Econergy Ltd · TASE:ECNR
Econergy — Q2 2025 Earnings Presentation
43 slides from Econergy's earnings presentation, August 2025
Slide 1: Econergy Q2 2025 Investor Presentation (Hebrew)
VITIT TR | ec nergy sayy IWMI 271YN1 | Tinn w1w7 naXN
Slide 2: Disclaimer
ecOnergy TNI97 VIVID VITWN 797 Y7NW ANA AYTWAT WWD ANN YIV" 1X 17979 MOM ,OIFD Ima AWNTINA Op yy" TNA JeRWOION INYyAWA OY Wa Wd ITM yy" T1777 aT WOWNT IX TOIPOA 777 ANA NY NW TIT TTRANN APR MANA OMA ayn MO ANIa777 loFwWY TIN Ty NaYNA M77IIA NIWA IN/ PINN TW N/1 }TY7 NAVNNN APR MANA JTINX W792 ANI ON
Slide 3: Agenda
ec@Qnergy TOMA DWINNN WIR 10119079 VAITYTN ITN Wwnw Want 7172 bu" 1a yw A NIN ‘TIVO ANT NID NY 13GW ‘7 7171 12N onwy71 VOY NNW YT 7y2 mN7V9n nn PV :o™)77Vn O'0INIOIA NNN oy™myvnwyn M71 yan m7 77NN 17142 ND O09) 7119 ANN 71179 ,7OWN VIN WIN P19 WINN 7X 701 om win) WTI TSI HONNWA OYNwWN 1M M90 T yy "7
Slide 4: Quarter highlights
fe 47% moj92 71712 7In Town nVINN Q2/24 a €n/89 minn vo7"N» 11ND Sigg n"N21 e wn 250 mor 779I7 ‘Tw yp nya ova oO“ TOI 4 NINN N77 75%-D7 UK VINA * 100%-7 Parauoynsa ° mmyy nminnonn Q2/25 577mw o31N1 0421nNN n3n7 1.96w-5 2025 M107 1D¥ .anann OFM) @ppAA WN? 04D1N g 100mw win 7w7 1092 ome nw 790722 77AX
Slide 5: Financing and liquidity
ecQnergy mann 177V9 TN Tyan — JUV 7Wrll DIO) €85M JOANN TOII-'2 WTO NAN ° 7119 1 - TOD ANNA €62M = oma owyna7 nnow TT Ty7wa Wy O7ION- OAM ONTO NyyWT ° VINA O'901) €50M mVI7WN Rgreen ° muni UK Pay *7ya7 ON TOINT D9 APINNA WA AY ° YN11'773N'7 TOI NVIN Ti TNA €10M* mana 01) TOV T7710 1aN1 FNM NI0AWONN
Slide 6: Strategy and targets to 2030
Ao m7V9 TRAVT Wwe TY NIN wT 10> & Q4/2025 100% @ 360GW" 9 AAA) mp7 NTN ON ny7INX Ww 2030 mwitnnn?7 n7wnp Ty nyo WT Soun7wnn oy? 80%-7 YY TOWN NINA NwANNA WVAN YW €72M a Ql /2027 2030 Ty mino7 Ty nryyan nnd nN 113 ,2045 Nw Ty Net Zero . apy N7y COD "5 um 2038 ®ayaNn Nw TPPOTION AYIO MY) —NwINNNA WAAR
Slide 7: Outlook and targets
ecOQnergy MVNA wa wna NT WINN M7 p1IN OY 1220 @ €150M 701 Co-Location ‘07ND7 TN N7wNn vronyon (7272 AP YON) 1772X 10771191 Grid Feesolr7wWNN WoO * mx nyNN9 Nannon avy7wA TOWN YNNAMTY & m™7y - 2032 Ty ono NNN 7M MwWINnN TWIN * nwa nnn] m7y97 Nani ay Iw N71 Nw 22025 M10 Ty ANFA I7NMwW W4IN7 O91 OAAINN
Slide 8: Projects in operation and construction
ecQnergy 12 NNIWNT 7710 — N17) OVD FAY NON NN! 7123 NNIWN © 7) ra) 2 WHiyvNywN — ~ — MID) 7109 Ty noxn MIN OY "IR mW YYINN | — 1 a9 yn mw on ma nya YW N10j91 YTW7 AOIOR QW nis nvi7y muy» Way (AM) 09971 ‘717791 (EPCm) on my nox mid1nj nny 16%- 3 O21nn a 1 jv i 1 A TAVINDTMAOPON EBITDA TUT | ora yam D
