Doral Group Renewable Energy Resources Ltd · TASE:DORL
Doral Group Renewable Energy Resources — Q2 2026 Earnings Presentation
45 slides from Doral Group Renewable Energy Resources's earnings presentation, September 2026
Slide 1: Earnings Presentation Q2 2026
Earnings Presentation Q2 2026 1
Slide 2: Legal Clarification
Legal Clarification This presentation from Doral Renewable Energy Resources Group Ltd. (hereinafter: “the Company”) was prepared as a general It is hereby clarified that the stated in this presentation includes from time to time reference to forecasts, assessments, presentation about the Company’s a
Slide 3: Snapshot
Snapshot 8.6 + 10.4 GWp GWh 33 GWh 28 GWp Mature pipeline1 Storage pipeline Solar pipeline ₪ 14B + Established in 2007 Total CapEx Industry trailblazer invested to date Global impact Europe USA Israel Largest wind project in Poland, Leading U.S. renewable Israel’s largest solar via controlling stake
Slide 4: Doral Strengths Driving Growth
Doral Strengths Driving Growth Energy Management, Storage, End-to-End Value Entrepreneurial DNA & Accelerated and Innovation Expert Chain Control Large-Scale Greenfield Development ~2 TWh of electricity traded Development • O&M • EPC • Power Supply • DSO The Company's mature pipeline1 grew by annual
Slide 5: Q2 2026 Key Highlights
Q2 2026 Key Highlights* Business Development Financial Developments Momentum of connections in the Group and Highlights and construction5 Strategic expansion of ~ILS 1.7 billion 3 GWp + 1.7 GWh stake in Doral LLC to 53% Increase in Equity During the Quarter connected2 Construction Completed for Indi
Slide 6: Global Pipeline
Global Pipeline5 20 33 GWh GWh (22.5 GWh)* Mature 17 28 GWp 10.4 GWp + 8.6 GWh (16 GWp)* pipeline GWp Storage GWh Solar GWp 6 GWh 3 2.6 2.2 2.9 3.2 2.8 GWp 1.7 GWp GWp GWh GWp GWh GWh מחוברים Connected 2 Under/construction/ בהקמה מתקדם Mature פיתוח advanced מתקדםadvanced Additional פיתוח
Slide 7: Doral projects a ~5x increase in installed capacity by the end of the decade
Doral projects a ~5x increase in installed capacity by the end of the decade5* 2030 X5 12.4 GWp ~80% of the 2030 projected capacity from the Company’s mature pipeline Storage GWh Solar GWp 14.7 GWh 2026 3 1.7 GWp GWh * On 100% basis; the ratio was calculated based on a rule of thumb where 1 MW of ge
Slide 8: Projected Results of Mature Projects and Electricity Trading; Raised 2027 Guidance
Projected Results of Mature Projects¹ and Electricity Trading4,5,6 The Company Raises 2027 Guidance and the Expected Annual Contribution from the Mature Pipeline* FFO EBITDA Revenues Project and electricity trading (ILS millions) Project and electricity trading (ILS millions) Project and electricity
Slide 9: ~2.3B projected annual EBITDA from the mature pipeline
~2.3B projected annual EBITDA from the mature pipeline1,4,5,6 Breakdown of projected annual EBITDA from the mature pipeline1,6 (ILS millions, the Company’s adjusted share, excluding tax equity revenue**) 654 2,289 Connected2 1,120 Total projected annual Mature development And projects eligible for t
Slide 10: U.S. Operations
Europe Data Centers Israel USA U.S. Operations 10
Slide 11: Doral LLC Snapshot
Doral LLC Snapshot ~2.5+ 7.4 GWp GWh ~4 GWh ~18 GWp Secured¹ eligibility Storage pipeline Solar pipeline for tax credits (SH) Doral LLC operates in more than 24 states $800 million ~340 + 3.7 GWp MWh across the United Projected annual EBITDA1 Connected2 and under States for the mature pipeline* cons
Slide 12: Unprecedented Growth in the U.S. Power Market
Unprecedented Growth in the U.S. Power Market A paradigm shift in power demand growth Projected ~77 GW of additional driven by data centers (TWh) 5,765 generation capacity ,by 2030, driven by rising power demand ~32.4 GW 3,765 ~32.0 GW ~13.2 GW Historic Load Business-as-Usual Data Center Demand Elec
Slide 13: Doral LLC operates in the highest-potential U.S. power markets
Doral LLC operates in the highest-potential U.S. power markets ERCOT Expected 80% market growth* 60% 40% CAISO 20% ISO-NE NYISO 0% Expected increase 0% 10% 20% 30% 40% 50% 60% 70% in price per MWh* A chart based on an analysis of the following sources: FERC 2025 State of the Markets; NERC 2025 Long-
Slide 14: Completion of the Indiana Project: From Vision to an Income-Producing Asset
Completion of the Indiana Project: From Vision to an Income-Producing Asset January 2020 July 2026 2024 6 years Project scale $112M Capacity From greenfield to completion ~ 12,300 acres Annual4.5EBITDA 1.6 GWp 14
Slide 15: Strategic Expansion of Ownership in Doral LLC
Strategic Expansion of Ownership in Doral LLC4 Doral’s Primary Growth Engine Tansaction Increasing the Equity Updated Ownership Components Stake in Doral LLC Structure of Doral LLC Doral’s Equity Investment in Doral LLC ~ 53% Doral’s post- Acquisition of CAG’s stake closing stake Migdal ~11% in Dora
