Enlight Renewable Energy Ltd 6-K, filed Nov 3, 2026
Enlight Renewable Energy Ltd. (ENLT)
About this 6-K
Enlight Renewable Energy Ltd filed this 6-K on November 3, 2026.
Enlight Renewable Energy reported third-quarter revenues and income of $231 million, up 40%, and raised 2026 guidance to $810 million-$830 million of revenues and income and $575-$590 million of Adjusted EBITDA. AI summary
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13A-16 OR 15D-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of November 2026
Commission File Number: 001-41613
Enlight Renewable Energy Ltd.
(Translation of registrant’s name into English)
13 Amal St., Afek Industrial Park
Rosh Ha’ayin, Israel
+ 972 (3) 900-8700
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
EXPLANATORY NOTE
On November 3, 2026, Enlight Renewable Energy Ltd. (the “Company”) issued a press release titled: “Enlight Renewable Energy Reports Third Quarter 2026 Financial Results” and will conduct a conference call using a presentation titled: “Enlight Earnings Presentation Third Quarter 2026.” Details of the conference call are provided in the press release. A copy of the press release, as well as supplemental appendices containing further information regarding the Company’s financial results for the nine-month period ended September 30, 2026, and other operational updates, is included as Exhibit 99.1 herewith and a copy of the presentation is furnished as Exhibit 99.2 herewith.
Incorporation by Reference
Other than as indicated below, the information in this Form 6-K (including in Exhibit 99.2) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.
The press release (other than information contained under the headings “2026 guidance raised” and “Conference Call Information”, which shall not be deemed “filed” for the purpose of Section 18 of the Exchange Act), including the IFRS financial information contained in the (i) consolidated statements of financial position, (ii) consolidated statements of income and (iii) consolidated statements of cash flows included in the press release attached as Exhibit 99.1 to this Report on Form 6-K is hereby incorporated by reference into the Company’s Registration Statement on Form S-8 and Registration Statement on Form F-3.
EXHIBIT INDEX
The following exhibit is furnished as part of this Form 6-K:
| Exhibit | Description |
| 99.1 | Press Release of Enlight Renewable Energy Ltd., dated November 3, 2026, titled: “Enlight Renewable Energy Reports Third Quarter 2026 Financial Results”. |
| 99.2 | Enlight Earnings Presentation Third Quarter 2026. |
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Enlight Renewable Energy Ltd. | ||
| Date: November 3, 2026 | By: | /s/ Lisa Haimovitz |
| Lisa Haimovitz | ||
| VP General Counsel | ||
3
Exhibit 99.1
| Earnings Release |  |
ENLIGHT RENEWABLE ENERGY REPORTS
THIRD QUARTER 2026 FINANCIAL RESULTS
All of the amounts disclosed in this press release are in U.S. dollars unless otherwise noted
TEL AVIV, ISRAEL, November 3, 2026 – Enlight Renewable Energy (NASDAQ: ENLT, TASE: ENLT) today reported financial results for the quarter ended September 30, 2026. 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 3Q26 financial results can be found on our IR website at https://enlightenergy.com/data/financial-reports/
Financial Highlights
3 months ending September 30, 2026
| • | Total revenues and income1 of $231 million, an increase of 40% compared to the same period last year. |
| • | Net income of $34 million, compared to $32 million in the same period last year. Excluding one-time items, net income increased by 76%. |
| • | Adjusted EBITDA2 of $154 million, compared to $112 million in the same period last year, an increase of 38%. |
| • | Cash flow from operating activities3 of about $104 million, an increase of 26% compared to the same period last year. |
9 months ending September 30, 2026
| • | Total revenues and income of $641 million, an increase of 49% compared to the same period last year. |
| • | Net income of $103 million, compared to $140 million in the same period last year. Excluding a gain of approximately $81 million recorded in the corresponding period as a result of the sale of 44% of the Sunlight portfolio and the resulting loss of control, as well as other one-time items, net income increased by approximately 122%. |
1Total revenues and income include revenues from the sale of electricity, as well as income from tax benefits from U.S. projects
2Adjusted EBITDA is a non-IFRS measure. Please refer to the appendices for the reconciliation to net income. 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
3Interest payments and receipts are classified as cash flows from financing and investing activities, respectively, instead of cash flows from operating activities. Adjustments were made to comparative figures due to a change in accounting policy; for further details, see Appendix No. 4
| • | Adjusted EBITDA of $468 million, compared to $339 million in the first nine months of 2025, an increase of 38%. Excluding a $42 million gain from the sale of 44% of the Sunlight portfolio in the first half of 2025 and a gain of approximately $30 million from subsequent sales of approximately 26% of the Sunlight portfolio in the first half of 2026, Adjusted EBITDA for the first nine months of 2026 increased by 48% compared with the corresponding period last year. |
| • | Operating cash flow of $289 million, an increase of 39% compared with the corresponding period last year. |
2026 guidance raised
| • | The Company is raising and narrowing its guidance range for 2026. Revenues & income4 are expected to range between $810 million and $830 million, compared with the previous guidance range of $790 million to $820 million. |
| • | Adjusted EBITDA guidance increased to $575 to $590 million, up from $565 to $585 million previously. |
| • | The guidance increase primarily reflects operating results for the first nine months, electricity trading activity in Israel and higher electricity prices in Europe. |
Summary of key financial results:
| For the three months ended | For the nine months ended | |||||
| ($ millions) | September 30, 2026 | September 30, 2025 | % change | September 30, 2026 | September 30, 2025 | % change |
| Revenues and Income | 231 | 165 | 40% | 641 | 430 | 49% |
| Net Income | 34 | 32 | 4% | 103 | 140 | (27%) |
| Adjusted EBITDA | 154 | 112 | 38% | 468 | 339 | 38% |
| Adjusted EBITDA excluding the Sunlight transactions | 154 | 112 | 38% | 438 | 297 | 48% |
| Cash Flow from Operating Activities | 104 | 83 | 26% | 289 | 208 | 39% |
4Total revenues and income include revenues from the sale of electricity along with income from tax benefits from US projects amounting to $160-180m.
Adi Leviatan, CEO of Enlight Renewable Energy: “We conclude another quarter of strong growth and consistent execution, with total revenue and income increasing by 40%, Adjusted EBITDA increasing by 38%, and cash flow from operating activities of $289 million in the first nine months of the year. In Europe, we are benefiting from higher electricity prices and continue to expand our energy storage activity with additional projects that generate double-digit project-level returns. In the U.S., all five phases of the approximately 2.4 FGW CO-Bar complex are now under construction following the closing of the largest financing transaction in the Company’s history, and we continue to expand our presence in markets east of WECC. Our strong results, solid balance sheet and growing cash flow provide a solid foundation for continued growth and enable us to raise our 2026 guidance once again.”
Portfolio Review
During the third quarter and through the date of this release, Enlight continued to expand its portfolio and advance projects through the various phases of development. As of the earnings release date, Enlight’s total portfolio is comprised of 23.1 GW of generation capacity and 80.9 GWh energy storage capacity (totaling 46.2 FGW5), representing an increase of 7.1% compared to the total portfolio at the release date of the second quarter of 2026 (43.1 FGW). The generation component increased by approximately 5.9%, while the storage component increased by approximately 8.4% compared with the previous quarter. This increase reflects Enlight’s strategy of taking a leading position in energy storage in response to growing needs in global markets.
The mature portfolio component (operating, under-construction and pre-construction projects) comprises 6.4 GW of generation capacity and 21.7 GWh of energy storage capacity, totaling 12.7 FGW, compared with 12.3 FGW at the end of the previous quarter, a sequential increase of approximately 3%. Approximately 52% of the capacity in the mature portfolio is located in the United States, approximately 33% in Europe and approximately 15% in MENA.
Enlight has identified energy storage as one of its key growth engines in Europe, against the backdrop of accelerating renewable-energy penetration and the increasing need for grid flexibility and balancing. To establish an early-mover advantage in attractive markets, during the past year the Company increased its European storage portfolio by 6.6 GWh and expanded its operations into four new countries: Germany, Poland, Romania and Finland. This expansion is expected to add approximately $300 million to the annual revenue run rate and bring expected revenues from the mature European portfolio to approximately $630 million per year.
5FGW (Factored GW) is the company’s consolidated metric combining generation and storage capacity into a uniform figure based on the ratio of construction costs. Current weighted average construction cost ratio is 3.5 GWh of storage per 1 GW of generation: FGW = GW + GWh / 3.5.
The advanced-development and development portfolio comprises 16.6 GW of generation capacity and 59.1 GWh of storage capacity, totaling 33.5 FGW, an increase of approximately 9% compared with the previous quarter. Approximately 73% of the capacity in these components is located in the United States, approximately 15% in MENA and approximately 12% in Europe.
In the United States, approximately 40% of the advanced-development and development portfolio is located in PJM, SPP and MISO. Expanding the Company’s presence in integrated markets east of WECC provides exposure to accelerated electricity-demand growth, driven in part by data-center expansion and the emergence of BYOG (Bring Your Own Generation) regulation in PJM and SPP. Alongside higher PPA prices, these markets allow the Company to broaden its customer base and are expected to enable it to operate under a merchant model for the first time in the U.S., thereby benefiting from potential upside in electricity prices and greater flexibility in optimizing revenues from projects that combine generation and energy storage.
