Enlight Renewable Energy Ltd · TASE:ENLT
Enlight Renewable Energy — Investor Presentation (December 2025)
24 slides from Enlight Renewable Energy's investor presentation, December 2025
Slide 1: Investor Presentation December 2025
INVESTOR PRESENTATION December 2025
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 under the terms of our indebtedness (and the indebtedness of our subsidiaries that we guarantee) and our ability to continue to secure intend suc
Slide 3: A clear and focused business model which creates strategic differentiation
A clear and focused business model which creates strategic differentiation Faster growth and higher returns over the long term Next generation global renewable energy platform Greenfield developer & IPP Extensive track record Control over entire project life 69% CAGR revenues1 cycle 45% CAGR Mature
Slide 4: Achieving ~3X growth every three years in the past decade
Achieving ~3X growth every 3 years in the past decade Founder mentality, market innovation and business discipline 7.7 FGW successfully developed2,4 64 quarters as a public company 2025 Massive growth: 2023 4.8 FGW under Expansion across major global markets Raising $271 construction & 2020-2021 mil
Slide 5: Proven track record of achieving our growth potential
Proven track record of achieving our growth potential Shareholders Equity ($m) Revenues ($m) 555-565 1,958 63% CAGR 399 41% 1,435 1,441 CAGR 1,050 256 757 192 512 388 102 56 75 133 165 252.5 11 21 2017 2018 2019 2020 2021 2022 2023 2024 3Q2025 2017 2018 2019 2020 2021 2022 2023 2024 2025E Founded Co
Slide 6: A business environment rich in opportunities
A business environment rich in opportunities Data centers and EVs are the main drivers of accelerating US electricity demand growth Renewables are the dominant source of supply for growing demand, comprising 95% of the US project queue Power prices in the US and Europe remain high, reflecting scarci
Slide 7: Differentiated business model combines greenfield developer and IPP
Differentiated business model combines greenfield developer and IPP Control over the development, construction, financing and operations of our projects enables us to capture value and deliver superior returns Global presence enhances Strong global access to capital at attractive rates creates suppl
Slide 8: Growth supported by Enlight's vast global portfolio
Growth supported by Enlight’s vast 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 con
Slide 9: 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 10: Global renewable platform in the right markets at the right time
Global renewable platform in the right markets at the right time Europe Regional energy crisis Renewables the key to energy security Pan European footprint 3.2 GW + 8.9 GWh across 11 European countries Projects maturity 1.6 GW + 2.6 GWh of mature projects United States Renewables gaining 3.8 GW + 6.
Slide 11: Diversification as a strategy
Diversification as a strategy Breakdown of Enlight’s 9.6 FGW1 Mature Portfolio 7% 25% 10% 35% 9% 49% Revenue Technology Geography 59% structure 16% 74% 16% Fixed-price PPA Inflation-linked PPA PV Wind Storage USA MENA Europe Merchant To be signed …that has been strategically de-risked Balanced techn
Slide 12: 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 13: 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 14: U.S. Under construction and pre-construction projects
U.S. Under construction and pre-construction projects: Enlight US Large capacity and high returns Country Acres Roadrunner Location California Location Arizona Capacity 403 MW + 688 MWh Capacity 290 MW + 940 MWh Status Under Construction Status Under Construction First Year First Year $61-64m / $46-
Slide 15: Europe and MENA: Key pre-construction & under construction projects
Europe and MENA: Key Pre-construction & under construction projects Enlight Europe & MENA Continuing to expand presence across Europe and MENA with high return projects Gecama Hybridization Israel PV / Storage projects Location Spain Location Israel Capacity 225 MW + 220 MWh Capacity 21 MW + 1,942 M
Slide 16: 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 17: "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 18: 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 19: 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 20: 2025 Guidance
2025 Guidance Revenues & Income of $555-565m; Adjusted EBITDA of $405m-$415m Principle Assumptions Operational Portfolio / FGW Revenues & Income1 / ($m) Adjusted EBITDA2 / ($m) • Foreign exchange rates are based 3.103 555-565 on 2025 forward3 curves 3.025 53% • Geographical revenues and 61% CAGR 405
Slide 21: Appendix
@nlight Appendix
Slide 22: Portfolio Snapshot – 37 FGW within Total Portfolio
Portfolio Snapshot – 37 FGW within Total Portfolio Generation, Storage, Graph, 37 MW MWh scale FGW Portfolio definitions Operational, under construction and pre-construction + + Mature Phase (expected to start construction within 12 months) 11,360 34,776 20,451 58,053 Advanced Projects which are exp
Slide 23: Reconciliation between Net Income to Adjusted EBITDA
Reconciliation between Net Income to Adjusted EBITDA ($ 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 24: G@nlight
= G@nlight 2
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