Econergy Ltd · TASE:ECNR
Econergy — Econergy Renewable Energy — Q1 2025 Earnings Presentation
45 slides from Econergy's earnings presentation, May 2025
Slide 1: Econergy Renewable Energy Capital Market Presentation 2025
Econergy Renewable Energy Capital Market Presentation | 2025 May 2025
Slide 2: Limitation of Liability
Limitation of Liability The purpose of this presentation is to present Econergy Renewable Energy Ltd. (the "Company”) and it is intended for the provision of information only. This presentation does not constitute an offer to the public of the Company's securities or an offer to invest in the compan
Slide 3: A Leading European global renewable energy platform
Econergy | A Leading European global renewable energy platform Leveraging the competitive advantage as a leading developer in Europe to become a significant European IPP Rapid Project Deployment Significant Revenue Growth Diverse and Robust 571MW of ~60% compared to Q4-2024(1) Project Pipeline Proje
Slide 4: Q1/25 – Opens with a surge
Q1/25 – Opens with a surge(2) Construction Romanian Key Surge Energy Storage Agreements • ~80% increase in connected and • Accelerated growth – Pipeline grew • Partnership with Phoenix in six ready-to-connect capacity over the by 0.8 GW, reaching 1.1 GW this projects in Poland and Romania, past year
Slide 5: Maximizing Value as a Local Developer – A High-Return Model
Maximizing Value as a Local Developer – A High-Return Model* Value Creation Local Management Significantly High Econergy – Local Developer Bringing in a Strategic Revenue from EPCm Services Returns Partner for Project and Asset Management (AM) Average Return Higher Than Low Development and Market St
Slide 6: Connected, under construction, and highly certain to start by EOY 2025
Connected, under construction, and highly certain to start by EOY 2025(2)* Total Connected Projects, ready to Projects expected connect and/or Under construction Connected Under to begin and expected to begin construction by Projects and Construction construction by the end of 2025 ready to connect
Slide 7: Parau 2 | Romania's Flagship Project for 2025
Parau 2 | Romania’s Flagship Project for 2025, Construction Underway(2) 343MW Installed PV capacity Project status Co-location + 150MW Construction Start: Q3/25(20) Grid Connection Target: Integrated PV project with 150MW of BESS €51M Expected Annual Co-located BESS Q3/27(20) Revenue(9,10) €275M Tot
Slide 8: Supporting Corporate Growth Through Capital & Financing
Supporting Corporate Growth Through Capital & Financing Funding Financial Capital Key agreement terms date partner raised Equity & • Equity Raising through IPO and Convertible Bond Issuance. Bond Issuanc • Capital Investment in Econergy UK subsidiary at a pre- money valuation of €350M. 2021-2023 €50
Slide 9: Financial Strength: Securing Project Financing
Financial Strength: Securing Project Financing(2) Installed Total Financial Country Project’s name Technology Status Financial Entity Capacity Funding closing date Romania Ratesti PV 155MW In Commercial Operation €60M H2-2023 UK Swangate BESS 50MW In Commercial Operation €33M H2-2024 Poland Resko PV
Slide 10: Optimizing Financial Stability – Long-Term Energy Sales Agreements
Optimizing Financial Stability – Long-Term Energy Sales Agreements Romania UK Poland Parau 2 | 325MW – CFD Tender Success Strategic Government Tender Win – PPA for Resko Project – 52MW(4) • Secured 125MW (AC), the largest awarded Swangate (50MW) & Immingham (80MW) • 19-year agreement with a leading
Slide 11: Work plan 2025
Work plan 2025 Construction & Electricity Sale Project Business Capital & Connections Agreements Financing Development Liquidity • Signing PPA • Secured project • Evaluating expansion • Ongoing • 371MW successfully strengthening agreements and financing totaling of the development constructed and an
Slide 12: Econergy UK Results – 72% Company Stake, in €M
Projected Business Performance by Development Stages* Econergy UK Results – 72% Company Stake, in €M Projected Financial Performance from Electricity Sales Only Projects under license Revenues(9,10) FFO Representative Year Projects approaching EBITDA construction Based on EOY 2025 63 Connected & Und
Slide 13: Pipeline overview
ww Pipeline overview
Slide 14: Geographic Presence and Development Stages
Geographic Presence and Development Stages Poland UK 35 projects 23 projects 2,295 MW Romania 4,466 MW 1,430MW 35 projects 3,147MW Projects in early development 765MW 815MW 48MW 52MW 2,994MW Projects under license 333MW 52MW 981MW 120MW Projects approaching construction 657MW 50MW Projects under con
Slide 15: Econergy's total project pipeline | Q1/2025
Econergy’s total project pipeline | Q1/2025* PV and wind capacity, MW Storage capacity, MWh 7,118MW 13,761MW 4,474MW 1,242MW 356MW 197MW Ready to Connect 374MW In Commercial Operation Projects in Commercial Projects under Projects approaching Projects under license Projects in early Total project pi
