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צבע טקסט פסקה צבע טקסט כותרת Earnings Presentation Second Quarter 2026
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צבע טקסט פסקה צבע טקסט כותרת 2 Legal disclaimer This presentation 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 presentation other than statements of historical fact, including, without limitation, statements regarding Enlight Renewable Energy's (the "Company") business strategy and plans, capabilities of the Company’s project portfolio and achievement of operational objectives, market opportunity and potential growth, discussions with commercial counterparties and financing sources, pricing trends, progress of Company projects, including anticipated timing of related approvals and project completion, the Company’s future financial results, expected impact from various regulatory developments, Revenue and Income, EBITDA, and Adjusted EBITDA guidance, the expected timing of completion of our ongoing projects, macroeconomic trends, 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` the timing of construction of any project; 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 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; health-related pandemics or outbreaks, including the COVID-19 pandemic; 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 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, tariffs and our ability to mitigate their impacts, 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; our ability to obtain tax benefits and credits in the U.S. or other jurisdictions; 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, 2025 filed with the Securities 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 presentation. 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. Except 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 the occurrence of unanticipated events. Unless otherwise indicated, information contained in this presentation concerning the industry, competitive position and the markets in which the Company operates is based on information from independent industry and research organizations, other third- party sources and management estimates. Management estimates are derived from publicly available information released by independent industry analysts and other third-party sources, as well as data from the Company's internal research, and are based on assumptions made by the Company upon reviewing such data, and the Company's experience in, and knowledge of, such industry and markets, which the Company believes to be reasonable. In addition, projections, assumptions and estimates of the future performance of the industry in which the Company operates, and the Company's future performance are necessarily subject to uncertainty and risk due to a variety of factors, including those described above. These and other factors could cause results to differ materially from those expressed in the estimates made by independent parties and by the Company. Industry publications, research, surveys and studies generally state that the information they contain has been obtained from sources believed to be reliable, but that the accuracy and completeness of such information is not guaranteed. Forecasts and other forward- looking information obtained from these sources are subject to the same qualifications and uncertainties as the other forward-looking statements in this presentation. Non-IFRS Financial Metrics This presentation presents Adjusted EBITDA, a non-IFRS 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 Adjusted EBITDA to Net Income, its most directly comparable IFRS financial measure, is contained in the tables at the end of this presentation. 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. These items may include, but are not limited to, forward-looking depreciation and amortization, share based compensation, other income, finance income, finance expenses, share of losses of equity accounted investees and taxes on income. Such information may have a significant, and potentially unpredictable, impact on the Company’s future financial results. The trademarks included herein are the property of the owners thereof and are used for reference purposes only. Such use should not be construed as an endorsement of the products or services of the Company.
