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04 November 2025 Cloudberry Clean Energy Third quarter report - 2025 Øvre Ullestad
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Disclaimer 2 This company presentation (the "Presentation") has been prepared by Cloudberry Clean Energy ASA (the "Company") and its subsi dia ries (together the "Group") and is made solely for information purposes. This Presentation does not constitute any recommendation to buy, sell or otherwise transact with any se cur ities issued by or pertaining to the Company or any member of the Group. This Presentation may include forward - looking statements that reflect the Group's current views with respect to future events an d financial and operational performance of the Group and/or the industry in which the Group Operates. These forward - looking statements may be identified by the use of forward - looking words such as "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", or similar expressions. These forw ard - looking statements are not historic facts. Readers of this Presentation are cautioned that forward - looking statements are not guarantees of future performance and that the Group's actual financial position, operating results and liquidity, and the development of the industry in which the Group operates, may differ materially from those made in, or suggested, by the f orw ard - looking statements contained in this Presentation. No member of the Group can guarantee that the intentions, beliefs or current expectations upon which its forward - looking statements are based will occur. By their nature, forward - looking statements involve, and are subject to, known and unknown risks, uncertainties and assumptions as they relate to events and d epe nd on circumstances that may or may not occur in the future. Because of these known and unknown risks, uncertainties and assumptions, the outcome may differ materially from those se t out in the forward - looking statements. These forward - looking statements speak only as of the date on which they are made. No member of the Group or any officer or employee of the Gr oup undertakes no obligation to publicly update or publicly revise any forward - looking statement, whether as a result of new information, future events or otherwise, except as required by law. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, any information, inclu din g but not limited to projections, estimates, targets and opinions, contained herein, and no responsibility or liability whatsoever is accepted as to any errors, omissions or misstate men ts contained herein. Accordingly, no member of the Group or any officer or employee of the Group accept any responsibility or liability whatsoever arising directly or indirectly from th e u se of this Presentation and the information contained herein. All information set forth in the Presentation may change materially and without notice. In making the Presentation public the Co mpany undertakes no obligation to provide additional information or to make updates thereto. The information set forth in the Presentation should be considered in the context of the circumstances prevailing at the date hereof and has not been and will not be updated to reflect material developments which may occur after such date. The contents of this Presentation shall not be construed as legal, business or tax advice, and the furnishing of this Present ati on should not be considered as the giving of investment advice by any member of the Group or any of their directors, officers, agents, employees or advisers. Prospective investors should c ons ult its own legal, business or tax advisor as to legal, business or tax advice. Alternative performance measures (APM) used in this presentation are further described and presented in the unaudited interim fi nancial report for the Group. This presentation is subject to Norwegian law and any dispute arising in respect of this presentation is subject to the exclu siv e jurisdiction of Norwegian courts with Oslo district court as legal venue. By reviewing this Presentation, you accept to be bound by the terms above.
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Highlights & strategy Key Financials Market & summary 3 Agenda Tverrdalselvi
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Production capacity (MW) 1 27 61 148 267 346 336 YE 2020 YE 2021 YE 2022 YE 2023 YE 2024 Q3 2025 Power production (GWh) 1 35 70 155 145 177 Q3 2021 Q3 2022 Q3 2023 Q3 2024 Q3 2025 Q3 2025 highlights 4 Note: Numbers in brackets represents the comparable quarter last year 1) Proportionate figures; alternative performance measures (“APM ”) • Cloudberry and Swiss Life form one of the Nordics' largest small - scale hydro platforms with Cloudberry as the controlling shareholder • Through this transaction, Cloudberry increased its proportionate hydro production from ~200 GWh to ~300 GWh and the consolidated hydro portfolio is now ~500 GWh • Cloudberry’s hydro assets were priced at ~1.9x of current book values in the transaction • Cloudberry and Hafslund reached final investment decision for the 24MW/48 MWh Dingelsundet Battery Project in SE - 3 • In Odal, all turbines are operational and a dividend of EUR 5m proportionate to Cloudberry from the restricted cash balance has been declared subsequent to the quarter Revenue Balance EBITDA Market Consolidated: NOK 130m (84m) Proportionate: NOK 158m (88m) Q3 2025 LTM proportionate: NOK 727m Consolidated: NOK 143m (13m) Proportionate: NOK 36m (14m) Q3 2025 LTM proportionate: NOK 319m Proportionate cash position: NOK 827m Consolidated booked equity: NOK 5,361m Strong balance sheet Realized power price: NOK 0.61/kWh (NOK 0.47) Proportionate production: 177 GWh (145 GWh) Avoided emissions: 44,000 tCO2e (34,000tCO2e) Portfolio Updates