The composition of Enlight’s portfolio appears in the following table:
| Component | Status | FGW | Annual revenues & income run rate ($m) |
| Operating | Commercial operation | 4.0 | ~810-820 |
| Under construction | Under construction | 5.6 | ~1,050 |
| Pre-construction | 0-12 months to start of construction | 3.1 | ~500 |
| Total Mature Portfolio | 12.7 | ~$2,365m | |
| Advanced development | 13-24 months to start of construction | 8.6 | - |
| Development | 24+ months to start of construction | 24.9 | - |
| Total Portfolio | 46.2 | - |
| • | Operating component of the portfolio: 4.0 FGW |
| o | Approximately 41% of the operating component is in the U.S., 34% in Europe, and 25% in Israel. Approximately 90% of operating capacity is contracted under PPAs, of which approximately 24% is under index-linked PPAs. |
| o | During the quarter, two projects commenced operations, with a combined annual revenue run rate of approximately $8 million: the Sestanovac project in Croatia, with 23 FMW of generation capacity and 75 MWh of storage capacity (45 FMW), and the Qunaitra project in Israel, with 15 FMW (primarily storage). |
| o | The operating portfolio generates annualized revenues and income run rate of approximately $810 to $820 million. The increase reflects higher electricity-trading revenues in Israel, higher electricity prices and the commencement of operations at the projects described above. |
| • | Under construction component of the portfolio: 5.6 FGW |
| o | Net of projects that commenced operations, this component increased quarter-over-quarter by approximately 1.2 FGW, or approximately 26%. |
| o | During the quarter, construction commenced on phases 4 and 5 of the CO-Bar project in Arizona, comprising 3,176 MWh of stand-alone storage capacity (907 FMW). As of the publication of the third-quarter reports, all five phases of the approximately 2.4 FGW CO-Bar project are under construction. The project is expected to commence operations in stages, beginning in the fourth quarter of 2027 and continuing through the first half of 2028. |
| o | Construction also commenced on two projects in Israel: Ohad high-voltage energy storage project with 193 FMW and the Nahal Oz project with capacity of 56 FMW. |
| o | The under-construction component includes eight projects in the U.S. (5 phases of the CO Bar complex, Country Acres, Crimson Orchard, and Snowflake A) with a total capacity of 4.3 FGW, six projects in Europe with an aggregate capacity of approximately 0.9 FGW, and projects in Israel with a total capacity of approximately 370 FMW. |
| o | Energy storage projects (either standalone or paired with generation assets) account for approximately 53% of the under-construction component. |
| o | The Company estimates that construction of an additional approximately 1.3 FGW will commence during the remainder of 2026, such that 86% of the mature portfolio component is expected to be operating or under construction by year-end. |
| o | The under-construction component is expected to contribute approximately $1,050 million to the annual revenues and income in its first full year of operation, compared with $840 million in the previous quarter. The increase is mainly attributable to the inclusion of the projects mentioned above. |
| • | Pre-construction component of the portfolio: 3.1 FGW |
| o | Net of 1,156 FMW of projects that moved into construction, this component increased by approximately 14%, or 347 FMW. |
| o | During the quarter, two additional energy storage projects in Finland with aggregate capacity of 858 MWh (245 FMW) were acquired and added to the three projects acquired in Finland in the second quarter with a total capacity of 542 MWh. Commercial operation is expected during the first half of 2028, and the projects are expected to generate unlevered returns of 19%-21%. The increase in expected returns compared with the previous quarter reflects lower equipment costs. |
| o | During the quarter, projects in Israel and Poland totaling approximately 102 FMW moved from advanced development to the pre-construction stage. |
| o | The pre-construction component includes three projects in the U.S. totaling approximately 567 FMW, thirteen projects in Europe totaling approximately 2.0 FGW (88% of which is energy storage), and projects in Israel totaling approximately 572 FMW. |
| o | Storage projects account for 71% of total capacity. |
| o | Pre-construction projects are expected to contribute approximately $500 million to the annual recurring revenues and income in their first full year of operation. |
| • | Advanced development component of the portfolio: 8.6 FGW |
| o | This component increased by approximately 820 FMW (approximately 11%) compared with the previous quarter. |
| o | During the quarter, projects totaling 509 FMW in Israel moved into advanced development. |
| o | This component includes approximately 6 FGW in the United States, 1.1 FGW in Europe and 1.4 FGW in MENA. |
| o | Storage projects represent approximately 53% of capacity. |
| o | During the quarter, the Company made significant progress on its Blackwater project in Virginia, U.S., Enlight’s flagship project in PJM, by obtaining a key county permit and securing a 500 MW grid interconnection. The planned project comprises 600 MW of solar generation with a potential to add 2,000 MWh of energy storage capacity (1.2 FGW in total). It is located in an area experiencing significant electricity-demand growth, including demand from data centers, and is expected to strengthen Enlight’s position in one of the major integrated power markets in the eastern U.S. The Company is also evaluating the potential to double the project’s capacity in the future, executing on its connect-and-expand strategy. |
| o | As of the date of this report, the entire advanced development portfolio in the U.S. has successfully completed System Impact Study process and has a high likelihood of securing grid interconnection. |
| o | Approximately 5 FGW of U.S. capacity met Safe Harbor6 requirements (approximately 83% of this component’s capacity in the U.S.), securing eligibility for tax benefits. |
6Securing Safe Harbor status and grid interconnection agreement do not guarantee the project's completion. Actual project completion is subject to meeting development milestones and market conditions
| • | Development component of the portfolio: 24.9 FGW |
| o | This component includes 18.4 FGW in the U.S., 3.7 FGW in MENA, and 2.8 FGW in Europe. |
| o | The main additions over the past three months include approximately 2.1 FGW in the United States, across PJM, MISO and WECC, as well as 590 FMW in MENA and 100 FMW in Europe. |
| o | Storage projects account for approximately 50% of total capacity. |
| o | As of the publication of the quarterly results, 8.8 FGW (approximately 48% of U.S. capacity in this component) had completed a System Impact Study and has a high probability of securing grid interconnection. |
| o | Approximately 6.4 FGW of U.S. capacity met Safe Harbor requirements (approximately 35% of this component’s capacity in the U.S.), securing eligibility for tax benefits. |
| o | Under current U.S. legislation, energy storage projects that commence construction by the end of 2033 are eligible for the full value of available tax credits, with a gradual phase-down for projects beginning construction during the following three years. The Company currently has approximately 5.7 FGW of energy storage capacity in its portfolio that is expected to begin construction over the coming years. |
| o | The Company expects to pursue similar tax credit eligibility for future energy storage projects added to its portfolio, subject to their commencement of construction within the applicable qualification period. |
Enlight’s operating capacity is expected to reach approximately 12 FGW, and total annual revenues and income7 run rate is expected to reach $2.2 to $2.3 billion by the end of 2028, reflecting a 41% compound annual growth rate between 2024 and 2028.
Corporate and Project Financing
| • | During the first nine months of the year, the Company secured approximately $3.7 billion in financing sources, including project financing: |
| o | $2.6 billion financing for the CO-Bar complex, representing the largest financing transaction in the Company's history. |
| o | Approximately $350 million raised through an expansion of Series G bonds on the Tel Aviv Stock Exchange, at an interest rate of approximately 4.4%, reflecting a spread of approximately 0.75% above comparable Israeli government bonds. |
| o | Issuance of approximately 6 million shares to Israeli institutional investors, generating gross proceeds of approximately $420 million. |
| o | $304 million financing secured for the Crimson Orchard project in Idaho, U.S. |
| o | Follow-on transactions for the sale of additional stakes in the Sunlight portfolio, generating proceeds of $38 million. |
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7The 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; Expected Adjusted EBITDA margin of approximately 70%-80% (including tax benefits) for the years shown. The company's revenues from tax benefits are estimated at approximately 23-25% of the total revenue run rate for December 2026, and approximately 28-31% of the total revenues & income run rate for December 2027 and December 2028; The gap between revenues & income in the mature portfolio and 2028 ARR stems from mature projects completing construction in 2029
| • | During the quarter, the Company repaid Series F bonds totaling $185 million. |
| • | As of the balance sheet date, cash and cash equivalents at the “topco” level[8] totaled $420 million. In addition, cash and cash equivalents held by subsidiaries amounted to approximately $316 million. |
| • | As of the balance sheet date, the Company had available credit facilities of $520 million, of which $48 million had been utilized. |
| • | As of the balance sheet date, the Company had approximately $1.8 billion of Letter of Credit and Surety Bond facilities, of which $630 million had been utilized. |
| • | The Company’s consolidated long-term debt amounts to approximately $5.6 billion, of which approximately 80% is non-recourse project financing and approximately 86% is at fixed interest rates, including through hedging arrangements. This financing structure significantly reduces the Company’s exposure to interest rate fluctuations. As a result, the Company estimates that an increase in risk-free interest rates would have a very limited impact on its operating results and on the returns of projects within the mature portfolio. |
Financial Results Analysis
| Revenues & Income by Segment | ||||||
| ($ millions) | For the three months ended | For the nine months ended | ||||
| Segment | September 30, 2026 | September 30, 2025 | % change | September 30, 2026 | September 30, 2025 | % change |
| MENA | 99 | 78 | 27% | 240 | 173 | 39% |
| Europe | 52 | 45 | 16% | 165 | 145 | 14% |
| U.S. | 80 | 42 | 90% | 234 | 111 | 111% |
| Other | - | - | - | 2 | 1 | 100% |
| Total Revenues & Income | 231 | 165 | 40% | 641 | 430 | 49% |
Revenues & Income
In the third quarter of 2026, the Company’s total revenues & income increased by 40% to approximately $231 million, compared with approximately $165 million in the corresponding period last year. Revenues from the sale of electricity increased by approximately 35% to approximately $187 million. The increase was primarily attributable to new projects, which contributed approximately $21 million, foreign-exchange effects, which contributed $9 million, and electricity trading activity in Israel, which contributed $17 million (excluding foreign-exchange effects).
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8 Including Enlight Renewable Energy, headquarter companies in Europe and the U.S. and Clenera, and excluding other subsidiaries and project-linked entities.
Electricity trading activity in Israel more than doubled compared with the corresponding periods last year and generated revenues of approximately $56 million in the third quarter and approximately $114 million in the first nine months of 2026, of which 40% are revenues from electricity generated in Enlight’s projects in Israel. The increase reflected expansion of the customer base in Israel, together with strong seasonal summer demand. Electricity trading provides an additional business both for electricity generated by our assets and for electricity purchased from other producers or from the grid, thereby broadening the monetization options for generation in accordance with market conditions. Although the activity is characterized by low margins, it also carries low risk, relies on an existing platform and does not require fixed costs. It therefore supports value maximization and enhances the overall returns of Enlight’s asset portfolio in Israel.
In the U.S., tax-benefit revenues amounted to approximately $45 million, compared with approximately $27 million in the corresponding quarter last year. The increase was attributable to new projects that commenced operations at the end of 2025.
Net Income
The Company’s net income in the third quarter of 2026 amounted to $34 million, compared with $32 million in the corresponding period last year. During the quarter, the Company’s management decided to terminate two PPAs for the Rustic Hills and Gemstone projects in the United States, with a combined capacity of 439 FMW. These were the last remaining projects in the Company’s U.S. portfolio with legacy PPAs. The decision followed prolonged negotiations with the offtakers and reflected the significant shift in U.S. market conditions over the past year, particularly higher prevailing PPA prices, alongside increases in equipment costs and tariffs. Accordingly, in the third quarter the Company recorded a one-time termination expense of $20 million before tax.
The $66 million increase in revenues compared with the corresponding quarter was partially offset by a $23 million increase in cost of revenues, mainly related to the expansion of electricity trading activity and new operating projects, a $3 million increase in general and administrative and development expenses, a $9 million increase in depreciation expense following the commencement of operations of new projects and a $12 million increase in other expenses (primarily related to the PPAs termination fees described above, offset by a compensation and an advance payment refund from a supplier). In addition, finance expenses increased by $20 million, primarily due to a $13 million gain related to the refinancing of the Gecama project in Spain recorded in the comparable quarter last year.
Excluding the cost associated with the termination of the PPAs, the compensation and refund of an advance payment from a supplier, and the financing income related to the refinancing of the Gecama project in the prior-year period, net income increased by 76% in the third quarter compared to the same period last year.
