Enlight Renewable Energy Ltd (NASDAQ:ENLT) Q4 2024 Earnings Conference Call February 19, 2025 8:00 AM ET Company Participants Yonah Weisz - Director of Investor Relations Gilad Yavetz - Chief Executive Officer and Co-Founder Adam Pishl - Chief Executive Officer and Co-Founder, Clenera Nir Yehuda - Chief Financial Officer Conference Call Participants Justin Clare - ROTH Capital Partners Maheep Mandloi - Mizuho Michael Fairbanks - JPMorgan Adiel Hasidim - Bank Leumi David Paz - Wolfe Research Operator Thank y ...

Financial Performance - Full year 2024 revenues and income reached $399 million, a 53% increase year over year[4] - Adjusted EBITDA for 2024 was $289 million, up 49% year over year[4] - Net income for 2024 was $67 million, down 32% year over year[4] - Cash flow from operations for 2024 was $193 million, a 29% increase year over year[4] - Revenues for the year ended December 31, 2024, increased to $377,935 thousand, up from $255,702 thousand in 2023, representing a growth of approximately 47.8%[40] - Total revenues and income reached $398,795 thousand in 2024, compared to $261,140 thousand in 2023, marking an increase of about 52.8%[40] - Operating profit for 2024 was $175,535 thousand, compared to $158,143 thousand in 2023, reflecting a rise of approximately 11%[40] - Profit for the year attributed to owners of the Company decreased to $44,209 thousand in 2024 from $70,924 thousand in 2023, a decline of about 37.7%[40] - Basic earnings per share for 2024 was $0.37, down from $0.61 in 2023, indicating a decrease of approximately 39%[40] - Profit for the period decreased to $66,505 thousand in 2024 from $98,041 thousand in 2023, representing a decline of approximately 32.2%[44] - The company achieved a profit before income taxes of $84,780 thousand in 2024, compared to $126,469 thousand in 2023, reflecting a decrease of about 33%[50] Future Projections - The company expects 2025 revenues and income to range between $490 million and $510 million, a 25% increase from 2024[24] - Adjusted EBITDA for 2025 is projected to be between $360 million and $380 million, a 28% increase from 2024[24] - The company plans to reach an operating capacity of 8.6 FGW by the end of 2027, aiming for annual revenues exceeding $1 billion by 2028[10] Operational Capacity and Projects - The total portfolio includes 20 GW of generation capacity and 35.8 GWh of storage, equating to 30.2 FGW[14] - Newly operational projects contributed $18 million to revenues from the sale of electricity in Q4 2024[26] - The total installed capacity for operational projects reached 2,492 MW by the end of 2024, up from 1,866 MW in 2023, marking an increase of approximately 33.5%[55] - Total consolidated projects capacity is 1,056 MW for generation and 2,434 MWh for energy storage, with estimated total project costs ranging from $1,915 million to $2,012 million[57] - The company has several projects under construction with expected commercial operation dates (COD) ranging from H2 2025 to H1 2026[57] Financial Position - Total assets amounted to $5,546,885,463,392[42] - Current assets were reported at $720,496,664,645[42] - Cash and cash equivalents totaled $387,427,740,380[42] - Trade receivables reached $506,924,310[42] - Non-current assets were valued at $4,826,388,993,776[42] - Total current liabilities were $1,000,000,000[42] - Total non-current liabilities stood at $2,000,000,000[42] - Total liabilities amounted to $3,000,000,000[42] - Total equity was reported at $2,546,885,463,392[42] - The company holds restricted cash of $100,000,901,426[42] - Total current liabilities amounted to $592.04 million, a decrease of 4.05% compared to the previous period[43] - Total non-current liabilities were reported at $351.39 million, reflecting a 12.61% increase[43] - Total liabilities reached $410.59 million, indicating a growth of 7.96%[43] - Current liabilities of loans from banks and other financial institutions stood at $199.61 million, a rise of 7.02%[43] - Total equity was recorded at $330.83 million, showing a decrease of 3.29%[43] - The company reported employee benefits liabilities of $121.54 million, which is a 4.78% increase[43] - Deferred income related to tax equity was $403.38 million, marking a 6.08% increase[43] - The capital reserves were noted at $257.73 million, reflecting a 3.00% increase[43] - The company has a total of $1.02 billion in share premium, which is stable compared to the previous period[43] Cash Flow and Financing Activities - Net cash from operating activities increased to $193,072 thousand in 2024, up from $149,620 thousand in 2023, reflecting a growth of about 29%[44] - Total cash used in investing activities increased to $941,367 thousand in 2024 from $798,065 thousand in 2023, indicating a rise of about 17.9%[44] - The company reported cash flows from financing activities of $939.6 million, a decrease from $1,027.6 million in the previous year[45] - Loan repayments from banks and other financial institutions totaled $699.5 million, compared to $203.4 million last year[45] - The issuance of debentures amounted to $177.9 million, while repayments of debentures were $26.0 million[45] - The net cash from financing activities was $745.9 million, reflecting a decrease from $878.5 million[45] - The balance of cash and cash equivalents at the beginning of the period was $403.8 million[45] - The company experienced a change in cash of $5.7 million from the disposal groups classified as held for sale[45] - The effect of exchange rate fluctuations on cash and cash equivalents was $8.3 million[45] - The company reported proceeds from investments by tax-equity investors of $410.8 million, compared to $389.0 million last year[45] - The repayment of tax equity investments was $83.9 million, down from $82.7 million[45] Market Presence and Strategy - The company operates across the United States, Israel, and 9 European countries, focusing on solar, wind, and energy storage projects[39] - The company completed its U.S. IPO in 2023, trading on Nasdaq under the ticker ENLT[39] - The company is focusing on expanding its market presence and enhancing product development strategies[43] Changes in Financial Reporting - The company has made structural changes to its income statement presentation to better reflect financial performance, applying the change retrospectively[63]

All of the amounts disclosed in this press release are in U.S. dollars unless otherwise noted TEL AVIV, Israel, Feb. 19, 2025 (GLOBE NEWSWIRE) -- Enlight Renewable Energy Ltd. (NASDAQ: ENLT, TASE: ENLT) today reported financial results for the fourth quarter and full year ending December 31, 2024. The Company’s earnings conference call and webcast will be held today at 8:00 AM ET. Registration links to both the call and the webcast can be found at the end of this earnings release. The entire suite of the Co ...

