Keystone Infra Ltd · TASE:KSTN
Keystone Infra — FY2025 Earnings Presentation
28 slides from Keystone Infra's earnings presentation, February 2025
Slide 1: Investor Presentation: 2025 Financial Statements
INVESTOR PRESENTATION 2025 Financial Statements
Slide 2: Disclaimer
Disclaimer This document is an English translation of the Hebrew version of Keystone Infra Ltd.’s investor presentation for the year 2025, provided for convenience only. The Hebrew version is the sole binding version and shall prevail in the event of any discrepancy between the two. Nothing in this
Slide 3: Record Year
Record Year 1.5$ billion 940 $ million 376 $ million 295 $ million 74 $ million 44% Investment Equity Revenue Net Income Cash Flow to Return on Value Keystone Equity Weighted Pre-Tax 51% 42% 4.5X 5X 86% 5X YoY YoY YoY YoY Compared with 2025 original YoY forecast 3 * Data from the financial statement
Slide 4: 2025 Results: Driven by an Integrated Return Model
2025 Results: Driven by an Integrated Return Model Integrated growth strategy 01 02 1,000 MW $95 million Conventional development pipeline Value Creation from Development Progress Soreq Conventional Power Plant1 Development GROWTH $121 million 03 $ 44 million 04 Pre-tax income, including value Value
Slide 5: Growth Driver - Development
Growth Driver - Development1 Development In-house capabilities. Early-Stage Entry. Development Premium. תחבורה 1,000 MW 100 MW IT1 Egged Tenders1 under development1 Data center development and construction Participation in the 8-9 Tender (Highway 6) and the Fast Lane Tender Conventional – in high-
Slide 6: Proven Value in Egged Deal
Proven Value in Egged Deal Hands-On Management & A direct result of our value-enhancement initiatives since the acquisition Value Creation $1.9 billion Transaction-Implied Value of Egged Group 10% Sale to Meitav $313 $2.2 million billion $345 million $1.5 billion $117 million Consideration $1.9 bill
Slide 7: Hands-On Management: Active Value Creation
Hands-On Management: Active Value Creation Hands-On Management & Value Creation Continued deep involvement across the value chain in 2025 מסחרי תפעולי אסטרטגי פיננסי Commercial Operational Strategic Financial Competitive Tenders Electrification Restructuring Refinancing Winning and operating
Slide 8: From Value Creation to Strong, Growing Cash Flow to Keystone
From Value Creation to Strong, Growing Cash Flow to Keystone 1 Stable & Predictable Cash Flow $99 million $ 74 million Average projected annual cash flow, Cash flow to Keystone in 2025 2026-2031 Completion of enhancement and value creation from income-producing assets initiatives resulting in outper
Slide 9: Sharp Increase in Equity and Return on Equity
Sharp Increase in Equity and Return on Equity Stable & Predictable Cash Flow Strategy delivering results Consistent Equity Growth toward 2030 Target Value Driven Growth Weighted Pre-Tax Return on Equity ($ in millions) Growth Components in Equity ($ in millions) 42% 1,254 5X 550 (75) 954 954 43.5% 6
Slide 10: 14 Consecutive Quarters of Increasing Dividend Distributions
14 Consecutive Quarters of Stable & Predictable Cash Flow Increasing Dividend Distributions Aggregate Dividend ($ in millions) 89.6 75.2 14.4 25.4 49.8 23.2 26.6 12.5 14.1 2022 2023 2024 2025 H1 2026 Egged Road Maintenance (Drive) Highway 6 Aggregate Dividend Dividend Distributed Dividend Distribute
Slide 11: Stable Capital Structure: The Foundation of Enhancement and Development
Stable Capital Structure: The Foundation of Enhancement and Development $98 million $ 386 million 26% A/A+ Cash balance Net Debt1 LTV2 Company/Bond Rating Debt 31.12.2025 ($ in millions) Series A Bonds 190 Effective CPI-linked fixed interest rate of 1.3%, with a duration of 3.75 Series B Bonds 294 E
Slide 12: Record Results – Driven by Realized Value Enhancement Initiatives
Record Results – Driven by Realized Value Enhancement Initiatives $ 397 million $ 295 million $ 5.7 $ 1.5 billion $ 954 million Keystone’s revenue Net income NAV per share Investment value Equity 4.5x growth 4.9x growth 45% increase 51% increase 42% increase Profit & Loss Summary 2025 2024 Balance S
Slide 13: Diverse Infrastructure Portfolio in High-Demand Sectors
