Enlight Renewable Energy Ltd · TASE:ENLT
Enlight Renewable Energy — Q3 2025 Earnings Presentation
32 slides from Enlight Renewable Energy's earnings presentation, Nov 12, 2025
Slide 1: Third Quarter 2025 Earnings Presentation
Third Quarter 2025 Earnings Presentation
Slide 2: Forward-looking statements
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 Ac
Slide 3: Excellent financial results and raising 2025 guidance
1Revenues and income include revenues from the sale of electricity and income from tax benefits income from U.S. projects. 2Adjusted EBITDA is a non-IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income Excellent 3Q25 financial results: 46% growth in quarterly
Slide 4: Continued and consistent growth in financial results
Continued and consistent growth in financial results
Slide 5: 9M25: High growth rates in revenues & income, EBITDA and net income
9M25: High growth rates in revenues & income, EBITDA and net income 1Adjusted EBITDA is a non-IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income 9M25 vs 9M24, $m Revenues & income Adjusted EBITDA1 Cash flow from operations Net profit Sale of 44% of the Sunl
Slide 6: 3Q 2025: Over 45% increase in revenues & income
Adjusted EBITDA1 3Q 2025: Over 45% increase in revenues & income 3Q25 vs 3Q24, $m Revenues & income Cash flow from operations Net profit 1Adjusted EBITDA is a non-IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income 46% 23% 3Q25 3Q24 3Q25 3Q24 3Q25 3Q24 3Q25
Slide 7: Raising 2025 revenues & income and Adjusted EBITDA guidance
1Revenues and income include revenues from the sale of electricity and income from tax benefits income from U.S. projects amounting to $80m-$90m. 2Adjusted EBITDA is a non-IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income Updated guidance range Revenues &
Slide 8: Enlight continues to generate high growth rates over time
1Revenues and income include revenues from the sale of electricity and income from tax benefits income from U.S. projects. ; 2Adjusted EBITDA is a non-IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income Enlight continues to generate high growth rates over ti
Slide 9: Exceptional business performance
Accelerating growth in the battery storage business with strategic entry into the German and Polish markets; multiple project finance transactions and tax equity partnerships; expanding the portfolio; obtaining Safe Harbor status for projects in the U.S. Exceptional business performance
Slide 10: Enlight enters two of Europe's largest energy storage markets
Enlight enters two of Europe's largest energy storage markets New presence in Germany and Poland In advanced stages of further expanding the battery storage portfolio in Germany and Poland through additional acquisitions of hundreds of mega-watt hours of capacity at high returns. 1Source: EMBER -203
Slide 11: Massive growth in Enlight's storage capacity
1Operating, under construction, and pre-construction projects. 2Revenues and income includes revenues from the sale of electricity and income from tax benefits. 11 Massive growth in Enlight's storage capacity Project Atrisco (1,200 MWh), New Mexico, U.S. Mature portfolio1 storage capacity – 6X in 3
Slide 12: Global access to capital at attractive rates
1Above Israel government debt; 2Above SOFR; 3Includes long term loans and tax equity bridge loans; 4 Financing of Gecama also includes the hybrid portion of the project; 5The generation and energy storage components of Quail Ranch and Roadrunner. Global access to capital at attractive rates ~$1.0bn
Slide 13: Snowflake A project status update
Location Arizona, USA Capacity 600 MW & 1900 MWh Expected COD date 2H27 PPA length and offtaker 20-year fixed price busbar with APS Expected first full year revenues and EBITDA $125-131m / $101-106m Unlevered return1 ~12% Holbrook Arizona 1 The net construction cost assumes receipt the following ITC
Slide 14: Components of the Mature Portfolio
9.6 FGW Components of the Mature Portfolio Under construction 2.9 FGW Pre-construction 3.6 FGW Advanced development 6.1 FGW Development 21.3 FGW Operational 3.1 FGW1 FGW (Factored GW) is the company’s consolidated metric combining generation and storage capacity into a uniform figure based on the ra
Slide 15: Progress and expansion of the portfolio during 3Q25
Start of 3Q25 Operational Pre-construction Advanced development Development Under const. 1FGW (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
Slide 16: Progress and expansion of the portfolio during 3Q25
9.6 FGW Components of the Mature Portfolio In addition, a 100 MW IT Data center is not included in the portfolio’s contents 5% Op’ing 3.1 FGW1 Under const. 2.9 FGW Pre-construction 3.6 FGW Advanced development 6.1 FGW Development 21.3 FGW 1FGW (Factored GW) is the company’s consolidated metric combi
Slide 17: The Mature portfolio is expected to generate $1.6bn of revenues & income
