Enlight Renewable Energy Ltd · TASE:ENLT
Enlight Renewable Energy — Q1 2026 Earnings Presentation
32 slides from Enlight Renewable Energy's earnings presentation, May 5, 2026
Slide 1: Earnings Presentation First Quarter 2026
Earnings Presentation First Quarter 2026
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 intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of
Slide 3: Strong start to 2026
Strong start to 2026 Strong financial results with 54% growth in Revenue and Income1 and 58% growth in Adjusted EBITDA2 (excluding the sale of the Sunlight cluster). 2026 guidance reaffirmed. Enlight’s diversification strategy again demonstrated its resilience amid geopolitical instability during th
Slide 4: Financial Results – Growth Momentum Continues
Financial Results – Growth Momentum Continues 4
Slide 5: Growth momentum continues: over 50% growth
Growth momentum continues: over 50% growth 1Q26 vs 1Q25, $m 54% 17% 63% 58% 58% excluding Sunlight 76% excluding Sunlight Sale of the Sunlight cluster in contributed $42m in 2025 200 and $12m in 2026 Sale of the Sunlight cluster contributed 154 $81m 130 132 sunlight sunlight 102 100 142 63 sunlight
Slide 6: Enlight and the sector demonstrated resilience amid geopolitical instability
Enlight and the sector demonstrated resilience amid geopolitical instability While traditional fuels and electricity prices showed Diversification strategy enabled business continuity and volatility in the face of geopolitical crises… opportunity capture Closure of the Strait of Hormuz 120 100 Europ
Slide 7: 2026 guidance reaffirmed
2026 guidance reaffirmed Revenue & Income1 ($m) Adjusted EBITDA2 ($m) 40% 39% CAGR 755-785 CAGR 545-565 582 438 399 289 261 194 192 135 130 102 78 92 84 66 52 39 2018 2019 2020 2021 2022 2023 2024 2025 2026E 2018 2019 2020 2021 2022 2023 2024 2025 2026E 1Revenues and income include revenues from the
Slide 8: Significant milestones achieved
Significant milestones achieved 8
Slide 9: Construction momentum towards 11 FGW operational or under construction during 2026
Construction momentum towards 11 FGW operational or under construction during 2026 Mature portfolio By status – operating and mature Additional 0.5 FGW1 started construction during the past three months (CO Bar 3) 7.7 11.6 To begin construction in the NTM Additional 3 FGW expected to start Under con
Slide 10: Executing energy storage strategy across all markets of operations
Executing energy storage strategy across all markets of operations; expansion into additional markets in Europe Enlight’s response: a global storage portfolio of approximately 69 A significant gap is expected in the GWh, of which about 17.9 GWh in the mature portfolio energy sector… by 2034, global
Slide 11: In Israel, establishing a competitive advantage through various applications
In Israel, establishing a competitive advantage through various applications, enabling dual use and maximizing utilization of land resource Enlight’s Q1 2026: obtaining the National Applications Leadership in field-crops, Infrastructure Committee’s in Israel while establishing the accreditation to p
Slide 12: Leveraging Enlight's competitive advantage to lead the Israeli high voltage market
Leveraging Enlight’s competitive advantage to lead the Israeli high voltage market Enlight’s Enlight has expertise and vast experience applications in Is also reflected in developing large in constructing and operating large high- scale high voltage energy storage Israel voltage facilities in Israel
Slide 13: Portfolio growth of 8% in Q1, to a total of 41.2 FGW
Portfolio growth of 8% in Q1, to a total of 41.2 FGW Operational 3.9 FGW1 11.6 FGW Components of the Mature Total 4.0 FGW In construction Portfolio portfolio Pre-construction 3.7 FGW 41.2 FGW Advanced 7.3 FGW Development 22.3 FGW FGW = GW + GWh / 3.5 1FGW (Factored GW) is the company’s consolidated
Slide 14: Portfolio advancement in the quarter across multiple geographies and development stages
Portfolio advancement in the quarter across multiple geographies and development stages Operational Start of Under construction 1Q26 473 21 FMW Pre-construction FMW 92 FMW Advanced development 876 229 189 FMW FMW FMW Development In addition, over 100 MW IT Data center in Ashalim is not included in t
Slide 15: Portfolio advancement in the quarter across multiple geographies and development stages
