Enlight Renewable Energy Ltd · TASE:ENLT
Enlight Renewable Energy — Q4 2025 Earnings Presentation
38 slides from Enlight Renewable Energy's earnings presentation, Feb 17, 2026
Slide 1: Fourth Quarter 2025 Earnings Presentation
Fourth Quarter 2025 Earnings Presentation
Slide 2: Forward-looking statements
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 the Securities Ac
Slide 3: Record 2025 performance; positioned for step-up growth in 2026
1Revenues and income include revenues from the sale of electricity and income from tax benefits income from U.S. projects. 2Adjusted EBITDA is a non-IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income Excellent quarterly and full-year financial results - 46%
Slide 4: Financial Results - Continued Momentum in 4Q 2025
Financial Results - Continued Momentum in 4Q 2025
Slide 5: 2025 Results: High Growth Rate in Revenues & Income, EBITDA and Net Profit
2025 Results: High Growth Rate in Revenues & Income, EBITDA and Net Profit 1Adjusted EBITDA is a non-IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income; 2Interest payments and receipts are classified as cash flows from financing and investing activities, re
Slide 6: 4Q 2025: 46% increase in revenues & income and 51% in Adjusted EBITDA
4Q 2025: 46% increase in revenues & income and 51% in Adjusted EBITDA 4Q25 vs 4Q24, $m 4Q25 4Q24 4Q25 4Q24 4Q25 4Q24 4Q25 4Q24 1Adjusted EBITDA is a non-IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income; 2Interest payments and receipts are classified as ca
Slide 7: Fourth quarter outperformance drove 2025 guidance beat
1Revenues and income include revenues from the sale of electricity and income from tax benefits income from U.S. projects amounting to $94m; 2Adjusted EBITDA is a non-IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income Actual Revenues & Income1 ($m) Updated
Slide 8: Business Plan Execution - Expanding and Advancing Enlight's Project Portfolio
Business Plan Execution - Expanding and Advancing Enlight’s Project Portfolio
Slide 9: Earlier than expected commercial operation for two projects totaling 0.8 FGW
Earlier than expected commercial operation for two projects totaling 0.8 FGW, doubling U.S. operating portfolio New Mexico Location 128 MW + 400 MWh Capacity Operational Status $22-23m / $15-16m First YearRevenues / EBITDA 10.1%-10.5%1,2 Unlevered Return1 Quail Ranch Arizona Location 298 MW + 940 MW
Slide 10: Construction commenced at the CO Bar complex, Enlight's flagship project
Construction commenced at the CO Bar complex, Enlight’s flagship project, with a capacity of 2.4 FGW and $3b investment CO Bar Complex – a five-phase flagship project Coconino Arizona Flagstaff, Arizona, USA Location 1,211 MW + 4,000 MWh Capacity H2 2027 - H1 2028 COD date 20 years, BUSBAR PPA with
Slide 11: Expanding presence in two of Europe's fastest-growing energy storage markets
Expanding presence in two of Europe’s fastest-growing energy storage markets In 4Q and throughout 2025, Enlight capitalized on this opportunity Continued growth in the German and Polish storage markets: Acquisition of 51% of the Jupiter project (Germany 150 MW + 2,000 MWh, expected to start construc
Slide 12: Mature portfolio storage capacity – 6.5x in 3 years
1Operating, under construction, and pre-construction projects. 2Revenues and income includes revenues from the sale of electricity and income from tax benefits. 12 Project Atrisco (1,200 MWh), New Mexico, U.S. Mature portfolio1 storage capacity – 6.5x in 3 years Representing 48% of the mature Portfo
Slide 13: Components of the Mature Portfolio: 11.4 FGW
11.4 FGW Components of the Mature Portfolio Under construction 3.5 FGW Pre-construction 4.0 FGW Advanced development 6.4 FGW Development 20.2 FGW Operational 3.9 FGW1 FGW (Factored GW) is the company’s consolidated metric combining generation and storage capacity into a uniform figure based on the r
Slide 14: Record portfolio advancement in the quarter
