Enlight Renewable Energy Ltd · TASE:ENLT
Enlight Renewable Energy — Q2 2025 Earnings Presentation
30 slides from Enlight Renewable Energy's earnings presentation, Aug 6, 2025
Slide 1: Earnings Presentation Second Quarter 2025
Earnings Presentation Second Quarter 2025 1
Slide 2: Legal disclaimer
Legal disclaimer This presentation contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We authorizations; our performance of various obligations under the terms of our indebtedness (and the indebtedness of our subsidiaries that intend
Slide 3: Excellent financial results and raising 2025 guidance
Excellent financial results and raising 2025 guidance High 2Q25 growth rate: 53% growth in revenue and income, 57% in Adjusted EBITDA1 Raising guidance for 2025: Total revenues and income now in the range of $520-535 million and Adjusted EBITDA in the range of $385-400 million, an increase of 5.5% a
Slide 4: Continued and consistent growth in financial results
Continued and consistent growth in financial results 4
Slide 5: 1H 2025: High growth rates in revenues & income and profits
1H 2025: High growth rates in revenues & income and profits 1H25 vs 1H24, $m 46% 71% 216% Sale of 44% of the Sunlight cluster contributed $42m 265 227 Results from changes in working Sale of 44% of the Sunlight cluster capital. Cash flow from contributed $80m 182 operations continues to grow 133 107
Slide 6: 2Q 2025: Over 50% increase in revenues & income and Adjusted EBITDA
2Q 2025: Over 50% increase in revenues & income and Adjusted EBITDA 2Q25 vs 2Q24, $m 53% 57% 15% 41% 135 Results from changes in working capital. Cash flow from 96 operations continues to grow An accounting reduction of $12m due 88 to the impact of foreign exchange differentials on a dollar-denomina
Slide 7: Raising 2025 revenue & income and Adjusted EBITDA guidance by 5.5%-6.0%
Raising 2025 revenue & income and Adjusted EBITDA guidance by 5.5%-6.0% Revenues & Income1 ($m) Adjusted EBITDA2 ($m) 535 400 5.5% 520 6% 385 510 380 490 360 Original guidance Updated guidance Original guidance Updated guidance range range range range 1 Total revenues and income include revenues fro
Slide 8: Enlight continues to generate high growth rates over time
Enlight continues to generate high growth rates over time Revenues & Income1 ($m) Adjusted EBITDA2 ($m) 39% 39% CAGR 520-535 CAGR 385-400 399 289 261 194 192 130 135 102 78 92 84 66 52 39 2018 2019 2020 2021 2022 2023 2024 2025E 2018 2019 2020 2021 2022 2023 2024 2025E 1 Total revenues and income in
Slide 9: Growth continues alongside enhanced financial strength
Growth continues alongside enhanced financial strength Continued Growth in Equity ($m) Cash flow from operations ($m) Total Equity1 44% 47% CAGR 1,648 CAGR 1,441 193 1,435 150 1,050 757 90 512 52 288 38 165 28 19 2018 2019 2020 2021 2022 2023 2024 2025 2018 2019 2020 2021 2022 2023 2024 Q2 1Based on
Slide 10: Strengthening and expanding Enlight's executive leadership
Strengthening and expanding Enlight’s executive leadership Gilad Yavetz, Enlight’s founder and CEO, will be appointed to the position of full-time Executive Chairman of the Board. Adi Profile | Adi Leviatan Leviatan will be appointed as CEO. Yair Seroussi will be appointed as Vice Chairman of the Bo
Slide 11: Portfolio - Value creation through project initiations and progression in 2Q25
Portfolio - Value creation through project initiations and progression in 2Q25 11
Slide 12: Global Portfolio
Global Portfolio Operational 9.2 FGW 3.1 FGW1 Components Under construction 2.9 FGW of the Mature Total Portfolio portfolio Pre-construction 3.2 FGW 35.3 FGW Advanced development 6 FGW Development 20.1FGW 1 FGW (Factored GW) is a consolidated metric combining generation and storage capacity into a u
Slide 13: Progress and expansion of the portfolio during 2Q25
Progress and expansion of the portfolio during 2Q25 Operational Start of 72 Under const. 2Q25 FMW 1,140 FMW Pre-construction 260 63 97 FMW FMW FMW Advanced development 1,500 160 FMW FMW Development 1 FGW (Factored GW) is a consolidated metric combining generation and storage capacity into a uniform
Slide 14: Progress and expansion of the portfolio during 2Q25
Progress and expansion of the portfolio during 2Q25 7% 72 Op’ing 3.1 FGW1 9.2 FGW FMW Components Under const. 2.9 FGW 1,140 of the Mature Today FMW Portfolio Pre-construction 3.2 FGW 260 63 97 FMW FMW FMW Advanced development 6 FGW 1,500 160 FMW FMW In addition, a 100 MW IT Data center is Developmen
Slide 15: The Mature portfolio is expected to generate $1.5bn of revenues & income
The Mature portfolio is expected to generate $1.5bn of revenues & income $520-$535m 2025 revenues & Operational 3.1 FGW1 income guidance ~$1.5 billion Expected revenues Under construction 2.9 FGW ~$550m & income of the Commence operations in 2025-26 Revenues & income Mature portfolio Pre-constructio
Slide 16: Achievements during the quarter
