Slides
Page 1
10 February 2026 Cloudberry Clean Energy Fourth quarter report - 2025 Setredalen
Page 2
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.
Page 3
Highlights & strategy Key Financials Market & summary 3 Agenda Tverrdalselvi Anga
Page 4
Production capacity (MW) 1 27 59 142 267 346 339 109 149 182 294 346 388 YE 2020 YE 2021 YE 2022 YE 2023 YE 2024 YE 2025 Power production (GWh) 1 48 95 157 213 218 Q4 2021 Q4 2022 Q4 2023 Q4 2024 Q4 2025 Q4 2025 highlights 4 Note: Numbers in brackets represents the comparable quarter last year 1) Proportionate figures; alternative performance measures (“APM”). • Initiated a cost reduction program expected to deliver at least NOK 30m in annual savings, including an approximate 20% reduction in FTEs following a strategic refocus within the Projects segment • Taken advantage of a distressed situation to carve out and acquire the 18 MW wind project Frostnäs (SE - 4) for EUR 0.4m • Received a dividend of EUR 5m from the restricted cash balance in Odal, previously reported within proportionate current assets • The hydro power plant Småvoll (12 GWh proportionate production) was commissioned in December 2025 and started production. Revenue Balance EBITDA Market Consolidated: NOK 213m (127m) Proportionate: NOK 231m (260m) 2025 proportionate: NOK 697m Consolidated: NOK 87m (58m) Proportionate: NOK 102m (166m) 2025 proportionate: NOK 255m Proportionate cash position: NOK 891m Consolidated booked equity: NOK 5 427m Strong balance sheet Realized power price: NOK 0.79/kWh (NOK 0.59) Proportionate production: 218 GWh (213 GWh) Avoided emissions: 43,000 tCO2e ( 53 ,000tCO2e) Portfolio Updates Under construction Production
Page 5
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 1,366 MW >2,500 MW Pipeline Annual Production 1) In production 339 MW 1,045 GWh Under construction 49 MW 79 GWh Construction permit 274 MW 386 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
Page 6
6 A diversified and growing production portfolio across the Nordics 2021 2023 2025 Run - rate producing assets and projects under construction 1 ) 26% 23% 34% 17% 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 520 GWh 29% 34% 789 GWh 1% 117 GWh 94% 6% 2% 35%
Page 7
Refocusing the development strategy Strong growth within the development portfolio, MW 1 Permitted 280 151 218 128 200 312 274 370 388 480 625 1,239 1,366 IPO 2020 2021 2022 2023 2024 521 606 608 825 1,551 Backlog 2025 1,640 With a refocused development strategy 1. Proportionate portfolio per reporting date Capitalize on built development platform Shift focus from backlog growth to capitalize on our established development portfolio and partnerships by focusing on moving existing development projects forward Increase focus on short term value creation Focus on maturing and selectively advancing existing projects that can deliver near - term, risk - adjusted returns Enhance current production portfolio Leverage storage, hybrid solutions and other targeted upgrades ( including BESS) to increase value per installed MW, improve price realization and strengthen portfolio resilience
Page 8
Retrofitting existing assets with BESS represents a significant uplift in project EBITDA Organic value creation remains important Organic value creation remains a key priority BESS retrofits to existing wind farms representing a compelling opportunity to enhance returns on operating assets BESS retrofits can deliver substantial value - uplift by : — Optimized intraday performance of existing wind farms — Participation in external frequency markets when pricing is attractive — Cost - efficient implementation leveraging existing infrastructure — Reduced imbalance costs Illustrative BESS retrofit example for Munkhyttan 1 Illustrative revenue year 1 Illustrative EBITDA year 1 ~33% ~35% Stand - alone wind park Year 1 Wind park with BESS retrofit Year 1 Stand - alone wind park Year 1 Wind park with BESS retrofit Year 1 1. Standalone wind power with 18.6 MW capacity (60 GWh production) at NOK 0.50/kWh generates revenues of NOK ~30m p.a. and EB ITD A of NOK ~19m. Addition of 5 MW BESS (3 - hour battery) generates an estimated revenue of NOK ~10m and EBITDA of NOK ~7m. Combined revenues of up to NOK ~40m and EBITDA of up to NOK ~26m. Estimated capex for BESS of ~NOK 25 - 30m
Page 9
