Enlight Renewable Energy Ltd · TASE:ENLT
Enlight Renewable Energy — Q3 2025 Earnings Presentation
31 slides from Enlight Renewable Energy's earnings presentation, Nov 12, 2025
Slide 1: Earnings Presentation Third Quarter 2025
Earnings Presentation Third 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 Excellent 3Q25 financial results: 46% growth in quarterly revenues and income1, 23% in Adjusted EBITDA1 Raising guidance for 2025: Total revenues and income now in the range of $555-565 million and Adjusted EBITDA2 in the range of $405-415 millio
Slide 4: Continued and consistent growth in financial results
Continued and consistent growth in financial results 4
Slide 5: 9M25: High growth rates in revenues & income, EBITDA and net income
9M25: High growth rates in revenues & income, EBITDA and net income 9M25 vs 9M24, $m 46% 52% 3% 140% Sale of 44% of the Sunlight cluster contributed $42m 430 Compensation at Bjorn for ‘23–’24 ($19 million) occurred in 3Q24Q. Sale of 44% of the Sunlight cluster in 339 Compensation for 2025 expected i
Slide 6: 3Q 2025: Over 45% increase in revenues & income
3Q 2025: Over 45% increase in revenues & income 3Q25 vs 3Q24, $m 46% 23% 7% 33% 165 Compensation at Bjorn for ‘23–’24 ($19 million) occurred in 3Q24Q. 113 Compensation for 2025 expected in 112 4Q25 91 66 71 24 32 3Q24 3Q25 3Q24 3Q25 3Q24 3Q25 3Q24 3Q25 Revenues Adjusted Cash flow from Net profit & i
Slide 7: Raising 2025 revenues & income and Adjusted EBITDA guidance by 6.0% & 4.5%
Raising 2025 revenues & income and Adjusted EBITDA guidance by 6.0% & 4.5% Revenues & Income1 ($m) Adjusted EBITDA2 ($m) 565 415 +6.0% +4.5% 555 405 535 400 520 385 2Q25 guidance range Updated guidance 2Q25 guidance range Updated guidance range range 1Revenues and income include revenues from the sa
Slide 8: Enlight continues to generate high growth rates over time
Enlight continues to generate high growth rates over time Revenues & Income1 ($m) Adjusted EBITDA2 ($m) 40% 40% CAGR CAGR 555-565 405-415 399 289 261 192 194 135 130 102 92 84 66 78 52 39 2018 2019 2020 2021 2022 2023 2024 2025E 2018 2019 2020 2021 2022 2023 2024 2025E 1Revenues and income include r
Slide 9: Exceptional business performance
Exceptional business performance Accelerating growth in the battery storage business with strategic entry into the German and Polish markets; multiple project finance transactions and tax equity partnerships; expanding the portfolio; obtaining Safe Harbor status for projects in the U.S. 9
Slide 10: Enlight enters two of Europe's largest energy storage markets
Enlight enters two of Europe's largest energy storage markets The European energy storage opportunity New presence in Germany and Poland Energy generation from renewable sources1 (GW) Strategic entry into the German and Polish energy storage markets through the acquisition of 50% of the Bertikow pro
Slide 11: Massive growth in Enlight's storage capacity
Massive growth in Enlight's storage capacity Battery storage capacity (GWh) 3Q25 +860 +208 +847 additions MWh MWh MWh $650-700m 34.8 58.1 annual rev. & income2 run rate 78% 11.5 CAGR 11.8 7.6 5.7 2.1 Mature Mature Mature Mature 3Q25 3Q25 3Q25 3Q22 3Q23 3Q24 3Q25 Adv. Dev. total dev portfolio Mature
Slide 12: Global access to capital at attractive rates
A2.il Global access to capital at attractive rates Stable (Moody’s Midroog) $4.8bn raised in the past 12 months, financing step for the 2026 plan ~$1.0bn in corporate finance and asset sales ~$3.3bn in project finance for projects in the US & Europe Equity private share placement in August Issuance
Slide 13: $1.4bn financial close for Snowflake A, a 1.1 FGW mega project
$1.4bn financial close for Snowflake A, a 1.1 FGW mega project A significant milestone establishing Enlight's position as a leading developer in the U.S. Location Arizona, USA Capacity 600 MW & 1900 MWh Holbrook Expected COD date 2H27 Arizona PPA length and offtaker 20-year fixed price busbar with A
Slide 14: Global Portfolio
Global Portfolio Operational 3.1 FGW1 9.6 FGW Components Under construction of the Mature Total 2.9 FGW Portfolio portfolio Pre-construction 3.6 FGW 37 FGW Advanced development 6.1 FGW Development 21.3 FGW FGW = GW + GWh / 3.5 FGW (Factored GW) is the company’s consolidated metric combining generati
Slide 15: Progress and expansion of the portfolio during 3Q25
Progress and expansion of the portfolio during 3Q25 6 Op’ing 3.1 FGW1 5% FMW 9.6 FGW Under const. 2.9 FGW Components of the Mature Pre-construction 3.6 FGW Portfolio 242 59 246 Acquisitions in FMW FMW FMW Europe with a focus on stand- alone storage Advanced development 6.1 FGW 25 114 114 FMW FMW FMW
Slide 16: The Mature portfolio is expected to generate $1.6bn of revenues & income