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צבע טקסט פסקה צבע טקסט כותרת 3 1Revenues and income include revenues from the sale of electricity and income from tax benefits income from U.S. projects; 2Adjusted EBITDA is a non-IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income; 3FGW (Factored GW) is the company’s consolidated metric combining generation and storage capacity into a uniform figure based on the ratio of construction costs. Current weighted average construction cost ratio is 3.5 GWh of storage per 1 GW of generation: FGW = GW + GWh / 3.5. Strong financial results with 55% growth in Revenue and Income1 and 67% growth in Adjusted EBITDA2. net profit of $31 million and operating cash flow of $84 million. Raising 2026 guidance range. Revenue and Income midpoint increases to $805 million. Adjusted EBITDA increases to $575 million. Portfolio expanded by 4.6%. Mature component increased by 0.7 FGW3 to 12.3 FGW. 2026 on track: 0.5 FGW have commenced construction during Q2. Under construction component amounts to 4.5 FGW. Over 7 FGW expected to be under construction by year-end. Key quarterly milestones: Financial close for the CO Bar complex; signing of a PPA with Google in Oklahoma (SPP); exceeding Safe Harbor targets with an additional 4.7 FGW secured during the quarter, reaching 17.9 FGW; storage expansion into new European markets – Finland and Romania. Q2 2026: Record results and significant progress in business plan execution
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צבע טקסט פסקה צבע טקסט כותרת 4 Financial Results – Growth Momentum Continues
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צבע טקסט פסקה צבע טקסט כותרת 5 135 96 6 62 210 160 31 84 2Q26 vs 2Q25, $m Revenues & income Adjusted EBITDA1 Net profit Cash flow from operations2 55% 67% 2Q 262Q 25 2Q 262Q 25 2Q 262Q 25 2Q 262Q 25 37% Follow-on sale of the Sunlight cluster contributed $17m in Q2 2026 460% 50% excluding Sunlight Sunlight 142 Q2 2026: Record quarter in revenues & income and adjusted EBITDA 1Adjusted EBITDA is a non-IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income; 2Interest payments and receipts are classified as cash flows from financing and investing activities, respectively, rather than as cash flows from operating activities. Adjustments were made for the years 2023–2025 following a change in accounting policy; for further details, see Appendix 4 in the Earning release
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צבע טקסט פסקה צבע טקסט כותרת 6 Revenues & income Adjusted EBITDA1 Net profit Cash flow from operations2 H1 2026: 55% growth in revenues & income and 38% growth in adjusted EBITDA 1Adjusted EBITDA is a non-IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income; 2Interest payments and receipts are classified as cash flows from financing and investing activities, respectively, rather than as cash flows from operating activities. Adjustments were made for the years 2023–2025 following a change in accounting policy; for further details, see Appendix 4 in the Earning release 265 227 107 125 409 314 69 185 55% 38% 1H 261H 25 1H 261H 25 1H 261H 25 1H 261H 25 -36% 48% Sunlight sales contribution: $81m in 2025 Sunlight sales contribution: $30m in 2026 and $42m in 2025 160% excluding Sunlight 54% excluding Sunlight Sunlight 284 Sunlight 185 Sunlight 1H26 Results vs 1H25 ($m) 26
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צבע טקסט פסקה צבע טקסט כותרת 7 1Revenues and income include revenues from the sale of electricity and income from tax benefits income from U.S. projects amou nting to $160-180m. 2Adjusted EBITDA is a non-IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income Revenues & income1 ($m) 785 755 Adjusted EBITDA2 ($m) +4.5% 820 790 Updated guidance rangeInitial guidance range Updated guidance rangeInitial guidance range We are raising 2026 revenues & income and adjusted EBITDA guidance by 4.5% & 3.6% 565 545 +3.6% 585 565
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צבע טקסט פסקה צבע טקסט כותרת 8 Revenue & income1 ($m) 1Revenues & income include revenues from the sale of electricity and income tax benefits in the U.S. ($160-180 million in 2026); 2Adjusted EBITDA is a non-IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income We are sustaining our 40% compounded annual growth rate 52 84 102 135 192 261 399 582 790-820 2018 2019 2020 2021 2022 2023 2024 2025 2026E 41% CAGR Adjusted EBITDA2 ($m) 39 66 78 92 130 194 289 438 565-585 2018 2019 2020 2021 2022 2023 2024 2025 2026E 40% CAGR
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צבע טקסט פסקה צבע טקסט כותרת 9 Significant Milestones Achieved
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צבע טקסט פסקה צבע טקסט כותרת 10 ISO-NE NYISO Southwest Northwest CAISO Southeast SPP ERCOT MISO PJM 6.9 FGW WECC – SW 4.5 FGW PJM 4.1 FGW WECC – NW 1.6 FGW CAISO 4.1 FGW SPP 1.3 FGW Other Looking ahead: a ~22.4 FGW development and advanced development portfolio across the entire country
