Earnings release
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Exhibit 99.1 Press Release ENLIGHT RENEWABLE ENERGY REPORTS FIRST QUARTER 2025 FINANCIAL RESULTS All of the amounts disclosed in this press release are in U.S. dollars unless otherwise noted TEL AVIV, ISRAEL, May 6, 2025 – Enlight Renewable Energy Ltd. (NASDAQ: ENLT, TASE: ENLT) today reported financial results for the first quarter of 2025 ending March 31, 2025.Registration links for the Company’s earnings English and Hebrew conference call and webcasts can be found at the end of this earnings release. The entire suite of the Company’s 1Q25 financial results can be found on our IR website at https://enlightenergy.co.il/data/financial-reports/ Financial Highlights 3 months ending March 31, 2025 • Revenues and income of $130m, up 39% year over year • Adjusted EBITDA1 of $132m, up 84% year over year • Net income of $102m, up 316% year over year • Cash flow from operations of $44m, up 24% year over year For the three months ended ($ millions) 31/03/2025 31/03/2024 % changeRevenues and Income 130 94 39%Net Income 102 24 316%Adjusted EBITDA 132 72 84%Cash Flow from Operating Activities 44 35 24% • In January 2025, the Company announced the sale of 44% of the Sunlight cluster of renewable energy projects in Israel for a consideration of $52m at a valuation of $119m, anddeconsolidated the cluster from its balance sheet. The transaction added $42m to Adjusted EBITDA (actual consideration received less the book value of the associated assets) and$80m to net profit in the 1Q25 results.• A detailed analysis of financial results appears below 1 The Company is unable to provide a reconciliation of Adjusted EBITDA to Net Income on a forward-looking basis without unreasonable effort because items that impact this IFRS financialmeasure are not within the Company’s control and/or cannot be reasonably predicted. Please refer to the reconciliation table in Appendix 2
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Impact of U.S. Tariffs on the Company’s Operations Enlight’s procurement strategy has effectively mitigated significant exposure to increased U.S. import tariffs. The agreements and good relationships we have with our supply chain partnersallow for a significant distribution of the impact of tariffs. Costs • Solar panels for projects under construction are either domestically constructed or sourced from outside China and carry no tariff exposure • 80% of battery capacity for projects under construction is supplied by Tesla, a supplier with high levels of domestic U.S. manufacturing Revenues • Negotiations for PPA price adjustments are now underway to account for higher tariff-related construction costs “Enlight showed strong financial results for 1Q25, including 84% growth in Adjusted EBITDA and a 316% rise in net profit,” said Gilad Yavetz, CEO of Enlight Renewable Energy. “The introduction of U.S. tariffs underscores how Enlight’s diversified procurement strategy in this market over the past two years has proven itself, effectively shielding us from costincreases. As a result, our U.S. projects now under construction, with total capex of $1.7bn, have no solar panel exposure under the current tariff policy. Selecting Tesla as our primarystorage supplier further strengthens this position – its substantial levels of U.S. manufacturing offer greater tariff protection than other battery suppliers. “Securing $1.8bn in financing over recent months marks a significant milestone, and was achieved through three financial closings, a sale of a stake in the Sunlight cluster to institutionalinvestors, and a successful bond issuance. This funding will enable the launch of our aggressive plan to begin construction on 4.7 FGW of capacity in 2025. Combined with our existingoperating portfolio, these projects represent 90% of the capacity required to reach an annual revenue and income run rate of $1.4bn by 2027.”
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Portfolio Review • Enlight’s total portfolio is comprised of 19.2 GW of generation capacity and 49.8 GWh storage (33.4 FGW2) • Of this, the Mature portfolio component (including operating projects, projects under construction or pre-construction) contains 6.1 GW generation capacity and 8.8 GWh of storage(8.6 FGW) • Within the Mature portfolio component, the operating component has 2.5 GW of generation capacity and 1.9 GWh of storage (3.0 FGW) The full composition of the portfolio appears in the following table: Component Status FGW2 Annual revenues & income run rate ($m)Operating Commercial operation 3.0 ~5003 Under Construction Under construction 1.8 ~305Pre-Construction 0-12 months to start of construction 3.8 ~615Total Mature Portfolio Mature 8.6 1,420~Advanced Development 13-24 months to start of construction 7 -Development 2+ years to start of construction 17.8 -Total Portfolio 33.4 - • Operating component of the portfolio: 3 FGW o The operational portfolio totals 3 GW of capacity is spread over three regions: 44% of the capacity is located in 7 European countries, 29% is located in Israel, and 27% inthe U.S. o 81% of the operational capacity sells electricity under PPA agreements, with 29% of the power sold under inflation-linked PPAs. o The operational portfolio generates annualized revenues and income of approximately $500 million. 2 FGW (Factored GW) is a consolidated metric combining generation and storage capacity into a uniform figure based on the ratio of construction costs. The company’s current weightedaverage construction cost ratio is 3.5 GWh of storage per 1 GW of generation: FGW = GW + GWh / 3.53 Based on the midpoint of 2025 guidance.