Achievements during the quarter U.S. EU MENA The flagship project Snowflake A (1.1 Secured $310m financing to add solar Signing of land agreements for FGW) has begun construction on and energy storage to Spain's Gecama approximately 700 FMW of integrated schedule. wind farm, creating one of the larg
Slide 17: Business Plan - 3X growth in 3 years, reaching a revenue run-rate of ~$1.4 billion
Business Plan - 3X growth in 3 years, reaching a revenue run-rate of ~$1.4 billion 1 1 Based on 2025 guidance added to revenues & income (sale of electricity, tax benefits) of projects in the under construction and pre-construction portions of the Mature portfolio 17
Slide 18: The business environment supports continued growth with high returns
The business environment supports continued growth with high returns Demand for Rising electricity Continued declines electricity is soaring, prices in equipment driven by growth in prices (panels and data centers batteries) Declining Regulatory clarity weighted average in the U.S. cost of capital A
Slide 19: Expected to reach ARR of $1.4bn by the end of 2027 with rising share of ownership
Expected to reach ARR1 of $1.4bn by the end of 2027 with rising share of ownership Annual recurring revenues & income run rate Global operating capacity roadmap2,3 (FGW) Weighted average of roadmap1,3,4 ($bn) Enlight’s share of revenues and income 40% 42% 11-13 1.9-2.2 CAGR CAGR Mature Mature portfo
Slide 20: A historic year for new project construction: 4.8 FGW under construction in 2025
A historic year for new project construction: 4.8 FGW under construction in 2025 Mature portfolio 2025 plan: building 4.8 FGW1 of capacity 7.9 FGW (86% of the Mature portfolio) is either operating or 1.5x more capacity under construction in 2025, a major than was built in the past 15 years 9.2 step
Slide 21: Sustaining a 3x growth rate every three years with returns above 15%
Sustaining a 3x growth rate every three years with returns above 15% Average historic return on operating assets (3.1 FGW) is above 15% Under construction and pre-construction projects (6.1 FGW) maintain high returns: ~$500m First year expected EBITDA1 11-12% = Unlevered project returns ~$4,250m Exp
Slide 22: "Connect & Expand" strategy maximizes interconnection potential and returns
“Connect & Expand” strategy maximizes interconnection potential and returns 3.7 FGW of expansions at existing Advantages of “Connect & Expand” projects planned for construction in 2025-27 Using existing Using existing infrastructure saves interconnect reduces construction costs development risks 0.3
Slide 23: G@nlight es
a G@nlight es 23
Slide 24: Appendix
@nlight Appendix
Slide 25: Reconciliation between Net Income to Adjusted EBITDA
Reconciliation between Net Income to Adjusted EBITDA ($ thousands) For the three months ended For the six months ended June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Net Income (loss) 5,569 9,459 107,372 33,944 Depreciation and amortization 37,228 25,282 71,017 50,886 Share based compensati
Slide 26: Portfolio snapshot
Portfolio snapshot Generation, Storage, Graph, MW MWh scale Portfolio definitions Operational, under construction and pre-construction + + Mature Phase (expected to start construction within 12 months) 11,163 31,452 20,028 53,430 Advanced Projects which are expected to begin construction Phase withi
Slide 27: Demand for electricity is rising globally
Demand for electricity is rising globally Soaring global demand for power1 Increasing demand for electricity in the U.S.2 TWh Global electricity demand U.S. 10-Year Annual Load Growth Forecast 40,000 2.0% 35,000 3.1% 1.5% 30,000 CAGR 25,000 Net zero emissions 1.0% 20,000 scenario 15,000 0.5% 10,000
Slide 28: Major declines in the solar panel and battery costs
Major declines in the solar panel and battery costs Forecast for global energy storage equipment prices Unprecedented declines in equipment input costs Real 2024 $/kWh 140% 307 120% Lithium price 250 100% 228 Polysilicon price 80% 152 148 132 60% 118 110 105 99 95 91 88 85 82 40% -77% 20% -90% 0% 20
Slide 29: Increasing spreads between equipment costs and electricity prices
Increasing spreads between equipment costs and electricity prices Attractive renewables production costs in the US PPA pricing in the U.S.3 LCOE - Levelized Cost of Electricity1 $ / MWh Solar Regional solar and storage LCOE2 $75 +84% $70 Q1 21- Q2 25 71.31 188 $65 64.43 159 $60 Enlight’s 57.55 $55 m
Slide 30: Advanced grid connection status for 18.8 FGW of U.S. projects
Advanced grid connection status for 18.8 FGW of U.S. projects Access and cost of infrastructure is the principal constraint for new electricity projects Mature Phase Development Projects Advanced Phase Phase 5.6 FGW + 5.1 FGW + 8.1 FGW 100% of U.S 100% of U.S 62% of U.S Mature Phase Advanced Phase D
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