Earnings release
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Earnings Release ENLIGHT RENEWABLE ENERGY REPORTS SECOND QUARTER 2025 FINANCIAL RESULTS All of the amounts disclosed in this press release are in U.S. dollars unless otherwise noted TEL AVIV, ISRAEL, August 6, 2025 – Enlight Renewable Energy (NASDAQ: ENLT, TASE: ENLT) today reported financial results for the second quarter of 2025 ending June 30, 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 2Q25 financial results can be found on our IR website at https://enlightenergy.co.il/data/financial-reports/ Financial Highlights 6 months ending June 30, 2025 • Revenue and income of $265m, up 46% year over year • Net income of $107m, up 216% year over year • Adjusted EBITDA2 of $227, up 71% year over year • Cash flow from operations of $91m, unchanged year over year 3 months ending June 30, 2025 • Revenues and income of $135m, up 53% year over year • Net Income of $6m, down 41% year over year1 • Adjusted EBITDA2 of $96m, up 57% year over year • Cash flow from operations of $48m, down 15% year over year 1 An accounting reduction of $12m due to the impact of foreign exchange differentials on a dollar-denominated loan to a subsidiary, with no economic or cashflow effects on the Company. 2 The Company is unable to provide a reconciliation of Adjusted EBITDA to Net Income on a forward -looking basis without unreasonable effort because items that impact this IFRS financial measure are not within the Company’s control and/or cannot be reasonably predicted. Please refer to the reconciliation table in Appendix
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Summary of key financial results for 2Q25 and 1H25 For the three months ended For the six months ended ($ millions) 30/06/2025 30/06/2024 % change 30/06/2025 30/06/2024 % change Revenues and Income 135 88 53% 265 182 46% Net Income 6 9 (41%) 107 34 216% Adjusted EBITDA 96 61 57% 227 133 71% Cash Flow from Operating Activities 48 56 (15%) 91 91 0% Raising full year guidance ranges • On the back of strong 1H25 results, we are increasing full year 2025 guidance ranges. Revenue guidance rises to $5 20-535 million from $490 -510 million previously, and Adjusted EBITDA guidance rises to $385-400 million from $360-380 million previously. This represents a 5.5% and 6.0% increase at the midpoint for both metrics, respectively. • A detailed analysis of financial results appears below. Executive Leadership Changes On October 1, 2025, Adi Leviatan will become the Company’s Chief Executive Officer, succeeding Gilad Yavetz who was appointed as Enlight’s full-time Executive Chairman of the Board. Yair Seroussi, our current Chairman of the Board, will serve as Vice Chairman of the Board. Positive and more certain environment across all geographies We believe that the terms of the recently passed reconciliation bill are favorable for the utility scale solar and storage segments, providing the large companies such as Enlight a window of significant growth opportunities. This is especially significant for our extensive portfolio of energy storage projects, which received longer eligibility for tax credits in the new bill. Europe and MENA markets continue to grow, with strong demand to both renewable energy generation and energy storage. The roadmap which we first presented in May has begun to take shape, and the Company is advancing toward the start of construction of an additional 2 to 4 FGW for COD by the end of 2028. These projects are not currently included in our mature portfolio. Of these, between 1 to 2 FGW are expected to be built in the U.S. By the end of 2028, the total annual revenue run rate is expected to reach $1.9-2.2 billion. “We are very please d with another quarter of extremely strong results in our financial and operational results ,” said Gilad Yavetz, CEO of Enlight Renewable Energy . “The combination of
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strong ex ecution, coupled with un -compromised business innovation, continues to bear fruit. In parallel we keep on strengthening our management infrastructure. We welcome Adi Leviatan to our strong and well-balanced leadership team. I’m honored and excited to take the role of executive chairman of the board as of October 1 st. I’m confident that with Adi as the new CEO , Enlight will continue to break new grounds.” Portfolio Review This quarter we continued substantial advancement of projects through the various phases of our portfolio. Enlight’s total portfolio is comprised of 20.0 GW of generation capacity and 53.4 GWh energy storage (totaling 35.3 FGW3), an increase of 17% from the total portfolio of 30.2 FGW at the end of 2024. Of this, the Mature portfolio component (including operating projects, projects under construction or pre -construction) contains 6.2 GW generation capacity and 10.3 GWh of storage (9.2 FGW), an increase of 7% from the Mature portfolio of 8.6 FGW at the end of 2024. The full composition of the portfolio appears in the following table: Component Status FGW1 Annual revenues & income run rate ($m) Operating Commercial operation 3.1 ~5274 Under Construction Under construction 2.9 ~550 Pre-Construction 0-12 months to start of construction 3.2 ~450 Total Mature Portfolio Mature 9.2 ~1,500 Advanced Development 13-24 months to start of construction 6.0 - Development 2+ years to start of construction 20.1 - Total Portfolio 35.3 - • Operating component of the portfolio: 3.1 FGW o During the second quarter, Bar-On floating PV and storage (67 FMW), located in Israel, entered into operation. o The operational portfolio generates annualized revenues and income of approximately $527 million, based on the midpoint rage of the 2025 guidance. • Under Construction component of the portfolio: 2.9 FGW o Consists mostly of four projects in the U.S. with a total capacity of 2.5 FGW. o During the second quarter, Snowflake A (1.1 FGW), located in Arizona, entered into under construction status. 3 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 weighted average construction cost ratio is 3.5 GWh of storage per 1 GW of generation: FGW = GW + GWh / 3.5 4 Based on the midpoint of 2025 guidance.