Start of 4Q25 Operational Pre-construction Advanced development Development Under const. 1FGW (Factored GW) is the company’s consolidated metric combining generation and storage capacity into a uniform figure based on the ratio of construction costs. Current weighted average construction cost ratio
Slide 15: Record portfolio advancement in the quarter across geographies and stages
11.4 FGW Components of the Mature Portfolio In addition, over 100 MW IT Data center in Ashalim is not included in the portfolio 19% Op’ing 3.9 FGW1 Under const. 3.5 FGW Pre-construction 4.0 FGW Advanced development 6.4 FGW Development 20.2 FGW 1FGW (Factored GW) is the company’s consolidated metric
Slide 16: The Mature portfolio is expected to generate $2bn of revenues & income
~$2 billion Expected revenues & income of the Mature portfolio, an increase of $400 million from the prior quarter $750-770m Revenues & income Begins construction in 2028+ In addition, over 100 MW IT Data center in Ashalim is not included in the portfolio Commence operations in 2026-27 Begins constr
Slide 17: 18 FGW of U.S. capacity with high likelihood to achieve grid interconnection
17.9 FGW Completed System Impact Study 13.2 FGW Safe Harbored ~4.3 FGW secured during the last 3m ~0.5-3.5 FGW Potential Safe Harbor additions during 1H 2026 Portfolio category Capacity (FGW) % Completed System Impact Study % Secured Safe Harbor1 Additional capacity expected to Safe Harbor by June 2
Slide 18: 2026 Outlook
2026 Outlook @nlight 18
Slide 19: 2026 Business Plan: Project CODs & construction momentum, expanding growth engines
2026 Business Plan: Project CODs & construction momentum, expanding growth engines 1FGW (Factored GW) is a consolidated metric combining generation and storage capacity into a uniform figure based on the ratio of construction costs. The company’s current weighted average construction cost ratio is 3
Slide 20: Construction Momentum: almost the entire mature portfolio operational or under construction in 2026
1FGW (Factored GW) is a consolidated metric combining generation and storage capacity into a uniform figure based on the ratio of construction costs. The company’s current weighted average construction cost ratio is 3.5 GWh of storage per 1 GW of generation: FGW = GW + GWh / 3.5. Construction Moment
Slide 21: 2026 Guidance
2026 Guidance Revenues & Income of $755-785m; Adjusted EBITDA of $545-565m Assumptions Exchange rates are based on 2026 forward3 curves Revenue breakdown by currency: 39% in USD, 34% in ILS, 27% in EUR Approximately 90% of production to be sold at fixed prices through hedges or PPA agreements 2026 g
Slide 22: Strong and consistent growth momentum expected to continue in 2026
Enlight’s strong and consistent growth momentum is expected to continue in 2026 Revenues & Income1 ($m) Adjusted EBITDA2 ($m) 39% CAGR 40% CAGR 1Revenues and income include revenues from the sale of electricity and income from tax benefits income from U.S. projects; 2Adjusted EBITDA is a non-IFRS me
Slide 23: Business Plan: 3X growth, reaching revenue run-rate of over $2 billion
Business Plan: 3X growth in 3 years, reaching a revenue run-rate of over $2 billion1 by end-2028 1Based on 2026 guidance added to revenues & income (sale of electricity, tax benefits) of projects in the under construction and pre-construction portions of the Mature portfolio, and advanced developmen
Slide 24: The business environment supports continued growth with high returns
Additional details in the appendix Declining weighted average cost of capital Rising electricity prices Demand for electricity is soaring, driven by growth in data centers and AI Attractive equipment costs (panels and batteries) Regulatory clarity in the U.S. The business environment supports contin
Slide 25: AI requires accelerated development of data centers, increasing electricity demand