Adjusted EBITDA
The Company’s Adjusted EBITDA for the third quarter of 2026 amounted to approximately $154 million, compared with approximately $112 million in the corresponding period last year, an increase of 38%. The increase compared with the third quarter of 2025 resulted from the $66 million increase in revenues, offset by a $22 million increase in cost of sales due to the expansion of electricity trading activity in Israel and the commencement of operations at new projects; a $3 million increase in general and administrative and development expenses, excluding share-based payment expenses; and a $2 million increase in other expenses.
Conference Call Information
English Conference Call & Webcast at 8:00am ET / 3:00pm Israel:
Please pre-register to join the live conference call:
https://register-conf.media-server.com/register/BIf60e72c108f7438789f445795b04ba52
Upon registering, you will be emailed a dial-in number, direct passcode and unique PIN.
To join by webcast and follow the presentation, please use the following link:
https://edge.media-server.com/mmc/p/xho8qjz7
Hebrew Webcast at 6:00am ET / 1:00pm Israel:
Please pre-register to join the live webcast:
Webinar Registration - Zoom
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.com/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.com/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.
Non-IFRS Financial Measures
This release 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 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, minus finance income and adjusted to eliminate any non-recurring portions of other income (expenses), net. compensation received in respect of contractual performance shortfalls and recorded in other income (expenses), net, is included in adjusted EBITDA. Such compensation represents income the company would have generated had the contractual performance levels been achieved. 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 economic gain or loss attributable to the interest sold, calculated as the consideration received less the proportional book value attributable to such interest. 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 strategy and plans, capabilities of the Company’s project portfolio and the Company’s expectation relating to projects, including their timeline, financing and the achievement of operational and financial 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 expected Revenues, 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, as well as 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; 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, 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; 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 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. 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.
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 12 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
Limor Zohar Megen
Director IR
investors@enlightenergy.com
Erica Mannion or Mike Funari
Sapphire Investor Relations, LLC
+1 617 542 6180
investors@enlightenergy.com
Appendix 1 – Financial information
Consolidated Statements of Income
| For the nine months ended September 30 | For the three months ended September 30 | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| USD in | USD in | USD in | USD in | |||||||||||||
| thousands | thousands | thousands | thousands | |||||||||||||
| Revenues | 509,188 | 364,411 | 186,711 | 138,536 | ||||||||||||
| Tax benefits | 131,465 | 65,493 | 44,658 | 26,521 | ||||||||||||
| Total revenues and income | 640,653 | 429,904 | 231,369 | 165,057 | ||||||||||||
| Cost of sales (*) | (154,680 | ) | (95,839 | ) | (61,900 | ) | (39,355 | ) | ||||||||
| Depreciation and amortization | (146,580 | ) | (110,159 | ) | (48,474 | ) | (39,142 | ) | ||||||||
| General and administrative expenses | (54,684 | ) | (38,968 | ) | (17,603 | ) | (15,632 | ) | ||||||||
| Development expenses | (12,634 | ) | (8,373 | ) | (3,945 | ) | (2,904 | ) | ||||||||
| Total operating expenses | (368,578 | ) | (253,339 | ) | (131,922 | ) | (97,033 | ) | ||||||||
| Gains (losses) from projects disposals | 889 | 96,431 | - | (1,397 | ) | |||||||||||
| Other income (expenses), net | (4,598 | ) | 5,785 | (8,279 | ) | 3,411 | ||||||||||
| Operating profit | 268,366 | 278,781 | 91,168 | 70,038 | ||||||||||||
| Finance income | 28,044 | 36,292 | 7,784 | 28,126 | ||||||||||||
| Finance expenses | (158,761 | ) | (136,457 | ) | (54,207 | ) | (54,171 | ) | ||||||||
| Total finance expenses, net | (130,717 | ) | (100,165 | ) | (46,423 | ) | (26,045 | ) | ||||||||
| Profit before tax and equity loss | 137,649 | 178,616 | 44,745 | 43,993 | ||||||||||||
| Share of losses of equity accounted investees | (1,709 | ) | (3,904 | ) | (288 | ) | (2,259 | ) | ||||||||
| Profit before income taxes | 135,940 | 174,712 | 44,457 | 41,734 | ||||||||||||
| Taxes on income | (33,439 | ) | (35,083 | ) | (10,941 | ) | (9,477 | ) | ||||||||
| Profit for the period | 102,501 | 139,629 | 33,516 | 32,257 | ||||||||||||
| Profit for the period attributed to: | ||||||||||||||||
| Owners of the Company | 82,888 | 117,841 | 29,446 | 22,026 | ||||||||||||
| Non-controlling interests | 19,613 | 21,788 | 4,070 | 10,231 | ||||||||||||
| 102,501 | 139,629 | 33,516 | 32,257 | |||||||||||||
| 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 | 0.60 | 0.97 | 0.21 | 0.18 | ||||||||||||
| Diluted earnings per share | 0.56 | 0.91 | 0.20 | 0.16 | ||||||||||||
| Weighted average of share capital used in the | ||||||||||||||||
| calculation of earnings: | ||||||||||||||||
| Basic per share | 138,132,711 | 121,114,109 | 139,782,554 | 125,060,939 | ||||||||||||
| Diluted per share | 148,741,077 | 129,253,408 | 149,957,154 | 134,366,872 | ||||||||||||
|
(*) Excluding depreciation and amortization. |
| Consolidated Statements of Financial Position as of | |||||
| September 30 | December 31 | |||||||
| 2026 | 2025 | |||||||
| USD in | USD in | |||||||
| Thousands | Thousands | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | 736,332 | 528,497 | ||||||
| Restricted cash | 153,628 | 409,424 | ||||||
| Trade receivables | 119,223 | 95,118 | ||||||
| Other receivables | 122,008 | 62,286 | ||||||
| Other financial assets | 4,599 | 524 | ||||||
| Total current assets | 1,135,790 | 1,095,849 | ||||||
| Non-current assets | ||||||||
| Restricted cash | 118,407 | 130,358 | ||||||
| Other long-term receivables | 80,993 | 64,349 | ||||||
| Deferred costs in respect of projects | 419,570 | 235,615 | ||||||
| Deferred borrowing costs | 275 | 1,749 | ||||||
| Loans to investee entities | 87,997 | 85,131 | ||||||
| Investments in equity accounted investees | 46,026 | 59,310 | ||||||
| Fixed assets, net | 8,169,564 | 6,281,418 | ||||||
| Intangible assets, net | 337,936 | 303,971 | ||||||
| Deferred taxes assets | 4,674 | 4,692 | ||||||
| Right-of-use asset, net | 263,844 | 225,495 | ||||||
| Financial assets at fair value through profit or loss | 120,265 | 83,582 | ||||||
| Other financial assets | 244,938 | 58,383 | ||||||
| Total non-current assets | 9,894,489 | 7,534,053 | ||||||
| Total assets | 11,030,279 | 8,629,902 | ||||||
|
Consolidated Statements of Financial Position as of (Cont.) |
|||||
| September 30 | December 31 | |||||||
| 2026 | 2025 | |||||||
| USD in | USD in | |||||||
| Thousands | Thousands | |||||||
| Liabilities and equity | ||||||||
| Current liabilities | ||||||||
| Credit and current maturities of loans from | 517,458 | 884,120 | ||||||
| banks and other financial institutions | ||||||||
| Trade payables | 247,047 | 137,230 | ||||||
| Other payables | 510,338 | 405,741 | ||||||
| Current maturities of debentures | 192,130 | 173,571 | ||||||
| Current maturities of lease liability | 13,140 | 12,396 | ||||||
| Other financial liabilities | 31,819 | 16,147 | ||||||
| Total current liabilities | 1,511,932 | 1,629,205 | ||||||
| Non-current liabilities | ||||||||
| Debentures | 639,830 | 477,315 | ||||||
| Other financial liabilities | 137,525 | 378,303 | ||||||
| Convertible debentures | 276,155 | 273,801 | ||||||
| Loans from banks and other financial institutions | 4,640,260 | 2,981,786 | ||||||
| Loans from non-controlling interests | 79,166 | 86,946 | ||||||
| Financial liabilities through profit or loss | 27,828 | 26,946 | ||||||
| Deferred taxes liabilities | 148,929 | 77,688 | ||||||
| Other payables | 11,195 | 1,645 | ||||||
| Lease liability | 272,837 | 231,135 | ||||||
| Deferred income related to tax equity | 559,927 | 370,734 | ||||||
| Asset retirement obligation | 100,361 | 99,460 | ||||||
| Total non-current liabilities | 6,894,013 | 5,005,759 | ||||||
| Total liabilities | 8,405,945 | 6,634,964 | ||||||
| Equity | ||||||||
| Ordinary share capital | 4,004 | 3,711 | ||||||
| Share premium | 1,744,538 | 1,319,716 | ||||||
| Capital reserves | 250,982 | 99,311 | ||||||
| Proceeds on account of convertible options | 24,858 | 25,380 | ||||||
| Accumulated profit | 322,911 | 240,023 | ||||||
| Equity attributable to shareholders of the Company | 2,347,293 | 1,688,141 | ||||||
| Non-controlling interests | 277,041 | 306,797 | ||||||
| Total equity | 2,624,334 | 1,994,938 | ||||||
| Total liabilities and equity | 11,030,279 | 8,629,902 | ||||||
| Consolidated Statements of Cash Flows |
For the nine months ended September 30 | For the three months ended September 30 | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| USD in | USD in | USD in | USD in | |||||||||||||
| Thousands | Thousands | Thousands | Thousands | |||||||||||||
| Cash flows for operating activities | ||||||||||||||||
| Profit for the period | 102,501 | 139,629 | 33,516 | 32,257 | ||||||||||||
