Earnings Presentation Second Quarter 2025 Forward Looking Statements Some of the information contained herein are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used herein, words such as "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "may," "target," or similar expressions, are intended to identify such forward-looking statements. Forward- ...

Core Insights - Enlight Renewable Energy reported strong financial results for Q2 2025, with significant year-over-year growth in revenues and adjusted EBITDA, although net income saw a decline due to foreign exchange impacts and increased expenses [3][6][25]. Financial Performance - For Q2 2025, total revenues and income reached $135 million, a 53% increase from $88 million in Q2 2024 [23]. - For the first half of 2025, total revenues and income were $265 million, up 46% from $182 million in the same period last year [6][23]. - Net income for Q2 2025 was $6 million, down 41% from $9 million in Q2 2024, primarily due to foreign exchange losses and increased financial expenses [25]. - Adjusted EBITDA for Q2 2025 was $96 million, a 57% increase from $61 million in Q2 2024 [26]. Guidance and Future Outlook - The company raised its full-year 2025 revenue guidance to a range of $520-535 million, up from the previous range of $490-510 million, reflecting a 5.5% increase at the midpoint [7][21]. - Adjusted EBITDA guidance for 2025 was also increased to $385-400 million, up 6% at the midpoint from the previous range of $360-380 million [7][21]. Portfolio and Project Development - Enlight's total portfolio now includes 20.0 GW of generation capacity and 53.4 GWh of energy storage, a 17% increase from the end of 2024 [10]. - The company is advancing towards the construction of additional projects, with expectations of reaching an annual revenue run rate of $1.9-2.2 billion by 2028 [8][15]. - New operational projects contributed significantly to revenue growth, with 525 MW and 1,604 MWh of new projects connected to the grid [24]. Market Environment - The recent reconciliation bill is seen as favorable for utility-scale solar and storage segments, providing growth opportunities for companies like Enlight [5]. - The demand for renewable energy generation and energy storage continues to grow in Europe and MENA markets [5].

Financial Data and Key Metrics Changes - The company reported adjusted EBITDA of $681 million for Q2 2025, an increase from $658 million in the previous year, driven by growth from new renewables projects and cost reductions [25][26] - Adjusted EPS increased by 34% to $0.51 per share compared to $0.38 in the prior year, supported by higher U.S. renewable tax attributes [26][32] Business Line Data and Key Metrics Changes - The Renewables Strategic Business Unit (SBU) saw adjusted EBITDA of $240 million, representing a 56% growth year-over-year, attributed to 3.2 gigawatts of new projects added to the portfolio [10][27] - The Utilities SBU experienced lower adjusted pretax contributions due to planned outages and the sell-down of AES Ohio, but significant growth is expected driven by new investments [29][31] Market Data and Key Metrics Changes - The company has a backlog of 12 gigawatts of signed Power Purchase Agreements (PPAs), with 4.1 gigawatts international and 7.9 gigawatts in the U.S., with plans to place 6 gigawatts in service by the end of 2027 [13][40] - Demand for electricity in the U.S. is growing rapidly, with expectations of over 600 terawatt hours of additional power needed by the end of the decade, primarily driven by data centers [19][20] Company Strategy and Development Direction - The company aims to maintain its position as a leading provider of renewables to data centers, with over 11 gigawatts of agreements signed to date [18][41] - The strategy focuses on delivering energy solutions that meet customer demands for renewables and storage, while also maintaining flexibility to adapt to market changes [21][38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the backlog of renewables and energy storage projects, emphasizing that recent U.S. policy changes are largely inconsequential to their operations [12][36] - The company expects strong demand for electricity to continue, with a robust growth outlook even as tax credits expire [18][35] Other Important Information - The company is on track to invest approximately $1.4 billion in U.S. utilities in 2025, focusing on improving customer reliability and supporting economic development [22][24] - The company has implemented a supply chain strategy that mitigates risks from potential future tariffs and ensures compliance with U.S. manufacturing requirements [16][36] Q&A Session Summary Question: Project online timing and EPS/EBITDA recognition - Management confirmed that most of the remaining 1.3 gigawatts will be commissioned by the end of the year, with tax attributes expected to be split between the third and fourth quarters [46][47] Question: Value of the underlying business and potential acquisition - Management believes the company has been undervalued and highlighted the strength of their backlog and execution capabilities [51][52] Question: Risk to safe harboring from executive orders - Management expressed confidence in their robust position, noting that most projects are not exposed to potential changes in treasury guidance [58][60] Question: Load updates and demand in service territories - There is strong interest and demand in their utility sectors, particularly from data centers, with about 2 gigawatts of additional demand signed [64] Question: Details on signed PPAs - The company signed 1.6 gigawatts of new PPAs, primarily with data center customers, skewed towards solar plus batteries [70] Question: Gas generation build-out capabilities - Management confirmed ongoing capabilities to build gas plants as needed, particularly for data centers, while focusing primarily on renewables [101][102] Question: Consolidation in the renewable industry - Management anticipates opportunities for acquisitions of smaller developers and advanced-stage projects due to the current market environment [103]