Slide 16: A Balanced Project Portfolio Including Wind, PV, and Energy Storage
A Balanced Project Portfolio Including Wind, PV, and Energy Storage Operational and Under Operational and Under Construction Project pipeline (GW) Construction projects status (MW) projects status (MW)(2) Expected by the End End of 2024 of 2025 Energy Energy Wind Wind Storage Storage 14 Energy 0.7 1
Slide 17: Macro Trends
Ww Macro Trends
Slide 18: Material future growth in Electricity demand in the coming decade
Material future growth in Electricity demand in the coming decade(2) Data Center, Electrolysis & EVs drive EU electricity consumption in the coming decade EU power demand (TWh) Historical Projected(11) 5,000 4,470 4,500 +36% Storage load 4,000 3,188 3,297 Heat pumps Electrolysis 3,500 EVs Data cente
Slide 19: The Storage sector is a key growth engine in the company's activity
The Storage sector is a key growth engine in the company’s activity|2025 Macro factors supporting the development of storage projects in Europe: Electricity generation (TWh) Greater penetration of The trend of increasing renewables in Europe Ulta-low and negative Solar Versus a decline in gas and co
Slide 20: The Renewable Energy Market | Macro landscape and trends
The Renewable Energy Market |Macro landscape and trends(2) European Solar PV electricity prices Poland Solar PV Electricity Price Italy Solar PV Electricity Price Romania Solar PV Electricity Price are expected to decrease in the Forecast (Euro per 1 MWh)(12) Forecast (Euro per 1 MWh) (12) Forecast
Slide 21: Projects connected, under construction, and expected to begin construction by the end of 2025
Projects connected, under construction, and expected to begin construction by the end of 2025 21
Slide 22: Romania | Connected, Ready to be connected, and under construction projects
Romania | Connected, Ready to be connected, and under construction projects Connected, ready to connect and under A leading IPP in Romania, with a substantial development construction projects pipeline of 3GW and commercial operation of the largest project in the country, Ratesti total capacity 155M
Slide 23: Romania | Connected Projects, ready to connect and/or Under construction
Romania | Connected Projects, ready to connect and/or Under construction – Financial data in €M, In terms of 100%(2) Connected Projects Projects ready to connect and/or Under construction Total Project Iancu Mircea Ratesti Parau Scurtu Mare Oradea Baneasa Bobicesti Melinesti Ovidiu Rosiori name Jian
Slide 24: UK | Projects Ready to be connected and under construction
UK | Projects Ready to be connected and under construction Swangate‘s Commercialization - Operation of the company's first BESS Project with 50MW capacity. Scotland Building Momentum in Storage – Two Storage projects are in Under Construction status, Immingham and Dalmarnock, total installed capacit
Slide 25: UK | Connected Projects, ready to connect and/or Under construction
UK | Connected Projects, ready to connect and/or Under construction - Financial data in €M, In terms of 100%(2) Grid-ready and/or Under Connected Projects Total construction Project name Swangate Dalmarnock Immingham Energy Storage 50 40 80 170 Capacity(MWh) Holding(17) 100% 100% 100% Total construc
Slide 26: Poland | Projects under constructions
Poland | Projects under constructions The Resko project - This 52MW project, which is in ready-to- connect status, is expected to connect in Q3/2025(2), marking the first in Poland's development pipeline of 2.3GW. First VPPA - Signing with a major multinational corporation - for 19- years for 75% of
Slide 27: Poland | Poland Ready-to-connect project
Poland | Poland Ready-to-connect project Financial data in €M, In terms of 100%(3) Ready-to-connect project Project name Resko Installed Capacity (MWp) 52 Holding(17) 51% Resko,52MWp Total construction cost(18) 44.6 Representative year's 5 Revenues(10) Representative year's 4 Ebitda(19) Expected com
Slide 28: Italy | Connected, Ready to connect, and under construction projects
Italy | Connected, Ready to connect, and under construction projects Leini Doneddu Rivarolo 3 projects totalling 11MW, out of a Pipeline of 2.5GW under 6MW 11MW development, will be connected until the end of 2025(2). nnect co ed Grid- Storage - Launch of the first storage projects in the Italian ma
Slide 29: Italy | Connected Projects, ready to connect and/or Under construction
Italy| Connected Projects, ready to connect and/or Under construction Financial data in €M, In terms of 100%(2) Projects ready to connect Connected Projects and/or Under construction Total Project name Cluster of 8 Projects Cluster of 3 Projects Installed Capacity (MWp) 21 11 32 Holding(17) 50%-100%
Slide 30: Project connection forecast based on existing pipeline
Project connection forecast based on existing pipeline Based on the Company’s 14GW PV, Wind and Storage development pipeline, and according to probabilities for success completing the development process that the Company published in its reports*, projects connection and ready to connect forecast un