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צבע טקסט פסקה צבע טקסט כותרת 11 The Solstice project in Oklahoma will supply electricity to Google’s data centers First agreement in the U.S. with a commercial customer and first PPA in the Southwest Power Pool (SPP). The project has successfully completed the System Impact Study and secured Safe Harbor. It is expected to receive full grid interconnection approval during 2026. Construction expected to begin in 2028, currently under advanced development status The SPP market1 is expected to grow by approximately 5 GW in peak demand by 2029, alongside a reduction of approximately 5.7 GW in fossil-based generation, increasing the need for investment in new generation capacity 2029 COD 15 Years Fixed PPA for the PV portion 250 MW + 800 MWh Total project capacity 200 MWac 1 Source: SPP, Resource Adequacy Report 200 MW solar PPA with Google: expanding Enlight’s hyperscaler customer base
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צבע טקסט פסקה צבע טקסט כותרת 12 Portfolio category Capacity (FGW) % Completed System Impact Study1 % Secured Safe Harbor1 Operating 1.6 100% 100% Under construction 3.4 100% 100% Pre-construction 1.5 100% 100% Advanced development 5.5 100% 91% Development 16.9 48% 38% Total U.S. portfolio 28.9 1Securing Safe Harbor status and grid interconnection agreement do not guarantee the project's completion. Actual project comp letion is subject to meeting development milestones and market conditions 17.9 FGW Safe Harbored 9 FGW until 12/2025 8.9 during 1-6/2026 20.1 FGW System Impact Study completed Exceeding Safe Harbor targets to reach 17.9 FGW , additional potential in storage projects Additionally, storage projects starting construction by year -end 2033 can qualify for full tax credits. ~4.7 FGW additional potential, excluded from the 17.9 FGW
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צבע טקסט פסקה צבע טקסט כותרת צבע טקסט פסקה צבע טקסט כותרת 13 WECC (Non-CAISO) AZ NM TX CA NV OR WA UT CO WYID MT Snowflake A CaliforniaLocation 403 MW + 688 MWhCapacity Under ConstructionStatus $62-65m / $48-50mFirst Year Revenues / EBITDA3 11.3%-11.7%1,2Unlevered Ratio Country Acres ArizonaLocation 594 MW + 1,900 MWhCapacity Under ConstructionStatus $123-130m / $101-106mFirst Year Revenues / EBITDA3 12.9%-13.3%1,2Unlevered Ratio ArizonaLocation 1,211 MW + 4,000 MWh Capacity 1-3 Under Construction 4-5 Pre-ConstructionStatus $248-261m / $199-210mFirst Year Revenues / EBITDA3 13.6-14.0%1,2Unlevered Ratio CO Bar Complex IdahoLocation 120 MW + 400 MWh Capacity Under ConstructionStatus $27-28m / $20-21mFirst Year Revenues / EBITDA3 12.9-13.3%1,2Unlevered Ratio Crimson Orchard 1Net construction costs assume receipt of certain ITC and PTC credits under the IRA and are net of the estimated value of thes e credits. PTC assumption is based on the project’s expected production and a yearly CPI indexation of 2%, discounted by 8% to COD. The relevant ITC rate is 30-50%, depending on project eligibility for Adders. The net cost does not reflect the full tax equity investment, only the estimated value of the tax credits; 2Excluding tax benefits; 3 Adjusted EBITDA is a non-IFRS measure. Quarterly highlight: financial closing achieved for CO Bar- the largest in Enlight’s history at $2.6bn, out of a total project Capex of $2.9-3.0bn Under-construction projects in the U.S.
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צבע טקסט פסקה צבע טקסט כותרת 14 1Calculated as expected first full-year EBITDA divided by construction cost Enlight’s mature phase projects in Europe 1,444 MWh Storage capacity 1H28 Expected COD $72-75m Expected revenue (1st year) $52-54m Expected EBITDA (1st year) 18.2-18.6% Unlevered return1 Finland - Tuovilan, Pyhasalmi, Kajo 848 MWh Storage capacity 2H28-1H29 Expected COD $31-33m Expected revenue (1st year) $26-28m Expected EBITDA (1st year) 16.8-17.2% Unlevered return1 Romania - Karpen Cluster Enlight’s project Expanding energy storage into two new European markets New markets
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צבע טקסט פסקה צבע טקסט כותרת 15 Operational FGW13.9 In constructionFGW4.5 Pre-construction FGW3.9 Advanced FGW7.8 Development FGW23 Total portfolio FGW43.1 4.6% FGW = GW + GWh / 3.5 Portfolio expanded by 4.6% in Q2, to a total of 43.1 FGW 12.3 FGW Components of the Mature Portfolio +6% 1FGW (Factored GW) is the company’s consolidated metric combining generation and storage capacity into a uniform figure based on the ratio of construction costs.
