Enlight Renewable Energy Ltd · TASE:ENLT
Enlight Renewable Energy — Investor Presentation (August 2026)
44 slides from Enlight Renewable Energy's investor presentation, August 2026
Slide 1: Enlight Company Overview
Enlight Company Overview August 2026 1
Slide 2: Legal disclaimer
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 Section 27A of
Slide 3: Enlight at a glance
Enlight at a glance A Global Leader in Renewable Energy Greenfield developer & IPP Extensive track record, listed since 2010 Expertise over entire project value ~40% revenues CAGR since 2018 chain 3X every 3 years Geographic diversification Portfolio depth Growing operations across U.S., 3.9 FGW1 op
Slide 4: Achieving ~3X growth every three years in the past decade
Achieving ~3X growth every 3 years in the past decade Founder mentality, market innovation and business discipline 10.1 FGW successfully developed2,4 67 quarters as a public company 2025 Massive growth: 2023 4.8 FGW under Expansion across major global markets Raising $271 construction & 2020-2021 mi
Slide 5: Differentiated business model combines greenfield developer and IPP
Differentiated business model combines greenfield developer and IPP Control over the development, construction, financing and operations of our projects enables us to capture value and deliver superior returns Global presence enhances Strong global access to capital at attractive rates creates suppl
Slide 6: Diversification as a strategy
Diversification as a strategy Breakdown of Enlight’s 12.3 FGW1 Mature Portfolio 6% 32% 18% 40% 47% Revenue Projects by Technology Geography 53% 7% structure stage 69% 15% 13% Fixed-price PPA Inflation-linked PPA PV Wind Storage USA MENA Europe Operational Under Cons. Pre-Cons. Merchant To be signed
Slide 7: Proven multi-year track record of consistent ~40% growth
Proven multi-year track record of consistent ~40% growth Revenue & income1 ($m) Adjusted EBITDA2 ($m) 41% 40% CAGR 790-820 CAGR 565-585 582 438 399 289 261 194 192 130 135 92 84 102 66 78 52 39 2018 2019 2020 2021 2022 2023 2024 2025 2026E 2018 2019 2020 2021 2022 2023 2024 2025 2026E 1Revenues & in
Slide 8: Vast and growing project portfolio
Vast and growing project portfolio Operational 3.9 FGW1 12.3 FGW Components Total 4.5 FGW In construction of the Mature portfolio Pre-construction Portfolio +6% 43.1 FGW 3.9 FGW 4.6% Advanced 7.8 FGW Development 23 FGW FGW = GW + GWh / 3.5 1FGW (Factored GW) is the company’s consolidated metric comb
Slide 9: Portfolio advancement in the quarter across multiple geographies and development stages
Portfolio advancement in the quarter across multiple geographies and development stages 12.3 FGW $780-810m Components of 23 Operational 3.9 FGW1FMW Revenues & income the Mature Portfolio with 258 FMW 252 Under const. 4.5 FGW ~$840m ~$2.3 billion Today 155 FMW Commence operations in 2026-28 Revenues
Slide 10: ~20 FGW of U.S. capacity with high likelihood to achieve grid interconnection
~20 FGW of U.S. capacity with high likelihood to achieve grid interconnection, 17.9 FGW secured Safe Harbor with additional potential in storage projects Capacity % Completed System % Secured Safe Portfolio category (FGW) Impact Study1 Harbor1 Additionally, storage Operating 1.6 100% 100% projects s
Slide 11: Construction momentum towards 7.2 FGW under construction in 2026
Construction momentum towards 7.2 FGW under construction in 2026 Mature portfolio 0.5 FGW1 started construction during the FGW by status – operating and mature past three months 8.4 12.3 Additional 2.7 FGW expected to start To begin construction in 2027 ~1.2 construction during 2026 To begin constru
Slide 12: Construction momentum on track to achieve $2.3B ARR by 2028
Construction momentum on track: majority of milestones completed to achieve $2.3B ARR by 2028 Non-yielding mature 87% of capacity under 8.4 FGW with Capex investment component construction in 2026 of $8.9b of portfolio (FGW) 7.2 8.4 FGW FGW Start of Construction 2027 Start of Construction 2026 $1.3b
Slide 13: Expanding data center operations with a global pipeline
Expanding data center operations with a global pipeline of 2 GWIT Pipeline Business model Strategy Clients CPU Electricity infrastructure Focus on large data centers (>100 MW IT), near-generation resources (mainly renewables) Supporting Infrastructure Land Leveraging emerging regulatory frameworks f
Slide 14: Business Plan: 3X growth in 3 years