~$1.6 billion Expected revenues & income of the Mature portfolio $555-565m 2025 revenues & income guidance Begins construction in 2027+ In addition, a 100 MW IT Data center is not included in the portfolio’s contents 1FGW (Factored GW) is the company’s consolidated metric combining generation and st
Slide 18: 18 FGW of U.S. capacity with high likelihood of grid interconnection
17.9 FGW Completed System Impact Study 8.9 FGW Safe Harbored 2-4 FGW capacity expected to secure safe harbor by the end of 2025 5-8 FGW Expected Safe Harbor 1 Securing Safe Harbor status does not guarantee the project's completion. Even after receiving Safe Harbor status, actual project completion i
Slide 19: Business Plan: 3X growth in 3 years
1Based on 2025 guidance added to revenues & income (sale of electricity, tax benefits) of projects in the under construction and pre-construction portions of the Mature portfolio Business Plan: 3X growth in 3 years, reaching a revenue run-rate of ~$1.5 billion1 by end-2027
Slide 20: The business environment supports continued growth with high returns
Additional details in the appendix Declining weighted average cost of capital Rising electricity prices Demand for electricity is soaring, driven by growth in data centers Decline in equipment prices (panels and batteries) Regulatory clarity in the U.S. The business environment supports continued gr
Slide 21: Revenue run-rate roadmap to 2028
1Expected Adjusted EBITDA margin of approximately 70%-80% (including tax benefits) for the years shown; 2FGW (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 constru
Slide 22: Average historic return on operating assets above 15%
Average historic return on operating assets (3.1 FGW) is above 15% Under construction and pre-construction projects (6.5 FGW) maintain high returns: Sustaining a 3X growth rate every three years with ROE above 15% ~ 11-12% Unlevered project returns EBITDA1 First year expected ~$530m Expected net Cap
Slide 23: G@nlight
= G@nlight 22 23
Slide 24: Appendix
Appendix @nlight 24
Slide 25: Business highlights by region: EU, MENA and U.S.
EU Establishing a strategic foothold in the German (860 MWh) and Polish (208 MWh) battery storage markets, with new projects entering directly into the Mature portfolio. Additional battery storage transactions in Germany and Poland now at an advanced stage of negotiations. Continued progress of gree
Slide 26: “Connect & Expand” strategy maximizes interconnection potential and returns
“Connect & Expand” strategy maximizes interconnection potential and returns Advantages of “Connect & Expand” Using existing infrastructure saves construction costs Using existing interconnect reduces development risks Adding energy storage to existing projects Rapid growth with high returns Strategy
Slide 27: Reconciliation between Net Income to Adjusted EBITDA
* Profit from revaluation linked to partial sale of asset. ** Recognition of income related to lower earn-out payments offset by a revaluation in the value of financial assets. Reconciliation between Net Income to Adjusted EBITDA ($ thousands) For the nine months ended For the three months ended Sep
Slide 28: Portfolio Snapshot – 37 FGW within Total Portfolio
Graph, scale Generation, MW Storage, MWh Portfolio definitions Operational, under construction and pre-construction (expected to start construction within 12 months) Mature Phase Projects which are expected to begin construction within 13 to 24 months of the Approval Date Advanced Phase The rest of
Slide 29: Growing data center capacity drives demand for electricity
1CBRE, McKinsey & Company, Data Center Demand Model (2025 projection); 2McKinsey & Company AI applications as the main growth driver – 3.5X by 2030 Global growth in data centers1 Rising U.S. data center power demand2 Data centers represent up to 40% of the total increase in U.S. electricity demand b
Slide 30: Increasing demand for electricity in the U.S.
1Ember, IEA. 2 U.S. Energy Information Administration, S&P Global Increasing demand for electricity in the U.S.2 Electricity’s share of total energy consumption is steadily increasing Soaring global demand for power1 The rate of growth of electricity demand has risen in recent years. Electricity’s s
Slide 31: Unprecedented declines in equipment input costs
Forecast for global energy storage equipment prices Source: Energy Storage System Cost Survey 2024 – Bloomberg NEFm 4-hour Energy Storage System. BOS - Includes electrical infrastructure, containers, thermal management system, fire suppression devices, battery operation monitoring system and sensors
Slide 32: Attractive renewables production costs in the U.S.
LCOE - Levelized Cost of Electricity1 Attractive renewables production costs in the U.S. $ / MWh 2Regional solar and storage LCOE Enlight’s main market in the U.S. 1Wood Mackinze April 2025 ; 2By selected representative states: PJM - Virginia , CAISO - California, ERCOT - Texas, WECC – Arizona; 3 LE
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