Enlight Renewable Energy Reports Fourth Quarter 2025 Financial Results

All of the amounts disclosed in this press release are in U.S. dollars unless otherwise noted

TEL AVIV, Israel, Feb. 17, 2026 (GLOBE NEWSWIRE) -- Enlight Renewable Energy (NASDAQ: ENLT, TASE: ENLT) today reported financial results for the fourth quarter of 2025 ending December 31, 2025. Registration links for the Company’s earnings English and Hebrew conference call and webcasts can be found at the end of this earnings release.

Financial Highlights

12 months ending December 31, 2025

• Revenues and income of $582m, up 46% year over year

• Net income of $161m, up 142% year over year

• Adjusted EBITDA¹ of $438m, up 51% year over year

• Cash flow from Operating activities² of $283m, up 11% year over year

3 months ending December 31, 2025

• Revenues and income of $152m, up 46% year over year

• Net income of $21m, up 153% year over year

• Adjusted EBITDA of $99m, up 51% year over year

• Cash flow from Operating activities of $75m, up 38% year over year

^{1 Adjusted EBITDA is a non-IFRS measure. Please refer to the reconciliation table in Appendix 2. The Company is unable to provide a reconciliation of Adjusted EBITDA to Net Income on a forward-looking basis without unreasonable effort because items that impact this IFRS financial measure are not within the Company’s control and/or cannot be reasonably predicted. 
2 Interest payments and receipts are classified as cash flows from financing and investing activities, respectively, rather than as cash flows from operating activities. Adjustments were made for the years 2023–2025 following a change in accounting policy; for further details, see Appendix 4 in the Earning release}

Summary of key financial results for 4Q25 and 2025

2026 guidance

Financial guidance

• Total revenues and income³ are expected to range between $755m and $785m, a 32% increase (at the midpoint) from 2025. Adjusted EBITDA is expected to range between $545m and $565m, a 27% increase (at the midpoint) from 2025.

Key assumptions underlying the forecast:

• Approximately 90% of the electricity volumes expected to be generated in 2026 will be sold at fixed prices through PPAs or hedges.

• Exchange rates are based on 2026 forward curves.

• Of the projected revenues and income, 39% are expected to be denominated in USD, 34% in ILS, and 27% in EUR.

Construction and commissioning

• Expected commissioning of 1.1 FGW⁴, added to the current operational component of the portfolio (3.9 FGW), representing approximately $137m of annualized revenues and income and $107m of annualized adjusted EBITDA.

• In addition, the company estimates that during 2026 it will begin construction of projects totaling 3 to 4 FGW, leading to a total capacity under construction of 6.5 to 7.5 FGW.

• The operating and under construction components of the portfolio are expected to total 10.4 to 11.4 FGW by the end of 2026, representing annualized revenues (year-end 2028) of $1.8 to $2 billion in full operation.

^{3 Total revenues and income include revenues from the sale of electricity along with income from tax benefits from US projects amounting to $160-180m.
4 FGW (Factored GW) is the company’s consolidated metric combining generation and storage capacity into a uniform figure based on the ratio of construction costs. Current weighted average construction cost ratio is 3.5 GWh of storage per 1 GW of generation: FGW = GW + GWh / 3.5.}

Adi Leviatan, CEO of Enlight Renewable Energy: “Enlight concludes 2025 with strong results and clear execution momentum. This year, we once again demonstrated our strength in developing and advancing a broad and diversified project portfolio from the development stages, through construction, grid connection and operations. As we enter 2026, the company expects another year of meaningful growth and strong execution momentum, with an accelerated pace of construction and commissioning, alongside the development of new growth engines. As electricity demand surges and is expected to continue rising, renewable energy is the most cost effective and fastest solution to meet this demand. Under these market conditions, Enlight is well positioned to continue to lead, with a proven global strategy and robust execution capabilities.”