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צבע טקסט פסקה צבע טקסט כותרת 16 Development Under construction Operational Portfolio advancement in the quarter across multiple geographies and development stages Start of 2Q26 Pre-construction Advanced development 29 FMW 23 FMW 324 FMW 245 FMW 286 FMW 252 FMW 27 FMW
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צבע טקסט פסקה צבע טקסט כותרת 17 Today Portfolio advancement in the quarter across multiple geographies and development stages $780-810m Revenues & income ~$840m Revenues & income ~$660m Revenues & income 12.3 FGW Components of the Mature Portfolio with ~$2.3 billion Expected revenues & income Operational 3.9 FGW1 Under const. 4.5 FGW Pre-const. 3.9 FGW Development 23 FGW Commence operations in 2026-28 Begins construction in the next 12 months Begins construction in the next 13-24 months 324 FMW 29 FMW 286 FMW 325 FMW 2,033 FMW 23 FMW 245 FMW 252 FMW 258 FMW 27 FMW 155 FMW 242 FMW Advanced development 7.8 FGW 1FGW (Factored GW) is the company’s consolidated metric combining generation and storage capacity into a uniform figure based on the ratio of construction costs. Current weighted average construction cost ratio is 3.5 GWh of storage per 1 GW of generation: FGW = GW + GWh / 3.5
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צבע טקסט פסקה צבע טקסט כותרת 18 0.5 FGW1 started construction during the past three months Additional 2.7 FGW expected to start construction during 2026 More than 90% of the mature component in the portfolio expected to be operating or under construction by end of 2026 Mature portfolio FGW by status – operating and mature 1FGW (Factored GW) is the company’s consolidated metric combining generation and storage capacity into a uniform figure based on the ratio of construction costs. Current weighted average construction cost ratio is 3.5 GWh of storage per 1 GW of generation: FGW = GW + GWh / 3.5; 2 Cash and cash equivalents include $877M at the “Top Co” and $287M held by subsidiaries 4.0 3.9 12.3 4.5 ~1.2 ~2.7 8.4 To begin construction in 2026 To begin construction in 2027 Under construction Construction momentum towards 7.2 FGW under construction in 2026 Mature phase portfolio Q2 2026 Operating portfolio Under and pre- construction
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צבע טקסט פסקה צבע טקסט כותרת 19 Cash and cash equivalents at parent company level of $877M and $287M held by subsidiaries 1 8.4 FGW with Capex investment of $8.9b $1.3b already invested in H1, twice the amount invested in same period last year, indicating of a significant construction momentum Full operation of the mature component will allow Enlight to reach an ARR of $2.3b by 2028 year-end Non-yielding mature component of portfolio (FGW) 4.5 ~1.2 ~2.7 8.4 FGW Under Construction Start of Construction 2027 Start of Construction 2026 Construction momentum on track: majority of milestones completed to achieve $2.3B ARR by 2028 8.4 FGW 7.2 FGW 87% of capacity under construction in 2026 2.2 FGW - Merchant 8.4 FGW 5.4 FGW Secured PPA 90% of capacity either contracted, or intentionally Merchant $1.4b$0.7b 50% of project equity invested; $1.2b available liquidity as of June 301 $7.5b$5.2b 69% of project finance secured
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צבע טקסט פסקה צבע טקסט כותרת 20 Expanding data center operations with a global pipeline of 2 GWIT Pipeline across Enlight’s three geographical segments, as part of our geographic and technological diversification strategy Development, financing, construction and operation of data centers for AI workloads, located near power generation sources Focus on large data centers (>100 MW IT), near-generation resources (mainly renewables) Leveraging emerging regulatory frameworks for co-located data centers with generation (Bring Your Own Generation) and energy storage Activities across the entire value chain, leveraging existing capabilities and strategic partnerships ~2 GWIT Pipeline Business model Strategy Power Provider Powered land Powered shell DC Operator CPU infrastructure Electricity Land Supporting Infrastructure Clients
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צבע טקסט פסקה צבע טקסט כותרת 21 1Based on 2026 guidance added to revenues & income (sale of electricity, tax benefits) of projects in the under construction and pre-construction portions of the Mature portfolio, and advanced development projects with an expected COD in 2028 Business Plan: 3X growth in 3 years, reaching a revenue run-rate of over $2.2 billion1 by end-2028