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• Under Construction component of the portfolio: 1.8 FGW o Consists of three projects in the U.S. with a total capacity of 1.4 FGW; the Gecama Solar project in Spain with a capacity of 0.3 FGW; the solar and storage cluster in Israel;and the addition of storage capacity at project Bjornberegt in Sweden. Approximately half of the cluster is expected to reach COD in 2025, with the rest expected tocommission in 2026. o Projects under construction are expected to contribute $305m to the annual revenues and income run rate during their first full year of operation • Pre-construction component of the portfolio: 3.8 FGW o Two mega projects in the U.S., Snowflake and CO Bar, with a combined capacity of 2.6 FGW will begin construction in 2025 and are expected to contribute $455m torevenues and income on an annualized basis. o Nardo, a stand alone storage project in Italy with a capacity of 0.25 FGW, is expected to begin construction in 2H25. The Pre-construction portion of the Mature portfolioincludes additional projects in Israel, Hungary, and the US with a combined capacity of 0.9 FGW. o Pre-construction projects are expected to contribute $615m in revenues and income in their first full year of operations. The under construction and pre-construction projects are expected to reach COD by the end of 2027, which is expected to boost operating capacity to 8.6 FGWand the annualized revenue and income run rate to $1.4bn.
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• Advanced Development component of the portfolio component: 7 FGW o 5.7 FGW in the U.S., with 100% of the capacity having passed completion of the System Impact Study, the most important study of the grid connection process,significantly de-risking the portfolio. o The U.S. pipeline includes several mega-projects, including the 1.4 FGW Cedar Island facility in Oregon and the 1.1 FGW Blackwater project in Virginia. o The U.S. portfolio includes several follow-ons to Mature projects, such as Atrisco 2 (0.7 FGW), the energy storage expansion at CO-Bar (0.9 FGW), and Snowflake B (1.3FGW). o These projects reflect the Company's “Connect and Expand” strategy, leveraging existing grid infrastructure with the development of new ones, thereby reducingconstruction costs and project risks while improving project returns. o 0.7 FGW in Europe, focused on Italy, Spain, and Croatia. o 0.6 FGW in MENA, focused on solar and storage projects and stand alone storage facilities, including approximately 0.4 FGW that won availability tariffs as part of theIsrael Electricity Authority's first high voltage storage availability tariff tender. • Development component of the portfolio: 17.8 FGW o 12 FGW in the U.S. with broad geographic presence, including the PJM, WECC, SPP and MISO regions. The storage portion of the US portfolio has grown by 5.6 FGW toreflect greater demand for energy storage in this region. o 3 FGW in Europe, focused on Italy, Spain, Croatia and entry into stand-alone storage operations in Poland. o 2.8 FGW in MENA, focused on solar combined storage projects and stand-alone storage facilities.
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Mature Portfolio Components Expected to Generate Annualized Revenues andIncome of ~$1.4bn4,5 Financing Activities • During the quarter, the Company secured $1bn in financial closings for the Country Acres and Quail Ranch projects, representing 830 FMW of combined capacity. • Along with the financial close on the 560 FMW Roadrunner project in December 2024, the financing for the second wave of U.S. projects in now complete, with a total of $1.5bnraised. • Raising $245m through the sale of Series G and H bonds to finance the Company's growth. • Sale of 44% of the Sunlight cluster for $52m cash at a valuation of $119m, generating Adjusted EBITDA of $42m (actual consideration received less associated book value of assets)and a pre-tax profit of $97m. • As of the balance sheet date, the Company maintained $350m of revolving credit facilities, of which none have been drawn. 2025 Guidance Construction and commissioning • Expected commissioning of 0.9 FGW of capacity, which is expected to add approximately $148-152m to annualized revenues and income and $129-133m annualized EBITDA,starting in 2026. • Starting construction on 2.9 FGW of capacity, which is expected to add approximately $487-495m in annualized revenues and income and approximately $428-436m in annualizedEBITDA gradually through 2026-2027. 4 Projection based on 2025 guidance, adding on total revenues and income (sales of electricity and tax benefits) of under construction and pre-construction projects5 The company's revenues from tax benefits are estimated at approximately 20-24% of the total revenue run rate for December 2025; approximately 22-26% of the total revenue run rate forDecember 2026, and approximately 26-30% of the total revenue run rate for December 2027
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Financial guidance • Total revenues and income6 for 2025 are expected to range between $490m and $510m. Of the projected revenues and income, 38% are expected to be denominated in ILS, 35% inEUR, and 27% in USD. • Adjusted EBITDA7 for 2025 is expected to range between $360m and $380m. • Approximately 90% of the electricity volumes expected to be generated in 2025 will be sold at fixed prices through PPAs or hedges. Financial Results Analysis Revenues & Income by Segment ($ millions) For the three months ended Segment 31/03/2025 31/03/2024 % change MENA 42,867 28,474 51% Europe 51,384 59,160 (13%) U.S. 34,789 4,495 674% Other 829 1,532 (46%) Total Revenues & Income 129,869 93,661 39% Revenues & Income In the first quarter of 2025, the Company’s total revenues and income increased to $130m, up from $94m last year, a growth rate of 39% year over year. This was composed of revenues fromthe sale of electricity, which rose 21% to $110m compared to $90m in the same period of 2024, as well as recognition of $20m in income from tax benefits, up 516% compared to $3m in1Q24. The Company benefited from the revenues and income contribution of newly operational projects. Since the first quarter of last year, 576 MW and 1,526 MWh of new projects were connectedto the grid and began selling electricity, including seven of the Israel Solar and Storage Cluster units in Israel, Atrisco in the U.S, Pupin in Serbia, and Tapolca in Hungary. The most importantincreases in revenue from the sale of electricity originated at Atrisco, which added $13m, followed by the Israel Solar and Storage Cluster, with $11m, while Pupin contributed $6m. In total,new projects contributed $30m to revenues from the sale of electricity. Offsetting this growth, the amount of electricity generated at our wind projects operating in Europe was lower compared to the same period last year mainly due to weaker wind volumes. Inaddition, generation at project Bjornbeget in Sweden this quarter fell compared to last year due to a blade malfunction experienced at one of the site’s turbines. This prompted a completeshutdown of the wind farm, which is now in the process of gradually resuming operations. The Company recognized compensation of $4m from Bjornberget’s operating contractor in lieu ofthe lost revenues, which is recorded in other income. Revenues and income were distributed between MENA, Europe, and the US, with 34% denominated in Israeli Shekel, 39% in Euros, and 27% denominated in US Dollars. 6 Total revenues and income include revenues from the sale of electricity along with income from tax benefits from US projects amounting to $60m-80m.7 EBITDA is a non-IFRS financial measure. The Company is unable to provide a reconciliation of EBITDA to Net Income on a forward-looking basis without unreasonable effort because items that impact thisIFRS financial measure are not within the Company’s control and/or cannot be reasonably predicted. Please refer to the reconciliation table in Appendix 2.
