Equibles

6-K

Enlight Renewable Energy Ltd. (ENLT)

6-K 2025-11-12 For: 2025-11-12
View Original
Added on April 07, 2026

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 2025

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 12, 2025, Enlight Renewable Energy Ltd. (the “Company”) issued a press release titled: “Enlight Renewable Energy Reports Third Quarter 2025 Financial Results” and will conduct a conference call using a presentation titled: “Enlight Earnings Presentation Third Quarter 2025.” 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, 2025, and other operational updates, is furnished 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 Exhibits 99.1 and 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 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 (File No. 333-271297).

EXHIBIT INDEX

The following exhibit is furnished as part of this Form 6-K:

Exhibit Description
99.1 Press Release of Enlight Renewable Energy<br> Ltd., dated November12, 2025, titled: “Enlight Renewable Energy Reports Third Quarter 2025 Financial Results”.
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99.2 Enlight Earnings Presentation Third Quarter 2025.
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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 12, 2025 By: /s/ Lisa Haimovitz
Lisa Haimovitz
VP General Counsel

3

Exhibit 99.1

Earnings Release

ENLIGHT RENEWABLE ENERGY REPORTS

THIRD QUARTER 2025 FINANCIAL RESULTS

All of the amounts disclosed in this press release are in U.S. dollars unless otherwise noted

TEL AVIV, ISRAEL, November 12, 2025 – Enlight Renewable Energy (NASDAQ: ENLT, TASE: ENLT) today reported financial results for the third quarter of 2025 ending September 30, 2025. Registration links for the Company’s earnings English and Hebrew conference call and webcasts can be found at the end of this earnings release.

The entire suite of the Company’s 3Q25 financial results can be found on our IR website at https://enlightenergy.co.il/data/financial-reports/

Financial Highlights

9 months ending September 30, 2025

• Revenue and income of $430m, up 46% year over year
• Net income of $140m, up 140% year over year
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• Adjusted EBITDA^1^ of $339m, up 52% year over year
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• Cash flow from operations of $162m, up 3% year over year
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3 months ending September 30, 2025

• Revenues and income of $165m, up 46% year over year
• Net Income of $32m, up 33% year over year
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• Adjusted EBITDA^1^ of $112m, up 23% year over year
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• Cash flow from operations of $71m, up 7% year over year
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^1^ The Company is unable to provide a reconciliation of Adjusted EBITDA to Net Income on a forward-looking basis without unreasonable effort because items that impact this IFRS financial measure are not within the Company’s control and/or cannot be reasonably predicted. Please refer to the reconciliation table in Appendix 2.

Summary of key financial results for 3Q25 and 9M25

For the three months ended For the nine months ended
($ millions) 30/09/2025 30/09/2024 % change 30/09/2025 30/09/2024 % change
Revenues and Income 165 113 46% 430 295 46%
Net Income 32 24 33% 140 58 140%
Adjusted EBITDA 112 91 23% 339 224 52%
Cash Flow from Operating Activities 71 66 7% 162 158 3%

Raising full-year guidance ranges

• On the back of strong 9M25 results, we are increasing full year 2025 guidance ranges. Revenue guidance rises to $555-565m from $520-535m previously, and Adjusted EBITDA guidance rises to $405-415m from $385-400m<br> previously. This represents a 6.0% and 4.5% increase at the midpoint for both metrics, respectively. The increase in guidance and the narrowing of the range reflect our confidence in the continued robust growth across all parts of our<br> business.
• A detailed analysis of financial results appears below.
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Adi Leviatan, CEO of Enlight Renewable Energy: “The third quarter financial results reflect impressive achievements above our expectations, underscoring the Company's strength, the dedication of team, and our focused business strategy. Enlight is well positioned for continued accelerated global growth, capitalizing on opportunities in the renewable energy market, which continues to benefit from favorable fundamentals. We will continue to operate with innovation and responsibility to develop the clean energy sector and strengthen our position as a leading player in the global energy market.”

Portfolio Review

This quarter we continued to expand our portfolio and advance our projects through the various phases of development. Enlight’s total portfolio is comprised of 20.4 GW of generation capacity and 58.1 GWh energy storage (totaling 37.0 FGW^2^), an increase of 23% from the total portfolio of 30.2 FGW at the end of 2024. Of this, the Mature portfolio component (including operating projects, projects under construction or in pre-construction) contains 6.2 GW generation capacity and 11.8 GWh of storage (9.6 FGW in total), an increase of 12% from the Mature portfolio of 8.6 FGW at the end of 2024.

^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

Enlight has achieved safe harbor status for its entire U.S. Mature portfolio (5.6 FGW), as well as for an additional 3.3 FGW of projects in its Advanced Development and Development portfolios. An additional 5-8 FGW of projects are expected to achieve safe harbor status by July 2026, of which 2-4 FGW are expected to be safe harbored by the end of this year.

The composition of Enlight’s portfolio appears in the following table:

Component Status FGW^3^ Annual revenues & income run rate^4^ ($m)
Operating Commercial operation 3.1 ~560
Under Construction Under construction 2.9 ~550
Pre-Construction 0-12 months to start of construction 3.6 ~500
Total Mature Portfolio Mature 9.6 ~$1,610m
Advanced Development 13-24 months to start of construction 6.1 -
Development 2+ years to start of construction 21.3 -
Total Portfolio 37.0 -
• Operating component of the portfolio: 3.1 FGW
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o The operational portfolio generates annualized revenues and income run rate of approximately $560m.
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• Under Construction component of the portfolio: 2.9 FGW
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o Contains four major projects in the U.S. with a total capacity of 2.5 FGW.
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o Of these, projects Roadrunner and Quail Ranch are expected to reach COD by the end of 2025. Roadrunner has already begun testing and electrification procedures.
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o Projects under construction are expected to contribute ~$550m to the annual revenues and income run rate during their first full year of operation.
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^3^ FGW

      \(Factored GW\) is a consolidated metric combining generation and storage capacity into a uniform figure based on the ratio of construction costs. The company’s current weighted average construction cost ratio is 3.5 GWh of storage per 1 GW of
      generation: FGW = GW + GWh / 3.5

^4^ As of as of November 11, 2025 (“the Approval Date”).

• Pre-construction component of the portfolio: 3.6 FGW
o Three significant additions were made to this component of the portfolio during the quarter:
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◾ Bertikow, a 246 FMW stand-alone storage project acquired in Germany, marking the Company's first project in this country.
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◾ Edison, a 59 FMW stand-alone storage project acquired in Poland.
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◾ Neot Smadar, a 184 FMW stand-alone storage project located in Israel.
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o Pre-construction projects are expected to contribute ~$500 in revenues and income in their first full year of operations.
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o Project CO-Bar (1.4 FGW) has obtained an LGIA and is waiting for approvals before execution and construction.
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o Pre-construction projects are expected to contribute ~$500m to the annual revenues and income run rate during their first full year of operation.
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With the completion of the current Mature portfolio’s pre-construction and under construction projects, Enlight’s operating capacity is expected to rise to 9.6 FGW and to generate an annualized revenue and income run rate of $1.6bn by the end of 2028.

