Enlight Renewable Energy Ltd Q4 FY2025 earnings call

• 2025 was a record year for Enlight with exceptional performance across the U.S., Europe, and Israel as developers, builders, owners, and operators of large - scale renewable energy and storage projects. - Fourth quarter capped an exceptional year with revenue and income growth. - Total portfolio expanded 26% in 2025 to 38 factored gigawatts, mature portfolio grew 33% to 11.4 factored gigawatts, and operating portfolio increased 30% in 12 months. - Two major U.S. projects achieved COD ahead of schedule. - Under - construction portfolio doubled in past year. - Added over 2.5 factored gigawatts to pre - construction portfolio. - Acquired Project Jupiter in Germany, strengthening position in European market. - In Israel, added storage capacity, signed agreements with real estate firms, and expanded agrivoltaic presence. - 2026 expected to be a record year of construction with expected start of construction of 3 to 4 factored gigawatts, and expecting to add about 1.1 factored gigawatt to operational capacity by end of 2026, and 12 to 13 factored gigawatts of operating capacity by 2028.

In 2025, revenue and income increased 46% year - over - year for the quarter ($152 million) and full year ($582 million). Adjusted EBITDA in 2025 grew 51% to $438 million (36% excluding Sunlight sell - down). In Q4, adjusted EBITDA was $99 million, up 51%. Revenue and income were distributed as 32% from Israel, 37% from Europe, and 31% from the U.S. The mature storage portfolio globally reached 17.5 gigawatt hour, an increase of over 50% from the previous quarter and over 6x its size 3 years ago, with an annual run rate revenue of approximately $1 billion, nearly 50% of the overall mature portfolio.

Expects revenues and income between $755 million and $785 million, and adjusted EBITDA between $545 million and $565 million for 2026. 2028 expected to have 12 to 13 factored gigawatts of operating capacity generating annual run rate revenue and income in the range of $2.1 billion to $2.3 billion. Unlevered return on investment for under construction and preconstruction projects expected to range from 12% to 13%, up from previous range, and expect return on equity of more than 18%.

Statements made are forward - looking and involve risks and uncertainties that may cause actual results to differ from expectations. Refer to 2024 annual report and other filings for factors that could cause actual results to differ materially. Non - IFRS financial measures discussed should be considered in addition to IFRS results.

Q: Justin Clare asked about drivers of increase in 2028 revenue outlook, role of acquisitions.

A: Acquisition of Jupiter project contributed $150 million, CO Bar 4 and 5 moved to preconstruction increasing certainty. Always looking at acquisition opportunities, especially in European storage markets.

Q: Justin Clare asked about safe harbor.

A: Plan to safe harbor 0.5 to 3.5 factored gigawatt in first half of 2026, safe harboring of energy storage projects still available for 3 more years.

Q: Mark Strouse asked about potential for platform acquisitions.

A: Always looking at opportunities to acquire projects and platforms, considering growth trajectory and shareholder value.

Q: Maheep Mandloi asked about FEOC rules and safe harbor.

A: FEOC publication provided clarifications in line with previous guidelines, reduces uncertainty, no significant impact on current estimations.

Q: Maheep Mandloi asked about capital plan for equity needs.

A: All sources available to fund growth through end of 2028, corporate side fully funded.

Q: Michael Mcnulty asked about partial asset sales and growth drivers in guidance.

A: Partial asset sales part of ordinary course of business. 2026 growth driven by projects connected in 2025 having first full year of revenues in 2026, and projects connected in 2026 having full year of revenues in 2027, with diversification across geographies, projects, and technologies.