Doral Group Renewable Energy Resources Ltd · TASE:DORL
Doral Group Renewable Energy Resources — Q4 2024 Earnings Presentation
43 slides from Doral Group Renewable Energy Resources's earnings presentation, March 2025
Slide 1: Earnings Presentation Q4 and 2024
Earnings Presentation Q4 and 2024 Lehavot Habashan
Slide 2: Legal Disclaimer
Legal Disclaimer This presentation from Doral Group Renewable Energy Resources Ltd. (hereinafter: “the Company”) EBIDTA and FFO forecasts, the development and setting up of projects in the energy sector (expected was prepared as a general presentation about the Company’s activities, and, therefore,
Slide 3: 2024 Key Highlights
2024 Key Highlights Momentum of connections Reinforcing Unprecendented and construction 4,5 financial strength U.S. results Revadim, Agro Yahel Indiana North Growth to 1,220 MWp + 1,230 MWh APG invests $400 million in Doral LLC Commercial operation of Indiana North connected projects*2 with a capaci
Slide 4: Robust Growth in Financial Results
Robust Growth in Financial Results3,4 Q4 2024 compared to Q4 2023 (reflecting 100%)* 91% 122% Revenue growth EBITDA growth 2024 compared to 2023 (reflecting 100%)* 286% 253% Increase in normalized Increase in normalized revenue* EBITDA* compared to 2023 actuals compared to 2023 actuals Revadim, Agro
Slide 5: Macro Environment
Macro Environment5 Unites States – Israel 46 % Reduction in Doral LLC polysilicon prices over the past year Presidential executive order not expected to affect Higher facility returns and bi-lateral transactions January 24 – January 25** the tax benefits of the Company’s projects* facilitated by mar
Slide 6: Doral's Growth Engines
Doral’s Growth Engines5 Israel USA - Doral LLC Additional growth drivers ~ 250 MWp + 800 MWh average annual Among the 10 leading solar developers* Renewable energy in Europe connections expected in 2027-20295 Constructing USA’s largest solar project Denmark, Poland, Romania and Italy Partnerships wi
Slide 7: Global Pipeline
Global Pipeline4,5 19,845 17,466 MWp (7,416 MWp) MWh (10,299 MWh) Mature pipeline1 3,922 4,628 13,752 MWh MWp (2,872 MWh) (1,771 MWp) 2,022 1,972 2,007 11,522 1,465 1,434 1,222 1,226 689 Solar MWp Storage MWh 2 Under Additional Mature advanced Under construction Connected Total global pipeline devel
Slide 8: Projected Results of Mature Pipeline and Electricity Trading
Projected Results of Mature Pipeline1 and Electricity Trading4,5 Over ILS 1.5 billion in revenue expected in 2026 The company fully realizes Commercial operation schedule Mandatory construction dates extended its construction plan5,6 updated for certain facilities by the Electricity Authority5,6 int
Slide 9: 4x Accelerated Growth of the Mature Pipeline
4,628 MWp 4x 3,922 MWh About 1,252 MWp Accelerated rated Growth of 1,400 MWh the Mature Pipeline1 Compared to 2020 Report* 2020 report 2024 report 844 MWp + 630 MWh 4,628 MWp + 3,922 MWh Average annual maturing rate Mature pipeline 2024 * Compared to the Company’s periodic report for 2020, published
Slide 10: Over ILS 2.8B Projected Annual Revenues from Mature Pipeline
Over ILS 2.8B Projected Annual Revenues from Mature Pipeline1 on track to income-generating ~4.6 GWp + 3.9 GWh4,5 Breakdown of projected annual revenues from the mature pipeline Geographical distribution of mature pipeline (ILS millions, Company’s share*) (Company’s share**) 2,827 42% 49% U.S. Israe
Slide 11: Looking ahead: Significant Organic Growth
Looking ahead: Accelerated growth plan Significant Organic Growth5 2,022MWh 1,465MWp In additional advanced development** (on top of the mature pipeline) 630MWh 844MWp Average annual increase in the mature pipeline in 2020-2024 High project maturity conversion rate 250MWp Annual connection rate 800M
Slide 12: Israel Operations
Israel Operations Ramat David Israel | USA | Europe 12
Slide 13: Pivotal Juncture for the Israeli Market
Pivotal Juncture for Projected storage capacity in the market (GWh) the Israeli Market Government’s renewable energy target 30.6 More than 28 GWh Additional storage capacity required by 2030 30% ~ 8GWp Renewable energy Additional capacity by 2030 required to meet the Doral’s connected storage govern
Slide 14: Doral - Israeli Renewable Energy Leader
