(186)	(25)	-	-	(94)	40	(264)
Net income/(loss) from associated companies	120	-	(120)	-	-	-	-
EBITDA	151	193	(120)	-	161	(3)	381
Depreciation and amortisation	(27)	-	-	(3)	(15)	5	(40)
Operating profit (EBIT)	116	193	(120)	(3)	146	2	341
Net financial items	6	-	-		10	(2)	15
Profit/(loss) before tax	122	193	(120)	(3)	156	1	356
Total assets	4 603	695	(890)	156	1 330	(23)	5 870
Interest bearing debt	339	-	-	-	591	(4)	926
Cash	1 538	-	-	-	122	(73)	1 587
NIBD	(1 199)	-	-	-	469	69	(661)

Non-financial APMs

Measure	Description	Reason for including
Power Production	Power delivered to the grid over the defined time period (one year). Units are measured in GWh. A typical 4 MW turbine produces 3 000 full-load hours during a year. 4 MW x 3 000 hours = 12 000 MWh or 12 GWh. For power production estimates the normalized annual level of power production (GWh) is used. This may deviate from actual production within a single 12-month period but is the best estimate for annual production over a period of several years. Defined as "Normalized production".	Shows Cloudberry's total production in GWh for the full year including the proportionate share of the production from Cloudberry's associated companies.
Production & under construction, secured	At the time of measure, the estimated power output of the secured production and under construction portfolio. The measure is at year-end. Units are measured in MW.	Shows Cloudberry's total portfolio of secured projects that are either producing or under construction.
Construction Permits	At the time of measure, the estimated total power output to be installed in projects with construction permit. Construction Permit is at the stage when concession has been granted, but before a final investment decision has been made. The measure is at year-end. Units are measured in MW.	Shows Cloudberry's total portfolio of projects with construction permits.
Backlog	At the time of measure, the estimated total effect to be installed related to projects that are exclusive to the Group and are in a concession application process. The measure is at year-end. Units are measured in MW	Shows Cloudberry's portfolio of project where Cloudberry has an exclusive right to the projects. The projects are still under development.
Direct emissions	Measured in tons of CO2 equivalents. The use of fossil fuels for transportation or combustion in owned, leased or rented assets. It also includes emissions from industrial processes.	Shows Cloudberry's direct emissions (Scope 1, GHG emissions) reporting quarterly from 2023.
Indirect emissions	Measured in tons of CO2 equivalents. Related to purchased energy; electricity and heating/cooling where the organisation has operational control. The electricity emission factors used are based on electricity production mixes from statistics made public by the IEA. Emissions from value chain activities are a result of the Group's upstream and downstream activities, which are not controlled by the Group. Examples are consumption of products, business travel, goods transportation, and waste handling.	Shows Cloudberry's indirect emissions (Scope 2 and Scope 3, GHG emissions) reporting quarterly from 2023.
CO2 reduction	Refers to the reduction of greenhouse gas emissions relative to baseline emissions from the European electricity mix (EU-27 electricity mix, IEA 222).	Shows Cloudberry's reduction of greenhouse gases quarterly relative to the European Electricity mix (EU-27 electricity mix, IEA 2022).
Work injuries incl. sub-contractors	Related to incidents causing harm to people's health and safety, and serious material and environmental damage.	Shows Cloudberry's total work injuries including sub-contractors resulting in lost time work.

Measure	Description	Reason for including
Employee engagement index	The results from the measured Employee engagement index, where 6 is the maximum possible score.	Shows the result on diversity, equity, and inclusion (DEI) index within Cloudberry. The index is annually updated.
Equal opportunities index	The results from the measured Equal opportunities index, where 6 is the maximum possible score.	Shows the result on diversity, equity, and inclusion (DEI) index within Cloudberry. The index is updated annually.
Female employees, managers and BoD	Highlights Cloudberry`s gender balance in the organization and sets gender balance targets.	Shows the total number female employees, management positions and BoD as a percentage of all.
Prescreening of suppliers	Declaration form used as a basis for pre-screening of suppliers of products and services to Cloudberry, reflects regulatory requirements, quality, sustainability topics and Health, Safety and Environment (HSE),	The number in percentage of suppliers prescreened.
Whistle-blowing incidents	A whistleblowing channel is available on our website to all our employees, suppliers, partners, and other stakeholders. All notifications may be reported anonymously, and the whistleblowing channel is operated by an independent third party. Cloudberry wants to be made aware of all and any irregularities or concerns regarding the organization and the business.	Shows the number of confirmed incidents of whistleblowing.
Compliance training	Compliance with all laws and regulations is of the highest importance to Cloudberry.	Show the number of employees that are trained annually in compliance and ethical guideline.

1 https://www.iea.org/data-and-statistics/?country=WEOEUR&fuel=Energy%20consumption&indicator=ElecConsPerCapita (accessed 14 June 2021).

Cloudberry Clean Energy ASA Frøyas gate 15 0273 Oslo, Norway

contact@cloudberry.no

cloudberry.no