Enlight Renewable Energy Ltd · TASE:ENLT
Enlight Renewable Energy — Investor Day (May 2026)
62 slides from Enlight Renewable Energy's investor day presentation, May 19, 2026
Slide 1: Enlight Renewable Energy: Execution Excellence & Growth Drivers
Enlight Renewable Energy Execution Excellence & Growth Drivers 1 May 2026
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 intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of
Slide 3: Investor Event 2026
Investor Event 2026 Adi Leviatan May 19, 2026
Slide 4: The Era of Electricity
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Slide 5: Structural change in electricity generation trends
Structural change in electricity generation trends - shifting to growth after years of stagnation Electricity Generation 5-year CAGR, USA and EU-27, 2009-2029F 5-Year CAGR 3.0 EU-27 2.5 USA 2.0 1.5 1.0 0.5 0.0 Years -0.5 -1.0 -1.5 -2.0 ’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
Renewable power is the fastest way to meet demand Estimated project development timelines Solar PV 2-4 years Wind onshore 3-5 years Wind offshore 3-6 years CCGT 4-7 years SMR 7-10 years Large nuclear 10-15 years Goldman Sachs Research; Anurag Gumber et al, A global analysis of renewable energy proje
Slide 7: Renewables are also the cheapest way to generate power
Renewables are also the cheapest way to generate power LCOE* by energy source, U.S., 2009–2025 LCOE, $/MWh 400 Inflection point 250 Nuclear 200 Natural gas (Peak) 150 Coal 100 )CCGT( Natural gas Onshore Wind 50 Utility-scale PV 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Slide 8: Renewables expected to supply 60% of global generation by 2040
Hence, renewables are expected to supply 60% of global generation by 2040 Renewables’ share of global electricity generation (%) The beauty of solar and 70 High case 67 65 63 Base case wind energy is their 60 61 Low case inherent simplicity…it is 55 50 the most elegant and 45 efficient energy exchan
Slide 9: Enlight – The Execution Powerhouse
Enlight – The Execution Powerhouse
Slide 10: Enlight's growth story: a decade of exceptional performance
Enlight’s growth story: a decade of exceptional performance Financials, Mature $M Portfolio, FMW 1,200 11,557 12,000 Mature Portfolio 10,000 1,000 Adjusted EBITDA, Revenues 7,494 770 800 8,000 5,527 582 6,000 600 5,028 3,754 3,883 399 400 102 4,000 261 84 1,747 192 555 200 135 438 2,000 52 903 850 1
Slide 11: ARR expected to exceed $2.1bn by year-end 2028
ARR1 expected to exceed $2.1bn by year-end 2028 Annual recurring revenues & income run rate Global operating capacity roadmap2,3 roadmap1,3,4 ($bn) (FGW) 41% 49% 12-13 2.1-2.3 CAGR CAGR 1.4 7.3 0.95 5.1 0.8 3.9 Dec 25 Dec 26 Dec 27 Dec 28 Dec 25 Dec 26 Dec 27 Dec 28 1Including tax benefits.. Expecte
Slide 12: What makes Enlight an execution powerhouse
What makes Enlight an execution powerhouse One step ahead of Consistent the curve strategy Creative approach to overcoming Entrepreneurial Corporate Excellence challenges mindset capabilities across the value chain Continuous innovation Business and for growth corporate discipline 12
Slide 13: Enlight – the execution powerhouse
Enlight – the execution powerhouse Ahead of ✓ Israel: first to operate as both developer and IPP. Leading pioneer in the curve developing, building and operating wind, solar and storage assets ✓ Global: first Israeli company to enter Europe, the largest Israeli player in the U.S.; the only Israeli p
Slide 14: Enlight – the execution powerhouse
Enlight – the execution powerhouse Consistent ✓ Pure-play renewable energy developer and IPP. strategy ✓ Geographic and technology diversification to mitigate risks. ✓ Strong access to capital at attractive terms. ✓ Developer: greenfield and brownfield, with ~42 FGW Excellence portfolio. across the
Slide 15: Data Centers – A Growth Driver
Data Centers – A Growth Driver
Slide 16: Electricity demand for data centers growing at record pace
Electricity demand for data centers is growing at record pace, driven by AI uses Global demand for energy capacity for US energy consumption for data data centers, GW centers, TWh +22% 220 606 p.a +22% 180 p.a 513 450 152 128 156 371 102 124 292 82 102 83 224 62 178 44 147 AI 50 56 64 Non-AI 38 40 4
Slide 17: Data center energy demand forecasts continually revised upwards
Data center energy demand forecasts continually revised upwards Capacity demand forecasts for DC in the US, GW Consensus hyperscaler AI capex growth estimates start of year vs. realized (%) 110 Dec-25 ? 100 ~32% 64% 90 80 Apr-25 54% 70 60 50 40 22% 30 19% 19% 20 10 0 2024 2025 2026 2022 2024 2026 20
