Ellomay Capital Ltd · AMEX:ELLO
Ellomay Capital — Investor Presentation (June 2026)
35 slides from Ellomay Capital's investor presentation, Jun 30, 2026
Slide 1: Investor Presentation June 2026
1 Investor Presentation June 2026 ELLOMAY CAPITAL LIMITED
Slide 2: General and Forward-Looking Information
2 2 General - The information contained in this presentation is subject to, and must be read in conjunction with, all other publicly available information, including our Annual Report on Form 20 - F for the year ended December 31 , 202 đ , and other filings that we make from time to time with the SE
Slide 3: Key Developments in the First Half of 2026
3 Key Developments in the First Half of 2026 Ʊ čĒʼnĕ Stake sold Sale of Dorad Holdings NIS ēĐĎʼnđ M Total consideration The transaction was completed at an implied Dorad valuation of approximately NIS 4.4 billion, reflecting significant value creation. Net proceeds received after debt deduction at the
Slide 4: Operating Footprint
4 Operating Footprint 1 . The company ’ s share in the 300 MW Talasol project is 51 %. 2 . The company ’ s share is 51 %. o Solar o BESS (Battery Storage) o Biogas o Pumped Storage Đ Technologies o Italy o Spain o Netherlands o Israel o U.S. 5 Geographies o 336 MW č Ɗ – Spain Ɗ | Ɗ Solar o 38 MW Ď Ɗ
Slide 5: Sale of Dorad Holdings
5 Sale of Dorad H oldings Sale of the 16.9 % stake in Dorad at an implied valuation of NIS 4.4 billion ēĐĎʼnđ NIS million Value of Dorad H oldings đĒČ NIS million Net cash proceeds* ďďĎ NIS million Pre - tax capital gain * After deducting 50 % of the net debt of the holding company, “ Ellomay Luzon E
Slide 6: Use of Proceeds from the Dorad Sale
6 Use of Proceeds from the Dorad Sale The proceeds are expected to strengthen the balance sheet and support the acceleration of the company ’ s growth drivers o 40 % of the proceeds o Equity for new projects o Expansion of energy storage operations o Advancing the development pipeline in Israel and
Slide 7: Growth Drivers in Energy Storage
7 7 7 Growth Drivers in Energy Storage Creating stable, long - term cash flow through agreements with leading offtakers in the market Stand - Alone Projects Reducing exposure to power price volatility and increasing revenues, while enabling the company to enter into Hybrid PPAs at significantly high
Slide 8: Projects Grid Connection Forecast
8 441 202 1,872 262 478 1,878 643 88 1,055 1,878 Projects Grid Connection Forecast As of today 2026 ĎČĎĔ MWP Existing Ēčđ USA ĎĔ Storage Ɗ MWh Spain ĔĔ MWP Existing ƊƊƊƊƊƊƊƊ ĒĐď Italy ƊƊƊ ĎĒĎ USA ƊƊƊ ĕĔ Israel ƊƊƊƊ đĎ Storage Ɗ MWh Existing ƊƊƊƊƊƊƊƊ ĔĔ Italy Ɗ ĒČČ Spain ƊƊƊƊƊ čńČĐČ Israel ƊƊƊƊ čđČ č
Slide 9: Company-Level Forecasts (Consolidated)
9 Company - Level Forecasts (Consolidated) ƊƊ | Ɗ € millions EBITDA Revenues Ŀ Significant value creation in 2026 following the Dorad sale * Revenues include revenues from disposition of assets and income due to the sale of tax credits (ITC) in the USA. ** Includes other income from the disposition
Slide 10: Project-Level Forecasts
10 46 61 82 106 2025 2026E 2027E 2028E Project - Level Forecasts ƊƊ | Ɗ € millions Significant growth as the project pipeline matures EBITDA Revenues Ŀ * Revenues include income due to the sale of tax credits (ITC) in the USA. The projections do not include projects under development. The projection
