Enlight Renewable Energy Ltd Q1 FY2026 earnings call

• 2025 was a record year for Enlight with strong performance across regions. • Structural tailwinds in energy sector drive growth. • Fourth quarter capped exceptional year with revenue and EBITDA growth. • Significant expansion of portfolio in 2025, including major US projects achieving COD. • CO-BAR project in US is a major achievement. • Energy storage is core pillar of growth strategy. • Expansion in Europe, Israel, and US with various projects and agreements. • 2026 expected to be record year of construction with significant projects under way.

In 2025, revenue and income increased 46% year over year for both the quarter ($152 million) and the 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%. The total portfolio expanded 26% to 38 factored gigawatts in 2025, mature portfolio grew 33% to 11.4 factored gigawatts, and operating portfolio increased 30% in 12 months. In the US, two major projects achieved COD, doubling the US operating portfolio to 1.6 factored gigawatt. In Europe, acquired Project Jupiter in Germany, and mature storage portfolio globally reached 17.5 gigawatt hour. In Israel, added storage capacity, signed agreements, and expanded agrivoltaic presence. Revenue and income were distributed as 32% from Israel, 37% from Europe, and 31% from the US.

• 2026 guidance: revenue and income between 755 million and 785 million, adjusted EBITDA between 545 million and 565 million. • 90% of 2026 generation output expected to be sold at fixed prices. • Revenues and income guidance include estimated 160 million to 180 million in income from US tax benefits. • Denomination of revenues and income: 39% in US dollars, 34% in Israeli shekel, 27% in euros. • 2028 expected to achieve 12 to 13 factored gigawatts of operating capacity, generating annual run rate revenue and income in range of $2.1 to $2.3 billion. • Unlevered return on investment for under-construction and pre-construction projects expected to range from 12% to 13%, aiming for return on equity of more than 18%.

• Statements made are forward-looking and involve risks and uncertainties that may cause actual results to differ. • Refer to 2024 annual report and other filings for factors causing actual results to differ. • Non-IFRS financial measures discussed, should be considered with IFRS measures. • Potential impact of current conflict in Israel on operations and financial conditions.

Q: Justin Clare from Roth Capital Partners asked about drivers of increase in 2028 revenue outlook, role of Jupiter project acquisition and acquisitions in growth strategy.

A: Acquisition of Jupiter project contributed 150 million to 2028 run rate revenues, co bar four and five moved into pre-construction. Always looking at acquisition opportunities, especially in European storage markets.

Q: Mark Strauss from JP Morgan asked about potential for platform acquisitions.

A: Enviable position with flexibility to raise funds, always looking at opportunities to acquire projects and platforms, considering growth trajectory and shareholder value.

Q: Mahit Mantloi from Mizuho asked about Safe Harbor and capital plan.

A: Safe Harbor plans to safe harbor 0.5 to 3.5 factored gigawatt in first half of 2026, FEOC guidelines in line with previous estimates. Cash on hand funds projects through 2028, corporate side fully funded.

Q: Mike McNulty from Deutsche Bank asked about partial asset sales and growth drivers in guidance.

A: Partial asset sales part of strategy, may do additional transactions. 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, diversified across geographies and technologies.