Enlight Renewable Energy Ltd · TASE:ENLT
Enlight Renewable Energy — Q4 2025 Earnings Presentation
37 slides from Enlight Renewable Energy's earnings presentation, Feb 17, 2026
Slide 1: Earnings Presentation Fourth Quarter 2025
Earnings Presentation Fourth Quarter 2025 1
Slide 2: Legal disclaimer
Legal disclaimer This presentation contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We authorizations; our performance of various obligations under the terms of our indebtedness (and the indebtedness of our subsidiaries that intend
Slide 3: Record 2025 performance; positioned for step-up growth in 2026
Record 2025 performance; positioned for step-up growth in 2026 Excellent quarterly and full-year financial results - 46% growth in Revenues and Income¹ for the quarter and full year; 51% growth in Adjusted EBITDA² for the quarter and full year, outperforming guidance Execution momentum: Record opera
Slide 4: Financial Results - Continued Momentum in 4Q 2025
Financial Results - Continued Momentum in 4Q 2025 4
Slide 5: 2025 Results: High Growth Rate in Revenues & Income, EBITDA and Net Profit
2025 Results: High Growth Rate in Revenues & Income, EBITDA and Net Profit 2025 vs 2024, $m 46% 51% 142% 11% Sale of 44% of the Sunlight cluster 582 contributed $42m 438 399 Sale of 44% of the Sunlight cluster 289 contributed $80m 255 283 161 67 2024 2025 2024 2025 2024 2025 2024 2025 Revenues Adjus
Slide 6: 4Q 2025: 46% increase in revenues & income and 51% in Adjusted EBITDA
4Q 2025: 46% increase in revenues & income and 51% in Adjusted EBITDA 4Q25 vs 4Q24, $m 46% 51% 153% 38% 152 104 99 75 65 54 21 8 4Q24 4Q25 4Q24 4Q25 4Q24 4Q25 4Q24 4Q25 Revenues Adjusted Net profit Cash flow from & income EBITDA1 operations2 1Adjusted EBITDA is a non-IFRS measure. Please see the app
Slide 7: Fourth quarter outperformance drove 2025 guidance beat
Fourth quarter outperformance drove 2025 guidance beat Revenues & Income1 ($m) Adjusted EBITDA2 ($m) +4% 582 From 438 midpoint +7% 565 From midpoint 415 555 405 Updated guidance Actual Updated guidance Actual range range 1Revenues and income include revenues from the sale of electricity and income f
Slide 8: Business Plan Execution - Expanding and Advancing Enlight's Project Portfolio
Business Plan Execution - Expanding and Advancing Enlight’s Project Portfolio 8
Slide 9: Earlier than expected commercial operation for two projects totaling 0.8 FGW
Earlier than expected commercial operation for two projects totaling 0.8 FGW, doubling U.S. operating portfolio Roadrunner Quail Ranch WECC (Non-CAISO) Location Arizona WA Location New Mexico MT Capacity 298 MW + 940 MWh Capacity 128 MW + 400 MWh Apex Status Operational OR Status Operational ID WY F
Slide 10: Construction commenced at the CO Bar complex, Enlight's flagship project
Construction commenced at the CO Bar complex, Enlight’s flagship project, with a capacity of 2.4 FGW and $3b investment CO Bar Complex – a five-phase flagship project Significant progress in the last quarter Location Flagstaff, Arizona, USA 1 GW grid interconnection agreement for the entire Capacity
Slide 11: Expanding presence in two of Europe's fastest-growing energy storage markets
Expanding presence in two of Europe’s fastest-growing energy storage markets Enlight identified the storage opportunity in Europe, In 4Q and throughout 2025, Enlight capitalized on this particularly in Germany and Poland opportunity Germany is Europe's largest renewable energy market1, with Continue
Slide 12: ~50% expansion in the Mature Storage Portfolio in 4Q
~50% expansion in the Mature Storage Portfolio in 4Q: from 11.8 GWh to 17.5 GWh Battery storage capacity (GWh) 4Q25 +2,000 +75 +3,176 +455 additions: MWh MWh MWh MWh $950-1,000m 33.4 61.0 annual rev. & income2 run rate 86% 10.0 CAGR 17.5 8.6 5.7 2.7 2022 Mature 2023 Mature 2024 Mature 2025 Mature 20
Slide 13: Enlight's global portfolio totals 38 FGW, including 11.4 FGW in the mature portfolio