Slide 9: Portfolio by stage
ecOnergy “2025910 1y NNT 7NNN7 OVIONI N72, ,ONANN 110779 WIN7 ODI AAAI VANS TO omy DONS mo7N9 mows ATA TNA OMNI WN 777A w/1 anya NNT ann. oom onainn tp 2025 maw 910 Ty 2025 maw 910 Ty a7n7 869uw (2 qyann qn 2"710 n7yon. Wan7 0911 PVT 790A 1,463MW 1,956MW 1,034MW 41iIMW STIMW, sama nm €1,010M €1,364M
Slide 10: Parau project and co-location
2 2025 saw MINNA 7177 OFM Parau 2 Co-location « DIUUD 343mw # JN 7907 ROTN-1019 qin ay awn PV O7"ND %Q3/2025 ‘apy NNN Tw 7902 CES (1Q3/2027 W717 WIN DN aTax 1 50uw €20u-) = 50% © €233. 9 TNOIIT ANN MON WY Ti qmw ny7InX Wyw (87719 MN Ny 17079 TIN) Cs) qn n1v07 WN 7oIDN Cc) oN oWIA Dy OT7NN DID qn] ma
Slide 11: Project financing
ecQnergy 2170719 In| ia) osm 70 o1v00 1m 7900 amarm30 ors am Raiffeisen H2-2023 €60M mMnop Ayo © 155MW 1ROTN-10ID Ratesti mon O oldman H2-2024 €33M mmnopayon @ S0MW max Swangate TUN fp 8% Pots H2-2024 €33M arn7 pM oO 52MWw 1ROM-1019 Resko m1 ow Raiffeisen H2-2024 €38M TMnonnvyon1a @ 92MwW ROTI-1019,
Slide 12: Project economics and revenues
ecOQnergy TTD ow (3. S2MW 7790712 Resko 0777119 Nay PPA ow 19 qwN7 ATA TMIN7-T MAN oy ° Merchant 25% | 70WNn WN") 75% 7719 ° TTY 7NIYIOID TNT 11901 O'NINNT TANIVID * m7yvon - 48MW 7773x0719 ,Konin mw 17.7H DOIN MIM IT DN DT ° WNVWN 19177 NOI ON €40M-D * 12 Town n119Dn Md0n JNDII'D NINTH OO 7N mM7N a
Slide 13: 2025E 2026E 2025E 2026E 2025E 2026E
2 8 1 7 18 6 13 3 23 23 14 15 15 11 2025E 2026E 2025E 2026E 2025E 2026E
Slide 14: Powering Renewables
Powering Renewables. DIO \/"1 19 tne
Slide 15: Project map Europe
ecOnergy NID 12.°7W1 J119731N1 1019 TIN m1 rns oro7"N9 17 o7mst myn» 31 wew @ toomw @ 1ssamw @ vz6uw © {to0mw sosmw © aw @ sow @ row @ sow © somw @ ( 2asemw oWmamawn @ © aac wwmanwn © TNFANAYW TDN @ mon ANAM IN @ Du77"NDS 30 ' TMNopAyVeTAMIWN & man7 nN 156amw © czmw @ 70N 7eaMw @ oo7™MD) 114 anmw @
Slide 16: Pipeline by country
ecQnergy *D107"119 128 N19 DIUUD 1917'N2 T17173NN O17 N19 NN1W90'79 ona mown mwnamoqwn anAA MATT MIWwN anya mMawnN mmnon nvyonamaawn wan7 7911 12,888MW. mMnop AyyETAMIIwn ApyAAMawn ADPATAA7 MIwN mwnamoqwnp oma mown an7 m2 16 NTA OOD TINT 193 *
Slide 17: Capacity by stage and technology
ecOnergy **2025 JID 19N (MW) nn7NI N7VoOnA ODN a e m TIN 14 511 e *NOTN-101D 1,431 7 71773N1 WOT1-1019 ,|AN 771971 IRN O1071119 TAN 2024 910 (MW) 1N721 17Y92 790n eo T77IN 170 $ *ROTN-1019 752 W7OR | 30 TD m 52 140) ET 670 711X170 (GW) 070779 12N 4 o nm max 0.7 3.4 3 *NOTN-101D 8.8 Co-location 1079
Slide 18: ec nergy
ec nergy Powering Renewables.
