Keystone Infra Ltd · TASE:KSTN
Keystone Infra — FY2024 Earnings Presentation
35 slides from Keystone Infra's earnings presentation, Mar 27, 2025
Slide 1: Keystone Infra Ltd. 2024 Financial Reports
Keystone Infra Ltd. 2024 Financial Reports
Slide 2: Legal Disclaimer
Legal Disclaimer This presentation is an English translation of the Hebrew version of Keystone Infra Ltd. presentation for the YE 2024, that was published on March 27, 2025 (the “Hebrew Version”). The Hebrew version is the binding version and the only version having legal effect. The English transla
Slide 3: Keystone by the Numbers
Keystone by the Numbers Hagit Power Plant, Elyakim Junction Approx. NIS Total Assets 3.7 1 billion Approx. NIS 300 Avg. Annual Cash Inflows million Forecast from cash-generating assets until 20322 Approx. 7.4 % Annual Dividend Yield 3 Approx.% Cash Yield 8 4 Approx. 36 LTV A/A+ Rating; Company/Bonds
Slide 4: 2024: Creating a Strong Foundation for Accelerated Growth
2024: Creating a Strong Foundation for Accelerated Growth Developed Strategic Plan Strengthened Financial Structure Leveraging Business Strength in a Challenging Landscape Established Leadership Team Raised NIS 450 million in bonds Cash Inflows exceeded for Specialized Platform Strategy in 2024 and
Slide 5: A Momentous Start to 2025
A Momentous Start to 2025 Strategy in Action: Growth, Value Enhancement, and Global Expansion Strategic development and initiation Expanding local operations K Power Development of existing assets, initiation and M&A K Move Egged: Winning the Golan Heights tender and K Comm in the data center sector
Slide 6: Double-Digit Growth in Equity and Dividends
Double-Digit Growth in Equity and Dividends Additional Dividend of NIS ~20 Million Declared in March 2025 Doubling Equity by 20301 Equity Development (in NIS millions) Dividend Distribution (in NIS millions) 8.6% 2x 29% 36% Return on Equity (Pre-Tax)2 CAGR 2,148 CAGR 7.4% Continued Value Creation Th
Slide 7: Business Segments
Business Segments Management of Specialized Infrastructure Platforms in Core Demand Areas 66% 26.5% 4% 3% 0.5% Transportation Energy Water Renewables Communication 44% Egged 13% IPM VID - Water Sunflower Cinturion desalination 13% Egged 10% Ramat facility Real-Estate2 Hovav 66% 6% Eranovum 3.5% Hagi
Slide 8: Cash Inflows
Cash Inflows 2024: Cash Inflows exceeded Forecast Diversified cash inflows – (in NIS millions) Key to Financial Resilience (in NIS millions) 238 17 9 238 230 32 53 63 64 Forecast 2024 1 Actual 2024 Egged Hagit Ramat Hovav VID Drive IPM 2024 1. Forecast as published in the financial statements as of
Slide 9: 90% of assets Provide Predictable Expected Annual Cash Inflows
90% of assets Provide Predictable 1 Expected Annual Cash Inflows from Income-Generating Assets2,3 Cash Inflows (Including Investment in Egged, in NIS Millions) Approx. NIS RUN RATE 300 millions 34% 431 475 500 316 Avg. Annual Cash Inflows Total ROI4 300 276 Forecast 2,3 237 240 128 14% 55% 2025 2026
Slide 10: Disciplined Financial Management
Disciplined Financial Debt (in NIS millions) 31.12.2024 As of Report Publication Date Management Series A Bonds Fixed weighted interest rate of approximately 1.3% 645 645 ,CPI-linked, Duration 3.9 years Series B Bonds Fixed weighted interest rate of approximately 6.1% 297 448 (non-linked), Duration
Slide 11: Key Financial Results
