Doral Group Renewable Energy Resources Ltd · TASE:DORL
Doral Group Renewable Energy Resources — Q2 2025 Earnings Presentation
36 slides from Doral Group Renewable Energy Resources's earnings presentation, September 2025
Slide 1: Earnings Presentation Q2 2025
Earnings Presentation Q2 2025 Yahel
Slide 2: Legal Clarification
Legal Clarification This presentation from Doral Renewable Energy Resources Group Ltd. (hereinafter: “the Company”) was prepared as a general presentation about the Company’s activities, and, therefore, the information contained herein is only a summary and is not an exhaustive representation of all
Slide 3: Q2 2025 Key Highlights
Q2 2025 Key Highlights Momentum of connections Strong financial and construction 4,5 performance Progress in the U.S. Ma’ale Gilboa Nitzanim Mammoth 40 MWp + 180 MWh Financial closing of ILS 300 million for Close to 4.5 GWp have already secured or commercially operated in Q2 Hadarei She’an Ultra-Hig
Slide 4: 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 Renewable Energy in Europe Denmark, Poland, Romania and Italy connections expected in 2027-2029* developers** Constructing USA’s largest solar project Doral Tech: ex
Slide 5: Global Pipeline
Global Pipeline4,5 20,473 19,459 Mature pipeline 1 Solar MWp Storage MWh MWp MWh (7,736 MWp) (11,528 MWh) 5,012 3,996 MWp MWh (1,860 MWp) (2,835 MWh) 14,410 2,263 2,323 13,139 1,878 1,482 1,266 1,346 1,052 772 Connected2 Under construction Mature advanced Additional advanced Under Total global pipel
Slide 6: Projected results of mature projects and electricity trading
Projected results of mature projects1 and electricity trading4,5,7 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
Slide 7: ~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 ~5 GWp + 4 GWh4,5 Breakdown of projected annual revenues from the mature pipeline Geographical distribution of mature pipeline (ILS millions, Company’s share*) (Company’s share**) 2,720 47% 45% U.S. Israel To
Slide 8: Looking ahead: Outlook for significant organic growth
Looking ahead Outlook for significant organic growth5 60 5 +4 7 250 800 ~$ 335M Projects GWp GWh National infrastructure MWp MWh projects Connected to the grid In the mature pipeline with an estimated Annual connection rate Run Rate EBITDA in the past two years of which 3.2 GWp and 1.6 GWh capacity
Slide 9: Israel Operations
Israel Operations Ramat David Israel | USA | Europe 9
Slide 10: Pivotal juncture for the Israeli market
Pivotal juncture for the Israeli market The government’s renewable energy target Projected storage capacity in the market (GWh) 2030: Additional storage capacity of more than 28 GWh is required Doral’s connected 30.6 Doral holds storage pipeline2 constitutes more than 30% ~ 8GWp 40% 50% of total con
Slide 11: Doral - Israeli Renewable Energy Leader
Doral - Israeli Renewable Energy Leader Israel’s largest solar and storage pipeline Accelerated Business Development 300+ partnerships with Yishuvim More than 35,000 dunams of land in various planning stages Israeli agrivoltaic leader Connections & construction momentum 675 MWp + 1,346 MWh connected
Slide 12: Ultra-High Voltage National Infrastructure Projects
Doral spearheads 7 Ultra-High Voltage National Infrastructure Projects with a total capacity of over 2 GWp Projects that have secured government resolutions or are in advanced stages of official designation as national infrastructure projects Agrisolar and ground-mounted projects of national importa
Slide 13: 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 13
Slide 14: Solar Projects Betterment Expert
Solar Projects Betterment Expert Gvulot Talmei Yosef Kfar Warburg Conversion of tariff-based solar Replacing panels and Adding storage and storage facilities enhancing asset output to tariff facilities to market regulation Conversion of 120 MWp + 360 MWh from Increasing capacity and enhancing output
Slide 15: Driving the Future of Urban Energy
Driving the Future of Urban Energy Enhancing the energy resilience of and towns Decentralized power generation and urban energy storage are Providing a robust solution for a critical part of Israel's national energy solution power outages, including during national emergencies Reducing reliance on c
Slide 16: U.S. Operations
U.S. Operations Great Bend Israel | USA | Europe 16
Slide 17: 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 5 GWh Total storage capacity *Based on the S&P Global rating. link to source 17
Slide 18: Key Trends in the U.S.