Slide 19: Market outlook 2025-2035
5,000 5,000 4,500 4,500 4,000 4,000 3,500 3,500 3,000 3,000 2,500 2,500 2,000 2,000 1,500 1,500 1,000 1,000 500 500 0 0 2025E 2030E 2035E
Slide 20: 1,600 1,400 1,200 1,000 0 400 200 0
700 600 500 400 300 200 100 0 1,600 1,400 1,200 1,000 800 600 400 200 0
Slide 21: Market prices
120 100 100 100 80 80 80 60 60 60 40 40 40 20 20 20 0 0 0 $/kg CNT/T 4.5% $50 600,000 4.0% $45 3.5% 500,000 $40 3.0% $35 2.5% 400,000 $30 2.0% 1.5% $25 300,000 1.0% $20 0.5% 200,000 $15 0.0% $10 100,000 $5 $0 0 January July January July January July January July January July January Mid-July January
Slide 22: Powering Renewables.
Powering Renewables. 1OWMIO iceman MONT WN7NI 7 mh enraral ener
Slide 23: Romania projects
ecQnergy 779NI 1VAY AN MAI NSvw NAnNoyN ni7v9 MINN OD fe | mp7 ONAINN OWNS Pvo7MD 87MW 92mw 302MW 702 O*121NN PV 793° mT 717371 OFT ,ISSMW Ratesti ° (22025 910 Ty N7y9Om1 O.5SGW ° (9 PV15GW-) Tay yw N7WNN CfD NN O10ID * Melinesti 32mMw . . yore nn & a” 0719 3 WAY VR €126M — 31099 1130 * Pe | WS °. 1
Slide 24: Romania project data
@ An7N3 w/1 WNT OND, OAAINN DONS WINN O 100% 10310], 17X 437A OND) OYITIN DIN OFM nga o1o7MS 310 vannay omy Sia omainn mo7M9 ‘ 2025 ANN janna7 omMoxA ' 2025 10 Ty = 3 Scurtu Mare Parau Ratesti oon ow Z & 1,236 731 202 56 92 155 Wm O 50%-100% 51%-100% 51% 100% 50% om nt InN ¢ 703 368 131 37 65 102 on
Slide 25: UK projects
Dalmarnock 40mMw Immingham 80mMw 25 Scotland or, Swangate 5OmMw London ALA 777X107 Mnvaw N1oj9n T"7AIN MANWTNSD O q21nn 50MW Swangate ° , 1ZOMW 120NN 477171 777712 Dalmarnock-1 Immingham ° COD @2-@3/26 Wan Win Nyt WANA TWN1N9I Nw -NMv7N AD * (pwn nwi7 DOWNS YyouwnMoTNN &% oldman achs y Swangate 111y
Slide 26: UK project data
ecOQnergy @ ANP IN/1 WANT AND, ANAND DVM TM"7AIN 100% 1NJ1N], 17X37] OND) OYIIN 310 omy ANF DVN Duy» 20257nx Tannin7 onann Swangate omnonow @ 170 120 50 “W) TIN TAN 701 @ 100% 100% “AMIN WW i! 117 74 43 San7m7y a 19.3 14.3 5 MOn wan TW INDIO ey 15.5 1.5 4 nay mW EBITDA | 26
Slide 27: Poland projects
ecQnergy 772X191 nwa 1103971 J"719 ww Resko, 52MW PV «5 3 Resko 48mMw S2Mw : COD a4/25 ° Jon 75% Nay OW 19 = O7IYA M717 TIN7-1:717N DY vPPA ° €81.2M -3 VIN7 NOYW WX" Wid A ip eo rose MY €33M -TPOITD NID ° e “CPhoenx IIT TNDTA 49%-7 €4.2M ‘Tw ANNA NINA - TOS OMY + e Warsaw eo Konin, 48MW BESS Q4/2san