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Net Income In the first quarter of 2025, the Company’s net income amounted to $102m compared to $24m last year, an increase of 316% year over year. This increase stems from the $28m increase inrevenues and income and $80m profit from the partial sale of the Sunlight cluster. This was offset by higher total operating expenses of $17m and net financial expenses of $10m (all aftertax). Adjusted EBITDA8 The Company’s Adjusted EBITDA grew by 84% to $132m in the first quarter of 2025, compared to $72m for the same period in 2024. Of this increase, $36m was driven by the factorsdescribed in the Revenues and Income section. The partial sale of the Sunlight cluster contributed $42m, representing the actual consideration received less the book value of the associatedassets. Offsetting this growth was an increase of $11m in COGS linked to the addition of new projects, and an increase of $4m in operating expenses. Adjusting for the effects of thistransaction, 1Q25 Adjusted EBITDA grew by 25% year-on-year to $90m. 8 Adjusted EBITDA is a non-IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income
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Conference Call Information Enlight plans to hold its First Quarter 2025 Conference Call and Webcasts on Tuesday, May 6, 2025 to review its financial results and business outlook in both English and Hebrew.Management will deliver prepared remarks followed by a question-and-answer session. Participants can join by dial-in or webcast: • English Conference Call at 8:00am ET / 3:00pm Israel: Please pre-register to join by conference call using the following link: https://register-conf.media-server.com/register/BI2f3b7998abd744a590906d1adabe0ad1 Upon registering, you will be emailed a dial-in number, direct passcode and unique PIN. • English Webcast at 8:00am ET / 3:00pm Israel: Please register and join by webcast at the following link:https://edge.media-server.com/mmc/p/z2k323sj • Hebrew Webcast at 5:00am ET / 12:00pm Israel: Please join the webcast at the following link:https://enlightenergy-co-il.zoom.us/webinar/register/WN_8lhirHEnQLyQju1pvoxZGg The press release with the financial results as well as the investor presentation materials will be accessible from the Company’s website prior to the conference call. Approximately one hourafter completion of the live call, an archived version of the webcast will be available on the Company’s investor relations website at https://enlightenergy.co.il/info/investors/. Supplemental Financial and Other Information We intend to announce material information to the public through the Enlight investor relations website at https://enlightenergy.co.il/info/investors, SEC filings, press releases, publicconference calls, and public webcasts. We use these channels to communicate with our investors, customers, and the public about our company, our offerings, and other issues. As such, weencourage investors, the media, and others to follow the channels listed above, and to review the information disclosed through such channels. Any updates to the list of disclosure channelsthrough which we will announce information will be posted on the investor relations page of our website.
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Non-IFRS Financial Measures This release presents Adjusted EBITDA, a financial metric, which is provided as a complement to the results provided in accordance with the International Financial Reporting Standards asissued by the International Accounting Standards Board (“IFRS”). A reconciliation of the non-IFRS financial information to the most directly comparable IFRS financial measure is provided inthe accompanying tables found at the end of this release. We define Adjusted EBITDA as net income (loss) plus depreciation and amortization, share based compensation, finance expenses, taxes on income and share in losses of equity accountedinvestees and minus finance income and non-recurring portions of other income, net. For the purposes of calculating Adjusted EBITDA, compensation for inadequate performance of goodsand services procured by the Company are included in other income, net. Compensation for inadequate performance of goods and services reflects the profits the Company would havegenerated under regular operating conditions and is therefore included in Adjusted EBITDA. With respect to gains (losses) from asset disposals, as part of Enlight’s strategy to accelerategrowth and reduce the need for equity financing, the Company sells parts of or the entirety of selected renewable project assets from time to time, and therefore includes realized gains orlosses from these asset disposals in Adjusted EBITDA. In the case of partial assets disposals, Adjusted EBITDA includes only the actual consideration less the book value of the assets sold.Our management believes Adjusted EBITDA is indicative of operational performance and ongoing profitability and uses Adjusted EBITDA to evaluate the operating performance and forplanning and forecasting purposes. Non-IFRS financial measures have limitations as analytical tools and should not be considered in isolation or as substitutes for financial information presented under IFRS. There are anumber of limitations related to the use of non-IFRS financial measures versus comparable financial measures determined under IFRS. For example, other companies in our industry maycalculate the non-IFRS financial measures that we use differently or may use other measures to evaluate their performance. All of these limitations could reduce the usefulness of our non-IFRS financial measures as analytical tools. Investors are encouraged to review the related IFRS financial measure, Net Income, and the reconciliations of Adjusted EBITDA provided belowto Net Income and to not rely on any single financial measure to evaluate our business. Special Note Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to becovered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Actof 1934, as amended. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding the Company’s businessstrategy and plans, capabilities of the Company’s project portfolio and achievement of operational objectives, market opportunity, utility demand and potential growth, discussions withcommercial counterparties and financing sources, pricing trends for materials, progress of Company projects, including anticipated timing of related approvals and project completion andanticipated production delays, the Company’s future financial results, expected impact from various regulatory developments and anticipated trade sanctions, expectations regarding windproduction, electricity prices and windfall taxes, and Revenues and Income and Adjusted EBITDA guidance, the expected timing of completion of our ongoing projects, and the Company’santicipated cash requirements and financing plans , are forward-looking statements. The words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “target,”“seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible,” “forecasts,” “aims” or the negative of these terms and similar expressions are intended to identifyforward-looking statements, though not all forward-looking statements use these words or expressions.
