Ellomay Capital Ltd · AMEX:ELLO
Ellomay Capital — Investor Presentation (June 2025)
30 slides from Ellomay Capital's investor presentation, Jun 25, 2025
Slide 1: Ellomay Capital Ltd. Investors Presentation - June 2025
Ellomay Capital Ltd. Investors Presentation - June 2025 Initiation, Development and Operation of Renewable Energy Projects for the Generation and Storage of Electricity and Gas through a Range of Technologies around the world
Slide 2: Legal Disclaimer
Legal Disclaimer • General - The information contained in this presentation is subject to, and must be read in conjunction with, all other publicly available information, including our Annual Report on Form 20 - F for the year ended December 31 , 2024 , and other filings that we make from time to ti
Slide 3: Significant Events
Significant Events The exercise of the right of first refusal in Dorad – Ellomay Luzon Energy ( 50 % held by the Company) exercised its right of first refusal in relation to 15 % of Dorad’s shares that Zorlu (one of Dorad’s shareholders) undertook to sell to The Phoenix, based on a value of NIS 2 .
Slide 4: Ellomay – Business Card
4 Ellomay – Business Card Four technologies • Solar • Natural gas • Biogas • Pumped storage Five geographies • Italy • Israel • USA • The Netherlands • Spain 500 MW connected • 336 1 – Spain, solar • 38 2 - Italy, solar • 19 - The Netherlands, biogas • 80 3 – Israel, natural gas • 27 - US, solar 1.
Slide 5: Forecast Connection of Projects to the Grid
757 MW - existing 229 MW - Italy 100 MW - US 522 MW - existing 195 MW - Italy 40 MW - US 455 MW - existing 18 MW - Italy 49 MW - US 5 Forecast Connection of Projects to the Grid 455 522 757 1,086 418 229 800 2024 2025 2026 2027 Project backlog and grid connection forecast *, Megawatt (MW) 1,902 ʬʸʹʺ
Slide 6: Results and Forecasts (in EUR million)
6 Results and Forecasts (in EUR million) 20 26 42 58 2024 2025 E 2026 E 2027 E FFO* from Projects 27 33 56 72 2024 2025 E 2026 E 2027 E EBITDA* from Projects 43 52 78 97 2024 Revenues * EBITDA and FFO are non - IFRS measures. The Company is unable to provide a reconciliation between the EBITDA and F
Slide 7: Key Connected Projects
7 Key Connected Projects Talasol Spain ( 300 MW) Ellomay has a 51 % stake in the Talasol solar project in the town of Talaván, Cáceres, Spain . Talasol was connected to the grid in December 2020 , and the final construction cost was EUR 227 million . 80 % ( 75 % on a P - 50 basis) of its production
Slide 8: Ellomay’s Operations in the USA
Ellomay’s Operations in the USA Solar Operations - Texas, USA
Slide 9: Solar Operations in the Dallas Metropolitan Area
Solar Operations in the Dallas Metropolitan Area Under the Distributed Generation Regulation Expected net investment €M Expected proceeds from sale of the ITCs 2 €M Expected cost €M Expected annual EBITDA* 1 €M Expected annual revenues €M Capacity MW / MWh Expected date of connection to the grid % o
Slide 10: Ellomay’s US Operations – Strategy and Benefits
Ellomay’s US Operations – Strategy and Benefits Multiple small projects in close proximity to the demand areas - building multiple projects with a capacity of approx . 10 MWac in close proximity to the demand areas Operating through wholly - owned subsidiaries Optimal conditions for fast connection
Slide 11: Ellomay’s Operations in The Netherlands
Ellomay’s Operations in The Netherlands Biogas Projects
Slide 12: Biogas operations in The Netherlands - new regulation expected
Biogas operations in The Netherlands - a new regulation is expected, from which Ellomay will benefit The Dutch government declared a new regulation, which is expected to come into force in January 2027 Under the new regulation, a gas blending obligation will apply to gas sold in The Netherlands (the
Slide 13: Biogas Operations in The Netherlands - Projects and Forecast Data
13 Biogas Operations in The Netherlands - Details of Projects and Forecast Data by Projects for 2025 EBITDA* €M Revenues €M Expected annual gas production capacity Cubic meters million Expected own - production of electricity MW Project 1.0 8.1 8.4 1.0 Groen Gas Gelderland 0.6 4.2 4.2 0.6 Groen Gas
Slide 14: Ellomay’s Operations in Israel
Ellomay’s Operations in Israel Gas - fired power plant, pumped storage, solar
Slide 15: Ellomay’s Operations in Israel