Enlight’s global portfolio totals 38 FGW, including 11.4 FGW in the mature portfolio Operational 3.9 FGW1 11.4 FGW Components Under construction of the Mature Total 3.5 FGW Portfolio portfolio Pre-construction 4.0 FGW 38 FGW Advanced development 6.4 FGW Development 20.2 FGW FGW = GW + GWh / 3.5 FGW
Slide 14: Record portfolio advancement in the quarter across multiple geographies and development stages
Record portfolio advancement in the quarter across multiple geographies and development stages 808 Op’ing 3.9 FGW1 19% FMW 11.4 FGW 1,208 Under const. 3.5 FGWFMW 116 45 Components FMW FMW of the Mature Pre-construction 4.0 FGW Portfolio 907 110 721 Acquisitions in FMW FMW FMW Europe with a 276 focus
Slide 15: The Mature portfolio is expected to generate $2bn of revenues & income
The Mature portfolio is expected to generate $2bn of revenues & income $750-770m ~$2 billion Operational 3.9 FGW1 Revenues & income Expected revenues & income of the Under construction 3.5 FGW ~$700m Mature portfolio, Commence operations in 2026-27 Revenues & income an increase of $400 million from
Slide 16: U.S. capacity with high likelihood to achieve grid interconnection, Safe Harbor
18 FGW of U.S. capacity with high likelihood to achieve grid interconnection, 13.2 secured Safe Harbor Additional capacity Capacity % Completed System % Secured Safe Portfolio category expected to Safe Harbor (FGW) Impact Study Harbor1 by June 2026 Operating 1.6 100% 100% - Under construction 2.9 10
Slide 17: 2026 Outlook
@nlight 2026 Outlook
Slide 18: 2026 outlook: CODs and mega-projects construction in various geographies
2026 outlook: CODs and mega-projects construction in various geographies Approximately 1.1 FGW1 are expected to reach COD, implying approximately $137 million addition to annualized revenue and income and $109 million to annualized EBITDA2 2026 Business 2026 is expected to be a step-change year in c
Slide 19: Construction Momentum: almost the entire mature portfolio operational or under construction in 2026
Construction Momentum: almost the entire mature portfolio operational or under construction in 2026 Mature Portfolio Component 2026 plan: FGW1 by status - operational or under construction In addition to 3.9 FGW operational, 6.5-7.5 FGW expected to be under ~6.5-7.5 11.4 construction during 2026, of
Slide 20: 2026 Guidance
2026 Guidance Revenues & Income of $755-785m; Adjusted EBITDA of $545-565m Assumptions Revenues and income1 )$m( Adjusted EBITDA2 ($m) • Exchange rates are based on 2026 forward3 785 curves • Revenue breakdown by currency: 39% in USD, +32% 34% in ILS, 27% in EUR at Midpoint 565 755 • Approximately 9
Slide 21: Enlight's strong and consistent growth momentum is expected to continue in 2026
Enlight’s strong and consistent growth momentum is expected to continue in 2026 Revenues & Income1 ($m) Adjusted EBITDA2 ($m) 40% 39% CAGR 755-785 CAGR 545-565 582 438 399 289 261 194 192 135 130 84 102 78 92 66 52 39 2018 2019 2020 2021 2022 2023 2024 2025 2026E 2018 2019 2020 2021 2022 2023 2024 2
Slide 22: Business Plan: 3X growth in 3 years, reaching a revenue run-rate of over $2 billion
Business Plan: 3X growth in 3 years, reaching a 1 revenue run-rate of over $2 billion by end-2028 1Based on 2026 guidance added to revenues & income (sale of electricity, tax benefits) of projects in the under construction and pre-construction portions of the Mature portfolio, and advanced developme
Slide 23: The business environment supports continued growth with high returns
The business environment supports continued growth with high returns Demand for Rising electricity Attractive electricity is soaring, prices equipment costs driven by growth in (panels and data centers and AI batteries) Declining Regulatory clarity weighted average in the U.S. cost of capital Additi
Slide 24: AI requires accelerated development of data centers, increasing electricity demand
AI requires accelerated development of data centers, increasing electricity demand 606 22% 513 CAGR 450 Tech giants Capex investments Electricity 371 demand for data 292 $bn 224 178 centers (US) 147 AMZN (Tech & Infra) TWh 911 GOOGL 2023 2024 2025 2026 2027 2028 2029 2030 60% META CAGR 111 740 MSFT