• Advanced Development component of the portfolio component: 6.1 FGW
o 5.1 FGW in the U.S., with 100% of the capacity having passed completion of the System Impact Study. The advanced development portfolio also includes 0.7 FGW in Europe and 0.3 FGW in MENA.
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• Development component of the portfolio: 21.3 FGW
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o 14.6 FGW in the U.S. with broad geographic presence, including the PJM, WECC, SPP and MISO regions. The development portfolio also includes 2.7 FGW in Europe and 4.0 FGW in MENA.
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Roadmap to Revenues and Income Run-Rate of ~$2.0bn^^by the end of 2028^5^

Project and Corporate Finance

• During the quarter, the Company secured project finance from multiple sources to support our U.S. expansion plans:
o Financial close totaling approximately $1.4bn of loans for the Snowflake A project (1.1 FGW), the largest in the Company's history. Snowflake A is expected to reach COD by 2H27, and generate revenues and<br> income of $223-229m and EBITDA of $199-204m in its first full year of operation.
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o Tax equity financing for the Roadrunner and Quail Ranch projects (0.8 FGW combined) totaling approximately $470m. Both projects are expected to reach COD by the end of this year, and together generate revenues<br> and income of $143-147m and EBITDA of $124-127m in their first full year of operation.
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^5^ Expected Adjusted EBITDA margin of approximately 70%-80% (including tax benefits) for the years shown. FGW (Factored GW) is a consolidated metric combining generation and storage capacity into a uniform figure based on the ratio of construction costs. The company’s current weighted average construction cost ratio is 3.5 GWh of storage per 1 GW of generation: FGW = GW + GWh / 3.5. The expected growth in 2028 encompasses the Company’s operations in all geographies. Expected growth relies on business plans which rely on development conditions and assumptions regarding electricity prices, and are contingent on current trends known to the Company at this time. The company's revenues from tax benefits are estimated at approximately 19-23% of the total revenues & income run rate for December 2025; approximately 24-28% of the total revenue run rate for December 2026, and approximately 28-33% of the total revenues & income run rate for December 2027 and December 2028.

o Completion of a $350m mezzanine loan with competitive margins of 2.7% - 3.2% above SOFR and flexible drawdown and repayment terms, supporting the development and operational needs of projects now under<br> construction in the U.S.
• Raising approximately $300m in share equity through a private placement to Israeli institutional investors.
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• Cash and cash equivalents at the “topco” level^6^ were $387m as at the balance sheet date.
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• As at the balance sheet date, the Company maintained $525m of credit facilities, of which $109m have been drawn. In addition, we have approximately $1.4bn of LC and surety bond facilities supporting our global<br> expansion, of which $590m has been drawn at end of the quarter.
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2025 Guidance

Construction and commissioning

• We expect commissioning of Roadrunner and Quail Ranch, with a combined capacity of 0.8 FGW, toward the end of 2025.

Raising financial guidance ranges

• Total revenues and income^7^ for 2025 are now expected to range between $555m and $565m, up 6.0% at the midpoint from the previous range of $520m to $535m.
• Adjusted EBITDA^8^ for 2025 is expected to range between $405m and $415m, up 4.5% at the midpoint from the previous range of $385m to $400m.
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• Approximately 90% of the electricity volumes expected to be generated in 2025 will be sold at fixed prices through PPAs or hedges.
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^6^Including Enlight Renewable Energy, headquarter companies in Europe and the U.S. and Clenera, and excluding other subsidiaries and project-linked entities.

^7^ Total revenues and income include revenues from the sale of electricity along with income from tax benefits from US projects amounting to $80m-$90m.

^8^ EBITDA is a non-IFRS financial measure. The Company is unable to provide a reconciliation of EBITDA to Net Income on a forward-looking basis without unreasonable effort because items that impact this IFRS financial measure are not within the Company’s control and/or cannot be reasonably predicted. Please refer to the reconciliation table in Appendix 2.

Financial Results Analysis

Revenues & Income by Segment
($ millions) For the three months ended For the nine months ended
Segment 30/09/2025 30/09/2024 % change 30/09/2025 30/09/2024 % change
MENA 78 55 40% 173 122 42%
Europe 45 46 (2%) 145 147 (2%)
U.S. 42 9 379% 111 19 493%
Other 0 3 (92%) 1 7 (82%)
Total Revenues & Income 165 113 46% 430 295 46%

Revenues & Income

In the third quarter of 2025, the Company’s total revenues and income increased to $165m, up from $113m last year, a growth rate of 46% year over year. This was composed of revenues from the sale of electricity, which rose 27% to $139m compared to $109m in the same period of 2024, as well as recognition of $27m in income from tax benefits compared to $4m in 3Q24.

The Company benefited from the revenues and income contribution of newly operational projects. In the past 12 months 106 MW and 1,435 MWh of new projects were connected to the grid and began selling electricity, including Atrisco in the U.S, various projects in Israel, Pupin in Serbia, and Tapolca in Hungary. The most notable increases in revenue from the sale of electricity originated at Atrisco, which added $11m, followed by Israeli projects with $7m, while Pupin contributed $4m. In total, new projects contributed $22m to revenues from the sale of electricity. Recognition of tax benefit income increased by $23m due to the initial commissioning of Atrisco. Revenues and income for the quarter were distributed between MENA (27%), Europe (47%), and the US (26%).

Net Income

In the third quarter of 2025, the Company reported net income of $32m, representing a 33% increase from $24m in the same period last year. New projects contributed $12m to net income, while the refinancing of the Gecama wind project added an additional $10m to net income. This was offset by a $5m rise in operating expenses and a decline of $7m other income, all after tax.

Adjusted EBITDA^9^

The Company’s Adjusted EBITDA grew by 23% to $112m in the third quarter of 2025, compared to $91m for the same period in 2024. Growth in revenues and income contributed $52m. This was offset by an increase of $17m in COGS linked to the addition of new projects, and an increase of $7m in G&A expenses. During the quarter, the Company recognized $3m in compensation linked to turbine failures at the Björnberget project in Sweden, compared the recognition of $10m in compensation at the same project during 3Q24.

^9^ The Company is unable to provide a reconciliation of Adjusted EBITDA to Net Income on a forward-looking basis without unreasonable effort because items that impact this IFRS financial measure are not within the Company’s control and/or cannot be reasonably predicted. Please refer to the reconciliation table in Appendix 2.

Conference Call Information

Enlight plans to hold its Third Quarter 2025 Conference Call and Webcasts on Wednesday, November 12, 2025 to review its financial results and business outlook in both English and Hebrew. Management will deliver prepared remarks followed by a question-and-answer session. Participants can join by dial-in or webcast:

• English Conference Call at 8:00am ET / 3:00pm Israel:

Please pre-register to join by conference call using the following link:

https://register-conf.media-server.com/register/BIc02636ac75af4b9b962a688d1f9e8115

Upon registering, you will be emailed a dial-in number, direct passcode and unique PIN.

• English Webcast at 8:00am ET / 3:00pm Israel:

Please register and join by webcast at the following link:

https://edge.media-server.com/mmc/p/ovpd9nik

• Hebrew Webcast at 6:00am ET / 1:00pm Israel:

Please join the webcast at the following link:

https://enlightenergy-co-il.zoom.us/webinar/register/WN__wcPWrTGTXyuXG6P-eO3dw

The press release with the financial results as well as the investor presentation materials will be accessible from the Company’s website prior to the conference call. An archived version of the webcast will be available on the Company’s investor relations website at https://enlightenergy.co.il/info/investors/.

Supplemental Financial and Other Information

We intend to announce material information to the public through the Enlight investor relations website at https://enlightenergy.co.il/info/investors, SEC filings, press releases, public conference calls, and public webcasts. We use these channels to communicate with our investors, customers, and the public about our company, our offerings, and other issues. As such, we encourage investors, the media, and others to follow the channels listed above, and to review the information disclosed through such channels. Any updates to the list of disclosure channels through which we will announce information will be posted on the investor relations page of our website.

Non-IFRS Financial Measures

This release presents Adjusted EBITDA, a financial metric, which is provided as a complement to the results provided in accordance with the International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”). A reconciliation of the non-IFRS financial information to the most directly comparable IFRS financial measure is provided in the accompanying tables found at the end of this release.

