Doral Group Renewable Energy Resources Ltd · TASE:DORL
Doral Group Renewable Energy Resources — Q1 2025 Earnings Presentation
38 slides from Doral Group Renewable Energy Resources's earnings presentation, July 2025
Slide 1: Earnings Presentation Q1 2025
Earnings Presentation Q1 2025 Hadarei She’an
Slide 2: Legal Clarification
Legal Clarification This presentation from Doral Group Renewable Energy Resources Ltd. (hereinafter: “the Company”) was forecasts, the development and setting up of projects in the energy sector (expected timetables, prepared as a general presentation about the Company’s activities, and, therefore,
Slide 3: Q1 2025 Key Highlights
Q1 2025 Key Highlights Momentum of Momentum of connections connections Growth in Unprecendented Progress 4,5 and constructions and construction 4,5 financial results U.S. in the results U.S. Bachan Lehavot Habashan Great Bend 40 MWp + 190 MWh Q1 2025 Performance Financial closings totaling $1.3 bill
Slide 4: Macro Environment
Macro Environment5 Unites States – Doral LLC Israel The Republican bill under Senate review* Anticipated full eligibility for tax benefits for projects already Publication of bi-lateral ultra-high voltage regulation 30 % under construction, even under current proposed legislation Ultra-high voltage
Slide 5: Doral's Growth Engines
Doral’s Growth Engines5 Israel USA - Doral LLC Additional growth drivers ~ 250 MWp + 800 MWh average annual Among the 10 leading solar developers* Renewable energy in Europe connections expected in 2027-2029 Constructing USA’s largest solar project Denmark, Poland, Romania and Italy Partnerships wit
Slide 6: Global Pipeline
Global Pipeline4,5 20,020 18,065 Solar MWp MWp (7,560 MWp) MWh (10,818 MWh) Mature pipeline 1 Storage MWh 4,553 3,762 MWp MWh (1,725 MWp) (2,790 MWh) 13,963 2,065 12,239 1,884 1,806 1,447 1,503 1,222 1,227 728 Connected2 Under construction Mature advanced Additional advanced Under Total global pipel
Slide 7: Projected results of mature projects and electricity trading
Projected results of mature projects1 and electricity trading4,5 Over ILS 1.5 billion in revenue expected in 2026 The company fully realizes Commercial operation schedule Mandatory construction dates extended its construction plan5,6 updated for certain facilities, by the Electricity Authority5,6 in
Slide 8: ~ILS 2.8B projected annual revenues from the mature pipeline
~ILS 2.8B projected annual revenues from the mature pipeline1 on track to income-generating ~4.6 GWp + 3.8 GWh4,5 Breakdown of projected annual revenues from the mature pipeline Geographical distribution of mature pipeline (ILS millions, Company’s share*) (Company’s share**) 2,848 44% 47% U.S. Israe
Slide 9: Looking ahead: Outlook for significant organic growth
Looking ahead Accelerated growth plan Outlook for significant organic growth5 2,065MWh 1,503MWp In additional advanced development** (on top of the mature pipeline) 630MWh 844MWp Average annual increase in the mature pipeline in 2020-2024 High project maturity conversion rate 250MWp Annual connectio
Slide 10: Israel Operations
Israel Operations Ramat David Israel | USA | Europe 10
Slide 11: Pivotal juncture for the Israeli market
Pivotal juncture for Projected storage capacity in the market (GWh) the Israeli market The government’s renewable energy target 30.6 More than 28 GWh Additional storage capacity required by 2029 30% ~ 8GWp Renewable energy Additional capacity by 2030 required to meet the Doral’s connected storage go
Slide 12: Doral - Israeli Renewable Energy Leader
Doral - Israeli Renewable Energy Leader Israel’s largest solar and storage pipeline Accelerated Business Development 250+ partnerships with kibbutzim More than 30 km2 of land in various planning stages Israeli agrivoltaic leader Doral Municipal spearheads Israeli municipal energy sector Connections
Slide 13: Expertise in Solar Projects Optimization
Expertise in Solar Projects Optimization Gvulot Talmei Yosef Kfar Warburg Conversion of tariff-based Replacing panels and Adding storage solar and storage facilities to enhancing asset output to tariff facilities market regulation The Company is considering the conversion of Increasing capacity and
Slide 14: Doral Agro: Realizing the Vision
Doral Agro: Bar Ilan Revadim Realizing the Vision Research plot Tomatoes, pineapple, 40 MWp I 10 MWh Avocado Spotlight On Mature Projects1,5 green onion, potatoes basil Status: Commercial operation Status: Commercial operation Alumim Maale Gilbo’a 11 MWp I 45 MWh 9 MWp Avocado Table grapes, lychees,
Slide 15: Hadarei She'an – Green Power Plant in Emek HaMa'ayanot
Hadarei She’an – Green Power Plant in Emek HaMa'ayanot5 175+248 MWp MWh 11 2026 Installed Kibbutzim in Expected capacity partnership commercial with Doral operation 15
Slide 16: Israeli Market Regulation Projects at Doral
Israeli Market Regulation Projects High double-digit rate at Doral4,5 of effective return Leverage + Market regulation pipeline* Electricity trade (reflecting 100%) + Development spread 680 + ~ ~ 70 ~6.6 EPC + 1.1 5.3 million ILS EBITDA million ILS EBITDA billion ILS Construction O&M GWp GWh project
Slide 17: Electricity Supplier
Electricity Trade Expert in the Production and Supply Segment Management of a “distributed power plant” of renewable energy facilities Field-proven advanced energy management systems Electricity supplier Doral’s mature pipeline1 ~ 3,800 MWh Supply-demand optimization Leading green electricity provid
Slide 18: U.S. Operations
U.S. Operations Great Bend Israel | USA | Europe 18
Slide 19: Doral LLC - a Key Player in the U.S. Market
Doral LLC - a Key Player in the U.S. Market5 Among the 10 leading solar developers in the United States* Operating in 24 countries 15 GWp Total project capacity Indiana North 4.4 GWh Total storage capacity *Based on the S&P Global rating. link to source 19
Slide 20: Positive Trends in the U.S.
