Keystone Infra Ltd · TASE:KSTN
Keystone Infra — H1 2025 Earnings Presentation
26 slides from Keystone Infra's earnings presentation, August 2025
Slide 1: Keystone Infra Ltd. Investor Presentation H1 2025
Keystone Infra Ltd. Investor Presentation H1 2025 Financial Statements
Slide 2: Legal Disclaimer
Legal Disclaimer This presentation is an English translation of the Hebrew version of Keystone Infra Ltd.'s presentation for the second quarter of 2025 released on 28 August 2025 (the "Hebrew Version"). Only the Hebrew Version is binding. The English translation is made available for convenience pur
Slide 3: Strong 6 Months and Increased Forecasts
Strong 6 Months and 1.1 95 Increased Forecasts 1 Approx. USD billion Approx. USD million Total assets Average annual cash flow from income-producing assets, up to 2032, projected Increase in 2025 cash flow forecast2 by 57% Approx. USD 65 Aggregate dividend4 million Approx. 6.4% LTM cash yield5 Surge
Slide 4: Business Segments
Business Segments Transport Energy Water Renewables Communication Total Assets Egged IPM VID water Sunflower Cinturion Egged Real Estate Eranovum Ramat Hovav Hagit desalination plant Approx. USD 1.1 billion Drive Group Sorek1 30.6.2025 Atarot2 Hagit 22 1. Keystone will provide loans to finance 40% o
Slide 5: Value Driven Growth
Value Driven Growth Growth in Average Projected Growth Components in the Equity Value and Total Yield of the Assets USD in millions USD in millions Annual Cash Flow2,3 USD in millions 51% 1,395 95 298 45% 688 257 924 65 (59)1 450 1,138 Capital raised Appreciation Dividend 30.6.25 (since Keystone’s F
Slide 6: Consistent Growth in Equity
Consistent Growth in Equity Development of the Equity Return on Equity More (USD in millions) than Doubled 1 551 637 688 18.2% 2x Target: doubling 437 300 8.6% the equity by 20302 2021 2022 2023 2024 30.6.2025 2024 LTM 1. Weighted return on equity before tax in 12 months – income before tax divided
Slide 7: Financial and Commercial Enhancement Strategies at IPM
Financial and Commercial Enhancement Strategies at IPM 1 Debt repayment and refinancing – commercial strategy that led to significant appreciation of approx. USD 42 million 2 Increased Sales to Private Customers and Increased 47% Growth in Forecasted Total Cash Flow from IPM Profitability Release of
Slide 8: Construction of Data Center Adjacent to the IPM Power Plant
Construction of Data Center Adjacent to the IPM Power Plant 40 MWIT campus Planning Infrastructure to Support AI Needs High energy availability and scalability potential Permit Approvals Expected by End of Q1/2026 Energy stability and high operational continuity Simulation 1. Forward-looking informa
Slide 9: Progress in the Construction of the Sorek Power Plant
Progress in the Construction of the Sorek Power Plant 1 Construction and operation of a combined cycle power plant with a capacity of up to 900 MW Keystone will provide loans to finance 40% of the equity A BOT project with a 25-year franchise period and the guarantees for construction of the plant A
Slide 10: Government Decision to Authorize Hagit East and Atarot
Government Decision to Authorize Hagit East and Atarot 1 Development of conventional natural gas-fired power plants in strategic locations – according to market needs Atarot Hagit 2 Planned Capacity2 Up to 900 MW Planned Capacity2 Up to 900 MW Land Ownership Egged Land Ownership Orot Group Current S
Slide 11: 2025 Cash Flow Forecast Increase Alongside Continued Dividend Distributions
2025 Cash Flow Forecast Increase Alongside Continued Dividend Distributions 57% Growth in 2025‘s Approx. USD 65 million Aggregate Dividends Cash Flow Forecast1 Distributed2 (USD in millions) (USD in millions) 65 57% 60 47 18 24 38 25 22 38 36 12 13 2022 2023 2024 30.6.2025 Original forecast Updated
Slide 12: Growth in Forecasted Cash Flow
Growth in Forecasted Projected Annual Cash Flow of1 the Income-producing Cash Flow Assets (Compared with the cash flow released in the Q1/2025 report, in USD in millions) RUN RATE 146 148 132 Approx. USD 95 million 14% 31% 95 94 87 128 141 Average annual Weighted IRR2 Total ROI3 72 94 72 cash flow1