We define Adjusted EBITDA as net income (loss) plus depreciation and amortization, share based compensation, finance expenses, taxes on income and share in losses of equity accounted investees and minus finance income and non-recurring portions of other income, net. For the purposes of calculating Adjusted EBITDA, compensation for inadequate performance of goods and services procured by the Company are included in other income, net. Compensation for inadequate performance of goods and services reflects the profits the Company would have generated under regular operating conditions and is therefore included in Adjusted EBITDA. With respect to gains (losses) from asset disposals, as part of Enlight’s strategy to accelerate growth and reduce the need for equity financing, the Company sells parts of or the entirety of selected renewable project assets from time to time, and therefore includes realized gains or losses from these asset disposals in Adjusted EBITDA. In the case of partial assets disposals, Adjusted EBITDA includes only the actual consideration less the book value of the assets sold. Our management believes Adjusted EBITDA is indicative of operational performance and ongoing profitability and uses Adjusted EBITDA to evaluate the operating performance and for planning and forecasting purposes.

Non-IFRS financial measures have limitations as analytical tools and should not be considered in isolation or as substitutes for financial information presented under IFRS. There are a number of limitations related to the use of non-IFRS financial measures versus comparable financial measures determined under IFRS. For example, other companies in our industry may calculate the non-IFRS financial measures that we use differently or may use other measures to evaluate their performance. All of these limitations could reduce the usefulness of our non-IFRS financial measures as analytical tools. Investors are encouraged to review the related IFRS financial measure, Net Income, and the reconciliations of Adjusted EBITDA provided below to Net Income and to not rely on any single financial measure to evaluate our business.

Special Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding the Company’s business strategy and plans, capabilities of the Company’s project portfolio and achievement of operational objectives, market opportunity, utility demand and potential growth, discussions with commercial counterparties and financing sources, pricing trends for materials, progress of Company projects, including anticipated timing of related approvals and project completion and anticipated production delays, the Company’s future financial results, expected impact from various regulatory developments and anticipated trade sanctions, expectations regarding wind production, electricity prices and windfall taxes, and Revenues and Income and Adjusted EBITDA guidance, the expected timing of completion of our ongoing projects, and the Company’s anticipated cash requirements and financing plans , are forward-looking statements. The words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “target,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible,” “forecasts,” “aims” or the negative of these terms and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions.

These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the  following: our ability to site suitable land for, and otherwise source, renewable energy projects and to successfully develop and convert them into Operational Projects; availability of, and access to, interconnection facilities and transmission systems; our ability to obtain and maintain governmental and other regulatory approvals and permits, including environmental approvals and permits; construction delays, operational delays and supply chain disruptions leading to increased cost of materials required for the construction of our projects, as well as cost overruns and delays related to disputes with contractors; disruptions in trade caused by political, social or economic instability in regions where our components and materials are made; our suppliers’ ability and willingness to perform both existing and future obligations; competition from traditional and renewable energy companies in developing renewable energy projects; potential slowed demand for renewable energy projects and our ability to enter into new offtake contracts on acceptable terms and prices as current offtake contracts expire; offtakers’ ability to terminate contracts or seek other remedies resulting from failure of our projects to meet development, operational or performance benchmarks; exposure to market prices in some of our offtake contracts; various technical and operational challenges leading to unplanned outages, reduced output, interconnection or termination issues; the dependence of our production and revenue on suitable meteorological and environmental conditions, and our ability to accurately predict such conditions; our ability to enforce warranties provided by our counterparties in the event that our projects do not perform as expected; government curtailment, energy price caps and other government actions that restrict or reduce the profitability of renewable energy production; electricity price volatility, unusual weather conditions (including the effects of climate change, could adversely affect wind and solar conditions), catastrophic weather-related or other damage to facilities, unscheduled generation outages, maintenance or repairs, unanticipated changes to availability due to higher demand, shortages, transportation problems or other developments, environmental incidents, or electric transmission system constraints and the possibility that we may not have adequate insurance to cover losses as a result of such hazards; our dependence on certain operational projects for a substantial portion of our cash flows; our ability to continue to grow our portfolio of projects through successful acquisitions; changes and advances in technology that impair or eliminate the competitive advantage of our projects or upsets the expectations underlying investments in our technologies; our ability to effectively anticipate and manage cost inflation, interest rate risk, currency exchange fluctuations and other macroeconomic conditions that impact our business; our ability to retain and attract key personnel; our ability to manage legal and regulatory compliance and litigation risk across our global corporate structure; our ability to protect our business from, and manage the impact of, cyber-attacks, disruptions and security incidents, as well as acts of terrorism or war; changes to existing renewable energy industry policies and regulations that present technical, regulatory and economic barriers to renewable energy projects; the reduction, elimination or expiration of government incentives or benefits for, or regulations mandating the use of, renewable energy; our ability to effectively manage the global expansion of the scale of our business operations; our ability to perform to expectations in our new line of business involving the construction of PV systems for municipalities in Israel; our ability to effectively manage our supply chain and comply with applicable regulations with respect to international trade relations, the impact of tariffs on the cost of construction and our ability to mitigate such impact, sanctions, export controls and anti-bribery and anti-corruption laws; our ability to effectively comply with Environmental Health and Safety and other laws and regulations and receive and maintain all necessary licenses, permits and authorizations; our performance of various obligations under the terms of our indebtedness (and the indebtedness of our subsidiaries that we guarantee) and our ability to continue to secure project financing on attractive terms for our projects; limitations on our management rights and operational flexibility due to our use of tax equity arrangements; potential claims and disagreements with partners, investors and other counterparties that could reduce our right to cash flows generated by our projects; our ability to comply with increasingly complex tax laws of various jurisdictions in which we currently operate as well as the tax laws in jurisdictions in which we intend to operate in the future; the unknown effect of the dual listing of our ordinary shares on the price of our ordinary shares; various risks related to our incorporation and location in Israel, including the ongoing war in Israel, where our headquarters and some of our wind energy and solar energy projects are located; the costs and requirements of being a public company, including the diversion of management’s attention with respect to such requirements; certain provisions in our Articles of Association and certain applicable regulations that may delay or prevent a change of control; and other risk factors set forth in the section titled “Risk factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2024, filed with the Securities and Exchange 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 11 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 Gruber

Director IR

investors@enlightenergy.co.il

Yonah Weisz

Director IR

investors@enlightenergy.co.il

Erica Mannion or Mike Funari

Sapphire Investor Relations, LLC

+1 617 542 6180

investors@enlightenergy.co.il

Appendix 1 – Financial information

Consolidated Statements of Income

For the three months <br> ended September 30
2024(*) 2025 2024(*)
in in in
thousands thousands thousands
Revenues
Tax benefits
Total revenues and income
Cost of sales (**) ) ) ) )
Depreciation and amortization ) ) ) )
General and administrative expenses ) ) ) )
Development expenses ) ) ) )
Total operating expenses ) ) ) )
Gains (losses) from projects disposals )
Other income, net
Operating profit
Finance income
Finance expenses ) ) ) )
Total finance expenses, net ) ) ) )
Profit before tax and equity loss
Share of loss of equity accounted investees ) ) ) )
Profit before income taxes
Taxes on income ) ) ) )
Profit for the period
Profit for the period attributed to:
Owners of the Company
Non-controlling interests
Earnings per ordinary share (in ) with a par
value of NIS 0.1, attributable to owners of the
parent Company:
Basic earnings per share
Diluted earnings per share
Weighted average of share capital used in the
calculation of earnings:
Basic per share
Diluted per share

All values are in US Dollars.

