Enlight Renewable Energy Ltd · TASE:ENLT
Enlight Renewable Energy — Investor Day (May 2026)
59 slides from Enlight Renewable Energy's investor day presentation, May 19, 2026
Slide 1: Execution Excellence & Growth Drivers
ϭ Execution Excellence & Growth Drivers May 2026 Enlight Renewable Energy
Slide 2: Legal disclaimer
Gnlight Legal disclaimer “Ths presenaton contains forward-looking statements within the mening ofthe US. Private Secure Ligation Reform Act of 095. We inten such forwarootng statements tobe covered by the sfe harbor pravision fo frad-aaking statements a contin in Section 278 bf the Secures At of 193
Slide 3: Adi Leviatan Investor Event 2026
Adi Leviatan Investor Event 2026 May 19 , 026
Slide 4: The Electricity Era
The Electricity Era,
Slide 5: Structural change in electricity generation trends
ϰ Structural change in electricity generation trends - shifting to growth after years of stagnation Goldman Sachs Global Investment Research, EIA, EMBER -2.0 -1.5 -1.0 -0.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 Years 5 - Year CAGR ’ 09 ’ 10 ’ 11 ’ 12 ’ 13 ’ 14 ’ 15 ’ 16 ’ 17 ’ 18 ’ 19 ’ 20 ’ 21 ’ 22 ’ 23 ’ 24
Slide 6: Renewable Power is the fastest way to meet demand
ϱ Renewable Power is the fastest way to meet demand Solar PV ϰ Ͳ Ϯ years ϱ Ͳ ϯ years 3 - 6 years Wind onshore Wind offshore SMR Large nuclear 7 - 10 years 10 - 15 years CCGT 4 - 7 years Estimated project development timelines Goldman Sachs Research; Anurag Gumber et al, A global analysis of renewabl
Slide 7: Renewables provide the lowest cost power generation
ϲ 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 50 100 150 200 250 400 LCOE, $/MWh *LCOE – Average US, unsubsidized Inflection point LCOE* by energy source, U. S., 2009 – 2025 Natural gas ( Peak) Nuclear Coal Natural gas Ϳ CCGT ; Onshore Wind Utility - scal
Slide 8: Renewables' share of global electricity generation
ϳ Renewables ’ share of global electricity generation (%) 61 63 67 0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 1995 2010 2023 2030 2040 2050 Low case Base case High case McKinsey Global Energy Perspective 2025 The beauty of solar and wind energy is their inherent simplicity … it is the most elegant a
Slide 9: Enlight – The Execution Machine
Enlight – The Execution Machine
Slide 10: Growth plan through 2028
ϵ 0.8 0.95 1.4 2.1 - 2.3 Dec 25 Dec 26 Dec 27 Dec 28 3.9 5.1 7.3 12 - 13 Dec 25 Dec 26 Dec 27 Dec 28 1 Including tax benefits. . Expected Adjusted EBITDA margin of approximately 70 % - 80 % (including tax benefits) for the years shown; 2 FGW (Factored GW) is a consolidated metric combining generatio
Slide 11: What makes Enlight an execution powerhouse
ϭϬ What makes Enlight an execution powerhouse One step ahead of the curve Creative problem - solving to overcome challenges Continuous innovation for growth Strategic consistency Excellence across the value chain Business and corporate discipline Entrepreneurial mindset Corporate capabilities
Slide 12: Enlight – the execution powerhouse: ahead of the curve
ϭϭ Enlight – the execution powerhouse Ahead of the curve x Israel : first to operate as both developer and IPP. Leading pioneer in developing, building and operating wind, solar and storage assets x Global: first Israeli company to enter Europe , the largest Israeli player in the U.S.; the only Isra
Slide 13: Enlight – the execution powerhouse: strategic consistency
ϭϮ Enlight – the execution powerhouse Strategic consistency Excellence across the value chain Business and corporate discipline x Pure - play renewable energy developer and IPP. x Geographic and technology diversification to mitigate risks. x Strong access to capital at attractive terms. x Robust ma
Slide 14: Data Centers – A Growth Driver
Data Centers – A Growth Driver
Slide 15: Data center electricity demand growing at record pace
ϭϰ Source: McKinsey & Co analyses, 2025 ; EY reports 147 178 224 292 371 450 513 606 2023 2024 2025 2026 2027 US energy consumption for data centers , TWh 2028 2029 2030 + ϮϮ % p.a For comparison, Israel ’ s total electricity consumption in 2025 was 75 terawatt - hours . Electricity demand for data
Slide 16: Data Center Energy Demand Outlook continually revised upward
