Enlight Renewable Energy Ltd · TASE:ENLT
Enlight Renewable Energy — Investor Presentation (June 2026)
41 slides from Enlight Renewable Energy's investor presentation, June 2026
Slide 1: Enlight Company Overview
Enlight Company Overview June 2026 1
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 authorizations; our performance of various obligations under the terms of our indebtedness (and the indebtedness of our subsidiaries that intend
Slide 3: Enlight at a glance
Enlight at a glance A Global Leader in Renewable Energy Greenfield developer & IPP Extensive track record, listed since 2010 Expertise over entire project value ~40% revenues CAGR since 2018 chain 3X every 3 years Geographic diversification Portfolio depth Growing operations across U.S., 3.9 FGW1 op
Slide 4: 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 5: Diversification as a strategy
Diversification as a strategy Breakdown of Enlight’s 11.6 FGW1 Mature Portfolio 7% 28% 13% 44% 43% 7% Revenue Projects by Technology Geography 56% structure stage 16% 73% 13% Fixed-price PPA Inflation-linked PPA PV Wind Storage USA MENA Europe Operational Under Cons. Pre-Cons. Merchant To be signed
Slide 6: Enlight's strong and consistent growth momentum
Enlight’s strong and consistent growth momentum Revenues & Income1 ($m) Adjusted EBITDA2 ($m) 40% 39% CAGR 755-785 CAGR 545-565 582 434 399 289 261 194 192 135 130 102 78 92 84 66 52 39 2018 2019 2020 2021 2022 2023 2024 2025 2026E 2018 2019 2020 2021 2022 2023 2024 2025 2026E 1Revenues and income i
Slide 7: Vast and growing project portfolio
Vast and growing project portfolio Operational 3.9 FGW1 11.6 FGW Components of the Mature Total 4.0 FGW In construction Portfolio portfolio Pre-construction 3.7 FGW 41.2 FGW Advanced 7.3 FGW Development 22.3 FGW FGW = GW + GWh / 3.5 1FGW (Factored GW) is the company’s consolidated metric combining g
Slide 8: Vast and growing project portfolio
Vast and growing project portfolio 11.6 FGW $750-770m Components of Operational 3.9 FGW1 Revenues & income the Mature Portfolio with 473 Under const. 4.0 FGW 21 ~$770m ~$2.1 billion Today FMW Commence operations in 2026-28 FMW Revenues & income Expected ~$540m revenues & Pre-const. 3.7 FGW 92 Begins
Slide 9: ~20 FGW of U.S. capacity with high likelihood to achieve grid interconnection
~20 FGW of U.S. capacity with high likelihood to achieve grid interconnection, 15-17 FGW are expected to secure Safe Harbor by June 2026 Additional capacity Capacity % Completed System % Secured Safe Portfolio category expected to secure Safe (FGW) Impact Study1 Harbor1 Harbor by June 2026 Operating
Slide 10: Construction momentum towards 11 FGW operational or under construction during 2026
Construction momentum towards 11 FGW operational or under construction during 2026 Mature portfolio By status – operating and mature Additional 0.5 FGW1 started construction during the past three months (CO Bar 3) 7.7 11.6 To begin construction in the NTM Additional 3 FGW expected to start Under con
Slide 11: Business Plan: 3X growth in 3 years, reaching revenue run-rate over $2.1 billion
Business Plan: 3X growth in 3 years, reaching a revenue run-rate of over $2.1 billion1 by end-2028 1Based on 2025 guidance added to revenues & income (sale of electricity, tax benefits) of projects in the under construction and pre-construction portions of the Mature portfolio 12
Slide 12: The business environment supports continued growth with high returns
The business environment supports continued growth with high returns Demand for Rising electricity Attractive electricity is soaring, prices equipment costs driven by growth in (panels and data centers and AI batteries) Declining Regulatory clarity M&A weighted average in the U.S. opportunities: cos
Slide 13: Executing energy storage strategy across all markets of operations
Executing energy storage strategy across all markets of operations; expansion into additional markets in Europe Enlight’s response: a global storage portfolio of approximately 69 A significant gap is expected in the GWh, of which about 17.9 GWh in the mature portfolio energy sector… by 2034, global
Slide 14: ARR expected to exceed $2.1bn by year-end 2028
ARR1 expected to exceed $2.1bn by year-end 2028, with rising share of project ownership Mature portfolio ARR expectations accounting for over 90% of the 2028 plan Annual recurring revenues & income run rate Global operating capacity roadmap2,3 roadmap1,3,4 ($bn) (FGW) Weighted average of Enlight’s s