Doral - Israeli Renewable Energy Leader Israel’s largest solar and storage pipeline Accelerated Business Development 250+ partnerships with kibbutzim More than 30,000 dunams of land in various planning stages Israeli agrivoltaic leader Doral Municipal – a key player in Israeli municipal energy marke
Slide 15: Continued Accelerated Growth Through 2029
Continued Accelerated Growth Through 20295 High rate of connections in projects Breakdown by outside the forecast scope segments Project development pipeline in Israel - 2027-2029:* 15% 42% Water Ground- reservoirs mounted 250 800 300 43% MWp MWh MWp Agro Expected Expected Approved average annual av
Slide 16: Hadarei She'an – Green Power Plant in Emek HaMa'ayanot
Hadarei She’an – Green Power Plant in Emek HaMa'ayanot5 175+248 MWp MWh 11 2026 Installed Kibbutzim in Expected capacity partnership commercial with Doral operation 16
Slide 17: Israeli Market Regulation Projects at Doral
Israeli Market Regulation High double-digit rate Projects at Doral4,5 of effective return Leverage + Market regulation pipeline* Electricity trade (reflecting 100%) + Development spread 680 + ~ ~ 70 ~ 6.6 EPC + 1.1 5.4 million ILS EBITDA million ILS EBITDA billion ILS Construction O&M GWp GWh projec
Slide 18: Electricity Trade Expert in the Production and Supply Segment
Electricity Trade Expert in the Production and Supply Segment Management of a “distributed power plant” of renewable energy facilities Field-proven advanced energy management systems Electricity supplier Doral’s mature storage pipeline1 ~ 4,000 MWh Supply-demand optimization Leading green electricit
Slide 19: U.S. Operations
U.S. Operations Indiana North Israel | USA | Europe 19
Slide 20: ~50 GWp of Solar Energy Added to the U.S. Grid in 2024
~50 ~ 50GWp GWpofofSolar solarEnergy energyAdded addedtotothe theU.S. U.S.Grid gridindurin 2024g 2024 Continued Continuedall-time all-timehigh highdemand demandfor forgreen greenelectricity electricityininthe 5 theUnited UnitedStates* States*5 Increased Reduced Renewable energy: electricity demand c
Slide 21: Doral LLC - a Key Player in the U.S. Market
Doral LLC - a Key Player in the U.S. Market5 Among the 10 leading solar developers in the United States* Operating in 24 countries 15 GWp Total project capacity Indiana North 4.4 GWh Total storage capacity *Based on the S&P Global rating. link to source 21
Slide 22: Doral LLC's Competitive Edge in the U.S. Market
Doral LLC’s Competitive Edge in the U.S. Market Developer DNA and greenfield development Access to lands and creation of significant value during the development phase Proven track record Income-generating 480 MWp and ~1.1 GWp under construction Precedence in connection to the grid A secured spot on
Slide 23: Summary of 2024 - Doral LLC
Summary of 2024 - Doral LLC A key year in U.S. operations* CCoomm meerrcciaial loo ppereartaiotinoonf o InfdIinad naiaN noarth Planning approval for Vista Sands North with a capacity c with pacityaofcapacity 480 MWpof 480 MWp ~1,500 MWp Signed ILS 3.4B EPC agreement for Indiana Double-digit rate of
Slide 24: Vista Sands - Another Mega Project of Doral LLC
Vista Sands - Another Mega Project of Doral LLC4,5 One of the largest solar projects in the United States Project scale: Capacity: 32,000 dunams ~1.5 GWp Status: Expected commercial Mature advanced operation: 2028 development Vista Sands, simulation 1.5 GWp Installed capacity* MISO Grid connection I
Slide 25: $370M Projected Annual EBITDA for Doral LLC
$370M Projected Annual EBITDA Comparable Market Multiples for Doral LLC4,5 from mature projects1 and advanced development Date Deal/ EV/EBITDA company multiple $ 366M~ 3/24 KKR/ **Encavis 15.8x Run rate EBITDA* Brookfield/ 5/24 17x **Neoen 145 3/25 ***AES 10x 76 73 29 35 7 Expected EBITDA of each pr
Slide 26: European Operations
European Operations URUP Israel | USA | Europe 26
Slide 27: Project Pipeline in Europe
Project Pipeline in Europe5 1,247MWp Total project capacity URUP, Denmark 250MWh Total storage capacity 27
Slide 28: Project Pipeline in Europe
Project Pipeline in Europe4,5 206 546 Million ILS MWp Projected Mature pipeline1 construction costs 86 111 Million ILS MWp Project revenues* Connected2 URUP, Denmark 42 MWp 60 MWp 9 MWp MW 65 Million illion ILS I Poland Denmark Italy Project EBITDA* * The figures reflect the projected results from t
Slide 29: Doral Tech
Doral Tech Doral’s innovation and technology arm 29
Slide 30: Doral Tech - Energy of Innovation