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o Projects under construction are expected to contribute ~$550m to the annual revenues and income run rate during their first full year of operation. • Pre-construction component of the portfolio: 3.2 FGW o Significant new additions include Iftah HV (184 FMW), a stand alone storage project in Israel, and the expansion of the solar generation as well as the battery capacity at Nardo in Italy (192 FMW). o Pre-construction projects are expected to contribute ~$450m in revenues and income in their first full year of operations. With the completion of the current Mature portfolio’s pre-construction and under construction projects, Enlight’s Mature portfolio operating capacity is expected to rise to 9.2 FGW and to generate an annualized revenue and income run rate of $1.5bn by 2028. • Advanced Development component of the portfolio component: 6.0 FGW o 5.1 FGW in the U.S., with 100% of the capacity having passed completion of the System Impact Study. The advanced development portfolio also includes 0.5 FGW in Europe and 0.4 FGW in MENA. • Development component of the portfolio: 20.1 FGW o .013 FGW in the U.S. with broad geographic presence, including the PJM, WECC, SPP and MISO regions. The development portfolio also includes 3.4 FGW in Europe and 3.7 FGW in MENA .
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Roadmap to Revenues and Income Run-Rate of ~$2.0bn by 20285 Project and Corporate Finance • During the quarter, the Company secured $ 310m in financial closings for the Gecama hybridization project in Spain , which will add 225 MW solar generation and 220 MWh of energy storage capacity to the existing 329 MW wind farm. • As at the balance sheet date, the Company maintained $525m of credit facilities, of which $9m have been drawn. Cash and cash equivalents on our balance sheet rose to $480m from $387m at the end of 2024 . In addition, we have approximately $1bn of LC and surety bond facilities supporting our global expansion, of which half was available for use at end of the quarter. 2025 Guidance Construction and commissioning • Commencing construction on 4.8 FGW of capacity during 2025, (of which 2.9 FGW has already begun), and is expected to add approximately $827-869m in revenues and income run rate and approximately $726-763m in annualized EBITDA gradually through 2025-2028. 5 Expected Adjusted EBITDA margin of approximately 70%-80% for the years shown. 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 weighted average construction cost ratio is 3.5 GWh of storage per 1 GW of generation: FGW = GW + GWh / 3.5. The expected growth in 2028 encompasses the Company’s operations in all geographies. Expected growth relies on business plans which rely on development conditions and assumptions regarding electricity prices, and are contingent on current trends known to the Company at this time. 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 for December 2026, and approximately 28-33% of the total revenue run rate for December 2027 and December 2028.
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• Out of the 4.8 FGW, we expect commissioning of 0.8 FGW toward the end of 2025, which is expected to add approximately $142 -15 0m to annualized revenues and income and $123 - 129m to annualized EBITDA. Raising financial guidance ranges • Total revenues and income6 for 2025 are now expected to range between $520m and $535m, up 5.5% at the midpoint from the previous range of $490m to $510m. • Adjusted EBITDA7 for 2025 is expected to range between $385m and $ 400m, up 6% at the midpoint from the previous range of $360m to $380m. • Approximately 90% of the electricity volumes expected to be generated in 2025 will be sold at fixed prices through PPAs or hedges. Financial Results Analysis Revenues & Income by Segment ($ millions) For the three months ended For the six months ended Segment 30/06/2025 30/06/2024 % change 30/06/2025 30/06/2024 % change MENA 53 38 40% 96 66 45% Europe 48 42 14% 99 101 (2%) U.S. 34 5 526% 69 10 593% Other 0 3 (93%) 1 5 (77%) Total Revenue s & Income 135 88 53% 265 182 46% Revenues & Income In the second quarter of 2025, the Company’s total revenues and income increased to $ 135m, up from $88m last year, a growth rate of 53% year over year. This was composed of revenues from the sale of electricity, which rose 37% to $116m compared to $85m in the same period of 2024, as well as recognition of $19m in income from tax benefits, up 478% compared to $3m in 2Q24. The Company benefited from the revenues and income contribution of newly operational projects. Since the second quarter of last year, 525 MW and 1,604 MWh of new projects were connected to the grid and began selling electricity, including three of the Israel Solar and Storage Cluster units in 6 Total revenues and income include revenues from the sale of electricity along with income from tax benefits from US projects amounting to $70m-$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 this IFRS 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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Israel, Atrisco in the U.S, Pupin in Serbia, and Tapolca in Hungary. The most important increases in revenue from the sale of electricity originated at Atrisco, which added $13m, followed by the Israel Solar and Storage Cluster , with $12m, while Pupin contributed $4m. In total, new projects contributed $ 30m to revenues from the sale of electricity . Recognition of tax benefit income increased by $16m due to the initial commissioning of Atrisco. Revenues and income for the quarter were distributed between MENA (40%); Europe (35%); and the US (25%). Net Income In the second quarter of 2025, the Company reported net income of $6 million, representing a 41% decrease from $9 million in the same period last year. This was primarily attributable to several factors: new projects contributed $15 million to net income, while a non-cash accounting reduction due to the impact of foreign exchange differentials on a dollar -denominated loan to a subsidiary resulted in a year-on-year decrease of $12 million. Additionally, other financial expenses increased by $8 million (all amounts stated after tax). Adjusting for the effects of foreign currency accounting reduction, net income amounted to $16m compared to $7m the same quarter last year, an increase of 110% year over year. Adjusted EBITDA8 The Company’s Adjusted EBITDA grew by 57% to $96m in the second quarter of 2025, compared to $61m for the same period in 2024. Of this increase, $50m was driven by the factors described above paragraphs. This was offset by an increase of $13m in COGS linked to the addition of new projects, and an increase of $3m in operating expenses. 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 Second Quarter 2025 Conference Call and Webcasts on Wednesday, August 6, 202 5 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/BI46289c60b7164253aa692c51490ef8ad 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/8u3xaw6u • Hebrew Webcast at 6:00am ET / 1:00pm Israel: Please join the webcast at the following link: https://enlightenergy-co-il.zoom.us/webinar/register/WN_Fz0XzgWkRBKz4OA0OO7cnQ 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. 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, public conference 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, we encourage 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 channels through 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 as issued 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 in the 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 accounted investees and minus finance income and non-recurring portions of other income, net. For the purposes of calculating Adjusted EBITDA, compensation for inadequate performance of goods and 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 have generated 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 accelerate growth 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 or losses 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 for planning 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 a number 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 may calculate 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 below to 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 be covered 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 Act of 1934, as amended. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding the Company’s business
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strategy and plans, capabilities of the Company’s project portfolio and achievement of operational objectives, market opportunity, utility demand and potential growth, discussions with commercial counterparties and financing sources, pricing trends for materials, progress of Company projects, including anticipated timing of related approvals and project completion and anticipated production delays, the Company’s future financial results, expected impact from various regulatory developments and anticipated trade sanctions, expectations regarding wind production, 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’s anticipated 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 identify forward-looking statements, though not all forward-looking statements use these words or expressions. 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 or achievements 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, and access to, interconnection facilities and transmission systems; our ability to obtain and maintain governmental and other regulatory approvals and permits, including environmental approvals and 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 overruns and 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 slowed demand 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 terminate contracts 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 offtake contracts; various technical and operational challenges leading to unplanned outages, reduced output, interconnection or termination issues; the dependence of our production and revenue on 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 that our 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 damage
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to 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 dependence on 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 in technology that impair or eliminate the competitive advantage of our projects or upsets the expectations underlying investments in our technologies; our ability to effectively anticipate and manage cost inflation, interest rate risk, currency exchange fluctuations and other macroeconomic conditions that impact our business; our ability to retain and attract key personnel; our ability 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 economic barriers 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 to effectively 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 for municipalities 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 of construction 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 Safety and 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 (and the 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 and operational 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 flows generated 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 we intend 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 or prevent 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, 2024, filed with the Securities and Exchange