Industry Overview - The Zacks Utility – Electric Power industry offers attractive investment opportunities due to stable cash flows and predictable earnings from a regulated business model [1] - U.S.-focused utilities benefit from long-term power purchase agreements, insulating them from economic fluctuations [1] - Rising electricity demand from AI data centers, electric vehicles, and reshoring manufacturing activities creates new opportunities for utilities [1] Clean Energy Transformation - The industry is transforming with a global push for decarbonization, leading utilities to invest in clean energy infrastructure like solar, wind, and battery storage [2] - Early adopters of renewable technologies are positioned to capitalize on market expansion and attract investor interest [2] Company Analysis: Dominion Energy - Dominion Energy is a solid long-term investment with a regulated utility model and reliable dividend payments [3] - The company is reshaping its energy portfolio by investing in renewables and shedding non-core assets [3] - Dominion plans to invest $50 billion through 2029 to modernize its grid and expand clean energy capacity [7][12] - The current dividend yield for Dominion is 4.6% [9][20] - Dominion's debt-to-capital ratio is 58.94% [7][14] - The long-term earnings growth per share for Dominion is projected at 13.59% [8] Company Analysis: Vistra Corp. - Vistra offers a strong investment opportunity with a diversified multi-fuel generation portfolio [4] - The company plans to invest $2.27 billion in 2025, increasing from previous years [12] - Vistra's current dividend yield is 0.46% [9][20] - The debt-to-capital ratio for Vistra is 77.12% [7][14] - The long-term earnings growth per share for Vistra is projected at 13.18% [6] Financial Metrics Comparison - Dominion is trading at a Price/Earnings Forward 12-month ratio of 16.74X, while Vistra is at 26.94X [17] - Return on Equity (ROE) for Vistra is 87.33%, compared to Dominion's 9.51% [16] - Dominion's shares have gained 3.8% month-to-date, while Vistra's shares have increased by 2.2% [18] Conclusion - Dominion is currently in a better position compared to Vistra, with a better dividend yield, cheaper valuation, lower debt usage, and superior price performance [20]

Core Points - Brookfield Renewable will hold its Second Quarter 2025 Conference Call and Webcast on August 1, 2025, at 9:00 a.m. ET to discuss results and business initiatives [1] - Results will be released on the same day at approximately 7:00 a.m. ET and will be accessible on the company's website [1] Company Overview - Brookfield Renewable operates one of the largest publicly traded platforms for renewable power, including hydroelectric, wind, utility-scale solar, and storage facilities [3] - The company also invests in sustainable solutions such as nuclear services, carbon capture and storage, agricultural renewable natural gas, materials recycling, and eFuels manufacturing [3] - Investors can access Brookfield Renewable's portfolio through Brookfield Renewable Partners L.P. or Brookfield Renewable Corporation [4] - Brookfield Renewable is the flagship listed renewable power and transition company of Brookfield Asset Management, which manages over $1 trillion in assets [5]

