Doral Group Renewable Energy Resources Ltd · TASE:DORL
Doral Group Renewable Energy Resources — FY2025 Earnings Presentation
36 slides from Doral Group Renewable Energy Resources's earnings presentation, April 2026
Slide 1: Earnings Presentation Q4 and Full Year 2025
Hagoshrim Earnings Presentation Q4 and Full Year 2025
Slide 2: Legal Clarification
Legal Clarification This presentation from Doral Renewable Energy Resources Group Ltd. (hereinafter: “the Company”) was assessments, estimates, macroeconomic forecasts, the development of trends in the energy market, prepared as a general presentation about the Company’s activities, and, therefore,
Slide 3: Q4 2025 Key Highlights
Q4 2025 Key Highlights* Momentum in Connections Financial Developments Business Development and Construction4,5 and Highlights Across the Group 1.7 GWp + 1.6 GWh 294% YoY growth in representative ~2 GWp + 1.1 GWh added to mature connected2 project EBITDA*** pipelines1 since the previous report ~Addi
Slide 4: Global Pipeline
Global Pipeline4,5 Solar GWp 24.9 GWp Storage GWh 23 GWp (16.1 GWh)** **(10.2 GWp) Mature 15 pipeline1 GWh 12 GWp 7 GWp 5.4 GWh (3 GWp) (3.7 GWh) 4.5 3.4 3.5 GWh GWp GWp 1.7 1.6 1.8 1.9 2 GWp GW GWh GWp GWh GWh Connected 2 Under construction / Mature advanced Additional advanced Under development To
Slide 5: Projected results of mature projects and electricity trading
Projected results of mature projects1 and electricity trading4,5,7* The company’s adjusted share** Revenues EBITDA FFO Project and electricity trading (ILS millions)excluding Project and electricity trading (ILS millions) Project and electricity trading (ILS millions) tax equity revenue (ITC) exclud
Slide 6: ~ILS 1.8B projected annual EBITDA from the mature pipeline and projects eligible for tax credits
Mammoth North ~ILS 1.8B projected annual EBITDA from the mature pipeline and projects eligible for tax credits Breakdown of projected annual EBITDA from the mature pipeline and projects eligible for tax credits*7 (ILS millions, Company’s adjusted share**) 536 791 Connected2 Mature development Total
Slide 7: Israel Operations
Israel Israel Operations Ma’ale Gilboa Agro
Slide 8: Raising Renewable Energy Targets in Israel
Raising Renewable Energy Targets in Israel Electricity Authority’s renewable energy target Projected market storage capacity (GWh) 35% Projected installed Renewable energy storage capacity of by 2035 ~33 GWh by end of decade Doral’s connected solar and storage ~15 GWp Required additional capacity to
Slide 9: Doral Israel Leading. Executing. Accelerating.
Doral Israel Leading. Executing. Accelerating. 820 MWp + 1,592 MWh 300+ partnerships with cities connected2 in Israel and towns 188 MWp + 366 MWh connected2 in Israel last year* Over 1,400 MWh in construction and pre- construction in Israel Sale of over 1.8 billion KWh expected by Doral’s supplier i
Slide 10: Hadarei She'an - green power plant in Emek HaMa'ayanot
Hadarei She’an - green Construction power plant in Emek phase completed* HaMa'ayanot4,5 Expected Installed commercial Construction capacity operation* costs 175+679 2026 840 Mwp Mwh mid-year (million ILS) Kibbutzim in Anticipated Anticipated partnership revenues** EBITDA with Doral 11 143 88 (millio
Slide 11: Doral is Spearheading Ultra-High Voltage National Infrastructure Projects
Doral is Spearheading 11 Ultra-High Voltage National Infrastructure Projects with a Combined Capacity Upwards of 2.5 GWp and 7.5 GWh 8 of the projects have secured government resolutions or are in advanced stages of official designation as national infrastructure projects Golan Heights Partnership w
Slide 12: Doral's green energy supplier
Yotvata Doral’s green energy supplier Projected sales of over 50 1.8B KWh in 2026 Customers (equivalent to the combined power consumption of Beer Sheva and Haifa) ~ILS 27 million Projected annual EBITDA for 2026 ~ILS 54 million Projected annual EBITDA from the mature pipeline1 12
Slide 13: New data center initiative in partnership with Ampa Group
New data center initiative in partnership with Ampa Group Gaining a foothold in a Exclusive strategic partnership Transactions momentum growth market offering Doral Ampa ~10 projects in development and energy synergies Access to grid Real estate advanced negotiations connections and development Isra
Slide 14: U.S. Operations
United nited States U.S. Operations Great Bend
Slide 15: Doral LLC - a Key Player in the U.S. Market
Doral LLC - a Key Player in the U.S. Market 3,600 MWp + 340 MWh connected and in construction and pre-construction Operating in Operati 16 GWp Total project pro capacity 7 GWh Total storage capacity 24 states Mammoth North 15
Slide 16: Key Updates in the U.S.
