March 2026 Enlight Company Overview צבע טקסט פסקה צבע טקסט כותרת 1 Legal disclaimer This presentation contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements c ...

120 MW solar and 400 MWh energy storage project in Elmore County, Idaho, currently under construction, commercial operation expected during the first half of 2027 Expected to contribute approximately $27-28 million in revenue and $20-21 million in EBITDA in its first full year of operation This brings Enlight’s total project financing to $3 Billion in the past 12 months TEL AVIV, Israel, March 16, 2026 (GLOBE NEWSWIRE) -- Enlight Renewable Energy (TASE: ENLT; NASDAQ: ENLT), a global renewable energy develop ...

Core Insights - Enlight Renewable Energy Ltd. (NASDAQ:ENLT) is recognized as one of the top sustainability stocks, showcasing significant growth in key financial metrics with record Q4 and full-year 2025 results reported on February 17 [1] Financial Performance - Revenue for Q4 2025 reached $152 million, marking a 46% increase compared to Q4 2024 [3] - Adjusted EBITDA for the same quarter rose by 51% to $99 million, while net profit surged by 153% to $21 million [3] - For the fiscal year 2025, total revenue was $582 million, a 46% increase from $399 million in the previous year [4] - Net profit for the fiscal year exceeded twofold, increasing by 142% to $161 million, aided by an $80 million gain from the sale of the Sunlight cluster [4] - Cash flow from operations also saw a 38% increase, reaching $75 million [3] Market Expansion - The company has increased its market share in the European storage sector, particularly in Poland and Germany [5] - Enlight Renewable Energy Ltd. acquired the Jupiter project, a 150 MW + 2,000 MWh initiative in Germany, which is set to commence commercial operations in the second half of 2028 [5] Company Background - Enlight Renewable Energy Ltd. is an Israeli firm focused on the development and management of solar and wind power projects [6] - In 2021, the company expanded into the US market by acquiring Clēnera, based in Boise, Idaho [6]

Financial Data and Key Metrics Changes - Revenue and income increased by 46% year-over-year for both Q4 and the full year, reaching $152 million and $582 million respectively [8][29] - Adjusted EBITDA grew by 51% to $438 million for the full year, with Q4 adjusted EBITDA also increasing by 51% to $99 million [8][32] - The company exceeded its full year revenue and EBITDA guidance by 4% and 7% respectively [8] Business Line Data and Key Metrics Changes - The total portfolio expanded by 26% during 2025, growing by 7.8 factored gigawatts to reach 38 factored gigawatts [8] - The mature portfolio grew by 33% to 11.4 factored gigawatts, while the operating portfolio increased by 30% [9] - The under construction portfolio doubled over the past year, with 2.6 factored gigawatts starting construction [9][10] Market Data and Key Metrics Changes - In the U.S., the operational capacity doubled to 1.6 factored gigawatts, with significant projects achieving commercial operation ahead of schedule [9][21] - In Europe, the mature storage portfolio expanded by 3.5 GWh, reaching 17.5 GWh globally, which is over 50% growth from the previous quarter [12][13] - The company secured $2.9 billion in project finance and $470 million in tax equity during 2025, enhancing financial flexibility [33] Company Strategy and Development Direction - The company aims to triple its size every three years by advancing high-quality projects through a de-risk development funnel [16] - A record year of construction is expected in 2026, with 3-4 factored gigawatts anticipated to begin construction [17] - The strategy includes leveraging expertise in energy storage and expanding in Europe, particularly in the fast-growing renewable markets [12][13] Management's Comments on Operating Environment and Future Outlook - Management highlighted a uniquely favorable environment for the energy sector, driven by structural tailwinds and rising power demand [7] - The company expects to achieve 12-13 factored gigawatts of operating capacity by 2028, generating annual run rate revenue of $2.1 billion to $2.3 billion [18] - The anticipated unlevered return on investment for under construction and pre-construction projects is expected to range from 12% to 13% [19] Other Important Information - The company signed a significant agreement with Mihne in Israel to supply electricity worth approximately $500 million over 15 years [15] - The company is expanding its agrivoltaic presence in Israel, with 49 deals signed in the past 12 months [15] Q&A Session Summary Question: Drivers of increased 2028 revenue outlook - The acquisition of Project Jupiter contributed $150 million to the 2028 revenue outlook, with additional projects moving into the mature portfolio [38] Question: Potential for additional safe harbor capacity - The company plans to safe harbor an additional 0.5-3.5 factored gigawatts in the first half of 2026, with ongoing opportunities for energy storage projects [41][42] Question: Potential for platform acquisitions - The company is open to acquiring projects and platforms to expand capabilities and geographic reach, leveraging its financial strength [50] Question: Expectations for partial asset sales - The company views minority sales or sell-downs as part of its ordinary business strategy, with flexibility to increase its holding in its portfolio [63]

