Enlight Renewable Energy Ltd · TASE:ENLT
Enlight Renewable Energy — Q4 2024 Earnings Presentation
37 slides from Enlight Renewable Energy's earnings presentation, February 2025
Slide 1: Earnings Presentation Fourth Quarter 2024
Earnings Presentation Fourth Quarter 2024 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 under the terms of our indebtedness (and the indebtedness of our subsidiaries that we guarantee) and our ability to continue to secure intend suc
Slide 3: Record performance in 2024; growth expands in 2025
Record performance in 2024; growth expands in 2025 Record performance in 2024. 53% growth in revenues and income, 49% growth in Adjusted 1 EBITDA1, exceeding analyst consensus. Deep and Diverse portfolio of 30.2 FGW2. The Mature portfolio3 of 8.6 FGW continues to 2 grow; generation capacity grew by
Slide 4: Financial Results
Financial Results @nlight
Slide 5: Full year 2024 results
1 Full year 2024 results Commencement of new projects along with high performance of the operating portfolio 2024 versus 2023 ($m) 53% 49% 29% 32% 399 2023 net income contained substantial one-off items 289 98 261 193 67 194 150 24 2023 2024 2023 2024 2023 2024 2023 2024 Revenues Adjusted Cash flow
Slide 6: 4Q24 results
1 4Q24 results Commencement of new project contributed to higher income compared to 2023 4Q 2024 versus 4Q 2023 ($m) 35% 31% 49% 48% 104 4Q23 net income contained 65 substantial one-off items 16 77 50 36 8 24 4Q2023 4Q2024 4Q2023 4Q2024 4Q2023 4Q2024 4Q2023 4Q2024 Revenues Adjusted Cash flow from Ne
Slide 7: Actual results vs 2024 guidance
1 Actual results vs 2024 guidance EBITDA 18% higher than original guidance, 10% over updated guidance Revenues and Income ($m) Adjusted EBITDA1 ($m) 399 289 370 270 360 255 355 Actual results 255 Actual results Guidance range Guidance range 335 235 Original guidance Updated guidance Original guidanc
Slide 8: Actual results vs consensus expectations
1 Actual results vs consensus expectations Enlight reported Adjusted EBITDA1 versus consensus2 estimates $m + $33m + $13m + $14m + $5m 4Q24 results 25% above + $10m - $7m consensus + $3m + $3m 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 Enlight Reported Adjusted EBITDA1 Consensus Estimates2 1Adjusted EB
Slide 9: Portfolio
Portfolio @nlight
Slide 10: A deep & diversified portfolio
2 A deep & diversified portfolio Our platform for future growth Operational 3 FGW1 Components of Under construction the Mature 1.8 FGW Phase Portfolio Pre-construction 3.8 FGW Advanced Development 7 FGW Development Total portfolio 14.7 FGW 30.2 FGW 1 FGW (Factored GW) is a consolidated metric combin
Slide 11: Portfolio deep dive
2 $500m Portfolio deep dive Midpoint of 2025 Revenues and timeline Operational $399m in 2024 guidance 3 FGW1 $100m from projects that began operations in 2024 Components of ~$175m the Mature Under construction Annual recurring Commence operations in 2025-26 revenues1 Portfolio 1.8 FGW ~$385m Pre-con
Slide 12: Mature portfolio
2 Mature portfolio Mature 8.6 FGW will reach COD by the end of 2027 Phase Operating generation capacity is projected to triple by Equity required for projects the end of 2027 Mature portfolio only2 48% 8,552 Pre- construction CAGR 10% invested 4,860 Under 3,776 Construction 3,898 84 80% 3,025 20 inv
Slide 13: Projected annual recurring revenue (ARR) growth rate, '25-'27
2 Projected annual recurring revenue (ARR) growth rate, ‘25-’27 Mature Phase Projected project revenue run rate1, $m Weighted average of Enlight’s share of revenues 36% CAGR 1,061 88% 694 575 81% CoBar Complex Snowflake 80% Nardo Storage Roadrunner Gecama Solar Quail Ranch Country Acres Dec 2025 Dec
Slide 14: Business and Financial Environment
3 Business and Financial Environment 14
Slide 15: A business environment rich in opportunities
3 A business environment rich in opportunities Electrification, with a focus on AI and data centers, is Enacting safe harbor status for projects that have driving increased demand for power. commenced construction. USA The regulatory and fiscal changes implemented by Low exposure to tariffs due to a
Slide 16: AI drives increasing demand for electricity
3 AI drives increasing demand for electricity Data centers boost electricity consumption; renewables the source of supply 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
Slide 17: Renewables are the solution for the soaring demand for electricity
3 Renewables are the solution for the soaring demand for electricity Load growth rising after decades of decline; renewables dominate project queue … While renewable energy capacity expands swiftly … Renewables the only game in town US and European Solar, Wind, and Storage Capacity 2023-2030 U.S. In
Slide 18: Continued improvement in financial strength
3 Continued improvement in financial strength A2.il Debt rating Continued growth in Declining company leverage Capital structure, $bn1 Shareholder’s Equity Consolidated Debt/CAP Consolidated Shareholder’s Equity, $m 44% -2.3% CAGR 1,435 1441 CAGR 76% 2.0, 4.3 1.4, 47% 1,050 $bn 34% 757 0.6, 68% 14%