Ellomay’s Operations in Israel Pumped storage - Manara • Project under construction, with a capacity of 156 MWh, continuous operation for 12 hours - a total of 1 , 872 MW storage capacity • The project can be expanded to a capacity of 220 MWh • Negotiations are underway with the government to receiv
Slide 16: Pumped Storage - Manara Cliff
Pumped Storage - Manara Cliff Facility type Pumped storage Location Manara Cliff - Israel Ownership Ellomay (83.34%), Ampa Investments (16.66%)* Expected capacity (MW) 156 MW, option to expand to 220 MW Total storage capacity (MWh) 1,872 MW/h Expected cost EUR 467 million Commencement of work April
Slide 17: The Dorad Power Plant
The Dorad Power Plant 17 Dorad Power Plant Current capacity 850 MW Power plant structure Gas - fired or diesel fuel - fired power plant, composed of 12 jet turbines and 2 residual heat turbines Arbitral award in favor of Dorad In November 2024 , an arbitral award was handed down whereunder some of t
Slide 18: Development of Solar Projects in Israel
Development of Solar Projects in Israel Solar projects Project Status Capacity Tariff per kWh License date Connection expiration to the grid Talmei Yosef - solar The project was sold Komemiyut - solar + storage Approved Urban Building Plan 21 MW Market regulation Market regulation TBD Klahim solar +
Slide 19: Ellomay’s Operations in Spain
Ellomay’s Operations in Spain Solar projects – Talasol and others
Slide 20: Solar projects in Spain
Solar projects in Spain Spain - solar projects connected to the grid 20 Talasol Ellomay Solar Tariff / PPA Radiation (P50) Capacity (in MW) Project 20% market price / 80% PPA 1,869 300 Talasol (51%) Market price 1,909 28 Ellomay Solar EUR 0.22 subsidy per kWh 1,486 1.248 Seguisolar EUR 0.21 subsidy
Slide 21: Ellomay’s Operations in Italy
Ellomay’s Operations in Italy Solar Projects
Slide 22: Active Projects / Projects under Development in Italy
A ctive Projects / Projects under Development in Italy Geographic Distribution - 2025 164.1 MWp Friuli - Venezia Giulia 8.0 MWp Marche 129.7 MWp Piemonte 160.2 MWp Lazio 22
Slide 23: Solar projects in Italy
Solar projects in Italy 23 Breakdown of Projects in Italy Expected Connection to Grid Geographical location Annual output Expected (P50) Annual radiation (P50) Capacity MW Status Project Connected to grid Lazio 25,512 1,726 14.8 Commercial operation Ello 1* Connected to grid Lazio 8,414 1,702 5.0 Co
Slide 24: Clal Insurance Transaction
Clal Insurance Transaction Clal Insurance entered as a partner ( 49 % ) in a 198 MW portfolio set up and developed by the Company in Italy, in consideration for an investment of approx . EUR 53 million (NIS 210 million) (June 2025 ) The Company and Clal Insurance registered an Israeli partnership th
Slide 25: Financial Data
Financial Data Results, project breakdown and forecasts
Slide 26: Details of Projects – Connected Projects Forecast for 2025
26 Details of Projects , financial data in EUR million Connected Projects – F orecast for 2025 Expected principal repayment Expected interest expenses Expected debt As of December 31, 2025 Expected FFO* Expected EBITDA* Expected revenues Capacity (MW) License Holding rate Project Technology Country
Slide 27: Projects under construction / ready to build
27 Details of Projects , financial data in EUR million Projects under construction / ready to build Expected construction cost Expected FFO* Expected EBITDA* Expected revenues Capacity (MW) Date of connection to the grid - expected Holding rate Project Technology Country 467 17 1, 2 32 1, 2 74 1, 2
Slide 28: Key Financial Position Data
Key Financial Position Data (in EUR thousand) % of total assets December 31, 2024 % of total assets December 31, 2023 % of total assets December 31, 2022 % of total assets December 31, 2021 6% 41,134 9% 52,124 9% 49,294 13% 71,585 Cash, deposits and marketable securities 73% 495,025 69% 422,025 67%
Slide 29: Appendix A – financial position data for leverage ratios
Appendix A – financial position data for calculating the financial position leverage ratios December 31, 2024 December 31, 2023 December 31, 2022 December 31, 2021 In EUR thousands 21,316 9,784 12,815 126,180 Current maturities of loans from banks 5,866 5,000 10,000 16,401 Current maturities of othe
Slide 30: Thank you
Thank you ellomay PITAL LIMITED