Group 1: Brookfield Renewable - Brookfield Renewable generated $1.3 billion in funds from operations (FFO) in 2025, or $2.01 per share, representing 10% growth from the year prior, with expectations for continued growth driven by clean energy demand [1] - The company forecasts that rising demand for renewables could support more than 10% annual FFO per share growth through at least 2030, which would also support dividend growth of 5% to 9% [2] Group 2: First Solar - First Solar remains a major player in global solar manufacturing, with a contracted backlog of around 64 GW extending towards the end of the decade, providing significant revenue visibility [3][4] - The company recorded net sales of $5.2 billion for 2025 and is expanding global production capacity towards a target of 25 GW by the end of the year [4] - Despite facing short-term challenges such as margin pressures and tariff uncertainties, changing sentiment towards renewable energy could support higher growth as First Solar addresses its order backlogs [5] Group 3: Oklo - Oklo is gaining attention as a modular microreactor developer, with around 35 countries considering or planning nuclear programs, which could enhance its market position [6] - The Aurora microreactor generates 1.5 MWe but can be combined with others to deliver 15 to 100 MWe per deployment, and it can last around 10 years without refueling [7] - Oklo is expected to generate revenue starting from less than $1 million in 2027, with projections of revenue increasing to $36.2 million in 2028 as contracts are secured [8] Group 4: CleanSpark - CleanSpark has transitioned from manufacturing modular microgrids to cryptocurrency mining, acquiring ATL Data Centers and providing modular microgrids to miners [9] - By the end of Q1 2026, CleanSpark held around 13,363 bitcoin worth approximately $900 million, using sales to expand its AI infrastructure business [11] - Analysts anticipate a growth rate of 23% CAGR for CleanSpark driven by its crypto mining and AI infrastructure services, making it a stock worth monitoring [12] Group 5: Renewable Energy Sector - The ongoing conflict in the Middle East is not expected to pose long-term challenges for the energy sector but highlights the importance of transitioning to clean energy [13] - Renewable energy stocks are increasingly viewed as valuable investments, with geopolitical uncertainties contributing to this perception [14]

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 ...

Core Insights - RGREENINVEST and Renalfa Solarpro Group have established a joint venture named Renalfa Power Clusters (RPC), with both parties investing €200 million ($231 million) to finance an €800 million pipeline of large-scale hybrid renewable energy projects in Romania and Poland [1][2] Group 1: Joint Venture Details - The new joint venture, RPC, aims to construct large-scale hybrid renewable energy projects, leveraging the previous experience from their earlier joint venture, Renalfa IPP, which successfully expanded its portfolio of utility-scale hybrid assets across Europe [1][2] - RPC will utilize advanced technology for power generation, storage, and dispatch, with a long-duration battery energy storage system (BESS) as a central component [3] Group 2: Market Context and Future Outlook - The collaboration reflects a broader trend in the electrification revolution, which is market-driven and not reliant on policy instruments, indicating its irreversible nature [4] - There is an anticipated increase in financing for competitive merchant projects as banks and capital markets recognize the opportunities presented by battery and optimization technologies [5]

Core Viewpoint - Ellomay Capital Ltd. has announced the completion of a significant share sale by its principal shareholders to O.Y. Nofar Energy Ltd., resulting in changes to its Board of Directors and the introduction of new independent directors [1][2]. Company Overview - Ellomay Capital Ltd. is a renewable energy and power generator and developer, focusing on projects in Europe, Israel, and the USA. The company is listed on both the NYSE American and the Tel Aviv Stock Exchange [6]. - Since its establishment in 2009, Ellomay has invested in various renewable energy projects, including solar power plants in Spain and Italy, with a total capacity of approximately 335.9 MW in Spain and 38 MW in Italy [7]. Shareholder Changes - The principal shareholders, S. Nechama Investments, Kanir Joint Investments, and Ms. Anat Raphael, sold their combined 45.9% stake in the company to Nofar [1]. - Following the sale, two board members resigned immediately, and the chairman announced his resignation effective 30 days post-sale [2]. New Board Members - Ms. Odelya Ohayon, a strategic leader with over 15 years of experience, has been appointed as a new independent non-executive director. She has a strong background in business strategy and previously held executive roles at Samsung Electronics Israel and other companies [3]. - Mr. Gilad Mamlok, with three decades of experience in finance and healthcare, has also been appointed as a new independent non-executive director. He has held CFO positions in various companies and has extensive experience in capital markets and corporate governance [4]. Leadership Comments - The CEO of Ellomay expressed gratitude to the departing board members for their contributions and welcomed the new directors, highlighting their potential to guide the company towards growth and success [5].