| Income and expenses not associated with cash flows: | ||||||||||||||||
| Depreciation and amortization | 146,580 | 110,159 | 48,474 | 39,142 | ||||||||||||
| Finance expenses, net | 129,654 | 95,794 | 44,439 | 24,721 | ||||||||||||
| Share-based compensation | 14,995 | 5,047 | 4,953 | 2,053 | ||||||||||||
| Taxes on income | 33,439 | 35,083 | 10,941 | 9,477 | ||||||||||||
| Tax benefits | (120,107 | ) | (62,059 | ) | (40,343 | ) | (23,087 | ) | ||||||||
| Other income, net | (7,003 | ) | (5,785 | ) | (5,940 | ) | (3,411 | ) | ||||||||
| Company’s share in losses of investee partnerships | 1,709 | 3,904 | 288 | 2,259 | ||||||||||||
| Losses (gains) from projects disposals | (889 | ) | (96,431 | ) | - | 1,397 | ||||||||||
| 198,378 | 85,712 | 62,812 | 52,551 | |||||||||||||
| Changes in assets and liabilities items: | ||||||||||||||||
| Change in other receivables | 507 | (2,800 | ) | 218 | 1,793 | |||||||||||
| Change in trade receivables | (21,897 | ) | (27,365 | ) | (1,744 | ) | (6,480 | ) | ||||||||
| Change in other payables | 34,361 | 28,405 | 14,730 | 6,935 | ||||||||||||
| Change in trade payables | (18,267 | ) | (5,418 | ) | (4,106 | ) | (2,768 | ) | ||||||||
| (5,296 | ) | (7,178 | ) | 9,098 | (520 | ) | ||||||||||
| Income Tax paid | (6,513 | ) | (10,093 | ) | (1,154 | ) | (1,420 | ) | ||||||||
| Net cash from operating activities | 289,070 | 208,070 | 104,272 | 82,868 | ||||||||||||
| Cash flows for investing activities | ||||||||||||||||
| Sale (Acquisition) of consolidated entities, net | (34,269 | ) | 37,832 | (19,612 | ) | 4,814 | ||||||||||
| Sale of investee entities | 29,208 | - | - | - | ||||||||||||
| Changes in restricted cash and bank deposits, net | 265,756 | (198,170 | ) | (15,127 | ) | (206,356 | ) | |||||||||
| Purchase, development, and construction in respect of projects | (2,089,384 | ) | (1,163,669 | ) | (756,688 | ) | (505,647 | ) | ||||||||
| Interest receipts (*) | 23,147 | 9,921 | 7,629 | 3,587 | ||||||||||||
| Loans provided and Investment in investees | (46,483 | ) | (43,264 | ) | (18,163 | ) | (16,940 | ) | ||||||||
| Repayment of loans to investees | 23,951 | 30,815 | 1,447 | - | ||||||||||||
| Loans provided to non-controlling interests | - | (297 | ) | - | (297 | ) | ||||||||||
| Payments on account of acquisition of consolidated company | (11,866 | ) | (7,447 | ) | (3,992 | ) | - | |||||||||
| Purchase of long-term financial assets measured at fair value through profit or loss, net | (36,223 | ) | (5,257 | ) | (11,224 | ) | (2,010 | ) | ||||||||
| Net cash used in investing activities | (1,876,163 | ) | (1,339,536 | ) | (815,730 | ) | (722,849 | ) | ||||||||
| Consolidated Statements of Cash Flows (Cont.) | ||||
For the nine months ended September 30 | For the three months ended September 30 | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| 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 | 2,094,229 | 1,324,524 | 706,429 | 649,840 | ||||||||||||
| Repayment of loans from banks and other financial institutions | (885,425 | ) | (407,239 | ) | (283,579 | ) | (183,878 | ) | ||||||||
| Interest paid (*) | (103,234 | ) | (55,533 | ) | (41,409 | ) | (15,146 | ) | ||||||||
| Issuance of debentures | 345,933 | 125,838 | - | - | ||||||||||||
| Issuance of convertible debentures | - | 114,685 | - | - | ||||||||||||
| Repayment of debentures | (184,936 | ) | (47,545 | ) | (184,936 | ) | (25,551 | ) | ||||||||
| Dividends and distributions by subsidiaries to non-controlling interests | (47,804 | ) | (17,326 | ) | (9,962 | ) | (8,644 | ) | ||||||||
| Proceeds from investments by tax-equity investors | 239,900 | 127,695 | 118,832 | 127,695 | ||||||||||||
| Repayment of tax-equity investment | (5,837 | ) | (11,590 | ) | - | (638 | ) | |||||||||
| Deferred borrowing costs | (52,553 | ) | (47,076 | ) | (1,143 | ) | (458 | ) | ||||||||
| Receipt of loans from non-controlling interests | 14 | 182 | - | - | ||||||||||||
| Repayment of loans from non-controlling interests | (6,463 | ) | (858 | ) | (2,924 | ) | (858 | ) | ||||||||
| Increase in holding rights of consolidated entity | (6,691 | ) | (1,392 | ) | (6,691 | ) | - | |||||||||
| Issuance of shares | 419,317 | 290,698 | - | 290,698 | ||||||||||||
| Exercise of share options | 37 | 45 | 2 | 15 | ||||||||||||
| Repayment of lease liability | (6,070 | ) | (7,999 | ) | (2,303 | ) | (2,196 | ) | ||||||||
| Proceeds from investment in entities by non-controlling interest | 3,347 | 12,799 | 3,347 | - | ||||||||||||
| Net cash from financing activities | 1,803,764 | 1,399,908 | 295,663 | 830,879 | ||||||||||||
| Increase (Decrease) in cash and cash equivalents | 216,671 | 268,442 | (415,795 | ) | 190,898 | |||||||||||
| Balance of cash and cash equivalents at beginning of period | 528,497 | 387,427 | 1,163,734 | 480,459 | ||||||||||||
| Effect of exchange rate fluctuations on cash and cash equivalents | (8,836 | ) | 23,958 | (11,607 | ) | 8,470 | ||||||||||
| Cash and cash equivalents at end of period | 736,332 | 679,827 | 736,332 | 679,827 | ||||||||||||
(*) See Appendix 4 for additional information regarding the change in presentation of interest receipts and interest paid.
Information related to Segmental Reporting
| For the nine months ended September 30, 2026 | ||||||||||||||||||||||||
| MENA | Europe | USA | Total reportable segments | Others | Total | |||||||||||||||||||
| USD in thousands | ||||||||||||||||||||||||
| Revenues | 239,928 | 165,540 | 102,202 | 507,670 | 1,518 | 509,188 | ||||||||||||||||||
| Tax benefits | - | - | 131,465 | 131,465 | - | 131,465 | ||||||||||||||||||
| Total revenues and income | 239,928 | 165,540 | 233,667 | 639,135 | 1,518 | 640,653 | ||||||||||||||||||
| Segment adjusted EBITDA | 182,690 | 123,170 | 211,767 | 517,627 | (874 | ) | 516,753 | |||||||||||||||||
| Reconciliations of unallocated amounts: | ||||||||||||||||||||||||
| Headquarter costs (*) | (48,576 | ) | ||||||||||||||||||||||
| Intersegment profit | 9 | |||||||||||||||||||||||
| Gains from projects disposals (**) | (28,905 | ) | ||||||||||||||||||||||
| Depreciation and amortization and share-based compensation | (161,575 | ) | ||||||||||||||||||||||
| Other expenses not attributed to segments | (9,340 | ) | ||||||||||||||||||||||
| Operating profit | 268,366 | |||||||||||||||||||||||
| Finance income | 28,044 | |||||||||||||||||||||||
| Finance expenses | (158,761 | ) | ||||||||||||||||||||||
| Share of the losses of equity accounted investees | (1,709 | ) | ||||||||||||||||||||||
| Profit before income taxes | 135,940 | |||||||||||||||||||||||
(*) Including general and administrative and development expenses (excluding depreciation and amortization and share based compensation).
(**) Reconciliation between EBITDA and operating profit reflecting the realization of revaluation gains from an asset revalued in 2025.
Information related to Segmental Reporting
| For the nine months ended September 30, 2025 | ||||||||||||||||||||||||
| MENA | Europe | USA | Total reportable segments | Others | Total | |||||||||||||||||||
| USD in thousands | ||||||||||||||||||||||||
| Revenues | 173,180 | 144,503 | 45,456 | 363,139 | 1,272 | 364,411 | ||||||||||||||||||
| Tax benefits | - | - | 65,493 | 65,493 | - | 65,493 | ||||||||||||||||||
| Total revenues and income | 173,180 | 144,503 | 110,949 | 428,632 | 1,272 | 429,904 | ||||||||||||||||||
| Segment adjusted EBITDA | 160,302 | 117,429 | 98,171 | 375,902 | 1,092 | 376,994 | ||||||||||||||||||
| Reconciliations of unallocated amounts: | ||||||||||||||||||||||||
| Headquarter costs (*) | (37,776 | ) | ||||||||||||||||||||||
| Intersegment profit | 172 | |||||||||||||||||||||||
| Gains from projects disposals | 54,597 | |||||||||||||||||||||||
| Depreciation and amortization and share-based compensation | (115,206 | ) | ||||||||||||||||||||||
| Operating profit | 278,781 | |||||||||||||||||||||||
| Finance income | 36,292 | |||||||||||||||||||||||
| Finance expenses | (136,457 | ) | ||||||||||||||||||||||
| Share of the losses of equity accounted investees | (3,904 | ) | ||||||||||||||||||||||
| Profit before income taxes | 174,712 | |||||||||||||||||||||||
(*) Including general and administrative and development expenses (excluding depreciation and amortization and share based compensation).
Information related to Segmental Reporting
| For the three months ended September 30, 2026 | ||||||||||||||||||||||||
| MENA | Europe | USA | Total reportable segments | Others | Total | |||||||||||||||||||
| USD in thousands | ||||||||||||||||||||||||
| Revenues | 98,557 | 52,220 | 35,509 | 186,286 | 425 | 186,711 | ||||||||||||||||||
| Tax benefits | - | - | 44,658 | 44,658 | - | 44,658 | ||||||||||||||||||
| Total revenues and income | 98,557 | 52,220 | 80,167 | 230,944 | 425 | 231,369 | ||||||||||||||||||
| Segment adjusted EBITDA | 57,212 | 37,686 | 73,689 | 168,587 | 526 | 169,113 | ||||||||||||||||||
| Reconciliations of unallocated amounts: | ||||||||||||||||||||||||
| Headquarter costs (*) | (15,178 | ) | ||||||||||||||||||||||
| Depreciation and amortization and share-based compensation | (53,427 | ) | ||||||||||||||||||||||
| Other expenses not attributed to segments | (9,340 | ) | ||||||||||||||||||||||
| Operating profit | 91,168 | |||||||||||||||||||||||
| Finance income | 7,784 | |||||||||||||||||||||||
| Finance expenses | (54,207 | ) | ||||||||||||||||||||||
| Share of the losses of equity accounted investees | (288 | ) | ||||||||||||||||||||||
| Profit before income taxes | 44,457 | |||||||||||||||||||||||
(*) Including general and administrative and development expenses (excluding depreciation and amortization and share based compensation).
