Cloudberry Clean Energy Asa · OSL:CLOUD
Cloudberry Clean Energy Asa — Q4 2025 Earnings Presentation
23 slides from Cloudberry Clean Energy Asa's earnings presentation, Feb 10, 2026
Slide 1: Cloudberry Clean Energy Fourth quarter report 2025
Cloudberry Clean Energy Fourth quarter report - 2025 10 February 2026 Setredalen
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: Q4 2025 highlights
Q4 2025 highlights Power production (GWh) 1 Consolidated: NOK 213m (127m) Consolidated: NOK 87m (58m) Revenue Proportionate: NOK 231m (260m) EBITDA Proportionate: NOK 102m (166m) 218 213 2025 proportionate: NOK 697m 2025 proportionate: NOK 255m 157 95 Proportionate cash position: NOK 891m Realized p
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 339 MW 1,045 GWh Under construction 49 MW 79 GWh Construction permit 274 MW 386 GWh Develop Sustainable Own Backlog 1,366 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% 23% 1,124 789 GWh 6% 29% 34% 520 34% GWh GWh 1% 23% 117 2% 26% GWh 17% 15% 94% 35% 2021 2023 2025 Run - rate producing assets and projects under construction 1) 6 1) Annual
Slide 7: Refocusing the development strategy
Refocusing the development strategy Strong growth within the development portfolio, MW 1 With a refocused development strategy Permitted Backlog Capitalize on built development platform 1,640 Shift focus from backlog growth to capitalize on our established 1,551 development portfolio and partnership
Slide 8: Retrofitting existing assets with BESS represents a significant uplift in project EBITDA
Retrofitting existing assets with BESS represents a significant uplift in project EBITDA Organic value creation remains important Illustrative BESS retrofit example for Munkhyttan 1 Illustrative revenue year 1 Illustrative EBITDA year 1 Organic value creation remains a key priority BESS retrofits
Slide 9: Taking advantage of a favorable M&A market building on strong track record
Taking advantage of a favorable M&A market building on strong track record Well positioned in a favorable Nordic market… … building on strong M&A track record 1) Favorable market Strategic refocusing among, e.g., dynamics international investors and major utilities leading to favorable market with a
Slide 10: 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 Regi
Slide 11: Cloudberry recognized as industry leader in ESG
Cloudberry recognized as industry leader in ESG Safe operations Zero safety incidents in completion of wind farms and at controlled power plants Mitigating climate change 1 TWh+ renewable production portfolio Cloudberry Clean 1 TWh+ Energy ranked top of annual production Environmental protection & o
Slide 12: Key Financials
Key Financials Mn Han
Slide 13: A strong balance enabling value creation
A strong balance enabling value creation Balance sheet development, NOKm Proportionate assets Proportionate interest bearing debt 9,040 Consolidated equity (excl. NCI) 8,068 7,363 Capital discipline as foundation for continuous growth 5,870 40% CAGR in proportionate 4,749 assets since 2020, 3,81
Slide 14: Financial position 2025 (consolidated)
Financial position 2025 (consolidated) NOK million 9422 Comments • Strong balance sheet and low debt. Equity ratio of 58% • Large balance sheet growth following the consolidation of 7028 Forte Vannkraft (FVK) and Forte Energy Norway (FEN) portfolio explaining the main difference compared to the same
Slide 15: A key focus on value creation driving profitability
A key focus on value creation driving profitability Proportionate revenues and EBITDA development , NOKm Revenues EBITDA Power production and realized price Increased profitability over the period from a 519 GWh 674 GWh 789 GWh larger production portfolio at attractive realized 268 GWh 1.49/kWh 0.
Slide 16: Profit or loss Q4 2025
Profit or loss Q4 2025 Consolidated key figures Proportionate key figures NOKm NOKm Comments • Increase in revenue and profitability primarily due to higher realized power prices and increased power 260 production • Adjusting from a gain of NOK 113m recorded in Q4 2024 relating to 231 an achieved de
Slide 17: Commercial segment (proportionate)
Commercial segment (proportionate) Fourth Quarter 2025 Last 12 months Comments NOK million NOK million • Power production increased to 218 GWh (213 GWh in Q4’24) 187 • Wind power production totaled 170 GWh (168 GWh in Q4’24) 578 • Hydro power production totaled 48 GWh (46 GWh in Q4’24) 569 • Q4 2025
Slide 18: Profit or loss (proportionate segment reporting)
Profit or loss (proportionate segment reporting) NOK million Q4 2025 Q4 2024 FY 2025 FY 2024 Comments 231 260 697 776 Projects segment Revenues and other income • Revenues decreased primarily due to a development gain of NOK 113m recorded in Q4 2024. Revenues in Q4 2025 included NOK 13m of Projects
Slide 19: Initiated cost cut program on the back of a refocused development strategy
Initiated cost cut program on the back of a refocused development strategy Refocusing the development strategy… …targeting NOK 30m in savings • Targeted cost cut program of minimum NOK 30m annually, implemented in parallel with the refocused development strategy • ~20% reduction in total FTEs and lo
Slide 20: Market & summary
Market & summary Sundby
Slide 21: 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.) Cloudberry realized price 160 Short term drivers : 2022 Increasing demand for new renewable energy NOK 1.49/kWh driven by da
Slide 22: Portfolio positioned for the new energy reality
Portfolio 1 TWh+ merchant exposed Optimising asset values through diversified portfolio generating recycling, hybridisation 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 in a un
Slide 23: Cloudberry
eo) Cloudberry
Cloudberry Clean Energy — Q4 2025 Earnings Presentation on 6ix