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These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance orachievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: our ability to site suitable land for, and otherwise source, renewable energy projects and to successfully develop and convert them into Operational Projects; availability of, andaccess to, interconnection facilities and transmission systems; our ability to obtain and maintain governmental and other regulatory approvals and permits, including environmental approvalsand permits; construction delays, operational delays and supply chain disruptions leading to increased cost of materials required for the construction of our projects, as well as cost overrunsand delays related to disputes with contractors; disruptions in trade caused by political, social or economic instability in regions where our components and materials are made; our suppliers’ability and willingness to perform both existing and future obligations; competition from traditional and renewable energy companies in developing renewable energy projects; potential sloweddemand for renewable energy projects and our ability to enter into new offtake contracts on acceptable terms and prices as current offtake contracts expire; offtakers’ ability to terminatecontracts or seek other remedies resulting from failure of our projects to meet development, operational or performance benchmarks; exposure to market prices in some of our offtakecontracts; various technical and operational challenges leading to unplanned outages, reduced output, interconnection or termination issues; the dependence of our production and revenueon suitable meteorological and environmental conditions, and our ability to accurately predict such conditions; our ability to enforce warranties provided by our counterparties in the event thatour projects do not perform as expected; government curtailment, energy price caps and other government actions that restrict or reduce the profitability of renewable energy production;electricity price volatility, unusual weather conditions (including the effects of climate change, could adversely affect wind and solar conditions), catastrophic weather-related or other damageto facilities, unscheduled generation outages, maintenance or repairs, unanticipated changes to availability due to higher demand, shortages, transportation problems or other developments,environmental incidents, or electric transmission system constraints and the possibility that we may not have adequate insurance to cover losses as a result of such hazards; our dependenceon certain operational projects for a substantial portion of our cash flows; our ability to continue to grow our portfolio of projects through successful acquisitions; changes and advances intechnology that impair or eliminate the competitive advantage of our projects or upsets the expectations underlying investments in our technologies; our ability to effectively anticipate andmanage cost inflation, interest rate risk, currency exchange fluctuations and other macroeconomic conditions that impact our business; our ability to retain and attract key personnel; ourability to manage legal and regulatory compliance and litigation risk across our global corporate structure; our ability to protect our business from, and manage the impact of, cyber-attacks,disruptions and security incidents, as well as acts of terrorism or war; changes to existing renewable energy industry policies and regulations that present technical, regulatory and economicbarriers to renewable energy projects; the reduction, elimination or expiration of government incentives or benefits for, or regulations mandating the use of, renewable energy; our ability toeffectively manage the global expansion of the scale of our business operations; our ability to perform to expectations in our new line of business involving the construction of PV systems formunicipalities in Israel; our ability to effectively manage our supply chain and comply with applicable regulations with respect to international trade relations, the impact of tariffs on the cost ofconstruction and our ability to mitigate such impact, sanctions, export controls and anti-bribery and anti-corruption laws; our ability to effectively comply with Environmental Health and Safetyand other laws and regulations and receive and maintain all necessary licenses, permits and authorizations; our performance of various obligations under the terms of our indebtedness (andthe indebtedness of our subsidiaries that we guarantee) and our ability to continue to secure project financing on attractive terms for our projects; limitations on our management rights andoperational flexibility due to our use of tax equity arrangements; potential claims and disagreements with partners, investors and other counterparties that could reduce our right to cash flowsgenerated by our projects; our ability to comply with increasingly complex tax laws of various jurisdictions in which we currently operate as well as the tax laws in jurisdictions in which weintend to operate in the future; the unknown effect of the dual listing of our ordinary shares on the price of our ordinary shares; various risks related to our incorporation and location in Israel,including the ongoing war in Israel, where our headquarters and some of our wind energy and solar energy projects are located; the costs and requirements of being a public company,including the diversion of management’s attention with respect to such requirements; certain provisions in our Articles of Association and certain applicable regulations that may delay orprevent a change of control; and other risk factors set forth in the section titled “Risk factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2023, filed with theSecurities and Exchange Commission (the “SEC”), as may be updated in our other documents filed with or furnished to the SEC. These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this