Portfolio Review

This quarter Enlight continued to expand its portfolio and advance projects through the various phases of development. As of the earning release date, Enlight’s total portfolio is comprised of 20.6 GW of generation capacity and 61 GWh energy storage (totaling 38 FGW), an increase of 26% from the total portfolio of 30.2 FGW at the end of 2024. Of this, the mature component of the portfolio (including operating projects, projects under construction or in pre-construction) contains 6.4 GW generation capacity and 17.5 GWh of storage (11.4 FGW in total), an increase of 33% from the mature component of 8.6 FGW at the end of 2024. Enlight’s mature storage component, a primary growth engine for the company, has surged by 105% over the past 12 months.

The growth of the mature component stems primarily from the completion of development for the CO Bar complex, a mega-project and one of the largest in the US. Located in Arizona, the complex comprises five phases with a total capacity of approximately 1.2 GW of solar generation and 4 GWh of energy storage capacity (approximately 2.4 FGW).

• Enlight has completed the final development milestones for the project, including the signing of a 1 GW grid connection agreement and a long-term availability Energy Storage Agreement (ESA) for Phases 4 and 5, which have a combined storage capacity of approximately 3.2 GWh (approximately 0.9 FGW). Following the achievement of these milestones, Phases 4 and 5 transitioned from the advanced development pipeline to the pre-construction pipeline, joining Phases 1 through 3 in the mature component of our portfolio. CODs are expected during the second half of 2027 and the first half of 2028.

• The total expected investment in the complex is estimated at $2,860 - $3,010 million, and $1,550–$1,630 million net of tax benefits. In its first full year of operation, the complex is expected to generate an EBITDA of approximately $209 - $219 million, with an unlevered project yield ranging from 13.1% to 13.5%. This yield demonstrates Enlight’s "Connect and Expand" strategy, which focuses on optimizing existing grid connection infrastructure and maximizing project returns.

As of the earnings release date, Enlight has met Safe Harbor requirements, securing eligibility for US tax benefits for a total capacity of 13.2 FGW. Of this total, 4.3 FGW secured Safe Harbor status within the last three months. This capacity encompasses the entire mature component of the U.S. portfolio (6.4 FGW), as well as approximately 6.8 FGW of projects in the advanced development and development components. In addition, 18 FGW with high likelihood to achieve grid interconnection, having completed the System Impact Study.

The composition of Enlight’s portfolio appears in the following table:

^{5 As of February 16, 2026 (“the Approval Date”).}

• Operating component of the portfolio: 3.9 FGW

  • In the last twelve months, Enlight’s operating component expanded by 29%, primarily due to the commercial operation of Quail Ranch and Roadrunner (with aggregated capacity of 0.8 FGW) in the fourth quarter of 2025, doubling the operational portfolio in the U.S.

  • Operating portfolio generates annualized revenues and income run rate of approximately $760m.
    

• Under construction component of the portfolio: 3.5 FGW

  • During the last 12 months construction has commenced in projects with capacity totaling 2.6 FGW.

  • The under-construction component includes four major projects in the U.S. with a total capacity of 2.9 FGW, all benefit from long-term Busbar PPA agreements.

The following projects in the U.S. advanced to the under-construction component:

• • • Phases 1 and 2 in the CO Bar complex, totaling approximately 1 FGW advanced to under-construction.

    • Crimson Orchard in Idaho, U.S., with solar generation capacity of 120 MW and storage capacity of 400 MWh (approximately 230 FMW).

    • Another project that advanced to under-construction during 2025 is Snowflake A in Arizona, U.S., with solar generation capacity of 594 MW and storage capacity of 1,900 MWh (approximately 1.1 FGW). The project is expected to become operational in the second half of 2027. This is the first phase of the Snowflake complex and its larger second phase is in the advanced development component. Both phases have a joint grid connection of 1 GW. Snowflake is an example of Enlight’s Connect and Expand strategy, which drives lower risk and maximizes returns.