Slide 11: The Operations in Spain
11 The Company ’ s Operations in Spain Solar and E nergy S torage Projects – Talasol and A dditional P rojects 11
Slide 12: Grid-Connected Solar Projects
12 Grid - C onnected S olar P rojects Talasol Ellomay Solar Spain | Italy | Netherlands | U.S.A | Israel
Slide 13: Spain Project Details and Financial Data
13 Holding % Production š MWh / y Ţ Specific Yield (kWh/kWp/y) Debt Balance June 1, 2026 Total Equity Total Senior LT Debt Total Capex Exp. FFO Exp. EBITDA Exp. Revenues COD Date Project Status MWh MWp Type Project 51% 560,594 1,869 145.0 46.0 175.0 221.0 6.9 14.7 20.9 2020 Operation - 300 PV Talaso
Slide 14: The Operations in Italy
14 The Company ’ s Operations in Italy Solar and Energy Storage Projects 14
Slide 15: Operating and Under Construction & Development Projects
15 Operating and Under Construction & Development Projects Geographic breakdown MW ďĔ Operating Projects 160 MW Advanced construction; expected grid connection in 2026 227 MW Pre - construction projects, including 100 MW awarded under Italy ’ s FER X tariff tender RTB storage projects with Capacity
Slide 16: Italy Project Details and Financial Data
16 Holding % Production (MWh/y) Specific Yield (kWh/ kWp /y) Debt Balance 01.06.2026 Total Equity Total Senior Ɗ LT Ɗ Debt Total Capex Exp. FFO Exp. EBITDA Exp. Revenues COD Date Project Status MWh MWp Type Project đčƱ ĎĒńčďđ čńēĒĔ ďʼnĐ ĒʼnĐ ēʼnČ čďʼnĐ Čʼnē čʼnĒ ĎʼnČ ĎČĎĐ Operation ū čđ PV Ello 01 đčƱ ĔńĒď
Slide 17: Netherlands Biogas Operations
17 Netherlands B iogas Operations (Goor, Eindhoven, Gelderland) 17
Slide 18: Impact of New Regulation on Biogas Operations
18 Impact of N ew R egulation on B iogas O perations Expected P rice I ncrease The s trong demand is expected to drive an increase in prices for green gas and green certificates Increase in D emand The company is expected to benefit from rising demand for green gas and GoOs in the Netherlands Green
Slide 19: Biogas Operations Project Details and Forecast
19 Biogas O perations | Project D etails and F orecast € 20 M Revenues € 5 M EBITDA € 4.5 M FFO Financial F orecasts from 16 m Nm 3 to 24 m Nm 3 50 % Maximizing P roduction O utput Increasing the production license The GGOT production expansion license has been received ; the process for the two add
Slide 20: Biogas Project Details and Financial Data
20 Holding % Biomethane capacity (Million Nm3) Specific Yield ( kWh / kWp / y ) Debt Balance June 1, 2026 Equity to Invest Total Senior LT Debt Total Capex Exp . FFO Exp . EBITDA Exp . Revenues COD Date Project Status MWh MW Type Project 100% 8.4 - 1.5 11.9 4.8 16.7 1.8 2.2 9.8 2020 Operation - 11 B
Slide 21: The Operations in the U.S.A
21 The Company ’ s Operations in the U.S.A Solar P rojects – Texas, U . S . A 21
Slide 22: Texas Solar Operations Under Distributed Generation Regulation
22 22 Texas S olar Operations Under the Distributed Generation Regulation € 15 M € 12 M € 8.5 M Expected Revenues Expected EBITDA Expected FFO Approx . Approx. Approx. EBITDA and FFO are non - IFRS measures. The Company is unable to provide a reconciliation between the EBITDA and FFO and the net i n
Slide 23: U.S. Project Details and Financial Data