Slide 16: Doral LLC Achieves Record Growth, Doubling Ownership in Future Projects
Doral LLC Achieves Record Growth, Doubling Ownership in Future Projects 8.1 GWp + 2.6 GWh Mature pipeline1 $855M The mature pipeline Run-rate EBITDA* has tripled over the past year* 9.9 GWp + 1.6 GWh x3 Pre-mature pipeline $1B+ Run-rate EBITDA* * Reflects the change from Q1-2025 to Q1-2026 ** 100% p
Slide 17: Unlocking of Significant Value Over the Short, Medium, and Long Term
Unlocking of Significant Value Over the Short, Medium, and Long Term5 Immediate value Medium-term value Strategic value Leveraging strategic foresight, Doubling the ownership stake (an Solidifying Doral’s position as proactive planning, and phased additional 27%) in every future project, the largest
Slide 18: Strong Momentum for U.S. Pipeline Construction
Strong Momentum for U.S. Pipeline Construction5 Transaction unlocks the equity capital required for Doral LLC to fully develop the mature solar-plus-storage pipeline1 (~1.2 GWh + 7.5 GWp) Required equity contribution from Doral LLC - Projects (PV or $ millions MWp / MWh PV+BESS) (as of the transacti
Slide 19: No Material Impact Expected from the Recent Tariff Order
No Material Impact Expected on Doral’s U.S. Operations from the Recent Tariff Order5 The new order imposes tariffs on polysilicon products imported into the U.S. Proactive procurement, contractual protections, and commercial flexibility safeguard the financial viability of the mature pipeline PPA Pr
Slide 20: Israel Operations
Europe Data Centers Israel USA Israel Operations 20
Slide 21: Target Update: Raising Renewable Energy Targets in Israel
Target Update: Raising Renewable Energy Targets in Israel Projected market storage capacity (GWh) Electricity Authority’s renewable energy target 2030 Projected installed storage capacity 35% Renewable energy by 2035 of ~33 GWh by end of decade Doral’s connected solar and storage pipeline2 constitut
Slide 22: Leadership. Performance. Momentum. Israel's largest solar and storage pipeline
Leadership. Performance. Momentum. Israel’s largest solar and storage pipeline More than 300 850 MWp + 1.75 MWh Partnerships with towns connected2 in Israel Doral’s supplier expected to sell 1.83 GWh + 223 MWp more than in construction or pre- 1.8 construction in Israel TWh in 20265 Hadarei She’an P
Slide 23: Doral is Spearheading Ultra-High Voltage National Infrastructure Projects
Doral is Spearheading 11 Ultra-High Voltage National Infrastructure Projects with a Combined Capacity Upwards of 2.5 GWp and 7.5 GWh 8 of the projects have secured Gaza Envelope government resolutions or are in advanced stages of official designation Partnership with K.S.M. Crops as national infrast
Slide 24: Data Centers Segment
Europe Data Centers Israel USA Data Centers Segment 24
Slide 25: Data center demand is growing at a record pace
Data center demand is growing at a record pace The power grid is the primary bottleneck Power demand (GW) for data centers Surging demand is creating is growing at ~30% annually bottlenecks across the power grid 219 Gas turbines 181 64 Transformers 153 56 128 50 3.5X Grid connection 2025-30 103 chan
Slide 26: Co-locating data centers with power generation solves the grid bottleneck
Co-locating data centers with power generation solves the grid bottleneck The future lies in integrated energy parks (PVDC)5 Mitigated risk* Reduced grid- dependency Generation and consumption boost The PVDC model resolves the grid bottleneck by integrating PVDC the consumer (DC) and the generator (
Slide 27: A Competitive Edge in the Data Center Value Chain
A Competitive Edge in the Data Center Value Chain Doral: Beyond Renewables – An Energy and Infrastructure Platform Our Strategic Position in the Value Chain Energy Parks (PVDC): Co-locating data centers within our proprietary power generation facilities5 DC OPERATOR POWERED SHELL POWERED LAND PPA Th
Slide 28: Har-Tuv Project
Har-Tuv Project 96 MW located in the heart of a high-demand data center hub 96 MVA ~75 MWIT Approved GIS, exempt AWS from the moratorium * Data Center More than 40,000 100% square meters GFA green energy supplied by Doral Situated within a Core Availability Zone for Global Hyperscalers * Transmissio
Slide 29: Additional Strategic Sites in Israel
Additional Strategic Sites in Israel Competitive advantage driven by existing grid interconnections Pipeline potential for facilities strategically located adjacent to current power infrastructure and future demand hubs⁵ Hadarei Southern Northern Gaza Arava She’an Negev Envelope South 166 MWIT* 150
