Enlight Renewable Energy Ltd · TASE:ENLT
Enlight Renewable Energy — Q3 2026 Earnings Presentation
36 slides from Enlight Renewable Energy's earnings presentation, Nov 3, 2026
Slide 1: Earnings Presentation Third Quarter 2026
Earnings Presentation Third Quarter ϮϬϮϲ
Slide 2: Legal disclaimer
Ϯ Legal disclaimer This presentation contains forward - looking statements within the meaning of the U . S . Private Securities Litigation Reform Act of 1995 . We intend such forward - looking statements to be covered by the safe harbor provisions for forward - looking statements as contained in Sec
Slide 3: Q3 2026: Record results and significant progress in business plan execution
ϯ 1 Revenues and income include revenues from the sale of electricity and income from tax benefits from U.S. projects; 2 Adjusted EBITDA is a non - IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income; ϯ FGW (Factored GW) is the company ’ s consolidated metri
Slide 4: Financial Results – Growth Momentum Continues
ϰ Financial Results – Growth Momentum Continues
Slide 5: Q3 2026 vs Q3 2025: Record quarter in revenues & income and adjusted EBITDA
ϱ 3 Q 26 vs 3 Q 25 , $ m Revenues & income Net profit Cash flow from operations 2 Q 3 2026 : Record q uarter in r evenues & income and a djusted EBITDA 1 Adjusted EBITDA is a non - IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income; 2 Interest payments and
Slide 6: 9M 2026: 49% growth in revenues & income and 38% growth in adjusted EBITDA
ϲ Revenues & income Adjusted EBITDA 1 Net profit Cash flow from operations 2 9 M 2026 : 49 % growth in revenues & income and 38 % growth in adjusted EBITDA Sunlight sales contribution: $ 81 m in 2025 Sunlight sales contribution: $ 30 m in 2026 and $ 42 m in 2025 Sunlight 9 M 26 Results vs 9 M 25 ($
Slide 7: Raising and narrowing 2026 guidance
ϳ Revenues & income 1 ($m) ϴϮϬ ϳϵϬ Adjusted EBITDA 2 ($m) Updated guidance Q 2 2026 guidance ϱϴϱ ϱϲϱ We are raising and narrowing 2026 guidance for revenues & income and adjusted EBITDA 1 Revenues and income include revenues from the sale of electricity and income from tax benefits from U.S. project
Slide 8: Sustaining 40% compounded annual growth rate
ϴ Revenue & income 1 ($m) 1 Revenues & income include revenues from the sale of electricity and income from tax benefits in the U.S. ($ 160 - 180 million in 2026 ) ; Ϯ Adjusted EBITDA is a non - IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income We are sust
Slide 9: Financial resilience & disciplined debt management
ϵ 1 Includes the hedging component for variable - rate loans; 2 Bond C is convertible when the share price exceeds ILS 240 ; 3 Bond H is in the money and convertible when the share price exceeds ILS 80 . $ 1. 3 bn Corporate debt repayments schedule $ m ϴϬй Non / limited recourse project finance ϮϬй
Slide 10: Significant milestones achieved during Q3
ϭϬ Significant milestones achieved during Q 3
Slide 11: Expansion into integrated markets: national US developer
ϭϭ ISO - NE NYISO WECC CAISO Southeast SPP ERCOT MISO PJM 40 % of Enlight U.S. early stage (advanced and early development) is in PJM, SPP and MISO Creating new offtake opportunities with large - load and C&I customers Higher PPA rates Exposure to Merchant markets Data center BYOG 1 schemes ϱ͘ϳ FGW
Slide 12: Blackwater secures a critical permit in PJM
ϭϮ Flagship PJM project Sussex County, Virginia County permit received - conditional use permitting Grid connection secured Potential to double capacity through Connect and Expand Attractive option for data center customers Achieved Next 1.2 FGW Total capacity 600 MW Solar 2,000 MWh Storage 500 MW
Slide 13: Expanding our energy storage business in Europe