Slide 18: Access to power is the bottleneck for data center growth
Access to power is the bottleneck for data center market growth …We’re going from a world …The amount of where the bottleneck was energy that we need GPUs to a world where the for computing is bottleneck is power… probably 1,000x more than we The amount of electricity Mark Zuckerberg AI will consume
Slide 19: Large data centers for AI belong in near-generation hubs
large data centers for AI uses belong in near-generation hubs Leading power networks face heavy loads; Most AI workloads aren’t It makes sense to build large data centers adding transmission is slow and expensive distance-sensitive, and data transport for AI use near power generation sources costs a
Slide 20: Data centers are moving to secondary markets
To mitigate shortage, data centers are moving to secondary markets Primary Markets Primary Markets Secondary Markets Secondary Markets Emerging Markets Emerging Markets 20
Slide 21: Enlight has the capabilities to develop, build and operate data centers
Enlight has the capabilities required to develop, build and operate data centers Power Provider Powered Land Powered Shell DC Operator Customers Electricity Electricity Electricity Electricity Computing infrastructure Land Land Land Supportive Supportive systems systems Scope Power supply to Land an
Slide 22: Ashalim: Enlight's flagship data center in Israel
Ashalim: Enlight’s flagship data center in Israel Project in advanced development, COD expected as early as 2029 ~50 Acres secured via an ILA tender at a competitive price; planned investment of $1.5-2.0bn Planned capacity of ~160 MWIT Strategic location adjacent to massive renewable energy generati
Slide 23: In the US, Enlight is developing generation and storage for data centers
In the US, Enlight is developing generation and storage that will grant priority in data center establishment New Regulation Benefits Energy Developers And Enlight utilizes the synergies Enlight leverages synergies to develop data centers adjacent to generation and storage sites, benefiting PJM and
Slide 24: Data center projects with billions in planned investments
Enlight is developing data center projects with billions of dollars in planned investments Collaboration with a local developer to establish two data centers with a total capacity of ~485 MWIT Option for data center development with a capacity of ~400 MWIT, development of 4 data adjacent to an Enlig
Slide 25: Enlight
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Slide 26: Creating value through project development expertise
Creating value through project development expertise Enlight U.S.
Slide 27: The Clēnera Acquisition - A Success Story
The Clēnera Acquisition - A Success Story Clēnera’s Portfolio and Revenues & Income runrate1 FGW, $ Operational projects annual $m recurring revenues & income ~$1.3-1.4b run rate1 ARR Operational Under Construction & Pre-Construction, Under Construction & Pre-Construction ~$280m 7.0 Adv. Development
Slide 28: Combined Strengths, Unlocking Value
Combined Strengths, Unlocking Value Operational excellence Market expertise Global access to capital Best in class development Development & IPP strategy Portfolio size economies Asset management of scale Multiple technologies RTX Process Corporate governance 28
Slide 29: Combined Strengths, Unlocking Value
Combined Strengths, Unlocking Value Entrepreneurial spirit Identifying market opportunities Execution expertise Successful integration know how Commitment to do good 29
Slide 30: Combined Strengths, Enlight and Clēnera
Combined Strengths, Enlight and Clēnera 14 9 Years Years at Enlight at Enlight Ilan Goren Cfir Alcalay GM Enlight – U.S. VP of Investments and Planning, Enlight U.S. 10 Jared McKee Years at Clēnera CEO, Clēnera 6 1 Years Year at Clēnera at Clēnera Jared joined Clēnera in 2016 and has led the Tom Fit
Slide 31: Combined Strengths, Enlight and Clēnera
Combined Strengths, Enlight and Clēnera Robust Pipeline Financial Strength Execution Excellence 31
Slide 32: Financial strength: project financing alongside tax equity
Financial strength: leveraging project financing alongside tax equity regime Project Finance & Tax equity in 2022-2026E: Diversified access to global Tier1 lenders and tax equity $6.8bn partners for In-house Project Finance 5.9 FGW team, leveraging Enlight’s capacity global relationships financed wi
Slide 33: Clēnera brings unique development expertise in the US