Financial Data and Key Metrics Changes - Revenue and income increased by 46% year-over-year for both Q4 and the full year, reaching $152 million and $582 million respectively [8][28] - Adjusted EBITDA grew by 51% to $99 million in Q4 and by 51% to $438 million for the full year, exceeding guidance by 4% and 7% respectively [8][30] - Net income for Q4 increased by $13 million compared to Q4 2024, amounting to $21 million [30] Business Line Data and Key Metrics Changes - The total portfolio expanded by 26% during 2025, growing by 7.8 factored gigawatts to reach 38 factored gigawatts [8] - The mature portfolio grew by 33% to 11.4 factored gigawatts, while the operating portfolio increased by 30% [9] - The U.S. operational capacity doubled to 1.6 factored gigawatts, with significant contributions from projects like Quail Ranch and Roadrunner [21][22] Market Data and Key Metrics Changes - Revenue distribution for the company was 32% from Israel, 37% from Europe, and 31% from the U.S. [30] - The U.S. data center electricity consumption is expected to triple by the end of the decade, driving demand for scalable, clean energy solutions [16] Company Strategy and Development Direction - The company aims to triple its size every three years by advancing high-quality projects through a de-risk development funnel [16] - A record year of construction is expected in 2026, with 3-4 factored gigawatts anticipated to begin construction [17] - The company is committed to expanding its presence in Europe, particularly in the energy storage market, with the acquisition of Project Jupiter in Germany [12][13] Management's Comments on Operating Environment and Future Outlook - Management highlighted a uniquely favorable environment for the energy sector, driven by structural tailwinds and rising power demand [7] - The company expects to achieve 12-13 factored gigawatts of operating capacity by 2028, generating annual run rate revenue of $2.1 billion to $2.3 billion [18] - Management expressed confidence in the ability to secure additional tax incentives and maintain a strong financial position [31][33] Other Important Information - The company secured $4.3 billion in funding during 2025, providing a financial foundation for its expansion plans [31] - The mature storage portfolio globally reached 17.5 GWh, representing annual run rate revenues of approximately $1 billion [13] Q&A Session Summary Question: Drivers of increased 2028 revenue outlook - The acquisition of Project Jupiter contributed $150 million to the 2028 run rate revenues, with additional projects moving into the mature portfolio [37][38] Question: Potential for additional safe harbor capacity - The company plans to safe harbor 0.5-3.5 factored gigawatts in the first half of 2026, with ongoing opportunities for energy storage projects [40][41] Question: Potential for platform acquisitions - The company is open to acquiring projects and platforms to expand capabilities and geographic reach, leveraging its strong financial position [49][50] Question: Impact of new rules on safe harbor - Recent guidelines on FIOC are in line with expectations and do not significantly impact current estimations for the mature portfolio [53][54] Question: Capital plan for equity needs - The company has sufficient funding sources to support growth through 2028, with project-level financing as part of ordinary business operations [56][58] Question: Key drivers of growth in 2026 guidance - Growth will be driven by new projects connected in 2025, including Quail Ranch and Roadrunner, which will have their first full year of revenues in 2026 [66]