Slide 15: Global access to capital at attractive rates
ilA A2.il Global access to capital at attractive rates Stable (S&P Global Ratings Positive (Moody’s Midroog) Maalot) More than $6bn raised over the last 24 months ~$1.9bn in corporate finance and asset sales ~$4.2bn in project finance3 for projects in the US & Europe Equity Private placements in Aug
Slide 16: Sustaining 3X growth rate every three years with ROE above 18%
Sustaining 3X growth rate every three years with ROE above 18% Average historic return on operating assets (3.9 FGW) above 15% Under construction and pre-construction projects (7.7 FGW) maintain high returns: ~$700m First year expected EBITDA1 ~13% Unlevered project = returns ~$5,200m Expected net C
Slide 17: "Connect & Expand" strategy maximizes interconnection potential and returns
“Connect & Expand” strategy maximizes interconnection potential and returns 3.8 FGW of expansions at Advantages of “Connect & Expand” existing projects planned for utilizing existing construction in 2025-2027 utilizing existing interconnect reduces infrastructure saves development risks construction
Slide 18: Energy storage portfolio grew by 8 GWh during the quarter
Energy storage portfolio grew by 8 GWh during the quarter Battery storage portfolio (GWh) 1Q26 +150 +187 Additions: MWh MWh $950-1,000M 39.0 69.0 annual rev. & income2 run rate 86% 12.1 CAGR 17.5 17.9 8.6 5.7 2.7 Mature 2022 Mature 2023 Mature 2024 Mature 2025 Mature Q1 Q1 2026 Q1 2026 Q1 2026 2026
Slide 19: Appendix
@nlight Appendix
Slide 20: Portfolio Snapshot – 41.2 FGW within Total Portfolio
Portfolio Snapshot – 41.2 FGW within Total Portfolio Generation, Storage, Graph, 41.2 MW MWh scale FGW Portfolio definitions Mature Operational, under construction and pre-construction + + Component (expected to start construction within 12 months) 11.6 11,171 39,004 21,484 68,986 FGW + Advanced Pro
Slide 21: AI requires accelerated development of data centers, increasing electricity demand
AI requires accelerated development of data centers, increasing electricity demand 606 22% 513 CAGR 450 Tech giants Capex investments Electricity 371 demand for data 292 $bn 224 178 centers (US) 147 AMZN (Tech & Infra) TWh 911 2023 2024 2025 2026 2027 2028 2029 2030 GOOGL 60% CAGR Share of total U.S
Slide 22: Growing data center capacity drives demand for electricity
Growing data center capacity drives demand for electricity Global growth in data centers1 Capacity demand forecasts for DC in the US, GW2 110 Dec-25 Global data center capacity growth 100 GW 220 90 +32% 80 Apr-25 180 64 152 70 56 128 60 50 102 50 45 82 40 156 40 38 124 102 30 83 62 44 20 2025E 2026E
Slide 23: Enlight has the capabilities required to develop, build and operate data centers
Enlight has the capabilities required to develop, build and operate data centers Power Provider Powered Land Powered Shell DC Operator Customers Electricity Electricity Electricity Electricity Computing infrastructure Land Land Land Supportive Supportive systems systems Scope Power supply to Land an
Slide 24: Enlight is developing data center projects with billions of dollars in planned investments
Enlight is developing data center projects with billions of dollars in planned investments Collaboration with a local developer to establish two data centers with a total capacity of ~485 MWIT Option for data center development with a capacity of ~400 MWIT, development of 4 data adjacent to an Enlig
Slide 25: Demand for electricity is rising globally
Demand for electricity is rising globally Soaring global demand for power1 Increasing demand for electricity in the U.S.2 TWh Global electricity demand TWh U.S. Electricity Generation 7,000 40,000 6,000 35,000 Increased use of home Improved energy 3.1% 5,000 electrical appliances efficiency 30,000 C
Slide 26: Consistent, accelerating growth in renewable power generation
Consistent, accelerating growth in renewable power generation Annual net change in electricity generation by source, 2010–2024 (TWh)* 800 Solar & 700 wind 600 500 400 300 Nuclear 200 energy 100 Coal 0 Natural -100 gas -300 -400 -500 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 20
Slide 27: Renewable Power is the fastest way to meet demand
Renewable Power is the fastest way to meet demand Estimated project development timelines Solar PV 2-4 years Wind onshore 3-5 years Wind offshore 3-6 years CCGT 4-7 years SMR 7-10 years Large nuclear 10-15 years Goldman Sachs Research; Anurag Gumber et al, A global analysis of renewable energy proje