Slide 25: ARR expected to exceed $2bn by year-end 2028, with rising share of project ownership
ARR1 expected to exceed $2bn by year-end 2028, with rising share of project ownership Mature portfolio run-rate expectations rose by ~$400m this quarter, accounting for ~90% of the 2028 plan Annual recurring revenues & income run rate Global operating capacity roadmap2,3 roadmap1,3,4 ($bn) (FGW) Wei
Slide 26: Sustaining 3X growth rate every three years with ROE above 18%
Sustaining 3X growth rate every three years with ROE above 18% Average historic return on operating assets (3.9 FGW) above 15% Under construction and pre-construction projects (7.5 FGW) maintain high returns: ~$700m First year expected EBITDA1 ~12-13% = Unlevered project returns ~$5,350m Expected ne
Slide 27: G@nlight es
a G@nlight es 29
Slide 28: Appendix
@nlight Appendix
Slide 29: Achievements during the 4th quarter
Achievements during the 4th quarter U.S. EU MENA Completed development of the CO Bar Expanding presence in Germany Receiving construction permits for complex, totaling 2.4 FGW: receiving (Jupiter, 2,000 MWh+150MW) and Ohad High Voltage storage project grid-interconnection approval and Poland (Sokole
Slide 30: "Connect & Expand" strategy maximizes interconnection potential and returns
“Connect & Expand” strategy maximizes interconnection potential and returns 3.8 FGW of expansions at existing Advantages of “Connect & Expand” projects planned for construction in 2025-27 utilizing existing utilizing existing infrastructure saves interconnect reduces construction costs development r
Slide 31: Portfolio Snapshot – 38 FGW within Total Portfolio
Portfolio Snapshot – 38 FGW within Total Portfolio Generation, Storage, Graph, 38 MW MWh scale FGW Portfolio definitions + + Mature Component Operational, under construction and pre-construction (expected to start construction within 12 months) 11.4 10,713 33,281 20,572 60,957 FGW + Advanced Project
Slide 32: Growing data center capacity drives demand for electricity
Growing data center capacity drives demand for electricity Global growth in data centers1 Rising U.S. data center power demand2 Global data center capacity growth U.S. data center energy consumption GW TWh Share of total U.S. 11.7% 220 power demand 606 180 64 513 152 56 450 128 50 371 102 45 3.7% 29
Slide 33: Demand for electricity is rising globally
Demand for electricity is rising globally Soaring global demand for power1 Increasing demand for electricity in the U.S.2 TWh Global electricity demand TWh U.S. Electricity Generation 7,000 40,000 6,000 35,000 Increased use of home Improved energy 3.1% 5,000 electrical appliances efficiency 30,000 C
Slide 34: Major historic declines in the solar panel and battery costs
Major historic declines in the solar panel and battery costs Forecast for global energy storage equipment prices Unprecedented declines in equipment input costs $ per kilowatt-hour, (real 2025) 367 140% 289 Lithium price Polysilicon price 279 120% 100% 197 80% 122 60% 113 107 102 98 94 91 88 86 83 8
Slide 35: Increasing spreads between equipment costs and electricity prices
Increasing spreads between equipment costs and electricity prices Attractive renewables production costs in the U.S. PPA pricing in the U.S.3 LCOE - Levelized Cost of Electricity1 $ / MWh Solar +99% Regional solar and storage LCOE2 $75 73.7 1Q21 – 4Q25 $70 188 67.7 $65 159 $60 61.7 Enlight’s $55 mai
Slide 36: Reconciliation between Net Income to Adjusted EBITDA
Reconciliation between Net Income to Adjusted EBITDA ($ thousands) For the year ended For the three months ended Dec 31, 2025 Dec 31, 2024 Dec 31, 2025 Dec 31, 2024 Net Income (loss) 160,702 66,505 21,073 8,372 Depreciation and amortization 149,922 108,889 39,763 30,912 Share based compensation 10,4
Slide 37: G@nlight es
s G@nlight es
Enlight Renewable Energy — Q4 2025 Earnings Presentation on 6ix