Financial Data and Key Metrics Changes - Revenue and income increased by 46% year-over-year for both Q4 and the full year, reaching $152 million and $582 million respectively [7][28] - Adjusted EBITDA grew by 51% to $99 million in Q4 and by 51% to $438 million for the full year, exceeding guidance by 4% and 7% respectively [7][28] - The company secured $4.3 billion in funding during 2025, including $2.9 billion in project finance and $300 million in equity [32] Business Line Data and Key Metrics Changes - The total portfolio expanded by 26% during 2025, reaching 38 factored gigawatts [8] - The mature portfolio grew by 33% to 11.4 factored gigawatts, while the operating portfolio increased by 30% [9] - The U.S. operational capacity doubled to 1.6 factored gigawatts, with significant contributions from new projects [20] Market Data and Key Metrics Changes - In Europe, the mature storage portfolio expanded by 3.5 GWh, reaching 17.5 GWh globally, reflecting over 50% growth from the previous quarter [13] - The company is positioned to benefit from a significant shortage of battery energy storage systems in Europe, creating growth opportunities [12] Company Strategy and Development Direction - The company aims to triple its size every three years by advancing high-quality projects through a de-risk development funnel [15] - A record year of construction is expected in 2026, with 3-4 factored gigawatts anticipated to begin construction [16] - The strategy includes leveraging expertise in energy storage and expanding in Europe, particularly with the acquisition of Project Jupiter in Germany [12][15] Management's Comments on Operating Environment and Future Outlook - Management highlighted a uniquely favorable environment for the energy sector, driven by structural tailwinds and rising power demand [6] - The company expects to achieve 12-13 factored gigawatts of operating capacity by 2028, generating annual run rate revenue of $2.1 billion to $2.3 billion [17] - The anticipated demand from AI and data centers is expected to significantly increase U.S. electricity consumption [15] Other Important Information - The company signed a significant agreement with Mihne in Israel to supply electricity worth approximately $500 million over 15 years [14] - The unlevered return on investment for under construction and pre-construction projects is expected to range from 12% to 13% [18] Q&A Session Summary Question: Drivers of increased 2028 revenue outlook - The acquisition of Project Jupiter contributed $150 million to the 2028 revenue outlook, with additional projects moving into the mature portfolio [36][37] Question: Potential for platform acquisitions - The company is open to acquiring projects and platforms to expand capabilities and geographic reach, ensuring it aligns with growth trajectory [48][50] Question: Impact of new rules on Safe Harbor - Recent guidelines on FIOC are in line with expectations and do not significantly impact current estimations for the mature portfolio [53][54] Question: Capital plan for equity needs - The company has sufficient funding sources to support growth through 2028, with project-level financing as part of ordinary business operations [56][59] Question: Expansion timing and revenue drivers for 2026 - New projects connected in Q4 2025 will contribute to the first full year of revenues in 2026, alongside projects in Israel and Europe [65][66]

分组1 - Enlight Renewable Energy Ltd. reported quarterly earnings of $0.1 per share, exceeding the Zacks Consensus Estimate of a loss of $0.07 per share, and showing an increase from earnings of $0.04 per share a year ago, resulting in an earnings surprise of +244.30% [1] - The company achieved revenues of $152.36 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 12.89%, and this represents a year-over-year increase from $114.21 million [2] - Enlight Renewable Energy Ltd. has outperformed the S&P 500, with shares increasing by about 42.7% since the beginning of the year, while the S&P 500 has declined by 0.1% [3] 分组2 - The current consensus EPS estimate for the upcoming quarter is $0.05 on revenues of $159.76 million, and for the current fiscal year, it is $0.32 on revenues of $730.48 million [7] - The Zacks Industry Rank indicates that the Alternative Energy - Other sector is currently in the bottom 36% of over 250 Zacks industries, suggesting potential challenges for stock performance [8] - The estimate revisions trend for Enlight Renewable Energy Ltd. was mixed prior to the earnings release, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market [6]

Earnings Presentation צבע טקסט כותרת 1 Legal disclaimer This presentation contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements contained in this presentatio ...