ϭϱ Capacity demand forecasts for DC in the US, GW Source: Bloomberg NEF Consensus hyperscaler AI capex growth estimates start of year vs. realized (%) Source: Goldman Sachs analyses 2024 2025 2026 19 % 54 % 22 % 64 % 19 % ? Start of year Realized 0 10 20 30 40 50 60 70 80 90 100 110 2022 2024 2026 2
Slide 17: Access to power is the bottleneck for data centers
ϭϲ Pictures: CNN, Wikipedia, CNBC, WEF … The next shortage will be electricity . They won ’ t be able to find enough electricity to run all the chips … Elon Musk The amount of electricity AI will consume is staggering. We need energy miracles ... Bill Gates … We ’ re going from a world where the bot
Slide 18: Building data centers near power generation sources
ϭϳ Fiber Broadband Association (FBA) 2025 Deployment Cost Annual Report (released Jan 2026 ); PJM Filings; Electricity transmission: $ 1,500 – 2,500 /meter Leading power networks face heavy loads; adding generation capacity is slow and expensive Data transmission over optical fiber: $ 25 - 115 /mete
Slide 19: Data centers moving to secondary markets
ϭϴ To mitigate shortage, data centers are moving to secondary markets Primary Markets Secondary Markets Emerging Markets Primary Markets Secondary Markets Emerging Markets
Slide 20: Enlight's data center scope and advantages
ϭϵ Power supply to hyperscalers through PPAs Our core business , existing renewable assets in the U.S. & Europe Land and grid connection supply Supplying land, grid connection, and all supporting systems Development and management capabilities of utility assets at scale; high operational and energy
Slide 21: Ashalim: Enlight's flagship data center in Israel
ϮϬ Project in advanced development, COD expected as early as 2029 ~ 50 Acres secured via an ILA tender at a competitive price; planned investment of $ 1.5 - 2 Ϭ ͘ bn Planned capacity of ~ 160 MWIT Strategic location adjacent to massive renewable energy generation; planned co - located energy gener
Slide 22: Enlight utilizes synergies with generation and storage
Ϯϭ And Enlight utilizes the synergies Enlight leverages synergies to develop data centers adjacent to generation and storage sites , benefiting from consumer grid - connection advantages co - dependent on renewables generation SPP: 4.7 FGW of generation and storage under development PJM: 4 FGW of ge
Slide 23: Data center projects with billions in planned investment
ϮϮ development of 4 data centers adjacent to generation and storage sites with a total capacity of ~ 1,000 MWIT Flagship project in Ashalim with a capacity of ~ 160 MWIT, and several additional options on land with grid connections suitable for data center development Option for data center developm
Slide 24: Gnlight ws:
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Slide 25: Creating value through project development expertise
Creating value through project development expertise Enlight U.S.
Slide 26: The Clēnera Acquisition - A Success Story
Ϯϱ 1 Including tax benefits. For 2028 – Expected operational projects annual recurring revenues & income run rate Operational projects annual recurring revenues & income run rate 1 Operational Under Construction Θ Pre - Construction , Under Construction Θ Pre - Construction Adv ͘ Devel
Slide 27: Combined Strengths, Unlocking Value
Ϯϲ Market expertise Best in class development Portfolio size economies of scale RTX Process Combined Strengths, Unlocking Value Operational excellence Global access to capital Development & IPP strategy Asset management Multiple technologies Corporate governance
Slide 28: Combined Strengths, Unlocking Value
Ϯϳ Combined Strengths, Unlocking Value Entrepreneurial spirit Identifying market opportunities Execution expertise Successful integration know how Commitment to do good
Slide 29: Combined Strengths, Enlight and Clēnera
Ϯϴ Jared McKee CEO, Clēnera Jared joined Clēnera in 2016 and has led the development efforts at Clēnera for the last five years. Jared has built a thriving team at Clēnera which has grown the company ’ s pipeline of energy projects to 14 gigawatts of energy and 37 gigawatt hours of energy storage ac
Slide 30: Combined Strengths: Financial Strength, Execution, Pipeline