Taking advantage of a favorable M&A market building on strong track record Well positioned in a favorable Nordic market… Favorable market dynamics Strategic refocusing among, e.g., international investors and major utilities leading to favorable market with attractive opportunities across the Nordics Cloudberry well positioned Cloudberry has an ideal setup to create value from transaction opportunities, with a diversified portfolio across the Nordics and a cost - efficient operating model and track record of making difficult projects profitable Nordic footprint and network Extensive network across the Nordic and stakeholder management excellence enables Cloudberry to enhance value creation from acquired projects and platforms … building on strong M&A track record 1) 1. Logos represent counterparties in M&A transactions or partnerships
Page 10
Cloudberry ’s strategic focus Funded Profitable Capable Regions Hydro Wind Solar Storage DK1 & DK2 NO1, NO2 & NO5 SE3 & SE4 FI Exploring 1. Dark green represents key focus areas Profitability over growth Fully financed industrial platform Executing on our projects 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 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 projects to showcase value How to play Where to play 1 Proven and uncorrelated technologies
Page 11
Cloudberry recognized as industry leader in ESG 1 TWh+ annual production of clean energy, with ~1.4 GW of backlog opportunities Safe operations Zero safety incidents in completion of wind farms and at controlled power plants Mitigating climate change 1 TWh+ renewable production portfolio Environmental protection & biodiversity Net positive impact on nature goal Supporting local communities Local presence and proactive stakeholder engagement, and communitive initiatives Governance & ethics Board oversight of ethics, human rights, anti - corruption; zero whistleblowing Incidents Cloudberry Clean Energy ranked top of the Energy & Utility sector in the DNB Carnegie ESG Industry Report 2025, achieving a 91% ESG score – best in class among peers
Page 12
Key Financials Hån
Page 13
A strong balance enabling value creation Proportionate assets Proportionate interest bearing debt Consolidated equity (excl. NCI) Capital discipline as foundation for continuous growth 40% CAGR in proportionate assets since 2020, and ~4.5x growth in equity over the period Balance sheet development, NOKm 1,653 3,815 5,870 7,363 8,068 9,040 499 826 926 2,098 2,645 3,173 1,055 2,636 3,714 3,932 4,105 4,749 2020 2021 2022 2023 2024 2025
Page 14
14 Financial position 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 Q4’25 (proportionate): • Total assets: NOK 9,04 0 m • Interest bearing loans and borrowings: NOK 3,173m • Cash and cash equivalents of NOK 891m • Per Q4 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 7028 4774 874 1951 9422 5427 893 3308 Total asset Total equity Cash and cash equivalents Interest-bearing loans and borrowings NOK million 2025 2024
Page 15
Proportionate revenues and EBITDA development , NOKm A key focus on value creation driving profitability Revenues EBITDA Increased profitability over the period from a larger production portfolio at attractive realized prices Accretive capital recycling and development gains impacted 2022 – 2024 financials, supporting profitability Realized a net power price of NOK 0.69 per kWh during 2025, significantly outperforming the system price of NOK 0.47 per kWh and continuing the track record of beating system prices Long - term cash flow from generating assets of 1 TWh+ up ~50% from 674 GWh in 2024 driven, e.g., by completion of Skovgaard and Forte transactions 646 771 776 697 381 401 431 255 2022 2023 2024 2025 789 GWh 0.69/kWh 674 GWh 0.60/kWh 519 GWh 0.75/kWh 268 GWh 1.49/kWh Power production and realized price
Page 16
16 • Increase in revenue and profitability primarily due to higher realized power prices and increased power production • Adjusting from a gain of NOK 113m recorded in Q4 2024 relating to an achieved development premium from the internal sale of Munkhyttan and Sundby • Average realized price increased to NOK 0.79/kWh from NOK 0.59/ kWh and power production increased to 218 GWh from 213 GWh in Q4 2025 compared to Q4 2024 • Year - on - year comparisons in financials are influenced by the Forte transaction closed in Q3 2025 and the Skovgaard Transaction closed in Q1 2025 Profit or loss Q4 2025 Comments Consolidated key figures Proportionate key figures NOKm EBITDA Revenue EBITDA Revenue NOKm 213 127 87 58 Q4 2025 Q4 2024 231 260 102 166 Q4 2025 Q4 2024
Page 17