• • Under construction projects are expected to contribute ~$700m to annual revenues and income run rate during their first full year of operation.
    

• Pre-construction component of the portfolio: 4 FGW

  • During the past 12 months projects with a capacity amounting to more than 2.5 FGW advanced to pre-construction.

  • Notable additions during the quarter:

• • • Phases 4 and 5 of the CO Bar complex with storage capacity of 3.2 GWh (approximately 0.9 FGW) progressed from advanced development to pre-construction.

• • An agreement was signed for the acquisition of 51% from the Jupiter project in Germany (with an option to increase ownership to 60%), with an energy storage capacity of 2,000 MWh and solar generation of 150 MW (a total of 720 FMW). The project has secured grid connection of 500 MW. The total investment in the project is expected to amount to $559 - $587 million and the first year EBITDA is expected to amount to $82 - 87 million, reflecting an unlevered return of approximately 15%. The acquisition expands Enlight’s footprint in Germany, one of the world’s most attractive renewable energy markets.

  • Additional projects that were added to pre-construction in the past 12 months:

• • • Bertikow, an 860 MWh (246 FMW) stand-alone storage project acquired in Germany, marking Enlight’s first project in the country.

    • Nardo Solar in Italy with Solar generation capacity of 100 MW. The project also includes storage capacity of 872 MWh (approximately 250 FMW) in pre-construction.

    • Edison, a 208 MWh (59 FMW) stand-alone storage project acquired in Poland.

    • 1,350 MWh (386 FMW) high-voltage storage projects in Israel.

  • Pre-construction projects are expected to contribute ~$600m to the annual revenues and income run rate during their first full year of operation.

With the completion of the current Mature portfolio by year-end 2028, Enlight’s operating capacity is expected to rise to 12-13 FGW and to generate an annualized revenues and income run rate of $2.1-$2.3bn.

• Advanced development component of the portfolio component: 6.4 FGW

  • 4.6 FGW in the U.S., of which 2 FGW in follow-on projects as part of Enlight’s Connect and Expand strategy: Snowflake B (1.3 FGW) and Atrisco 2 (0.7 FGW).

  • 89% of the capacity has met Safe Harbor requirements, securing eligibility for US tax benefits.

  • 89% of the capacity have completed the System Impact Study, the key milestone in securing grid interconnection.

  • The advanced development portfolio also includes 1 FGW in Europe and 0.8 FGW in MENA.

• Development component of the portfolio: 20.2 FGW

  • 13.8 FGW in the U.S. with broad geographic presence, including the WECC, PJM, SPP and MISO regions. 53% and 19% of the capacity completed the System Impact Study and has achieved Safe Harbor, respectively.

  • The development portfolio also includes 2.7 FGW in Europe and 3.7 FGW in MENA.

Roadmap to Revenues and Income Run-Rate of ~$2.1-2.3bn by the end of 2028⁶

^{6 Expected Adjusted EBITDA margin of approximately 70%-80% (including tax benefits) for the years shown. FGW (Factored GW) is a consolidated metric combining generation and storage capacity into a uniform figure based on the ratio of construction costs. The company’s current weighted average construction cost ratio is 3.5 GWh of storage per 1 GW of generation: FGW = GW + GWh / 3.5. The expected growth in 2028 encompasses the Company’s operations in all geographies. Expected growth relies on business plans which rely on development conditions and assumptions regarding electricity prices, and are contingent on current trends known to the Company at this time; The company's revenues from tax benefits are estimated at approximately 19-23% of the total revenues & income run rate for December 2025; approximately 24-28% of the total revenue run rate for December 2026, and approximately 28-33% of the total revenues & income run rate for December 2027 and December 2028.}

Project and Corporate Finance

• During 2025, the Company secured project finance from multiple sources:

  • Financial close totaling approximately $1.4bn of loans for the Snowflake A project (1.1 FGW).