Information related to Segmental Reporting
| For the three months ended September 30, 2025 | ||||||||||||||||||||||||
| MENA | Europe | USA | Total reportable segments | Others | Total | |||||||||||||||||||
| USD in thousands | ||||||||||||||||||||||||
| Revenues | 77,543 | 45,319 | 15,448 | 138,310 | 226 | 138,536 | ||||||||||||||||||
| Tax benefits | - | - | 26,521 | 26,521 | - | 26,521 | ||||||||||||||||||
| Total revenues and income | 77,543 | 45,319 | 41,969 | 164,831 | 226 | 165,057 | ||||||||||||||||||
| Segment adjusted EBITDA | 53,271 | 35,203 | 38,258 | 126,732 | 13 | 126,745 | ||||||||||||||||||
| Reconciliations of unallocated amounts: | ||||||||||||||||||||||||
| Headquarter costs (*) | (14,818 | ) | ||||||||||||||||||||||
| Intersegment profit | 45 | |||||||||||||||||||||||
| Losses from projects disposals | (739 | ) | ||||||||||||||||||||||
| Depreciation and amortization and share-based compensation | (41,195 | ) | ||||||||||||||||||||||
| Operating profit | 70,038 | |||||||||||||||||||||||
| Finance income | 28,126 | |||||||||||||||||||||||
| Finance expenses | (54,171 | ) | ||||||||||||||||||||||
| Share of the losses of equity accounted investees | (2,259 | ) | ||||||||||||||||||||||
| Profit before income taxes | 41,734 | |||||||||||||||||||||||
(*) Including general and administrative and development expenses (excluding depreciation and amortization and share based compensation).
| Appendix 2 - Reconciliations between Net Income to Adjusted EBITDA |
| ($ thousands) | For the nine months | For the three months | ||||||
| ended September 30 | ended September 30 | |||||||
| 2026 | 2025 | 2026 | 2025 | |||||
| Net Income | 102,501 | 139,629 | 33,516 | 32,257 | ||||
| Depreciation and amortization | 146,580 | 110,159 | 48,474 | 39,142 | ||||
| Share based compensation | 14,995 | 5,047 | 4,953 | 2,053 | ||||
| Finance income | (28,044) | (36,292) | (7,784) | (28,126) | ||||
| Finance expenses | 158,761 | 136,457 | 54,207 | 54,171 | ||||
| Gain (losses) from project disposals | (889) | (96,431) | - | 1,397 | ||||
| Contribution from project sales (*) | 29,794 | 41,834 | - | (658) | ||||
| Non-recurring other expenses, net (**) | 9,340 | - | 9,340 | - | ||||
| Share of losses of equity accounted investees | 1,709 | 3,904 | 288 | 2,259 | ||||
| Taxes on income | 33,439 | 35,083 | 10,941 | 9,477 | ||||
| Adjusted EBITDA | 468,186 | 339,390 | 153,935 | 111,972 | ||||
* Contribution to Adjusted EBITDA from the sales of a stake in a deconsolidated asset (Sunlight cluster). For further information regarding the composition of Adjusted EBITDA, refer to the description appearing in the “Non-IFRS financial measures” section of this press release.
** For the purposes of calculating the Adjusted EBITDA, payment of PPA cancellation fees, and compensation and an advance payment refund from a supplier not part of the Company’s core business (which are unrelated to contractual performance shortfalls) are recognized as Non-recurring other expenses, net.
Appendix 3 – Debentures Covenants
Debentures Covenants
As of September 30, 2026, the Company was in compliance with all of its financial covenants under the indenture for the Series C, D, 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 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 September 30, 2026, the company’s equity amounted to NIS 8,038 million (USD 2,624 million).
Net financial debt to net CAP
The ratio of standalone net financial debt to net CAP shall not exceed 65% for two consecutive financial periods so long as debentures C, D, G and H remain outstanding.
As of September 30, 2026, the net financial debt to net CAP ratio, as defined above, stands at 32%.
Net financial debt to EBITDA
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 September 30, 2026, the net financial debt to EBITDA ratio, as defined above, stands at 5.3.
Equity to balance sheet
The standalone equity to total balance sheet ratio shall be maintained at no less than 25% and 28%, respectively, for two consecutive financial periods for as long as debentures C and D and debentures G and H remain outstanding.
As of September 30, 2026, the equity to balance sheet ratio, as defined above, stands at 62%.
Appendix 4 – Change in accounting policy
Until September 30, 2025, interest paid and interest received were presented within cash flows from operating activities in the Consolidated Statements of Cash Flows. In accordance with IAS 7 Statement of Cash Flows, entities are permitted to classify interest paid and interest received as operating, investing, or financing cash flows, provided that the selected classification is applied consistently from period to period.
During the fourth quarter of 2025, management elected to change the classification of interest paid, including payments relating to interest rate swap (IRS) instruments to cash flows used in financing activities, and interest received to cash flows from investing activities. Management believes that this change in presentation provides a more comprehensive view of the cost of financing the Company's operations and better reflects management’s view of the financing nature of these transactions.
Accordingly, comparative information has been retrospectively adjusted to reflect this change in accounting policy in the Consolidated Statements of Cash Flows, as presented below:
| ($ thousands) | For the nine months ended | ||||||
| September 30, 2025 | |||||||
| As reported | Adjustment | As adjusted | |||||
| Net cash from operating activities | 162,458 | 45,612 | 208,070 | ||||
| Net cash used in investing activities | (1,349,457) | 9,921 | (1,339,536) | ||||
| Net cash from financing activities | 1,455,441 | (55,533) | 1,399,908 | ||||
| Increase in cash and cash equivalents | 268,442 | - | 268,442 | ||||
| ($ thousands) | For the three months ended | ||||||
| September 30, 2025 | |||||||
| As reported | Adjustment | As adjusted | |||||
| Net cash from operating activities | 71,309 | 11,559 | 82,868 | ||||
| Net cash used in investing activities | (726,436) | 3,587 | (722,849) | ||||
| Net cash from financing activities | 846,025 | (15,146) | 830,879 | ||||
| Increase in cash and cash equivalents | 190,898 | - | 190,898 | ||||
Appendix 5
a) Segment information: Operational projects
| ($ thousands) | 9 Months ended September 30 | 3 Months ended September 30 | ||||||||||||
Operational Project Segments |
Installed Capacity (MW) | Installed Storage (MWh) | Generation (GWh) |
Revenues and income |
Segment
Adjusted EBITDA1 |
Generation (GWh) |
Reported Revenue | Segment
Adjusted EBITDA1 | ||||||
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | |||
| MENA | 676 | 899 | 1,161 | 1,158 | 239,928 | 173,180 | 149,651 | 115,514 | 395 | 463 | 98,557 | 77,544 | 57,212 | 51,127 |
| Europe | 1,351 | 75 | 2,085 | 1,912 | 165,541 | 144,502 | 123,170 | 117,428 | 602 | 559 | 52,220 | 45,318 | 37,686 | 35,202 |
| USA | 896 | 2,540 | 1,536 | 790 | 233,667 | 110,948 | 211,767 | 98,171 | 523 | 271 | 80,168 | 41,968 | 73,688 | 38,258 |
| Total Consolidated | 2,923 | 3,514 | 4,782 | 3,860 | 639,136 | 428,630 | 484,588 | 331,113 | 1,520 | 1,293 | 230,945 | 164,830 | 168,586 | 124,587 |
|
Unconsolidated at Share |
32 | 80 | ||||||||||||
| Total | 2,955 | 3,594 | ||||||||||||
b) Operational Projects Further Detail
| ($ thousands) | 9 Months ended September 30, 2026 | 3 Months ended September 30, 2026 | |||||||
| Operational Project | Segment | Installed Capacity (MW) | Installed Storage (MWh) | Revenues and income |
Segment Adjusted EBITDA1 |
Reported Revenue | Segment Adjusted EBITDA1 |
Debt balance as of September 30, 2026 |
Ownership %2 |
| MENA Wind | MENA | 316 | - | 82,217 | 25,472 | 604,856 | 49% | ||
| MENA PV | MENA | 360 | 899 | 157,711 | 73,085 | 619,666 | 84% | ||
| Total MENA | 676 | 899 | 239,928 | 149,651 | 98,557 | 57,212 | 1,224,522 | ||
| Europe Wind | Europe | 1,184 | - | 149,207 | 45,213 | 807,853 | 65% | ||
| Europe PV | Europe | 167 | 75 | 16,334 | 7,007 | 69,121 | 74% | ||
| Total Europe | 1,351 | 75 | 165,541 | 123,170 | 52,220 | 37,686 | 876,974 | ||
| USA PV | USA | 896 | 2,540 | 233,667 | 80,168 | 678,261 | 100% | ||
| Total USA | 896 | 2,540 | 233,667 | 211,767 | 80,168 | 73,688 | 678,261 | ||
| Total Consolidated Projects | 2,923 | 3,514 | 639,136 | 484,588 | 230,945 | 168,586 | 2,779,757 | ||
| Uncons. Projects at share | 32 | 80 | 50% | ||||||
| Total | 2,955 | 3,594 | 639,136 | 484,588 | 230,945 | 168,586 | 2,779,757 | ||
1) For the 9 month ended September 2026, EBITDA included $1.9m of compensation recognized from Bjorenberget and excluded $30m from Sunlight sale and $3m of compensation from Emek; For the 9 month ended September 2025 EBITDA excluded $42m from Sunlight sale
2) Ownership % is calculated based on the project's share of total revenues
c) Projects under construction
($ millions) Consolidated Projects |
Country | Generation and energy storage Capacity (MW/MWh) | Est. COD |
Est. Total Project Cost |
Tax credit benefit- Qualifying category | Tax credit benefit- Adders3 | Discounted Value of Tax Benefit2 |
Est. Total Project Cost net of tax benefit |
Capital Invested as of September 30, 2026 | Est. Equity Required (%) | Equity Invested as of September 30, 2026 | Est. First Full Year Revenue4 | Est. First Full Year EBITDA4,5 | Ownership %1 | |
| Country Acres | USA | 403/688 | Q4 2026 | 814-855 | ITC | DC (10%) | 399-419 | 415-436 | 780 | 0%-10%6 | 94 | 62-65 | 48-50 | 100% | |
| Co Bar Complex | USA | 1,211/4,000 | Q4 2027-H1 2028 | 2,938-3,089 | ITC, PTC | EC (10%) + DC (10% BESS only) |
1,434-1,508 | 1,504-1,581 | 834 | 0%-10%6 | 348 | 244-257 | 195-205 | 100% | |
| Crimson Orchard | USA | 120/400 | Q2 2027 | 298-313 | ITC | EC (10%)11 | 138-145 | 160-168 | 193 | 0%-10%6 | 34 | 27-28 | 20-21 | 100% | |
| Snowflake A | USA | 594/1,900 | Q4 2027 | 1,353-1,422 | ITC | EC (10%)11 | 605-636 | 748-786 | 1,021 | 0%-10%6 | 159 | 124-130 | 104-109 | 100% | |
| Finland BESS10 | Finland | 0/902 | H1 2028 | 144-151 | - | - | - | 144-151 | 14 | 25%-35% | 14 | 43-45 | 29-31 | 51% | |
| Bertikow | Germany | 0/881 | H1 2028 | 176-185 | - | - | - | 176-185 | 20 | 20%-30% | 20 | 36-38 | 31-32 | 50% | |
| Gecama Solar | Spain | 227/220 | Q4 2026 | 196-206 | - | - | - | 196-206 | 159 | 23%-28%7 | 150 | 36-38 | 29-31 | 72% | |
| Tapolca Bess | Hungary | 0/140 | Q4 26 | 24-25 | - | - | - | 24-25 | 16 | 40%-50% | 16 | 7 | 6-7 | 100% | |
| Bjornberget – BESS | Sweden | 0/100 | Q1 2027 | 24-25 | - | - | - | 24-25 | 19 | 100% | 19 | 4 | 3 | 55% | |
| Ohad HV storage9 | Israel | 0/675 | H2 2028 | 118-124 | - | - | - | 118-124 | 14 | 10%-20% | 14 | 9 | 5 | 100% | |
| Israel Construction | Israel | 37/326 |
H1 27- H2 28 |
85-90 | - | - | - | 85-90 | 22 | 15%-25% | 22 | 15-16 | 7-8 | 85% | |
| Total Consolidated Projects |
2,592/ 10,232 |
6,170-6,485 | 2,576-2,708 | 3,594-3,777 | 3,093 | 890 | 607-637 | 477-502 | |||||||
| Unconsolidated Projects at share10 | Israel | 7/137 | Q4 2026- H2 2027 | 27-28 | - | - |
-
|
27-28 | 22 | 15%-20% | 22 | 5-6 | 4 | 53% | |
| Total |
2,599/ 10,369 |
6,197-6,513 | 2,576-2,708 | 3,621-3,805 | 3,115 | 912 | 612-643 | 481-506 | |||||||
d) Pre-Construction Projects (due to commence construction within 12 months of the Approval Date)
($ millions) |
Country |
Generation and energy storage Capacity (MW/MWh) |
Est. |
Est. Total |
Tax Credit Benefit | Discounted Value of Tax Benefit2 | Est.