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צבע טקסט פסקה צבע טקסט כותרת 22 0.6 0.8 1.0 1.4 2.2-2.3 Dec 24 Dec 25 Dec 26 Dec 27 Dec 28 Mature component - 12.3 FGW, revenues & income of ~$2.3bn 1Expected Adjusted EBITDA margin of approximately 70%-80% (including tax benefits) for the years shown; 2FGW (Factored GW) is a consolidated metric combining generation and storage capacity into a uniform figure based on the ratio of construction costs. The company’s current weighted average construction cost ratio is 3.5 GWh of storage per 1 GW of generation: FGW = GW + GWh / 3.5; 3The expected growth in 2028 encompasses the Company’s operations in all geographies. Expected growth relies on business plans which rely on development conditions and assumptions regarding electricity prices, and are contingent on current trends known to the Company at this time; 4The company's revenues from tax benefits are estimated at approximately 22-24% of the total revenue run rate for December 2026, and approximately 28-30% of the total revenues & income run rate for December 2027 and December 2028; 5The gap between revenues & income in the mature portfolio and 2028 ARR stems from mature projects completing construction in 2029 Weighted average of Enlight’s share of revenues and income Annual recurring revenues & income run rate roadmap1,3,4,5 ($bn) Global operating capacity roadmap2,3 (FGW) Mature portfolio: $2.3bn Mature portfolio: 12.3 FGW ARR1 expected to exceed $2.2bn by year-end 2028, with rising share of project ownership 3.0 3.9 5.0 7.3 ~12 Dec 24 Dec 25 Dec 26 Dec 27 Dec 28 41% CAGR 77% 90%86% 88% 91% 41% CAGR
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צבע טקסט פסקה צבע טקסט כותרת 23 Average historic return on operating assets (3.9 FGW) above 15% Under construction and pre-construction projects (8.4 FGW) maintain high returns: ~13% Unlevered project returns EBITDA1First year expected ~$760m Expected net Capex2~$5,750m = Reflects a return on equity of above 18% After leverage 1Projected results do not include tax benefits; 2Net construction costs assume receipt of certain ITC and PTC credits under the IRA and are net of the estimated value of thes e credits. The PTC value is estimated based on the project’s expected annual production and a yearly CPI indexation of 2%, discounted by 8% to COD. In assessing the value of the ITC, a step-up adjustment has been made to reflect the full value of the tax credits, thus lowering net construction costs and enhancing the value and return of the project. Th e actual value attributed to tax benefits in a tax equity transaction may differ from the value presented, subject to the structure of the transaction and prevailing market conditions. Sustaining 3X growth rate every three years with ROE above 18%
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צבע טקסט פסקה צבע טקסט כותרת 24 Strong management platforms across all geographies Global access to capital at attractive costs Strong balance sheet and high available liquidity Large and diversified project portfolio Proven execution capabilities Global network of top-tier partners (offtakers, banks, OEMs) Additional details in the appendix The strongest market conditions in the past decade… Growing and accelerating electricity demand across Enlight’s markets, primarily driven by the demand surge from AI data centers Rising electricity prices Attractive equipment costs – panels and storage Advantage for large players, alongside M&A and consolidation trends Increasing regulatory clarity in the US and Europe ...meet Enlight in the strongest position in the Company’s history Enlight is well-positioned to capitalize on market demand and opportunities in the energy sector
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צבע טקסט פסקה צבע טקסט כותרת 25
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צבע טקסט פסקה צבע טקסט כותרת 26 Appendix