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End to end provider of renewable energy in the Nordics 5 The Cloudberry business model 1) Portfolio based on net ownership (proportionate figures Develop Own Operate Local developer, owner and operator of renewables in the Nordics The responsible way Sustainable value creation Type Capacity 1) Backlog 1,357 MW >2,500 MW Pipeline Annual Production 1) In production 336 MW 1,033 GWh Under construction 52 MW 91 GWh Construction permit 256 MW 331 GWh Assets in production and under constructions (MW 1 ) Karlstad Office 13 1 3 4 5 6 7 8 9 10 12 13 HQ Oslo Norway Sweden 1 Eskilstuna Office Denmark Lemvig Office Gothenburg Office 155 103 129
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6 A diversified and growing production portfolio across the Nordics 2020 2022 2024 Run - rate producing assets and projects under construction 1 ) 21 GWh 63% 37% 21% 25% 40% 13% 1,124 GWh 34% 15% 23% 27% Norway Sweden Denmark Totals Legend Annual production 1) Annual run - rate production for assets and projects under construction based on normalized production 268 GWh 32% 68% 674 GWh 1%
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7 Strong portfolio growth since listing 1) Asset portfolio per reporting date with proportionate ownership to Cloudberry Permitted projects and backlog growth 1) 27 61 148 267 346 336 82 89 40 27 52 3 12 IPO 2020 2021 2022 2023 2024 15 109 150 188 294 346 Producing Under construction Permitted MW 280 151 218 128 200 312 256 370 388 480 625 1,239 1,357 IPO 2020 2021 2022 2023 2024 521 606 608 825 1,551 Backlog MW Q3 2025 388 Q3 2025 1,613 Producing portfolio development 1)
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8 1) Numbers proportionate to respective portfolio and represents producing assets and assets under construction. The figures i mpl ies 100% basis for FEN and Cloud assets and proportionate to the FVK portfolio where there are two assets with minorities Creating a leading , industrial hydro power developer and producer 100% Forte Vannkraft (FVK) Before 1) After 1) Forte Energy (FEN) Cloudberry plants 204 GWh 254 GWh 73 GWh Forte Energy (FEN) 254 GWh Forte Vannkraft (FVK) 277 GWh 100% <50% >50% 60% 40% 55% 45% Portfolio growth >100 GWh net growth in Cloudberry’s hydro power exposure (+50%) Operational control and management on >1 TWh hydro power Strategic position From minority shareholder to industrial lead on ~500 GWh portfolio Creating a top 3 player in the Norwegian small scale hydro power market – a limited European resource Improved capability Improved capabilities on early - stage development and construction Merging a strong foundation for technical and commercial expertise Showcasing underlying asset values Cloud assets sold to FVK at ~1.9x book values A gain of NOK 110m was recorded in the consolidated accounts, following consolidation at fair market value for the FEN portfolio Showcasing underlying excess values from asset appreciations in the Cloudberry platform
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Strategic growth initiatives in 2025 9 Danish expansion Strengthening Danish presence and adding 160 GWh to the production portfolio. Closed in Q1 2025. Divested Svåheia in Q2 2025 at same price as acquired for from Skovgaard What Accretive transaction partly financed through share issuance at NOK 17 per share (52% premium) The valuation for Svåheia is based on the same principles as the remaining assets in the transaction supporting the overall valuation Why 160 GWh expansion Financed at ~52% share premium in Q1 25 Hydro expansion Entered into a partnership with Swiss Life. Collaboration brings increased development and construction competence and a strengthened industrial network What Increased proportionate hydro production from ~200 GWh to ~300 GWh. Consolidated hydro portfolio of 500 GWh of producing and under - construction hydro power plants Why Established one of the Nordics largest small - scale hydro platforms Sveaskog Partnership Partnered with Sveaskog (30%) on the Älgfallet backlog project. Marks the start of a long - term partnership with a shared ambition to explore similar opportunities What Partnering up with the landowner, Sveaskog , to increase local goodwill and permit probability Why One of Europe's largest land - owners The partners Hafslund and Cloudberry has reached FID for the BESS project, located outside Karlstad, Sweden. The project's size will be 24 MW/ 48 MWh with 50/50 ownership What Dingelsundet Utilizing the existing grid connection to create a profitable battery project on the back of strong market fundamentals Why Reached final investment decision (FID) for phase one Note: Non exhaustive list