  • Tax equity financing for the Roadrunner and Quail Ranch projects (0.8 FGW combined) totaling approximately $470m.

  • Completion of a $350m mezzanine loan with competitive margins of 2.7% - 3.2% above SOFR and flexible drawdown and repayment terms, supporting the development and operational needs of projects now under construction in the U.S.

  • Raising approximately $300m in share equity through a private placement to Israeli institutional investors and $245 million in debentures in the Tel Aviv Stock Exchange.

  • The sale of 44% of the Sunlight cluster generated cash flow of $50 million.

• Cash and cash equivalents at the “topco” level⁷ were $217m as at the balance sheet date.

• As of the balance sheet date, the Company maintained $525m of credit facilities, of which $162m has been drawn. In addition, of approximately $1.5bn of LC and surety bond facilities, $713m was drawn at end of the quarter.

^{7 Including Enlight Renewable Energy, headquarter companies in Europe and the U.S. and Clenera, and excluding other subsidiaries and project-linked entities.}

Financial Results Analysis

Revenues & Income

In the fourth quarter of 2025, the Company’s total revenues and income increased to $152m, up from $104m last year, a growth rate of 46% year over year. This was composed of revenues from the sale of electricity, which rose 33% to $124m compared to $104m in the same period of 2024, as well as recognition of $28m in income from tax benefits compared to $11m in 3Q24.

Most of the increase is attributed to newly operational projects. In the past 12 months 452 MW and 1,535 MWh of new projects were connected to the grid and began selling electricity. An addition of $23 million is attributed to the Atrisco in the U.S which started operating at year-end 2024, while Roadrunner and Quail Ranch which started operating towards the end of 2025, contributed an addition of $8 million. In MENA, the increase in electricity trade activity in Israel and an increase in the Genesis project output due to favorable wind conditions, contributed an increase of $8 million combined. In Europe, the Pupin project in Serbia, which started operating towards the end of 2024, contributed $5 million to the increase in revenue and income. Exchange rates fluctuations, mainly the depreciation of the US dollar against the shekel and the euro, contributed $7 million to the increase in revenue and income.

Net Income

In the fourth quarter of 2025, the Company reported a net income of $21m, compared to $8m in the same period last year, an increase of 153%. The growth is attributed to the growth in revenues and income ($48 million), while exchange rates fluctuations contributed $7 million. These were partially offset by an increase of $13 million in operating expenses, an increase of $12 million in depreciation and amortization (mainly attributed to newly recognized depreciation expenses in new projects), and an increase of $10 million in finance and tax expenses.

Adjusted EBITDA⁸

The Company’s Adjusted EBITDA grew by 51% to $99m in the fourth quarter of 2025, compared to $65m for the same period in 2024. Growth in revenues and income was offset by an increase of $11m in cost of sales linked to the addition of new projects, and an increase of $3m in G&A and Development expenses.

^{8 The Company is unable to provide a reconciliation of Adjusted EBITDA to Net Income on a forward-looking basis without unreasonable effort because items that impact this IFRS financial measure are not within the Company’s control and/or cannot be reasonably predicted. Please refer to the reconciliation table in Appendix 2.}

Conference Call Information

Enlight plans to hold its Fourth Quarter 2025 Conference Call and Webcasts on Tuesday, February 17, 2026, to review its financial results and business outlook in both English and Hebrew. Management discussion on the Company’s financial results and business outlook will be followed by a question-and-answer session. Participants may join by conference call or webcast:

English Conference Call at 8:00am ET / 3:00pm Israel:

Please pre-register to join the live conference call:

https://register-conf.media-server.com/register/BI71bd607581334a0d815bc9804aaa1271

English Webcast at 8:00am ET / 3:00pm Israel:

Please register and join by webcast at the following link:

https://edge.media-server.com/mmc/p/airnx7q2

Hebrew Webcast at 6:00am ET / 1:00pm Israel:

Please join the webcast at the following link:

https://enlightenergy-co-il.zoom.us/webinar/register/WN_0dDsbEwLSI2oMCd27K8MSQ

The press release with the financial results as well as the investor presentation materials will be accessible from the Company’s website prior to the conference call. An archived version of the webcast will be available on the Company’s investor relations website at https://enlightenergy.co.il/info/investors/.

