Slide 1: Keystone Infra Ltd. Investor Presentation Q3/2025
Keystone Infra Ltd. Investor Presentation Q3/2025 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 third quarter of 2025 released on 27 November 2025 (the "Hebrew Version"). Only the Hebrew Version is binding. The English translation is made available for convenience pu
Slide 3: Continuous Momentum, Strong Performance
Continuous Momentum, Strong Performance 1 1 Approx. 25% growth in equity (LTM) Approx. $ 1.2 B Approx. $ 97 M Total assets Avg. annual cash flow from income-producing assets, by 2032, projected2 2 Approx. $30 million in profit from purchasing Egged shares Approx. $ 73 M Approx. 5.6 % Aggregate divid
Slide 4: Diversified Activity in High-demand Sectors
Diversified Activity in High-demand Sectors Total assets exceeding $1.2 billion Total Assets Transport Energy Water Renewables Communication Approx. $ Egged IPM VID Sunflower Cinturion 1.2 Egged Real Estate Ramat Hovav Data Centers (IPM)4 water desalination plant Eranovum Hagit billion 30.9.2025 Dri
Slide 5: Value Driven Growth
Value Driven Growth Growth Components in Equity Value and Total Yield of the Assets ($ in millions) ($ in millions) 1,500 351 (67)1 743 59% 266 944 458 1,234 Photo credit: Miki Even Tzur Capital raised Appreciation Dividend 30.9.25 Cost at Fair value acquisition and proceeds Since Keystone’s Aggrega
Slide 6: Continuous Value Creation
Continuous Value Creation Consistent Equity Growth Toward the Target Return on Equity Approx. $73 million ($ in millions) more than Tripled2 aggregate dividend3 ($ in millions) Target1 3x 1.2 27.7% 73 0.8 0.6 25 0.5 48 0.5 0.3 8.6% 26 22 12 14 2021 2022 2023 2024 30.9.2025 2030 2024 LTM 2022 2023 20
Slide 7: From Value Creation to Significant and Growing Cash Flow for Keystone
From Value Creation to Significant and Growing Cash Flow for Keystone Consistent Increase in Avg. Projected Cash Flow Predictable and Diversified Annual Cash Flow from Acquisitions, Enhancements and Value Creation Projected Cash Flow for Keystone from Income-Producing Assets1 ($ in millions) Average
Slide 8: Value-Creation Initiatives
Value-Creation Initiatives Sunflower, Poland 8
Slide 9: Continued Diversification and Efficiency in Israeli Transport Operations
Continued Diversification and Efficiency in Israeli Transport Operations Light Rail Public Transport EGG App Continued entry into Expansion and Increased Enhancing accessibility and complementary areas Efficiency customer experience Won tender to operate the Won and commenced operation Launched a Cu
Slide 10: Significant Expansion in International Transport Activity
Significant Expansion in International Transport Activity Expanding Core Activities Expanding into New Markets Won Zeeland tender in the Netherlands Acquisition of 51% of the Lithuanian public for 12 years, with revenues of transport company TOKS approx. $0.4 billion1 Per EUR 33 million company valu
Slide 11: Progress in Construction of Data Center Adjacent to the IPM Power Plant
Progress in Construction of Data Center Adjacent to the IPM Power Plant1 40 MWIT campus High energy availability and scalability potential Energy stability and high operational continuity Rendering Planning Infrastructure to Support AI Needs Status: Full permit expected early Q1/2026. Financial clos
Slide 12: Keystone is Leading The Renewed Wave of Investment in Israel's Conventional Energy Market
Keystone is Leading The Renewed Wave of Investment in Israel’s Conventional Energy Market Development and Construction Status of Private-Sector Conventional Power Plants1 Over 1 GW in construction and development stages in high-demand areas 660 MW Hagit 1 by 2040: by 2030: (Keystone’s share4) 900 MW
Slide 13: Progress in the Construction of the Sorek Power Plant
Progress in the Construction of the Sorek Power Plant 1 The plant is approaching financial closing, with operation scheduled for 2029 up to 900 40 % 25 -year MW expected capacity Convertible Debt Financing Rate concession period High electrical efficiency (H class) Keystone will provide loans to BOT
Slide 14: Stable Capital Structure as an Enhancement Tool
Stable Capital Structure as an Enhancement Tool Approx. Debt ($ in millions) 30.9.25 $ 67M Cash Series A Bonds At a weighted fixed interest rate of ~1.3%, linked to the CPI, with 201 Approx. a duration of 3.75 years $ 420M Series B bonds At a weighted fixed non-linked interest rate of 5.75% with a 2
Slide 15: Financial Results Summary
Financial Results Summary 1 Revenue growth to approx. $163 million for the period Income Statement Summary $ in thousands 9M/2025 9M/2024 2 Approx. $30 million gain from the acquisition of Egged shares Cash inflows1 40,940 52,982 Changes in fair value 122,531 (40,829) 3 Net profit growth for the per
Slide 16: Transport
Transport Egged I Eranovum I Drive Group Egged, EBS Netherlands 16
Slide 17: Transport | Key Assets
Transport | Key Assets Value and Yield of the Income-Producing Assets on the Platform2,3 (In $ in millions and in %, respectively) Total Yield 53% Egged Group 13% 828 Projected IRR4 41 195 cash 154 Egged Group Global transport group and Egged Real Estate 717 Drive Group 788 17% Maintenance and opera
Slide 18: Profit from Exercising 2nd and Last Option in the Egged Partnership
Profit from Exercising 2nd 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 Approx. $ Teachers Fund Fund 36million 19% 81% Revenue for the partnership in B
Slide 19: Egged: Global Transport Group
Egged: Global Transport Group 5 Synergetic and Growing Business Segments Egged Group Value and Total Return1 30% 55% Public transport in Israel $ 2B Approx. $ 23% Egged Real Estate $ 1.5B $ 0.3B 1.7billion 12% Egged Europe Egged Group value 1 $ 1.7B 9% Egged Travel & Tour in Israel 1% Light rails in
Slide 20: Egged Group: Financial Results
Egged Group: Financial Results Consistent growth in revenue and profitability The Group’s The Group’s Expansion and diversification of Significant growth in Revenue EBITDA1 revenue and EBITDA revenue mix with competitive since acquisition of control by Keystone (9M, $ in millions) (9M, $ in millions
Slide 21: Power
Power IPM I Ramat Hovav | Hagit | Sorek | Atarot | Hagit 2 21
Slide 22: Power | Key Assets
Power | Key Assets1 Value and Yield of the Income-Producing Assets on the Platform4 (In $ in millions and in %, respectively) IPM 450 MW Total Yield Hagit 660 MW IPM 84% 9% Ramat Hovav Expected IRR5 496 1,195 MW Hagit 180 Sorek Up to 900 MW under construction2 269 29% Expected IRR5 316 Atarot Up to
Slide 23: IPM, Hagit, Ramat Hovav
IPM Hagit Ramat Hovav Keystone’s holdings: 34.3%1 Keystone’s holdings: 16.3%1 Keystone’s holdings: 16.3%1 EBITDA2 Revenue EBITDA2 Revenue EBITDA2 Revenue (9M, $ in millions) (9M, $ in millions) (9M, $ in millions) (9M, $ in millions) (9M, $ in millions) (9M, $ in millions) 216 360 212 67 100 199 249
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: Keystone Infra Ltd. Thank you!
Keystone Infra Ltd. Thank you!