Ellomay Capital Ltd · AMEX:ELLO
Ellomay Capital — Investor Presentation (October 2026)
35 slides from Ellomay Capital's investor presentation, Oct 15, 2026
Slide 1: Investor Presentation October 2026
1 Investor Presentation October 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, 2025, and other filings that we make from time to time with the SEC. An
Slide 3: Key Developments in 2026
3 Key Developments in 2026 16.9% Stake sold Sale of Dorad Holdings NIS742.5M 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 holding company leve
Slide 4: Operating Footprint
4 Operating Footprint 1. The company's share in the 300MW Talasol project is 51%. 2. The company's share is 51%. o Solar o BESS (Battery Storage) o Biogas o Pumped Storage 4 Technologies o Italy o Spain o Netherlands o Israel o U.S. 5 Geographies o 336MW1 – Spain | Solar o 135MW2 – Italy | Solar o 1
Slide 5: Sale of Dorad Holdings
5 Sale of Dorad Holdings Sale of the 16.9% stake in Dorad at an implied valuation of NIS 4.4 billion 742.5 NIS million Value of Dorad Holdings 560 NIS million Net cash proceeds* 332 NIS million Pre-tax capital gain * After deducting 50% of the net debt of the holding company, "Ellomay Luzon Energy I
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 net 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 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 higher pri
Slide 8: Projects Grid Connection Forecast
8 539 104 1,872 262 478 1,878 659 88 981 1,878 Projects Grid Connection Forecast As of today 2026 2028 MWP Existing 561 Italy 70 USA 28 Storage MWh Spain 88 MWP Existing 659 Italy 172 USA 98 Israel 52 Storage MWh Existing 88 Italy 600 Spain 1,040 Israel 150 1,383MW * MWh 3,750 Development Pre-constr
Slide 9: Company-Level Forecasts (Consolidated)
9 Company-Level Forecasts (Consolidated) | € millions EBITDA* Revenues** Significant value creation in 2026 following the Dorad sale * Loss for the year ended December 31, 2025 was approximately € 6 million. ** Revenues include revenues from disposition of assets and income due to the sale of tax cr
Slide 10: Project-Level Forecasts
10 Project-Level Forecasts | € millions Significant growth as the project pipeline matures EBITDA Revenues* * Revenues include income due to the sale of tax credits (ITC) in the USA. The projections do not include projects under development. The projections are presented on a consolidated basis (100
Slide 11: The Company's Operations in Spain
11 The Company's Operations in Spain Solar and Energy Storage Projects – Talasol and Additional Projects 11
Slide 12: Grid-Connected Solar Projects
12 Grid-Connected Solar Projects Talasol Ellomay Solar Spain | Italy | Netherlands | U.S.A | Israel
Slide 13: Spain Project Details and Financial Data
13 Project Type MWp MWh Project Status COD Date Exp. Revenues 2026 Exp. EBITDA 2026 Exp. FFO 2026 Total Capex Total Senior LT Debt Total Equity Debt Balance June 30, 2026 Specific Yield (kWh/kWp/y) Production (MWh/y) Holding % Talasol PV 300 - Operation 2020 18.3 12.6 4.1 221.0 175.0 46.0 140.9 1,86
Slide 14: The Company's 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 35 1 Operating Projects 63MW Advanced construction; expected grid connection in 2026 and early 2027 227MW Pre-construction projects, including 100 MW awarded under Italy's FER X tariff tender RTB storage projects with
Slide 16: Italy Project Details and Financial Data
16 Project Type MWp MWh Project Status COD Date Exp. Revenues Exp. EBITDA Exp. FFO Total Capex Total Senior LT Debt Total Equity Debt Balance 30.06.2026 Specific Yield (kWh/kWp/y) Production (MWh/y) Holding % Ello 01 PV 15 - Operation 2024 2.1 1.7 1.3 13.4 7.0 6.4 7 1,768 26,135 51% Ello 02 PV 5 - O
Slide 17: Netherlands Biogas Operations
17 Netherlands Biogas Operations (Goor, Eindhoven, Gelderland) 17
Slide 18: Impact of New Regulation on Biogas Operations
18 Impact of New Regulation on Biogas Operations Expected Price Increase The strong demand is expected to drive an increase in prices for green gas and green certificates Increase in Demand The company is expected to benefit from rising demand for green gas and GoOs in the Netherlands Green Gas Blen
Slide 19: Biogas Operations: Project Details and Forecast