press release. You should not putundue reliance on any forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that futureresults, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by applicable law, weundertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statementsare made or to reflect the occurrence of unanticipated events. About Enlight Founded in 2008, Enlight develops, finances, constructs, owns, and operates utility-scale renewable energy projects. Enlight operates across the three largest renewable segments today:solar, wind and energy storage. A global platform, Enlight operates in the United States, Israel and 10 European countries. Enlight has been traded on the Tel Aviv Stock Exchange since2010 (TASE: ENLT) and completed its U.S. IPO (Nasdaq: ENLT) in 2023. Company Contacts Yonah WeiszDirector IRinvestors@enlightenergy.co.il Erica Mannion or Mike FunariSapphire Investor Relations, LLC+1 617 542 6180investors@enlightenergy.co.il
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Appendix 1 – Financial information Consolidated Statements of Income For the three months ended at March31 2025 2024(*) USD in USD in Thousands Thousands Revenues 109,758 90,397 Tax benefits 20,111 3,264 Total revenues and income 129,869 93,661 Cost of sales (**) (26,638) (15,436)Depreciation and amortization (33,789) (25,604)General and administrative expenses (11,846) (8,859)Development expenses (2,564) (2,418)Total operating expenses (74,837) (52,317)Gains from projects disposals 97,262 27 Other income (expenses), net (1,105) 1,517 Operating profit 151,189 42,888 Finance income 6,695 8,065 Finance expenses (30,203) (19,493)Total finance expenses, net (23,508) (11,428) Profit before tax and equity loss 127,681 31,460 Share of losses of equity accounted investees (1,227) (144)Profit before income taxes 126,454 31,316 Taxes on income (24,651) (6,831)Profit for the period 101,803 24,485 Profit for the period attributed to: Owners of the Company 94,458 16,763 Non-controlling interests 7,345 7,722 101,803 24,485 Earnings per ordinary share (in USD) with a par value of NIS 0.1, attributable to owners of the parent Company: Basic earnings per share 0.80 0.14 Diluted earnings per share 0.75 0.14 Weighted average of share capital used in the calculation of earnings: Basic per share 118,783,541 117,963,310 Diluted per share 125,316,177 122,889,909 (*) The Consolidated Statements of Income have been adjusted to present comparable information for the previous period. For additional details please see Appendix 8.(**) Excluding depreciation and amortization.
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Consolidated Statements of Financial Position as of March 31 December 31 2025 2024 USD in USD in Thousands Thousands Assets Current assets Cash and cash equivalents 449,530 387,427 Restricted cash 82,692 87,539 Trade receivables 73,125 50,692 Other receivables 71,475 99,651 Other financial assets 405 975 Assets of disposal groups classified as held for sale - 81,661 Total current assets 677,227 707,945 Non-current assets Restricted cash 59,964 60,802 Other long-term receivables 62,092 61,045 Deferred costs in respect of projects 392,119 357,358 Deferred borrowing costs 61 276 Loans to investee entities 32,329 18,112 Investments in equity accounted investees 49,303 - Fixed assets, net 3,961,021 3,699,192 Intangible assets, net 293,035 291,442 Deferred taxes assets 8,023 10,744 Right-of-use asset, net 210,739 210,941 Financial assets at fair value through profit or loss 74,555 69,216 Other financial assets 63,903 59,812 Total non-current assets 5,207,144 4,838,940 Total assets 5,884,371 5,546,885
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Consolidated Statements of Financial Position as of (Cont.) March 31 December 31 2025 2024 USD in USD in Thousands Thousands Liabilities and equity Current liabilities Credit and current maturities of loans from banks and other financial institutions 207,662 212,246 Trade payables 167,765 161,991 Other payables 101,928 107,825 Current maturities of debentures 23,049 44,962 Current maturities of lease liability 10,192 10,240 Other financial liabilities 5,777 8,141 Liabilities of disposal groups classified as held for sale - 46,635 Total current liabilities 516,373 592,040 Non-current liabilities Debentures 549,517 433,994 Other financial liabilities 118,891 107,865 Convertible debentures 232,536 133,056 Loans from banks and other financial institutions 2,024,315 1,996,137 Loans from non-controlling interests 79,081 75,598 Financial liabilities through profit or loss 25,985 25,844 Deferred taxes liabilities 62,310 41,792 Employee benefits 1,092 1,215 Lease liability 209,958 211,941 Deferred income related to tax equity 387,943 403,384 Asset retirement obligation 85,141 83,085 Total non-current liabilities 3,776,769 3,513,911 Total liabilities 4,293,142 4,105,951 Equity Ordinary share capital 3,323 3,308 Share premium 1,028,528 1,028,532 Capital reserves 49,890 25,273 Proceeds on account of convertible options 25,083 15,494 Accumulated profit 202,377 107,919 Equity attributable to shareholders of the Company 1,309,201 1,180,526 Non-controlling interests 282,028 260,408 Total equity 1,591,229 1,440,934 Total liabilities and equity 5,884,371 5,546,885
