Doral Group Renewable Energy Resources Ltd · TASE:DORL
Doral Group Renewable Energy Resources — Q3 2025 Earnings Presentation
34 slides from Doral Group Renewable Energy Resources's earnings presentation, December 2025
Slide 1: Earnings Presentation Q3 2025
Earnings Presentation Q3 2025 Ma’ale Gilboa Agro
Slide 2: Legal Clarification
Legal Clarification This presentation constitutes an English convenience translation of the original Hebrew version. In the event of any discrepancy, ambiguity, or inconsistency between this translation and the version published on MAGNA, the Hebrew version as published on MAGNA shall govern and pre
Slide 3: Q3 2025 Key Highlights
Q3 2025 Key Highlights Momentum of connections Strong financial performance Progress in the U.S. and construction4,5 Gvulot Hadarei She’an Great Bend 1,290 MWp + 1,505 MWh 206% Representative revenues YoY** Stake in Doral LLC will increase to 36% + connected2 optional 5%*** 180% Representative EBITD
Slide 4: Increased stake in Doral LLC
Increased stake in Doral LLC The Company’s holdings will increase to 36% plus option to purchase additional ~5% As part of the Company’s strategic focus on expanding equity interest amid accelerated business development and record electricity demand 40% The Company will acquire an additional 10% of
Slide 5: Increase of holdings in Doral LLC
Increase of holdings in Doral LLC Significant financial gain for Doral in an upside scenario 1250 l e of Doral Group’s holdings in Doral LLC 1150 Value of Doral’s holdings after the transaction 1050 (less the consideration*) 950 rs miilllion dollars 850 750 Value of Doral’s holdings without the tran
Slide 6: Global Pipeline
Global Pipeline4,5 Mature pipeline1 21,211MWp 23,012MWh (9,460MWp) (14,744MWh) 5,029 4,279 MWp MWh (2,189MWp) (3,101MWh) 13,862 10,851 5,331 4,872 2,255 1,539 1,290 1,505 1,484 1,235 Solar MWp Storage MWh Connected2 Under Mature advanced Additional Under construction /in development advanced develop
Slide 7: Projected results of mature projects and electricity trading
Projected results of mature projects1 and electricity trading4,5,7 Over ILS 1.5 billion in revenue expected in 2026 Revenues EBITDA FFO Project and electricity trading** Project and electricity trading Project and electricity trading (ILS millions) (ILS millions) (ILS millions) 4,193 (3,070) 1,935 (
Slide 8: ~ILS 3B projected annual revenues from the mature pipeline
~ILS 3B projected annual revenues from the mature pipeline1 On track to income-generating ~5 GWp + 4.5 GWh4,5 Breakdown of projected annual revenues from the mature pipeline Geographical distribution of mature pipeline (ILS millions, Company’s share*) (Company’s share**) 3,037 55% 39% U.S. Israel To
Slide 9: Israel Operations
Israel Operations Israel | USA | Europe Ma’ale Gilboa Agro 9
Slide 10: Pivotal Juncture for the Israeli Market
Pivotal Juncture for the Israeli Market The government’s renewable energy target Projected market storage capacity (GWh) 2030: Additional storage capacity of more than 28 GWh required Doral’s connected 30.6 Doral holds storage pipeline2 constitutes more than ~ 8GWp 30% 40% 50% of total connected2 of
Slide 11: Doral - Israeli Renewable Energy Leader
Doral - Israeli Renewable Energy Leader Israel’s largest solar and storage pipeline Accelerated Business Development 300+ partnerships with cities and towns More than 35,000 dunams of land in various planning stages Israeli agrivoltaic leader Connections & construction momentum 700 MWp + 1,505 MWh c
Slide 12: Doral Agro: From Vision to Reality
Doral Agro: From Vision to Reality Spotlight on Connected and In Construction Projects1,5 Commercial R&D 8 Hagoshrim Ardom Connected 4 MWp I 16.5 MWh 1 MWp and in construction 8 commercial and 3 R&D Kfar Masarik* Bar Ilan 15 MWp I 82 MWh 1 MWp Beit Haemek Shamir Institute 70 + 276 8 MWp I 45 MWh Rev
Slide 13: Hadarei She'an - green power plant in Emek HaMa'ayanot
Hadarei She’an - green power plant in Emek HaMa'ayanot4,5 175+679 2026 829 MWp MWh (million ILS) Installed Expected Construction capacity commercial costs operation 11 141 87 (million ILS) (million ILS) Kibbutzim in Anticipated Anticipated partnership revenues EBITDA* with Doral * The presented proj
Slide 14: Ultra-High Voltage National Infrastructure Projects
Doral is Spearheading 7 Ultra-High Voltage National Infrastructure Projects with a Combined Capacity Upwards of 2 GWp Projects that have secured government resolutions or are in advanced stages of official designation as national infrastructure projects Agrisolar and ground-mounted projects of natio
Slide 15: U.S. Operations
U.S. Operations Great Bend Israel | USA | Europe 15
Slide 16: Doral LLC - a Key Player in the U.S. Market
Doral LLC - a Key Player in the U.S. Market5 Among the 10 leading solar developers in the United States* Operating in 24 countries 15 GWp Total project capacity Indiana North 4 GWh Total storage capacity *Based on the S&P Global rating. link to source 16
Slide 17: Key Trends in the U.S.