Report Industry Investment Rating - No relevant information provided Core Viewpoints - The new TOHOKU 31 tightened 5bps from RO at T+70, while the new NTT Float 31 and OCBCSP 36 hovered around ROs. The secondary Chinese IG space overall closed unchanged. There were balanced flows on TMT names, better buying in CCAMCL FRNs and front - end ORIEAS, and better selling on FRESHK 27 - 29s. EHICAR 26 dropped 0.5pt, while EHICAR 27 closed unchanged. In HK, sentiment on HK property gradually recovered, with some bonds gaining and others losing. In Chinese properties, some bonds gained and some lost. In KR space, new issues widened, and long - end bonds traded wider. JP insurance subs and Yankee AT1s remained stable. In SE Asian space, MEDCIJ 27 was down, and some bonds rose. In the Middle East, PBs were selling long - end KSA/ARAMCO, and global RMs were buying 2 - 5yr FABUHs. The LGFV space closed largely unchanged [2] - The new SUMITR Float 29s tightened 10bps from RO at SOFR+71, and SUMITR Float 31s tightened 17 - 18bps from RO at SOFR+89. Fixed - rate SUMITR new issues had different performances, and Asia IG space were 2 - 4bps wider. INCLEN/INGPHL/RPVIN had solid 3QFY26 earnings and were on track to FY26 guidance. YLLGSP's FY25 results stabilized with narrowing losses, a rebound in gross margin, and a healthy gearing ratio, and YLLGSP 26 was unchanged [3] - ReNew Energy (RNW)'s credit profile is underpinned by robust operating cash inflows and scalable advantages. INCLEN 4.5 04/18/27 is preferred within the ReNew Energy complex, and a buy is maintained on it despite less compelling valuation. RNW benefits from diversification and resilient cash flow generation, with revenue and adj. EBITDA increasing and loss before tax narrowing in 3QFY26 and 9MFY26. It is on track to meet FY26 guidance, and is pivoting to a more solar - heavy portfolio, which is credit positive. Leverage is expected to decline, and it early redeemed a bond and has refinancing risk for some outstanding bonds [7][10][13][14] Summary by Directory Trading Desk Comments - New issuance: TOHOKU 31 tightened 5bps from RO at T+70; NTT Float 31 and OCBCSP 36 hovered around ROs [2] - Secondary Chinese IG space: Overall closed unchanged, with balanced flows on TMT names, better buying in CCAMCL FRNs and front - end ORIEAS, and better selling on FRESHK 27 - 29s [2] - EHICAR: EHICAR 26 dropped 0.5pt, EHICAR 27 closed unchanged [2] - HK property: Sentiment gradually recovered, NWDEVL/VDNWDL Perps gained 0.1 - 1.3pts, HYSAN 4.85 Perp edged 0.6pt higher, MTRC 5.625 Perp/LASUDE 26 were 0.1pt higher, FAEACO 12.814 Perp lost 0.4pt [2] - Chinese properties: FUTLAN 28/FTLNHD 26 - 27 gained up to 0.6pt, new FTLNHD 29 was priced at 97.095 and YTM 13%, VNKRLE 27 - 29 lost 0.5pt, LNGFOR 27 - 32 were 0.1pt lower to 0.3pt higher [2] - KR space: New issues DAESEC 29 - 31 widened 1bp, long - end EIBKOR/LGENSO/POHANG traded 1 - 3bps wider [2] - JP insurance subs and Yankee AT1s: Remained stable with flows largely from retail accounts [2] - SE Asian space: MEDCIJ 27 was down by 0.3pt, rest of MEDCIJ 26 - 30s were unchanged to 0.1pt higher, ACPM Perps rose 0.9 - 1.3pts, ACNRGY 5.1 Perp gained 1.4pts [2] - Middle East: PBs were selling long - end KSA/ARAMCO, global RMs were buying 2 - 5yr FABUHs [2] - LGFV space: Closed largely unchanged amid moderate two - way flows [2] Analyst Comments - INCLEN/INGPHL/RPVIN: Had solid 3QFY26 earnings and were on track to FY26 guidance [3][7] - YLLGSP: FY25 results stabilized with narrowing losses, gross margin rebounded to 27.4% in FY25 from 9.4% in FY24, and gearing ratio was 43.6%. YLLGSP 26 was unchanged [3] - ReNew Energy (RNW): Credit profile is underpinned by robust operating cash inflows and scalable advantages. INCLEN 4.5 04/18/27 is preferred. In 3QFY26, revenue rose 36% yoy to INR25.1bn, adj. EBITDA increased 54% yoy to INR21.4bn, and loss before tax narrowed by 83% yoy to INR505mn. In 9MFY26, revenue rose 48% yoy to INR100.4bn, adj. EBITDA increased 31% yoy to INR74.8bn, and profit before tax up 83% yoy to INR12.8bn. It is on track to meet FY26 guidance, is pivoting to a more solar - heavy portfolio, and leverage is expected to decline. It early redeemed USD525mn RNW 7.95 07/28/26 and has refinancing risk for some outstanding bonds [7][10][13][14] Macro News Recap - S&P (-0.54%), Dow (+0.03%) and Nasdaq (-1.18%) were mixed on Thursday. US latest initial jobless claims were +212k, lower than the market expectation of +217k. UST yield was lower on Thursday, with 2/5/10/30 year yield at 3.42%/3.57%/4.02%/4.67% [6] Offshore Asia New Issues Priced | Issuer/Guarantor | Size (USD mn) | Tenor | Coupon | Priced | Issue Rating (M/S/F) | | --- | --- | --- | --- | --- | --- | | Emirate of Abu Dhabi | 1250/1750 | 5yr/10yr | 3.75%/4.25% | T+20/T+25 | -/AA/AA | | New Metro Global | 355 | 3yr | 11.8% | 13.0% | -/B - /- | | Qatar Islamic Bank | 750/500/750 | 5yr/3yr/3yr | 4.402%/3.95%/SOFR+71 | T+80/T+53/SOFR+71 | -/-/A | | Sumitomo Mitsui Trust | 500/750/500 | 5yr/5yr/10yr | 4.20%/SOFR+89/4.8% | T+65/SOFR+89/T+80 | A1/A/- | [20] Pipeline - No Offshore Asia New Issues Pipeline Today [21] News and Market Color - Onshore primary issuances: 76 credit bonds were issued yesterday with an amount of RMB53bn. Month - to - date, 1,041 credit bonds were issued with a total amount of RMB795bn raised, representing a 27.2% yoy decrease [22] - ARAMCO: Canceled some liquefied petroleum gas deliveries after damage to a delivery system at its Juaymah facility [22] - CKHH: Agreed to sell 100% of UK Power Networks Holdings to France's Engie for cUSD14.2bn [22] - CTFSHK: 1HFY26 adjusted EBITDA rose 0.97% yoy to HKD3.6bn (cUSD459mn) [22] - DALWAN: Sold Changzhou Xinbei Wanda Plaza Investment [22] - FOSUNI: Fosun pharma business to issue corporate bonds for up to RMB6bn (cUSD872.7mn) [22] - KDB: Will review the privatisation of Korean shipping firm HMM after the shipper's relocation to Busan is completed [22] - IIFOIN: Plans to raise USD500 - 750mn via external commercial borrowings and USD social bonds in Mar'26 [22] - NIO: Certain Chinese investors will infuse RMB2.3bn (cUSD329mn) in its subsidiary, GeniTech, by subscribing to its shares [22] - PTTGC: Estimated its capex for the 2026 - 2030 period totaled USD553mn [29] - TAISEM: Net revenue up 32% in FY25 to TWD3.8tn (cUSD121.6bn) [29]