Slide 30: Doral's Current Data Center Potential
Doral's Current Data Center Potential5* Poland 300*** MWIT Projected annual revenue of ~ILS 150 million Israel per 30 MWIT**** USA 600** MWIT 4,000** MWIT * Subject to the receipt of all required permits, licenses, and planning and regulatory approvals ** Based on select projects within the U.S. mat
Slide 31: Value Chain Expansion as a Growth Driver
Value Chain Expansion as a Growth Driver High double-digit effective return driven by integration across the entire value chain5 DC Development margin + EPC + O&M More than 12%* Unlevered effective return Power supply from energy assets leverage 10.4 GWP + 8.6 GWh Mature pipeline PV + Bess PV + Bess
Slide 32: European Operations
Europe Data Centers Israel USA European Operations 32
Slide 33: Doral in Europe: Growth and Expansion in the European Market
Doral in Europe Growth and Expansion in the European Market Denmark 676 MWp connected2 60 MWp and under construction or in pre-construction Total project pipeline: Poland 2,645 MWp 591 MWp + 800 MWh Italy Romania 9 MWp 15 MWp 33
Slide 34: Project Pipeline
ProjectPipeline7 Under Pre- Commercial operation 339 MW development construction Potęgowo PV Potęgowo Wind MWh 400 + GWp 1.1 338 MWp 82 MWp 257 MW CompanyProfile7 123MILS 159M ILS 248M ILS Financial Strength Debt rating Projected FFO Projected EBITDA Projected revenues Significant cash flow A3.IL fo
Slide 35: Potęgowo Hub
Potęgowo Hub High double-digit return DSO Wind Grid interconnection 257 MW optimization (AC) Total construction cost Point of Potęgowo Hub interconnection Optimal Power and ~ ILS 1.9B interconnection trading data center (~70% invested to date) connectivity 319 MW (AC) Storage PV Storage Projected EB
Slide 36: Financial Results
Financial Results 36
Slide 37: Key financial data
Key financial data3 Net assets, stand-alone Liquidity* Key Highlights of the Consolidated report Statements of Financial Position ILS millions ILS millions ILS millions Additional Cash, cash 5,214 Equity-to- financing facilities equivalents and 30.6.2026 30.6.2025 31.12.2025 total subject to project
Slide 38: Renewable Energy Driven by People
RENEWABLE ENERGY DRIVEN BY PEOPLE office@doral-energy.com | www.doral-energy.com 38
Slide 39: Commercially operated projects
Commercially operated projects4,5 Bid processes for feed- in tariff PV facilities, tariff PV facilities Ground- Ground- connected after 2014, Market regulation PV Feed-in tariff PV mounted PV mounted PV and net meter facilities combining facilities connected up facility in the facilities in Wind fac
Slide 40: Projects ready for connection
Projects ready for connection4,5 Total Investment Projected Guaranteed projected Total Total balance / percentage tariff period installed Total projected CapEx Projected Projected expected holding Guaranteed Guaranteed (as from capacity projected Projected construction invested to leverage tax equit
Slide 41: Projects under construction or in pre-construction
Projects under construction or in pre-construction4,5 Projected Guaranteed Total Total percentage tariff period projected Total projected Total CapEx Projected Investment holding Guaranteed (as from installed projected Projected construction invested to Projected tax equity balance / (projected tari
Slide 42: Projects in advanced mature development phases
Projects in advanced mature development phases4,5 Projected Guaranteed Total Total percentage tariff period projected Total projected Total CapEx Projected tax Investment holding Guaranteed (as from installed projected Projected construction invested to equity balance / (projected tariffs Guaranteed
Slide 43: Additional projects in other advanced development phases
Additional projects in other advanced development phases4,5 Guaranteed Total Total Projected Total Total CapEx Guaranteed Guaranteed- tariff period installed storage commercial projected invested to Annual Annual Percentage Area Project Technology tariffs tariff linkage (as from (ILS/kWh for capacit
Slide 44: Projects in development
Projects in development4,5 Market Market Types of regulation regulation Solar + systems Solar in Solar in Storage in Wind in Solar in Solar in Solar in high ultra-high storage in Biogas Total and Italy Poland Poland Poland Romania Denmark the USA voltage in voltage in the USA regulations Israel Isra
Slide 45: Notes
Notes 1. “Mature” – projects that are in commercial operation, ready for connection, under construction or in pre- the current modes of operation in the various markets, which may not be realized or may be realized in a construction, as well as projects in the United States that have secured and/or
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