Core Insights - Enlight Renewable Energy reported strong financial results for Q4 2025, with significant year-over-year growth in revenues, net income, and adjusted EBITDA, indicating robust operational performance and market demand for renewable energy solutions [1][6][8]. Financial Performance - For Q4 2025, total revenues and income reached $152 million, a 46% increase from $104 million in Q4 2024 [6][27]. - Net income for Q4 2025 was $21 million, up 153% from $8 million in the same period last year [6][29]. - Adjusted EBITDA for Q4 2025 grew by 51% to $99 million, compared to $65 million in Q4 2024 [6][30]. - Cash flow from operating activities was $75 million in Q4 2025, an increase of 38% from $54 million in Q4 2024 [6]. Annual Financial Results - For the full year 2025, total revenues and income amounted to $582 million, a 46% increase from $399 million in 2024 [6][27]. - Net income for 2025 was $161 million, reflecting a 142% increase from $66 million in 2024 [6][29]. - Adjusted EBITDA for 2025 was $438 million, up 51% from $289 million in 2024 [6][30]. - Cash flow from operating activities for the year was $283 million, an 11% increase from $255 million in 2024 [6]. 2026 Guidance - The company expects total revenues and income for 2026 to range between $755 million and $785 million, representing a 32% increase at the midpoint from 2025 [5]. - Adjusted EBITDA for 2026 is projected to be between $545 million and $565 million, a 27% increase at the midpoint from 2025 [5]. Portfolio Expansion - Enlight's total portfolio now includes 20.6 GW of generation capacity and 61 GWh of energy storage, a 26% increase from 30.2 FGW at the end of 2024 [9]. - The mature component of the portfolio, which includes operating and under-construction projects, has increased by 33% to 6.4 GW of generation capacity and 17.5 GWh of storage [9][10]. - The company has secured Safe Harbor status for 13.2 FGW of capacity, enabling eligibility for U.S. tax benefits [11]. Project Development - The CO Bar complex, a significant project in Arizona, has a total capacity of approximately 1.2 GW of solar generation and 4 GWh of energy storage [10]. - Enlight plans to begin construction on projects totaling 3 to 4 FGW in 2026, leading to a total capacity under construction of 6.5 to 7.5 FGW [13]. - The company anticipates that its operating and under-construction components will generate annualized revenues of $1.8 to $2 billion by the end of 2028 [13][18]. Financial Strategy - Enlight has secured approximately $1.4 billion in project financing for the Snowflake A project and raised $300 million in share equity through a private placement [25]. - The company maintains $525 million in credit facilities, with $162 million drawn as of the balance sheet date [25].

