Financial Data and Key Metrics Changes - For Q4 2024, Medicare Advantage (MA) membership increased by 36% year-over-year to 527,000 members, driven by the expansion of the '24 partner class and 4.1% same geography growth [10][30] - Total revenue grew by 44% to $1.52 billion for the quarter and $6.06 billion for the year, primarily driven by the class of '24 and organic growth in existing classes [11][31] - Adjusted EBITDA was negative $84 million for the quarter and negative $154 million for the year, reflecting elevated medical cost trends and unfavorable prior year development [12][37] Business Line Data and Key Metrics Changes - ACO model membership reached 132,000 members, representing a 48% year-over-year growth [30] - Medical margin for Q4 2024 was $1 million, compared to a negative margin of $102 million in Q4 2023, while the full year 2024 medical margin was $205 million compared to $299 million in 2023 [34] - Medical expenses for Q4 2024 increased by 31% to $1.52 billion, driven by the expansion of the 2024 class and elevated cost trends [32] Market Data and Key Metrics Changes - The company anticipates a full-year MA membership decline of approximately 4% or 22,000 members for 2025, projecting a range of 490,000 to 520,000 members [14] - Revenue for 2025 is forecasted to decline by 2% to $5.925 billion, driven by the anticipated membership decline [15] Company Strategy and Development Direction - The company aims to be cash flow breakeven by 2027, focusing on reducing underwriting exposure to costs outside its control and pursuing profitable growth [7][8] - Strategic decisions include constraining 2025 MA membership to balance near-term risks and opportunities, while enhancing clinical and operational capabilities [13][21] - The company is investing in clinical programs to improve quality outcomes and reduce medical costs, leveraging technology and data analytics [22][23] Management's Comments on Operating Environment and Future Outlook - Management acknowledges a challenging macro environment for 2025 but expresses optimism for a more favorable overall environment in 2026 and beyond [9][24] - The recent favorable trends in payor bids and the 2026 advanced notice from CMS are seen as positive signals for future performance [25][28] Other Important Information - The company has exited two unprofitable partnerships and improved back-end processes to enhance visibility and reduce volatility around risk adjustment and medical costs [27] - Cash and marketable securities at the end of Q4 2024 were $406 million, with an expected cash use of approximately $110 million for 2025 [39][50] Q&A Session Summary Question: Changes to Part D and its impact on P&L - Management explained that they have reduced Part D risk to less than 30% of membership, which reflects a successful strategy to manage costs [56][57] - Part D continues to be a loss, and the company has doubled the PMPM loss for 2025 based on anticipated increases from the Inflation Reduction Act [59][60] Question: Year 1 performance expectations - The class of '24 performed strongly, while the class of '25 is smaller with a focus on measured growth and a care management fee structure [63][64] Question: Medical cost trend guidance - Management confirmed that the 50 basis point estimate for the 2 Midnight rule is incorporated into the 2025 guidance, and supplemental benefits are expected to decrease due to payor adjustments [72][73] Question: ACO REACH impact - The company is exiting an underperforming MSSP contract, which had a significant negative impact on profitability [79] Question: Working capital improvements - Management highlighted disciplined cash management and successful partnership exits as key factors improving cash flow [85][88] Question: Visibility on initiatives to improve medical margin - Management expressed confidence in initiatives aimed at improving quality performance and clinical management, which are expected to offset revenue and cost challenges [92][96] Question: 2026 MA advance notice - Management is encouraged by the advance notice but emphasizes the need for rates to catch up with increased costs in Medicare Advantage [101][102]

Financial Data and Key Metrics Changes - For Q4 2024, Medicare Advantage (MA) membership increased by 36% year-over-year to 527,000 members, driven by the expansion of the '24 partner class and 4.1% same geography growth [10][30] - Total revenue grew 44% to $1.52 billion for the quarter and $6.06 billion for the year, primarily driven by the class of '24 and organic growth in existing classes [11][31] - Medical margin was $1 million for Q4 2024, compared to a negative margin of $102 million in Q4 2023, while the full-year medical margin was $205 million, down from $299 million in 2023 [34] - Adjusted EBITDA was negative $84 million for Q4 2024 and negative $154 million for the full year, reflecting elevated medical cost trends and unfavorable prior year development [12][37] Business Line Data and Key Metrics Changes - ACO model membership reached 132,000 members at the end of Q4 2024, representing a 48% year-over-year growth [30] - The company anticipates a full-year MA membership decline of approximately 4% for 2025, projecting a range of 490,000 to 520,000 members [14][41] - ACO model business is projected to have 110,000 members in 2025, as the company exits one underperforming MSSP partnership [14][41] Market Data and Key Metrics Changes - The Medicare Advantage market continues to experience elevated cost trends, with a gross medical cost trend of 6.3% expected for 2025 [16][48] - The company has reduced its Medicare Part D exposure to less than 30% of its membership, reflecting a strategic decision to minimize risk in areas outside its control [56][58] Company Strategy and Development Direction - The company aims to be cash flow breakeven by 2027, focusing on strengthening its business for near-term improvement and profitability [8][50] - Strategic actions include reducing underwriting exposure, pursuing profitable growth, enhancing clinical and operational capabilities, and maintaining cost discipline [7][24] - The company is investing in clinical programs to improve quality outcomes and is focused on leveraging technology and data analytics to enhance operational performance [22][23] Management's Comments on Operating Environment and Future Outlook - Management acknowledges a challenging macro environment for 2025 but expresses optimism about favorable trends in payor bids and the 2026 advanced notice from CMS [9][25] - The company views 2025 as a transition year, with expectations for improved financial performance in 2026 and beyond [24][28] Other Important Information - The company ended Q4 2024 with cash and marketable securities of $406 million, with an expected cash use of approximately $110 million for 2025 [39][50] - The company has exited two unprofitable partnerships, improving bottom line profitability and cash burn [27][28] Q&A Session Summary Question: Changes to Part D and Contracting for 2025 - Management discussed narrowing exposure to Part D risk, reducing it to 30% of members, and highlighted the challenges associated with this risk [56][57] Question: Year 1 Performance Expectations - Management noted strong performance from the class of '24 and indicated that the class of '25 will be smaller with a focus on measured growth [63][64] Question: Medical Cost Trend Guidance - Management clarified that the 50 basis point estimate for the 2 Midnight rule is incorporated into the cost trend guidance for 2025 [72] Question: ACO REACH Client Impact - Management confirmed that exiting an underperforming MSSP partnership was due to financial losses, impacting overall performance [79] Question: Working Capital Improvement Factors - Management highlighted disciplined cash management and partnership exits as key factors improving working capital [86][88] Question: Medical Margin Initiatives - Management expressed confidence in initiatives aimed at improving quality performance and clinical management activities [92][96] Question: 2026 MA Advance Notice - Management was encouraged by the advance notice and emphasized the need for rates to catch up with utilization trends [101][102]

TABLE OF CONTENTS As filed with the U.S. Securities and Exchange Commission on January 31, 2023. Registration No. 333-269311 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 1 to FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Enlight Renewable Energy Ltd. (Exact Name of Registrant as Specified in its Charter) State of Israel 4911 Not applicable (State or Other Jurisdiction of Incorporation or Organization) (Primary Standard Industrial Classification Cod ...