Cloudberry Clean Energy Asa · OSL:CLOUD
Cloudberry Clean Energy Asa — Q2 2025 Earnings Presentation
23 slides from Cloudberry Clean Energy Asa's earnings presentation, Aug 20, 2025
Slide 1: Second quarter and first half year report 2025
Q Cloudberry Cloudberry Clean Energy Second quarter and first half year report - 2025 20 August 2025 Q Cloudberry
Slide 2: Disclaimer
Disclaimer This company presentation (the "Presentation" has been prepared by Cloudberry Clean Energy ASA (the "Company") and its subsidiaries (together the "Group" and is made solely for information purposes. This Presentation does not constitute any recommendation to buy, sell or otherwise transac
Slide 3: Agenda
Agenda Highlights & strategy Key Financials Market & summary
Slide 4: Q2 2025 highlights
Q2 2021 Q2 2022 Q2 2023 Q2 2024 Q2 2025 • • • • • YE 2020 YE 2021 YE 2022 YE 2023 YE 2024 Q2 2025
Slide 5: End to end provider of renewable energy in the Nordics
End to end provider of renewable energy in the Nordics e@ @ The Cloudberry business model Type Capacity! Annual Production? tS) e In production 4 336MW 8 1,033 GWh. oo @ Under construction 4 s2mw < 91GWh Loy © wy) @ constructionpermit 4 256mw i 831GWh Develop 3 Own Sustainable @ 222022 bras sweden v
Slide 6: A diversified and growing production portfolio across the Nordics
A diversified and growing production portfolio across the Nordics Annual production Legend Norway Sweden Denmark Totals Run-rate producing assets and projects under construction? 2020 2022 2024 1) Annual run-rate production for assets and projects under construction based on normalized production. I
Slide 7: Strong portfolio growth since listing
Strong portfolio growth since listing Producing portfolio development” ll Producing Under construction 388 MW 346 52 294 27 188 150 40 346 109 267 89 82 148 12 27 —F IPO. 2020 2021 2022 2023 2024 Q2 2025 7 1) Asset portfolio per reporting date with proportionate ownership to Cloudberry Permitted pro
Slide 8: Creating a leading, industrial hydro power developer and producer
Creating a leading, industrial hydro power developer and producer aa From minority shareholder to industrial lead on ~500 GWh portfolio { Strategic Creating a top 3 player in the Norwegian small scale hydro power eee market a limited European resource [corte >100 GWh net growth in Cloudberry's hydro
Slide 9: Strategic growth initiatives in 2025
Strategic growth initiatives in 2025 Hydro expansion Dingelsundet Boe Sveaskog Partnership oN Danish expansion sitet eliShling emo GirdrD Revels Reached final investment decision One of Europe's largest land- ee EDEN largest small-scale hydro Financed at ~52% share premium (FID) for phase one owners
Slide 10: Cloudberry's strategic focus 2025 and onwards
Cloudberry’s strategic focus 2025 and onwards Profitability over growth Fully financed industrial platform Executing on our projects Accretive capital recycling to fuel growth Capital discipline remains a top priority Delivering projects on time and cost in line with historic performance Taking adva
Slide 11: Main ESG updates Q2 2025
Main ESG updates Q2 2025 No recordable HSE incidents or environmental damages in Q2 2025 No whistle-blowing incidents or breaches of compliance was detected in Q@2 2025 Avoided emissions of 49,500 t CO2e during Q2 2025 compared to 33,500 t CO2e in Q2 20257) We continued to strengthen the safety cult
Slide 12: Key Financials
Key Financials Mn Han
Slide 13: Proportionate assets, debt and consolidated equity
2020 2021 2022 2023 2024 Q2 2025 Proportionate Assets Proportionate interest bearing debt Consolidated equity
Slide 14: Total assets, equity and cash
• • • • • • • • • Total asset Total equity Cash and cash equivalents Interest-bearing loans and borrowings
Slide 15: Liquidity and commitments overview
Liquidity and commitments overview NOKm Sundby and Munkhyttan (EUR 2m), Dingelsundet(~EUR 3) FEN purchase (EUR 5m) Undrawn debt NOK 62m FVK commitment (EUR 8m)? (92) Q2 2025 proportionte cash Remaining capex Forte transaction 15 1) _ Please see quarterly report for information about the transaction.
Slide 16: Proportionate and consolidated EBITDA
2020 2021 2022 2023 2024 LTM Q2 2025 Proportionate EBITDA Consolidated EBITDA
Slide 17: Q2 2024 vs Q2 2025 results
• • • • • • Q2 2024 Q2 2025 Q2 2024 Q2 2025
Slide 18: Revenue and EBITDA by segment
• • • • • • • Revenue EBITDA Revenue EBITDA •
Slide 19: Profit or loss (proportionate segment reporting)
Profit or loss (proportionate segment reporting) NOK million Revenues and other income Projects Commercial Asset Management Corporate EBITDA Projects Commercial Asset Management Corporate Power production (GWh) Q2 2025 134 199 Q2 2024 288 143 YTD 2025 272 393 YTD 2024 427 n 19 _ Includes alternative
Slide 20: Market & summary
Market & summary Sundby
Slide 21: 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 2034
160 140 120 100 80 60 40 20 0 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 2034
Slide 22: Perfectly positioned
Perfectly positioned Strategy Value Market 2 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 Delivering on our development and construction projects while increasing our project port
Slide 23: Cloudberry
eo) Cloudberry
Cloudberry Clean Energy — Q2 2025 Earnings Presentation on 6ix