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Consolidated Statements of Cash Flows For the three months endedat March 31 2025 2024 USD in USD in Thousands Thousands Cash flows for operating activities Profit for the period 101,803 24,485 Income and expenses not associated with cash flows: Depreciation and amortization 33,789 25,604 Finance expenses, net 22,388 11,486 Share-based compensation 1,710 3,117 Taxes on income 24,651 6,831 Tax benefits (20,111) (3,264)Other income (expenses), net 1,105 (134)Company’s share in losses of investee partnerships 1,227 144 Gains from projects disposals (97,262) (27) (32,503) 43,757 Changes in assets and liabilities items: Change in other receivables (856) (2,142)Change in trade receivables (20,376) (16,909)Change in other payables 8,604 (539)Change in trade payables 7,802 71 (4,826) (19,519) Interest receipts 2,512 2,928 Interest paid (22,298) (15,624)Income Tax paid (1,075) (798) Net cash from operating activities 43,613 35,229 Cash flows for investing activities Sale (Acquisition) of consolidated entities, net 36,223 (1,388)Changes in restricted cash and bank deposits, net 8,176 (4,988)Purchase, development, and construction in respect of projects (255,862) (199,733)Loans provided and Investment in investees (7,430) (11,284)Repayments of loans from investees 30,815 - Payments on account of acquisition of consolidated entity (7,447) (10,851)Purchase of financial assets measured at fair value through profit or loss, net (3,040) (8,409)Net cash used in investing activities (198,565) (236,653)
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Consolidated Statements of Cash Flows (Cont.) For the three months ended at March31 2025 2024 USD in USD in Thousands Thousands Cash flows from financing activities Receipt of loans from banks and other financial institutions 143,578 71,371 Repayment of loans from banks and other financial institutions (108,922) (10,448)Issuance of debentures 125,838 - Issuance of convertible debentures 114,685 - Repayment of debentures (21,994) (1,284)Dividends and distributions by subsidiaries to non-controlling interests - (108)Deferred borrowing costs (35,199) (2,682)Repayment of loans from non-controlling interests - (955)Increase in holding rights of consolidated entity (1,392) - Exercise of share options 11 - Repayment of lease liability (4,058) (3,671)Proceeds from investment in entities by non-controlling interest 7,732 152 Net cash from financing activities 220,279 52,375 Increase (Decrease) in cash and cash equivalents 65,327 (149,049) Balance of cash and cash equivalents at beginning of period 387,427 403,805 Effect of exchange rate fluctuations on cash and cash equivalents (3,224) (4,905) Cash and cash equivalents at end of period 449,530 249,851
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Information related to Segmental Reporting For the three months ended at March 31, 2025 MENA(**) Europe(**) USA Total reportablesegments Others Total USD in thousands Revenues 42,867 51,384 14,678 108,929 829 109,758 Tax benefits - - 20,111 20,111 - 20,111 Total revenues and income 42,867 51,384 34,789 129,040 829 129,869 Segment adjusted EBITDA 68,017 44,663 30,549 143,229 81 143,310 Reconciliations of unallocated amounts: Headquarter costs (*) (11,701)Intersegment profit 106 Gains from projects disposals 54,973 Depreciation and amortization and share-based compensation (35,499)Operating profit 151,189 Finance income 6,695 Finance expenses (30,203)Share in the losses of equity accounted investees (1,227)Profit before income taxes 126,454 (*) Including general and administrative and development expenses (excluding depreciation and amortization and share based compensation). (**) Due to the Company's organizational restructuring, the Chief Operation Decision Maker (CODM) now reviews the group’s results by segmenting them into three business units: MENA(Middle East and North Africa), Europe, and the US. Consequently, the Central/Eastern Europe and Western Europe segments have been consolidated into the "Europe" segment, theIsrael segment has been incorporated into the MENA segment, and the Management and Construction segment has been excluded. The comparative figures for the three monthsended March 31, 2024, have been updated accordingly.
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Information related to Segmental Reporting For the three months ended at March 31, 2024 MENA Europe USA Total reportablesegments Others Total USD in thousands Revenues 28,474 59,160 1,231 88,865 1,532 90,397 Tax benefits - - 3,264 3,264 - 3,264 Total revenues and income 28,474 59,160 4,495 92,129 1,532 93,661 Segment adjusted EBITDA 24,528 50,707 3,122 78,357 668 79,025 Reconciliations of unallocated amounts: Headquarter costs (*) (7,606)Intersegment profit 190 Depreciation and amortization and share-based compensation (28,721)Operating profit 42,888 Finance income 8,065 Finance expenses (19,493)Share in the losses of equity accounted investees (144)Profit before income taxes 31,316 (*) Including general and administrative and development expenses (excluding depreciation and amortization and share based compensation).
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Appendix 2 - econciliations between Net Income to Adjusted EBITDA ($ thousands) For the three months ended at March 31, 2025 March 31, 2024Net Income 101,803 24,485Depreciation and amortization 33,789 25,604Share based compensation 1,710 3,117Finance income (6,695) (8,065)Finance expenses 30,203 19,493Gains from projects disposals (*) (54,973) -Share of losses of equity accounted investees 1,227 144Taxes on income 24,651 6,831Adjusted EBITDA 131,715 71,609 * Profit from revaluation linked to partial sale of asset. Appendix 3 – Debentures Covenants Debentures Covenants As of March 31, 2025, the Company was in compliance with all of its financial covenants under the indenture for the Series C, D, F, G and H Debentures, based on having achieved thefollowing in its consolidated financial results: Minimum equity The company's equity shall be maintained at no less than NIS 375 million so long as debentures F remain outstanding, NIS 1,250 million so long as debentures C and D remain outstanding,and USD 600 million so long as debentures G and H remain outstanding. As of March 31, 2025, the company’s equity amounted to NIS 5,916 million (USD 1,591 million). Net financial debt to net CAP The ratio of standalone net financial debt to net CAP shall not exceed 70% for two consecutive financial periods so long as debentures F remain outstanding and shall not exceed 65% fortwo consecutive financial periods so long as debentures C, D, G and H remain outstanding. As of March 31, 2025, the net financial debt to net CAP ratio, as defined above, stands at 36%.