Portfolio advancement in the quarter across multiple geographies and development stages 11.6 FGW $750-770m Components of Operational 3.9 FGW1 Revenues & income the Mature Portfolio with 473 Under const. 4.0 FGW 21 ~$770m ~$2.1 billion Today FMW Commence operations in 2026-28 FMW Revenues & income Ex
Slide 16: ~20 FGW of U.S. capacity with high likelihood to achieve grid interconnection
~20 FGW of U.S. capacity with high likelihood to achieve grid interconnection, 15-17 FGW are expected to secure Safe Harbor by June 2026 Additional capacity Capacity % Completed System % Secured Safe Portfolio category expected to secure Safe (FGW) Impact Study1 Harbor1 Harbor by June 2026 Operating
Slide 17: Business Plan: 3X growth in 3 years, reaching a revenue run-rate of over $2.1 billion
Business Plan: 3X growth in 3 years, reaching a revenue run-rate of over $2.1 billion1 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 developm
Slide 18: 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 M&A weighted average in the U.S. opportunities: cos
Slide 19: ARR expected to exceed $2.1bn by year-end 2028
ARR1 expected to exceed $2.1bn by year-end 2028, with rising share of project ownership Mature portfolio ARR expectations accounting for over 90% of the 2028 plan Annual recurring revenues & income run rate Global operating capacity roadmap2,3 roadmap1,3,4 ($bn) (FGW) Weighted average of Enlight’s s
Slide 20: 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 (7.7 FGW) maintain high returns: ~$700m First year expected EBITDA1 ~13% Unlevered project = returns ~$5,200m Expected net C
Slide 21: Gnlight
Gnlight a Gnlight sx
Slide 22: Appendix
Gnlight Appendix
Slide 23: Portfolio Snapshot – 41.2 FGW within Total Portfolio
Portfolio Snapshot – 41.2 FGW within Total Portfolio Generation, Storage, Graph, 41.2 MW MWh scale FGW Portfolio definitions + + Mature Component Operational, under construction and pre-construction (expected to start construction within 12 months) 11.6 11,171 39,004 21,484 68,986 FGW + Advanced Pro
Slide 24: Energy storage portfolio grew by 8 GWh during the quarter
Energy storage portfolio grew by 8 GWh during the quarter Battery storage portfolio (GWh) 1Q26 +150 +187 Additions: MWh MWh $950-1,000M 39.0 69.0 annual rev. & income2 run rate 86% 12.1 CAGR 17.5 17.9 8.6 5.7 2.7 Mature 2022 Mature 2023 Mature 2024 Mature 2025 Mature Q1 Q1 2026 Q1 2026 Q1 2026 2026
Slide 25: "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 2025-2027 utilizing existing utilizing existing interconnect reduces infrastructure saves development risks construction
Slide 26: Growing data center capacity drives demand for electricity
Growing data center capacity drives demand for electricity Global growth in data center1 Rising U.S. data center power demand2 Global data center capacity growth US data center energy consumption GW TWh Share of total U.S. 11.7% power demand 220 606 513 180 64 450 152 371 56 128 3.7% 292 50 102 224
Slide 27: 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 Global electricity demand TWh U.S. Electricity Generation TWh 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 28: Major historic declines in the solar panel and battery costs
Major historic declines in the solar panel and battery costs Unprecedented declines in equipment input costs Forecast for global energy storage equipment prices $ per kilowatt-hour, (real 2025) 367 140% Lithium price Polysilicon price 289 279 120% 100% 197 80% 60% 122 113 107 102 98 94 91 88 86 83 8
Slide 29: 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 +108% Regional solar and storage LCOE2 79.4 1Q21 – 1Q26 $75 188 71.9 159 $65 64.5 Enlight’s main market $5
Slide 30: US: Co-Bar 3 Commencement of construction. Enhancing overall complex returns
US: Co-Bar 3 Commencement of construction. Enhancing overall complex returns CO Bar Complex – a five-phase flagship project Significant progress in the last quarter Location Coconino, Arizona, USA Construction commencement for Phase 3 in the Capacity 1,211 MW + 4,000 MWh complex, with a capacity of
Slide 31: Reconciliation between Net Income to Adjusted EBITDA
Reconciliation between Net Income to Adjusted EBITDA ($ thousands) For the three months ended March 31, 2026 March 31, 2025 Net Income (loss) 37,808 101,803 Depreciation and amortization 50,722 33,789 Share based compensation 5,101 1,710 Finance income (8,996) (6,695) Finance expenses 44,183 30,203
Slide 32: Gnlight
Gnlight a Gnlight sx
Enlight Renewable Energy — Q1 2026 Earnings Presentation on 6ix