17 • Power production increased to 218 GWh (213 GWh in Q4’24) • Wind power production totaled 170 GWh (168 GWh in Q4’24) • Hydro power production totaled 48 GWh (46 GWh in Q4’24) • Q4 2025 impacted by a transformer outage in Odal which has been replaced and energized subsequent to the quarter • Cloudberry realized an average net power price of NOK 0.79 per kWh (NOK 0.59 per kWh in Q4’24) compared to the Nordic system price of NOK 0.60 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 • 2024 figures are impacted by accretive hydro sales in Q2 2024 of NOK 109m and a large warranty settlement in Odal recorded in Q2 2024 under the availability warranty. See Q2 2024 report for further information. • Production increased from 674 GWh sold at NOK 0.60/kWh in 2024 to 789 GWh sold at NOK 0.69/kWh in 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 117 68 187 115 Revenue EBITDA Fourth Quarter 2025 NOK million 569 396 578 327 Revenue EBITDA Last 12 months NOK million Q4 2025 Q4 2024 2025 2024
Page 18
Profit or loss (proportionate segment reporting) Projects segment • Revenues decreased primarily due to a development gain of NOK 113m recorded in Q4 2024. Revenues in Q4 2025 included NOK 13m of Norhard revenue which was acquired through the Forte Transaction • EBITDA is impacted by a positive NOK 4m contribution from Norhard offset by increased Projects activities following the Forte transaction Asset Management segment • Over 2025 the segment has started to realize the impact of the improvement program with cost reduction and improved revenues • Several larger initiatives over the years have strengthened the segment, among others the entry into Denmark and a large expansion of the hydro assets under management • NOK 10m higher revenues yielding improved profitability as assets under management have increased through the year Corporate segment • Reduced operating expenses compared to the same quarter last year. Transaction costs of NOK 3m impacted the quarter • Positive warrant cost of NOK 2m over the quarter due to a reversal of employers tax booked in Q3 2025. The cost is non - cash Comments 18 Includes alternative performance measure (APM), see definition in quarterly report and annual report NOK million Q4 2025 Q4 2024 FY 2025 FY 2024 Revenues and other income 231 260 697 776 Projects 17 128 42 141 Commercial 187 117 578 569 Asset Management 25 15 75 65 Corporate 2 1 2 1 EBITDA 102 166 255 431 Projects - 5 116 - 21 100 Commercial 115 68 327 396 Asset Management 3 - 1 4 - 3 Corporate - 11 - 18 - 55 - 62 Power production (GWh) 218 213 789 674
Page 19
19 • Targeted cost cut program of minimum NOK 30m annually, implemented in parallel with the refocused development strategy • ~20% reduction in total FTEs and lower overhead costs, primarily within Projects, supplemented by more selective devex spending • Right - sizing the organization to current market conditions, improving capital allocation and resilience while supporting attractive risk - adjusted returns over time • Cloudberry will also evaluate simplified reporting for our Q1 and Q3 reports to reduce reporting costs • The cost savings will be realized throughout 2026 and are expected to be evident towards the end of the year Initiated cost cut program on the back of a refocused development strategy Refocusing the development strategy… …targeting NOK 30m in savings
Page 20
Market & summary Sundby
Page 21
0 20 40 60 80 100 120 140 160 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 2034 2024 NOK 0.60/kWh 2023 NOK 0.75/kWh Key market drivers and updates Favorable market developments lifting power prices Positive outlook for power prices EUR/MWh – Thema Nordic price estimates (not inflation adj.) Positive shift in the long - term power prices, particularly evident in the southern Nordic price areas where Cloudberry is positioned Energy security: Increasing geopolitical uncertainty making energy security a top priority Short term drivers : Increasing demand for new renewable energy driven by datacenter activity Mid - and long - term drivers : EU and climate targets driving the energy transition. Electrification increasing demand 2025 NOK 0.69/kWh Cloudberry realized price 2022 NOK 1.49/kWh Source: Graph represents the Nordic system price provided by Thema per December 2025 – a theoretical average of the Nordic pric e areas. Average annual FX have been used for historical periods
Page 22
Positioned for the new energy reality Portfolio 1 TWh+ merchant exposed diversified portfolio generating long term cash flows Optimising asset values through recycling, hybridisation and operational excellence Growth Large development portfolio and a unique network to take advantage of future energy demand M&A and structural partnerships to capture opportunities in a cyclical market Foundation Fundamental value creation supported by strong balance sheet Industry - leading ESG practices and operations