Financial Performance - The company reported total revenues and income of $399 million for the full year 2024, representing a 53% increase compared to $261 million in 2023 [4][28] - Adjusted EBITDA for 2024 was $289 million, up 49% from $194 million in 2023 [4][32] - Net income for 2024 was $67 million, a decrease of 32% from $98 million in 2023 [4][30] - Cash flow from operating activities increased by 29% to $193 million in 2024, compared to $150 million in 2023 [4][28] Quarterly Results - In the fourth quarter of 2024, total revenues and income reached $104 million, a 35% increase from $77 million in the same quarter of 2023 [4][28] - Adjusted EBITDA for Q4 2024 was $65 million, reflecting a 31% increase from $50 million in Q4 2023 [4][32] - Net income for Q4 2024 was $8 million, down 48% from $16 million in Q4 2023 [4][30] Segment Performance - Revenue from the MENA region increased by 130% to $155.7 million in 2024, while Europe saw an 11% increase to $197.1 million, and the U.S. revenue surged by 375% to $36.6 million [26] - The company benefited from newly operational projects, contributing $18 million to revenues from the sale of electricity in Q4 2024 [29] Future Guidance - The company projects revenues and income for 2025 to be between $490 million and $510 million, indicating a 25% increase from 2024 results [31] - Adjusted EBITDA for 2025 is expected to range from $360 million to $380 million, a 28% increase from 2024 [31] Portfolio and Capacity Expansion - The company plans to construct 4.7 FGW (Factored GW) of capacity with a total investment of $5.5 billion, aiming for an operating capacity of 8.6 FGW by the end of 2027 [7][10] - The total portfolio includes 20 GW of generation capacity and 35.8 GWh of storage, with a mature portfolio of 6.1 GW generation capacity and 8.6 GWh storage [10][9] Financing Activities - Financial closings totaling $1.1 billion in Europe and the U.S. occurred during 2024, supporting the construction of projects with 470 MW and 2,100 MWh capacity [21] - The company expanded Series D bonds totaling $178 million to finance growth and sold 44% of the Sunlight cluster for $50 million [21]

TEL AVIV, Israel, Feb. 17, 2025 (GLOBE NEWSWIRE) -- Enlight Renewable Energy ("Enlight", ", the Company", NASDAQ:ENLT, TASE: ENLT.TA), a leading renewable energy platform, announced today that two of the Company's energy storage facilities have won bids in the Israel Electricity Authority's first availability tariff tender process. The two sites, Neot Smadar and Ohad, are located in the south of Israel and have a combined grid connection capacity of 300 MW AC. According to the tender's terms, after supplyin ...

The Company continues to lead the energy storage sector in Israel, as part of the accelerated development of energy storage systems in Europe and the United StatesTEL AVIV, Israel, Feb. 17, 2025 (GLOBE NEWSWIRE) -- Enlight Renewable Energy (“Enlight”, "the Company”, NASDAQ: ENLT, TASE: ENLT.TA), a leading renewable energy platform, announced today that two of the Company’s energy storage facilities have won bids in the Israel Electricity Authority's first availability tariff tender process. The two sites, N ...

TEL AVIV, Israel, Jan. 30, 2025 (GLOBE NEWSWIRE) -- Enlight Renewable Energy Ltd. ("Enlight", "the Company", NASDAQ:ENLT, TASE: ENLT.TA), a leading global renewable energy platform, today announced it will release its financial results for the fourth quarter and full year ended December 31, 2024, before market open on Wednesday, February 19, 2025. Conference Call Information Enlight will host a conference call to review its financial results and business outlook at 8:00 AM ET on Wednesday, February 19, 2025 ...

The transaction is based on a valuation of $114 million for the entire Cluster, comprised of a $102 million base and an additional $12 million in deferred consideration upon fulfillment of the conditions of its payment Enlight will recognize a profit of $94 million upon fulfillment of the conditions of the deferred consideration, and will continue to operate and develop projects in the Cluster The partnership provides Harel and Amitim exposure to renewable energy infrastructure, with the potential for high ...

The debt financing package includes $550 million of construction loans Roadrunner consists of 290 MW of solar generation and 940 MWh of energy storage capacity, and is expected to reach full COD by the end of 2025 TEL AVIV, Israel, Dec. 23, 2024 (GLOBE NEWSWIRE) -- Enlight Renewable Energy Ltd. ("Enlight", "the Company", NASDAQ:ENLT, TASE: ENLT.TA), a leading global renewable energy platform, today announced that the Company has arranged the debt financing (the "Debt Financing") for project Roadrunner ("Roa ...

The Solar generation unit was commissioned earlier this year, with COD at the Energy Storage now completing the complex Term loan and tax equity proceeds have been received as per the Project’s financing agreements The Project’s final total cost net of tax equity drops to $397 million, a $10 million savings compared to original estimates TEL AVIV, Israel, Dec. 17, 2024 (GLOBE NEWSWIRE) -- Enlight Renewable Energy (“Enlight”, "the Company”, NASDAQ: ENLT, TASE: ENLT.TA), a leading renewable energy platform, a ...