Keystone Infra Ltd · TASE:KSTN
Keystone Infra — Investor Presentation (April 2026)
29 slides from Keystone Infra's investor presentation, April 2026
Slide 1: Leading Tomorrow's Infrastructure
Leading Tomorrow's Infrastructure INVESTOR PRESENTATION APRIL 2026
Slide 2: Disclaimer
Disclaimer This document is an English translation of the Hebrew version of Keystone Infra Ltd.’s investor presentation for the year 2025, provided for convenience only. The Hebrew version is the sole binding version and shall prevail in the event of any discrepancy between the two. Nothing in this
Slide 3: Israel's Pure-play Infrastructure Compounder
S N A P S H O T Israel's Pure-play Infrastructure Compounder Unique integrated return model 01 Visible cash flows amplified by value-add initiatives and early-stage development NIS 4.7B PORTFOLIO VALUE 02 Proven track record of value creation Growing NAV, rising dividends, and an expanding portfolio
Slide 4: Landmark Infrastructure in High-Demand Sectors
Landmark Infrastructure in High-Demand Sectors T R A N S P O R T E N E R G Y R E N E W A B L E S T E L E C O M W A T E R Egged Group Keystone Power Sunflower Keystone Comm VID Israel’s largest public ~20% of Israel’s natural gas 93 MW Solar PV & wind 100 MV-IT AI-ready, ~20% of Israel’s transport Gr
Slide 5: Unique Integrated Return Model
Unique Integrated Return Model Three compounding return layers - from contracted cash flows to early-stage development Development-Driven Value Leading development to capture early-stage value uplift GROWTH Hands-On Management & Value Creation Optimization, restructuring & expansion across the portf
Slide 6: Predictable, Growing Cash Flow to Keystone
Predictable, Growing Cash Flow to Keystone1 Stable & Predictable Cash Flow NIS 236 million NIS 315 million From income-producing assets Cash flow to Keystone in 2025 Avg. projected annual cash • 3 operating power plants Completion of enhancement and value creation flow - 2026-2031 • VID Desalination
Slide 7: Real Value Creation
Real Value Creation Stable & Predictable Cash Flow Powers Equity Growth and Rising Distributions Consistent Equity Growth toward 2030 Target Value Driven Growth Aggregate Dividend2 (NIS Billions) Growth Components in Equity (NIS millions) (NIS millions) 42% 4.0 1,755 (240)2 286 3,044 46 240 3.0 81 1
Slide 8: Value Added & Development in Action
Value Added & Development in Action Hands-On Management & Value Creation Development-Driven Value Deep operational engagement - spanning commercial Early-Stage Entry. Development Premium. optimization, restructuring, refinancing, and global 1,000 MW (Energy) and 100 MV IT (Telecom ) expansion across
Slide 9: Stable Capital Structure: The Foundation of Enhancement and Development
Stable Capital Structure: The Foundation of Enhancement and Development NIS 314 million NIS 1.2 billion 26% A/A+ Cash balance Net Debt1 LTV2 Company/Bond Rating Debt - Public Traded Bonds 31.12.2025 (NIS millions) Series A Bonds 606 Effective CPI-linked fixed interest rate of 1.3%, with a duration o
Slide 10: Market Opportunities
Market Opportunities 10
Slide 11: Israel's Economic Edge
Israel's Economic Edge Fast-growing population and a global AI powerhouse – the foundation for unprecedented infrastructure demand ECONOMY GROWTH DEMOGRAPHICS INNOVATION $ 70k 3.8% 30% #1 GDP per capita Projected GDP growth in Population Growth AI talent 2026 and 5.5% in 2027 by 2040 concentration 2
Slide 12: Israel's Surging Population Fuels a New Transport Era
TRANSPORT Israel's Surging Population Fuels a New Transport Era ~ NIS 250 B Government Transportation Infrastructure Investment 2026-20301 Metro ~ NIS 150 B in the Largest civil project in Israel's history. Light Rail + BRT ~ NIS 90 B investments in 5 new urban lines & highway bus priority corridors
Slide 13: A Booming AI Economy Demands a New Data Infrastructure
DATA CENTERS A Booming AI Economy Demands a New Data Infrastructure 8x Increase in Data Center Power Demand By 2030 in Israel1 1.5% → 12% Data centers' share of Israel's peak electricity demand (2023 →2030) 2 400 MVA → 3,300 MVA AI-driven power demand surge by 2030 AI illustration 1. Israel Electric