Ϯϵ Combined Strengths, Enlight and Clēnera Financial Strength Execution Excellence Robust Pipeline
Slide 31: Financial strength: project financing alongside tax equity
ϯϬ Financial strength: leveraging project financing alongside tax equity regime Diversified access to global Tier 1 lenders and tax equity partners In - house Project Finance team, leveraging Enlight ’ s global relationships Achieved favorable and attractive cost of capital 1 Securing Safe Harbor st
Slide 32: Clēnera brings unique development expertise in the US
ϯϭ Vertical Why Clēnera ? Site Control Tested approach to vet high value, developable land in various regions. Interconnection Interconnection expertise in multiple ISOs Permitting Deep and diverse development team executing robust engagement strategies Commercial offtake Long - term stable PPAs wit
Slide 33: Robust U.S. Portfolio
ϯϮ Total U. S. portfolio FGW 27.5 Operational 1.6 FGW Under const . 3.4 FGW Pre - const. 1.5 FGW Advanced development 5.3 FGW Development 15.6 FGW Commence operations in 2026 - 28 Begins construction in the next 12 months Begins construction in the next 13 - 24 months Robust U.S. Portfolio
Slide 34: CO Bar Complex
ϯϯ Location Coconino, Arizona Capacity 2,353 FMW Status In Construction COD Dates 2 H 2027 – 1 H 2028 Net Capex 1 $ 1,440 – 1,512 m First Year Revenues / EBITDA $ 254 - 267 m / $ 205 - 216 m Unlevered Return 1 ~ 13.8 % - 14.3 % 1,2 CO Bar Complex 1 Net construction costs assume receipt of certain IT
Slide 35: CO Bar Roadmap
ϯϰ Deal with landowners signed Draft System Impact Strudy CO Bar 2 PPA Signed NEPA Initiated Final SIS Issued Permit Secured CO Bar 3 PPA Signed CO Bar 1 PPA Signed CO Bar 2 & 3 PPA Amended Affected Systems Cleared Preconstruction APS Queue Reform CO Bar 1 PPA Amended NEPA Complete Cluster Study Com
Slide 36: Roadrunner
ϯϱ Location Arizona Capacity 567 FMW Status Operational COD Date December 2025 Net Capex $ 285 - 300 m First Year Revenues / EBITDA $ 51 - 54 m / $ 40 - 42 m Unlevered Return 1 13.9 % - 14.3 % 1,2 Roadrunner 1 Net construction costs assume receipt of certain ITC and PTC credits under the IRA and are
Slide 37: Roadrunner Roadmap
ϯϲ Roadrunner Roadmap July 2022 : AEPCO RFP Deadline Dec. 2022 : Clēnera /Roadrunner awarded PPA Aug. 2023 : Lease Executed Aug. 2023 : PPA & ESA Executed March 2024 : LGIA Signed Aug. 2024 : Start of Construction Oct. 2024 : DOD Mitigation Response Team (MRT) Agreement Executed Dec. 2024 :Financial
Slide 38: ~21 FGW Advanced and Early-Stage Portfolio across 8 ISOs
ϯϳ CAISO 0.7 FGW WECC - NW 4.1 FGW WECC - SW 6.4 FGW SPP 4.7 FGW PJM 3.8 FGW Looking ahead : a ~ 21 FGW Advanced and Early - Stage Portfolio across 8 ISOs Other 1.3 FGW
Slide 39: Project Execution & Asset Management Division
ϯϴ Project Execution & Asset Management Division Turning complex projects into yielding energy assets
Slide 40: Tripling revenue-generating portfolio
ϯϵ Additional 0.5 FGW 1 started construction during the past three months (CO Bar 3 ) Additional 3 FGW expected to start construction during 2026 More than 90 % of the mature portfolio expected to be operating or under construction by end of 2026 FGW) Plan ( 2028 Operating Portfolio 2028 Operating P
Slide 41: The Mature Portfolio in Numbers
ϰϬ 3.9 ϭϭ .6 FGW ϳ͘ϳ Operating portfolio Under and pre - construction ϰ͘Ϭ 3.7 ϳϳϬ Ψ M ϮϬϮϲ Revenues & Income $ 8.4 bn CAPEX $ 2.1 bn Mature Revenue and Income Run Rate Mature Portfolio By status – operating and mature The Mature Portfolio in Numbers Under construction To begin construction in the ne
Slide 42: Operational Portfolio
ϰϭ 4 US 36 MENA 13 Europe 53 Operational Sites Q 1 2026 Operational Portfolio 11 Countries & States Ϯ͘ϵ GW ϯ͘ϰ GWh н ϯ͘ϵ FGW
Slide 43: Under & Pre-Construction Capacity
ϰϮ 11 US ϯϬ MENA ϵ Europe Under & Pre - Construction Capacity ϱϬ Total Projects Operational portfolio growth: + 188 % globally ϭϰ Countries & States + 264 % US + 190 % Europe + 60 % MENA ~$ ϴ͘ϰ b Total Investment 3 New Markets ͘ ϯ 5 GW ϭ 4.5 GWh н ϳ͘ϳ FGW
Slide 44: Total Mature Portfolio
ϰϯ ϭϱ US ϲϲ MENA ϮϮ Europe Total M ature Portfolio ϭϬϯ Expected Operational Sites 1 ϵ Countries & States ͘ ϲ 4 GW ϭ 7.9 GWh н ϭϭ͘ϲ FGW