Slide 28: Renewables provide the lowest cost power generation
Renewables provide the lowest cost power generation LCOE* by energy source, U.S., 2009–2025 LCOE, $/MWh 400 Inflection point 250 Nuclear 200 Natural gas (Peak) 150 Coal 100 )CCGT( Natural gas Onshore Wind 50 Utility-scale PV 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 202
Slide 29: Major historic declines in the solar panel and battery costs
Major historic declines in the solar panel and battery costs Unprecedented declines in equipment input costs Forecast for global energy storage equipment prices $ per kilowatt-hour, (real 2025) 367 140% Lithium price Polysilicon price 289 279 120% 100% 197 80% 60% 122 113 107 102 98 94 91 88 86 83 8
Slide 30: Increasing spreads between equipment costs and electricity prices
Increasing spreads between equipment costs and electricity prices Attractive renewables production costs in the U.S. PPA pricing in the U.S.3 LCOE - Levelized Cost of Electricity1 $ / MWh Solar +108% Regional solar and storage LCOE2 79.4 1Q21 – 1Q26 $75 188 71.9 159 $65 64.5 Enlight’s main market $5
Slide 31: 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 Portfolio of 3.2 GW + 14.1 GWh across 11 European countries Projects maturity 1.8 GW + 4.9 GWh of mature projects United States Renewables gaini
Slide 32: The Clēnera Acquisition - A Success Story
The Clēnera Acquisition - A Success Story Clēnera’s Portfolio and Revenues & Income runrate1 FGW, $ Operational projects annual $m recurring revenues & income ~$1.3-1.4b run rate1 ARR Operational Under Construction & Pre-Construction, Under Construction & Pre-Construction ~$280m 7.0 Adv. Development
Slide 33: Looking ahead: a ~21 FGW Advanced and Early-Stage Portfolio across 8 ISOs
Looking ahead: a ~21 FGW Advanced and Early-Stage Portfolio across 8 ISOs WECC - NW SPP 4.1 FGW 4.7 FGW CAISO PJM 0.7 3.8 FGW FGW WECC - SW 6.4 FGW Other 1.3 FGW 34
Slide 34: US: CO Bar 3 Commencement of construction
US: Co-Bar 3 Commencement of construction. Enhancing overall complex returns CO Bar Complex – a five-phase flagship project Significant progress in the last quarter Location Coconino, Arizona, USA Construction commencement for Phase 3 in the Capacity 1,211 MW + 4,000 MWh complex, with a capacity of
Slide 35: $1.4bn financial close for Snowflake A, a 1.1 FGW mega project
$1.4bn financial close for Snowflake A, a 1.1 FGW mega project A significant milestone establishing Enlight's position as a leading developer in the U.S. Location Arizona, USA Capacity 594 MW & 1900 MWh Holbrook Expected COD date 2H27 Arizona PPA length and offtaker 20-year fixed price busbar with A
Slide 36: America's most attractive offtake structure
America’s most attractive offtake structure Enlight US All of Enlight’s PPAs are based on busbar terms and availability payments for storage Busbar PPAs in the portfolio: Fixed price per kWh produced and an availability payment for the storage component Long-term agreements for 20 years No economic
Slide 37: Financial Results – Growth Momentum Continues
Financial Results – Growth Momentum Continues 38
Slide 38: Growth momentum continues: over 50% growth
Growth momentum continues: over 50% growth 1Q26 vs 1Q25, $m 54% 17% 63% 58% 58% excluding Sunlight 76% excluding Sunlight Sale of the Sunlight cluster in contributed $42m in 2025 200 and $12m in 2026 Sale of the Sunlight cluster contributed 154 $81m 130 132 sunlight sunlight 102 100 142 63 sunlight
Slide 39: Enlight and the sector demonstrated resilience amid geopolitical instability
Enlight and the sector demonstrated resilience amid geopolitical instability While traditional fuels and electricity prices showed Diversification strategy enabled business continuity and volatility in the face of geopolitical crises… opportunity capture Closure of the Strait of Hormuz 120 100 Europ
Slide 40: Reconciliation between Net Income to Adjusted EBITDA
Reconciliation between Net Income to Adjusted EBITDA ($ thousands) For the three months ended March 31, 2026 March 31, 2025 Net Income (loss) 37,808 101,803 Depreciation and amortization 50,722 33,789 Share based compensation 5,101 1,710 Finance income (8,996) (6,695) Finance expenses 44,183 30,203
Slide 41: G@nlight sz
a G@nlight sz
Enlight Renewable Energy — Investor Presentation (June 2026) on 6ix