Diverse Infrastructure Portfolio in High-Demand Sectors 1 Transport Energy Renewables Telecommunications Water Egged Group 1.5 IPM PV in Israel VID Egged Transport Israel Desalination Plan Ramat Hovav Wind farm in Poland Egged Europe Operating Assets Egged Railways Hagit PV in Poland $ billion Egged
Slide 14: Transport
Transport Egged Europe, the Netherland 14
Slide 15: Transport | Key Assets
Transport | Key Assets Value and Yield of the Income-Producing Assets (in ILS in millions and in % respectively) Egged Group: Total yield 1 Synergistic and 63% growing sectors Egged Transport Israel 888 20 180 160 Egged Europe Proceeds Egged Travel & Tour 514 868 Egged Real Estate Egged Railways Egg
Slide 16: Egged Group: Financial Results
Egged Group: Financial Results Growth in revenues and profitability Significant growth in revenues and in EBITDA Since control acquisition by Keystone The Group’s Revenues The Group’s EBITDA1 ($ in millions) ($ in millions) 46% 40% 1,770 1,802 1,574 1,231 415 404 323 288 2022 2023 2024 2025 2022 202
Slide 17: Driving Strategic Initiatives Across The Board
Driving Strategic Initiatives Across The Board Expansion of Egged Expansion of Israel Rebranding and Europe operations operations customer experience enhancement Zeeland, Netherland tender Egged Railways Launch of new branding awarded Preparations for operation of the tailored to a global, diversifi
Slide 18: Power
Power IPM I Ramat Hovav I Hagit I Soreq I Atarot I Hagit 2 IPM Be’er Tuvia 18
Slide 19: Keystone Power: Conventional Energy Portfolio in Israel
Keystone Power Conventional Energy Portfolio in Israel 2,300 MW 2,700 MW Active capacity from 3 natural In construction and development gas-fired power plants stages in high-demand areas 660 Hagit 1 Keystone’s share – 450 MW1 900 Hagit 2 Keystone’s share: over 1,000 MW2 Operational (MW) Under constr
Slide 20: Keystone Power: Unlocking Value through Enhancement and Development Initiatives
Keystone Power: Unlocking Value through Enhancement and Development Initiatives Asset Value 95 Keystone Power ($ in millions) $ million Operational Value Creation from Development Progress IPM of Soreq Conventional Power Plant 614 Ramat Hovav 213 Hagit $44 million 279 Value creation through completi
Slide 21: $44 Million - Value Creation Through Financial and Commercial Optimization at IPM
$44 Million - Value Creation Through Financial and Hands-On Commercial Optimization at IPM Management & Value Creation Continued transition to private customer sales and increased profitability Distribution forecast for IPM 450 MW capacity 15% 31.12.24 50% 31.12.25 75% 06-20261 100% 1 Bilateral sale
Slide 22: Development of Conventional Pipeline
Development of Conventional Pipeline1 Development A leading presence in Israel’s renewed wave of conventional energy investment $95 million value creation at Soreq2 Development and Construction Status - K-POWER Pipeline By 2040: IPM Up to 900 MW projected capacity H Class CCGT power plant 13 CCGT po
Slide 23: Communication
Communication Development and construction of data centers and Cinturion 23
Slide 24: Development and Construction of 100 MW-IT Data Centers
Development and Construction of 100 MW-IT Data Centers 40 MW-IT adjacent to IPM power plant Over 60 MW-IT 40 MW-IT at development stages on After receipt of permit 1 other land Operation expected: Early 20282 By 2030 2 Design encompassing infrastructure Energy stability and high operational supporti
Slide 25: Key Takeaways
Key Takeaways 25
Slide 26: The Path is Clear. Engines Are Running.
The Path is Clear. Engines Are Running. 1 Construction and Expanding the renewable Construction and operation of VID – extension Real estate development of franchise operation of Soreq2 energy portfolio data center at IPM Continued expansion of Construction of Hagit 2 Israel operations additional da
Slide 27: Strong Base, Proven Performance, And a Broad Growth Horizon
Strong Base, Proven Performance, And a Broad Growth Horizon Cash flow. Enhancement. Development. Distributions. A high-quality portfolio of assets in high-demand areas Development Significant market opportunities in the business segments GROWTH Active management driving results and value creation Ha
Slide 28: Thank you!
Keystone Infra Ltd. Thank you!