Opc Energy Ltd. · TASE:OPCE
Opc Energy — Investor Presentation (March 2026)
59 slides from Opc Energy's investor presentation, March 2026
Slide 1: Corporate Presentation 2025
Corporate Presentation 2025 1
Slide 2: Legal Disclaimer
Legal Disclaimer Receipt of information from OPC Energy Ltd. (the “Company”) is subject to the terms of this legal disclaimer. English presentation is provided as unofficial translation for convenience purposes only. This presentation is provided solely for the purpose of delivering condensed inform
Slide 3: Introduction to OPC
Introduction to OPC
Slide 4: OPC Energy at a Glance
OPC Energy at a Glance* Global synergistic IPP with robust Diversified energy platform development capabilities portfolio of 15.1 GW contracted business in across the entire value in natural gas (with Israel complementing chain led by a strong potential for carbon growth in the U.S backed management
Slide 5: Company Evolution
Company Evolution OPC has a proven track record as a global diversified IPP and greenfield developer* Basin Ranch (1.35 GW) project OPC targets to reach FID on OPC IPO on the achieved financial close and the 2.1 GW Shay project (CPV Tel Aviv Stock Exchange commenced construction, with 70%) and Intel
Slide 6: Strong Results and Consistent Growth
Strong Results and Consistent Growth Projects in Commercial Operation and Under Construction(1) EBITDA After Proportional Consolidation GW ILS millions 6.8 1,591 5.3 1,208 1,099 4.2 3.7 3.3 818 2.7 2.9 4.1 634 2.1 2.5 1.6 1.8 2.6 1.1 1.1 1.2 1.2 1.2 (2)* 2021 2022 2023 2024 2025 2026E 2021 2022 2023
Slide 7: Main Business Events – Israel
Main Business Events – Israel Significant progress in project development in Israel and strong market confidence The government of Government Israel approved the authorization was plan for Hadera 2 granted to advance the 850 MW CCGT National Infrastructures plan through the Committee approved(2) Nat
Slide 8: Main Business Events – U.S.
Main Business Events – U.S. Meaningful growth from Basin Ranch construction commencement and a strategic minority acquisition Agreement for acquisition of the remaining 25% stake Financial close and in Maryland Acquisition of an construction Acquisition of the 745 MW CCGT additional 20% commencement
Slide 9: Substantial Growth Portfolio of 15.1 GW and 6.4 GWh
Substantial Growth Portfolio(1)(2) of 15.1 GW and 6.4 GWh* Low Carbon Natural Gas 8.1 15.1 Renewable Energy 4.4 5.8 Natural Gas 3.1 1.7 0.6 4.4 6.4 0.8 1.6 0.9 2.5 3.7 1.4 Early Development 0.1 0.4 0.1 4.9 3.9 Advanced Development 3.3 In Commercial Operation Under Construction Advanced Development E
Slide 10: Balanced Growth Model: Cash Flow Visibility in Israel, Upside in the U.S.
Balanced Growth Model: Cash Flow Visibility in Israel, Upside in the U.S. Complementary market cycles enhance diversification and strengthen risk-adjusted returns* Israel – Cash Flow Engine With Steady Growth U.S. – Growth Engine and Upside Creator Highly contracted generation portfolio Exposure
Slide 11: The Company’s Strategy for the Coming Years
The Company’s Strategy for the Coming Years* Significant U.S. Natural Gas Portfolio Focused on Acquisition of Partners in Gas ERCOT and PJM With ~$6 Billion CAPEX Plan(1) Projects to Achieve Control Large opportunity materializing with Basin Ranch Success with Shore, Basin Ranch and under constructi
Slide 12: Proven Development Platform with a Robust Growth Pipeline
Proven Development Platform with a Robust Growth Pipeline OPC is backed by a best-in-class development team with an impressive track record(1)* Israeli Team The U.S. Team Years of experience Successfully developed portfolio Years of experience Successfully developed portfolio 11.3 GW CCGT + 20 4.6 G
Slide 13: Executing a ~$10 Billion CAPEX Plan Across Multiple Stages of Development
Executing a ~$10 Billion CAPEX Plan Across Multiple Stages of Development Driving diversified growth across OPC’s commercial generation portfolio* ~$6 Billion CAPEX Plan Fully Funded Diversified technologies and geographies: CCGT and PV + storage Targeting FID and execution for projects Focused on l
Slide 14: Israel
Israel
Slide 15: Israel Market Tailwinds
Israel Market Tailwinds* The Israeli market is characterized by strong long-term electricity demand* Demand Growth Israel Electricity Demand: Historical and Forecast(1) History and Outlook Retail Electricity Supply(2) Historical growth (2001–2024): Approximately a third of Israel’s 140 ~2.8% CAG