Slide 28: Poland project data
ec@Qnergy @1an7 jm oF J"719 100% 1NJ1N2 INN YN ONN0IT DVNIN wwN7 jn VFS Resko oon ow 52 (“wel mI 70 51% “mn Www 446 "Sona m7 45 (Mn ayMD IW TOIDi 3.6 Snaynn mw EBITDA Q4/2025 @anoy nnon Ayyen 28
Slide 29: Italy projects
ecQnergy M701 O =p 4 «@OG& Leini Doneddu Rivarolo Pv OMS 8 6Mw TimMw JMW "10 , NwI7 DOWNS 27wW NIN * < @Q4/25 Ty O21NN 30MW * T7OTNI INN & (3€33M 701 65MW ,D.07"ND 12 Nay DTVNN "nN ° Cumiana AMw MIN OTN fe | Naples O.8GW 7W 7 7901 W7O WT 71WI O NWR AVAN TN DN * Sessa Aurunca 12 3Mw DoT 6 7H YI7D 6mM
Slide 30: Italy project data
ecQnergy Aap w/1 WANT OY ANAND DTN») 1"701N O 100% 1NJ1N3 IWR 179A “NDIA ONIN S"a0 omey Du7MD omy bo7MD mann orogm9 ' 2025 1nX 2025910 Ty y Casucci Maria Giuseppa Sessa Aurunca 12 DoTNS O o7mon ow WIN 7A 33 2 3 28 vm tm O 50% 100% 50%-100% MATIN WW ld 24.4 17 27 20 “Spzamy op £ 3 mw moj FA Fy a, 5 3
Slide 31: Capacity growth forecast
ecQnergy O77 12N 0102 '7Y D1V771N9 WIN ANN 77IN7T NN NOTN-1019 13GW -D 702 MANA WwW NIM92 DV7M971aYX Jinn @ TTINITA 7019 ManaAw nir9n V7AN NNW AN7YA NVNaNo 19 71 @) (100% 1A) 2026 TY DONS WAN WAN NVI WINN 1717 e 1,233MW (aw 9107 WAVYN} 869MW (mw M07 TAVYDy 512MW 1S5MW 17719 100 (2023 Ty Nainw DONS 8
Slide 32: ESG
ecOnergy oy FAT yax ESG "317% ONIN IW TIN TAN NIT TVTINN TNR NVI Nyon OAINN 11anIa IVA 7VATATTR @ O™PIN7IIAN D1017I007 mand yn MyN1 Woy Nw197 NNN O11 ONAN wM1aN1 17979 "NII VII Man nryen th qian oa 3 mION MIN & Tox Tw IAN Ayn wimioa 7ATIAY N30 TN" TIN NIA ANT N79 INN 377289 TNT TAY Nay Innnsnn mwoxn
Slide 33: Slide 33
Slide 34: Cumulative capital investment
השקעת הון מצטברת של 137 מיליון אירו
Slide 35: Assumptions and prices
35 23 MAX 81 76 75 78 no 89 55 36 40 74 54 102 (23 MIN 53 65 62 70 86 81 36 25 19 40 32 4 A@y171V9N 917M ANN 7OwWN M1nVN 22) gang OWA 1317190 197 (niyw) TANT WN man €/Mwh €/MWh €/MWh €/MWh €/MWh €/MWh €/KWh/Year €/KWh/Year €/Kwh/year €/kWh/year €/Kwh/year €/Kwh/year ma713320 PV PV PV PV mm m BESS BE
Slide 36: Balance sheet 30.06.25
