Opc Energy Ltd. · TASE:OPCE
Opc Energy — Q1 2026 Earnings Presentation
59 slides from Opc Energy's earnings presentation, May 2026
Slide 1: Corporate Presentation Q1 2026
Corporate Presentation Q1 2026
Slide 2: Legal Disclaimer
Legal Disclaimer Receipt of information from OPC Energy Ltd. (the “Company”) is subject to the terms of this legal disclaimer. English presentation is provided as unofficial translation for convenience purposes only. This presentation is provided solely for the purpose of delivering condensed inform
Slide 3: Introduction to OPC
Introduction to OPC
Slide 4: OPC Energy at a Glance
OPC Energy at a Glance* Diversified energy Global synergistic IPP with robust portfolio of 18.8 GW and platform development capabilities 11.7 GWh of storage contracted business in across the entire value in natural gas (with Israel complementing chain led by a strong potential for carbon growth in t
Slide 5: Strong Results and Consistent Growth
Strong Results and Consistent Growth Projects in Commercial Operation and Under Construction(1) EBITDA After Proportional Consolidation GW $ millions 461 8.9 6.8 326 298 5.3 5.7 244 196 3.7 4.2 2.9 3.2 2.7 4.1 2.1 2.5 1.6 1.8 2.6 3.2 1.1 1.1 1.2 1.2 1.2 (2)* (3)* 2021 2022 2023 2024 2025 2026E 2027/
Slide 6: Substantial Growth Portfolio of 18.8 GW and 11.7 GWh
Substantial Growth Portfolio(1)(2) of 18.8 GW and 11.7 GWh* Low Carbon Natural Gas Renewable Energy 10.6 18.8 Natural Gas (Energy Transition) 7.4 8.8 11.7 2.6 1.3 0.6 11.7 1.5 1.3 5.0 7.8 Early 1.6 0.6 Development 0.9 3.8 1.4 0.4 8.2 6.9 5.4 5.0 Advanced 3.4 3.9 Development In Commercial Safe Harbor
Slide 7: The Company's Strategy for the Coming Years
The Company’s Strategy for the Coming Years* Significant U.S. Natural Gas Portfolio Focused on Buyout of Partners in Gas Projects to PJM and ERCOT With ~$6 Billion CAPEX Plan(1) Achieve Full Ownership Large opportunity materializing with Basin Ranch under Successes with Shore, Basin Ranch and constr
Slide 8: Executing ~$10 Billion CAPEX Plan Across Development Pipeline
Executing ~$10 Billion CAPEX Plan Across Development Pipeline Driving diversified growth across OPC’s commercial generation portfolio* ~$6(1) Billion CAPEX Plan Is Already Fully Funded of The ~$10 Billion Total Diversified technologies and geographies: Focused on large-scale projects CCGT and PV + s
Slide 9: Key Business Events in 2026
Key Business Events in 2026 Continued execution momentum driven by project development, strategic partner buyouts, expansion of the natural gas project pipeline and Safe Harbor status of renewable projects Jan Feb Mar Apr May Buyout of the remaining Buyout of the remaining 30% Signing of a slot rese
Slide 10: Israel
Israel
Slide 11: Israel Market Tailwinds
Israel Market Tailwinds* The Israeli market is characterized by strong long-term electricity demand* Demand Growth Israel Electricity Demand: Historical and Forecast(2) History and Outlook Retail Electricity Supply(2) Historical growth (2001–2024): Approximately a third of Israel’s 140 ~2.8% CAG
Slide 12: Israel Market Tailwinds (Cont'd)
Israel Market Tailwinds (Cont’d) Strong fundamentals in Israel for both renewable and natural gas power generation* Accelerated Growth in Renewable Energy and Storage(1) Need for Additional CCGTs(2) State-led transformation to attract private investment and accelerate the clean energy transition S
Slide 13: Enhanced Data Center Development – Strategic Opportunity
Enhanced Data Center Development – Strategic Opportunity Government fast-track(1) for Data Center (DC) development positions OPC with a unique strategic advantage in electricity trading and co-location of new dispatchable generation* National Infrastructures Committee fast- track(2) zoning map for D
Slide 14: Hadera Expansion Project
Hadera Expansion Project* Asset Overview Asset Highlights Expected Energy sales in the SMP market and receipt of Commercial guaranteed capacity payments for a period of 25 Model years The Government of Israel has approved the project plan Advancing execution of key project agreements (gas, land
Slide 15: Ramat Beka Project
Ramat Beka Project* Asset Overview Asset Highlights Expected Energy sales to the system operator and tradable Commercial capacity certificates allocated according to Model technology and storage scope(2) The Government has approved the project plan Advancing execution of key project agreements (