Slide 31: Econergy | ESG - Milestones and objectives
Econergy |ESG - Milestones and objectives Econergy and its stakeholders pledge to adopt a corporate responsibility policy that encompasses environmental, economic, and social dimensions, Aligned with international recognizing their importance for the business's growth: reporting standards: Through o
Slide 32: Appendices
Appendices 32
Slide 33: Company Structure Incl. Strategic Partners Investments
Company Structure Incl. Strategic Partners Investments Econergy Renewable Energy Ltd. – TASE:ECNR 72% Infragreen Fund Invested €87.5m for 20% stake Econergy International Limited UK Based on €350m pre-money co. valuation. (Holding Company) 28% Additional investment of €50m for a holding of up to 28%
Slide 34: Electricity prices estimated according to technology
Electricity prices estimated according to technology(21) Storage Expected Market prices in the first Country Duration, price 10 years of operation Hours 2025((22) MIN(23) MAX(23) Italy Wind €/MWh 81 82 102 Italy PV €/MWh 77 65 93 Italy BESS €/Kw/year 2 101 71 101 UK PV €/MWh 84 72 87 UK BESS €/kW/ye
Slide 35: Financial Statements Summary – Consolidated Balance Sheet
Financial Statements Summary –Consolidated Balance Sheet as of 31 March 2025 (€K) 31.12.2024 31.03.2025 Total current assets 220,239 198,843 Total non-current assets 563,443 587,092 Total assets 783,672 785,935 Total current liabilities* 198,462 124,053 Total non-current liabilities 372,965 320,919
Slide 36: Definitions of Non-GAAP Indexes
Definitions of Non-GAAP Indexes The EBITDA, FFO and FCF measures of the Company's projects are non-GAAP financial metrics, i.e., they are not accounting measures, and accordingly these indices were not built according to accounting standards. The Company estimates that some of the companies are held
Slide 37: Under construction and ready to connect projects
Under construction and ready to connect projects(2) Financial data in €K Country Project’s Technology Installed BESS Company’s Year of Expected Initial full Validity of Secured Company Partner’s Total Total Shareholder Shareholder Project Expected KWh/ Predicted first full five-year operation outcom
Slide 38: Under construction and ready to connect projects
Under construction and ready to connect projects(2) Financial data in €K Country Project’s Technology Installed BESS Company’ Year of Expected Initial full Validity of Secured Company' Partner’s Total Total Shareholde Sharehold Project Expected KWh/ Predicted first full five-year operation outcomes
Slide 39: Projects approaching construction
Projects approaching construction(2) Financial data in €K Country Project’s Technology Installed BESS Company’s Year of Expected Initial full Validity of Secured Company Partner’s Total Total Shareholder Shareholder Project Expected KWh/ Predicted first full five-year operation outcomes (27) name Ca
Slide 40: Projects approaching construction
Projects approaching construction(2) Financial data in €K Country Project’s Technology Installed BESS Company’s Year of Expected Initial full Validity of Secured Company Partner’s Total Total Shareholder Shareholder Project Expected KWh/ Predicted first full five-year operation outcomes (27) name Ca
Slide 41: Licensed projects expected to start construction within months of report publication
Licensed projects expected to start construction within 12 months of report publication (2) Financial data in €K Country Project’s name Technol Installed BESS Company’s Year of Expected Initial full Validity of Secured Company Partner’s Total Total Shareholder Shareholder Project Expected KWh/ Predi
Slide 42: Licensed projects expected to start construction – continued
Licensed projects expected to start construction within 12 months of report publication – continued (2) Financial data in €K Country Project’s name Technol Installed BESS Company’s Year of Expected Initial full Validity of Secured Company Partner’s Total Total Shareholder Shareholder Project Expecte
Slide 43: Footnotes - Capital Market Presentation Q1-2025
Footnotes - Capital Market Presentation Q1-2025 1. Revenues from Electricity Sales Only. The forecast reflects the share of the subsidiary “Econergy International Limited UK” in which the company owns 72%. Excluding Resko project in Poland, Revenues are calculated based on the assumption of The fina
Slide 44: Footnotes - Capital Market Presentation Q1-2025
Footnotes - Capital Market Presentation Q1-2025 20. Company estimates, Forward-looking information as of the date of the report's publication. 29. Construction costs, projected revenues, EBITDA, FFO, and FCF are presented In terms of 100%, and not according to the Company’s share 21. According to th
Slide 45: Thank You!
Thank You!
Econergy Renewable Energy — Q1 2025 Earnings Presentation on 6ix