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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 put undue reliance on any forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward -looking statements will be achieved or will occur. E xcept as required by applicable law, we undertake 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 statements are made or to reflect t he 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 since 2010 (TASE: ENLT) and completed its U.S. IPO (Nasdaq: ENLT) in 2023. Company Contacts Yonah Weisz Director IR investors@enlightenergy.co.il Erica Mannion or Mike Funari Sapphire Investor Relations, LLC +1 617 542 6180 investors@enlightenergy.co.il
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Appendix 1 – Financial information Consolidated Statements of Income For the six months ended June 30 For the three months ended June 30 2025 2024(*) 2025 2024(*) USD in USD in USD in USD in thousands thousands thousands thousands (*) The Consolidated Statements of Income have been adjusted to present comparable information for the previous period. For additional details please see Appendix 9. (**) Excluding depreciation and amortization. Revenues 225,875 175,095 116,117 84,698 Tax benefits 38,972 6,526 18,861 3,262 Total revenues and income 264,847 181,621 134,978 96087, Cost of sales (**) (56,484) (32,421) (29,846) (16,985) Depreciation and amortization (71,017) (50,886) (37,228) (25,282) General and administrative expenses (23,336) (18,142) (11,490) (9,283) Development expenses (5,469) (4,542) (2,905) (2,124) Total operating expenses (156,306) )105,991( (81,469) )53,674( Gains from projects disposals 97,828 611 566 584 Other income (expenses), net 2,374 1,528 3,479 11 Operating profit 208,743 77,769 57,554 88134, Finance income 8,166 15,065 1,471 7,000 Finance expenses (82,286) (49,311) (52,083) (29,818) Total finance expenses, net (74,120) (34,246) (50,612) (22,818) Profit before tax and equity loss 134,623 43,523 6,942 12,063 Share of loss of equity accounted investees (1,645) (449) (418) (305) Profit before income taxes 132,978 43,074 6,524 11,758 Taxes on income (25,606) (9,130) (955) (2,299) Profit for the period 107,372 33,944 5,569 9,459 Profit for the period attributed to: Owners of the Company 95,815 24,806 1,357 8,043 Non-controlling interests 11,557 9,138 4,212 1,416 107,372 33,944 5,569 9,459 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 0.21 0.75 0.07 Diluted earnings per share 0.01 0.20 0.01 0.06 Weighted average of share capital used in the calculation of earnings: Basic per share 119,107,985 118,104,228 119,421,246 117,825,464 Diluted per share 127,192,179 123,092,306 129,204,402 125,866,004
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Consolidated Statements of Financial Position as of June 30 December 31 2025 2024 USD in USD in Thousands Thousands Assets Current assets Cash and cash equivalents 480,459 387,427 Restricted cash 86,164 87,539 Trade receivables 78,329 50,692 Other receivables 66,244 99,651 Other financial assets 693 975 Assets of disposal groups classified as held for sale - 81,661 Total current assets 711,889 707,945 Non-current assets Restricted cash 64,489 60,802 Other long-term receivables 65,046 61,045 Deferred costs in respect of projects 448,096 357,358 Deferred borrowing costs 280 276 Loans to investee entities 57,561 18,112 Investments in equity accounted investees 54,145 - Fixed assets, net 4,747,284 3,699,192 Intangible assets, net 303,895 291,442 Deferred taxes assets 9,195 10,744 Right-of-use asset, net 217,783 210,941 Financial assets at fair value through profit or loss 79,043 69,216 Other financial assets 64,989 59,812 Total non-current assets 6,111,806 4,838,940 Total assets 6,823,695 5,546,885
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Consolidated Statements of Financial Position as of (Cont.) June 30 December 31 2025 2024 USD in USD in Thousands Thousands Liabilities and equity Current liabilities Credit and current maturities of loans from 504,684 212,246 banks and other financial institutions Trade payables 126,956 161,991 Other payables 338,492 107,825 Current maturities of debentures 25,414 44,962 Current maturities of lease liability 11,158 10,240 Other financial liabilities 12,935 8,141 Liabilities of disposal groups classified as held for sale - 46,635 Total current liabilities 1,019,639 592,040 Non-current liabilities Debentures 609,172 433,994 Other financial liabilities 122,657 107,865 Convertible debentures 257,647 133,056 Loans from banks and other financial institutions 2,294,910 1,996,137 Loans from non-controlling interests 86,623 75,598 Financial liabilities through profit or loss 26,427 25,844 Deferred taxes liabilities 69,492 41,792 Employee benefits 1,495 1,215 Lease liability 220,938 211,941 Deferred income related to tax equity 372,446 403,384 Asset retirement obligation 93,806 83,085 Total non-current liabilities 4,155,613 3,513,911 Total liabilities 5,175,252 4,105,951 Equity Ordinary share capital 3,344 3,308 Share premium 1,028,526 1,028,532 Capital reserves 81,575 25,273 Proceeds on account of convertible options 25,083 15,494 Accumulated profit 203,734 107,919 Equity attributable to shareholders of the Company 1,342,262 1,180,526 Non-controlling interests 306,181 260,408 Total equity 1,648,443 1,440,934 Total liabilities and equity 6,823,695 5,546,885