ϭϯ Expanding our energy storage business in Europe 1 For projects not yet operating: expected first - year revenues In the past year 4 new countries in the mature portfolio: Germany, Poland, Romania, Finland ~$ 300 m added to run - rate revenues 1 6.6 GWh storage capacity added to the portfolio Enli
Slide 14: Expanding our energy storage business in Europe: mature portfolio
ϭϰ Expanding our energy storage business in Europe Enlight's presence in Europe Mature portfolio Wind BESS Total mature portfolio in Europe 12 Countries 4.2 FGW Mature portfolio capacity ~$ 630 m EU Mature portfolio annual run - rate revenues 1 Existing territory Mature project ϴϱϴ MWh of projects a
Slide 15: Components of the Mature Portfolio
ϭϱ Operational 1 FGW 4.0 In construction FGW 5.6 Pre - construction FGW 3.1 Advanced development FGW 8.6 Development FGW 24.9 Total portfolio FGW 46.2 7.1 % FGW = GW + GWh / 3.5 12.7 FGW Components of the Mature Portfolio + 3 % 1 FGW (Factored GW) is the company ’ s conso
Slide 16: Portfolio advancement in the quarter across geographies and stages
ϭϲ Portfolio advancement in the quarter across multiple geographies and development stages $ 810 - 820 m Revenues & income ~$ 1,050 m Revenues & income ~$ 500 m Revenues & income 12.7 FGW Components of the Mature Portfolio with ~$ 2.4 billion Expected revenues & income Under const. 5.6 FGW Pre - c
Slide 17: Construction momentum towards ~7 FGW under construction in 2026
ϭϳ ~ 1.2 FGW started construction during the past three months Additional ~ 1.3 FGW expected to start construction during 2026 ~ ϴϲ % of the mature component in the portfolio expected to be operating or under construction by end of 2026 ) 1 FGW Mature portfolio ( operating and under construction – B
Slide 18: Continued construction momentum in the mature portfolio component
ϭϴ 1 Cash and cash equivalents at parent company level of $ 420 m and $ 316 m held by subsidiaries 8.7 FGW with Capex investment of $ 9.2 bn $ Ϯ͘ϭ bn already invested in 9 M 2026 , an increase of ~ 80 % compared with the same period last year Full operation of the mature component will allow Enlight
Slide 19: On track to a revenue run-rate of over $2.2 billion by end-2028
ϭϵ 1 Based on 2026 guidance added to revenues & income (sale of electricity, tax benefits) of projects in the under construction and pre - construction portions of the Mature portfolio, and advanced development projects with an expected COD in 2028 On track to a revenue run - rate of over $ 2.2 bill
Slide 20: Mature component revenues & income of ~$2.4 bn
ϮϬ 0.6 0.8 1.0 1.5 2.2 - 2.3 Dec 24 Dec 25 Dec 26 Dec 27 Dec 28 Mature component - 12.7 FGW, revenues & income of ~$ 2.4 bn 1 Expected Adjusted EBITDA margin of approximately 70 % - 80 % (including tax benefits) for the years shown; 2 FGW (Factored GW) is a consolidated metric combining generation a
Slide 21: Returns on operating and under construction assets
Ϯϭ Average historic return on operating assets ( 4.0 FGW) above 15 % Under construction and pre - construction projects ( 8.7 FGW) maintain high returns: ~ 13 % Unlevered project returns 1 EBITDA First year expected ~$ 800 m 2 Expected net Capex ~$ 6,00 Ϭ m с R eflects a return on equity of above
Slide 22: Enlight is well-positioned to capitalize on market demand
ϮϮ Strong management platforms across all geographies Global access to capital at attractive costs Strong balance sheet and high available liquidity Large and diversified project portfolio Proven execution capabilities Global network of top - tier partners ( offtakers , banks, OEMs ) Additional deta
Slide 23: You've got the power
@nlig You've got the power 23
Slide 24: Appendix
Appendix @nlight 24
Slide 25: Portfolio definitions and snapshot – 46.2 FGW
Ϯϱ Graph, scale Generation, MW Storage, MWh Portfolio definitions Mature Component Operational, under construction and pre - construction ( expected to start construction within 12 months) Advanced Phase Projects which are expected to begin construction within 13 to 24 months of the Approval Date De