Total Project Cost net of tax benefit |
Capital Invested as of September 30, 2026 |
Est. Equity Required (%)
|
Equity Invested as of September 30, 2026 |
Est. First Full Year Revenue4 |
Est. First Full Year EBITDA4,5
|
Ownership %1
| |
|
Qualifying Category |
Adders3
| |||||||||||||
| Nardo | Italy | 104/872 | 2029 | 232-244 | - | - | - | 232-244 | 11 | 25%-35% | 11 | 44-46 | 36-38 | 100% |
| Jupiter | Germany | 150/2,166 | H2 2028 | 536-563 | - | - | - | 536-563 | 8 | 30%-40% | 8 | 95-99 | 78-82 | 51% |
| Karpen | Romania | 0/848 | H2 2028-H1 2029 | 153-161 | - | - | - | 153-161 | 7 | 25%-35% | 7 | 31-33 | 26-27 | 100% |
| Finland BESS | Finland | 0/1,400 | H1 2028 | 237-249 | - | - | - | 237-249 | 26 | 25%-35% | 26 | 62-65 | 42-44 | 100% |
| Mosciska | Poland | 0/216 | H2 2028 | 50-52 | - | - | - | 50-52 | 5 | 30%-40% | 5 | 16-17 | 13-14 | 100% |
| Neot Smadar HV storage9 | Israel | 0/675 | H1 2029 | 117-123 | - | - | - | 117-123 | 0 | 10%-20% | 0 | 7 | 3 | 100% |
($
millions) |
MW Deployment MW/MWh |
Est.
Total |
Tax Credit Benefit |
Discounted Value of Tax Benefit2 |
Est.
Total |
Capital Invested as of September 30, 2026 |
Est. Equity Required (%) |
Equity Invested as of September 30 2026 |
Est. First Full Year Revenue4 |
Est. First Full Year EBITDA4,5 |
Ownership %1 | |||
| 2027 | 2028 | 2029 | Qualifying Category | Adders3 | ||||||||||
| United States | 128/0 | 184/0 | 255/0 | 1,008-1,059 | ITC | DC (10%) & EC (10%)8 | 488-513 | 520-546 | 64 | 15%-35% | 64 | 64-68 | 49-51 | 100% |
| Europe | 0/75 | 0/429 | - | 93-98 | - | - | - | 93-98 | 5 | 30%-100% | 5 | 20-21 | 15-16 | 86% |
| MENA | 0/75 | 74/945 | - | 284-298 | - | - | - | 284-298 | 13 | 20%-40% | 13 | 59-62 | 32-34 | 93% |
| Total Consolidated Projects | 128/150 | 258/1,374 | 255/0 | 2,710-2,847 | 488-513 | 2,222-2,334 | 139 | 139 | 398-419 | 294-309 | ||||
| Unconsolidated Projects at share10 | 0/26 | 0/22 | - | 6 | - | - | - | 6 | 1 | 15%-20% | 1 | 1-2 | 1 | 54% |
| Total Pre-Construction | 895MW +7,749MWh | 2,716-2,853 | 488-513 | 2,228-2,340 | 140 | 140 | 399-420 | 295-310 | ||||||
1) 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
2) Value of tax benefits under the IRA: 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 was made to reflect the full value of the tax credits, thus lowering net construction costs and enhancing the valuation and return of the project. The 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.
3) The Energy Community (EC) Adder provides extra credits for renewable energy projects in areas impacted by fossil fuel reliance or economic transition. The Domestic Content (DC) Adder rewards projects using U.S.-manufactured components, promoting local job creation and supply chain growth
4) Revenue and EBITDA for the first year of U.S. projects as presented above do not include income from tax benefits
5) 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
6) The required equity during construction is estimated at 10% and is expected to decrease to 0% at COD
7) The majority of Gecama Solar's equity is funded through debt held at Gecama Wind, amounting to $129m as of September 30, 2026. This debt is included in Gecama Wind's debt balance under the operational projects.
8) Rustic hills 1+2 - DC (10%) + EC (10%); Coggon - DC (10%); Gemstone - DC (10%);
9) Two high voltage projects with total capacity of 1,350MWh. Estimated revenue for the first 5 years is $16m million per year. From year 6, the projects will move to a deregulated market, with revenue expected to be $36 million per year
10) All numbers, beside equity invested, reflects Enlight share only
11) In the previous quarter, the Snowflake A BESS project was presented as expected to be eligible for the Domestic Content (“DC”) Adder. The project will not meet the applicable requirements for the DC adder. However, the removal of the DC adder is offset by significant savings capital expenditure of the new alternative equipment resulting in a negligible impact on the project’s economics
e) Additional information on tax equity investments
| Tax equity investment | Tax equity partner's share of project tax credits, cash flows, and taxable income | |||||||
| ($
millions) Projects* |
Est.
Total Project Cost |
Upfront tax equity investment | Tax credit proceeds during the project's operation ("pay-go") | Share of ITC/PTC tax credit allocated to tax equity partner | Share of taxable income initial period | Duration of initial period for share of taxable income (years) | 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 | Confidential | Confidential | Confidential | 17.5% (5%) | 10 |
| Atrisco BESS | 458 | 266 | - | Confidential | Confidential | Confidential | 23% (7%) | 5 |
| Quail Ranch | 274 | 131 | 18 | 99% | 99% | 10 | 10% (5%) | 10 |
| Roadrunner | 621 | 337 | 55 | 99% | 99% | 5-10 | 10%-12% (5%) | 10 |
* Apex financing was structured as a sale and leaseback and therefore not included in the table above
Appendix 6 – cash and cash equivalents
| ($ thousands) | September 30, 2026 | ||||
| Cash and Cash Equivalents: | |||||
| Enlight Renewable Energy Ltd, Enlight EU Energies Kft and Enlight Renewable LLC excluding subsidiaries (“Topco”) | 420,357 | ||||
| Subsidiaries | 315,975 | ||||
| Deposits: | |||||
| Short term deposits | - | ||||
| Restricted Cash: | |||||
| Projects under construction | 153,628 | ||||
| Reserves, including debt service, performance obligations and others | 118,407 | ||||
| Total Cash | 1,008,367 | ||||
Appendix 7 – Corporate level (TopCo) debt
| ($ thousands) | September 30, 2026 |
| Debentures: | |
| Debentures | 831,960* |
| Convertible debentures | 276,155 |
| Loans from banks and other financial institutions: | |
| Credit and short-term loans from banks and other financial institutions | 54,294 |
| Loans from banks and other financial institutions | 116,732 |
| Total corporate level debt | 1,279,141 |
* Including current maturities of debentures in the amount of 192,130
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:
| Date of the financial statements: | Euro | NIS |
| As of 30th September 2026 | 1.13 | 0.33 |
| As of 30th September 2025 | 1.17 | 0.30 |
| Average for the 3 months period ended: | ||
| September 2026 | 1.15 | 0.33 |
| September 2025 | 1.17 | 0.30 |
Exhibit 99.2
Earnings Presentation Third Quarter
ϮϬϮϲ
Ϯ 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 27 A of the Securities Act of 1933 , as amended, and Section 21 E 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 , 202 5 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 .