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Cloudberry ’s strategic focus 2025 and onwards Fully financed industrial platform Funded Profitable Capable Profitability over growth Executing on our projects Regions Hydro Wind Solar Storage DK1 & DK2 NO1, NO2 & NO5 SE3 & SE4 FI Exploring Where to play 1) Proven and uncorrelated technologies Accretive capital recycling to fuel growth Taking advantage of the cyclicality within the industry (flexible business model) Focus on the most profitable projects in the right areas. Prioritizing hybrid projects Key items Capital discipline remains a top priority Strong cash position and strong balance sheet to support future projects Untapped bank facility from local savings banks Delivering projects on time and cost in line with historic performance Capability showcased through achieved collaborations with large landowners (Holmen and Sveaskog ), with possibility for growth Enhanced focus on maturing the projects to showcase value 1) Dark red represents key focus areas 10
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11 • No recordable HSE incidents or environmental damages in Q3 2025 • No whistle - blowing incidents or breaches of compliance was detected in Q3 2025 • Avoided emissions of 44,000 t CO2e during Q3 2025 compared to 34,000 t CO2e in Q3 2024 1) • Achieved the highest ESG rating in the Energy & Utility sector (91% rating vs. industry median of 26%) according to DNB Carnegie’s ESG Report • Odal Wind farm received a third - party verification that the wind farm compensates for all of its energy consumption (LCA 2 ) in < 10 months 1 ) Relative to baseline emissions from the European electricity mix (EU - 27 electricity mix, IEA 2024) 2) Life Cycle Analysis – from raw material extraction/construction to decommissioning/end - of - life treatment Main ESG updates Q3 2025 From HSE drill at Sundby Wind farm Educational outreach at Rinman Science College, challenging students to balance climate priorities and the interests of the local community
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Key Financials Hån
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13 Capital discipline as a foundation for continuous growth NOK million Fundamental value creation Combined with low financial risk 1,653 3,815 5,870 7,363 8,068 8,899 499 826 926 2,098 2,645 3,208 1,055 2,636 3,714 3,932 4,105 4,672 2020 2021 2022 2023 2024 Q3 2025 Proportionate Assets Proportionate interest bearing debt Consolidated equity (excl NCI)
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14 Financial position Q3 2025 (consolidated) • Strong balance sheet and low debt. Equity ratio of 58% • Large balance sheet growth following the consolidation of Forte Vannkraft (FVK) and Forte Energy Norway (FEN) portfolio explaining the main difference compared to the same quarter last year. Please see the quarterly report for more information • Strong support from local saving banks. Attractive debt facility in place of NOK 2.2 billion with ~NOK 500m currently undrawn • Financials Q3’25 (proportionate): • Total assets: NOK 8 , 899 m • Interest bearing loans and borrowings: NOK 3, 208 m • Cash and cash equivalents of NOK 827m • Per Q3 2025, ~70% of proportionate interest - bearing debt is fixed at long term agreements at an all - in rate of below 4% with a weighted average tenure of ~10 years Comments 6933 4789 706 1760 9216 5361 832 3296 Total asset Total equity Cash and cash equivalents Interest-bearing loans and borrowings NOK million Q3 2025 Q3 2024
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15 Profitable growth from year of listing Robust performance through a challenging renewable market Large gains in 2022, 2023 and 2024 explaining drop to LTM Q3 2025 A combination of growth in production volumes, in - house development and successful recycling of capital has significantly increased the groups profitability NOK million - 27 - 25 381 401 431 319 - 30 - 32 151 263 309 303 2020 2021 2022 2023 2024 LTM Q3 2025 Proportionate EBITDA Consolidated EBITDA
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16 • Third quarter financials significantly impacted by the completion of the Forte transaction at the beginning of the quarter • Cloudberry has obtained control of Forte Vannkraft AS and increased its ownership in Forte Energy Norway AS (FEN) to 55%, requiring both entities to be fully consolidated into the Group’s accounts • A gain of NOK 110m was recorded over the quarter resulting from a step - up to fair value of Cloudberry’s previously held interests in FEN at the time control was obtained , showcasing the underlying values of the portfolio compared to book values • Please see the quarterly report for more information about the transaction and how it impacts the accounts • Proportionate and consolidated revenues and EBITDA increased compared to the same quarter last year due to increased power production and average realised price • A catch - up effect of NOK 7m in operating expenses was charged to the quarter, relating to prior quarters in 2025, and transaction - related expenses amounted to NOK 4m in the quarter, both reducing consolidated and proportionate EBITDA for the quarter Profit or loss Q3 2025 Comments Consolidated key figures Proportionate key figures NOK million EBITDA Revenue EBITDA Revenue NOK million 84 130 13 143 Q3 2024 Q3 2025 88 158 14 36 Q3 2024 Q3 2025