Key Trends in the U.S. Agreements signed Continued progress ~4.3 GWp + 2.2 GWh added to for tax equity investment in on the Cold Creek additional advanced Mammoth Central Project, Texas development (752 MWp) (~552 MWp + 340 MWh) (in the last quarter) Totaling $250 million Secured a PPA with total pr
Slide 18: Spotlight on Doral LLC's Activity in the Coming Years
Spotlight on Doral LLC’s Activity in the Coming Years Substantial pipeline expected to yield $854 million in EBITDA* ~ 2.2 ~ 4.3 2028/9 ~ 854 ~2.5 ~7.7 GWh GWp million dollars GWh GWp Added to additional Maximun exepected Anticipated EBITDA Secured or are expected advanced development COD Year for t
Slide 19: The U.S. Power Market: A Paradigm Shift in Renewable Energy
The U.S. Power Market: A Paradigm Shift in Renewable Energy Renewable energies: The Forces Driving Unprecedented Rapid deployment, competitive cost, U.S. Power Demand high grid-readiness 178%+ 2,600GW in electricity demand by 2050 94% of the projects ready for and 25% by 2030 connection to the grid*
Slide 20: European Operations
European Operations UROP Israel | USA | Europe 20
Slide 21: Doral Europe
Doral Europe Significant opportunity to integrate storage for portfolio optimization 110 MWp connected2 Expansion of OU pnerdaetriocn osnsintrtuhcetiDoann/isnhpM rea-rket construction (MWp) Initiative to expand the pipeline with 4 solar and storage projects* 60 Denmark Development of 3 new solar and
Slide 22: Accelerated Growth in the Danish Renewables Market
Accelerated Growth in the Danish Renewables Market Supportive regulation, significant grid investments, and government targets are creating a strategic opportunity in the energy storage sector Forecast for Cumulative BESS Target of 100% renewable electricity consumption by 2030* Installations in DK1
Slide 23: Financial Results
>»>>> Financial Results DORAL 23
Slide 24: Liquid balances and financing
Liquid balances and financing 854 Senior debt Solar + storage Ultra-high voltage Low voltage tariff + financing facilities (market Agrivoltaic* gound-mounted storage on customer Europe Total Additional (ILS millions) regulation)* project*** premises 232 short-term liquidity8 Facilities 2,097 295 240
Slide 25: Key financial data
Key financial data3 Cumulative investments in projects 100%, in ILS millions Key Highlights of the Consolidated Statements of Financial Position 9,826 (in ILS millions) 6,637 +48% 30.9.2025 30.9.2024 31.12.2024 Cash and cash equivalents 585.0 546.2 465.3 31.12.2024 30.09.2025 Other current assets 45
Slide 26: Renewable Energy Driven by People
RENEWABLE ENERGY DRIVEN BY PEOPLE office@doral-energy.com | www.doral-energy.com Maale Gilbo’a 26
Slide 27: Key financial data
Key financial data3 Key highlights of the consolidated statements of profit or loss and other comprehensive income (in ILS millions) IFRS GAAP 1-9.2025 1-9.2024 1-12.2024 Financial asset model | Projects by equity method Revenues from the sale of electricity to wholly or proportionately consolidated
Slide 28: Commercially operated projects
Commercially operated projects4,5 Net meter Gound- Regulation PV regulation and tariff Feed-in tariff PV Gound-mounted Bid processes for feed-in mounted PV facilities PV facilities facilities connected PV facility in the Sundry Total tariff PV facilities facilities in combining storage connected aft
Slide 29: Projects ready for connection
Projects ready for connection4,5 Area Project Technology Guaran Guaranteed Guaranteed Total Total Projected Total Total CapEx Projected Investme Investment Annual Annual Annual Post- Percentag teed tariff linakge tariff period installed storage commerci projected invested to leverage nt rate balance
Slide 30: Projects under construction or in pre-construction
Proojects under construction or in pre-construction4,5 Area Project Technology Guaranteed Guaranteed Guaranteed Total Total Projected Total projected Total CapEx Projected Investme Investment Annual Annual Annual Post- Percentage tariffs tariff linakge tariff period installed storage commercial cons
Slide 31: Projects in advanced mature development phases
Projects in advanced mature development phases4,5 Area Project Technolog Guarantee Guaranteed Guaranteed Total Total Projected Total Total CapEx Projected Investme Investment Annual Annual Annual Post- Percentag y d tariffs tariff linakge tariff period installed storage commercia projected invested
Slide 32: Additional projects in other advanced development phases
Additional projects in other advanced development phases4,5 Area Project Technology Guaranteed Guaranteed tariff Guaranteed Total Total Projected Total Total CapEx Annual Annual Percentage tariffs linakge tariff period installed storage commercial projected invested to date revenues EBITDA holding (
Slide 33: Projects in development
Projects in development4,5 Types of systems Market regulation high Market regulation Solar in Italy Solar in Poland Storage in Solar in Solar in Solar in the USA Solar + Storage in the Biogas Israel Total and regulations voltage in Israel ultra-high voltage in Poland Romania Denmark storage in the U
Slide 34: Notes
Notes 1“Mature” – projects that are in commercial operation, ready for connection, under construction or in pre-construction and in mature advanced development, see section 1.6 of the Quarterly Report. 2 The total capacity of the income-generating systems owned by the Group companies, together with
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