The Mature portfolio is expected to generate $1.6bn of revenues & income $555-565m 2025 revenues & Operational 3.1 FGW1 income guidance ~$1.6 billion Expected revenues Under construction 2.9 FGW ~$550m & income of the Commence operations in 2025-27 Revenues & income Mature portfolio Pre-construction
Slide 17: 18 FGW of U.S. capacity with high likelihood of grid interconnection
18 FGW of U.S. capacity with high likelihood of grid interconnection 14-17 FGW expected to achieve Safe Harbor Portfolio category Capacity % Completed System % Secured Safe % Expected to secure Safe (FGW) Impact Study Harbor1 Harbor by June 2026 Operating 0.8 100% 100% - Under construction 2.5 100%
Slide 18: Business Plan: 3X growth in 3 years, reaching a revenue run-rate of ~$1.5 billion
Business Plan: 3X growth in 3 years, reaching a 1 revenue run-rate of ~$1.5 billion by end-2027 1Based 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 20
Slide 19: The business environment supports continued growth with high returns
The business environment supports continued growth with high returns Demand for Rising electricity Decline in electricity is soaring, prices equipment prices driven by growth in (panels and data centers batteries) Declining Regulatory clarity weighted average in the U.S. cost of capital Additional d
Slide 20: Expected to reach ARR of $1.5bn by the end of 2027
Expected to reach ARR1 of $1.5bn by the end of 2027 with rising share of project ownership Annual recurring revenues & income run rate Global operating capacity roadmap2,3 roadmap1,3,4 ($bn) (FGW) Weighted average of Enlight’s share of revenues and income 40% 1.9-2.2 42% 11-13 CAGR CAGR Mature Matur
Slide 21: Sustaining a 3X growth rate every three years with ROE above 15%
Sustaining a 3X growth rate every three years with ROE above 15% Average historic return on operating assets (3.1 FGW) is above 15% Under construction and pre-construction projects (6.5 FGW) maintain high returns: ~$530m First year expected EBITDA1 ~ 11-12% = Unlevered project returns ~$4,500m Expec
Slide 22: G@nlight es a
a G@nlight es 24
Slide 23: Appendix
@nlight Appendix
Slide 24: Achievements during the quarter
Achievements during the quarter U.S. EU MENA Snowflake A financial close. Establishing a strategic foothold in the Signed 12 agreements in the agrivoltaic German (860 MWh) and Polish (208 and storage sectors this quarter, totaling Tax equity partnership obtained for MWh) battery storage markets, wit
Slide 25: "Connect & Expand" strategy maximizes interconnection potential and returns
“Connect & Expand” strategy maximizes interconnection potential and returns 3.6 FGW of expansions at existing Advantages of “Connect & Expand” projects planned for construction in 2025-27 Using existing Using existing infrastructure saves interconnect reduces construction costs development risks 0.2
Slide 26: Reconciliation between Net Income to Adjusted EBITDA
Reconciliation between Net Income to Adjusted EBITDA ($ thousands) For the nine months ended For the three months ended Sept 30, 2025 Sept 30, 2024 Sept 30, 2025 Sept 30, 2024 Net Income (loss) 139,629 58,133 32,257 24,189 Depreciation and amortization 110,159 77,977 39,142 27,091 Share based compen
Slide 27: Portfolio Snapshot – 37 FGW within Total Portfolio
Portfolio Snapshot – 37 FGW within Total Portfolio Generation, Storage, Graph, 37 MW MWh scale FGW Portfolio definitions Operational, under construction and pre-construction + + Mature Phase (expected to start construction within 12 months) 11,360 34,776 20,451 58,053 Advanced Projects which are exp
Slide 28: Growing data center capacity drives demand for electricity
Growing data center capacity drives demand for electricity Global growth in data centers1 Rising U.S. data center power demand2 Global data center capacity growth U.S. data center energy consumption GW TWh Share of total U.S. 11.7% 220 power demand 606 180 64 513 152 56 450 128 50 371 102 45 3.7% 29
Slide 29: 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 TWh U.S. Electricity Generation 7,000 40,000 6,000 35,000 Increased use of home Improved energy 3.1% 5,000 electrical appliances efficiency 30,000 C
Slide 30: 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% Lithium price Polysilicon price 307 120% 100% 250 228 80% 152 148 60% 132 118 110 105 99 95 91 40% 88 85 82 32% 20% 11% 0% 2021
Slide 31: Increasing spreads between equipment costs and electricity prices
Increasing spreads between equipment costs and electricity prices Attractive renewables production costs in the U.S. PPA pricing in the U.S.3 LCOE - Levelized Cost of Electricity1 Solar $ / MWh $75 +93% 74.7 $70 1Q21-3Q25 67.2 Regional solar and storage LCOE2 $65 $60 59.8 188 $55 159 $50 Enlight’s m
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