Slide 1: Cloudberry Clean Energy First quarter report 2026
Cloudberry Clean Energy First quarter report – 2026 12 May 2026 MLK
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 Anga
Slide 4: Q1 2026 highlights
Q1 2026 highlights Power production (GWh) 1 Consolidated: NOK 194m (121m) Consolidated: NOK 178m (58m) Revenue Proportionate: NOK 306m (152m) EBITDA Proportionate: NOK 191m (62m) 194 204 LTM Q1 26 proportionate: NOK 851m LTM Q1 26 proportionate: NOK 385m 173 90 Proportionate cash position: NOK 758m
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 405 MW 1,234 GWh Under construction 49 MW 79 GWh Construction permit 279 MW 395 GWh Develop Sustainable Own Backlog 1,318 MW Sweden value creation Norway Pipel
Slide 6: A diversified production portfolio across the Nordics with >90% merchant exposure
A diversified production portfolio across the Nordics in attractive regions with >90% merchant exposure Annual production Legend Norway Sweden Finland Denmark 23% Totals 29% 23% 1,313 789 GWh 6% 29% 34% 520 34% GWh GWh 14% 20% 117 2% 26% GWh 17% 13% 94% 35% 1% 2021 2023 2025 Run - rate producing ass
Slide 7: MLK acquisition: Strategic entry into Finland through an operating onshore wind asset
MLK acquisition: Strategic and immediate entry into Finland through a sizable, modern, and operating onshore wind asset • Cloudberry completed a strategic entry into the Finnish power market in March 2026 through the acquisition of 50% of the 132 MW MLK onshore wind farm • The asset has been in full
Slide 8: Cloudberry is actively developing powered land across the Nordics
Cloudberry is actively developing powered land across the Nordics One plot already secured in Q1 26 with a current Well positioned in a strong data center market pipeline of ~1,000 MW Favorable Significant growth in demand for data center capacity globally, with the Region Powered land project statu
Slide 9: Cloudberry's strategic focus
Cloudberry ’s strategic focus How to play Profitable Funded Capable Profitability Fully financed Executing on our 1 Where to play over growth industrial platform projects Proven and uncorrelated technologies Accretive capital recycling to Capital discipline remains a Delivering projects on time fuel
Slide 10: Cloudberry recognized as industry leader in ESG
Cloudberry recognized as industry leader in ESG Safe operations Zero lost time injuries in construction projects and the operation of controlled power plants Mitigating climate change 1 TWh+ renewable production portfolio Cloudberry Clean 1.3 TWh+ Energy ranked top of annual production Environmental
Slide 11: Key financials
Key financials Mn Han
Slide 12: A strong balance enabling value creation
A strong balance enabling value creation Balance sheet development, NOKm Comments Proportionate Assets 9,461 Capital discipline 9,042 Proportionate interest bearing debt as a foundation for Consolidated equity (excl NCI) 8,068 continuous growth 7,363 40% CAGR in 5,870 proportionate assets from 2
Slide 13: Financial position Q1 2026 (consolidated)
Financial position Q1 2026 (consolidated) Balance sheet development, consolidated, NOKm Comments 9,804 • Strong balance sheet and low debt. Equity ratio of 56% • Large balance sheet growth following the consolidation of Forte Vannkraft (FVK), Forte Energy Norway (FEN), 7,301 and the acquisition of t
Slide 14: A key focus on value creation driving profitability
A key focus on value creation driving profitability Proportionate revenue and EBITDA development, NOKm Comments Revenue EBITDA Power production and realized price Increased profitability over the period from a larger production portfolio at attractive realized prices 268 GWh 519 GWh 674 GWh 789 GW
Slide 15: Profit or loss Q1 2026
Profit or loss Q1 2026 Consolidated key figures Proportionate key figures Comments NOKm NOKm • Increase in revenue and profitability primarily due to higher 306 realized power prices and increased power production • Average realized price increased to NOK 1.00/kWh from NOK 0.71/kWh and power product
Slide 16: Commercial segment (proportionate)
Commercial segment (proportionate) First quarter Last 12 months Comments NOKm NOKm • Our strategy is to prioritize achieved revenue, which includes curtailing production during periods of negative 709 power prices • Power production increased to 204 GWh (194 GWh in Q1’25) 572 • Wind power production
Slide 17: Profit or loss (proportionate segment reporting)
Profit or loss (proportionate segment reporting) Segment 1 Q1 revenue and EBITDA per segment, NOKm Comments Projects Q1 2025 Q1 2026 • Revenue increased by NOK 12m, mainly driven by revenues of 13 NOK 10m from Norhard and NOK 2m in project management fees from Forte 1 • EBITDA decreased by NOK 1m, t
Slide 18: Initiated cost-reduction program on the back of a refocused development strategy
Initiated cost - reduction program on the back of a refocused development strategy Refocusing the development strategy… …already realizing NOK 25m in annual savings • Target announced Q4 2025: >NOK 30m annual savings target announced in Q4 2025 report, primarily driven by the refocused strategy with
Slide 19: Market & summary
Market & summary Sundby
Slide 20: Favorable market developments lifting power prices
Favorable market developments lifting power prices Positive outlook for power prices Key market drivers and updates EUR/MWh – Thema Nordic price estimates (not inflation adj.) 160 Short - term drivers : 147 Increasing demand for new renewable energy driven by datacenter activity 140 136 120 Mid - an
Slide 21: Portfolio positioned for the new energy reality
Portfolio 1.3 TWh+ merchant - exposed Optimizing asset values through diversified portfolio generating recycling, hybridization and long - term cash flows operational excellence Growth Positioned for M&A and structural partnerships Large development portfolio and a the new to capture opportunities i
Slide 22: Cloudberry
eo) Cloudberry