Doral Tech5 Energy of Innovation Exposure to groundbreaking Financing income technologies ~ ILS 28 million Creating a competitive edge net financing income in 2024 through market research, sourcing of technologies, creation of business opportunities and exposure to global players in adjacent sectors
Slide 31: Financial Results
>»>>> Financial Results D@®RAL 31
Slide 32: Liquidity and Financing
Liquidity and Financing 965 Senior debt financing Solar + storage (market Agrivoltaic* Solar + storage (bid processes) Ultra-high voltage gound- Europe Total facilities regulation) mounted (ILS millions) project** Additional liquid balances in the Facilities 1,617 272 584 223** 192 2,888 short-term7
Slide 33: Key Financial Data
Key Financial Data3 Cumulative investments in projects 100%, in ILS millions Key Highlights of the Consolidated Statements of Financial Position 6,637 (in ILS millions) 4,788 31.12.2024 31.12.2023 +38% Cash and cash equivalents 465.3 543.9 Other current assets 423.3 392.8 31.12.2023 31.12.2024 Non-c
Slide 34: Renewable Energy Driven by People
RENEWABLE ENERGY DRIVEN BY PEOPLE office@doral-energy.com | www.doral-energy.com Maale Gilbo’a 34
Slide 35: Key financial data
Key financial data3 Key highlights of the consolidated statements of profit or loss and other Project data (reflecting 100%; in ILS millions) comprehensive income (in ILS millions) IFRS Non-GAAP Full 12 months of 1-12.2024 1-12.2023 1-12.2022 activity in 2024 1-12.2024 1-12.2023 1-12.2022 Fixed asse
Slide 36: Commercially operated projects
Commercially operated projects4,5 Bid processes Bid processes Regulation PV Net meter Feed-in tariff PV Gound-mounted Gound-mounted Sundry Total for feed-in for tariff PV facilities regulation and facilities PV facility PV facilities in tariff PV facilities combining tariff PV facilities connected i
Slide 37: Systems ready for connection
Systems ready for connection4,5 Area Project Technology Guarante Guaranteed Guaranteed Total Total Projected Total Total Projected Investmen Investment Annual Annual Annual Cash Percentage ed tariffs tariff linakge tariff period installed storage commercial projected construction leverage t rate - b
Slide 38: Systems under construction or in pre-construction
Systems under construction or in pre-construction4,5 Area Project Technology Guaranteed Guaranteed Guaranteed Total Total Projected Total Total Total Projected Investme Investment Annual Annual Annual Cash Percentage tariffs tariff linakge tariff period installed storage commercial projected project
Slide 39: Systems in advanced mature development phases
Systems in advanced mature development phases4,5 Area Project Technology Guaranteed Guaranteed Guaranteed Total Total Projected Total Total Total Projected Investment Investment Annual Annual Annual Cash flows Percentage tariffs tariff tariff installed storage commercial projected projected construc
Slide 40: Additional systems in other advanced development phases
Additional systems in other advanced development phases4,5 Area Project Technology Guaranteed Guaranteed Guaranteed Total installed Total storage Projected Total projected Total Annual Annual Percentage tariffs tariff linakge tariff period capacity capacity commercial construction construction reven
Slide 41: Systems in development
Systems in development4,5 Types of systems Market regulation high Market regulation Solar in Italy Solar in Poland Storage in Solar in Solar in Solar in the Solar + Storage in the Biogas Israel Total and regulations voltage in Israel ultra-high voltage in Poland Romania Denmark USA storage in the US
Slide 42: Systems in development
Systems in development4,5 Types of systems and Market regulation Market regulation Solar in Italy Solar in Storage in Solar in Solar in Solar in the Solar + storage Storage in the Biogas Total regulations high voltage in ultra-high voltage Poland Poland Romania Denmark USA in the USA USA Israel Isra
Slide 43: Notes
Notes 1 “Mature” – projects that are in commercial operation, ready for connection, under construction or in pre- negative or qualified positive responses from distributors, delays in the development of the power grid, delays or construction and in mature advanced development. See sections 1.4.2-1.4
Doral Group Renewable Energy Resources — Q4 2024 Earnings Presentation on 6ix