Clēnera brings unique development expertise in the US Vertical Why Clēnera? Tested approach to vet high Site Control Early stage modeling 100% site control 100% Land value, developable land in (Land, Site control) Control various regions. interconnection System Impact Point of Energization Interconn
Slide 34: Total U.S. portfolio
Robust U.S. Portfolio Operational 1.6 FGW Under const. 3.4 FGW Commence operations in 2026-28 Pre-const. 1.5 FGW Total U.S. Begins construction in the next 12 months portfolio Advanced development 5.3 FGW 27.5 FGW Begins construction in the next 13-24 months Development 15.6 FGW 34
Slide 35: CO Bar is a prime example of overcoming development complexities
CO Bar is a prime example of how we overcome complexities in development WECC (Non-CAISO) CO Bar Complex WA MT Location Coconino, Arizona Capacity 2,353 FMW OR Status In Construction ID WY COD Dates 2H 2027 – 1H 2028 Net Capex1 $1,440 – 1,512m UT NV CO First Year Revenues / $254-267m / $205-216m EBI
Slide 36: CO Bar Roadmap
CO Bar Roadmap CO Bar 1 PPA CO Bar 2 PPA Signed Signed CO Bar 2&3 PPA Amended CO Bar 3 Affected Systems Cleared Draft System NEPA PPA Signed Impact Strudy Initiated Preconstruction APS Queue Reform Final SIS Issued CO Bar 1 PPA Amended Permit Secured NEPA Complete Trump DOI EO Cluster Study Complete
Slide 37: Roadrunner demonstrates fast-track delivery
Roadrunner is a different example, demonstrating fast-track delivery WECC (Non-CAISO) Roadrunner WA MT Location Arizona Capacity 567 FMW OR Status Operational ID WY COD Date December 2025 UT Net Capex $285-300m CO NV First Year Revenues / $51-54m / $40-42m EBITDA CA Unlevered Return1 13.9%-14.3%1,2
Slide 38: Roadrunner Roadmap
Roadrunner Roadmap July 2022: AEPCO RFP Deadline Dec. 2022: Clēnera/Roadrunner awarded PPA Aug. 2023: Lease Executed Aug. 2023: PPA & ESA Executed Dec. 2024:Financial Close Aug. 2024: Start of Construction Oct. 2024: March 2024: LGIA Signed DOD Mitigation Response Team (MRT) Agreement Executed Dec.
Slide 39: ~21 FGW Advanced and Early-Stage Portfolio across 8 ISOs
Looking ahead: a ~21 FGW Advanced and Early-Stage Portfolio across 8 ISOs WECC - NW SPP 4.1 FGW 4.7 FGW CAISO PJM 0.7 3.8 FGW FGW WECC - SW 6.4 FGW Other 1.3 FGW 39
Slide 40: Project Execution & Asset Management Division
Project Execution & Asset Management Division Turning complex projects into yielding energy assets 40
Slide 41: Tripling revenue-generating portfolio every three years
Tripling revenue-generating portfolio every three years 2028 Plan (FGW) To begin construction 208% in the NTM 12.0-13.0 Mature Additional 0.5 FGW1 started construction Under construction 3.7 portfolio during the past three months (CO Bar 3) 11.6 Advanced development Additional 3 FGW expected to star
Slide 42: The Mature Portfolio in Numbers
The Mature Portfolio in Numbers $8.4bn $2.1bn By status – operating and mature CAPEX Mature Revenue and Income Run Rate To begin construction in the next 12 months 7.7 11.6 FGW Under construction 3.7 $770M 2026 Revenues & Income 4.0 3.9 Operating portfolio Under and Mature Portfolio pre-construction
Slide 43: Q1 2026 Operational Portfolio
Q1 2026 Operational Portfolio 3.9 FGW 53 Operational Sites 2.9 + 3.4 GW GWh 4 36 13 US MENA Europe 11 Countries & States 43
Slide 44: Under & Pre-Construction Capacity
Under & Pre-Construction Capacity 7.7 FGW 50 Total Projects 3.5 + 14.5 GW GWh 11 30 9 US MENA Europe Operational portfolio growth: +188% globally ~$8.4b 14 3 +264% US Total Countries & New Markets Investment States +190% Europe +60% MENA 44
Slide 45: Total Mature Portfolio
Total Mature Portfolio 11.6 FGW 103 Expected Operational 6.4 + 17.9 Sites GW GWh 15 66 22 US MENA Europe 19 Countries & States 45
Slide 46: Integrated End-to-End Platform to Execute at Scale
To Execute at This Scale, We Built an Integrated End-to-End Platform Unified management from early-stage Expanding operational sites engineering and procurement to by leveraging existing long-term operations infrastructure and deep site- specific know-how Integrated Leveraging Execution Existing Ass
Slide 47: Division Core Competencies
Division Core Competencies Professionalism that drives performance Procurement Project Asset Engineering & Supply Chain Execution Management Best in class in-house Contract management Project management Portfolio management engineering In-house Know-how Main equipment sourcing Production & revenues
Slide 48: Data-driven management maximizes performance
Data-driven management maximizes performance EBITDA enhancement Using operational and to identify opportunities to financial data analysis improve EBITDA margins. Maintenance Routine maintenance ensure that the sites operate optimally and remain aligned with Reliable insights system specifications.