Financial Performance - Revenues and income for 2025 reached $582 million, a 46% increase year over year, with net income of $161 million, up 142%[4] - Adjusted EBITDA for 2025 was $438 million, reflecting a 51% year-over-year growth, while cash flow from operating activities increased by 11% to $283 million[5] - For Q4 2025, revenues and income were $152 million, a 46% increase from Q4 2024, with net income of $21 million, up 153%[5] - The company expects total revenues and income for 2026 to range between $755 million and $785 million, representing a 32% increase from 2025[6] - Total revenues and income for the year ended December 31, 2025, reached USD 582,264 thousand, a 46% increase from USD 398,795 thousand in 2024[40] - Operating profit for the year ended December 31, 2025, was USD 332,178 thousand, up 89% from USD 175,535 thousand in 2024[40] - Profit for the period attributed to owners of the Company for the year ended December 31, 2025, was USD 132,104 thousand, compared to USD 44,209 thousand in 2024, representing a 199% increase[40] - Basic earnings per share for the year ended December 31, 2025, increased to USD 1.07 from USD 0.37 in 2024, reflecting a 189% growth[40] - The profit before income taxes for 2025 was $204,577,000, a significant increase from $84,780,000 in 2024, representing a growth of 141%[45] - For the year ended December 31, 2025, the company's net income increased to $160,702 thousand, up from $66,505 thousand in 2024, representing a growth of 141%[49] Operational Capacity and Projects - Enlight's total portfolio now includes 20.6 GW of generation capacity and 61 GWh of energy storage, a 26% increase from the end of 2024[10] - The CO Bar complex, a major project in Arizona, is expected to generate an EBITDA of approximately $209 million in its first full year of operation[11] - Enlight has secured project finance totaling approximately $1.4 billion for the Snowflake A project and $470 million in tax equity financing for other projects[24] - The company connected 452 MW and 1,535 MWh of new projects to the grid in the past 12 months, contributing significantly to revenue growth[26] - The Atrisco project in the U.S. added $23 million in revenue, while the Roadrunner and Quail Ranch projects contributed an additional $8 million[26] - The company has several projects under construction with a total estimated cost of $4,203 million to $4,422 million, indicating ongoing market expansion efforts[65] - Total estimated project costs for pre-construction projects range from $4,052 million to $4,261 million, with a total capacity of 1,336 MW and 9,281 MWh[66] Financial Position and Assets - Cash and cash equivalents as of December 31, 2025, amounted to USD 528,490 thousand, compared to USD 397,387 thousand in 2024[41] - Total current assets as of December 31, 2025, were USD 1,095,849 thousand, an increase from USD 794,545 thousand in 2024[41] - Total non-current assets as of December 31, 2025, reached USD 7,534,405 thousand, compared to USD 5,546,885 thousand in 2024[41] - Total assets as of December 31, 2025, were USD 8,629,902 thousand, up from USD 5,546,885 thousand in 2024[41] - The company reported total liabilities of $6.63 billion, with current liabilities amounting to $1.63 billion[42] - Non-current liabilities were reported at $5.00 billion, contributing to a total liability figure of $6.63 billion[42] - The company's equity stood at $3.71 billion, with ordinary share capital of $3.71 billion[42] - Employee benefits liabilities were recorded at $1.64 billion, indicating a significant commitment to employee welfare[42] - The company has deferred tax liabilities amounting to $370.73 million, reflecting its tax strategy[42] - The company reported a total of $1.29 billion in convertible debentures, indicating a strong capital structure[42] Cash Flow and Investment Activities - Net cash from operating activities for the year 2025 was $282,648,000, compared to $255,279,000 in 2024, indicating an increase of 11%[44] - The company experienced a net cash used in investing activities of $2,180,883,000 in 2025, compared to $928,683,000 in 2024, representing a significant increase in investment[44] - The company issued shares worth $290,698,000 in 2025, contributing to its financing activities[44] Market and Segment Performance - The U.S. segment saw a remarkable revenue increase of 167% year-over-year, reaching $48 million in Q4 2025, compared to $18 million in Q4 2024[25] - The total revenues and income from the USA segment for 2025 were $158,579,000, compared to $36,608,000 in 2024, reflecting a substantial increase of 332%[45] - The MENA segment generated revenues of $222,388 thousand in 2025, up from $144,516 thousand in 2024, reflecting a growth of 54%[63] Future Projections and Strategies - The company anticipates an annualized revenue run rate of $2.1 to $2.3 billion by the end of 2028, with a total operational capacity expected to rise to 12-13 FGW[18] - Approximately 90% of the electricity volumes expected to be generated in 2026 will be sold at fixed prices through PPAs or hedges[8] - The estimated first-year revenue for the Israel HV storage project is projected to be between $14 million and $15 million, with expected revenue increasing to $55 million per year from year six[68] - The estimated EBITDA for U.S. projects in the first year is projected to be between $482 million and $509 million, excluding income from tax benefits[68] - The company has a tax credit benefit estimated between $1,222 million and $1,284 million for consolidated projects, enhancing project valuation and returns[67] - The company plans to maintain a minimum equity to total balance sheet ratio of 20%, 25%, and 28% for its various debentures, with the current ratio standing at 58%[59] Accounting and Financial Adjustments - The company has adjusted its accounting policy to classify interest paid and received differently, which has resulted in a retrospective adjustment of cash flow statements for better financial clarity[60][61]