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Net financial debt to EBITDA So long as debentures F remain outstanding, standalone financial debt shall not exceed NIS 10 million, and the consolidated financial debt to EBITDA ratio shall not exceed 18 for more thantwo consecutive financial periods. For as long as debentures C and D remain outstanding, the consolidated financial debt to EBITDA ratio shall not exceed 15 for more than two consecutive financial periods. For as long as debentures G and H remain outstanding, the consolidated financial debt to EBITDA ratio shall not exceed 17 for more than two consecutive financial periods. As of March 31, 2025, the net financial debt to EBITDA ratio, as defined above, stands at 8. Equity to balance sheet The standalone equity to total balance sheet ratio shall be maintained at no less than 20% ,25% and 28%, respectively, for two consecutive financial periods for as long as debentures F,debentures C and D and debentures G and H remain outstanding. As of March 31, 2025, the equity to balance sheet ratio, as defined above, stands at 55%.
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Appendix 4 a) Segment information: Operational projects ($ thousands) 3 Months ended March 31 Operational Project Segments Installed Capacity(MW) Installed Storage(MWh) Generation(GWh) Revenues andincome Segment AdjustedEBITDA* 2025 2024 2025 2024 2025 2024 MENA 652 625 317 251 42,867 28,474 25,750 24,528Europe 1,327 - 704 823 51,384 59,160 44,663 50,707USA 470 1,200 209 26 34,789 4,494 30,549 3,121 Total Consolidated 2,449 1,825 1,230 1,100 129,040 92,128 100,962 78,356 Unconsolidated at share 42 41 Total 2,491 1,866
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b) Operational Projects Further Detail ($ thousands) 3 Months ended March 31, 2025 Operational Project Segment Installed Capacity(MW) InstalledStorage(MWh) Reported Revenue SegmentAdjustedEBITDA* Debt balance as ofMarch 31, 2025 Ownership %** MENA Wind MENA 316 - 22,301 448,750 49%MENA PV MENA 336 625 20,566 486,006 76% Total MENA 652 625 42,867 25,750 934,756 Europe Wind Europe 1,184 - 48,794 723,145 66%Europe PV Europe 143 - 2,590 68,066 76% Total Europe 1,327 - 51,384 44,663 791,211 USA PV USA 470 1,200 34,789 288,790 100% Total USA 470 1,200 34,789 30,549 288,790 Total Consolidated Projects 2,449 1,825 129,040 100,962 2,014,757 Uncons. Projects at share 42 41 50% Total 2,491 1,866 129,040 100,962 2,014,757 * EBITDA results included $4m in the 3-month ended March 25, of compensation recognized from Björnberget project ** Ownership % is calculated based on the project's share of total revenues
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c) Projects under construction ($ millions)Consolidated Projects Country Generationand energystorageCapacity(MW/MWh( Est.COD Est. TotalProjectCost** Tax creditbenefit-Qualifyingcategory Tax creditbenefit-Adders***** DiscountedValue ofTaxBenefit*** Est. TotalProject Costnet of taxbenefit CapitalInvestedas ofMarch31,2025 Est. EquityRequired (%) EquityInvestedas ofMarch31,2025 Est. FirstFull YearRevenue** Est. First FullYearEBITDA**&**** Ownership%* Country Acres USA 403/688 H2 2026 826-864 ITC DC (10%)390-405 436-459 136 10%-11% 91 61-62 45-46 100%Quail Ranch BESS USA 0/400 H2 2025 123-150 ITC EC (10%) 60-72 63-78 85 12%-15% 85 22-23 17-19 100%Quail Ranch Solar USA 128/0 141-148 PTC EC (10%) 69-73 72-75 100%Roadrunner BESS USA 0/940 H2 2025 318-341 ITC EC (10%)145-155 173-186 1510%-10%******** 61 52-55 41-43 100%Roadrunner Solar USA 290/0 284-299 PTC EC (10%)167-175 117-124 100%Gecama Solar Spain 225/220 H1 2026 195-205 - - - 195-205 18 23%-28% 18 38-40 31-33 72%Bjornberget – BESS Sweden 0/96 2026 25-27 - - - 25-27 0 90%-100% 0 9-10 8 55%Israel Construction Israel 26/241 H1 2025-H1 2026 67-69 - - - 67-69 37 20%-30% 37 10-11 7-8 95% Total Consolidated Projects 1,072/2,585 1,979-2,103 831-8801,148-1,223 427 292 192-201 149-157 Unconsolidated Projects at share****** Israel 4/79 H2 2025- H2 2026 19-20 - - - - 6 15%-25% 6 3-4 2 65% Total 1,076/2,664 1,998-2,123 831-8801,148-1,223 433 298 195-205 151-158
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d) Pre-Construction Projects (due to commence construction within 12 months of the Approval Date) ($ millions)ConsolidatedProjects Country Generationand energystorageCapacity(MW/MWh) Est.COD Est. TotalProjectCost** Tax Credit Benefit Est. TotalProjectCost netof taxbenefit CapitalInvested asof March 31,2025 Est. EquityRequired(%) EquityInvested asof March 31,2025 Est. FirstFull YearRevenue** Est. First FullYearEBITDA**&**** Ownership%* QualifyingCategory Adders*****DiscountedValue of TaxBenefit*** CoBar ITCUnited States258/824H2 2027606-660ITC EC (10%)267-290339-37040 12%-15%40 125-12896-101 100%CoBar PTCUnited States953/0 1,090-1,124PTC EC (10%)558-565532-559 Snowflake A United States600/1,90020271,475-1,615ITC EC (10%)575-636900-97910 10% 10 122-12897-103 100% Nardo StorageItaly 0/920H2 2027146-154- - - 146-1543 18%-22%3 32-34 27-29 100%