Core Insights - The Zacks Utility - Electric Power industry presents a compelling investment opportunity due to stable cash flows and regulated business models [1] - Companies are transitioning towards clean energy, investing in solar, wind, battery storage, and grid modernization, which enhances their market appeal [2] - The Southern Company and Vistra Corp. are key players in this transition, focusing on renewable energy investments [2] Company Overview - The Southern Company provides stable long-term value through regulated operations and strategic clean energy investments, benefiting from a diversified generation mix and a strong customer base [3] - Vistra Energy is becoming a significant player in nuclear energy, bolstered by its acquisition of Energy Harbor and the establishment of Vistra Vision for zero-carbon power generation [4] Earnings Growth Projections - Vistra's earnings per share estimates for 2025 and 2026 have increased by 3.7% and 2.84% respectively, with a long-term growth projection of 13.18% [6] - The Southern Company's earnings per share estimate for 2025 has decreased by 0.23%, while the 2026 estimate has increased by 0.22%, with a long-term growth projection of 6.55% [8] Financial Metrics - Vistra's return on equity (ROE) is significantly higher at 87.03% compared to The Southern Company's 12.7% [9] - The dividend yield for Vistra is 0.48%, while The Southern Company's yield is 3.26%, both lower than the industry average of 3.27% [13] Sales Estimates - Vistra's sales estimates for 2025 and 2026 reflect year-over-year growth of 28.91% and 4.53% respectively [14] - The Southern Company's sales estimates for the same years show growth of 5.84% and 3.7% respectively [14] Debt and Valuation - Vistra's debt-to-capital ratio is 77.12%, higher than The Southern Company's 64.83%, with the industry average at 60.81% [17] - Vistra is trading at a premium with a Price/Earnings Forward 12-month ratio of 26.29X compared to The Southern Company's 20.44X and the industry's 15.29X [18] Conclusion - The Southern Company has a marginal edge over Vistra due to lower debt usage, cheaper valuation, and higher dividend yield, despite both companies holding a Zacks Rank 3 (Hold) [20]

Group 1 - Brookfield Renewable Corp. is a source of permanent capital for Brookfield Asset Management, with both Brookfield Renewable Corp. and Brookfield Renewable Partners representing the same business and paying the same quarterly dividend amount [2][5] - The dividend yield for Brookfield Renewable Corp. is 4.7%, while Brookfield Renewable Partners has a distribution yield of 5.8%, reflecting the popularity of the corporate share class over the partnership units [2][5] - Brookfield Renewable Corp. owns renewable power assets, including solar, wind, hydroelectric, battery storage, and recently added nuclear power, providing a comprehensive exposure to clean energy [9][10] Group 2 - The company aims for annual dividend increases of between 5% and 9%, supported by the growth of its portfolio and Brookfield Asset Management's plans to double its investment in clean energy between 2025 and 2030 [11] - Brookfield Renewable's portfolio is dynamic, as its parent company is always buying and selling assets, distinguishing it from regulated electric utilities despite having a reliable income stream from energy contracts [13] - Investing in Brookfield Renewable Corp. could provide a lifetime of reliable income, especially with the growth plans of Brookfield Asset Management, although understanding the complexities of the entities involved is crucial [14]