Slide 16: Israel Market Tailwinds (Cont’d)
Israel Market Tailwinds (Cont’d) Strong fundamentals in Israel for both renewable and natural gas power generation* Accelerated Growth in Renewable Energy and Storage(1) Need for Additional CCGTs(2) State-led transformation to attract private investment and accelerate the clean energy transition S
Slide 17: Large Pipeline With Several Advanced Projects
Large Pipeline With Several Advanced Projects The operating portfolio is expected to grow significantly in the coming years* Early-Stage Development Advanced Development (Targeting NTP in 2026) (Targeting NTP in H2 2027) The Company is working to obtain all required approvals and permits for the pro
Slide 18: Competitive Power Ventures
Competitive / Power Ventures
Slide 19: U.S. Market Tailwinds
U.S. Market Tailwinds Accelerating investment in data centers and reshoring of manufacturing is driving unprecedented load growth and creating tremendous demand for power* Power infrastructure is a growth Data center demand rapidly PJM and ERCOT – two of the fastest- sector contributes to load growt
Slide 20: Existing Gas Resources are Well Positioned
Existing Gas Resources are Well Positioned Accelerated thermal plant retirements and reliability gaps from rising renewable penetration increase the value of natural gas–fired power plants* Renewables Build-out Has Coal to Gas Switching – A Shift to Renewables – Highlighted Importance of Decarboniza
Slide 21: Strong Tailwinds from the Business Environment
Strong Tailwinds from the Business Environment Record capacity prices and strong spark spread outlook support CPV’s gas portfolio* Record High Capacity Prices in PJM $530 / MW-Day uncapped price 600 500 $389 / MW-Day uncapped price 400 300 329 333 270 200 100 Collar of $177/180 - $329/333 / MW-Day f
Slide 22: Regulatory Changes to PJM Market
Regulatory Changes to PJM Market* Market signals the need for new generation to meet growing demand, PJM and DOE taking action to support investment * Interconnection Queue Reform Capacity Market Reforms Subsidized Financing In May 2025, PJM implemented the Reliability Amid rising capacity prices an
Slide 23: Basin Ranch Project
Basin Ranch Project* Asset Overview(1) Asset Highlights Permian Accelerated growth in demand and high electricity prices Abundance of extremely low-cost natural gas Basin Access to existing infrastructure Achieved financial close and commenced construction in 2025 Commercial The project ha
Slide 24: Shay Project
Shay Project* Asset Overview(1) Asset Highlights Accelerated growth in demand and high electricity prices West Virginia Proximity to abundant, low-cost natural gas resources supports competitive fuel economics and potential gas netback advantages Regulatory initiatives support advancing of pro
Slide 25: Low Carbon Natural Gas Development Portfolio
Low Carbon Natural Gas Development Portfolio* Portfolio Highlights Geographic Overview Continuing its legacy of innovation, CPV is developing a portfolio of gas-fired generation assets with potential for carbon capture capabilities accelerating Oregon decarbonization while reinforcing the reliabil
Slide 26: Acquisition of Partners’ Stakes in Active Gas Projects to Achieve Control
Acquisition of Partners’ Stakes in Active Gas Projects to Achieve Control Significant value accretion and synergy potential* Consolidation Efforts Geographic Overview Partners: 1 CPV Ownership: 50% In 2024-2025, CPV acquired additional stakes in Shore and Managing Party: CPV Partners: 3 Maryland tot
Slide 27: U.S. Renewable Energy Expansion
U.S. Renewable(1) Energy Expansion With ~1.9 GW of Safe Harbor projects, CPV is well positioned to capitalize on its robust development pipeline* U.S. Development Strategy U.S. Development Case Study ~1.9 GW Safe Harbor Backbone Solar Secured major equipment preserving federal tax incentives Expansi
Slide 28: Financials
Financials
Slide 29: Strong Full-Year Results Across All Financial Indicators
Strong Full-Year Results Across All Financial Indicators(1) Consolidated EBITDA after Consolidated Adjusted Net Income Consolidated FFO Proportionate Consolidation ILS millions ILS millions ILS millions +32% +225% +80% 373 1,295 1,591 1,208 718 115 2024 2025 2024 2025 2024 2025 1) For definitions, s