Positive Trends in the U.S. The tax reform: Hedging strategies for tariff $1.3 billion financial closing Bill under Senate review increase scenarios for Indiana Anticipated full eligibility for tax benefits for projects Partnering with equipment suppliers not subject to Engaging with leading banks:
Slide 21: ~50 GWp of solar energy added to the U.S. grid during 2024
~ 50 GWp of solar energy added to the U.S. grid during 2024 U.S. green electricity demand projected to remain at record levels*5 Increased Reduced Renewable energy: electricity demand Thw answer to future conventional supply power demand 15 % 2,600GW 2023-2030 CAGR 94% of the projects ready for Expe
Slide 22: Doral LLC's Competitive Edge in the U.S. market
Doral LLC’s Competitive Edge in the U.S. market Developer DNA and greenfield development Access to lands and creation of significant value during the development phase Proven track record Income-generating 480 MWp and ~1.1 GWp under construction Precedence in connection to the grid A secured spot on
Slide 23: Vista Sands - Another Mega Project of Doral LLC
Vista Sands - Another Mega Project of Doral LLC4,5 One of the largest solar projects in the United States Project scale: Capacity: 32,000 dunams ~1.5GWp Status: Expected commercial Mature advanced operation: 2028 development Vista Sands, simulation Installed capacity* 1.5 GWp connection to the grid
Slide 24: European Operations
European Operations URUP Israel | USA | Europe 24
Slide 25: Project Pipeline in Europe
Project Pipeline in Europe5 1,249MWp Total project capacity URUP, Denmark 250MWh Total storage capacity 25
Slide 26: Project Pipeline in Europe
Project Pipeline in Europe4,5 208 575 Million ILS MWp Projected Mature pipeline1 construction costs 94 111 Million ILS MWp Project revenues* Connected2 URUP, Denmark 42 MWp 60 MWp 9 MWp 68 Million ILS Poland Denmark Italy Project EBITDA* * The figures reflect the projected results from the projects
Slide 27: Financial Results
>»>>> Financial Results D@RAL 27
Slide 28: Liquid balances and Financing
Liquid balances and Financing Senior debt Ultra-high Low voltage Solar + storage 1,266 financing (market Agrivoltaic* Solar + storage (bid processes) voltage gound- tariff + storage mounted on customer Europe Total facilities regulation) (ILS millions) project** premises Facilities 1,593 295 504 **2
Slide 29: Key financial data
Key financial data3 Cumulative investments in projects 100%, in ILS millions Key Highlights of the Consolidated Statements of Financial Position (in ILS millions) 7,734 31.3.2025 31.3.2024 31.12.2024 Cash and cash equivalents 568.1 408.9 465.3 6,637 +17% Other current assets 427.7 425.8 423.3 Non-cu
Slide 30: Renewable Energy Driven by People
RENEWABLE ENERGY DRIVEN BY PEOPLE office@doral-energy.com | www.doral-energy.com Maale Gilbo’a 30
Slide 31: Key financial data
Key financial data3 Key highlights of the consolidated statements of profit or loss and other comprehensive income (in ILS millions) IFRS GAAP 1-12.2024 1-3.2024 1-3.2025 Financial asset model | Projects by equity method Revenues from the sale of electricity to wholly or proportionately 303.4 46.2 8
Slide 32: Commercially operated projects
Commercially operated projects4,5 Net meter Regulation PV Feed-in tariff PV Gound- Bid processes for regulation and Gound-mounted Bid processes for feed- facilities facilities mounted PV tariff PV facilities tariff PV facilities PV facility in the Sundry Total in tariff PV facilities combining conne
Slide 33: Systems ready for connection
Systems ready for connection4,5 Area Project Technology Guarant Guaranteed Guaranteed Total Total Projected Total Total Projected Investme Investment Annual Annual Annual Cash Percentag eed tariff linakge tariff period installed storage commerci projected construction leverage nt rate balance / reve
Slide 34: Systems under construction or in pre-construction
Systems under construction or in pre-construction4,5 Area Project Technology Guaranteed Guaranteed Guaranteed Total Total Projected Total Total Total Projected Investme Investment Annual Annual Annual Cash Percentage tariffs tariff linakge tariff period installed storage commercial projected project
Slide 35: Systems in advanced mature development phases
Systems in advanced mature development phases4,5 Area Project Technolog Guarantee Guaranteed Guaranteed Total Total Projected Total Total Total Projected Investm Investment Annual Annual Annual Cash Percentag y d tariffs tariff linakge tariff period installed storage commerci projected projected con
Slide 36: Additional systems in other advanced development phases
Additional systems in other advanced development phases4,5 Area Project Technology Guaranteed Guaranteed tariff Guaranteed Total Total Projected Total Total Annual Annual Percentage tariffs linakge tariff period installed storage commercial projected construction revenues EBITDA holding (ILS/kWh for
Slide 37: Systems in development
Systems in development4,5 Types of systems Market regulation high Market regulation Solar in Italy Solar in Poland Storage in Solar in Solar in Solar in the USA Solar + Storage in the Biogas Israel Total and regulations voltage in Israel ultra-high voltage in Poland Romania Denmark storage in the US
Slide 38: Notes
Notes 1 “Mature” – projects that are in commercial operation, ready for connection, under construction or in pre- the Company’s plans in relation to each system and the current modes of operation in the various markets, construction and in mature advanced development, see section 1.6 of the Quarterl
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