Slide 16: Competitive Power Ventures
Competitive / Power Ventures
Slide 17: U.S. Market Tailwinds
U.S. Market Tailwinds Accelerating investment in data centers and reshoring of manufacturing is driving unprecedented load growth and creating high demand for power* Power infrastructure is a growth Data center demand rapidly PJM and ERCOT – two of the fastest- sector contributes to load growth grow
Slide 18: CPV Portfolio is Well Positioned
CPV Portfolio is Well Positioned Reliability gaps from rapid load growth increase the value of existing natural gas-fired power plants and the need for additional new gas-fired and renewable generation* Load Growth Has Coal to Gas Switching – A Shift to Renewables – Highlighted the Need for Decarbon
Slide 19: Strong Tailwinds from the Business Environment
Strong Tailwinds from the Business Environment Record capacity prices and strong spark spread outlook support CPV’s portfolio* Record High Capacity Prices in PJM $530 / MW-Day uncapped price 600 500 $389 / MW-Day uncapped price 400 300 329 333 270 325 325 200 100 Price limits of $175 – $325 / MW-Day
Slide 20: Regulatory Changes Support OPC's Growth Strategy
Regulatory Changes Support OPC’s Growth Strategy Growing power demand and tightening reserve margins are driving PJM and DOE initiatives that support investment in new dispatchable generation* Interconnection Queue Subsidized Financing From Capacity Market Reform Reform in PJM in PJM(1) the DOE(2) A
Slide 21: Shay Project
Shay Project* Shay is strategically positioned within PJM, with an advanced TC2 queue position supporting accelerated interconnection timing and favorable regulatory tailwinds Asset Overview(1) Asset Highlights Accelerated growth in demand and high electricity prices West Virginia Proximity to a
Slide 22: Low Carbon Natural Gas Development Portfolio
Low Carbon Natural Gas Development Portfolio* Portfolio Highlights Geographic Overview Continuing its legacy of innovation, CPV is developing a portfolio of gas-fired generation assets with potential for carbon capture capabilities accelerating Walker decarbonization while reinforcing the reliabil
Slide 23: Buyout of Partners in Active Gas Projects to Achieve Control
Buyout of Partners in Active Gas Projects to Achieve Control Significant business synergy potential Recent Consolidation Efforts Geographic Overview Partners: 1 CPV Ownership: 50% Managing Party: CPV In 2024-2026, CPV acquired additional stakes in Shore and Partners: 3 Maryland totaling ~0.8 GW and
Slide 24: U.S. Renewable Energy Expansion
U.S. Renewable(1) Energy Expansion With ~1.9 GW of Safe Harbor projects, CPV is well positioned to capitalize on its robust development pipeline* U.S. Development Strategy Accelerated Growth ~1.9 GW Safe Harbor – secured major equipment preserving federal tax incentives The Company periodically
Slide 25: Financials
Financials
Slide 26: Strong Results in Q1 2026
Strong Results in Q1 2026(1) Consolidated EBITDA after Consolidated Adjusted Net Income Consolidated Adjusted FFO Proportionate Consolidation $ million $ million $ million +10% +18% +9% 124 33 113 75 28 69 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 1) For definitions, see slide 57. 26
Slide 27: EBITDA – Israel Segment
EBITDA – Israel Segment Continued stability in financial results EBITDA Breakdown Historical EBITDA Growth $ million $ millions 5 44 4 38 (3) 177 173 152 109 109 EBITDA Q1 2025 Energy Margin Operational Availability(1) Impact of translation to EBITDA Q1 2026 2021 2022 2023 2024 2025 the U.S. dollar
Slide 28: EBITDA – Energy Transition Segment
EBITDA – Energy Transition Segment Continued growth in the EBITDA due to the surge in energy margins and capacity and an increase in holding stakes EBITDA Breakdown Strong Results Expected in 2026* $ million $ millions 10 11 7 88 77 (17) 319 167 159 160 105 88 (2) 2021 2022 2023 2024 2025 2026 EBITD
Slide 29: EBITDA – Renewable Energy Segment
EBITDA – Renewable Energy Segment Continued growth in financial results EBITDA Breakdown Historical EBITDA Growth $ million $ millions Presented based on 100% of CPV Renewables’ results(1) 1 16 4 46 11 11 32 7 9 9 8 EBITDA Attributable EBITDA Backbone Business EBITDA EBITDA Attributable 2021 2022 20
Slide 30: Consolidated Net Income