(*) The Consolidated Statements of Income have been adjusted to present comparable information for the previous period. For additional details please see Appendix 9.

      \(\*\*\) Excluding depreciation and amortization.

Consolidated Statements of Financial Position as of

September 30 December 31
2025 2024
in in
Thousands Thousands
Assets
Current assets
Cash and cash equivalents
Deposits in banks
Restricted cash
Trade receivables
Other receivables
Other financial assets
Assets of disposal groups classified as held for sale
Total current assets
Non-current assets
Restricted cash
Other long-term receivables
Deferred costs in respect of projects
Deferred borrowing costs
Loans to investee entities
Investments in equity accounted investees
Fixed assets, net
Intangible assets, net
Deferred taxes assets
Right-of-use asset, net
Financial assets at fair value through profit or loss
Other financial assets
Total non-current assets
Total assets

All values are in US Dollars.

Consolidated Statements of Financial Position as of (Cont.)

September 30 December 31
2025 2024
in in
Thousands Thousands
Liabilities and equity
Current liabilities
Credit and current maturities of loans from
banks and other financial institutions
Trade payables
Other payables
Current maturities of debentures
Current maturities of lease liability
Other financial liabilities
Liabilities of disposal groups classified as held for sale
Total current liabilities
Non-current liabilities
Debentures
Other financial liabilities
Convertible debentures
Loans from banks and other financial institutions
Loans from non-controlling interests
Financial liabilities through profit or loss
Deferred taxes liabilities
Employee benefits
Lease liability
Deferred income related to tax equity
Asset retirement obligation
Total non-current liabilities
Total liabilities
Equity
Ordinary share capital
Share premium
Capital reserves
Proceeds on account of convertible options
Accumulated profit
Equity attributable to shareholders of the Company
Non-controlling interests
Total equity
Total liabilities and equity

All values are in US Dollars.

Consolidated Statements of Cash Flows

For the nine months <br> ended September 30 For the three months <br> ended September 30
2025 2024 2025 2024
in in in in
Thousands Thousands Thousands Thousands
Cash flows for operating activities
Profit for the period
Income and expenses not associated with cash flows:
Depreciation and amortization
Finance expenses, net
Share-based compensation
Taxes on income
Tax benefits ) ) ) )
Other income, net ) ) ) )
Company’s share in losses of investee partnerships
Gains (losses) from projects disposals ) )
Changes in assets and liabilities items:
Change in other receivables )
Change in trade receivables ) ) ) )
Change in other payables ) )
Change in trade payables ) ) ) )
) ) ) )
Interest receipts
Interest paid ) ) ) )
Income Tax paid ) ) ) )
Net cash from operating activities
Cash flows for investing activities
Sale (Acquisition) of consolidated entities, net ) )
Changes in restricted cash and bank deposits, net ) ) ) )
Purchase, development, and construction in respect of projects ) ) ) )
Loans provided and Investment in investees ) ) ) )
Repayment of loans to investees
Loans provided to non-controlling interests ) )
Payments on account of acquisition of consolidated company ) ) )
Purchase of long-term financial assets measured at fair value through profit or loss, net ) ) ) )
Net cash used in investing activities ) ) ) )

All values are in US Dollars.

Consolidated Statements of Cash Flows (Cont.)

For the nine months <br> ended September 30 For the three months <br> ended September 30
2025 2024 2025 2024
in in in in
Thousands Thousands Thousands Thousands
Cash flows from financing activities
Receipt of loans from banks and other financial institutions
Repayment of loans from banks and other financial institutions ) ) ) )
Issuance of debentures
Issuance of convertible debentures
Repayment of debentures ) ) ) )
Dividends and distributions by subsidiaries to non-controlling interests ) ) ) )
Proceeds from investments by tax-equity investors
Repayment of tax-equity investment ) )
Deferred borrowing costs ) ) ) )
Repayment of loans from non-controlling interests ) ) ) )
Increase in holding rights of consolidated entity ) )
Receipt of loans from non-controlling interests
Issuance of shares
Exercise of share options
Repayment of lease liability ) ) ) )
Proceeds from investment in entities by non-controlling interest
Net cash from financing activities
Increase (Decrease) in cash and cash equivalents ) )
Balance of cash and cash equivalents at beginning of period
Effect of exchange rate fluctuations on cash and cash equivalents )
Cash and cash equivalents at end of period

All values are in US Dollars.

Information related to Segmental Reporting

For the nine months <br> ended September 30, 2025
MENA Europe USA Total reportable segments(**) Others Total
in thousands
Revenues 144,503 45,456 363,139 1,272 364,411
Tax benefits - 65,493 65,493 - 65,493
Total revenues and income 144,503 110,949 428,632 1,272 429,904
Segment adjusted EBITDA 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 in the losses of equity accounted investees (3,904 )
Profit before income taxes 174,712

All values are in US Dollars.

(*)        Including general and administrative and development expenses (excluding depreciation and amortization and share based compensation).

(**)     Due to the Company's organizational restructuring, the Chief Operation Decision Maker (CODM) now reviews the group’s results by segmenting them into three business units: MENA (Middle East and North Africa), Europe, and the US. Consequently, the Management and Construction segment has been excluded. The comparative figures for the nine-month and three-month periods ending September 30, 2024, have been updated accordingly.

Information related to Segmental Reporting

For the nine months <br> ended September 30, 2024
MENA Europe USA Total reportable segments Others Total
in thousands
Revenues 147,164 8,611 277,382 7,208 284,590
Tax benefits - 10,102 10,102 - 10,102
Total revenues and income 147,164 18,713 287,484 7,208 294,692
Segment adjusted EBITDA 129,386 15,965 245,010 3,858 248,868
Reconciliations of unallocated amounts:
Headquarter costs (*) (25,108 )
Intersegment profit 112
Depreciation and amortization and share-based compensation (84,004 )
Other incomes not attributed to segments 3,693
Operating profit 143,561
Finance income 18,299
Finance expenses (85,836 )
Share in the losses of equity accounted investees (1,737 )
Profit before income taxes 74,287

All values are in US Dollars.

(*)          Including general and administrative and development expenses (excluding depreciation and amortization and share based compensation).

Information related to Segmental Reporting

For the three months <br> <br> ended September 30, 2025
MENA Europe USA Total reportable segments Others Total
in thousands
Revenues 45,319 15,448 138,310 226 138,536
Tax benefits - 26,521 26,521 - 26,521
Total revenues and income 45,319 41,969 164,831 226 165,057
Segment adjusted EBITDA 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 in the losses of equity accounted investees (2,259 )
Profit before income taxes 41,734

All values are in US Dollars.

(*)          Including general and administrative and development expenses (excluding depreciation and amortization and share based compensation).

Information related to Segmental Reporting

For the three months <br> ended September 30, 2024
MENA Europe USA Total reportable segments Others Total
in thousands
Revenues 46,041 5,180 106,787 2,708 109,495
Tax benefits - 3,576 3,576 - 3,576
Total revenues and income 46,041 8,756 110,363 2,708 113,071
Segment adjusted EBITDA 46,133 8,134 99,053 1,567 100,620
Reconciliations of unallocated amounts:
Headquarter costs (*) (9,479 )
Intersegment loss (9 )
Depreciation and amortization and share-based compensation (29,033 )
Other incomes not attributed to segments 3,693
Operating profit 65,792
Finance income 3,234
Finance expenses (36,525 )
Share in the losses of equity accounted investees (1,288 )
Profit before income taxes 31,213

All values are in US Dollars.