ϯ 1 Revenues and income include revenues from the sale of electricity and income from tax benefits from U.S. projects; 2 Adjusted EBITDA is a non - IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income; ϯ FGW (Factored GW) is the company ’ s consolidated metric combining generation and storage capacity into a uniform figure based on the ratio of construction cost s. Current weighted average construction cost ratio is 3.5 GWh of storage per 1 GW of generation: FGW = GW + GWh / 3.5 ; 4 Annual revenue run - rate for first - year revenues. Strong financial results with 40 % growth in Revenue and income 1 and 38 % growth in Adjusted EBITDA 2 . Net profit of $ 34 million and operating cash flow of $ 104 million. Raising 2026 guidance: Revenue and Income midpoint increased to ~$ 820 million. Adjusted EBITDA increased to ~$ 582 million. Portfolio expanded by 7 %. Mature component increased by 0.4 FGW 3 to 12.7 FGW. 2026 on track: 1.2 FGW have commenced construction during Q 3 . Under construction component amounts to 5.6 FGW. ~ 7 FGW expected to be under construction by year - end. Financial strength: the Company is generating cash flow from operating activities at an annual run - rate of approx. $ 400 million in 2026 , alongside responsible debt management, mostly non - recourse and at fixed or hedged interest rates. Key quarterly milestones: projects advanced in Central and Eastern U.S. markets, led by Blackwater (PJM); European storage portfolio expanded - total mature European portfolio to reach ARR 4 of ~$ 630 million. Q 3 2026 : Record results and significant progress in business plan execution
ϰ Financial Results – Growth Momentum Continues
ϱ 3 Q 26 vs 3 Q 25 , $ m Revenues & income Net profit Cash flow from operations 2 Q 3 2026 : Record q uarter in r evenues & income and a djusted EBITDA 1 Adjusted EBITDA is a non - IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income; 2 Interest 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; 3 Excluding one - time items: in Q 3 2026 , a $ 20 million PPA cancellation fee for the Gemstone and Rustic Hills projects, partially offset by $ 12 million in compensation and an advance payment refund from a supplier; in Q 3 2025 , $ 13 million in financial income from the Gecama refinancing. Amounts are presented on a pre - tax basis; the adjustment is presented n et of tax. 165 112 32 83 231 154 34 104 Adjusted EBITDA 1 ϰϬ % ϯ 8 й 3 Q Ϯ 6 3 Q Ϯϱ 3 Q Ϯ 6 3 Q Ϯϱ 3 Q Ϯ 6 3 Q Ϯϱ 3 Q Ϯ 6 3 Q Ϯϱ 4 % Ϯϲй Excluding one - time items 3 : ~$ 1 7 m 76 % excluding one - time items 3
ϲ Revenues & income Adjusted EBITDA 1 Net profit Cash flow from operations 2 9 M 2026 : 49 % growth in revenues & income and 38 % growth in adjusted EBITDA Sunlight sales contribution: $ 81 m in 2025 Sunlight sales contribution: $ 30 m in 2026 and $ 42 m in 2025 Sunlight 9 M 26 Results vs 9 M 25 ($ m) 430 339 140 208 641 468 103 289 49 % ϯϴй 9 M Ϯϲ 9 M Ϯϱ 9 M Ϯϲ 9 M Ϯϱ 9 M Ϯϲ 9 M Ϯϱ 9 M Ϯϲ 9 M Ϯϱ - 27 % ϯϵй 122 % excluding Sunlight and one - time items 3 48 % excluding Sunlight Sunlight Sunlight ϰϯϴ Ϯϵϳ Sunlight 1 Adjusted EBITDA is a non - IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income; 2 Interest 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; 3 Excluding one - time items: in Q 3 2026 , a $ 20 million PPA cancellation fee for the Gemstone and Rustic Hills projects, partially offset by $ 12 million in compensation and an advance payment refund from a supplier; in Q 3 2025 , $ 13 million in financial income from the Gecama refinancing. Amounts are presented on a pre - tax basis; the adjustment is presented n et of tax.
ϳ Revenues & income 1 ($m) ϴϮϬ ϳϵϬ Adjusted EBITDA 2 ($m) Updated guidance Q 2 2026 guidance ϱϴϱ ϱϲϱ We are raising and narrowing 2026 guidance for revenues & income and adjusted EBITDA 1 Revenues and income include revenues from the sale of electricity and income from tax benefits from U.S. projects amounting t o $ 160 - 180 m. 2 Adjusted EBITDA is a non - IFRS measure. Please see the appendix of this presentation for a reconciliation to Net income Updated guidance Q 2 2026 guidance ϳϴϱ ϳϱϱ Initial guidance ϱϲϱ ϱϰϱ Initial guidance + ϱ͘Ϭй Midpoint growth + ͘ ϲ 5 й Midpoint growth ϴϯϬ ϴϭϬ ϱϵϬ ϱϳϱ
ϴ Revenue & income 1 ($m) 1 Revenues & income include revenues from the sale of electricity and income from tax benefits in the U.S. ($ 160 - 180 million in 2026 ) ; Ϯ Adjusted 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 g rowth r ate 52 84 102 135 192 261 399 582 810 - 830 2018 2019 2020 2021 2022 2023 2024 2025 2026E 41 % CAGR Adjusted EBITDA Ϯ ($m) 39 66 78 92 130 194 289 438 575 - 590 2018 2019 2020 2021 2022 2023 2024 2025 2026E 40 % CAGR
ϵ 1 Includes the hedging component for variable - rate loans; 2 Bond C is convertible when the share price exceeds ILS 240 ; 3 Bond H is in the money and convertible when the share price exceeds ILS 80 . $ 1. 3 bn Corporate debt repayments schedule $ m ϴϬй Non / limited recourse project finance ϮϬй Corporate ϭϱй EUR ϰϴй USD ϯϴй ILS $ 5.6 bn Long - term debt breakdown ϴϲй Fixed 1 Interest rate 187 174 187 118 118 118 118 34 34 34 34 82 49 236 255 187 152 152 152 152 Bond D Bond C 2 - Convertible Bond G Bond H 3 - Convertible Bank Loans providing resiliency to increased interest rates 2027 2028 2029 2030 2031 2032 2033 14 % Floating Interest rate Financial resilience & disciplined debt management
ϭϬ Significant milestones achieved during Q 3
ϭϭ ISO - NE NYISO WECC CAISO Southeast SPP ERCOT MISO PJM 40 % of Enlight U.S. early stage (advanced and early development) is in PJM, SPP and MISO Creating new offtake opportunities with large - load and C&I customers Higher PPA rates Exposure to Merchant markets Data center BYOG 1 schemes ϱ͘ϳ FGW WECC – SW ϰ͘ϵ FGW PJM ϲ͘ϰ FGW WECC – NW 1.6 FGW CAISO ϰ͘ϭ FGW SPP ϭ͘ϴ FGW Other 1 Bring Your Own Generation Expansion into integrated markets: enhancing Enlight ’ s position as a national US developer
ϭϮ Flagship PJM project Sussex County, Virginia County permit received - conditional use permitting Grid connection secured Potential to double capacity through Connect and Expand Attractive option for data center customers Achieved Next 1.2 FGW Total capacity 600 MW Solar 2,000 MWh Storage 500 MWac Grid connection secured 2030 Expected COD Expansion into integrated markets: Blackwater secures a critical permit in PJM Blackwater
ϭϯ Expanding our energy storage business in Europe 1 For projects not yet operating: expected first - year revenues In the past year 4 new countries in the mature portfolio: Germany, Poland, Romania, Finland ~$ 300 m added to run - rate revenues 1 6.6 GWh storage capacity added to the portfolio Enlight's presence in Europe Mature project 858 MWh of projects acquired in Q 3 2026 New country (past year) ϰϮϰ MWh Poland Ϯ͕ϯϬϮ MWh Finland ϯ͕Ϭϰϳ MWh Germany Romania ϴϰϴ MWh
ϭϰ Expanding our energy storage business in Europe Enlight's presence in Europe Mature portfolio Wind BESS Total mature portfolio in Europe 12 Countries 4.2 FGW Mature portfolio capacity ~$ 630 m EU Mature portfolio annual run - rate revenues 1 Existing territory Mature project ϴϱϴ MWh of projects acquired in Q 3 2026 New country (past year) ϲϰϳ MW PV ϭ͕ϭϴϳ MW ϴ͕ϯϮϯ MWh 1 For projects not yet operating: expected first - year revenues
ϭϱ Operational 1 FGW 4.0 In construction FGW 5.6 Pre - construction FGW 3.1 Advanced development FGW 8.6 Development FGW 24.9 Total portfolio FGW 46.2 7.1 % FGW = GW + GWh / 3.5 12.7 FGW Components of the Mature Portfolio + 3 % 1 FGW (Factored GW) is the company ’ s consolidated metric combining generation and storage capacity into a uniform figure based on the ratio of construction costs. Portfolio expanded by ϳ % in Q ϯ , to a total of 4 ϲ͘Ϯ FGW
ϭϲ Portfolio advancement in the quarter across multiple geographies and development stages $ 810 - 820 m Revenues & income ~$ 1,050 m Revenues & income ~$ 500 m Revenues & income 12.7 FGW Components of the Mature Portfolio with ~$ 2.4 billion Expected revenues & income Under const. 5.6 FGW Pre - const. 3.1 FGW Development 24.9 FGW Commence operations in 2026 - 28 To begin construction in the next 12 months Begins construction in the next 13 - 24 months Advanced development 8.6 FGW 1 FGW (Factored GW) is the company ’ s consolidated metric combining generation and storage capacity into a uniform figure based on the ratio of construction cost s. Current weighted average construction cost ratio is 3.5 GWh of storage per 1 GW of generation: FGW = GW + GWh / 3.5 245 FMW Ϯϴϴ FMW 2, ϭϭϭ FMW 302 FMW 100 FMW ϰϬ FMW 15 FMW ϱϬϵ FMW 45 FMW 907 FMW 249 FMW ϲϮ FMW Operational 4.0 FGW 1
ϭϳ ~ 1.2 FGW started construction during the past three months Additional ~ 1.3 FGW expected to start construction during 2026 ~ ϴϲ % of the mature component in the portfolio expected to be operating or under construction by end of 2026 ) 1 FGW Mature portfolio ( operating and under construction – By status 1 FGW (Factored GW) is the company ’ s consolidated metric combining generation and storage capacity into a uniform figure based on the ratio of construction cost s. Current weighted average construction cost ratio is 3.5 GWh of storage per 1 GW of generation: FGW = GW + GWh / 3.5 ϰ͘Ϭ 4.0 12.7 5.6 Ε 1.8 Ε 1.3 8.7 To begin construction in 2026 To begin construction in 2027 Under construction Mature phase portfolio Q 3 2026 Operating portfolio Under and pre - construction Construction momentum towards ~ 7 FGW under construction in 2026
ϭϴ 1 Cash and cash equivalents at parent company level of $ 420 m and $ 316 m held by subsidiaries 8.7 FGW with Capex investment of $ 9.2 bn $ Ϯ͘ϭ bn already invested in 9 M 2026 , an increase of ~ 80 % compared with the same period last year Full operation of the mature component will allow Enlight to reach an ARR of ~$ 2.4 bn ϳ͘ϳ FGW of the 8.7 FGW in the mature component are expected to reach operation by end of 2028 , reaching an ARR of over $ 2.2 bn Non - yielding mature component of portfolio (FGW) 5.6 ~ 1.8 ~ 1.3 8.7 FGW Under Construction Start of Construction 2027 Start of Construction 2026 Continued construction momentum in the mature portfolio component : majority of milestones completed 8.7 FGW 6. ϵ FGW 80 % of capacity under construction in 2026 1.6 FGW - Merchant 8.7 FGW 5.9 FGW Secured PPA ϴϱ % of capacity either contracted , or intentionally Merchant $ 1.5 bn $ 0.9 bn 60 % of project equity invested; $ 0.7 bn available liquidity as of September 30 ϭ $ 7.7 bn $ 5.2 bn 67 % of project finance secured