Consolidated Net Income Increase in adjusted net income driven by the rise in EBITDA Net Income Breakdown $ million 3 11 1 (3) 33 (7) 3 28 25 14 (19) Net Income Other Expenses, Adjusted Net EBITDA after Profits of Financing Taxes Expenses Increase in Adjusted Net Other Expenses, Net Income Q1 2025 N
Slide 31: Key Financial Events in 2026
Key Financial Events in 2026 Robust financial position and improved financing terms Jan Feb Mar May $130 million loan increase from Refinancing of Valley(1) Equity Issuance Midroog affirms the Company’s Bank Leumi for Basin Ranch 720 MW CCGT Private placement A1.il rating and upgrades the 1.35 GW CC
Slide 32: Strong Financial Position With Successful Track Record of Equity Issuance
Strong Financial Position With Successful Track Record of Equity Issuance Strong Capital Markets Confidence Reflected in $2.0(1) Billion Raised 2017 2020 2022 2025 $77 million $209 million $221 million $257 million IPO $321 million $239 million $612 million $111 million 2019 2021 2024 2026 1) Amount
Slide 33: Prudent Financial Policy Supporting Long-Term Growth
Prudent Financial Policy Supporting Long-Term Growth Robust Financial Profile Adjusted Net Financial Debt and Leverage Ratio(2) $ million 3.1x(3) 2.8x 50%(1) Equity Ratio as 1,637 1,653 of March 31, 2026 204 206 760 966 Various sources of liquidity that 790 811 guarantee flexibility and favor contin
Slide 34: Key Investment Highlights
hlights ¥ ig Key Investment H
Slide 35: Key Investment Highlights
Key Investment Highlights Global IPP with Diversified energy Significant project Robust financial Highly experienced strong development streams across pipeline, including position supporting management team capabilities across technologies and a 7.4 GW PJM – growth with with deep industry the full v
Slide 36: Appendix A – Additional Company Information
Appendix A – Additional Company Information
Slide 37: Company Evolution
Company Evolution OPC has a proven track record as a global diversified IPP and greenfield developer* Basin Ranch (CCGT, 1.35 GW) OPC targets FID for the Shay OPC IPO on the project achieved financial close (CCGT) and the Intel (CCGT) Tel Aviv Stock Exchange and commenced construction, projects with
Slide 38: Experienced Management Team With Deep Industry Knowledge
Experienced Management Team With Deep Industry Knowledge OPC Energy’s management team has deep experience in planning, developing, constructing, operating and financing power generation assets Giora Almogy Ana Berenstein Eran Amoyal Sherman Knight CEO CFO Deputy CEO & COO CPV CEO Nurit Traurik Oshri
Slide 39: Balanced Growth Model: Cash Flow Visibility in Israel, Upside in the U.S.
Balanced Growth Model: Cash Flow Visibility in Israel, Upside in the U.S. Complementary market cycles enhance diversification and strengthen risk-adjusted returns* Israel – Cash Flow Engine With Steady Growth U.S. – Growth Engine and Upside Creator Highly contracted generation portfolio Exposure
Slide 40: Proven Development Platform with a Robust Growth Pipeline
Proven Development Platform with a Robust Growth Pipeline OPC is backed by a best-in-class development team with an impressive track record(1)* Israeli Team The U.S. Team Years of experience Successfully developed portfolio Years of experience Successfully developed portfolio 11.3 GW CCGT + 20 4.6 G
Slide 41: Company Structure and Business Segments
Company Structure and Business Segments 3.8 GW operating projects and significant growth pipeline* 4 80%(1) 71%(2) 67%(3) Highly Efficient Highly Efficient Low-carbon Renewables Renewables Natural Gas Natural Gas Natural Gas 1.1 GW 0.6 GW / 3.9 GWh 2.3 GW 1.4 GW 0.4 GW Operating Advanced Development
Slide 42: OPC Israel Portfolio
OPC Israel Portfolio Asset Overview* Geographic Overview COD / OPC Israel(1) Project Technology Status Capacity Construction Start Ownership Stake Rotem CCGT Operating 2013 466 MW 100% Hadera Expansion Natural Gas, Hadera Hadera Operating 2020 144 MW 100% Cogeneration Zomet OCGT Operating 2023 396 M
Slide 43: Energy Transition Portfolio
Energy Transition Portfolio Operating Asset Overview (CCGTs) Project State ISO COD Year Capacity (MW) CPV Ownership Stake CPV-Owned Capacity (MW) Shore NJ PJM 2016 725(1)* 100% 725 Maryland MD PJM 2017 745 100% 745 Towantic CT ISO-NE 2018 805 26% 209 Valley NY NYISO 2018 720 50% 360 Fairview PA PJM