Slide 26: Battery storage portfolio growth
Ϯϲ Project Atrisco ( 1,200 MWh), New Mexico, U.S. 2.7 5.7 8.6 17.5 21.7 Mature 2022 Mature 2023 Mature 2024 Mature 2025 Mature Q3 2026 Mature portfolio 1 storage capacity: 8 x growth since 2022 representing ~ 50 % of the Mature portfolio expected revenues ϯ Q 26 Additions: Q 3 ϮϬϮϲ Adv. dev. Q 3 ϮϬϮ
Slide 27: Connect & Expand strategy maximizes interconnection potential and returns
Ϯϳ Advantages of “ Connect & Expand ” Shortening time to COD utilizing existing infrastructure saves construction costs utilizing existing interconnect reduces development risks Adding energy storage to existing projects EU+MENA 1.1 GW + 6.9 GWh 3.1 FGW USA 0.3 GW + 2.6 GWh 1.0 FGW Rapid growth with
Slide 28: US portfolio safe harbor and system impact study status
Ϯϴ Portfolio category Capacity ( FGW) % Completed System 1 Impact Study Secured Safe % 1 Harbor Operating 1.6 100 % 100 % Under construction 4.3 100 % 100 % Pre - construction 0.6 100 % 100 % Advanced development 6.0 100 % 83 % Development 18.4 48 % 35 й Total U.S. portfolio 31.0 1 Securing Safe
Slide 29: CO Bar Complex – a five-phase flagship project
Ϯϵ CO Bar Complex – a five - phase flagship project Developments in the quarter Coconino Arizona 1 Net construction costs assume receipt of certain ITC and PTC credits under the IRA: 40 % for CO Bar 1 - 3 (including a 10 % Energy Community bonus), and 50 % for CO Bar 4 & 5 (including 20 % bonuses fo
Slide 30: Expanding data center operations with a global pipeline
ϯϬ Expanding data center operations with a global pipeline of 2 GWIT Pipeline across Enlight ’ s three geographical segments , as part of our geographic and technological diversification strategy Development, financing, construction and operation of data centers for AI workloads, located near power
Slide 31: Data center growth is accelerating demand for electricity
ϯϭ 1 IEA, Key Questions on Energy and AI ( 2026 ); Energy and AI ( 2025 ); 2 McKinsey & Company, Powering AI (Jul 2026 ). US 2025 and 2035 E derived from report figures 2 X by 2030 – AI applications continue to drive growth Global data center growth 1 Rising U.S. data center power demand 2 x U.S. da
Slide 32: Global demand for electricity is rising
ϯϮ 1 Ember Global Electricity Review 2026 ( 2000 – 2025 ); IEA Electricity Mid - Year Update 2026 (growth from 2026 E); 2 U.S. EIA MER (to 2025 ), STEO Oct 2026 ( 2026 – 27 E), S&P Global ( 2028 E+) Global electricity demand expected to grow almost 20 % by 2030 Global demand for electricity is risin
Slide 33: Storage equipment prices expected to keep falling
ϯϯ Storage equipment prices expected to keep falling Source: Bloomberg. BloombergNEF - Energy Storage System Cost Survey 2025 . Global benchmark – Low scenario. Pricing based on usable capacity. Historical prices have been adjusted using June to June inflation rates based on the US Consumer Price In
Slide 34: Attractive renewable generation costs
ϯϰ LCOE - Levelized Cost of Energy 1 Attractive renewable generation costs Ψ / MWh PPA pricing in the U.S. 2 A shortage of projects drives a continued rise in PPA prices 83.4 73.3 63.9 $25 $35 $45 $55 $65 $75 $85 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-
Slide 35: Reconciliation between Net income to Adjusted EBITDA
ϯϱ Reconciliation between Net income to Adjusted EBITDA * Contribution to Adjusted EBITDA from the sales of an additional stake in the deconsolidated asset (Sunlight cluster). For m ore information regarding the composition of Adjusted EBITDA, refer to the description appearing in the “ Non - IFRS f
Slide 36: You've got the power
@nlig You've got the power 36
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