Business Plan: 3X growth in 3 years, reaching a revenue run-rate of over $2.2 billion1 by end-2028 1Based on 2026 guidance added to revenues & income (sale of electricity, tax benefits) of projects in the under construction and 14 pre-construction portions of the Mature portfolio, and advanced devel
Slide 15: ARR expected to exceed $2.2bn by year-end 2028
ARR1 expected to exceed $2.2bn by year-end 2028, with rising share of project ownership Mature component - 12.3 FGW, revenues & income of ~$2.3bn Annual recurring revenues & income run rate Global operating capacity roadmap2,3 roadmap1,3,4,5 ($bn) (FGW) Weighted average of Enlight’s share of revenue
Slide 16: Sustaining 3X growth rate every three years with ROE above 18%
Sustaining 3X growth rate every three years with ROE above 18% Average historic return on operating assets (3.9 FGW) above 15% Under construction and pre-construction projects (8.4 FGW) maintain high returns: ~$760m First year expected EBITDA1 ~13% Unlevered project = returns ~$5,750m Expected net C
Slide 17: Enlight is well-positioned to capitalize on market demand
Enlight is well-positioned to capitalize on market demand and opportunities in the energy sector The strongest market ...meet Enlight in the strongest conditions in the past position in the Company’s decade… history Growing and accelerating electricity demand Strong management platforms across all a
Slide 18: Appendix - Project portfolio additional information
Appendix - Project portfolio additional information 18
Slide 19: Connect & Expand strategy maximizes interconnection potential and returns
“Connect & Expand” strategy maximizes interconnection potential and returns 3.8 FGW of expansions at existing Advantages of “Connect & Expand” projects planned for construction in 2025-2027 utilizing existing utilizing existing interconnect reduces infrastructure saves development risks construction
Slide 20: Energy storage portfolio grew by 5.6 GWh during the quarter
Energy storage portfolio grew by 5.6 GWh during the quarter Battery storage portfolio (GWh) 2Q26 +194 +27 +848 +1,444 Additions: MWh MWh MWh MWh ~$1,100m 41.1 74.6 annual rev. & income2 run rate 86% 13.0 CAGR 20.5 17.5 8.6 5.7 2.7 Mature 2022 Mature 2023 Mature 2024 Mature 2025 Mature Q2 Q2 2026 Q2
Slide 21: Portfolio snapshot – 43.1 FGW within total portfolio
Portfolio snapshot – 43.1 FGW within total portfolio Generation, Storage, Graph, 43.1 MW MWh scale FGW Portfolio definitions Mature Operational, under construction and pre-construction + + Component (expected to start construction within 12 months) 12.3 11,311 41,067 21,796 74,589 FGW + Advanced Pro
Slide 22: Global renewable platform in the right markets at the right time
Global renewable platform in the right markets at the right time Europe High regional demand Driving the shift to renewables Pan European footprint Portfolio of 3.2 GW + 16.1 GWh across 12 European countries Projects maturity 1.8 GW + 7.3 GWh of mature projects United States Renewables gaining 3.8 G
Slide 23: The Clēnera Acquisition - A Success Story
The Clēnera Acquisition - A Success Story Clēnera’s Portfolio and Revenues & Income runrate1 FGW, $ Operational projects annual $m recurring revenues & income ~$1.3b run rate1 ARR Operational Under Construction & Pre-Construction, Under Construction & Pre-Construction ~$280m 6.4 Adv. Development & D
Slide 24: A ~22.4 FGW development and advanced development portfolio across the U.S.
Looking ahead: a ~22.4 FGW development and advanced development portfolio across the entire country ISO-NE Northwest NYISO MISO WECC – SW 6.9 FGW PJM 4.5 FGW PJM WECC – NW 4.1 FGW CAISO SPP Southwest SPP 4.1 FGW CAISO 1.6 FGW Southeast Other 1.3 FGW ERCOT 24
Slide 25: CO Bar – Enlight's largest financial close to date
CO Bar – Enlight’s largest financial close to date CO Bar Complex – a five-phase flagship project Financing agreement Location Coconino, Arizona, USA Debt financing of approximately $2.6bn from a Capacity 1,211 MW + 4,000 MWh consortium of seven leading international financial COD date H2 2027 - H1
Slide 26: 200 MW solar PPA with Google
200 MW solar PPA with Google: expanding Enlight’s hyperscaler customer base The Solstice project in Oklahoma will supply electricity to Google’s data centers First agreement in the U.S. with a commercial customer and first PPA in the Southwest Power Pool (SPP). 15 Years 200 MWac The project has succ
Slide 27: Under-construction projects in the U.S.
