Enlight Renewable Energy Ltd · TASE:ENLT
Enlight Renewable Energy — Investor Presentation (March 2026)
34 slides from Enlight Renewable Energy's investor presentation, March 2026
Slide 1: Enlight Company Overview
Enlight Company Overview March 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: Achieving ~3X growth every three years in the past decade
Achieving ~3X growth every 3 years in the past decade Founder mentality, market innovation and business discipline 9.1 FGW successfully developed2,4 65 quarters as a public company 2025 Massive growth: 2023 4.8 FGW under Expansion across major global markets Raising $271 construction & 2020-2021 mil
Slide 5: Differentiated business model combines greenfield developer and IPP
Differentiated business model combines greenfield developer and IPP Control over the development, construction, financing and operations of our projects enables us to capture value and deliver superior returns Global presence enhances Strong global access to capital at attractive rates creates suppl
Slide 6: Diversification as a strategy
Diversification as a strategy Breakdown of Enlight’s 11.4 FGW1 Mature Portfolio 6% 28% 13% 44% 43% 7% Revenue Projects by Technology Geography 57% structure stage 15% 74% 13% Fixed-price PPA Inflation-linked PPA PV Wind Storage USA MENA Europe Operational Under Cons. Pre-Cons. Merchant To be signed
Slide 7: Global renewable platform in the right markets at the right time
Global renewable platform in the right markets at the right time Europe Regional energy crisis Renewables the key to energy security Pan European footprint 3.5 GW + 12.0 GWh across 11 European countries Projects maturity 1.8 GW + 4.7 GWh of mature projects United States Renewables gaining 3.8 GW + 9
Slide 8: Enlight's strong and consistent growth momentum
Enlight’s strong and consistent growth momentum Revenues & Income1 ($m) Adjusted EBITDA2 ($m) 40% 39% CAGR 755-785 CAGR 545-565 582 434 399 289 261 194 192 135 130 84 102 78 92 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 9: Enlight's global portfolio totals 38 FGW, including 11.4 FGW mature
Enlight’s global portfolio totals 38 FGW, including 11.4 FGW in the mature portfolio Operational 3.9 FGW1 11.4 FGW Components Under construction of the Mature Total 3.5 FGW Portfolio portfolio Pre-construction 4.0 FGW 38 FGW Advanced development 6.4 FGW Development 20.2 FGW FGW = GW + GWh / 3.5 FGW
Slide 10: Record portfolio advancement in the quarter across multiple geographies
Record portfolio advancement in the quarter across multiple geographies and development stages ~$2 billion $750-770m 19% Expected revenues Revenues & income 808 Op’ing 3.9 FGW1 & income of the FMW 11.4 FGW Mature portfolio, ~$700m Components 1,208 Under const. 3.5 FGWFMW 116 45 an increase of Revenu
Slide 11: 18 FGW of U.S. capacity with high likelihood of grid interconnection
18 FGW of U.S. capacity with high likelihood to achieve grid interconnection, 13.2 secured Safe Harbor Additional capacity Capacity % Completed System % Secured Safe Portfolio category expected to Safe Harbor (FGW) Impact Study Harbor1 by June 2026 Operating 1.6 100% 100% - Under construction 2.9 10
Slide 12: ~50% expansion in the Mature Storage Portfolio in 4Q
~50% expansion in the Mature Storage Portfolio in 4Q: from 11.8 GWh to 17.5 GWh Battery storage capacity (GWh) 4Q25 +2,000 +75 +3,176 +455 additions: MWh MWh MWh MWh $950-1,000m 33.4 61.0 annual rev. & income2 run rate 86% 10.0 CAGR 17.5 8.6 5.7 2.7 2022 Mature 2023 Mature 2024 Mature 2025 Mature 20
Slide 13: Business Plan: 3X growth in 3 years, over $2 billion run-rate by end-2028
Business Plan: 3X growth in 3 years, reaching a 1 revenue run-rate of over $2 billion 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 13
Slide 14: 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 weighted average in the U.S. cost of capital Additi
Slide 15: 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 111 META 740 MSFT
Slide 16: ARR expected to exceed $2bn by year-end 2028
ARR1 expected to exceed $2bn by year-end 2028, with rising share of project ownership Mature portfolio run-rate expectations rose by ~$400m this quarter, accounting for ~90% of the 2028 plan Annual recurring revenues & income run rate Global operating capacity roadmap2,3 roadmap1,3,4 ($bn) (FGW) Wei
Slide 17: Global access to capital at attractive rates
ilA A2.il Global access to capital at attractive rates Stable (S&P Global Ratings Stable (Moody’s Midroog) Maalot) $4.3bn raised in the past 12 months, financing step for the 2026 plan ~$1.4bn in corporate finance and asset sales ~$2.7bn in project finance for projects in the US & Europe Equity Priv
