Cloudberry Clean Energy Asa · OSL:CLOUD
Cloudberry Clean Energy Asa — Q2 2026 Earnings Presentation
24 slides from Cloudberry Clean Energy Asa's earnings presentation, Aug 19, 2026
Slide 1: Cloudberry Clean Energy Second quarter 2026 report
Cloudberry Clean Energy Second quarter 2026 report 19 August 2026 Näsudden , Gotland, Sweden
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 Acquisition of Nordic wind platform from Orrön Energy Key financials Market & summary 3 Tverrdalselvi Anga
Slide 4: Q2 2026 highlights
Q2 2026 highlights Power production (GWh) 1 Consolidated: NOK 190m (106m) Consolidated: NOK 91m (43m) Revenue Proportionate: NOK 222m (157m) EBITDA Proportionate: NOK 101m (54m) LTM Q2 26 proportionate: NOK 916m LTM Q2 26 proportionate: NOK 432m 218 199 143 117 Proportionate cash position: NOK 767m
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 719 MW 2,008 GWh Under construction 23 MW 64 GWh Construction permit 299 MW 435 GWh Develop Sustainable Own Backlog 1,247 MW Sweden value creation Norway Pipel
Slide 6: A growing production portfolio across the Nordics with >90% merchant exposure
A growing production portfolio across the Nordics in attractive regions with >90% merchant exposure Annual production, GWh Legend Norway Sweden Finland 15 % 18 % Denmark Totals 12 % 23% 2,071 789 19 % GWh 6% 29% 34% 520 34% GWh GWh 1% 117 2% 26% 35 % GWh 17% 94% 35% 2021 2023 2025 Run - rate produci
Slide 7: 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 8: 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 2 TWh+ renewable production portfolio Cloudberry Clean 2 TWh+ Energy ranked top of annual production Environmental p
Slide 9: Acquisition of Nordic wind platform from Orrön Energy
Acquisition of Nordic wind platform from Orrön Energy Hån
Slide 10: Creating the leading Nordic renewable IPP
Creating the leading Nordic renewable IPP Type Annual production 1) In production 1,249 GWh Under 64 GWh A unique strategic fit for Cloudberry construction + • Purchasing Orrön’s Nordic assets (excl. one Swedish asset) represents a unique opportunity to deliver 758 Acquisition 758 GWh Strategic GWh
Slide 11: Transaction unlocks significant scaling and synergy effects
Transaction unlocks significant scaling and synergy effects Synergy Synergy effects effects Mid - to long - term value for Cloudberry, e.g.: of safety» «Margin • Improved know - how, size and network will improve negotiation positions vs. suppliers, project access and improved operations Scaling • F
Slide 12: A transformative next step in our journey of profitable growth
A transformative next step in our journey of profitable growth Acquisition of selected Orrön assets Annual estimated production (proportionate GWh) Entry into Finland through acquisition of 50% of MLK (wind) Establishment of hydro platform with Swiss Life Acquisition of additional 20% of 2,071 Odin
Slide 13: Key financials
Key financials Mn Han
Slide 14: A strong balance enabling value creation
A strong balance enabling value creation Balance sheet development, NOKm Comments Proportionate assets 9,538 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 proportionate 5,870 assets from 2
Slide 15: Financial position Q2 2026 (consolidated)
Financial position Q2 2026 (consolidated) Balance sheet development, consolidated, NOKm Comments 9,955 • 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), and the acquisition of MLK exp
Slide 16: Secured attractive financing
Secured attractive financing • Cloudberry has received credit approvals during the quarter to increase its existing credit facility by NOK 1,000 million to a total of NOK 3,200 million, with an option to increase the facility by an additional NOK 750 million NOK 3,200m • The maturity has been extend
Slide 17: 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 18: Profit or loss Q2 2026
Profit or loss Q2 2026 Consolidated key figures Proportionate key figures Comments NOKm NOKm • Increase in revenue and profitability primarily due 222 to higher realized power prices and increased power production from a larger portfolio 190 • Average realized price increased to NOK 0.85/kWh 157 fro
Slide 19: Commercial segment (proportionate)
Commercial segment (proportionate) Second quarter Last 12 months Comments NOKm NOKm • Power production increased to 218 GWh (199 GWh in Q2’25) • Wind power production totaled 162 GWh (151 GWh in 186 762 Q2’25) • Hydro power production totaled 56 GWh (48 GWh in Q2’25) 582 • The year - on - year incre
Slide 20: Profit or loss (proportionate segment reporting)
Profit or loss (proportionate segment reporting) Segment 1 Q2 revenue and EBITDA per segment, NOKm Comments Q2 2025 Q2 2026 • Revenue increased mainly due to the inclusion of Norhard and Projects 16 Forte Vannkraft following the Forte transaction. This was partly 5 offset by a NOK 4 million gain rec
Slide 21: Market & summary
Market & summary Sundby
Slide 22: Favorable market developments lifting power prices
Favorable market developments lifting power prices Positive outlook for power prices (real 2026 prices) Key market drivers and updates EUR/MWh – Thema Nordic price estimates (not inflation adj.) Short - term drivers : 147 Increasing demand for new renewable energy driven by datacenter activity 136 4
Slide 23: Portfolio Positioned for the new energy reality
Portfolio 2 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 in
Slide 24: Cloudberry
eo) Cloudberry
Cloudberry Clean Energy — Q2 2026 Earnings Presentation on 6ix