Key Financial Results Income Statement Highlights 2024 2023 (in NIS thousands) Cash Inflows exceeded 2024 Highlights: Cash inflows2 Changes in Fair Value 238,261 43,933 252,597 406,767 forecast Total Revenues 282,194 659,364 Growth in business volume (in NIS millions) led to higher management and Ma
Slide 12: Transportation
Transportation Egged I Eranovum I Drive Group 12
Slide 13: Transportation | Key Assets
Value and returns Transportation | Key Assets of yielding assets (in NIS millions and % respectively) 79% 17% 6% 13% ROI - 4.5 yrs. 3 IRR 2 ROI - 2.5 yrs.3 IRR2 130% 32% 2,160 1,639 64 159 585 55 585 Egged Group Global Transportation Group and Egged Properties - strategic real-estate assets 69 1,511
Slide 14: Egged Group
Egged Group 5 Synergetic and Growing Business Segments Valuation Summary 31.12.2024 Egged Enterprise Value Real Estate Value, Gross (in NIS millions) 8,864 1,204 Operating Real Estate Value (356) Global Transportation Group Net Financial Debt (2,841) Net Employee Liabilities (846) Approximately Tota
Slide 15: Keystone Egged Partnership
Keystone Egged Partnership Post Option Exercise1 Teachers and Keystone Educators' Fund 81% 19% Bank debt ~NIS 585 million Capital Invested in Option Egged partnership Egged Members Exercise and Indemnity Account Settlement 78% 22% Keystone share (Post-Report Date) Egged Israel Move 1. Option Exercis
Slide 16: Consistent, Profitable Growth
Consistent, Profitable Growth Group Revenue (NIS billion) 5.6 4.6 5.0 11% CAGR 2024 Revenue Breakdown 2024 EBITDA1 Breakdown 2022 2023 2024 Group EBITDA 23% 17% (NIS billion) 1.0 1.3 42% 0.6 CAGR 66% NIS ~5.6 billion 74% NIS ~1.3 billion 6% 13% increase YoY 7% 22% increase YoY 2022 2023 2024 4% Publ
Slide 17: Public Transportation in Israel
Public Transportation in Israel (Including Derech Egged ) 28% Market share Over 3,100 vehicle fleet ~5,300 drivers ~400 of them in Derech Egged Twice the size of the second-largest 16% electric First Place in Ministry of Transportation 800 Service lines ~215 million km 17 Service and maintenance cen
Slide 18: Egged Europe
Egged Europe 1 EBS Netherlands MOBILIS Poland ~800 4 15% 35% ~400 Egged Europe Buses, over 50% Long-term Market share Market share from Buses operating under 6 electric2 operating concessions the privatized long-term concessions Growth Drivers transportation market 3 Revenue EBITDA 4 Revenue EBITDA4
Slide 19: Egged Travel & Tour
Egged Travel & Tour The Largest Transportation Company in Israel with ~300 Buses 2024 Revenue Breakdown Revenue EBITDA 1 (in NIS millions) (in NIS millions) 80% Transportation 14% Educational 427 74 401 55 ~ 427 in NIS millions 6% Tourism 2023 2024 2023 2024 • Strategic Acquisitions Growth Drivers 1
Slide 20: Additional Activities: Light Rail
Additional Activities: Light Rail Tevel – An Egged Subsidiary (51%) Operates the Red Line in the Tel Aviv Metropolitan Area1 For a ten-year period, starting August 2023, with an extension period option NIS ~159 million 90 24km 2024 Revenue Carriages: 45 trains Total track length in total NIS ~22 mil
Slide 21: Won Two Additional Light Rail Lines Tenders
Won Two Additional Light Rail Lines Tenders To Operate the Tel Aviv Metropolitan Green and Purple Lines1 Purple Line Green Line Commercial Operation: 20282 Commercial Operation: 20303 Approximately NIS 2 billion 2.7 Million km 3.9 Million km Expected Revenue2 Expected annual mileage Expected annual
Slide 22: Real Estate Platform