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Consolidated Statements of Cash Flows For the six months ended June 30 For the three months ended June 30 2025 2024 2025 2024 USD in USD in USD in USD in Thousands Thousands Thousands Thousands Cash flows for operating activities Profit for the period 107,372 33,944 5,569 9,459 Income and expenses not associated with cash flows: Depreciation and amortization 71,017 50,886 37,228 25,282 Finance expenses, net 71,073 33,766 48,685 22,280 Share-based compensation 2,994 4,085 1,284 968 Taxes on income 25,606 9,130 955 2,299 Tax benefits (38,972) (6,526) (18,861) (3,262) Other income (expenses), net (2,374) 432 (3,479) 566 Company’s share in losses of investee partnerships 1,645 449 418 305 Gains from projects disposals (97,828) (611) (566) (584) 33,161 91,611 65,664 47,854 Changes in assets and liabilities items: Change in other receivables (4,593) (4,352) (3,737) (2,210) Change in trade receivables (20,885) 3,072 (509) 19,981 Change in other payables 21,470 860 12,866 1,399 Change in trade payables (2,650) (856) (10,452) (927) (6,658) (1,276) (1,832) 18,243 Interest receipts 6,334 5,366 3,822 2,438 Interest paid (40,387) (33,793) (18,089) (18,169) Income Tax paid (8,673) (4,783) (7,598) (3,985) Net cash from operating activities 91,149 91,069 47,536 55,840 Cash flows for investing activities Sale (Acquisition) of consolidated entities, net 33,018 (1,388) (3,205) - Changes in restricted cash and bank deposits, net 8,186 (15,370) 10 (10,382) Purchase, development, and construction in respect of projects (658,022) (461,801) (402,160) (262,068) Loans provided and Investment in investees (26,324) (14,216) (18,894) (2,932) Repayment of loans to investees 30,815 - - - Payments on account of acquisition of consolidated company (7,447) (10,851) - - Purchase of long-term financial assets measured at fair value through profit or loss, net (3,247) (11,340) (207) (2,931) Net cash used in investing activities (623,021) (514,966) (424,456) (278,313)
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Consolidated Statements of Cash Flows (Cont.) For the six months ended June 30 For the three months ended June 30 2025 2024 2025 2024 USD in USD in USD in USD in Thousands Thousands Thousands Thousands Cash flows from financing activities Receipt of loans from banks and other financial institutions 674,684 330,449 531,106 259,078 Repayment of loans from banks and other financial institutions (223,361) (77,197) (114,439) (66,749) 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 (8,682) (3,450) (8,682) (3,342) Deferred borrowing costs (46,618) (5,378) (11,419) (2,696) Repayment of loans from non-controlling interests - (1,000) - (45) Increase in holding rights of consolidated entity (1,392) (167) - (167) Repayment of tax-equity investment (10,952) - (10,952) - Receipt of loans from non-controlling interests 182 - 182 - Exercise of share options 30 13 19 13 Repayment of lease liability (5,803) (4,117) (1,745) (446) Proceeds from investment in entities by non-controlling interest 12,799 179 5,067 27 Net cash from financing activities 609,416 238,048 389,137 185,673 Increase (Decrease) in cash and cash equivalents 77,544 (185,849) 12,217 (36,800) Balance of cash and cash equivalents at beginning of period 387,427 403,805 449,530 249,851 Effect of exchange rate fluctuations on cash and cash equivalents 15,488 (9,165) 18,712 (4,260) Cash and cash equivalents at end of period 480,459 208,791 480,459 208,791
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Information related to Segmental Reporting For the six months ended June 30, 2025 MENA Europe USA Total reportable segments(**) Others Total USD in thousands Revenues 95,637 99,184 30,008 224,829 1,046 875,225 Tax benefits - - 972,38 38,972 - 38,972 Total revenues and income 95,637 99,184 980,68 801,263 1,046 264,847 Segment adjusted EBITDA 031,107 22,82 6 913,59 170,249 1,079 249,250 Reconciliations of unallocated amounts: Headquarter costs (*) (22,958) Intersegment profit 127 Gains from projects disposals 55,336 Depreciation and amortization and share-based compensation (74,011) Operating profit 208,743 Finance income 8,166 Finance expenses (82,286) Share in the losses of equity accounted investees ( 1, 645) Profit before income taxes 132,978 (*) Including general and administrative and development expenses (excluding depreciation and amortization and share based compen sation). (**) 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 Management and Construction segment has been excluded . The comparative figures for the six-month and three-month periods ending June 30, 2024, have been updated accordingly.
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Information related to Segmental Reporting For the six months ended June 30, 2024 MENA Europe USA Total reportable segments Others Total USD in thousands Revenues 66,041 101,123 3,431 170,595 4,500 175,095 Tax benefits - - 6,526 6,526 - 6,526 Total revenues and income 66,041 101,123 9,957 177,121 4,500 181,621 Segment adjusted EBITDA 54,873 83,253 7,831 145,957 2,291 148,248 Reconciliations of unallocated amounts: Headquarter costs (*) (15,629) Intersegment profit 121 Depreciation and amortization and share-based compensation (54,971) Operating profit 77,769 Finance income 15,065 Finance expenses (49,311) Share in the losses of equity accounted investees (449) Profit before income taxes 43,074 (*) Including general and administrative and development expenses (excluding depreciation and amortization and share based compen sation).