Slide 13: Stable Capital Structure as an Enhancement Tool
Stable Capital Structure as an Enhancement Tool As of the report 0.4 Debt (USD in millions) 30.6.2025 release date Approx. USD billion 30.6.2025 Bond offering totalling Series A bonds approx. USD 148 million At a weighted fixed interest rate of ~1.3%, linked to the CPI, 195 195 (after the reporting
Slide 14: Strong Results
Strong Results Income statement summary H1/2025 H1/2024 IPM: enhancement strategies that unlocked 6x surge in revenue – USD in thousands value of approx. USD 42 million translated into profit of Cash inflows 1 35,643 43,764 in H1(*) USD 56 million Changes in fair value 49,639 (29,376) as a result of
Slide 15: Transport
TRANSPORT Egged I Eranovum I Drive Group Egged, Eilat 15
Slide 16: Transport | Key Assets
Value and IRR of the Income-producing Transport | Key Assets Assets on the Platform1,2 (In USD in millions and in %, respectively) ROI 43% Egged Group 726 40 151 13% Projected IRR3 507 Egged Group Global transport group and Egged real estate 686 Drive Group 17% Drive Group Maintenance and operation
Slide 17: Enhancement of Transport Platform
Enhancement of Transport Platform Light rail Operation tender for the green line and the purple line of the Tel Aviv Metropolitan Light Rail won and franchise agreement signed Public transportation in Israel Tender in Ramat Ha’Golan won and Phase B operated in Jerusalem Ring tender Public transporta
Slide 18: Acquisition of Shares at Opportunity Price
Acquisition of Shares at Opportunity Price Exercise of the second and last option in the Egged partnership Partnership structure at present and after exercise of the second option1 Keystone’s indirect holdings currently total 63% School and Preschool Keystone Fund Teachers Fund Bank debt 81% 19% App
Slide 19: Egged: Global Transport Group
Egged: Global Transport Group 5 Synergetic and Growing Business Segments Egged Group Value and Total Return 26% USD 1.9 billion USD 0.3 billion 55% Public transportation in Israel USD 1.6 Approx. USD 1.5 billion 23% Egged real estate USD 1.6 billion 12% Egged Europe billion 10/22 06/25 2 Egged Group
Slide 20: Egged Group: H1/2025 Results
Egged Group: H1/2025 Results Significant growth in revenue and EBITDA since acquisition by Keystone Consistent growth in revenue and profitability Revenue EBITDA1 (USD in millions) (USD in millions) The Group’s EBITDA1 The Group’s revenue Competitive Tenders Awarded 29% (USD in millions) (USD in mil
Slide 21: Power
Power IPM I Ramat Hovav | Hagit | Sorek | Atarot | Hagit 2 21
Slide 22: Energy Key Assets
Energy Value and IRR of the Income-producing Assets on the Platform3,4 Key Assets (In USD in millions and in %, respectively) ROI 67% IPM IPM 450 MW 482 9% Projected IRR5 Hagit 660 MW 177 264 Hagit Ramat Hovav 1,195 MW 29% Projected IRR5 Sorek Approx. 900 MW under construction1 305 Ramat Hovav Ataro
Slide 23: Ramat Hovav Hagit IPM
Ramat Hovav Hagit IPM Keystone’s holdings: 16.3%1 Keystone’s holdings: 16.3%1 Keystone’s holdings: 34.3%1 EBITDA2 Revenue EBITDA2 Revenue EBITDA3 Revenue (USD in millions) (USD in millions) (USD in millions) (USD in millions) (USD in millions) (USD in millions) 119 216 35 121 121 60 145 67 67 22 80
Slide 24: Comprehensive Value Strategy
Comprehensive Value Strategy Balance between growth, stability, and returns Maximization of Unlocking Returns for Financial cash flow value investors strength Active management of assets Built-in growth strategy Quarterly dividend policy Debt structure enhancement Development of growth drivers Strat
Slide 25: Thank you!
Thank you! yx KEYSTONE
Slide 26: Unlocking value at IPM: Increased Sales to Private Customers
Annex Unlocking value at IPM: Increased Sales to Private Customers Commercial strategy that led to significant appreciation of approx. USD 140 million1 Value components for Keys tone (USD in millions ) 30.6.2025 31.12.2024 Triple-M (approx. 38.19%) 141 111 Value of loan to G. P. Global and A.Y.A. Pa