Cloudberry Clean Energy ASA · OSL:CLOUD
Cloudberry Clean Energy ASA — Q3 2026 Earnings Presentation
19 slides from Cloudberry Clean Energy ASA's earnings presentation, Nov 4, 2026
Slide 1: Q3 2026 report
November 4, 2026 Q3 2026 report
Slide 2: Agenda
Agenda Highlights Q3 2026 Financial update Closing remarks 2 Anga
Slide 3: Highlights Q3 2026
Highlights Q3 2026 The quarter at a glance 1 (Same quarter last year in brackets) Key portfolio updates Power production Realized power price Transformative acquisition establishes GWh NOK/kWh Cloudberry as a leading Nordic IPP 295 (177) 0.93 (0.61) Completed acquisition of Orrön’s renewables platfo
Slide 4: A leading Nordic IPP and powered land developer
A leading Nordic IPP and powered land developer Expected annual production 1 Leading Nordic Scale across the independent Nordic power 2.1 TWh (inc. under construction) power producer market of annual production (743 MW capacity) , Onshore wind diversified across all price areas 1,756 GWh (628 MW) 19
Slide 5: Closing the Orrön transaction and capturing synergies and scale benefits
Closing the Orrön transaction and capturing synergies and scale benefits Acquisition of selected Orrön assets (announced Q2 2026) Capturing synergies and scale benefits • 758 GWh 1 fully operating and 1 diversified portfolio including in Scale benefits +758 GWh Capturing some of the best wind areas
Slide 6: Developing data center powered land in the Nordics with a capital-light business model
Developing data center powered land in the Nordics with a capital - light business model Cloudberry is w ell - positioned in …with a capital - light business model leveraging our existing a strong data center market … capabilities, expertise, and relationships Illustrative • The Nordics is emerging
Slide 7: An attractive powered land portfolio
An attractive powered land portfolio Skien (NO2) Selbu (NO3) Several other projects in the 7 pipeline Max. expected capacity 1: 160 MW Max expected capacity 1: >200 MW Cloudberry option: 40% Cloudberry option: 50% Partner: Løvenskiold Fossum (60%) Partner: Winn Eiendom (50%) Zoning status: Plot desi
Slide 8: Completing renewables construction projects
Completing renewables construction projects Projects commissioned or reaching FID in Q3 2026 From Orrön development portfolio Blackelid Dingelsundet Øvre Ullestad Grovlia Technology BESS BESS Hydro Hydro Price zone SE4 SE3 NO2 NO3 Status In construction In operation In operation In operation Product
Slide 9: Financial results Q3 2026
Financial results Q3 2026
Slide 10: Financial highlights Q3 2026
Financial highlights Q3 2026 1 Power production Production capacity 2 Realized power price GWh MW NOK/kWh 295 743 0.93 1.5x 177 1.7x 1.9x 0.61 145 388 0.47 296 Q3 2024 Q3 2025 Q3 2026 Q3 2024 Q3 2025 Q3 2026 Q3 2024 Q3 2025 Q3 2026 Revenue EBITDA Total assets NOKm NOKm NOKm 349 165 12,205 1.4x 8,899
Slide 11: Historical revenue and EBITDA development
Historical revenue and EBITDA development Cloudberry financials, proportionate, 2023 - 2026 Key growth drivers last 12 months Power production 789 935 • Transformative acquisitions: 674 ꟷ Orrön transaction (Q3 2026 – only 1 month included) GWh 519 ꟷ 50% of MLK (Q1 2026) • Developed projects within B
Slide 12: ~30% reduction in corporate cost ratio by scaling the platform
~30% reduction in corporate cost ratio by scaling the platform Cloudberry corporate cost ratio, 2022 - 2026 Corporate - 63 - 64 - 62 - 55 - 51 EBITDA NOKm ÷ 12,205 Total assets, 8,068 9,042 proportionate 7,363 5,870 NOKm = 1.1% Corporate cost 0.9% 0.8% ratio 0.6% % 0.4% - 31% 12 2022 2023 2024 2025
Slide 13: Power prices are expected to remain high
Power prices are expected to remain high Positive outlook for power prices (nominal prices) Key market drivers EUR/MWh – Forward and Thema Nordic price estimates (inflation adj.) 1 Near - term • Low reservoir levels 147 • High gas prices driven by conflict in 136 the Middle East 131 45% average real
Slide 14: Cloudberry positioned to benefit from high power prices due to significant merchant exposure
Cloudberry positioned to benefit from high power prices due to significant merchant exposure Illustrative 2027 cash flow from power sales at realized power prices , EURm Comments EUR 40/MWh EUR 60/MWh EUR 90/MWh • With >90% of volumes sold in the merchant ~75 EUR/MWh market, Cloudberry offers meanin
Slide 15: A strong balance sheet enabling value creation
A strong balance sheet enabling value creation Balance sheet development, NOKm Comments Proportionate assets 12,205 Capital discipline Proportionate interest bearing debt as a foundation for Consolidated equity (excl NCI) continuous growth 9,042 40% CAGR in 8,068 proportionate 7,363 assets from
Slide 16: Closing remarks
Closing remarks
Slide 17: Well-positioned for the new Nordic energy reality with a larger, more robust platform
Well - positioned for the new Nordic energy reality with a larger, more robust platform 1 Scaling the platform and Developing powered land Record underlying results capturing synergies for data centers Leading Nordic IPP with a merchant - The Nordic consolidator with strong Leveraging our expertise
Slide 18: Disclaimer
Disclaimer 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 tra
Slide 19: (eo) Cloudberry
(eo) Cloudberry
Cloudberry Clean Energy — Q3 2026 Earnings Presentation on 6ix