Electricity demand for data centers (US)TWh 2023 2024 Additional demand starting 2026 2025 2026 2027 2028 2029 2030 Massive annual increase in incremental electricity demandTWh Tech-Energy deals 65% $4.75bn Acquired by $650mn A Data center complex was acquired by 22% CAGR Additional demand in 2025 2
Slide 26: ARR expected to exceed $2bn by year-end 2028
ARR1 expected to exceed $2bn by year-end 2028, with rising share of project ownership Mature portfolio run‑rate expectations rose by ~$400m this quarter, accounting for ~90% of the 2028 plan 1Expected Adjusted EBITDA margin of approximately 70%-80% (including tax benefits) for the years shown; 2FGW
Slide 27: Sustaining 3X growth rate every three years with ROE above 18%
Average historic return on operating assets (3.9 FGW) above 15% Under construction and pre-construction projects (7.5 FGW) maintain high returns: Sustaining 3X growth rate every three years with ROE above 18% ~12-13% Unlevered project returns EBITDA1 First year expected ~$700m Expected net Capex2 ~$
Slide 28: G@nlight
= G@nlight 22 28
Slide 29: Appendix
Appendix @nlight 29
Slide 30: Achievements during the 4th quarter
EU Expanding presence in Germany (Jupiter, 2,000 MWh+150MW) and Poland (Sokole, 967 MWh) with strategic storage assets. Nardo Italy - securing PPA for most of the PV project and receiving final construction permits Securing grid connection permits for battery storage projects in Poland for additiona
Slide 31: "Connect & Expand" strategy maximizes interconnection potential and returns
“Connect & Expand” strategy maximizes interconnection potential and returns Advantages of “Connect & Expand” utilizing existing infrastructure saves construction costs utilizing existing interconnect reduces development risks Adding energy storage to existing projects Rapid growth with high returns
Slide 32: Portfolio Snapshot – 38 FGW within Total Portfolio
Graph, scale Generation, MW Storage, MWh Portfolio definitions Operational, under construction and pre-construction (expected to start construction within 12 months) Mature Component Projects which are expected to begin construction within 13 to 24 months of the Approval Date Advanced Phase The rest
Slide 33: Growing data center capacity drives demand for electricity
1CBRE, McKinsey & Company, Data Center Demand Model (2025 projection); 2McKinsey & Company AI applications as the main growth driver – 3.5X by 2030 Global growth in data centers1 Rising U.S. data center power demand2 Data centers represent up to 40% of the total increase in U.S. electricity demand b
Slide 34: Increasing demand for electricity in the U.S.
1Ember, IEA. 2 U.S. Energy Information Administration, S&P Global Increasing demand for electricity in the U.S.2 Electricity’s share of total energy consumption is steadily increasing Soaring global demand for power1 The rate of growth of electricity demand has risen in recent years. Electricity’s s
Slide 35: Unprecedented declines in equipment input costs
Forecast for global energy storage equipment prices Source: Energy Storage System Cost Survey 2024 – Bloomberg NEFm 4-hour Energy Storage System. BOS - Includes electrical infrastructure, containers, thermal management system, fire suppression devices, battery operation monitoring system and sensors
Slide 36: LCOE - Attractive renewables production costs in the U.S.
LCOE - Levelized Cost of Electricity1 Attractive renewables production costs in the U.S. $ / MWh 2Regional solar and storage LCOE Enlight’s main market in the U.S. 1Wood Mackinze April 2025 ; 2By selected representative states: PJM - Virginia , CAISO - California, ERCOT - Texas, WECC – Arizona; 3 LE
Slide 37: Reconciliation between Net Income to Adjusted EBITDA
Reconciliation between Net Income to Adjusted EBITDA ($ thousands) For the year ended For the three months ended Dec 31, 2025 Dec 31, 2024 Dec 31, 2025 Dec 31, 2024 Net Income (loss) 160,702 66,505 21,073 8,372 Depreciation and amortization 149,922 108,889 39,763 30,912 Share based compensation 10,4
Slide 38: G@nlight
= G@nlight 22
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