Slides
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November 4, 2026 Q3 2026 report
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Highlights Q3 2026 Financial update Closing remarks 2 Agenda Anga
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3 1: Proportionate numbers Highlights Q3 2026 Power production GWh 295 (177) The quarter at a glance 1 (Same quarter last year in brackets) Key portfolio updates Strong financial performance >2x revenue and ~5x EBITDA vs. Q3 2025 New service agreement at Odal 10 - year support agreement with Siemens Gamesa Transformative acquisition establishes Cloudberry as a leading Nordic IPP Completed acquisition of Orrön’s renewables platform (758 GWh) 164 MW 1 powered land projects With new agreement signed in Selbu this quarter Realized power price NOK/kWh 0.93 (0.61) Revenue NOKm 349 (158) EBITDA NOKm 165 (36) Cash and cash equiv. NOKm 785 (827) Lost time injuries # 0 (0)
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4 A leading Nordic IPP and powered land developer Merchant exposed, with a realized premium to Nordic system price >90% High exposure to attractive Nordic price areas of annual production (743 MW capacity) , diversified across all price areas 2.1 TWh Scale across the Nordic power market Expected annual production 1 (inc. under construction) Onshore wind 1,756 GWh (628 MW) Hydro 305 GWh (95 MW) 11 GWh (20 MW) BESS 1: Portfolio based on net ownership (proportionate figures). Numbers on the map are proportionate expected annual production (GW h). 2: Reported backlog of 1,524 MW comprises of 1,360 MW hydro, wind, solar and BESS projects and 164 MW data center powered lan d p rojects. Platform for further growth and value creation 1,360 MW 2 Backlog of attractive hydro, wind, solar, and BESS projects DK1 373 DK2 7 SE1 6 SE2 154 494 6 SE3 500 77 4 SE4 81 FI 387 NO1 250 70 8 NO2 79 NO5 165 NO3 51 NO4 19 Leading Nordic independent power producer Data center powered land developer DC powered land projects 164 MW Attractive, capital - light powered land portfolio
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5 Closing the Orrön transaction and capturing synergies and scale benefits Acquisition of selected Orrön assets (announced Q2 2026) • 758 GWh 1 fully operating and diversified portfolio including in some of the best wind areas in Sweden (incl. the Gotland cluster) • Diversified mix of quality turbines from tier - 1 OEMs • Strong OEM service coverage • Highly experienced team with a solid track record and complementary capabilities with Cloudberry • Near - term scaling effects (reduced overhead, diversification, site optionalities ) Capturing synergies and scale benefits Overhead efficiency ~30% reduction in overhead (corporat e cost) relative to total proportionate assets from 2025 to LTM Q3 2026 Already captured Portfolio optimization >400 GWh consolidation potential in portfolio acquired from Orrön , in addition to site optionalities such as BESS and re - powering Capturing Scale benefits +758 GWh 1 w ind portfolio that is highly complementary with Cloudberry’s existing assets, driving cashflow and scale effects Capturing 1: Annualized estimated production, proportionate to Cloudberry
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6 Developing data center powered land in the Nordics with a capital - light business model Cloudberry is w ell - positioned in a strong data center market … • The Nordics is emerging as Europe’s hub for large - scale data centers, enabled by clean electricity and a resilient grid • Local networks, stakeholder relationships, and grid expertise critical to develop sites • Cloudberry has deep in - house expertise within development of energy projects, grid connections, and data center development Cloudberry’s inhouse competence from developing Nordic power projects is ideal to develop powered land sites in the same region …with a capital - light business model leveraging our existing capabilities, expertise, and relationships Capital intensity Existing Cloudberry capability Cloudberry positioning Land acquisition Zoning & permits Grid reservation DC c onstruction DC operations Illustrative
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7 An attractive powered land portfolio Max expected capacity 1 : >200 MW Cloudberry option: 50% Partner: Winn Eiendom (50%) Zoning status: Detailed zoning in place Grid status: Applied for grid connection Selbu (NO3) Max. expected capacity 1 : 160 MW Cloudberry option: 40% Partner: Løvenskiold Fossum (60%) Zoning status: Plot designated for DC by the municipality Grid status: In grid queue, considered mature by TSO since June 2026 Skien (NO2) 7 1: Gross capacity, i.e., not adjusted for Cloudberry’s ownership stake Several other projects in the pipeline
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8 Completing renewables construction projects Dingelsundet BESS SE3 In operation Øvre Ullestad Hydro NO2 In operation Grovlia Hydro NO3 In operation Blackelid BESS SE4 In construction Technology Price zone Production, GWh (proportionate) Status 4.3 6.3 5.4 3.8 Projects commissioned or reaching FID in Q3 2026 From Orrön development portfolio 1,360 MW of exclusive development backlog of attractive wind, solar, and BESS projects
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Financial results Q3 2026
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10 1.4x Financial highlights Q3 2026 1 145 177 295 Q3 2024 Q3 2025 Q3 2026 1.7x 296 388 743 Q3 2024 Q3 2025 Q3 2026 1.9x Power production GWh Production capacity 2 MW Realized power price NOK/kWh Revenue NOKm EBITDA NOKm Total assets NOKm 1: Proportionate numbers; 2: Including projects under construction 10 88 158 349 Q3 2024 Q3 2025 Q3 2026 2.2x 14 36 165 Q3 2024 Q3 2025 Q3 2026 4.6x 7,903 8,899 12,205 Q3 2024 Q3 2025 Q3 2026 1.4x 0.47 0.61 0.93 Q3 2024 Q3 2025 Q3 2026 1.5x