(*)          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
2025 2024 2025 2024
Net Income 139,629 58,133 32,257 24,189
--- --- --- --- ---
Depreciation and amortization 110,159 77,977 39,142 27,091
Share based compensation 5,047 6,027 2,053 1,942
Finance income (36,292) (18,299) (28,126) (3,234)
Finance expenses 136,457 85,836 54,171 36,525
Gains from projects disposals (*) (54,597) - 739 -
Non-recurring other income, net (**) - (3,693) - (3,693)
Share of losses of equity accounted investees 3,904 1,737 2,259 1,288
Taxes on income 35,083 16,154 9,477 7,024
Adjusted EBITDA 339,390 223,872 111,972 91,132
*   Profit from revaluation linked to partial sale of asset.<br><br> <br>** Recognition of income related to lower earn-out payments offset by a revaluation in the value of<br> financial assets.
---

Appendix 3 –  Debentures Covenants

Debentures Covenants

As of September 30, 2025, the Company was in compliance with all of its financial covenants under the indenture for the Series C, D, F, G and H Debentures, based on having achieved the following in its consolidated financial results:

Minimum equity

The company's equity shall be maintained at no less than NIS 375 million so long as debentures F remain outstanding, NIS 1,250 million so long as debentures C and D remain outstanding, and USD 600 million so long as debentures G     and H remain outstanding.

As of September 30, 2025, the company’s equity amounted to NIS 6,474 million (USD 1,958 million).

Net financial debt to net CAP

The ratio of standalone net financial debt to net CAP shall not exceed 70% for two consecutive financial periods so long as debentures F remain outstanding and shall not exceed 65% for two consecutive financial periods so long as debentures C, D, G and H remain outstanding.

As of September 30, 2025, the net financial debt to net CAP ratio, as defined above, stands at 34%.

Net financial debt to EBITDA

So long as debentures F remain outstanding, standalone financial debt shall not exceed NIS 10 million, and the consolidated financial debt to EBITDA ratio shall not exceed 18 for more than two consecutive financial periods.

For as long as debentures C and D remain outstanding, the consolidated financial debt to EBITDA ratio shall not exceed 15 for more than two consecutive financial periods.

For as long as debentures G and H remain outstanding, the consolidated financial debt to EBITDA ratio shall not exceed 17 for more than two consecutive financial periods.

As of September 30, 2025, the net financial debt to EBITDA ratio, as defined above, stands at 6.

Equity to balance sheet

The standalone equity to total balance sheet ratio shall be maintained at no less than 20% ,25% and 28%, respectively, for two consecutive financial periods for as long as debentures F, debentures C and D and debentures G and H remain outstanding.

As of September 30, 2025, the equity to balance sheet ratio, as defined above, stands at 58%.

Appendix 5

a) Segment information: Operational projects

( thousands) 9 Months ended September 30 3 Months ended September 30
Operational <br> Project <br> Segments Installed Storage (MWh) Generation<br><br> (GWh) Revenues and<br><br> <br>income Segment Adjusted <br><br> EBITDA* Generation<br><br> (GWh) Reported Revenue Segment Adjusted <br><br> EBITDA*
2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024
MENA 819 1,158 1,012 173,180 121,607 115,514 99,659 463 432 77,544 55,566 51,127 44,786
Europe - 1,912 1,994 144,502 147,164 117,428 129,386 559 598 45,318 46,041 35,202 46,133
USA 1,200 790 226 110,948 8,611 98,171 5,863 271 153 41,968 5,180 38,258 4,558
Total Consolidated 2,019 3,860 3,232 428,630 277,382 331,113 234,908 1,293 1,183 164,830 106,787 124,587 95,477
Unconsolidated <br> at Share 41
Total 2,060

All values are in US Dollars.

b)          Operational Projects Further Detail

( thousands) 9 Months ended September 30, 2025 3 Months ended September 30, 2025
Operational Project Installed Capacity (MW) Installed Storage (MWh) Revenues and<br><br> <br>income Segment Adjusted<br><br> <br>EBITDA* Reported Revenue Segment Adjusted EBITDA* Debt balance as of September 30, 2025 Ownership %**
MENA Wind 316 - 72,682 30,716 507,082 49%
MENA PV 359 819 100,498 46,828 555,038 85%
Total MENA 675 819 173,180 115,514 77,544 51,127 1,062,120
Europe Wind 1,184 - 131,369 39,697 888,306 65%
Europe PV 143 - 13,133 5,621 73,959 71%
Total Europe 1,327 - 144,502 117,428 45,318 35,202 962,265
USA PV 470 1,200 110,948 41,968 261,205 100%
Total USA 470 1,200 110,948 98,171 41,968 38,258 261,205
Total Consolidated Projects 2,472 2,019 428,630 331,113 164,830 124,587 2,285,590
Uncons. Projects at share 42 41 50%
Total 2,514 2,060 428,630 331,113 164,830 124,587 2,285,590

All values are in US Dollars.

* EBITDA results included $11m in the 9 months ended September 25 and $3m in the 3 months ended September 25, of compensation recognized from Björnberget project

** Ownership % is calculated based on the project's share of total revenues

c)          Projects under construction

($ millions)<br><br> <br>Consolidated Projects Country Generation and energy storage Capacity (MW/MWh) Est.<br><br> COD Est. Total <br><br> Project Cost Tax credit benefit- Qualifying category Tax credit benefit- Adders***** Discounted Value of Tax Benefit*** Est. Total<br><br> <br>Project Cost net of tax benefit Capital Invested as of September 30, 2025 Est. Equity Required (%) Equity Invested as of September 30, 2025 Est. First Full Year Revenue********* Est. First Full Year EBITDA**** Ownership %*
Country Acres USA 403/688 H2 2026 793-834 ITC DC (10%) 387-407 406-427 408 10% 91 61-64 46-48 100%
Quail Ranch BESS USA 0/400 Q4 2025 124-130 ITC EC (10%) 58-61 66-69 222 5%-10% 27 23-24 16-17 100%
Quail Ranch Solar USA 128/0 143-150 PTC EC (10%) 68-72 75-78 100%
Roadrunner BESS USA 0/940 Q4 2025 326-342 ITC EC (10%) 149-156 177-186 500 0%-10%<br><br> <br>******** 61 52-55 40-42 100%
Roadrunner Solar USA 298/0 278-292 PTC EC (10%) 170-178 108-114 100%
Snowflake A USA 600/1,900 2027 1,570-1,650 ITC EC (10%) +<br><br>  DC (10% BESS only) 786-827 784-823 104 0%-10%<br><br> <br>******** 104 125-131 101-106 100%
Gecama Solar Spain 225/220 H2 2026 218-229 - - - 218-229 158 23%-28% 158 43-45 35-37 72%
Bjornberget – BESS Sweden 0/100 2026 24-26 - - - 24-26 10 100% 10 4 3 55%
Israel Construction Israel 4/47 Q4 2025-H2 2026 15-16 - - - 15-16 5 15%-25% 5 1 1 75%
Total Consolidated Projects 1,658/<br><br> <br>4,295 3,491-3,669 1,618-1,701 1,873-1,968 1,406 455 309-324 242-254
--- --- --- --- --- --- --- --- --- --- --- --- --- --- ---
Unconsolidated Projects a<br><br> <br>t share<br><br> <br>******* Israel 4/79 Q4 2025- H2 2026 20-22 - - - 20-22 29 15%-25% 29 3 3 64%
Total 1,662/4,374 3,511-3,691 1,618-1,701 1,893-1,990 1,435 484 312-327 247-257

d)          Pre-Construction Projects (due to commence construction within 12 months of the Approval Date)