Slide 18: 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 (7.5 FGW) maintain high returns: ~$700m First year expected EBITDA1 ~12-13% = Unlevered project returns ~$5,350m Expected ne
Slide 19: "Connect & Expand" strategy maximizes interconnection potential and returns
“Connect & Expand” strategy maximizes interconnection potential and returns 3.8 FGW of expansions at existing Advantages of “Connect & Expand” projects planned for construction in 2025-27 utilizing existing utilizing existing infrastructure saves interconnect reduces construction costs development r
Slide 20: Exceptional business performance
Exceptional business performance 20
Slide 21: Construction commenced at the CO Bar complex, Enlight's flagship project
Construction commenced at the CO Bar complex, Enlight’s flagship project, with a capacity of 2.4 FGW and $3b investment CO Bar Complex – a five-phase flagship project Significant progress in the last quarter Location Flagstaff, Arizona, USA 1 GW grid interconnection agreement for the entire Capacity
Slide 22: $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 600 MW & 1900 MWh Holbrook Expected COD date 2H27 Arizona PPA length and offtaker 20-year fixed price busbar with A
Slide 23: Earlier than expected commercial operation for two projects totaling 0.8 FGW
Earlier than expected commercial operation for two projects totaling 0.8 FGW, doubling U.S. operating portfolio Roadrunner Quail Ranch WECC (Non-CAISO) Location Arizona WA Location New Mexico MT Capacity 298 MW + 940 MWh Capacity 128 MW + 400 MWh Apex Status Operational OR Status Operational ID WY F
Slide 24: Expanding Presence in Two of Europe's fastest growing Energy Storage Markets
Expanding Presence in Two of Europe’s fastest growing Energy Storage Markets Enlight identified the storage opportunity in Europe, In 4Q and throughout 2025, Enlight capitalized on this particularly in Germany and Poland opportunity Germany is Europe's largest renewable energy market, with Continued
Slide 25: DNA of execution – YTD major milestones
DNA of execution – YTD major milestones U.S. EU MENA Operating portfolio doubled with the Strategic entrance into the German (Bertikow- Commercial operation of the Bar-On project, additions of Roadrunner (567 FMW) and 860 MWh, Jupiter-150 MW+2,000 MWh) and totaling 67 FMW Quail Ranch (242 FMW) Polis
Slide 26: Appendix
@nlight Appendix
Slide 27: Portfolio Snapshot – 38 FGW within Total Portfolio
Portfolio Snapshot – 38 FGW within Total Portfolio Generation, ration, Storage, Graph, 38 MW MWh scale FGW Portfolio definitions finitions + + Mature Phase Operational, under construction and pre-construction (expected to start construction within 12 months) 11.4 10,713 33,281 20,572 60,957 FGW + Ad
Slide 28: Growing data center capacity drives demand for electricity
Growing data center capacity drives demand for electricity Global growth in data centers1 Rising U.S. data center power demand2 Global data center capacity growth U.S. data center energy consumption GW TWh Share of total U.S. 11.7% 220 power demand 606 180 64 513 152 56 450 128 50 371 102 45 3.7% 29
Slide 29: 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 30: Major historic declines in the solar panel and battery costs
Major historic declines in the solar panel and battery costs Forecast for global energy storage equipment prices Unprecedented declines in equipment input costs $ per kilowatt-hour, (real 2025) 367 140% 289 Lithium price Polysilicon price 279 120% 100% 197 80% 122 60% 113 107 102 98 94 91 88 86 83 8
Slide 31: 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 +99% Regional solar and storage LCOE2 $75 73.7 1Q21 – 4Q25 $70 188 67.7 $65 159 $60 61.7 Enlight’s $55 mai
Slide 32: America's most attractive offtake structure
America’s most attractive offtake structure Enlight US All of Enlight’s PPAs are based on busbar terms and availability payments for storage Busbar PPAs in the portfolio: Fixed price per kWh produced and an availability payment for the storage component Long-term agreements for 20 years No economic
Slide 33: Reconciliation between Net Income to Adjusted EBITDA
Reconciliation between Net Income to Adjusted EBITDA ($ thousands) For the year ended For the three months ended Dec 31, 2025 Dec 31, 2024 Dec 31, 2025 Dec 31, 2024 Net Income (loss) 160,702 66,505 21,073 8,372 Depreciation and amortization 149,922 108,889 39,763 30,912 Share based compensation 10,4
Slide 34: G@nlight sz
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