Slide 44: Low Carbon Natural Gas Portfolio
Low Carbon Natural Gas Portfolio Asset Overview* CPV Ownership CPV-Owned Capacity Project State ISO Status Technology(1) Capacity (MW) Stake (MW) Basin Ranch TX ERCOT Under Construction CCGT 1,350 100% 1,350 Shay WV PJM Early Development CCGT 2,100 70% 1,470 Walker OH PJM Early Development CCGT 1,45
Slide 45: Basin Ranch Project
Basin Ranch Project* Asset Overview(1) Asset Highlights West Texas, Accelerated growth in demand and high electricity prices Permian Abundance of extremely low-cost natural gas Basin Access to existing infrastructure Achieved financial close and commenced construction in 2025 Expected The
Slide 46: Renewable Energy Portfolio
Renewable Energy Portfolio Asset Overview* Project State ISO Technology Status COD Capacity CPV Ownership Stake CPV-Owned Capacity Keenan II OK SPP Wind Operating 2010 152 MW 66.7% 101 MW Mountain Wind ME ISO-NE Wind Operating 2008 – 2017 82 MW 66.7% 54 MW Maple Hill PA PJM PV Operating 2023 126 MW
Slide 47: Appendix B – Israeli Power Market Overview
Appendix B – Israeli Power Market Overview
Slide 48: Evolution of the Israeli Power Market
Evolution of the Israeli Power Market Timeline of Key Events Until 2013 2013-2021 2018-2024 2024 Onward* Entry of independent power Electricity market reform and Opening of the supply market Vertically Integrated Monopoly producers (IPPs) IEC power plant privatization and increased competition in
Slide 49: OPC's Israel Business Model
OPC’s Israel Business Model Diversified revenues and contracted costs drive resilient and stable margins in Israel* Due to the prevalence of long- term gas agreements among market participants, the spot market has been relatively stable Long Term PPA CPI-Indexed Electricity Sales in Contracts Capaci
Slide 50: The Generation Component Tariff
The Generation Component Tariff(1) Cost-based, indexed mechanism enhancing revenue visibility* Energy Capital One-time Generation O&M Component Costs Costs Offsets Tariff 2026 – 2028 Framework From 2029 Onwards Semi-annual updates Methodology update by the Electricity Authority Separate indexa
Slide 51: The Generation Component Tariff – Historical and Forecast
The Generation Component Tariff – Historical and Forecast Generation Component Tariff (Ag/kWh)* Historical Forecast* 35 30 25 Ag/KWh 20 15 31.4 30.4 30.1 29.4 29.1 29.2 28.5 26.8 25.3 10 5 0 2020 2021 2022 2023 2024 2025 2026 2027 2028 *Note: This slide includes forward-looking information, regardin
Slide 52: Israel's Natural Gas Market
Israel’s Natural Gas Market The Israeli natural gas market offers a combination of long-term price stability, supportive regulation and substantial proven reserves(1)* Resource Base Market Structure Price Anchor 1,044 BCM of natural gas Long-term contracts Leviathan price cap – $4.70 reserves
Slide 53: Appendix C – PJM and ERCOT Overview
Appendix C – PJM and ERCOT Overview
Slide 54: Overview of PJM
Overview of PJM* Key Points 2026 Capacity Breakdown PJM is expected to benefit from structural tailwinds from continued load Other, 3%(1) growth, including: Wind, 1% Oil, 2% 181.7 GW Higher clearing prices Solar, 4% Hydro, 5% Total Capacity Improving revenue profiles for participating assets Gas
Slide 55: Overview of ERCOT
Overview of ERCOT* Key Points 2026 Capacity Breakdown ERCOT is facing unprecedented demand growth, amongst the highest Other, 4% Storage, expected load growth in the country 9% 183.9 GW Historically, ERCOT demand growth has surpassed the U.S. annual average Gas, 37% Total Capacity Data center pr
Slide 56: Appendix D – Key Definitions
Appendix D – Key Definitions
Slide 57: Key Definitions
Key Definitions Non-GAAP financial metrics*: EBITDA in the consolidated financial statements – net income (loss) for the period before depreciation and amortization, financing expenses or income, net, taxes on income and other income (expenses), net. EBITDA after proportionate consolidation – “EBITD
Slide 58: Key Definitions (Cont'd)
Key Definitions (Cont’d) Project Development Stages*: Projects in Israel Natural Gas Projects “Advanced Development Projects” – Projects that, according to the Company’s assessment, are expected to commence construction within approximately two to three years, taking into account project characteris
Slide 59: Thank You!
OPCENERGY ENERGY Thank You!