($ millions)<br><br> Consolidated Projects Country Generation and energy storage Capacity (MW/MWh) Est.<br><br> COD Est. Total <br><br> Project Cost Tax Credit Benefit Est. Total <br><br> Project Cost net of tax benefit Capital Invested as of September 30, 2025 Est. Equity Required (%) Equity Invested as of September 30, 2025 Est. First Full Year Revenue ********* Est. First Full Year EBITDA**** Ownership %*
Qualifying Category Adders***** Discounted Value of Tax Benefit***
CoBar 1 United States 258/824 H2 2027 590-620 ITC EC (10%) 271-285 319-335 89 13%-16% 89 126-132 101-106 100%
CoBar 2+3 United States 952/0 1,125-1,183 PTC EC (10%) 551-579 574-604
Nardo Italy 97/1,254 H1 2028 230-242 - - - 230-242 4 40%-60% 4 31-33 26-28 100%
Bertikow Germany 0/860 H2 2027 166-175 - - - 166-175 6 30%-35% 6 47-49 39-41 50%
Israel HV storage****** Israel 0/1,290 2028 229-241 - - - 229-241 4 20% 4 9-10 3 100%
($ millions)<br><br> Additional Pre-Construction Projects MW Deployment<br><br> <br>MW/MWh Est. Total <br><br> Project Cost Tax Credit Benefit Discounted Value of Tax Benefit*** Est. Total <br><br> Project Cost net of tax benefit Capital Invested as of September 30, 2025 Est. Equity Required (%) Equity Invested as of September 30, 2025 Est. First Full Year Revenue ********* Est. First Full Year EBITDA**** Ownership %*
2026 2027 2028 Qualifying Category Adders*****
United States - 248/400 452/0 1,243-1,307 ITC DC (10%) & EC (10%)** 624-656 619-656 55 10%-16% 55 92-96 71-74 100%
Europe - 0/361 0/208 114-120 - - - 114-120 1 80% 1 26-29 19-22 89%
MENA 3/280 0/30 38/0 144-151 - - - 144-151 10 20%-30% 10 17-18 12-13 81%
Total Consolidated Projects 3/20 248/791 490/208 1,501-1,578 624-656 877-922 66 66 135-143 102-109
Unconsolidated Projects at share******* 8/42 0/170 - 45-46 - - - 45-46 6 15%-25% 6 6-7 4-5 54%
Total Pre-Construction 2,056MW +5,365MWh 3,886-4,085 1,446-1,520 2,440-2,565 176 176 354-374 275-292

* The legal ownership share for all U.S. projects is 90%, but Enlight invests 100% of the equity in the project and entitled to 100% of the project distributions until full repayment of Enlight's capital plus a preferred return

** Rustic hills 1+2 - DC(10%)+EC (10%); Coggon - DC (10%); Gemston - DC (10%); Crimson - DC (10% BESS only) + EC (10%)

***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 transactions may differ from the value presented, subject to the structure of the transaction and prevailing market conditions.

**** EBITDA is a non-IFRS financial measure. This figure represents consolidated EBITDA for the project and excludes the share of project distributions to tax equity partners, as well as ITC and PTC proceeds. These components of the tax equity transaction may differ from project to project, are subject to market conditions and commercial terms agreed upon reaching financial close

*****The Energy Community (EC) Adder provides extra credits for renewable energy projects in areas impacted by fossil fuel reliance or economic transition. The Domestic Content (DC) Adder rewards projects using U.S.-manufactured components, promoting local job creation and supply chain growth

******Two high voltage projects with total capacity of 1,290MWh. Estimated revenue for the first 5 years is $9-10m million per year. From year 6, the projects will move to a deregulated market, with revenue expected to be $50 million per year

******* All numbers, beside equity invested, reflects Enlight share only

******** The required equity during construction is estimated at 10% and is expected to decrease to 0% at COD

********* Revenue and EBITDA for the first year of U.S. projects as presented above do not include income from tax benefits

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)<br><br> Projects* Est. Total<br><br> 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, 2025
Cash and Cash Equivalents:
Enlight Renewable Energy Ltd, Enlight EU Energies Kft and Enlight Renewable LLC excluding subsidiaries (“Topco”) 309,923
Subsidiaries 369,904
Deposits:
Short term deposits 1,409
Restricted Cash:
Projects under construction 301,863
Reserves, including debt service, performance obligations and others 55,074
Total Cash 1,038,173

Appendix 7 – Corporate level (TopCo) debt

($ thousands) September 30, 2025
Debentures:
Debentures 624,721*
Convertible debentures 264,052
Loans from banks and other financial institutions:
Credit and short-term loans from banks and other financial institutions -
Loans from banks and other financial institutions 116,490
Total corporate level debt 1,005,263

* Including current maturities of debentures in the amount of 25,922

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 2025 1.17 0.30
As of 30th September 2024 1.12 0.27
Average for the 3 months period ended:
--- --- ---
September 2025 1.17 0.30
September 2024 1.10 0.27

Appendix 9 – Structural changes to the Consolidated Statements of Income:

The Company has changed its Income Statement presentation starting with the 2024 full-year financial statements, which includes the presentation of specified items that have been previously included within other income (i.e. tax equity). In addition, the Company has decided to remove the Gross Profit line item.

The Company believes that such presentation provides a more relevant information and better reflects the measurement of its financial performance. The Company applied such a change retrospectively.

Exhibit 99.2

Third Quarter 2025  Earnings Presentation

This presentation contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). 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, including the IRA, 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; 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 or benefits for, or regulations mandating the use of, renewable energy; our ability to effectively manage the global expansion of the scale of our business operations; our ability to perform to expectations in our new line of business involving the construction of PV systems for municipalities in Israel; our ability to effectively manage our supply chain and comply with applicable regulations with respect to international trade relations, 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; 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 the other risk factors set forth in the section titled “Risk factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2024 filed with the Securities and Exchange 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 between Adjusted EBITDA and Net Income, its most directly comparable IFRS financial measure, is contained in the tables below. 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 or the proposed offering.  Legal disclaimer

1Revenues and income include revenues from the sale of electricity and income from tax benefits income from U.S. projects. 2Adjusted EBITDA is a non-IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income  Excellent 3Q25 financial results: 46% growth in quarterly revenues and income1, 23% in Adjusted EBITDA1  Raising guidance for 2025: Total revenues and income now in the range of $555-565 million and Adjusted EBITDA2 in the range of $405-415 million, an increase of 6.0% and 4.5% respectively, compared to our 2Q25 forecast  Exceptional business performance: Expansion of Enlight’s battery storage business with strategic entry into the German and Polish markets; multiple project finance transactions and tax equity partnerships; continued expansion of the portfolio; obtaining Safe Harbor status for projects in the U.S.  Revenues and income roadmap: Reaching an annual revenues and income run rate of approximately $1.5 billion by the end of 2027, and approximately $2.0 billion by the end of 2028  Excellent financial results and raising 2025 guidance

Continued and consistent growth in financial results

9M25: High growth rates in revenues & income, EBITDA and net income  1Adjusted EBITDA is a non-IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income  9M25 vs 9M24, $m  Revenues & income  Adjusted   EBITDA1  Cash flow from operations  Net profit  Sale of 44% of the Sunlight cluster in 1Q25 contributed $80m  Sale of 44% of the Sunlight cluster contributed $42m  9M25  9M24  46%  52%  140%  9M25  9M24  9M25  9M24  9M25  9M24  3%  Compensation at Bjorn for ‘23–’24 ($19 million) occurred in 3Q24Q. Compensation for 2025 expected in 4Q25

