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]