Cloudberry Clean Energy Asa · OSL:CLOUD
Cloudberry Clean Energy Asa — Q3 2025 Earnings Presentation
22 slides from Cloudberry Clean Energy Asa's earnings presentation, Nov 4, 2025
Slide 1: Cloudberry Clean Energy Third quarter report 2025
Cloudberry Clean Energy Third quarter report - 2025 04 November 2025 Øvre Ullestad
Slide 2: 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 3: Agenda
Agenda Highlights & strategy Key Financials Market & summary 3 Tverrdalselvi
Slide 4: Q3 2025 highlights
Q3 2025 highlights Power production (GWh) 1 Consolidated: NOK 130m (84m) Consolidated: NOK 143m (13m) 177 Revenue Proportionate: NOK 158m (88m) EBITDA Proportionate: NOK 36m (14m) 155 Q3 2025 LTM proportionate: NOK 319m 145 Q3 2025 LTM proportionate: NOK 727m 70 Proportionate cash position: NOK 827m
Slide 5: End to end provider of renewable energy in the Nordics
End to end provider of renewable energy in the Nordics The Cloudberry business model Type Capacity 1) Annual Production 1) In production 336 MW 1,033 GWh Under construction 52 MW 91 GWh Construction permit 256 MW 331 GWh Develop Sustainable Own Backlog 1,357 MW Sweden value creation Norway Pipeline
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 27% 34% 25% 1,124 674 GWh 40% 32% GWh 268 GWh 68% 1% 23% 21 GWh 21% 15% 37% 63% 13% 2020 2022 2024 Run - rate producing assets and projects under construction 1) 6 1) Annual run -r
Slide 7: Strong portfolio growth since listing
Strong portfolio growth since listing Producing portfolio development 1) Permitted projects and backlog growth 1) Producing Permitted Under construction 388 Backlog MW MW 1,613 346 52 1,551 294 27 825 1,239 1,357 188 150 40 346 336 606 608 267 521 109 625 89 388 148 280 370 480 82 15 61 312 256 151
Slide 8: Creating a leading, industrial hydro power developer and producer
Creating a leading , industrial hydro power developer and producer Before 1) From minority shareholder to industrial lead on ~500 GWh portfolio Strategic position Creating a top 3 player in the Norwegian small scale hydro power market – a limited European resource 100% >50% <50% 100% Portfolio >100
Slide 9: Strategic growth initiatives in 2025
Strategic growth initiatives in 2025 Hydro expansion Dingelsundet Sveaskog Partnership Danish expansion Established one of the Nordics 160 GWh expansion Reached final investment decision One of Europe's largest land - largest small - scale hydro Financed at ~52% share premium (FID) for phase one own
Slide 10: Cloudberry's strategic focus 2025 and onwards
Cloudberry ’s strategic focus 2025 and onwards Profitable Funded Capable Profitability Fully financed Executing on our over growth industrial platform projects Where to play 1) Proven and uncorrelated technologies Regions Hydro Wind Solar Storage Accretive capital recycling to Capital discipline rem
Slide 11: Main ESG updates Q3 2025
Main ESG updates Q3 2025 • 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
Slide 12: Key Financials
Key Financials Mn Han
Slide 13: Fundamental value creation
Fundamental value creation Combined with low financial risk 8,899 NOK million 8,068 Capital discipline as a foundation for 7,363 continuous growth 5,870 4,672 3,815 4,105 3,932 3,714 3,208 2,645 2,636 2,098 1,653 826 926 1,055 499 2020 2021 2022 2023 2024 Q3 2025 Proportionate Assets Proportionate i
Slide 14: Financial position Q3 2025 (consolidated)
Financial position Q3 2025 (consolidated) NOK million 9216 Comments • 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 6933 explaining the main difference compared to the s
Slide 15: Profitable growth from year of listing
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 NOK million 431 401 A combination of growth in production 381 volumes, in - house development and successful recycling of capital has 309
Slide 16: Profit or loss Q3 2025
Profit or loss Q3 2025 Consolidated key figures Proportionate key figures NOK million NOK million Comments • Third quarter financials significantly impacted by the completion of the Forte transaction at the beginning of 158 the quarter 143 • Cloudberry has obtained control of Forte Vannkraft AS and
Slide 17: Commercial segment (proportionate)
Commercial segment (proportionate) Third Quarter 2025 Last 12 months Comments NOK million NOK million • 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) 572 119 • Cloudberry re
Slide 18: Profit or loss (proportionate segment reporting)
Profit or loss (proportionate segment reporting) NOK million Q3 2025 Q3 2024 YTD 2025 YTD 2024 FY 2024 Comments 158 88 467 515 776 Projects segment Revenues and other income • Revenues increase is primarily explained by revenues from Norhard which was acquired through the Forte transaction at the be
Slide 19: Market & summary
Market & summary Sundby
Slide 20: Favorable market developments
Favorable market developments Falling capex prices, increasing power prices and European long - term interest rates below 3% Positive outlook for power prices Key market drivers and updates EUR/MWh – Thema Nordic price estimates (not inflation adj.) 160 EU driving the energy transition through 2022
Slide 21: Perfectly positioned
Perfectly positioned A flexible local renewable platform to push the energy transition in the Nordics Strategy Focusing on the profitable and uncorrelated technologies where we see the most value Delivering on our development and construction projects while increasing our project portfolio. Increase
Slide 22: Cloudberry
eo) Cloudberry
Cloudberry Clean Energy — Q3 2025 Earnings Presentation on 6ix