Slide 49: Unified Supervisory Control and Data System
Unified Supervisory Control and Data System Centralizes data from all Enlight sites into one platform, replacing manual work and enabling real-time, scalable monitoring & analytics 49
Slide 50: Connect & Expand – Examples, Including Expansion
Connect & Expand – Examples, Including Expansion Operating assets expansions of 1.4 GW + 8.5 GWh Hybridizations Longer BESS Duration Gecama Baron | 6hr Duration 329 MW 21 MW Wind Farm 227 MW FPV Solar 160 MWh BESS 80 MWh 220 MWh BESS BESS Total Installed Capacity 619 FMW 50
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Slide 52: Enlight MENA's Growth Engines: Spotlight on Agrivoltaics
Enlight MENA's Growth Engines Spotlight on Agrivoltaics
Slide 53: Enlight MENA 2040 Strategy: Powered by growth engines
Enlight MENA 2040 Strategy: Powered by 7 growth engines Battery Storage Agro-PV Data Center Residential Power Enligt Enterprise Medlight Enlight Local Supply Power Supply Regional Initiative Distributed Generation 53
Slide 54: Agro-Solar a significant part of Enlight MENA revenues
Enlight MENA 2040 Strategy: Powered by 7 growth engines Agro-Solar will constitute a significant part of Enlight MENA's revenues $m Revenues from Agro-PV Other activities ~30% Battery Storage Agro-PV Data Center +21% p.a 222 Residential Enligt Enterprise Medlight Enlight Local 32 71 Power Supply Pow
Slide 55: Agro-Solar a significant part of Enlight MENA revenues
Enlight MENA 2040 Strategy: Powered by 7 growth engines Agro-Solar will constitute a significant part of Enlight MENA's revenues $m Revenues from Agro-PV Other activities ~~30% 30% Battery Storage Agro-Solar Data Center Agro-PV +21% p.a 222 Residential Enligt Enterprise Medlight Enlight Local 32 71
Slide 56: Proud to lead the Agro-PV market in Israel
Proud to lead the Agro-PV market in Israel Share of crop types in Agro-PV advantages in field crops agricultural area Covered orchards Covered 50 GW & citrus Uncultivated 2% Flowers 2% 2% Open-field citrus 6% ~110,000 Acres Potato Winter Sweet Potato 2026 Field crops Summer 2025 Open-field Agricultu
Slide 57: Pipeline of ~3.5 GW across energy-agro projects
Developed a pipeline of ~3.5 GW across 100 energy-agro projects First 15 agro-solar field crop projects to reach commercial operation by 2028 Kanaf Average Area Lavi Eliad ~123 Acres Merhavia Gesher Interconnection Size Ein Carmel 15 MW AC Talmei Yafeh, Beit Kama, Installed Capacity Bror Hayil Mishm
Slide 58: Agro-PV in Field Crops - A View from the Field
Agro-PV in Field Crops - A View from the Field 58
Slide 59: Excellent agricultural results reinforce the competitive edge
Excellent agricultural results reinforce the competitive edge Primacy and pioneering - two years of practical experience in full agricultural activity alongside solar panels, accompanied by researchers from the Ministry of Agriculture Agricultural yield from the first crop cycles at the Yesha facili
Slide 60: Enlight
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Slide 61: Enlight - Execution excellence
Enlight - Execution excellence Dev. Capabilities Strong Partner Execution Greenfield Relations Engineering Tech. Dev. Excellence Asset Diversification Community Management Engagement Access to Geo. Competitive Capital & Diversification Procurement Debt EMS Core Financing Energy Trading IPP Values Op
Slide 62: Enlight
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