Adjusted   EBITDA1  3Q 2025: Over 45% increase in revenues & income  3Q25 vs 3Q24, $m  Revenues & income  Cash flow from operations  Net profit  1Adjusted EBITDA is a non-IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income  46%  23%  3Q25  3Q24  3Q25  3Q24  3Q25  3Q24  3Q25  3Q24  33%  7%  Compensation at Bjorn for ‘23–’24 ($19 million) occurred in 3Q24Q. Compensation for 2025 expected in 4Q25

1Revenues and income include revenues from the sale of electricity and income from tax benefits income from U.S. projects amounting to $80m-$90m. 2Adjusted EBITDA is a non-IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income  Updated guidance range  Revenues & Income1 ($m)  2Q25 guidance range  Adjusted EBITDA2 ($m)  Updated guidance range  2Q25 guidance range  Raising 2025 revenues & income and Adjusted EBITDA guidance by 6.0% & 4.5%  535  520  565  555  415  405  400  385  +6.0%  +4.5%

1Revenues and income include revenues from the sale of electricity and income from tax benefits income from U.S. projects. ; 2Adjusted EBITDA is a non-IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income  Enlight continues to generate high growth rates over time  Revenues & Income1 ($m)  Adjusted EBITDA2 ($m)  40%  CAGR  40%  CAGR

Accelerating growth in the battery storage business with strategic entry into the German and Polish markets; multiple project finance transactions and tax equity partnerships; expanding the portfolio; obtaining Safe Harbor status for projects in the U.S.  Exceptional business performance

Enlight enters two of Europe's largest energy storage markets  New presence in Germany and Poland  In advanced stages of further expanding the battery storage portfolio in Germany and Poland through additional acquisitions of hundreds of mega-watt hours of capacity at high returns.  1Source: EMBER -2030 Global Renewable Target Tracker. 2Calculated as expected first full year EBITDA divided by project construction cost.  1.1 GWh  Stand-alone storage capacity  2H27 & 2H28  Expected COD  $54-58m  Expected first full year revenues  Germany is Europe's largest renewable energy market, with the highest renewable growth targets and supportive regulation.  By 2030, renewables are expected to account for 50-75% of electricity generation in Enlight’s principal European markets, creating unprecedented demand for the Company’s storage solutions – a growth driver for Enlight.  The European energy storage opportunity  Energy generation from renewable sources1 (GW)  Enlight is present in 4 out of the 5 largest growth markets in Europe  Strategic entry into the German and Polish energy storage markets through the acquisition of 50% of the Bertikow project and 100% of the Edison project.  $45-49m  Expected first full year EBITDA  Approx. 22%  Unlevered return2

1Operating, under construction, and pre-construction projects. 2Revenues and income includes revenues from the sale of electricity and income from tax benefits.  11  Massive growth in Enlight's storage capacity  Project Atrisco (1,200 MWh), New Mexico, U.S.  Mature portfolio1 storage capacity –    6X in 3 years  +208 MWh  3Q25 additions  3Q25  Adv.  dev  3Q25  Dev.  3Q25 total portfolio storage capacity  34.8  11.5  58.1  +860 MWh  Battery storage capacity (GWh)  78%  CAGR   $650-700m  annual rev. & income2 run rate  +847   MWh

1Above Israel government debt; 2Above SOFR; 3Includes long term loans and tax equity bridge loans; 4 Financing of Gecama also includes the hybrid portion of the project; 5The generation and energy storage components of Quail Ranch and Roadrunner.  Global access to capital at attractive rates  ~$1.0bn in corporate finance and asset sales  Bond  Issuance  Issued two new bond series   Six-year duration, at a 1.7% spread1  Announced in August 2025  Spread of 2.7% to 3.2%2  Mezzanine  Loan  Sunlight Selldown  Equity Issuance  private share placement in August 2025   Selling 44% of Sunlight portfolio at a valuation of $480k/FMW  A2.ilStable(Moody’s Midroog)  Attractive interest rates of between 5.1%-6.0%  Roadrunner (U.S.), Country Acres (U.S.), Quail Ranch (U.S.), Gecama hybrid4 (Spain), Snowflake A (U.S.)  4 out of the 6 projects under construction in the U.S. have signed tax equity agreements5.  Partnering with leading banks such as Wells Fargo, BofA, JPM, M&T Bank, First Citizens  $4.8bn raised in the past 12 months, financing step for the 2026 plan  ~$300m  ~$350m  ~$245m  ~$50m   ~$0.5bn in tax equity partnerships   ~$3.3bn in project finance for projects in the US & Europe3

Location  Arizona, USA   Capacity  600 MW & 1900 MWh  Expected COD date  2H27  PPA length and offtaker  20-year fixed price busbar with APS  Expected first full year revenues and EBITDA  $125-131m / $101-106m  Unlevered return1  ~12%  Holbrook Arizona  1 The net construction cost assumes receipt the following ITC credits: 40% for the entire project (including 10% Energy Community bonus credits) and an additional 10% Domestic Content bonus credits for the energy storage component). For more information regarding the expected realization of tax benefits in a tax equity transaction, please see the Company's immediate report dated November 10, 2025  Project status update  $1.4bn financial close achieved with 6 leading banks.  Project construction is progressing according to plan.  Generation and storage offtake agreements have been signed.  Grid connection infrastructure will be utilized by Snowflake B, a 1.3 FGW follow-on project current in the advanced development portfolio.  $1.4bn financial close for Snowflake A, a 1.1 FGW mega project   A significant milestone establishing Enlight's position as a leading developer in the U.S.  Snowflake A

9.6 FGW  Components of the Mature Portfolio  Under construction 2.9 FGW Pre-construction 3.6 FGW   Advanced development 6.1 FGW  Development 21.3 FGW   Operational   3.1 FGW1   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.   Total portfolio  FGW 37   Global Portfolio  FGW = GW + GWh / 3.5

Start of 3Q25  Operational  Pre-construction  Advanced development  Development  Under const.  1FGW (Factored GW) is the company’s consolidated metric combining generation and storage capacity into a uniform figure based on the ratio of construction costs. Current weighted average construction cost ratio is 3.5 GWh of storage per 1 GW of generation: FGW = GW + GWh / 3.5.  Progress and expansion of the  portfolio during 3Q25  6 FMW  242 FMW  25FMW  114 FMW  114 FMW

9.6 FGW  Components of the Mature Portfolio  In addition, a 100 MW IT Data center is not included in the portfolio’s contents  5%  Op’ing 3.1 FGW1   Under const. 2.9 FGW   Pre-construction 3.6 FGW   Advanced development 6.1 FGW  Development 21.3 FGW   1FGW (Factored GW) is the company’s consolidated metric combining generation and storage capacity into a uniform figure based on the ratio of construction costs. Current weighted average construction cost ratio is 3.5 GWh of storage per 1 GW of generation: FGW = GW + GWh / 3.5.  Progress and expansion of the  portfolio during 3Q25  Today  25FMW  114 FMW  6 FMW  242 FMW  246 FMW  59 FMW  114 FMW  Acquisitions in Europe with a focus on stand-alone storage  6%

~$1.6 billion Expected revenues & income of the Mature portfolio $555-565m  2025 revenues & income guidance  Begins construction in 2027+  In addition, a 100 MW IT Data center is not included in the portfolio’s contents  1FGW (Factored GW) is the company’s consolidated metric combining generation and storage capacity into a uniform figure based on the ratio of construction costs. Current weighted average construction cost ratio is 3.5 GWh of storage per 1 GW of generation: FGW = GW + GWh / 3.5.  Commence operations in 2025-27  Begins construction in the next 12 months  Begins construction in the next 13-24 months  ~$550m  Revenues & income  ~$500m  Revenues & income  Operational 3.1 FGW1   Under construction 2.9 FGW   Pre-construction 3.6 FGW   Advanced development 6.1 FGW  Development 21.3 FGW   The Mature portfolio is expected to generate   $1.6bn of revenues & income