Slide 30: Strong Quarter Results Across All Financial Indicators
Strong Quarter Results Across All Financial Indicators(1) Consolidated EBITDA after Consolidated Adjusted Net Income Consolidated FFO Proportionate Consolidation ILS millions ILS millions ILS millions +47% +234% +204% 62 468 336 228 Q4 2024 Q4 2025 (47) 154 Q4 2024 Q4 2025 Q4 2024 Q4 2025 1) For def
Slide 31: EBITDA – Israel Segment
EBITDA – Israel Segment Continued stability in financial results EBITDA Breakdown Historical EBITDA Growth ILS millions ILS millions 639 639 21 16 611 611 603 8 595 (36) 562 (37) 352 367 EBITDA 2024 One-Off EBITDA Energy Operational Business EBITDA One-Off EBITDA 2025 2021 2022 2023 2024 2025 Items
Slide 32: EBITDA – Energy Transition Segment
EBITDA – Energy Transition Segment Significant growth in the EBITDA due to an increase in holding stakes and a surge in energy margins and capacity EBITDA Breakdown Strong Results Expected in 2026* ILS millions USD millions 319 312 1,099 57 230 (51) (37) 167 159 160 588 EBITDA after Energy Margin Ca
Slide 33: EBITDA – Renewable Energy Segment
EBITDA – Renewable Energy Segment Continued growth in the commercial operating portfolio EBITDA Breakdown ILS millions 16 10 11 8 (9) 30 142 125 112 (53) 105 (20) EBITDA After Business EBITDA After Stagecoach Increase in One-Time USD/ILS Other Partner’s Share EBITDA After Business EBITDA After Propo
Slide 34: Consolidated Net Income
Consolidated Net Income Sharp increase in adjusted net income following the surge in EBITDA Net Income Breakdown ILS millions 383 84 457 46 373 (126) (45) 197 94 115 (176) Net Income Gain from One-Off Adjusted Net EBITDA After Profits of Depreciation Change Adjusted Net One-Off Net Income 2024 Decon
Slide 35: Main Financial Events
Main Financial Events Rating upgrade Midroog: Initial Refinancing of rating of A1.il for Shore the company 725 MW CCGT and its Corporate debentures Financial close(1) financing in Israel (Stable) of Basin Ranch $130 million ILS 300 Million S&P Maalot: Tax equity 1.35 GW CCGT loan increase Rating upg
Slide 36: Strong Financial Position With Successful Track Record of Equity Issuance
Strong Financial Position With Successful Track Record of Equity Issuance Successful equity issuances totaling ILS 6.2 billion 2017 2020 2022 2025 ILS 275 million ILS 679 million ILS 800 million IPO ILS 1,087 million ILS 831 million ILS 2,090 million ILS 399 million Aug 2019 2024 2021 36
Slide 37: Debt and Financial Profile
Debt and Financial Profile Robust Financial Profile Adjusted Net Financial Debt and Leverage Ratio ILS millions 5.2x 2.9x 53%(1) Equity Ratio as of December 31, 2025 434 646 3,165 Various sources of liquidity that 2,595 guarantee flexibility and favor continued growth investments 231 2,102 2,519 1,2
Slide 38: Key Investment Highlights
Key Investment Highlights
Slide 39: Key Investment Highlights
Key Investment Highlights Global IPP with Diversified energy Significant pipeline Robust financial Highly experienced strong development streams across of advanced position supporting management team capabilities across technologies and projects including growth with with deep industry the full valu
Slide 40: Appendix A – Additional Company Information
Appendix A – Additional Company Information
Slide 41: Experienced Management Team With Deep Industry Knowledge
Experienced Management Team With Deep Industry Knowledge OPC Energy’s management team has deep experience in planning, developing, constructing, operating and financing power generation assets Giora Almogy Ana Berenstein Eran Amoyal Sherman Knight CEO CFO Deputy CEO & COO CPV CEO Nurit Traurik Oshri
Slide 42: Company Structure and Business Segments
Company Structure and Business Segments 3.7 GW of projects in commercial operation and a significant growth pipeline* 4 80%(1) 71%(2) 67%(3) Highly Efficient Highly Efficient Low carbon Renewables Renewables Natural Gas Natural Gas Natural Gas 1.1 GW 0.6 GW / 3.9 GWh 2.2 GW 1.4 GW 0.4 GW Operating A
Slide 43: OPC Israel Portfolio
OPC Israel Portfolio Asset Overview* Geographic Overview COD / OPC Israel(1) Project Technology Status Capacity Construction Start Ownership Stake Rotem CCGT Operating 2013 466 MW 100% Hadera 2 Natural Gas, Hadera Hadera Operating 2020 144 MW 100% Cogeneration Natural Gas, Zomet Operating 2023 396 M