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($ millions)Additional Pre-ConstructionProjects MW DeploymentMW/MWh Est. TotalProjectCost** Tax Credit Benefit DiscountedValue ofTaxBenefit*** Est. TotalProjectCost net oftax benefit CapitalInvestedas ofMarch31,2025 Est.EquityRequired(%) EquityInvestedas ofMarch31,2025 Est. FirstFull YearRevenue** Est. First FullYearEBITDA**&**** Ow 2026 2027 2028 QualifyingCategory Adders***** United States******* - 432/400256/01,213-1,241 ITC DC (10%) & EC (10%) 498-511 715-730 44 10%-20% 44 90-92 70-71 Europe - 0/100 - 30-31 - - - 30-31 0 25%-35% 0 12 8 MENA 0/20 38/31 - 88-91 - - - 88-91 10 25%-35% 10 8 7 Total Consolidated Projects 0/20470/531256/01,331-1,363 498-511 833-852 54 54 110-112 85-86 Unconsolidated Projects at share8/42 0/79 - 45-46 - - - 45-46 0 25% 0 4 3 Total Pre-Construction 2,545MW +4,316MWh4,693-4,962 1,898-2,0022,795-2,960 107 107 393-406 308-322 * The legal ownership share for all U.S. projects is 90%, but Enlight invests 100% of the equity in the project and entitled to 100% of the project distributions until full repayment of Enlight'scapital plus a preferred return ** Estimates of the impact of U.S. tariffs on construction costs for U.S. projects currently under construction are based on the following assumptions: tariffs on Chinese importsranging 0-70% , and 10% on imports from all other countries; the willingness of suppliers to take on a portion of the increase in costs, based in part on current negotiations with them;an increase in the expected revenues and EBITDA of selected projects, based on current negotiations with relevant utilities. These estimates and assumptions involve risks anduncertainties and reflect management’s current expectations based on available information. We cannot guarantee that actual results achieved will reflect these estimates andassumptions. ***Tax benefits under the IRA. PTC is assumed, based on the project’s expected production and a yearly CPI indexation of 2%, discounted by 8% to COD. For the ITC, a step-upadjustment was made to reflect the eligible higher tax credit rates, enhancing the valuation and return of the project by considering the increased project value.**** EBITDA is a non-IFRS financial measure. This figure represents consolidated EBITDA for the project and excludes the share of project distributions to tax equity partners, as well as ITC and PTCproceeds. These components of the tax equity transaction may differ from project to project, are subject to market conditions and commercial terms agreed upon reaching financialclose.*****The Energy Community (EC) Adder provides extra credits for renewable energy projects in areas impacted by fossil fuel reliance or economic transition. The DomesticContent (DC) Adder rewards projects using U.S.-manufactured components, promoting local job creation and supply chain growth ****** All numbers, beside equity invested, reflects Enlight share only *******Including Rustic hills 1+2, Coggon, Gemstone and Crimson orchard******** The required equity duringconstruction is estimated at 10% and is expected to decrease to 0% at COD
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Appendix 5 – cash and cash equivalents ($ thousands) March 31, 2025Cash and Cash Equivalents: Enlight Renewable Energy Ltd, Enlight EU Energies Kft and Enlight Renewable LLC excluding subsidiaries (“Topco”) 181,232 Subsidiaries 268,298 Deposits: Short term deposits - Restricted Cash: Projects under construction 82,692 Reserves, including debt service, performance obligations and others 59,964Total Cash 592,186 Appendix 6 – Corporate level (TopCo) debt ($ thousands) March 31, 2025Debentures: Debentures 572,566* Convertible debentures 232,536 Loans from banks and other financial institutions: Credit and short-term loans from banks and other financial institutions - Loans from banks and other financial institutions 116,364 Total corporate level debt 921,466 * Including current maturities of debentures in the amount of 23,049
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Appendix 7 – Functional Currency Conversion Rates: The financial statements of each of the Company’s subsidiaries were prepared in the currency of the main economic environment in which it operates (hereinafter: the “Functional Currency”).For the purpose of consolidating the financial statements, results and financial position of each of the Group’s member companies are translated into the Israeli shekel (“NIS”), which is theCompany’s Functional Currency. The Group’s consolidated financial statements are presented in U.S. dollars (“USD”). FX Rates to USD: Date of the financial statements: Euro NISAs of 31th March 2025 1.08 0.27As of 31th March 2024 1.08 0.27 Average for the 3 months period ended:March 2025 1.05 0.28March 2024 1.09 0.28 Appendix 8 – Structural changes to the Consolidated Statements of Income: The Company has changed its presentation of its Income Statement, which includes the presentation of specified items that have been previously included within other income (i.e. taxequity). In addition, the Company has decided to remove the Gross Profit line item. The Company believes that such presentation provides a more relevant information and better reflects the measurement of its financial performance. The Company applied such changeretrospectively.