Financial Performance - The company reported total revenues and income of $130 million for Q1 2025, a 39% increase from $94 million in Q1 2024 [5][27] - Net income surged to $102 million, reflecting a 316% increase compared to $24 million in the same period last year [5][33] - Adjusted EBITDA rose by 84% to $132 million, up from $72 million in Q1 2024 [5][34] - Cash flow from operating activities increased by 24% to $44 million, compared to $35 million in Q1 2024 [5] Revenue Breakdown - Revenues from electricity sales increased by 21% to $110 million, up from $90 million in Q1 2024 [27][30] - The company recognized $20 million in income from tax benefits, a 516% increase from $3 million in Q1 2024 [27] - Revenue contributions from new projects connected to the grid included $30 million from various projects, with significant contributions from Atrisco, Israel Solar and Storage Cluster, and others [28][30] Project Developments - The company sold 44% of the Sunlight cluster for $52 million, generating an additional $42 million in Adjusted EBITDA and $80 million in net profit for Q1 2025 [6][29] - The total portfolio consists of 33.4 FGW, with 8.6 FGW in the mature portfolio expected to generate annualized revenues of approximately $1.4 billion by 2027 [11][19] - The company has secured $1.8 billion in financing to support the construction of 4.7 FGW of capacity in 2025 [9] Geographic Revenue Distribution - Revenue distribution for Q1 2025 included $42.9 million from MENA, $51.4 million from Europe, and $34.8 million from the U.S., with the U.S. segment showing a 674% increase year-over-year [25][32] - Approximately 81% of operational capacity sells electricity under Power Purchase Agreements (PPAs), with 29% of power sold under inflation-linked PPAs [16] Operational Strategy - The company has effectively mitigated exposure to U.S. import tariffs through diversified procurement strategies, ensuring that projects under construction have no solar panel exposure under current tariff policies [3][8] - The operational portfolio is geographically diversified, with 44% of capacity in Europe, 29% in Israel, and 27% in the U.S. [16] Future Guidance - Total revenues and income for 2025 are projected to range between $490 million and $510 million, with Adjusted EBITDA expected between $360 million and $380 million [29][30] - Approximately 90% of electricity volumes expected to be generated in 2025 will be sold at fixed prices through PPAs or hedges [30]

Core Viewpoint - Brookfield Renewable is positioned as a leading investment opportunity in the renewable energy sector, driven by increasing demand for clean power and strong operational performance [1][2]. Financial Performance - In the first quarter, Brookfield Renewable reported record funds from operations (FFO) of $315 million, or $0.48 per share, representing a 7% increase year-over-year and a 15% increase when adjusted for hydro generation strength [4]. - The company has a current dividend yield of over 5%, with plans to increase it by 5% to 9% annually [2][14]. Growth Strategy - Brookfield Renewable benefits from stable, inflation-linked cash flows from its diversified global assets, including hydro, wind, solar, and energy storage [5]. - The company has engaged in capital recycling, selling $900 million in assets this year, netting $230 million for itself, and reinvesting proceeds into new opportunities [6][7]. - It has signed contracts to deliver an additional 4,500 gigawatt hours per year, including a significant agreement with Microsoft for 10.5 GW of capacity [8][9]. Capacity Expansion - Brookfield completed 800 megawatts of new renewable energy capacity in the first quarter and aims to complete 8 GW of projects this year, with a target of reaching 10 GW of annual capacity additions in the coming years [10]. - The company’s large-scale platform of contracted assets supports durable cash flow and ongoing reinvestment [11]. Competitive Advantages - Brookfield's scale allows for better negotiation terms with vendors and a diversified supply chain, mitigating inflation and cost pressures [12]. - The company maintains a strong financial profile with approximately $4.5 billion in liquidity, providing flexibility for continued investments [13]. Future Outlook - Brookfield Renewable anticipates 10%+ annual growth in FFO per share through at least 2029, supported by organic growth and strategic acquisitions [14].

Core Insights - The focus on artificial intelligence (AI) stocks has primarily been on semiconductor companies like Nvidia, which has experienced price volatility despite its strong position in AI chip design [1] - Conservative investors can consider alternative investments in companies that support AI growth without directly investing in AI stocks [2] Group 1: Challenges in AI - AI technology, while impressive, has limitations such as generating inaccurate information and difficulties in rendering certain images [3] - A significant challenge for AI is its high energy consumption, with electricity demand from data centers projected to increase by 300% over the next decade [5][6] Group 2: Investment Opportunities - Bloom Energy is positioned to meet the urgent power needs of AI and data centers, with a $2.5 billion product backlog and a $9 billion service backlog as of the end of 2024 [9] - Dominion Energy, a regulated utility, is experiencing a surge in demand for data center connections, with requests increasing by 88% in less than six months, which is likely to lead to earnings growth of 5% to 7% annually [11] - Brookfield Renewable focuses on clean energy solutions and has a multi-year, 10.5-gigawatt deal with Microsoft to support AI data centers, indicating strong growth potential in both clean energy and AI [13]