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Information related to Segmental Reporting For the three months ended June 30, 2025 MENA Europe USA Total reportable segments Others Total USD in thousands Revenues 52,770 47,800 15,330 115,900 217 116,117 Tax benefits - - 18,861 18,861 - 18,861 Total revenues and income 52,770 47,800 119,34 134,761 217 134,978 Segment adjusted EBITDA 39,014 37,563 29,364 105,941 998 106,939 Reconciliations of unallocated amounts: Headquarter costs (*) (11,257) Intersegment profit 21 Gains from projects disposals 363 Depreciation and amortization and share-based compensation (38,512) Operating profit 57,554 Finance income 1,471 Finance expenses (52,083) Share in the losses of equity accounted investees (418) Profit before income taxes 6,524 (*) Including general and administrative and development expenses (excluding depreciation and amortization and share based compen sation).
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Information related to Segmental Reporting For the three months ended June 30, 2024 MENA Europe USA Total reportable segments Others Total USD in thousands Revenues 37,567 41,963 2,200 81,730 2,968 84,698 Tax benefits - - 3,262 3,262 - 3,262 Total revenues and income 37,567 41,963 5,462 84,992 2,968 87,960 Segment adjusted EBITDA 30,345 32,546 4,709 67,600 1,623 69,223 Reconciliations of unallocated amounts: Headquarter costs (*) (8,023) Intersegment loss (69 ) Depreciation and amortization and share-based compensation (26,250) Operating profit 34,881 Finance income 7,000 Finance expenses (29,818) Share in the losses of equity accounted investees (305) Profit before income taxes 11,758 (*) Including general and administrative and development expenses (excluding depreciation and amortization and share based compen sation).
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Appendix 2 - Reconciliations between Net Income to Adjusted EBITDA ($ thousands) For the six months For the three months ended June 30 ended June 30 2025 2024 2025 2024 Net Income (loss) 107,372 33,944 5,569 9,459 Depreciation and amortization 71,017 50,886 37,228 25,282 Share based compensation 2,994 4,085 1,284 968 Finance income (8,166) (15,065) (1,471) (7,000) Finance expenses 82,286 49,311 52,083 29,818 Gains from projects disposals (*) (55,336) - (363) - Share of losses of equity accounted investees 1,645 449 418 305 Taxes on income 25,606 9,130 955 2,299 Adjusted EBITDA 227,418 132,740 95,703 61,131 * Profit from revaluation linked to partial sale of asset. Appendix 3 – Debentures Covenants Debentures Covenants As of June 30, 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 the following 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 June 30, 2025, the company’s equity amounted to NIS 5,559 million (USD 1,648 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% for two consecutive financial periods so long as debentures C, D, G and H remain outstanding. As of June 30, 2025, the net financial debt to net CAP ratio, as defined above, stands at 40%.
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As of June 30, 2025, the equity to balance sheet ratio, as defined above, stands at 53%. Appendix 4 – Foreign exchange rate sensitivities Enlight operates generation facilities in Israel, Europe, and the US, and records revenues and income in multiple currencies. As of the end of 2Q25, the Company’s revenues and income sensitivity to fluctuations in foreign exchange rates for FY25 is as follows: o A 5% change in the USD/ILS exchange rate would result in a ~$5m change in revenues o A 5% change in the USD/EUR exchange rate would result in a ~$5m change in revenues o A 5% change in the USD/EUR and the USD/ILS exchange rate would result in a ~$11m change in revenues Net financial debt to EBITDA So long as debentures F remain outstanding, standalone financial debt shall not exceed NIS 10 million, and the consolidated financial debt to EBITDA ratio shall not exceed 18 for more than two consecutive financial periods. For as long as debentures C and D remain outstanding, the consolidated financial debt to EBITDA ratio shall not exceed 15 for more than two consecutive financial periods. For as long as debentures G and H remain outstanding, the consolidated financial debt to EBITDA ratio shall not exceed 17 for more than two consecutive financial periods. As of June 30, 2025, the net financial debt to EBITDA ratio, as defined above, stands at 7. Equity to balance sheet The standalone equity to total balance sheet ratio shall be maintained at no less than 20% ,25% and 28%, respectively, for two consecutive financial periods for as long as debentures F, debentures C and D and debentures G and H remain outstanding.