Slide 14: Electrification and AI Driving Power Demand to New Heights
ENERGY Electrification and AI Driving Power Demand to New Heights 17GW Additional Capacity Required by 20301 17% Projected electricity demand growth 2024–2030 ~NIS 50 B Required private investment in generation & storage infrastructure AI illustration 1. Israel Electricity Authority, State of the El
Slide 15: Gateway to Critical Infrastructure
Gateway to Critical Infrastructure From Israel's Backbone to Global Growth AI illustration 15
Slide 16: Transport
Transport Egged Europe, the Netherland 16
Slide 17: Egged Group
Egged Group Synergetic and Growing Business Segments Significant Growth Since acquisition by Keystone Public Transport (Israel & Europe) Travel & Tour Israel Revenues EBITDA1 (NIS in millions) (NIA in millions) Real Estate 46% 40% Railways 5,748 1,288 Maintenance Centers 3,927 920 Highway Maintenanc
Slide 18: Growth Strategy in Action
Growth Strategy in Action CORE BUSINESS GEOGRAPHIC ENTRY INTO NEW Poland, MOBILIS EXPANSION EXPANSION BUSINESS AREAS PUBLIC TRANSPORT ENTRY INTO LITHUANIA LIGHT RAIL NIS 14 B € 33M NIS 2B Total contracted Acquisition of 51% Contracted revenues revenues stake in TOKS2 (Green & Purple light rail lines
Slide 19: Power
Power IPM I Ramat Hovav I Hagit I Soreq I Atarot I Hagit 2 IPM Be’er Tuvia 19
Slide 20: Keystone Power: Conventional Energy Portfolio in Israel
Keystone Power Conventional Energy Portfolio in Israel 2,300 MW Operational (MW) Under construction (MW) Active capacity from 3 natural Under development (MW) gas-fired power plants 660 Hagit 1 Keystone’s share - 450 MW1 900 Hagit 2 86% Total yield - operational assets 900 Soreq3 Areas where Noga id
Slide 21: K-Power Portfolio Development
K-Power Portfolio1 Development Building Israel's next generation of gas-fired power 6 CCGT plants: 3 in commercial operation, 3 advancing through development By 2040: IPM 13 CCGT power plants required 2 Hagit 1 5 of which in the Operation expected Ramat Hovav high-demand areas by 2035 Atarot by 2030
Slide 22: Telecom
Telecom 22
Slide 23: Keystone Comm: Building the Full Telecom Stack
Keystone Comm: Building the Full Telecom Stack 1 End-to-end telecom infrastructure creating structural leverage across energy, real estate, and data - interfaces between all platform assets CELLULAR INFRASTRUCTURE OPTICAL FIBER NETWORKS SUBMARINE CABLES Keystone Comm Keystone Power Egged Group – Egg
Slide 24: The Power-Land-Connectivity Advantage
DATA CENTERS The Power-Land-Connectivity Advantage 1 2,300 MW 2,700 MW Across 3 power operating plants Development pipeline Keystone’s share - 450 MW1 Keystone’s share: 1,000 MW2 Keystone Power 377k sq.m. 23 sites Real estate land in premium locations Egged Properties Full-Stack Connectivity Platfor
Slide 25: Development MV-IT Data Centers
DATA CENTERS Development 100 MV-IT Data Centers 40 MV-IT AI READY TIER 3 AVAILABILITY FORTIFIED Groundbreaking Design supporting Energy stability and high Blast-proof underground AI requirements operational continuity facility Adjacent to IPM power plant Operation expected: Q1 20282 Over 60 MW-IT Va
Slide 26: Financial Results
Financial Results 26
Slide 27: Record Results
Record Results NIS 1.2 billion NIS 942 million NIS 18.1 NIS 4.7 billion NIS 3.0 billion Keystone’s revenue Net income NAV per share Investment value Equity 4.5x growth 4.9x growth 45% increase 51% increase 42% increase Profit & Loss Summary 2025 2024 Balance Sheet and Cash 31 Dec. 2025 31 Dec. 2024
Slide 28: Why Keyston, Why Now
Why Keyston, Why Now Strong Base, Proven Performance, And a Broad Growth Horizon 1 Diversified infrastructure exposure in one vehicle 2 Structural growth in a resilient OECD market 3 Immediate yield with long-term growth drivers 4 Strong balance sheet supporting disciplined expansion EGGED GROUP Hig
Slide 29: Keystone Infra Ltd. Thank you!
Keystone Infra Ltd. Thank you!