Real Estate Platform North Significant potential for value appreciation Haifa and the Krayot Nof Galil NIS ~1.2 billion ~390 dunams 24 Jerusalem Fair value of land area Prime location properties Jerusalem Beit Shemesh Including 2 properties purchased and realization of 50% in an Mishmar David additi
Slide 23: Drive Group
Drive Group Valuation Summary: 31.12.24 In NIS millions Company value 489.1 Operation and Maintenance of Roads, Keystone share including Highway 6 and the Carmel Tunnels 104.3 (21.3%) Keystone Holdings: 21.3% Discount rate 10.1% (WACC) Revenue1 EBITDA1 (in NIS millions) (in NIS millions) Growth Driv
Slide 24: Eranovum
Eranovum 1 Strategic deployment of charging stations Valuation Summary: In NIS millions in key locations in Europe 31.12.2024 Company value: 452 Keystone Holdings: 49% Keystone share 2 (49%) 224 Discount rate (WACC) 17.75% 905 Active charging points ~ 875 in Spain and the rest in Belgium and France
Slide 25: Energy
Energy IPM I Ramat Hovav I Hagit I Sorek 25
Slide 26: Energy | Key Assets
Energy | Key Assets Value and returns of yielding assets (in NIS millions and % respectively) 34% 8% 97% 29% 115% 28% ROI-2.5 yrs.3 IRR 2 ROI-3 yrs/3 IRR2 ROI -4.5 yrs.3 IRR2 7% 117% 226% IPM 450 MW 624 585 234 569 Hagit 660 MW 198 202 104 Ramat Hovav 1,195 MW 108 175 426 367 Up to 900 MW 130 Sorek
Slide 27: IPM Power Plant
IPM Power Plant Keystone Holdings: 34.3%1 Revenue EBITDA 3 (in NIS millions) (in NIS millions) 450 MW Combined cycle 804 85% From the supplier 15% From the supplier 717 License for electricity generation Bilateral sales to private 222 214 and sales to System customers2 Administrator for 20 years Key
Slide 28: Ramat Hovav Hagit
Ramat Hovav Hagit Valuation Summary (in NIS millions) 31.12.24 Ramat Hovav Hagit Power Plant Power Plant Equity Holdings Value 341 104 Loan Value 26 26 1,195 MW of Generation Capacity 660 MW of Generation Capacity Operates Under the SMP Regulation Operates Under the SMP Regulation Total 367 130 Keys
Slide 29: Renewables
Renewables Sunflower Sunflower, Poland 29
Slide 30: Sunflower - Renewables
Sunflower - Renewables Revenue (in NIS millions) 184 175 A Publicly Traded Company Operating in the Renewable Energy Sector in Poland, Israel, and the U.S. 2023 2024 Keystone Holdings: 53.24% EBITDA1 Poland Israel (in NIS millions) 5 operational wind farms, with a total 193 rooftop solar systems wit
Slide 31: Water & Communication
Water & Communication Water desalination VID I Cinturion 31
Slide 32: VID
VID Value and returns Revenue1 of yielding assets (in NIS millions) Water Desalination Plant in Ashkelon (in NIS millions and % respectively) 405 415 Keystone Holdings: 50% 7% 56% IRR2 ROI-4.5 Yrs.3 120 2027 23% 2023 2024 Million cubic meters of water End of the Concession, 269 EBITDA1 production ca
Slide 33: Cinturion
Cinturion Communication Keystone Holdings: 30% Optic Fiber System Installation Project Spanning 20,000 km, in initiation stage1 A 20,000 km optical fiber venture to connect India to Europe via the Middle East, offering an alternative to the congested existing network. Designed to link data centers o
Slide 34: Comprehensive Value Strategy
Comprehensive Value Strategy Balancing growth, stability and Shareholder Returns Cash Flow Unlocking Shareholder Financial Maximization Value Rewards Strength Active asset management Structured Growth Strategy Quarterly Dividend Policy Optimization of debt structure Development of growth Drivers Str
Slide 35: Thank You!
Thank You! yx KEYSTONE