ϭϵ 1 Based 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 On track to a revenue run - rate of over $ 2.2 billion 1 by end - 2028 3 X growth in 3 years
ϮϬ 0.6 0.8 1.0 1.5 2.2 - 2.3 Dec 24 Dec 25 Dec 26 Dec 27 Dec 28 Mature component - 12.7 FGW, revenues & income of ~$ 2.4 bn 1 Expected Adjusted EBITDA margin of approximately 70 % - 80 % (including tax benefits) for the years shown; 2 FGW (Factored GW) is a consolidated metric combining generation and storage capacity into a uniform figure based on the ratio of construction costs. The company ’ s current weighted average construction cost ratio is 3.5 GWh of storage per 1 GW of generation: FGW = GW + GWh / 3.5 ; 3 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 assumption s r egarding electricity prices, and are contingent on current trends known to the Company at this time; 4 The company's revenues from tax benefits are estimated at approximately 23 - 25 % of the total revenue run rate for December 2026 , and approximately 28 - 31 % of the total revenues & income run rate for December 2027 and December 2028 ; 5 The 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 income run rate Annual recurring revenues & bn) ($ 1,3,4,5 roadmap 2,3 Global operating capacity roadmap FGW) ( Mature portfolio: ~$ 2.4 bn Mature portfolio: 12.7 FGW with rising share , 2028 end - bn by year 2.2 expected to exceed $ 1 ARR of project ownership 3.0 3.9 4.9 7.2 ~ 12 Dec 24 Dec 25 Dec 26 Dec 27 Dec 28 ϰϭ % CAGR ϳϳй ϵ 0 й ϴϲй 87 % 90 й ϰ 1 % CAGR
Ϯϭ Average historic return on operating assets ( 4.0 FGW) above 15 % Under construction and pre - construction projects ( 8.7 FGW) maintain high returns: ~ 13 % Unlevered project returns 1 EBITDA First year expected ~$ 800 m 2 Expected net Capex ~$ 6,00 Ϭ m с R eflects a return on equity of above 18 % After leverage 1 Projected results do not include tax benefits ͖ 2 Net construction costs assume receipt of certain ITC and PTC credits under the IRA and are net of the estimated value of thes e c redits. 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 a ctual 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 3 X growth rate every three years with ROE above 18 %
ϮϮ 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 Record electricity demand and attractive market conditions Growing and accelerating electricity demand across Enlight ’ s markets, primarily driven by increased build - out of 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
Ϯϯ
Ϯϰ Appendix
Ϯϱ Graph, scale Generation, MW Storage, MWh Portfolio definitions Mature Component Operational, under construction and pre - construction ( expected to start construction within 12 months) Advanced Phase Projects which are expected to begin construction within 13 to 24 months of the Approval Date Development Phase The rest of the projects in development process Note: Portfolio information as of November 2 nd , 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 – 46.2 FGW within total portfolio 2,955 6,449 895 7,749 2,599 43,268 15,879 80,859 21,712 10,369 12,573 4,056 23,078 3,594 + + + + + + + 46.2 FGW 12.7 FGW
Ϯϲ Project Atrisco ( 1,200 MWh), New Mexico, U.S. 2.7 5.7 8.6 17.5 21.7 Mature 2022 Mature 2023 Mature 2024 Mature 2025 Mature Q3 2026 Mature portfolio 1 storage capacity: 8 x growth since 2022 representing ~ 50 % of the Mature portfolio expected revenues ϯ Q 26 Additions: Q 3 ϮϬϮϲ Adv. dev. Q 3 ϮϬϮϲ Dev. Q 3 ϮϬϮϲ Total storage capacity portfolio ϰϯ͘ϯ ϭϱ͘ϵ ϴϬ͘ϵ 86 % CAGR ~$ 1,140 m annual rev. & income 2 run rate 1 Operating, under construction, and pre - construction projects. 2 Revenues and income includes revenues from the sale of electricity and income from tax benefits. Ϯϲ Battery storage portfolio (GWh) Energy storage portfolio grew by ϲ͘ϯ GWh during the quarter + 216 MWh + 858 MWh + 331 MWh
Ϯϳ 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 0.3 GW + 2.6 GWh 1.0 FGW Rapid growth with high returns 4.1 FGW of expansions at existing projects planned for construction in 2025 - 2028 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
Ϯϴ Portfolio category Capacity ( FGW) % Completed System 1 Impact Study Secured Safe % 1 Harbor Operating 1.6 100 % 100 % Under construction 4.3 100 % 100 % Pre - construction 0.6 100 % 100 % Advanced development 6.0 100 % 83 % Development 18.4 48 % 35 й Total U.S. portfolio 31.0 1 Securing Safe Harbor status and grid interconnection agreement do not guarantee the project's completion. Actual project comp let ion is subject to meeting development milestones and market conditions 17.9 F GW Safe Harbored 9 FGW until 12 / 2 ϬϮ 5 8.9 FGW during 1 - 6 / 2026 21.3 F GW 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. ~ ϱ .7 FGW additional potential, excluded from the 17.9 FGW
Ϯϵ CO Bar Complex – a five - phase flagship project Developments in the quarter Coconino Arizona 1 Net 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 %)); 2 Enlight ’ s classification of projects in its pipeline is based on internal parameters. Last quarter, Enlight completed the financial close for the CO Bar complex: debt financing of approximately $ 2.6 bn from a consortium of seven leading international financial institutions. This quarter, CO Bar 4 - 5 started construction as planned, and the entire complex is now under construction. CO Bar Ϯ CO Bar ϯ CO Bar BESS 1,4,5 CO Bar ϭ CO Bar Complex Location Coconino, Arizona, USA Capacity 1,211 MW + 4,000 MWh COD date H 2 2027 - H 1 2028 PPA duration and counterparty 20 years, BUSBAR PPA with SRP & APS Net Capex 1 / First year revenues / EBITDA $ 1,504 - 1,581 m / $ 244 - 257 m / $ 195 - 205 m Unlevered return 1 ~ 12.8 - 13.2 % CO Bar – the entire complex is under construction
ϯϬ 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
ϯϭ 1 IEA, Key Questions on Energy and AI ( 2026 ); Energy and AI ( 2025 ); 2 McKinsey & Company, Powering AI (Jul 2026 ). US 2025 and 2035 E derived from report figures 2 X by 2030 – AI applications continue to drive growth Global data center growth 1 Rising U.S. data center power demand 2 x U.S. data center IT demand to grow ~ 27 % a year to 121 GW by 2030 , with a 30 - 55 GW generation capacity gap x In 2025 , data center electricity use grew 17 % , vs. 3 % for total consumption; AI use is expected to triple by 2030 Data centers to drive ~ 75 % of U.S. demand growth this decade US data center IT power demand GW, continued - momentum scenario Global data center electricity consumption TWh Data center growth is accelerating demand for electricity 37 121 259 2025 2030E 2035E 415 485 950 1,200 2024 2025 2030E 2035E 27 % CAGR 14 % CAGR
ϯϮ 1 Ember Global Electricity Review 2026 ( 2000 – 2025 ); IEA Electricity Mid - Year Update 2026 (growth from 2026 E); 2 U.S. EIA MER (to 2025 ), STEO Oct 2026 ( 2026 – 27 E), S&P Global ( 2028 E+) Global electricity demand expected to grow almost 20 % by 2030 Global demand for electricity is rising 1 Demand growth is accelerating: 3 % in 2025 , 3.6 % in 2026 and 3.8 % in 2027 IEA expects average growth of 3.6 % a year in 2026 – 2030 , led by industry, EVs, air conditioning and data centers TWh 10,000 15,000 20,000 25,000 30,000 35,000 40,000 Global electricity demand ϮϬϬϬ ϮϬϭϬ ϮϬϮϬ ϮϬϯϬ E ϮϬϬϱ ϮϬϭϱ ϮϬϮϱ U.S. electricity generation at an all - time high 2 Record U.S. electricity consumption: 4,152 TWh in 2026 and 4,217 TWh in 2027 The commercial sector, including data centers, is expected to drive 60 % of sales growth in 2026 and 66 % in 2027 AI and data centers drive the growth in electricity generation Demand for electricity is rising globally U.S. Electricity Generation TWh Increased use of home electrical appliances Improved energy efficiency D emand from electrification, onshoring of industry, data centers & AI ϯ͘ϲ % CAGR 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 1960 1970 1980 1990 2000 2010 2020 2030 2040 E E
ϯϯ Storage equipment prices expected to keep falling 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 prices 0% 20% 40% 60% 80% 100% 120% 140% Jan 23 Jun 23 Nov 23 Apr 24 Sept 24 Feb 25 Jul 25 Dec 25 May 26 Oct 26 Lithium price Polysilicon price Historic declines in solar panel and energy storage equipment prices $ per kilowatt - hour, usable (real 2025 ) 367 279 197 122 113 107 102 98 94 91 88 86 83 81 2022 2024 2026 2028 2030 2032 2034
ϯϰ LCOE - Levelized Cost of Energy 1 Attractive renewable generation costs Ψ / MWh PPA pricing in the U.S. 2 A shortage of projects drives a continued rise in PPA prices 83.4 73.3 63.9 $25 $35 $45 $55 $65 $75 $85 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Wind Blended Solar Solar + 106 % 1 Q 21 – 3 Q 2 6 Renewables are the cheapest solution Renewables are the most competitive technology for new - build generation 1 LCOE Data Lazard ’ s Levelized Cost of Energy Analysis (Version 19.0 ). Figures represent unsubsidized midpoint values ($/MWh). Solar PV + Storage reflects utility - scale PV paired with a 4 - hour battery storage system. Excludes regional transmission and interconnection costs 2 LevelTen Energy PPA Index 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
ϯϱ Reconciliation between Net income to Adjusted EBITDA * Contribution to Adjusted EBITDA from the sales of an additional stake in the deconsolidated asset (Sunlight cluster). For m ore information regarding the composition of Adjusted EBITDA, refer to the description appearing in the “ Non - IFRS financial measures ” section of the press release. ** For the purposes of calculating the Adjusted EBITDA, payment of PPA cancellation fees, and compensation and an advance pay men t refund from a supplier not part of the Company ’ s core business (which are unrelated to contractual performance shortfalls) are recognized as Non - recurring other expenses, net. ($ thousands) For the nine months ended For the three months ended September 30 , 2026 September 30 , 2025 September 30 , 2026 September 30 , 2025 Net Income 102,501 139,629 33,516 32,257 Depreciation and amortization 146,580 110,159 48,474 39,142 Share based compensation 14,995 5,047 4,953 2,053 Finance income ( 28,044 ) ( 36,292 ) ( 7,784 ) ( 28,126 ) Finance expenses 158,761 136,457 54,207 54,171 Contribution from project sales (*) 29,794 41,834 - 2,136 Gain ( losses) from project disposals ( 889 ) ( 96,431 ) - ( 1,397 ) Non - recurring other expenses, net (**) 9,340 - 9,340 - Share of losses of equity accounted investees 1,709 3,904 288 2,259 Taxes on income 33,439 35,083 10,941 9,477 Adjusted EBITDA 468,186 ϯϯϵ , ϯϵϬ 153,935 ϭϭϭ , ϵϳϮ
ϯϲ