Enlight Renewable Energy Ltd · TASE:ENLT
Enlight Renewable Energy — Q1 2025 Earnings Presentation
31 slides from Enlight Renewable Energy's earnings presentation, May 1, 2025
Slide 1: Earnings Presentation First Quarter 2025
Earnings Presentation First 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: High growth in revenues and profits; reaffirming 2025 guidance
High growth in revenues and profits; reaffirming 2025 guidance Continued high year-on-year growth: 39% increase in revenue, 84% in Adjusted EBITDA1, and 316% in net profit Reaffirming the Company's 2025 guidance ranges: revenues and income of $490-$510m and Adjusted EBITDA1 of $360-$380m, with high
Slide 4: Consistent and Continued Growth in Financial Results
Consistent and Continued Growth in Financial Results 4
Slide 5: High growth in 1Q25 revenues and profits
High growth in 1Q25 revenues and profits 1Q25 vs 1Q24, $m 39% 84% 24% 316% Sale of 44% of the Sunlight cluster contributed $42m Sale of 44% of the Sunlight cluster 130 132 contributed $80m 102 94 72 44 35 24 1Q 24 1Q 25 1Q 24 1Q 25 1Q 24 1Q 25 1Q 24 1Q 25 Revenues Adjusted Cash flow from Net income
Slide 6: High and consistent growth rates over time
High and consistent growth rates over time Revenues and Adjusted EBITDA CAGR nearing 40% in since 2018 Revenues & income, $m Adjusted EBITDA1 , $m Cash flow from operations, $m 38% 38% 47% CAGR CAGR CAGR 490-510 360-380 399 193 289 150 261 194 192 90 130 135 102 92 52 84 66 78 38 52 39 28 19 2018 20
Slide 7: Reaffirming 2025 guidance
Reaffirming 2025 guidance High resiliency to tariffs and economic slowdown scenarios Main assumptions: Revenues & Income, $m Adjusted EBITDA1, $m - Geographical revenues and income 510 distribution: 38% in ILS, 35% in EUR, and 27% in USD 380 - Approximately 90% of production to be sold at fixed pric
Slide 8: Outperforming consensus estimates for the fifth consecutive quarter
Outperforming consensus estimates for the fifth consecutive quarter + $8m Enlight reported Adjusted EBITDA1 versus consensus2 estimates $m 1Q25 4% + $33m above consensus + $13m + $14m + $5m 1Q24 2Q24 3Q24 4Q24 1Q25 Enlight reported Adjusted EBITDA1 Analyst consensus 2 1Adjusted EBITDA is a non-IFRS
Slide 9: Enlight's procurement strategy creates effective defenses against tariffs
Enlight’s procurement strategy creates effective defenses against tariffs Projects under construction: only 8% of costs Panels - No tariff impact1 for exposed to China tariffs projects under construction, production outside of China Cost Batteries - 80% of requirements for Other countries mitigation
Slide 10: Elevated project returns even in a high tariff scenario
Elevated project returns even in a high tariff scenario Project returns remain intact even in high tariff scenarios A B C=A-B D =D/C Data on projects under U.S. projects under Projects Projects Tax benefit cost, Equity First EBITDA/ Return construction, pre tariff construction FMW cost value2 net of
Slide 11: Portfolio review
Portfolio review On the path to $1.4bn in revenues & income by year-end 2027 1 Projection based on 2025 guidance, adding on total revenues and income (sales of electricity and tax benefits) of under construction and pre-construction projects 11
Slide 12: 7.7 FGW operating or under construction in 2025
7.7 FGW operating or under construction in 2025 Reaching 8.6 FGW operating by year-end 2027 Mature phase portfolio Significant growth in the total portfolio 2025 plan: building 4.7 FGW1 of capacity An increase of 3.2 FGW1 during the quarter In 2025, the Company will build 1.5x more capacity than the
Slide 13: The true potential remains unseen
The true potential remains unseen Operational 3 FGW1 8.6 FGW Total portfolio Components of the Under construction Mature Portfolio 33.4 FGW 1.8 FGW Pre-construction 3.8 FGW Advanced Development 7 FGW Development 17.8 FGW 1 FGW (Factored GW) is a consolidated metric combining generation and storage c
Slide 14: Expansion plan set to triple Enlight's revenues
Expansion plan set to triple Enlight’s revenues $490-$510m 2025 revenues & Operational income guidance 3 FGW1 8.6 FGW Under construction ~$305m Components Commence operations Revenues & income of the Mature in 2025-26 1.8 FGW Portfolio Pre-construction ~$615m Begins construction in the 3.8 FGW Reven
Slide 15: Reaching an annual revenues & income run rate of $1.4bn by 2027
Reaching an annual revenues & income run rate of $1.4bn by 2027 Mature Projected revenues & income run rate1,2 Weighted average of Enlight’s share of revenues and income $m ~1,420 42% CAGR 92% ~805 CoBar Complex Snowflake Nardo Storage ~645 86% ~500 Gecama Solar Roadrunner 85% Atrisco Country Acres
Slide 16: Achieving $1.8bn in financing during the past four months