€ 197N1 30.06.25 O17 TNINYD JINN — VIII 31.12.2024 30.06.2025 220,239 176,203 DouW DDI T"IO 563,433 633,350 DouwW X7OOIIT"I0 AF 783,672 809,553 mooI7D @ 198,462 125,553 moownmarnnis10 oy 372,965 285,041 moow X7TMIVANATID 571,427 410,594 mmannnisno BF 212,245 398,959 won & 783,672 809,553 Tanmarnnas7
Slide 37: Non-GAAP definitions
ecOnergy Non-GAAP 1171N7 7111730 DMNNAWNA OPTI 7Y BVT TTX OTT ONT OMNTAWN OTT OPN 7 Non-GAAP OnDI9 O77 OFA TANT NS TW FCF-M FFO-71,EBITDA-71 71D Dm] AYIA OIZFNA NMwINAA MN 2024 NWT MANA Tw Or9DI7 WMT 2 WA VINND | TY TP 7y MANA NDA MPMI NVA Nyy / MAM NMAanAn 77 sMDIIA) MANA 7W OM9097 MINITA OTN 191NI
Slide 38: Project tables
ecQnergy 29791N7 0YD1IN1 ANNA DVN eusmyen tu min mena ane won niin oPMa mH why wry mana mya AITO mm mm gun nung =n =a oon spooning opnency a fp AMOS ‘monn wMPYM MPN BRI. OMAN — NMI ANN——BESS HD mvopnFor —nysnFFo ceroa monn monn manny MW gy rowpumy mmo gmuner mannan gmp soa rims my AFA eww MW 50 m ca
Slide 39: BESS project table
ecQnergy Aan7n NIT DTN) SAAT TvSA Te TCD FOREN ORY wT TMA OND TNT Kwhy ie mn my yoo nm7y 10 mn mm qnyn inn mw mw mw 7m eon FDA aarn20, omen ow aD Fer FFO EBITDA mot mot we Year os¥ TPVO7MS TwFeAw @ nen Thy Ty annD mp Aw Mx ADA ea MWh MWe mn. ae moe -s08 oummorswas ee ee wse-20ee con ee ee we ae a ae
Slide 40: Project table
ecOnergy exryon 2w mM MMWR BOW WHAT MIMI OAD TURNIN FOF FO EBITDA. «= moat myn Mopp = MMMM ‘pen Dun en myn ‘pen 4133 38924887 ena 2760 2582388 4976 4263 38904887 ene 54322653601 4575 5367 68239723 vezre 421 5079 74a 948 asst 53216810 8.423 188271490 1925 mist 85587 14347834 4s77 6433762933 102,822 4
Slide 41: Project table
ecOnergy 3 avon yw AMD MDW OW WNT Mm FCF = -FFO. EBITDA. mos mepp mp MD AMIN youn yun RYN MDD un 28 40s 63 70 an ws 456 sn 3 yoo yess 57 52086427 sa 9ST mer arr ss 826 3051098986 ssaeo gigas 80804 90287 toad mss masas ae 5702 9730827982 150.960 49g 5770476228 —89.450 41 renin OND TMNT mos 0 snnwe mo
Slide 42: Notes
ecQnergy INA AYTY 7A7A0a MANA 7P7N.2AUND gV7ID3 79M RGreen Invest 17 OY NMIVWON NMIMw 71713N7 17 TINA NIT NwDA Tw ATW OMA MANA NAA TNDwA ow Parau O7"9I MANA ;77N OYNT 7192 nx TANNA DM pow wo TW AANNAy aM gD WNT ODN m93 OMNIA TVW RTI MANA MIDOIOW NMEA MDMA NMOMW7 OMA MANA N7DA MIWA Aw MANA ;77N, 2025
Slide 43: Powering Renewables
tL TIJ1 ec onergy 2a. Powering Renewables.