Slide 19: Financial closings and bond issuance totalling $1.3bn in 2024
3 Financial closings and bond issuance totalling $1.3bn in 2024 Generation of capital gains and cash flow through asset sales Financial close¹ of project Roadrunner project (290 MW and 940 MWh) for a total of $550m; full equity recycling is expected at the project's commissioning. Financial close of
Slide 20: Sunlight transaction
3 Sunlight transaction Sale of 44% of a cluster of renewable energy asset at a valuation of $114m. The cluster’s capacity consists of 247 FMW1. Consideration of $50 million will be allocated to the expansion plan. The transaction reflects a premium of $380,000 per FMW. A pre-tax profit of up to $94m
Slide 21: Projects planned for the next two years expected to generate high returns
3 Projects planned for the next two years expected to generate high returns >15% Global Portfolio of 2024-27 CODs 3.6 GW 6.7 GWh ~11%-12% Average return before leverage Mature portfolio status Average return before Average return on leverage equity Equity IRR (Unlevered project (Equity IRR) 6.0%-6.5
Slide 22: 2025 Outlook
2025 Outlook @nlight
Slide 23: 2025 outlook
4 2025 outlook Project CODs and mega project construction in various regions 2.9 FGW2 to begin construction during 2025, including CO Bar, Snowflake, and Nardo Storage. CODs & Surge in construction Approximately 440 MW and 1,100 MWh are expected to be commissioned, adding around $130 million to annu
Slide 24: 2025 Plan: 4.7 FGW under construction, assuring most of the 8.6 FGW program
4 2025 Plan: 4.7 FGW1 under construction, assuring most of the 8.6 FGW program by 2027 Expected to generate above $1bn of annualized revenues and income2 by the end of 2027 Mature Portfolio, FGW1 0.9 8.6 2.9 Above $1bn annual 2025 will be a springboard toward rate of revenues & completing projects i
Slide 25: 2025 Guidance
4 2025 Guidance Revenues & Income of $490-510m; Adjusted EBITDA of $360m-$380m Revenues and income1 ($m) Adjusted EBITDA1 ($m) Principle Assumptions 510 • Foreign exchange rates are based on 2025 380 forward3 curves, implying 3.55 for USD/ILS and 1.05 for EUR/USD. • Geographical revenues and income
Slide 26: Thank You
Thank You Gnilight 22
Slide 27: Appendix
@nlight Appendix
Slide 28: Enlight USA
Enlight USA Revenue 4Q24 Revenue 4Q23 % Change Revenue FY24 Revenue FY23 % Change Capacity 4Q24 Capacity 4Q23 3,779 MW + 6,352 $18m $4m 401% $37m $8m 375% 3,055 MW + 4,052 MWh MWh Completed commissioning of the flagship Atrisco project, which is expected to generate revenues1 of $51m-$55m and EBITDA
Slide 29: 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 392 MW + 688 MWh Capacity 290 MW + 940 MWh Status Under Construction Status Under Construction First Year3 First Year3 $60-63m / $44-47m
Slide 30: WECC: one of the largest US power markets with growing demand
WECC: one of the largest US power markets with growing demand Enlight US Enlight’s projects benefit from high electricity demand, ample irradiance, and long-term PPA agreements Demand: WECC is one of the largest electricity consumption hubs in the U.S., with demand expected to grow by 20% in the nex
Slide 31: Enlight Europe
Enlight Europe Revenue 4Q24 Revenue 4Q23 % Change Revenue FY24 Revenue FY23 %Change Capacity 4Q24 Capacity 4Q23 $50m $51m (2%) $197m $177m 11% 1,552 MW + 1,236 MWh 1,552 MW + 600 MWh Pupin reached COD at the end of 2024, and is expected to achieve full commissioning during the first half of 2025 Fin
Slide 32: 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 21 MW + 102 MWh Status Pre
Slide 33: Enlight MENA
Enlight MENA Revenue 4Q24 Revenue 4Q23 % Change Revenue FY24 Revenue FY23 % Change Capacity 4Q24 Capacity 4Q23 $34m $21m 64% $156m $68m 130% 776 MW + 970 MWh 769 MW + 997 MWh MENA revenues grew from $68m to $158m despite a difficult geopolitical backdrop in Israel. Sale of 44% of the Sunlight cluste
Slide 34: Reconciliation between Net Income to Adjusted EBITDA
Reconciliation between Net Income to Adjusted EBITDA ($ thousands) For the year ended December 31 For the year ended December 31 2024 2023 2024 2023 Net Income (loss) 66,505 98,041 8,372 16,202 Depreciation and amortization 108,889 65,796 30,912 21,611 Share based compensation 8,360 4,970 2,333 970
Slide 35: Portfolio snapshot
Portfolio snapshot Portfolio Generation, Generation, Storage, Storage, Graph, Graph, MW MWh scale Portfolio definitions Portfolio Mature Phase Mature Operational, under construction and pre-construction Operational, + + (expected to start construction within 12 months) + 10,597 14,227 20,010 35,757
Slide 36: 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 + 3.4 GW 100% of U.S 100% of U.S 45% of U.S Mature Phase Advanced Phase Developme
Slide 37: Attractive pricing environment for renewable energy
Attractive pricing environment for renewable energy Enlight US PPA prices continue to rise in the U.S. USA PPA prices1 $70 Solar +108% 67.81 $65 Q1 21- Q4 24 62.29 $60 $55 56.76 $50 $45 $40 $35 $30 $25 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Wi
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