19 Biogas Operations | Project Details and Forecast €19.5M Revenues €5.5M EBITDA €5.5M FFO Financial Forecasts commencing 2027 from 16m Nm3 to 24m Nm3 50% Maximizing Production Output Increasing the production license The GGOT production expansion license has been received; the process for the two a
Slide 20: Biogas Project Details and Financial Data
20 Project Type MW MWh Project Status COD Date Exp. Revenues Exp. EBITDA Exp. FFO Total Capex Total Senior LT Debt Equity Debt Balance June 30, 2026 Specific Yield (kWh/kWp/y) Biomethane capacity (Million Nm3) Holding % Gelderland BioGas 11 - Operation 2020 9.9 2.7 2.7 16.7 4.8 11.9 - - 8.4 100% Oud
Slide 21: The Company's Operations in the U.S.A
21 The Company's Operations in the U.S.A Solar Projects – Texas, U.S.A 21
Slide 22: Texas Solar Operations Under Distributed Generation Regulation
22 22 Texas Solar Operations Under the Distributed Generation Regulation €13.7M €11.5M €11.5M Expected Revenues and ITC Income 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 t
Slide 23: U.S. Project Details and Financial Data
23 Project Type MWp MWh Project Status COD Date Exp. Revenues Exp. Other Income - ITC Exp. EBITDA Exp. FFO Total Capex Total Senior LT Debt Total Equity Debt Balance June 30, 2026 Specific Yield (kWh/kWp/y) Production (MWh/y) Holding % Fairfield PV 13 - Operation 2025 1.1 1.0 1.7 1.7 16.5 - 16.5 - 1
Slide 24: The Company's Operations in Israel
24 The Company's Operations in Israel Pumped Storage Project and Solar Projects 24
Slide 25: Manara Pumped Storage and Solar in Israel
25 25 The Company's Operations in Israel Manara Pumped Storage Solar Under construction, with capacity of 156MW and 12 hours of continuous operation 1,872 MWh total storage capacity The project can be expanded to 220 MW Compensation is expected from the State for the construction shutdown period cau
Slide 26: Pumped Storage | Manara Cliff
26 26 Pumped Storage | Manara Cliff Location Manara Cliff – Israel Ownership Ellomay (83.34%), Ampa Investments (16.66%) Expected construction completion 2030 Total expected project costs €671 million 156MW Installed capacity 1,872MWh Storage capacity €47M Expected annual EBITDA €92M Expected annual
Slide 27: Solar Project Development in Israel
27 27 Solar Project Development in Israel Project name Status MWp capacity Storage capacity MWh Tariff per kWh License validity Grid connection Komemiyut Solar + Storage Approved zoning plan 21 75 Market framework Market framework TBD Klahim Solar + Storage Approved zoning plan 21 75 Market framewor
Slide 28: Manara PSP Project Details and Financial Data
28 Project Type MWp MWh Project Status COD Date Exp. Revenues Exp. EBITDA Exp. FFO Total Capex Total Senior LT Debt Total Equity Debt Balance June 30, 2026 Specific Yield (kWh/kWp/y) Production (MWh/y) Holding % Manara PSP PSP - 1,872 Under Construction 2030 92 47 11 671 516 155 124 - - 83.33% 1,872
Slide 29: Projects under Development
29 Projects under Development 29
Slide 30: Development Project Details
30 Project Details | Development Project Country Type MWp MWh Specific Yield (kWh/kWp/y) Production (MWh/y) Holding % Italy stand-alone BESS Italy BESS - 600 - - 100% BESS - Ellomay Solar Spain BESS - 88 - - 100% BESS - Talasol Spain BESS - 1,040 - - 51% Ellomay Solar 2 Spain PV 328 - 1,869 612,916
Slide 31: Financial Data
ellomay Financial Data
Slide 32: Key Balance Sheet Figures
32 Key Balance Sheet Figures | € thousands December 31, 2023 % of total assets December 31, 2024 % of total assets December 31, 2025 % of total assets June 30, 2026 % of total assets Cash, deposits and marketable securities 52,124 9% 41,134 6% 87,614 10% 166,796 17% Financial debt* 422,025 69% 495,0
Slide 33: Appendix A: Financial Debt and CAP Calculations
33 € thousands December 31, 2023 December 31, 2024 December 31, 2025 June 30, 2026 Current maturities of bank loans 9,784 21,316 17,235 45,481 Current maturities of other loans * 5,000 5,866 3,666 6,124 Current maturities of bonds 35,200 35,706 39,803 55,702 Long-term bank loans 237,781 245,866 272,
Slide 34: Appendix B: Reconciliation of Loss to EBITDA
34 34 Appendix B | Reconciliation of loss to EBITDA (in € millions) 2025 Loss for the year ended December 31, 2025 (6) Financing expenses, net 27 Tax Benefit (2) Depreciation and amortization expenses 16 EBITDA 35
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