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27 Graph, scale Generation, MW Storage, MWh Portfolio definitions Operational, under construction and pre-construction (expected to start construction within 12 months) Mature Component Projects which are expected to begin construction within 13 to 24 months of the Approval Date Advanced Phase The rest of the projects in development processDevelopment Phase Note: Portfolio information as of August 3ed , 2026 (“the Approval Date”); Projects that are not consolidated in our financial statements are reflected at their proportional share Advanced Phase Under Construction Operational Pre-Construction Mature Phase Projects Development Phase Total Portfolio 0-12 months until start of construction 13-24 months until start of construction Portfolio snapshot – 43.1 FGW within total portfolio 2,927 6,437912 10,393 2,598 41,067 13,038 74,589 20,484 6,557 11,311 4,049 21,796 3,534 + + + + + + + 43.1 FGW 12.3 FGW
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צבע טקסט פסקה צבע טקסט כותרת 28 Project Atrisco (1,200 MWh), New Mexico, U.S. 2.7 5.7 8.6 17.5 20.5 Mature 2022 Mature 2023 Mature 2024 Mature 2025 Mature Q2 2026 Mature portfolio1 storage capacity growth of 7.5x in 3.5 years representing ~50% of the Mature portfolio expected revenues 2Q26 Additions: Q2 2026 Adv. dev. Q2 2026 Dev. Q2 2026 Total storage capacity portfolio 41.1 13.0 74.6 86% CAGR ~$1,100m annual rev. & income2 run rate 1Operating, under construction, and pre-construction projects. 2Revenues and income includes revenues from the sale of electricity and income from tax benefits. 28 Battery storage portfolio (GWh) Energy storage portfolio grew by 5.6 GWh during the quarter +27 MWh +1,444 MWh +848 MWh +194 MWh
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צבע טקסט פסקה צבע טקסט כותרת 29 Advantages of “Connect & Expand” Shortening time to COD utilizing existing infrastructure saves construction costs utilizing existing interconnect reduces development risks Adding energy storage to existing projects EU+MENA 1.1 GW + 6.9 GWh 3.1 FGW USA 0.2 GW + 1.6 GWh 0.7 FGW Rapid growth with high returns 3.8 FGW of expansions at existing projects planned for construction in 2025-2027 Strategy focus: Identifying and acquiring significant grid interconnections, leveraging them to build additional projects on the same site, while maximizing returns “Connect & Expand” strategy maximizes interconnection potential and returns
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צבע טקסט פסקה צבע טקסט כותרת 30 CO Bar Complex – a five-phase flagship project Financing agreement Coconino Arizona 1Net construction costs assume receipt of certain ITC and PTC credits under the IRA: 40% for CO Bar 1-3 (including a 10% Energy Community bonus), and 50% for CO Bar 4 & 5 (including 20% bonuses for Energy Community (10%) and Domestic Content (10%)), ; 2Enlight’s classification of projects in its pipeline is based on internal parameters. In practice, Phases 1-3 have advanced to construction with workforce mobilization (“Full Mobilization”). Phases 4 & 5 have commenced certain construction activities, with full mobilization expected in 2H Debt financing of approximately $2.6bn from a consortium of seven leading international financial institutions. Total investment in the complex: $2.90-3.04 bn, with an expected approximately $1.7bn in long-term debt and $1.5bn in tax benefits upon COD. CO Bar 1-3 are in full mobilization. CO Bar 4-5 are expected to fully mobilize during 2H CO Bar 2 CO Bar 3 CO Bar BESS 1,4,5 CO Bar 1 CO Bar Complex Coconino, Arizona, USALocation 1,211 MW + 4,000 MWhCapacity H2 2027 - H1 2028COD date 20 years, BUSBAR PPA with SRP & APSPPA duration and counterparty $1,445-1519m / $248-261m / $199-210m Net Capex1 / First year revenues / EBITDA ~13.6-14.0%Unlevered return1 CO Bar – Enlight’s largest financial close to date
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צבע טקסט פסקה צבע טקסט כותרת 31 44 62 83 102 124 156 38 40 45 50 56 64 82 102 128 152 180 220 2025E 2026E 2027E 2028E 2029E 2030E AI workload Non-AI workload AI applications as the main growth driver – 3.5X by 2030 Global growth in data center1 Global data center capacity growth GW 1CBRE, McKinsey & Company, Data Center Demand Model (2025 projection) ;2 McKinsey & Company Rising U.S. data center power demand2 ✓ The U.S. data center’s electricity consumption is expected to triple, reaching approximately 12% of total electricity used by 2030. Data centers represent up to 40% of the total increase in U.S. electricity demand by 2030 147 178 224 292 371 450 513 606 2023 2024 2025E 2026E 2027E 2028E 2029E 2030E US data center energy consumption TWh Share of total U.S. power demand 3.7% 11.7% Growing data center capacity drives demand for electricity