Core Viewpoint - Orrön Energy is navigating a challenging market environment characterized by price volatility and increased operational costs, while making progress in project sales and securing grid connections for future growth [7][8][12]. Financial Performance - For the year 2025, Orrön Energy reported a revenue from power generation of MEUR 24.9, a decrease from MEUR 25.7 in 2024, while project sales contributed MEUR 4.0 [4]. - The company recorded a proportionate EBITDA of MEUR -4.5 for the year, impacted by lower power generation volumes and higher balancing costs [12]. - Proportionate net debt stood at MEUR 89, with a liquidity headroom available through a MEUR 170 revolving credit facility [6]. Operational Highlights - Proportionate power generation amounted to 800 GWh for the year, with total generation including ancillary services reaching 839 GWh [5][9]. - The company secured grid connections for six large-scale solar and data center projects in the UK, with a combined capacity of 2.9 GW [5][11]. - Agreements were made to sell three German solar projects totaling 234 MW for up to MEUR 14, contributing to a total of MEUR 18 in project sales agreements for the year [5][10]. Market Conditions - The market conditions in the Nordics remained challenging, with an average realized price of EUR 36 per MWh in 2025, reflecting significant price volatility [8]. - The company implemented operational strategies to manage price volatility, including voluntary curtailments, which improved financial performance despite impacting production volumes [8][9]. Future Outlook - The company anticipates proportionate power generation in 2026 to be between 800 and 950 GWh, considering uncertainties such as weather variability [9]. - There is optimism regarding higher electricity prices and a strong futures price for 2026, alongside expectations of significant returns from the greenfield business [13].

