Enlight Renewable Energy Ltd. Q4 FY2024 earnings call

• 2024 performance: Strong financial growth with new projects driving growth. Connected 650 MW generation and 1.6 GWh storage. U.S. has nine projects with 3.3 GW generation and 5.1 GWh storage planned by end of 2027. • Adam Pishl: Completed Atrisco solar and storage project, started construction on Quail Ranch, Roadrunner, and Country Acres projects. • Nir Yehuda: Q4 2024 revenues breakdown, net income change, adjusted EBITDA growth, and details on financing activities including closing projects and selling a stake in the Sunlight Cluster.

Full year 2024: Revenues grew 53% year-over-year to $399 million. Adjusted EBITDA grew 49% to $289 million. Operating cash flow increased to $193 million, up 29% over 2023. Net income dropped 32% to $67 million due to one-time items. Fourth quarter 2024: Revenues and income grew 35% to $104 million. Adjusted EBITDA grew 31% to $65 million. Operating cash flow increased 49% to $36 million. Net income fell 48% to $8 million. Revenues from sale of electricity grew due to newly operational projects. In Q4 2024, revenues from sale of electricity were distributed as 34% Israeli shekel, 47% euros, and 18% U.S. dollars.

• 2025 guidance: Anticipates revenues between $490 million and $510 million (25% higher than 2024) and adjusted EBITDA between $360 million and $380 million (28% above 2024). Includes $60 million to $80 million in income from U.S. tax benefit. • COD of projects by end of 2025 and construction of new projects in 2025 in U.S., Israel, and Europe.

• Risks related to forward-looking statements differing from actual results. • Impact of regulatory changes like the 10% tariff increase on equipment from China. • Supply chain uncertainties and policy changes in the U.S. affecting project costs and operations.

Q: Please explain how much contribution from major projects like Quail Ranch, Roadrunner in 2025 guide and if the $94 million profit from Israel project sale is in EBITDA guidance.

A: None of the new projects in construction are factored into 2025 guidance. About $41 million of the profit from the sell-down is attributed to EBITDA guidance, with recognition in Q1 2025.

Q: Clarify how much of the $60 million to $80 million in 2025 adjusted EBITDA guidance is from tax benefit and if tax credits include adders.

A: $60 million to $80 million of the adjusted EBITDA guidance is from tax incentive revenues. Tax credits include adders, and lenders' policies are followed with no current change seen.

Q: Ask about collaboration with NewMed Energy in Morocco.

A: There's a big opportunity in Morocco for projects due to strong solar/wind resources, land availability, and proximity to Europe. Collaborating with NewMed, but it's in early stages.

Q: Inquire about U.S. tax credits in 2024 guidance and inclusion in 2025 guidance.

A: 2024 U.S. tax credits were $21 million. 2025 guidance includes $60 million to $80 million from U.S. tax credits, and tax credits are now included in adjusted EBITDA guidance.