Slide 45: Integrated end-to-end execution platform
ϰϰ Unified management from early - stage engineering and procurement to long - term operations Deep integration between Engineering, Procurement, and Construction Economies of Scale: Leveraging Enlight ’ s global scale to secure Tier - 1 suppliers, price and quality Focused on long - term asset opti
Slide 46: Division core competencies
ϰϱ Best in class in Ͳ house engineering Managing engineering firms across operational markets Compliance and regulation adherence Innovation Engineering Asset Management Portfolio management Production & revenues optimization Availability Θ sites efficiency Big Data analytics, leveraging AI, and i
Slide 47: Data-driven management maximizes performance
ϰϲ Data - driven management maximizes performance Fast Fault Response Predictive and proactive approach based on trend identification Reliable insights Automated cloud data and dashboards support fast, informed decisions. to identify opportunities to improve EBITDA margins. Energy Management System
Slide 48: Unified Supervisory Control and Data System
ϰϳ Centralizes data from all Enlight sites into one platform, replacing manual work and enabling real - time, scalable monitoring & analytics Unified Supervisory Control and Data System
Slide 49: Connect & Expand – Examples
ϰϴ Connect & Expand – Examples, Including Expansion Longer BESS Duration Baron | 6 hr Duration Hybridizations Gecama 329 MW Wind Farm 227 MW Solar 21 MW FPV 80 MWh BESS 160 MWh BESS 220 MWh BESS Total Installed Capacity 619 FMW Operating assets expansions of 1.4 GW + 8.5 GWh
Slide 50: Spotlight on Agrivoltaics: Enlight MENA's Growth Engines
Spotlight on Agrivoltaics Enlight MENA's Growth Engines
Slide 51: Enlight MENA 2040 Strategy: 7 growth engines
ϱϬ Data Center Agro - PV Battery Storage Enlight MENA 2040 Strategy: Powered by 7 growth engines Medlight Regional Initiative E nlight L oca l Distributed Generation E nlig t E nterprise Power Supply Residential Power Supply
Slide 52: Enlight MENA 2040 Strategy: 7 growth engines
ϱϭ 32 71 222 2015 2020 2025 2030 2035 Ε 30 % 2040 + 21 % p.a Other activities Revenues from Agro - PV Data Center Agro - PV Battery Storage Enlight MENA 2040 Strategy: Powered by 7 growth engines Agro - Solar will constitute a significant part of Enlight MENA' s revenues $ m Medlight Regional Initia
Slide 53: Agro-Solar a significant part of MENA revenues
ϱϮ Data Center Agro - Solar Battery Storage Medlight Regional Initiative E nlight L oca l Distributed Generation E nlig t E nterprise Power Supply Residential Power Supply Enlight MENA 2040 Strategy: Powered by 7 growth engines Ε 30 % Agro - Solar will constitute a significant part of Enlight MENA'
Slide 54: Proud to lead the Agro-PV market in Israel
ϱϯ Open - field crops & vegetables 61 % Open - field orchards 24 % Open - field citrus 6 % Covered orchards & citrus 2 % Flowers 2 % Covered Uncultivated 2 % Share of crop types in agricultural area Proud to lead the Agro - PV market in Israel 50 GW ~ 110,000 Acres Field crops ϯϬй Panel coverag
Slide 55: First agro-solar field crop projects by 2028
ϱϰ First 15 agro - solar field crop projects to reach commercial operation by 2028 Kanaf Eliad Lavi Ein Carmel Gesher Merhavia Revivim Talmei Yafeh, Bror Hayil Nahal Oz, Re'im, Nirim, Holit Beit Kama, Mishmar HaNegev Average Area ~ 123 Acres Interconnection Size 15 MW AC Installed Capacity 35 - 40
Slide 56: Agricultural yield from first crop cycles
ϱϱ Sweet potato Wheat for grain Wheat for silage ϳϱй 98 % 88 % 87 % Completion of three full crop cycles, fourth cycle underway Agricultural yield from the first crop cycles at the Yesha facility Well above the regulatory threshold for agricultural yield ( 75 %) Primacy and pioneering - two years
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Slide 58: Enlight - Execution excellence
ϱϳ IPP Financing Tech. Diversification Geo. Diversification Energy Trading Operation EMS Access to Capital & Debt Creative Financing Models Greenfield Dev. High Return on Capital Competitive Procurement Core Values Engineering Excellence Asset Management Execution Strong Partner Relations Community
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