Market Performance - The Tel Aviv 35 Index rose 0.25% to a new record of 4,196.30 points, while the Tel Aviv 125 Index increased by 0.09% to 4,168.12, also a new record [1] - The BlueTech Global Index fell by 0.02% to 669 points, and the All Bond corporate bond index decreased by 0.05% to 424.99 points [1] - Total turnover in equities reached NIS 4.45 billion, and in bonds, it totaled NIS 7.12 billion [1] Foreign Exchange Rates - The shekel-dollar rate was set 0.551% higher at NIS 3.105/$, and the shekel-euro rate increased by 0.306% to NIS 3.672/€ [2] Company Performances - Teva Pharmaceutical Industries Ltd. led the market with a rise of 1.99% on the highest trading turnover [3] - Enlight Renewable Energy saw a significant increase of 12.04% after reporting strong fourth quarter results [3] - Other notable gainers included Elbit Systems Ltd. (up 1.96%), Next Vision (up 0.78%), Ormat Technologies Inc. (up 4.21%), and Azrieli Group (up 4.08%) [3] Decliners - Camtek experienced the largest decline on the Tel Aviv 35 Index, falling by 4.39% [4] - Tower Semiconductor Ltd. decreased by 3.46%, and Nova Ltd. fell by 2.21% [4] - Other companies that saw declines include Nice (down 0.97%) and Harel Insurance, Investments and Financial Services (down 2.09%) [4]

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 ...

Company Overview - Voltalia is an international player in the renewable energy sector, producing and selling electricity from wind, solar, hydraulic, biomass, and storage facilities [2] - The company has a generating capacity in operation and under construction of over 3.6 GW, with a project portfolio under development representing a total capacity of 17.4 GW [2] Services Offered - Voltalia acts as a service provider, supporting investor clients in renewable energy projects from design to operation and maintenance [3] - The company offers a comprehensive range of services to private companies, including the supply of green electricity, energy efficiency services, and local electricity production [3] Company Presence and Recognition - Voltalia employs more than 2,000 people and operates in 20 countries across three continents, enabling global service delivery for its clients [4] - The company is listed on the Euronext regulated market in Paris and is included in indices such as Enternext Tech 40 and CAC Mid&Small, as well as MSCI ESG ratings and Sustainalytics ratings [4]

Financial Data and Key Metrics Changes - Adjusted EBITDA increased by 31% to INR 74.8 billion for the nine months ending December 31, 2026, with a more than sixfold increase in profit after tax [7][18] - Revenue increased by 48% for the first nine months of the fiscal year compared to the previous year, driven by an increase in megawatts and contributions from the manufacturing business [18] - Headline leverage decreased from 8.2x in December 2024 to 7x debt to EBITDA currently, with a trailing twelve-month leverage of approximately 5.6x for the operating portfolio [19][27] Business Line Data and Key Metrics Changes - Operating capacity increased from 10.7 gigawatts to 11.8 gigawatts, a 19% increase after adjusting for the sale of 900 megawatts [5][17] - The manufacturing business contributed INR 10.8 billion to Adjusted EBITDA for the first nine months, with an external order book of 900 MW [9][15] - The company sold another 300 MW of solar assets this quarter, raising a total of $275 million through capital recycling this year [20] Market Data and Key Metrics Changes - The electricity demand in India has shown recovery, with expectations for power demand to return to normal levels in fiscal 2027 [5] - The financing environment remains favorable, with interest rates on a downward trend, benefiting the overall economic outlook [4] Company Strategy and Development Direction - The company is shifting its focus from wind projects to more battery energy storage systems (BESS) and solar capacity to lower capital expenditure and execution risk [6][13] - The strategic path forward includes optimizing the portfolio for lower execution risk and more predictable cash flows, with a focus on balance sheet strength and reducing leverage [13][27] - The company aims to construct between 1.8 and 2.4 GW in the fiscal year ending March 31, 2026, with increased guidance for Adjusted EBITDA [27] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the macroeconomic environment, citing a recent trade deal between India and the U.S. that is expected to benefit the economy [4] - The company is committed to ESG initiatives, having received high ratings from LSEG and CDP, and aims to maintain leadership in sustainability within the sector [10][24] Other Important Information - The company has achieved water positive certification for two sites and continues to focus on reducing emissions and enhancing sustainability practices [10][25] - The company has been consistently growing its EBITDA at approximately 17% per year since its listing, relying on capital recycling without issuing new equity [12] Q&A Session Summary Question: Can you elaborate on the revised strategy towards more solar and BESS projects? - Management explained that the decision to decrease wind capacity was driven by lower costs for BESS and solar, improved execution capabilities, and historical performance issues with wind [30][33] Question: What is the update on transmission project delays and curtailment? - Management acknowledged these issues and noted that the government is actively working on solutions to improve transmission execution and address curtailment losses [40][41] Question: Are margins in cell manufacturing compressing? - Management indicated that margins have held up well, with a temporary lull during monsoons, but demand remains reasonable [44]