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צבע טקסט פסקה צבע טקסט כותרת צבע טקסט פסקה צבע טקסט כותרת 32 1Ember, IEA ;2 U.S. Energy Information Administration, S&P Global Electricity’s share of total energy consumption is steadily increasing Soaring global demand for power1 ✓ The rate of growth of electricity demand has risen in recent years. ✓ Electricity’s share of total energy consumption is expected to rise from 21% today to 27% by 2030 in a conservative scenario, and to exceed 30% in net-zero emissions scenarios TWh 10,000 15,000 20,000 25,000 30,000 35,000 40,000 Global electricity demand Net zero emissions scenario 2000 2010 2020 2030E2005 2015 2025E 3.1% CAGR Increasing demand for electricity in the U.S.2 ✓ Among the factors driving growth: increased industrial activity in the U.S.; surge in data center buildout; the growing use of advanced AI models. Data centers and AI drive the growth in electricity generation U.S. Electricity GenerationTWh Increased use of home electrical appliances Improved energy efficiency Demand from electrification, onshoring of industry, data centers & AI 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 1960 1970 1980 1990 2000 2010 2020 2030 2040E E Demand for electricity is rising globally
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צבע טקסט פסקה צבע טקסט כותרת 33 Source: Bloomberg. BloombergNEF - Energy Storage System Cost Survey 2025. Global benchmark – Low scenario. Pricing based on usable capacity. Historical prices have been adjusted using June to June inflation rates based on the US Consumer Price Index (CPI). Prices converted using exchange rates at the end of October each year. Unprecedented declines in equipment input costs Forecast for global energy storage equipment prices $ per kilowatt-hour, (real 2025) Major historic declines in the solar panel and battery costs 367 279 197 122 113 107 102 98 94 91 88 86 83 81 2022 2024 2026 2028 2030 2032 2034 0% 20% 40% 60% 80% 100% 120% 140% Jan 23 Jul 23 Jan 24 Jul 24 Jan 25 Jul 25 Jan 26 Jul 26 Lithium price Polysilicon price
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צבע טקסט פסקה צבע טקסט כותרת 34 Renewable energy is the most cost-competitive form of new-build generation 1LCOE Data Lazard’s Levelized Cost of Energy Analysis (Version 19.0). Figures represent unsubsidized midpoint values ($/MWh). Solar PV + Storage reflects utility-scale PV paired with a 4-hour battery storage system. Excludes regional transmission and interconnection costs 2LevelTen Energy PPA Index PPA pricing in the U.S.2 A shortage of projects leads to rising prices LCOE - Levelized Cost of Energy1 Attractive renewables production costs in the U.S. $ / MWh Solar energy and storage offer the cheapest solution 83.8 72.6 61.4 $25 $35 $45 $55 $65 $75 $85 Wind Blended Solar Solar +98% 1Q21 – 2Q26 69 108 68 90 125 136 210 215 Solar PV (Utility) Solar PV + Storage Wind Onshore Gas Combined Cycle Coal Wind Offshore Gas Peaking U.S. Nuclear
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צבע טקסט פסקה צבע טקסט כותרת 35 Reconciliation between Net income to Adjusted EBITDA * Net profit from deconsolidation and revaluation following the partial sale of an asset (Sunlight cluster). ** Contribution to Adjusted EBITDA from the sale of an additional stake in the deconsolidated asset (Sunlight cluster). For more information regarding the composition of Adjusted EBITDA, refer to the description appearing in the “Non-IFRS financial measures” section of this press release. ($ thousands) For the six months ended For the three months ended June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Net income (loss) 68,985 107,372 31,177 5,569 Depreciation and amortization 98,106 71,017 47,384 37,228 Share based compensation 10,042 2,994 4,941 1,284 Finance income (20,260) (8,166) (11,264) (1,471) Finance expenses 104,554 82,286 60,371 52,083 Gains from projects disposals (*) 28,905 (**) (55,336) (*) 17,003 (**) (363) (*) Share of losses of equity accounted investees 1,421 1,645 428 418 Taxes on income 22,498 25,606 10,220 955 Adjusted EBITDA 314,251 227,418 160,260 95,703
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