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Appendix 5 a) Segment information: Operational projects ($ thousands) 6 Months ended June 30 3 Months ended June 30 Operational Project Segments Installed Capacity (MW) Installed Storage (MWh) Generation (GWh) Revenues and income Segment Adjusted EBITDA* Generation (GWh) Reported Revenue Segment Adjusted EBITDA* 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 MENA 675 797 695 580 95,636 66,041 64,387 54,873 378 329 52,769 37,567 38,637 30,345 Europe 1,327 - 1,353 1,396 99,184 101,123 82,226 83,253 649 573 47,800 41,963 37,563 32,546 USA 470 1,200 519 73 68,980 9,957 59,913 7,831 310 47 34,191 5,463 29,364 4,710 Total Consolidated 2,472 1,997 2,567 2,049 263,800 177,121 206,526 145,957 1,337 949 134,760 84,993 105,564 67,601 Unconsolidated at Share 42 41 Total 2,514 2,038
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b) Operational Projects Further Detail * EBITDA results included $7m in the 6 months ended June 25 and $3m in the 3 months ended June 25, of compensation recognized from Björnberget project ** Ownership % is calculated based on the project's share of total revenues ($ thousands) 6 Months ended June 30, 2025 3 Months ended June 30, 2025 Operational Project Segment Installed Capacity (MW) Installed Storage (MWh) Revenues and income Segment Adjusted EBITDA* Reported Revenue Segment Adjusted EBITDA* Debt balance as of June 30, 2025 Ownership %** MENA Wind MENA 316 - 41,966 21,400 495,619 49% MENA PV MENA 359 797 53,670 31,369 541,779 85% Total MENA 675 797 95,636 64,387 52,769 38,637 1,037,398 Europe Wind Europe 1,184 - 91,672 42,878 759,547 65% Europe PV Europe 143 - 7,512 4,922 74,018 71% Total Europe 1,327 - 99,184 82,226 47,800 37,563 833,565 USA PV USA 470 1,200 68,980 34,191 279,642 100% Total USA 470 1,200 68,980 59,913 34,191 29,634 279,642 Total Consolidated Projects 2,472 1,997 263,800 206,526 134,760 105,564 2,150,605 Uncons. Projects at share 42 41 50% Total 2,514 2,038 263,800 206,526 134,760 105,564 2,150,605
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c) Projects under construction ($ millions) Consolidated Projects Countr y Generation and energy storage Capacity (MW/MWh ) Est. COD Est. Total Project Cost Tax credit benefit- Qualifying category Tax credit benefit- Adders***** Discount ed Value of Tax Benefit* ** Est. Total Project Cost net of tax benefit Capital Invested as of June 30, 2025 Est. Equity Requir ed (%) Equity Invested as of June 30, 2025 Est. First Full Year Revenue Est. First Full Year EBITDA**** Ownership %* Country Acres USA 403/688 H2 2026 793-834 ITC DC (10%) 369- 388 424- 446 245 10%- 11% 91 61-63 44-46 100% Quail Ranch BESS USA 0/400 H2 2025 126-132 ITC EC (10%) 58-61 68-71 157 12%- 51 % 48 23-24 16-17 100% Quail Ranch Solar USA 128/0 145-152 PTC EC (10%) 69-73 76-79 100% Roadrunner BESS USA 0/940 H2 2025 332-350 ITC EC (10%) 157- 165 175- 185 284 0%- 10%** ****** 61 52-55 39-40 100% Roadrunner Solar USA 290/0 284-298 PTC EC (10%) 169- 177 115- 121 100% Snowflake A USA 600/1,9 00 2027 1,476- 1,552 ITC EC (10%) + DC (10% BESS only) 647- 681 829- 871 29 10% 29 124-130 100-105 100% Gecama Solar Spain 225/220 H2 2026 215-225 - - - 215- 225 42 23%- 28% 42 43-45 35-37 72% Bjornberget – BESS Sweden 0/100 2026 28-30 - - - 28-30 3 100% 3 10-11 9 55% Israel Construction Israel 4/69 H2 2025-H2 2026 20-22 - - - 20-22 9 15%- 25% 9 2 2 82% Total Consolidated Projects 1,650/ 4,317 3,419- 3,595 1,469- 1,545 1,950- 2,050 769 283 315-330 246-257 Unconsolidate d Projects at share******* Israel 4/79 H2 2025- H2 2026 20-22 - - - - 24 15%- 5%2 24 3 2 %46 Total 1,654/ 4,396 3,439- 3,617 1,469- 1,545 1,950- 2,050 793 307 318-333 248-259
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d) Pre-Construction Projects (due to commence construction within 12 months of the Approval Date) ($ millions) Consolidated Projects Country Generatio n and energy storage Capacity (MW/MWh) Est. COD Est. Total Project Cost Tax Credit Benefit Est. Total Projec t Cost net of tax benefit Capital Invested as of June 30, 2025 Est. Equity Require d (%) Equity Invested as of June 30, 2025 Est. First Full Year Revenue Est. First Full Year EBITDA**** Ownershi p %* Qualifyin g Category Adders**** * Discounte d Value of Tax Benefit*** CoBar ITC United States 258/824 H2 2027 612-644 ITC EC (10%) 247-259 365- 385 40 13%- 16% 40 126-132 99-104 100% CoBar PTC United States 953/0 1,115- 1,173 PTC EC (10%) 551-579 564- 594 Picasso BESS Swede n 0/221 H1 2027 40-42 - - - 40-42 0 100% 0 7-8 5-6 69% Nardo Italy 97/1,254 H1 2028 235-247 - - - 235- 247 3 38%- 42% 3 42-44 36-37 100%