Key Woodward Updates Mammoth Central II Cold Creek 650 MWp + in the 376 MWp Improved PPA terms. 552 MWp + 340 MWh Financing and sale of tax credits totaling Tennyson Creek U.S. ~US$ 84 million additional proceeds* ~US$ 860 million 374 MWp + 800 MWh Generator interconnection agreements signed Strateg
Slide 17: Spotlight on Doral LLC's Activity in the Coming Years
Spotlight on Doral LLC’s ~ 7.9 + ~2.5 Activity in the Coming Years GWp GWh Matu pipeline and advanced Mature development Substantial pipeline expected to yield over US$800 million in EBITDA* 3,126 2029-2030 Maximum expected COD year Solar GWp 2,850 Storage GWh To be ~ 7.4 + ~2.5 GWp GWh connected Se
Slide 18: The U.S. Power Market
The U.S. Power Market A paradigm shift in power demand 77 GW in projected additional capacity growth driven by data centers (TWh) by 2030, fueled by rising demand 5,675 ~32.4 GW ~32.0 GW 3,765 ~13.2 GW Historic Load Business-as-Usual Data Center Demand Electric Vehicle Demand Hydrogen Demand Source:
Slide 19: U.S. Pipeline
Great Bend U.S. Pipeline COD Capacity (MWp / MWh) Mammoth North 2024 480 Operating Great Bend 2025 61 Mammoth North Mammoth Central I 2026 376 Mammoth Central II 2026 376 Under Construction / Mammoth South 2026 376 Pre-Construction Cold Creek 2028 552/340 Vista Sands 2029-2030 1,446 Lambs Draw 2029
Slide 20: European Operations
Europe European Operations URUP
Slide 21: Strategic Milestone for Doral in Europe
Strategic The Case for Zephyrus The initiative will enable: Milestone for Established Competitive Edge in Poland - Doral in Holds a cumulative capacity of ~1,148 MWp in Poland, including ~257 MWp already in commercial operation Strategic expansion across key European regions Europe An extensive pipe
Slide 22: Doral Europe
Doral Europe* 482 MWp connected2 and in construction Highlights of the Group’s European or pre-construction Operations Denmark Expansion in Europe MWp60 Agreement to acquire a controlling stake (56.34%) in Zephyrus Poland 2,089 MWp + 600 MWh 382 MWp** Total pipeline Romania Development of 3 new sola
Slide 23: Accelerated Growth in the Danish Renewables Market
Accelerated Growth in the Danish Renewables Market Supportive regulation, significant grid investments, and government targets are creating a strategic Forecast for Cumulative BESS opportunity in the energy storage sector Installations in DK1 (MW) Electricity generation is expected to nearly double
Slide 24: Financial Results
Financial Results Hagoshrim
Slide 25: Liquid balances and financing
Yotvata Liquid balances and financing Liquid balances Senior debt financing facilities ILS millions (ILS millions) Solar + Ultra-high Low storage voltage voltage + (market ground- storage on 1,237 regulation) Agrivoltaic mounted * ** project customer premises Europe Total Additional short- 93 term l
Slide 26: Key financial data
Ardom Key financial data3 Key Highlights of the Consolidated Cumulative Net assets, Statements of Financial Position investments in stand-alone (in ILS millions) projects report 100%, in ILS millions ILS millions 31.12.2025 31.12.2024 Cash and cash equivalents 1,090.5 465.3 10,667 3,735 Other curren
Slide 27: office@doral-energy.com | www.doral-energy.com
office@doral-energy.com | www.doral-energy.com Ma’ale Gilboa
Slide 28: Key financial data
Gvar’am Key financial data3 Key highlights of the consolidated statements of profit or loss and other comprehensive income (in ILS millions) IFRS GAAP Financial asset model | Projects by equity method 1-12.2025 1-12.2024 1-12.2023 Revenues from the sale of electricity to wholly or proportionately co
Slide 29: Commercially operated projects
Commercially operated projects4,5 Net meter regulation and Feed-in tariff PV Ground- Ground- Bid processes for Regulation PV tariff PV facilities facilities mounted PV mounted PV feed-in tariff PV facilities connected after connected up to facility in facilities in facilities combining storage 2014
Slide 30: Projects ready for connection
Projects ready for connection4,5 Guarantee Investment d tariff Total Total constructi balance / Post- Guaranteed period installed Projected Total Investment expected Debt- Percentag Guaranteed tariff (as from capacity Total commercial projected on costs Projected rate Service e holding tariffs comme
Slide 31: Projects under construction or in pre-construction
Projects under construction or in pre-construction4,5 Total Total Investment projected CapEx balance / Post- Guaranteed Total Debt- Percentage Guaranteed Guaranteed tariff period installed Total Projected construction invested Projected Investment expected tariffs tariff capacity storage commercial
Slide 32: Projects in advanced mature development phases
Projects in advanced mature development phases4,5 Total Total Investment projected CapEx balance / Post- Guaranteed Total Debt- Percentage Guaranteed Guaranteed tariff period installed Total Projected construction invested Projected Investment expected tariffs tariff capacity storage commercial cost
Slide 33: Additional projects in other advanced development phases
Additional projects in other advanced development phases4,5 Guaranteed tariff Total installed Guaranteed Guaranteed tariff period capacity Total storage Projected Total projected Total CapEx tariffs linkage (as from commercial (MWp or MW, as capacity commercial construction invested to date Annual A
Slide 34: Projects in development
Projects in development4,5 Market Market regulation regulation high ultra-high Solar + Types of systems voltage in voltage in Solar in Solar in Storage in Solar in Solar in Solar in Solar in the storage in Storage in Biogas and regulations Israel Israel Italy Poland Poland Romania Denmark Morocco US
Slide 35: Projected results of mature projects and electricity trading
Projected results of mature projects1 and electricity trading4,5,7* representative data reflecting 100% Revenues EBITDA FFO Project and electricity trading (ILS millions) Project and electricity trading (ILS millions) Project and electricity trading (ILS millions) excluding tax equity revenue (ITC)
Slide 36: Notes
Notes * For additional information regarding data attributed to Zephyrus included in this presentation as assessments at the date of this report. These assessments are based on the Company’s plans in presented in its public filings, please see the Zephyrus 2025 periodic report dated March 11, 2026 r
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