23 Holding % Production (MWh/y) Specific Yield (kWh/kWp/y) Debt Balance June 1, 2026 Total Equity Total Senior LT Debt Total Capex Exp. FFO Exp. EBITDA Exp. Revenues COD Date Project Status MWh MWp Type Project 100% 26,211 1,950 - 16.5 - 16.5 1.7 1.9 2.3 2025 Operation - 13 PV Fairfield 100% 26,733
Slide 24: The Operations in Israel
24 The Company ’ s Operations in Israel Pumped S torage Project and S olar P rojects 24
Slide 25: Manara Pumped Storage
25 25 The Company ’ s Operations in Israel Manara P umped S torage Solar U nder construction, with capacity of 156 MW and 12 hours of continuous operation 1,872 MW h total storage capacity The project can be expanded to 220 MW Compensation is expected from the State for the construction shutdown per
Slide 26: Pumped Storage Manara Cliff
26 26 Pumped S torage Ɗ Ɗƽ Manara Cliff Manara Cliff – Israel Location Ellomay ( 83.34 %), Ampa Investments ( 16.66 %) Ownership 2030 Expected construction completion €615 million Total expected project costs 156 MW Installed capacity 1,872 MWh Storage capacity € 44 M Expected annual EBITDA € 84 M E
Slide 27: Solar Project Development in Israel
27 27 Solar P roject D evelopment in Israel Grid connection License validity Tariff per kWh Storage capacity MWh MWp capacity Status Project name TBD Market framework Market framework 75 21 Approved zoning plan Komemiyut Solar + Storage TBD Market framework Market framework 75 21 Approved zoning pla
Slide 28: Manara PSP Project Details and Financial Data
28 Holding % Production š MWh / y Ţ Specific Yield š kWh / kWp / y Ţ Debt Balance June 1, 2026 Total Equity Total Senior LT Debt Total Capex Exp . FFO Exp. EBITDA Exp . Revenues COD Date Project Status MWh MWp Type Project 83% - - 91.0 136.8 478.7 615.5 27.2 43.9 84.1 2030 Under Construction 1,872 -
Slide 29: Projects under Development
29 Projects under D evelopment 29
Slide 30: Project Details | Development
30 Project D etails | Development Holding % Production (MWh/y) Specific Yield (kWh/kWp/y) MWh MWp Type Country Project 100% - - 600 - BESS Italy Italy stand - alone BESS 100% - - 88 - BESS Spain BESS - Ellomay Solar 51% - - 1,040 - BESS Spain BESS - Talasol 100% 612,916 1,869 - 328 PV Spain Ellomay
Slide 31: Financial Data
ellomay Financial Data
Slide 32: Key Balance Sheet Figures
32 Key B alance S heet F igures | € thousands % of total assets March 31, 2026 % of total assets December 31, 2025 % of total assets December 31, 2024 % of total assets December 31 , 2023 9% ĔďńĒĕē 10% ĔēńĒčĐ 6% ĐčńčďĐ 9% đĎńčĎĐ Cash , deposits and marketable securities 73 % ĒĐďńččđ 71 % ĒČČńĕĎď 73
Slide 33: Financial Debt and CAP Calculation
33 March 31, 2026 December 31, 2025 December 31, 2024 December 31, 2023 € thousands ĎďńďđĐ čēńĎďđ ĎčńďčĒ ĕńēĔĐ Current maturities of bank loans čĐńĕďĕ ďńĒĒĒ đńĔĒĒ đńČČČ Current maturities of other loans ĒĒńēĐď ďĕńĔČď ďđńēČĒ ďđńĎČČ Current maturities of bonds ďĒčńďĐČ ďďČńĔĐđ ĎēĒńďčĐ ĎĒēńčđĐ Long - te
Slide 34: Appendix B | Reconciliation of Loss to EBITDA
34 34 Appendix B | Reconciliation of loss to EBITDA (in € millions) 2025 ( 6 ) Loss for the year ended December 31 , 2025 27 Financing expenses, net (2) Tax Benefit 16 Depreciation and amortization expenses ďđ EBITDA
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