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($ millions) Additional Pre- Construction Projects MW Deployment MW/MWh Est. Total Project Cost Tax Credit Benefit Discounted Value of Tax Benefit*** Est. Total Project Cost net of tax benefit Capital Invested as of June 30, 2025 Est. Equity Required (%) Equity Invested as of June 30, 2025 Est. First Full Year Revenue Est. First Full Year EBITDA**** Ownership %* 2026 2027 2028 Qualifying Category Adders***** United States - 248/400 453/0 1,214- 1,276 ITC DC (10%) & EC (10%)** 555-583 659-693 45 6%-16% 45 93-98 73-77 100% Europe - 0/140 - 32-34 - - - 32-34 0 100% 0 10 7 100% MENA 4/134 0/72 38/645 227-239 - - - 227-239 11 20%-30% 11 23- 24****** 15-16 92% Total Consolidated Projects 4/134 248/612 491/645 1,473- 1,549 555-583 918- 966 56 56 126-132 95-100 Unconsolidated Projects at share******* 8/42 0/182 - 45-46 - - - 45-46 2 15%-25% 2 10-11 5-6 54% Total Pre- Construction 2,059MW +3,914MWh 3,520- 3,701 1,353- 1,421 2,167- 2,280 101 101 311-327 240-253 * 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's capital plus a preferred return ** ** Rustic hills 1+2 - DC(10%)+EC (10%); Coggon - DC (10%); Gemston - DC (10%); Crimson - DC (10% BESS only) + EC (10%) ***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-up adjustment 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 PTC proceeds. These components of the tax equity transaction may differ from project to project, are subject to market conditions and commercial terms agreed upon reaching financial close ****The Energy Community (EC) Adder provides extra credits for renewable energy projects in areas impacted by fossil fuel rel iance or economic transition. The Domestic Content (DC) Adder rewards projects using U.S.-manufactured components, promoting local job creation and supply chain growth
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******645MWh in 2028 attributed to Iftach, estimated revenue for the first 5 years is $6 million per year. From year 6, it will move to a deregulated market, with revenue expected to be $25 million per year *** *** All numbers, beside equity invested, reflects Enlight share only ******** The required equity during construction is estimated at 10% and is expected to decrease to 0% at COD e) Additional information on tax equity investments Tax equity investment Tax equity partner’s share in cash flows ($ millions) Projects* Est. Total Project Cost Upfront tax equity investment Tax credit proceeds during the project's operation ("pay-go") Share in project cash flow initial period (second period) Duration of initial period for share in project cash flow (years) Atrisco PV 369 198 55 17.5% (5%) 10 Atrisco BESS 458 222 - 19.0% (5%) 5 * Apex financing was structured as a sale and leaseback and therefore not included in the table above
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Appendix 6 – cash and cash equivalents ($ thousands) June 30, 2025 Cash and Cash Equivalents: Enlight Renewable Energy Ltd, Enlight EU Energies Kft and Enlight Renewable LLC excluding subsidiaries )“Topco”( 123,464 Subsidiaries 356,995 Deposits: Short term deposits - Restricted Cash: Projects under construction 86,164 Reserves, including debt service, performance obligations and others 64,488 Total Cash 631,111 Appendix 7 – Corporate level (TopCo) debt ($ thousands) June 30, 2025 Debentures: Debentures 634,586* Convertible debentures 257,647 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 116,426 Total corporate level debt 1,008,659 * Including current maturities of debentures in the amount of 25,414
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Appendix 8 – 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 the Company’s Functional Currency. The Group’s consolidated financial statements are presented in U.S. dollars (“USD”). FX Rates to USD: Appendix 9 – Structural changes to the Consolidated Statements of Income: The Company has changed its Income Statement presentation starting with the 2024 full-year financial statements, which includes the presentation of specified items that have been previously included within other income (i.e. tax equity). 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 a change retrospectively. Date of the financial statements: As of 30th June 2025 As of 30th June 2024 Euro NIS 1.13 0.28 1.07 0.27 Average for the 3 months period ended: June 2025 June 2024 1.17 0.30 1.08 0.27