Supplemental Financial and Other Information

We intend to announce material information to the public through the Enlight investor relations website at https://enlightenergy.co.il/info/investors, SEC filings, press releases, public conference calls, and public webcasts. We use these channels to communicate with our investors, customers, and the public about our company, our offerings, and other issues. As such, we encourage investors, the media, and others to follow the channels listed above, and to review the information disclosed through such channels. Any updates to the list of disclosure channels through which we will announce information will be posted on the investor relations page of our website.

Non-IFRS Financial Measures

This release presents Adjusted EBITDA, a financial metric, which is provided as a complement to the results provided in accordance with the International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”). A reconciliation of the non-IFRS financial information to the most directly comparable IFRS financial measure is provided in the accompanying tables found at the end of this release.

We define Adjusted EBITDA as net income (loss) plus depreciation and amortization, share based compensation, finance expenses, taxes on income and share in losses of equity accounted investees and minus finance income and non-recurring portions of other income, net. For the purposes of calculating Adjusted EBITDA, compensation for inadequate performance of goods and services procured by the Company are included in other income, net. Compensation for inadequate performance of goods and services reflects the profits the Company would have generated under regular operating conditions and is therefore included in Adjusted EBITDA. With respect to gains (losses) from asset disposals, as part of Enlight’s strategy to accelerate growth and reduce the need for equity financing, the Company sells parts of or the entirety of selected renewable project assets from time to time, and therefore includes realized gains or losses from these asset disposals in Adjusted EBITDA. In the case of partial assets disposals, Adjusted EBITDA includes only the actual consideration less the book value of the assets sold. Our management believes Adjusted EBITDA is indicative of operational performance and ongoing profitability and uses Adjusted EBITDA to evaluate the operating performance and for planning and forecasting purposes.

Non-IFRS financial measures have limitations as analytical tools and should not be considered in isolation or as substitutes for financial information presented under IFRS. There are a number of limitations related to the use of non-IFRS financial measures versus comparable financial measures determined under IFRS. For example, other companies in our industry may calculate the non-IFRS financial measures that we use differently or may use other measures to evaluate their performance. All of these limitations could reduce the usefulness of our non-IFRS financial measures as analytical tools. Investors are encouraged to review the related IFRS financial measure, Net Income, and the reconciliations of Adjusted EBITDA provided below to Net Income and to not rely on any single financial measure to evaluate our business.

Special Note Regarding Forward-Looking Statements

This press release 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. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding the Company’s business strategy and plans, capabilities of the Company’s project portfolio and achievement of operational objectives, market opportunity, utility demand and potential growth, discussions with commercial counterparties and financing sources, pricing trends for materials, progress of Company projects, including anticipated timing of related approvals and project completion and anticipated production delays, the Company’s future financial results, expected impact from various regulatory developments and anticipated trade sanctions, expectations regarding wind production, electricity prices and windfall taxes, and Revenues and Income and Adjusted EBITDA guidance, the expected timing of completion of our ongoing projects, and the Company’s anticipated cash requirements and financing plans , are forward-looking statements. The words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “target,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible,” “forecasts,” “aims” or the negative of these terms and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions.