Achieving $1.8bn in financing during the past four months $1.5bn financing for projects under construction in the US Issuing bonds and selling a stake in Sunlight Selling 44% at a $119m valuation 1,400 FMW Total capacity of 247 FMW Country Acres, Quail Ranch, Roadrunner Sunlight Consideration of $52
Slide 17: Returns on equity remains over 15% even as project size increases
Returns on equity remains over 15% even as project size increases Mature Average historic return on operating assets (3 FGW) is 15% Under construction and pre-construction projects (5.6 FGW) continue to generate high returns before leverage: ~$470m First year expected EBITDA1 11-12% = Unlevered proj
Slide 18: A range of growth drivers across different markets
A range of growth drivers across different markets USA Europe MENA Increasing BESS portfolio Enlarging BESS portfolio, 2.5 FGW of large-scale following growing demand with growing demand for development of Agro-PV from utilities storage and data centers Entering into the data “Connect and expand”: 1
Slide 19: Entry into the data center sector
Entry into the data center sector Implementing Enlight’s strategy: portfolio diversification, high synergies to core capabilities The data center sector is growing and synergetic The Ashalim tender 20% annual growth in electricity demand until 20302 Enlight plans to establish a 100 MW1 server farm T
Slide 20: A Business Environment Full of Opportunities
A Business Environment Full of Opportunities 20
Slide 21: Continued high demand for electricity reduces tariff impacts
Continued high demand for electricity reduces tariff impacts Soaring global demand for power1 Increasing demand for electricity in the U.S.2 TWh Global electricity demand U.S. 10-Year Annual Load Growth Forecast 40,000 2.0% 35,000 3.1% 1.5% 30,000 CAGR 25,000 Net zero emissions 1.0% 20,000 scenario
Slide 22: Renewables are the solution for the soaring demand for electricity
Renewables are the solution for the soaring demand for electricity Load growth rising after decades of decline; renewables dominate project queue Renewables the only game in town Attractive renewables production costs in the US U.S. Interconnection Queue in 2023 LCOE - Levelized Cost of Electricity
Slide 23: Enlight
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Slide 24: Appendix
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Slide 25: Enlight USA
Enlight USA Revenue & income 1Q25 Revenue & income 1Q24 % Change Mature capacity 1Q25 Mature capacity 1Q24 $34.8m $4.5m 673% 3,790 MW + 6,352 MWh 3,059 MW + 4,052 MWh Construction is underway on projects Country Acres, Roadrunner and Quail Ranch, with a combined capacity of 821 MW and 2,028 MWh. Equ
Slide 26: U.S. construction and pre-construction projects
U.S. construction and pre-construction projects: Enlight US Large capacity and high returns Country Acres Roadrunner Location California Location Arizona Capacity 403 MW + 688 MWh Capacity 290 MW + 940 MWh Status Under Construction Status Under Construction First Year3 First Year3 $61-62m / $45-46m
Slide 27: Enlight Europe & MENA
Enlight Europe & MENA Revenue & income 1Q25 Revenue & income 1Q24 % Change Mature capacity 1Q25 Mature capacity 1Q24 $51.4m $59.2m -13% 1,552 MW + 1,336 MWh 1,553 MW + 680 MWh Construction underway on Gecama hybridization, adding 225 MW solar generation and 220 MWh storage capacity to the existing 3
Slide 28: Europe and MENA: Pre-construction & under construction projects
Europe and MENA: Pre-construction & under construction projects Enlight Europe & MENA Continuing to expand presence across Europe and MENA with high return projects Gecama Hybrid Israel PV / Storage projects Location Spain Location Israel Capacity 225 MW + 220 MWh Capacity 26 MW + 292 MWh Status Pre
Slide 29: Reconciliation between Net Income to Adjusted EBITDA
Reconciliation between Net Income to Adjusted EBITDA ($ thousands) For the three months ended March 31, 2025 March 31, 2024 Net Income (loss) 101,803 24,485 Depreciation and amortization 33,789 25,604 Share based compensation 1,710 3,117 Finance income (6,695) (8,065) Finance expenses 30,203 19,493
Slide 30: Portfolio snapshot
Portfolio snapshot Generation, Storage, Graph, MW MWh scale Portfolio definitions Mature Phase Operational, under construction and pre-construction + + (expected to start construction within 12 months) + 9,706 28,396 19,174 49,835 Advanced Projects which are expected to begin construction 3,357 12,5
Slide 31: Advanced grid connection status for 10 GW of projects
Advanced grid connection status for 10 GW of projects Enlight US Transmission infrastructure is the principal constraint for renewable energy today Mature Phase Development Projects Advanced Phase Phase 3.8 GW + 2.9 GW + 2.9 GW 100% of U.S 100% of U.S 45% of U.S Mature Phase Advanced Phase Developme
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