Under-construction projects in the U.S. Quarterly highlight: financial closing achieved for CO Bar- the largest in Enlight’s history at $2.6bn, out of a total project Capex of $2.9-3.0bn Country Acres Crimson Orchard WECC (Non-CAISO) Location Idaho Location California Capacity 403 MW + 688 MWh WA Ca
Slide 28: America's most attractive offtake structure
America’s most attractive offtake structure Enlight US All of Enlight’s PPAs are based on busbar terms and availability payments for storage Busbar PPAs in the portfolio: Fixed price per kWh produced and an availability payment for the storage component Long-term agreements for 20 years No economic
Slide 29: Expanding energy storage into two new European markets
Expanding energy storage into two new European markets Enlight’s mature phase Finland - Tuovilan, Pyhasalmi, Kajo projects in Europe Enlight’s New project markets 18.2-18.6% 1H28 1,444 MWh $72-75m $52-54m Unlevered Expected COD Storage capacity Expected revenue Expected EBITDA return1 (1st year) (1s
Slide 30: In Israel, establishing a competitive advantage through various applications
In Israel, establishing a competitive advantage through various applications, enabling dual use and maximizing utilization of land resource Enlight’s Q1 2026: obtaining the National Applications Leadership in field-crops, Infrastructure Committee’s in Israel while establishing the accreditation to p
Slide 31: Leveraging competitive advantage to lead the Israeli high voltage market
Leveraging Enlight’s competitive advantage to lead the Israeli high voltage market Enlight’s Enlight has expertise and vast experience applications in Is also reflected in developing large in constructing and operating large high- scale high voltage energy storage Israel voltage facilities in Israel
Slide 32: Appendix - Market environment
Appendix - Market environment 32
Slide 33: Growing data center capacity drives demand for electricity
Growing data center capacity drives demand for electricity Global growth in data center1 Rising U.S. data center power demand2 Global data center capacity growth US data center energy consumption GW TWh Share of total U.S. 11.7% power demand 220 606 513 180 64 450 152 371 56 128 3.7% 292 50 102 224
Slide 34: Demand for electricity is rising globally
Demand for electricity is rising globally Soaring global demand for power1 Increasing demand for electricity in the U.S.2 Global electricity demand TWh U.S. Electricity Generation TWh 7,000 40,000 6,000 35,000 Increased use of home Improved energy 3.1% 5,000 electrical appliances efficiency 30,000 C
Slide 35: Major historic declines in the solar panel and battery costs
Major historic declines in the solar panel and battery costs Unprecedented declines in equipment input costs Forecast for global energy storage equipment prices $ per kilowatt-hour, (real 2025) 140% Lithium price Polysilicon price 120% 367 100% 279 80% 197 60% 122 113 107 40% 102 98 94 91 88 86 83 8
Slide 36: Renewable energy is the most cost-competitive form of new-build generation
Renewable energy is the most cost-competitive form of new-build generation Attractive renewables production costs in the U.S. PPA pricing in the U.S.2 LCOE - Levelized Cost of Energy1 $ / MWh Solar 210 215 +98% $85 83.8 1Q21 – 2Q26 $75 72.6 136 125 $65 108 61.4 90 $55 69 68 $45 $35 $25 Solar PV Sola
Slide 37: Appendix - Financial position
Appendix - Financial position 37
Slide 38: Global access to capital at attractive rates
Global access to capital at attractive rates ilA A2.il Stable Positive (S&P Global Ratings (Moody’s Midroog) Over $9bn in capital raised and secured since June 2024 Maalot) ~$1.9bn in corporate finance and asset sales ~$5.9bn in project finance3 for projects in the US & Europe Equity Private placeme
Slide 39: Well distributed corporate debt amortization schedule
Well distributed corporate debt amortization schedule Total Debt Breakdown $1.5bn Corporate debt repayment schedule $m 74% 26% Non-recourse Corporate $6bn project finance 262 243 14% EUR 84 43% 50 193 187 ILS $6bn 156 156 156 156 43% Bank Loans USD 35 35 35 35 Bond H - Convertible 1% 187 193 179 193
Slide 40: Appendix - Financial Results – Growth Momentum Continues
Appendix - Financial Results – Growth Momentum Continues 40
Slide 41: Q2 2026: Record quarter in revenues & income and adjusted EBITDA
Q2 2026: Record quarter in revenues & income and adjusted EBITDA 2Q26 vs 2Q25, $m 55% 67% 460% 37% 50% excluding Sunlight Follow-on sale of the Sunlight cluster 210 contributed $17m in Q2 2026 160 135 Sunlight 96 84 142 62 31 6 2Q 25 2Q 26 2Q 25 2Q 26 2Q 25 2Q 26 2Q 25 2Q 26 Revenues Adjusted Net pr
Slide 42: H1 2026: 55% growth in revenues & income and 38% growth in adjusted EBITDA
H1 2026: 55% growth in revenues & income and 38% growth in adjusted EBITDA 1H26 Results vs 1H25 ($m) 55% 38% -36% 48% 54% excluding Sunlight 160% excluding Sunlight 409 Sunlight sales contribution: $30m in 2026 and $42m in 2025 314 265 Sunlight Sunlight sales contribution: 227 $81m in 2025 Sunlight
Slide 43: Reconciliation between Net income to Adjusted EBITDA
Reconciliation between Net income to Adjusted EBITDA ($ thousands) For the six months ended For the three months ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Net income (loss) 68,985 107,372 31,177 5,569 Depreciation and amortization 98,106 71,017 47,384 37,228 Share based compensat
Slide 44: @nlight
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