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11 Historical revenue and EBITDA development Power production GWh Realized price NOK/kWh Revenue NOKm EBITDA NOKm 519 674 789 935 Cloudberry financials, proportionate, 2023 - 2026 56% 37% 51% EBITDA margin % Key growth drivers last 12 months • Transformative acquisitions: ꟷ Orrön transaction (Q3 2026 – only 1 month included) ꟷ 50% of MLK (Q1 2026) • Developed projects within BESS and hydro 0.75 0.60 0.69 0.89 771 776 697 1,108 401 431 256 559 2023 2024 2025 LTM Q3 2026 52% • Cloudberry exposure to the most attractive Nordic price areas (45% avg. premium to system price 2024 - 25) • Structurally high Nordic power prices, driven by high gas prices and low hydrological balance • Increased production and price (as described above) • Accretive capital recycling and development gains impacting 2023 - 2024 financials, supporting profitability and EBITDA margins • Scale effects, especially through Orrön transaction • Cost reduction program (Q1 2026) • Larger asset base and production • Higher power prices • More efficient operations and scale effects
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12 ~30% reduction in corporate cost ratio by scaling the platform - 63 - 64 - 62 - 55 - 51 Corporate EBITDA NOKm 5,870 7,363 8,068 9,042 12,205 Total assets, proportionate NOKm Corporate cost ratio % 1.1% 0.9% 0.8% 0.6% 0.4% 2022 2023 2024 2025 LTM Q3 2026 - 31% Cloudberry corporate cost ratio, 2022 - 2026 ÷ =
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13 147 66 52 59 136 56 36 2022 2023 2024 2025 88 2026 76 2027 2028 2029 61 46 106 2030 2031 2032 2033 2034 73 49 131 2035 40 Power prices are expected to remain high EUR/MWh – Forward and Thema Nordic price estimates (inflation adj.) 1 1: Assuming 2% annual inflation | 2: 2026 is based on historical from Nord Pool until Oct 2026 and forward prices fro m Eex including FY 2027 (as per November 2, 2026). Thema base case per September 2026 used for 2028 - 35 forecast | 3: Upper bound represents Thema’s ‘Turbulent transition’ scenario. Lower bound represe nts Thema’s ‘Green growth’ scenario Note: The Nordic system price represents a theoretical average of the Nordic price areas. Average annual FX have been used fo r h istorical periods 45% average realized premium for 2024 and 2025 Cloudberry realized price Historical Nordic system price Nordic system price forecast – Base case 2 Nordic system price forecast – Alternative scenarios 3 Positive outlook for power prices (nominal prices) Near - term • Low reservoir levels • High gas prices driven by conflict in the Middle East Mid - term • Increasing demand for new renewable energy driven by electrification and datacenter activity • Limited growth in new generation Long - term • EU and climate targets driving the energy transition • Increasing geopolitical uncertainty making energy security a top priority Key market drivers
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14 1: Unlevered cash flow from operating activities (CFFO) represents EBITDA plus/minus changes in net working capital and tax p aya ble. The illustration shows no change in net working capital as normalized net working capital is zero. 2) Per 02/11/2026. The illustration is based on achieved power price, and the system price is a baseload price. Note: The scenarios presented in this table have been prepared solely for illustrative purposes and do not represent the Comp any ’s forecast or guidance of future performance. The scenarios are inherently subject to risks and uncertainties, and actual results may differ materially from the above illustra tio ns Cloudberry positioned to benefit from high power prices due to significant merchant exposure ~80 ~48 ~48 ~120 ~80 ~80 ~180 ~135 ~130 Revenue EBITDA Unlevered CFFO 1 EUR 40/MWh EUR 60/MWh EUR 90/MWh Illustrative 2027 cash flow from power sales at realized power prices , EURm Comments • With >90% of volumes sold in the merchant market, Cloudberry offers meaningful exposure to Nordic power prices • The asset base provides attractive operational leverage, with margins expanding as realized power prices increase ~75 EUR/MWh Current 2027 Nordic system forward price 2) Assumptions The presented numbers are illustrative based on the following: • Realized power price intervals • Uncurtailed average normalized production figures as reported in the portfolio overview available at Cloudberry’s website • Normalized opex figures in line with market standards • 2027 tax balances, with large tax shields available through potential for accelerated tax depreciation rates. Explains the low drop from EBITDA to unlevered CFFO • The sensitivity showcases power - related earnings and does not include additional revenue and costs from Asset Management, Projects, Corporate or other portfolio initiatives
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15 A strong balance sheet enabling value creation Capital discipline as a foundation for continuous growth 40% CAGR in proportionate assets from 2020 - 2026 and >6x growth in equity over the period The large increase in assets between 2025 and Q3 2026 is mainly driven by the MLK and Orrön transactions Balance sheet development, NOKm 1,653 3,815 5,870 7,363 8,068 9,042 12,205 499 826 926 2,098 2,645 3,173 4,407 1,055 2020 2,636 2021 3,714 2022 3,932 2023 4,105 2024 4,750 2025 6,473 Q3 2026 Proportionate assets Proportionate interest bearing debt Consolidated equity (excl NCI) Comments
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Closing remarks
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17 Well - positioned for the new Nordic energy reality with a larger, more robust platform Record underlying results 1 Scaling the platform and capturing synergies Developing powered land for data centers Leading Nordic IPP with a merchant - exposed , diversified, and growing portfolio The Nordic consolidator with strong local presence and network, knowledge, and M&A track record Leveraging our expertise and local network to develop ‘powered land’ for data centers 1: Record quarterly production and power - related revenue
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18 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 - lookin g 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 req uired 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. Disclaimer