Key Trends in the U.S. One Big Beautiful Bill Proactive procurement Continued favorable Impact of the legislation on Doral LLC strategy aligned with macro conditions potential tariff increases Outlook for market balance enabling operations without Tax Credits • Close to 4.5 GWp have secured or are •
Slide 19: Owner Investment in Doral LLC
Owner Investment in Doral LLC5,6 Doral LLC is accelerating its development and launching new projects to meet record demand for electricity, actively strengthening and diversifying its capital base, including through a potential IPO The initiative will enable: Expansion of the mature pipeline and de
Slide 20: The U.S. Power Market: A Paradigm Shift in Renewable Energy
The U.S. Power Market: A Paradigm Shift in Renewable Energy Renewable energies: The Forces Driving Unprecedented Rapid deployment, competitive cost, U.S. Power Demand high grid-readiness 178%+ 2,600GW in electricity demand by 2050 94% of the projects ready for and 25% by 2030 connection to the grid*
Slide 21: Doral LLC's Competitive Edge in the U.S. market
Doral LLC’s Competitive Edge in the U.S. market Outlook to secure tax benefits for ~4.5 GWp and strategic flexibility to secure favorable PPA rates for the mature pipeline ~4 GWp in the leading grids is expected to receive interconnection agreements within the next year Strategic focus on PJM and MI
Slide 22: Spotlight on the Cold Creek Project
Spotlight on the Cold Creek Project4,5 Capacity: Project scale: ~550 MWp and 340 MWh 23 km2 Expected commercial operation: Status: 2028 In pre-construction Connection to the grid ERCOT Projected revenues* ILS 297 million Projected EBITDA* ILS 240 million ProjectedFFO* ILS 156 million *For first full
Slide 23: European Operations
European Operations UROP Israel | USA | Europe 23
Slide 24: Doral Europe
Doral Europe Innovation, Expertise and Growth Europe’s renewable energy market Opportunity to incorporate storage solutions into existing markets gains substantial momentum Compelling economics, driven by power price volatility and the downward trend of energy storage equipment costs Building on Dor
Slide 25: Financial Results
>»>>> Financial Results D@RAL 2
Slide 26: Liquid balances and financing
Liquid balances and financing 958 Senior debt Solar + storage Solar + storage Ultra-high Low voltage voltage gound- tariff + storage financing facilities (market Agrivoltaic* (bid Europe Total mounted on customer (ILS millions) regulation) processes)** project*** premises Additional 307 short-term l
Slide 27: Key financial data
Key financial data3 Key Highlights of the Consolidated Statements of Financial Position (in ILS millions) 8,561 Cumulative 30.6.2025 30.6.2024 31.12.2024 6,637 investments in projects Cash and cash equivalents 622.8 512.3 465.3 100%, in ILS millions +29% Other current assets 423.4 635.1 423.3 Non-cu
Slide 28: Renewable Energy Driven by People
RENEWABLE ENERGY DRIVEN BY PEOPLE office@doral-energy.com | www.doral-energy.com Maale Gilbo’a 28
Slide 29: 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 1-6.2025 1-6.2024 1-12.2024 Financial asset model | Projects by equity method Revenues from the sale of electricity to wholly or proportionately consolidated
Slide 30: Commercially operated projects
Commercially operated projects4,5 Net meter Gound- Regulation PV regulation and tariff Feed-in tariff PV Gound-mounted Bid processes for feed-in mounted PV facilities PV facilities facilities connected PV facility in the Sundry Total tariff PV facilities facilities in combining storage connected aft
Slide 31: 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 32: 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 Investmen Investment Annual Annual Annual Cash Percentage tariffs tariff linakge tariff period installed storage commercial projected projec
Slide 33: 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 34: 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 35: 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 USA Biogas Israel Total and regulations voltage in Israel ultra-high voltage in Poland Romania Denmark storage in th
Slide 36: Notes
Notes 1“Mature” – projects that are in commercial operation, ready for connection, under construction or in pre-construction and in mature advanced development, see section 1.6 of the Quarterly Report. 2 The total capacity of the income-generating systems owned by the Group companies, together with
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