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17 • Power production increased to 177 GWh (145 GWh in Q3’24) • Wind power production totaled 119 GWh (85 GWh in Q3’24) • Hydro power production totaled 58 GWh (60 GWh in Q3’24) • Cloudberry realized an average net power price of NOK 0.61 per kWh (NOK 0.47 per kWh in Q3’24) compared to the Nordic system price of NOK 0.43 per kWh over the quarter • This showcases Cloudberry’s favorable portfolio composition in the relatively higher southern price areas compared to the theoretical average of the Nordic region • Quarterly and LTM figures are impacted by accretive hydro sales in Q2 2024 of NOK 109m and a large warranty settlement in Odal recorded in Q2 2024 from availability warranty. See Q2 2024 report for further information. • LTM production increased from 618 GWh per Q3 2024 to 783 GWh per Q3 2025 • Excluding these effects, proportionate sales revenues increased driven primarily by higher production volumes through a larger production portfolio, despite low recorded wind speeds impacting 2025 financials Commercial segment (proportionate) Comments 66 26 119 58 Revenue EBITDA Third Quarter 2025 NOK million 572 403 508 281 Revenue EBITDA Last 12 months NOK million Q3 2025 Q3 2024 Q3 2025 LTM Q3 2024 LTM
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Profit or loss (proportionate segment reporting) Projects segment • Revenues increase is primarily explained by revenues from Norhard which was acquired through the Forte transaction at the beginning of the quarter • EBITDA decreased compared to same quarter last year. Norhard is included with positive NOK 3m in EBITDA effect offset by increased Projects activities following the Forte transaction • Backlog has increased to 1,357MW (1,033 MW last year). Expanding and advancing the backlog is a significant value driver for the segment, though financial outcomes will fluctuate based on project realizations Asset Management segment • The Forte Transaction will increase the volume of small - scale hydro power assets and establishing a strong platform for future growth in hydro asset management which will be evident in Q4 • Over 2025 the segment has started to realize the impact of the improvement program with cost reduction and improved revenues when adjusting for a gain of NOK 8m recorded in Q3 2024 Corporate segment • Growth in costs primarily driven by NOK 4m in transaction costs and non - cash warrant costs of NOK 6m compared to NOK 4m in the same quarter last year Comments 18 Includes alternative performance measure (APM), see definition in quarterly report and annual report NOK million Q3 2025 Q3 2024 YTD 2025 YTD 2024 FY 2024 Revenues and other income 158 88 467 515 776 Projects 20 2 25 13 141 Commercial 119 66 391 453 569 Asset Management 19 20 50 49 65 Corporate 0 0 1 0 1 EBITDA 36 14 152 264 431 Projects - 8 - 7 - 16 - 16 100 Commercial 58 26 212 328 396 Asset Management 1 7 0 - 3 - 3 Corporate - 16 - 11 - 44 - 44 - 62 Power production (GWh) 177 145 570 461 674
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Market & summary Sundby
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0 20 40 60 80 100 120 140 160 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 2034 2024 NOK0.60/kWh 2023 NOK 0.75/kWh Key market drivers and updates Favorable market developments Falling capex prices, increasing power prices and European long - term interest rates below 3% Positive outlook for power prices 20 EUR/MWh – Thema Nordic price estimates (not inflation adj.) Positive shift in the long - term power prices Strong demand for new renewable energy from an expected surge in datacenter activity in the Nordics EU driving the energy transition through EU Fitfor55, RePowerEU , Net Zero Industry Act and The Clean Industrial Deal Southern part of Norway and Sweden quickly running into a power deficits Source: Thema Sept 2025 report (latest available). 2025 represents actuals until ad including Okt 25 and forward prices for the remaining of 2025. Average annual FX have been used for historical periods LTM Q3 2025 NOK 0.63/kWh Cloudberry realized price 2022 NOK 1.49/kWh
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Perfectly positioned A flexible local renewable platform to push the energy transition in the Nordics Focusing on the profitable and uncorrelated technologies where we see the most value Strategy Delivering on our development and construction projects while increasing our project portfolio. Increased hydro capabilities through the Forte transaction A strong balance sheet enables growth Value Falling capex with battery/storage – taking advantage of near - term possibilities Strong drive towards sustainable energy Market 21