These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: our ability to site suitable land for, and otherwise source, renewable energy projects and to successfully develop and convert them into Operational Projects; availability of, and access to, interconnection facilities and transmission systems; our ability to obtain and maintain governmental and other regulatory approvals and permits, including environmental approvals and permits; construction delays, operational delays and supply chain disruptions leading to increased cost of materials required for the construction of our projects, as well as cost overruns and delays related to disputes with contractors; disruptions in trade caused by political, social or economic instability in regions where our components and materials are made; our suppliers’ ability and willingness to perform both existing and future obligations; competition from traditional and renewable energy companies in developing renewable energy projects; potential slowed demand for renewable energy projects and our ability to enter into new offtake contracts on acceptable terms and prices as current offtake contracts expire; offtakers’ ability to terminate contracts or seek other remedies resulting from failure of our projects to meet development, operational or performance benchmarks; exposure to market prices in some of our offtake contracts; various technical and operational challenges leading to unplanned outages, reduced output, interconnection or termination issues; the dependence of our production and revenue on suitable meteorological and environmental conditions, and our ability to accurately predict such conditions; our ability to enforce warranties provided by our counterparties in the event that our projects do not perform as expected; government curtailment, energy price caps and other government actions that restrict or reduce the profitability of renewable energy production; electricity price volatility, unusual weather conditions (including the effects of climate change, could adversely affect wind and solar conditions), catastrophic weather-related or other damage to facilities, unscheduled generation outages, maintenance or repairs, unanticipated changes to availability due to higher demand, shortages, transportation problems or other developments, environmental incidents, or electric transmission system constraints and the possibility that we may not have adequate insurance to cover losses as a result of such hazards; our dependence on certain operational projects for a substantial portion of our cash flows; our ability to continue to grow our portfolio of projects through successful acquisitions; changes and advances in technology that impair or eliminate the competitive advantage of our projects or upsets the expectations underlying investments in our technologies; our ability to effectively anticipate and manage cost inflation, interest rate risk, currency exchange fluctuations and other macroeconomic conditions that impact our business; our ability to retain and attract key personnel; our ability to manage legal and regulatory compliance and litigation risk across our global corporate structure; our ability to protect our business from, and manage the impact of, cyber-attacks, disruptions and security incidents, as well as acts of terrorism or war; changes to existing renewable energy industry policies and regulations that present technical, regulatory and economic barriers to renewable energy projects; the reduction, elimination or expiration of government incentives or benefits for, or regulations mandating the use of, renewable energy; our ability to effectively manage the global expansion of the scale of our business operations; our ability to perform to expectations in our new line of business involving the construction of PV systems for municipalities in Israel; our ability to effectively manage our supply chain and comply with applicable regulations with respect to international trade relations, the impact of tariffs on the cost of construction and our ability to mitigate such impact, sanctions, export controls and anti-bribery and anti-corruption laws; our ability to effectively comply with Environmental Health and Safety and other laws and regulations and receive and maintain all necessary licenses, permits and authorizations; our performance of various obligations under the terms of our indebtedness (and the indebtedness of our subsidiaries that we guarantee) and our ability to continue to secure project financing on attractive terms for our projects; limitations on our management rights and operational flexibility due to our use of tax equity arrangements; potential claims and disagreements with partners, investors and other counterparties that could reduce our right to cash flows generated by our projects; our ability to comply with increasingly complex tax laws of various jurisdictions in which we currently operate as well as the tax laws in jurisdictions in which we intend to operate in the future; the unknown effect of the dual listing of our ordinary shares on the price of our ordinary shares; various risks related to our incorporation and location in Israel, including the ongoing war in Israel, where our headquarters and some of our wind energy and solar energy projects are located; the costs and requirements of being a public company, including the diversion of management’s attention with respect to such requirements; certain provisions in our Articles of Association and certain applicable regulations that may delay or prevent a change of control; and other risk factors set forth in the section titled “Risk factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2024, filed with the Securities and Exchange Commission (the “SEC”), as may be updated in our other documents filed with or furnished to the SEC.