Slide 44: Energy Transition Portfolio
Energy Transition Portfolio Operating Asset Overview (CCGTs) Project State ISO COD Year Capacity (MW) CPV Ownership Stake CPV-Owned Capacity (MW) Shore NJ PJM 2016 725 100% 725 Maryland MD PJM 2017 745 75%(1) 559 Towantic CT ISO-NE 2018 805 26% 209 Valley NY NYISO 2018 720 50% 360 Fairview PA PJM 20
Slide 45: Low Carbon Natural Gas Portfolio
Low Carbon Natural Gas Portfolio Asset Overview (CCGTs(1))* Project State ISO Status Capacity (MW) CPV Ownership Stake CPV-Owned Capacity (MW) Basin Ranch TX ERCOT Under Construction 1,350 100% 1,350 Shay WV PJM Early Development 2,100 70% 1,470 Oregon OH PJM Early Development 1,475 100% 1,475 Walke
Slide 46: Renewable Energy Portfolio
Renewable Energy Portfolio Asset Overview* Project State ISO Technology Status COD Capacity (MWDC) CPV Ownership Stake CPV-Owned Capacity (MWDC) Keenan II OK SPP Wind Operating 2010 152 66.7% 101 Mountain Wind ME ISO-NE Wind Operating 2008 – 2017 82 66.7% 54 Maple Hill PA PJM PV Operating 2023 126 6
Slide 47: Appendix B – Israeli Power Market Overview
Appendix B – Israeli Power Market Overview
Slide 48: Evolution of the Israeli Power Market
Evolution of the Israeli Power Market Timeline of Key Events Until 2013 2013-2021 2018-2024 2024 Onward* Entry of independent power Electricity market reform and Opening of the supply market Vertically Integrated Monopoly producers (IPPs) IEC power plant privatization and increased competition in
Slide 49: OPC’s Israel Business Model
OPC’s Israel Business Model Diversified revenues and contracted costs drive resilient and stable margins in Israel* Due to the prevalence of long- term gas agreements among market participants, the spot market has been relatively stable Long Term PPA CPI-Indexed Electricity Sales in Contracts Capaci
Slide 50: The Generation Component Tariff
The Generation Component Tariff(1) Cost-based, indexed mechanism enhancing revenue visibility Energy Capital One-time Generation O&M Component Costs Costs Offsets Tariff 2026 – 2028 Framework From 2029 Onwards Semi-annual updates Methodology update by the Electricity Authority Separate indexat
Slide 51: The Generation Component Tariff – Historical and Forecast
The Generation Component Tariff – Historical and Forecast Generation Component Tariff (Ag/kWh) 35 Historical Forecast* 30 25 Ag/KWh 20 15 31.4 30.4 30.1 29.4 29.1 29.3 30.0 26.8 25.3 10 5 0 2020 2021 2022 2023 2024 2025 2026 2027 2028 *Note: This slide includes forward-looking information, regarding
Slide 52: Israel’s Natural Gas Market
Israel’s Natural Gas Market The Israeli natural gas market offers a combination of long-term price stability, supportive regulation and substantial proven reserves(1)* Resource Base Market Structure Price Anchor 1,044 BCM of natural gas Long-term contracts Leviathan price cap – $4.70 reserves
Slide 53: Appendix C – PJM and ERCOT Overview
Appendix C – PJM and ERCOT Overview
Slide 54: Overview of PJM
Overview of PJM* Key Points 2026 Capacity Breakdown PJM is expected to benefit from structural tailwinds from continued load Other, 3%(1) growth, including: Wind, 1% Oil, 2% 181.7 GW Higher clearing prices Solar, 4% Hydro, 5% Total Capacity Improving revenue profiles for participating assets Gas
Slide 55: Overview of ERCOT
Overview of ERCOT* Key Points 2026 Capacity Breakdown ERCOT is facing unprecedented demand growth, amongst the highest Other, 4% Storage, expected load growth in the country 9% 183.9 GW Historically, ERCOT demand growth has surpassed the U.S. annual average Gas, 37% Total Capacity Data center pr
Slide 56: Appendix D – Key Definitions
Appendix D – Key Definitions
Slide 57: Key Definitions
Key Definitions Non-GAAP financial metrics*: EBITDA in the consolidated financial statements – net income (loss) for the period before depreciation and amortization, financing expenses or income, net, taxes on income and other income (expenses), net. EBITDA after proportionate consolidation – “EBITD
Slide 58: Key Definitions (Cont’d)
Key Definitions (Cont’d) Project Development Stages*: Projects in Israel Natural Gas Projects “Advanced Development Projects” – Projects that, according to the Company’s assessment, are expected to commence construction within approximately two to three years, taking into account project characteris
Slide 59: Thank You!
OPCENERGY ENERGY Thank You!