These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this press release. You should not put undue reliance on any forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by applicable law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

About Enlight

Founded in 2008, Enlight develops, finances, constructs, owns, and operates utility-scale renewable energy projects. Enlight operates across the three largest renewable segments today: solar, wind and energy storage. A global platform, Enlight operates in the United States, Israel and 12 European countries. Enlight has been traded on the Tel Aviv Stock Exchange since 2010 (TASE: ENLT) and completed its U.S. IPO (Nasdaq: ENLT) in 2023.

Company Contacts

Limor Zohar Megen
Director IR
investors@enlightenergy.co.il

Erica Mannion or Mike Funari
Sapphire Investor Relations, LLC
+1 617 542 6180
investors@enlightenergy.co.il

Appendix 1 – Financial information

Consolidated Statements of Income

(*) Excluding depreciation and amortization.

Information related to Segmental Reporting

(*)        Including general and administrative and development expenses (excluding depreciation and amortization and share based compensation).

Information related to Segmental Reporting 

(*)  Including general and administrative and development expenses (excluding depreciation and amortization and share based compensation).

Information related to Segmental Reporting

(*)        Including general and administrative and development expenses (excluding depreciation and amortization and share based compensation).

Information related to Segmental Reporting

(*) Including general and administrative and development expenses (excluding depreciation and amortization and share based compensation).

Appendix 3 – Debentures Covenants

Debentures Covenants

As of December 31, 2025, the Company was in compliance with all of its financial covenants under the indenture for the Series C, D, F, G and H Debentures, based on having achieved the following in its consolidated financial results:

Minimum equity

The company's equity shall be maintained at no less than NIS 375 million so long as debentures F remain outstanding, NIS 1,250 million so long as debentures C and D remain outstanding, and USD 600 million so long as debentures G and H remain outstanding.

As of December 31, 2025, the company’s equity amounted to NIS 6,363 million (USD 1,995 million).

Net financial debt to net CAP

The ratio of standalone net financial debt to net CAP shall not exceed 70% for two consecutive financial periods so long as debentures F remain outstanding and shall not exceed 65% for two consecutive financial periods so long as debentures C, D, G and H remain outstanding.

As of December 31, 2025, the net financial debt to net CAP ratio, as defined above, stands at 36%.

Net financial debt to EBITDA

So long as debentures F remain outstanding, standalone financial debt shall not exceed NIS 10 million, and the consolidated financial debt to EBITDA ratio shall not exceed 18 for more than two consecutive financial periods.

For as long as debentures C and D remain outstanding, the consolidated financial debt to EBITDA ratio shall not exceed 15 for more than two consecutive financial periods.

For as long as debentures G and H remain outstanding, the consolidated financial debt to EBITDA ratio shall not exceed 17 for more than two consecutive financial periods.

As of December 31, 2025, the net financial debt to EBITDA ratio, as defined above, stands at 5.4.

Equity to balance sheet

The standalone equity to total balance sheet ratio shall be maintained at no less than 20% ,25% and 28%, respectively, for two consecutive financial periods for as long as debentures F, debentures C and D and debentures G and H remain outstanding.

As of December 31, 2025, the equity to balance sheet ratio, as defined above, stands at 58%.

Appendix 4 – Change in accounting policy

Until September 30, 2025, interest paid and interest received were presented within cash flows from operating activities in the Consolidated Statements of Cash Flows. In accordance with IAS 7 Statement of Cash Flows, entities are permitted to classify interest paid and interest received as operating, investing, or financing cash flows, provided that the selected classification is applied consistently from period to period.

During the fourth quarter of 2025, management elected to change the classification of interest paid, including payments relating to interest rate swap (IRS) instruments to cash flows used in financing activities, and interest received to cash flows from investing activities. Management believes that this change in presentation provides a more comprehensive view of the cost of financing the Company's operations and better reflects management’s view of the financing nature of these transactions.

Accordingly, comparative information has been retrospectively adjusted to reflect this change in accounting policy in the Consolidated Statements of Cash Flows, as presented below:

A figure accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f7aa135c-f713-47d3-aa0f-bf8798b23d94