17.9 FGW   Completed System Impact Study  8.9 FGW   Safe Harbored   2-4 FGW capacity expected to secure safe harbor by the end of 2025  5-8 FGW   Expected Safe Harbor  1 Securing Safe Harbor status does not guarantee the project's completion. Even after receiving Safe Harbor status, actual project completion is subject to meeting development milestones and market conditions.  18 FGW of U.S. capacity with high likelihood of grid interconnection   14-17 FGW expected to achieve Safe Harbor  Portfolio category  Capacity (FGW)  % Completed System Impact Study   % Secured Safe Harbor1  % Expected to secure Safe Harbor by June 2026  Operating  0.8  100%  100%  -   Under construction  2.5  100%  100%  -  Pre-construction  2.3  100%  100%  -   Advanced development  5.1  91%  45%  40-55%  Development  14.6  52%  6%  20-35%  Total portfolio  25.4

1Based on 2025 guidance added to revenues & income (sale of electricity, tax benefits) of projects in the under construction and pre-construction portions of the Mature portfolio  Business Plan: 3X growth in 3 years, reaching a revenue run-rate of ~$1.5 billion1 by end-2027

Additional details in the appendix  Declining weighted average cost of capital  Rising electricity prices  Demand for electricity is soaring, driven by growth in data centers  Decline in equipment prices (panels and batteries)  Regulatory clarity in the U.S.  The business environment supports continued growth with high returns

1Expected Adjusted EBITDA margin of approximately 70%-80% (including tax benefits) for the years shown; 2FGW (Factored GW) is a consolidated metric combining generation and storage capacity into a uniform figure based on the ratio of construction costs. The company’s current weighted average construction cost ratio is 3.5 GWh of storage per 1 GW of generation: FGW = GW + GWh / 3.5; 3The expected growth in 2028 encompasses the Company’s operations in all geographies. Expected growth relies on business plans which rely on development conditions and assumptions regarding electricity prices, and are contingent on current trends known to the Company at this time; 4The company's revenues from tax benefits are estimated at approximately 19-23% of the total revenues & income run rate for December 2025; approximately 24-28% of the total revenue run rate for December 2026, and approximately 28-33% of the total revenues & income run rate for December 2027 and December 2028.  42%  CAGR   40%  CAGR   Mature portfolio: 9.6 FGW  Mature portfolio: $1.6bn  Weighted average of Enlight’s share of revenues and income  77%  93%  85%  86%  90%  Annual recurring revenues & income run rate roadmap1,3,4 ($bn)  Global operating capacity roadmap2,3   (FGW)  Expected to reach ARR1 of $1.5bn by the end of 2027  with rising share of project ownership

Average historic return on operating assets (3.1 FGW) is above 15%  Under construction and pre-construction projects (6.5 FGW) maintain high returns:  Sustaining a 3X growth rate every three years with ROE above 15%  ~ 11-12%   Unlevered project returns  EBITDA1 First year expected   ~$530m  Expected net Capex2  ~$4,500m  =  Reflects a return on equity of above 15%  After leverage  1Projected results do not include tax benefits; 2Net construction costs assume receipt of certain ITC and PTC credits under the IRA and are net of the estimated value of these credits. The PTC value is estimated based on the project’s expected annual production and a yearly CPI indexation of 2%, discounted by 8% to COD. In assessing the value of the ITC, a step-up adjustment has been made to reflect the full value of the tax credits, thus lowering net construction costs and enhancing the value and return of the project. 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.

Appendix

EU  Establishing a strategic foothold in the German (860 MWh) and Polish (208 MWh) battery storage markets, with new projects entering directly into the Mature portfolio.  Additional battery storage transactions in Germany and Poland now at an advanced stage of negotiations.  Continued progress of greenfield projects in Italy.  Securing three grid connection permits for battery storage projects in Poland, totaling 2,000 MWh.  Receiving final permits for the construction of two large storage facilities in Italy, totaling 870 MWh.  MENA  Signed 12 agreements in the agrivoltaic and storage sectors this quarter, totaling approximately 700 FMW. To date, over 50 agrivoltaic agreements have been signed.  Reached agreements with several Israeli real estate companies for the construction of distributed energy storage systems, with an expected capacity of 100 FMW.  Progress on permitting for 380 MW of projects.  Successful crop yield research results at the agrivoltaic pilot.  Achievements during the quarter  U.S.  Snowflake A financial close.  Tax equity partnership obtained for projects Quail Ranch and Roadrunner, which have nearly completed construction.  Secured 5.7 FGW of Safe Harbor for U.S. projects since May 2025.  Total portfolio growth of 1.6 FGW.  Rising trends in electricity demand and pricing driven by data centers.  Stabilization of trade terms with selected countries, including reduction of Chinese tariffs to 47%.

“Connect & Expand” strategy maximizes interconnection potential and returns  Advantages of “Connect & Expand”  Using existing infrastructure saves construction costs  Using existing interconnect reduces development risks  Adding energy storage to existing projects  Rapid growth with high returns  Strategy focus: Identify and acquire significant grid interconnections, and leverage them to build additional projects on the same site, while maximizing returns  EU+MENA  1.1 GW + 6.9 GWh  USA  0.2 GW + 1.2 GWh  3.6 FGW of expansions at existing projects planned for construction in 2025-27  Shortening time to COD

* Profit from revaluation linked to partial sale of asset.  ** Recognition of income related to lower earn-out payments offset by a revaluation in the value of financial assets.  Reconciliation between Net Income to Adjusted EBITDA  ($ thousands)  For the nine months ended  For the three months ended     Sept 30, 2025     Sept 30, 2024  Sept 30, 2025     Sept 30, 2024  Net Income (loss)  139,629     58,133  32,257     24,189  Depreciation and amortization  110,159     77,977  39,142     27,091  Share based compensation  5,047     6,027  2,053     1,942  Finance income   (36,292)     (18,299)  (28,126)     (3,234)  Finance expenses  136,457     85,836  54,171     36,525  Gains from projects disposals (*)  (54,597)     -  739     -  Non-recurring other income, net (**)  -  (3,693)  -  (3,693)  Share of losses of equity accounted investees  3,904     1,737  2,259     1,288  Taxes on income  35,083     16,154  9,477     7,024  Adjusted EBITDA  339,390     223,872  111,972     91,132

Graph, scale  Generation, MW  Storage, MWh  Portfolio definitions  Operational, under construction and pre-construction (expected to start construction within 12 months)  Mature Phase   Projects which are expected to begin construction within 13 to 24 months of the Approval Date  Advanced  Phase  The rest of the projects in development process  Development Phase  Operational projects sold  1.7 GW still under the company’s operational management  1.7 GW  Portfolio Snapshot – 37 FGW within Total Portfolio  Note: Portfolio information as at November 11, 2025 (“the Approval Date”); Projects that are not consolidated in our financial statements are reflected at their proportional share 2,514  6,233  2,056  5,365  1,662  34,776  11,479  58,053  11,799  4,374  11,360  2,858  20,451  2,060  +  +  +  +  +  +  +  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  37  FGW

1CBRE, McKinsey & Company, Data Center Demand Model (2025 projection); 2McKinsey & Company  AI applications as the main growth driver – 3.5X by 2030  Global growth in data centers1  Rising U.S. data center power demand2  Data centers represent up to 40% of the total increase in U.S. electricity demand by 2030  Growing data center capacity drives demand for electricity  U.S. data center energy consumption  TWh  Share of total U.S. power demand  3.7%  11.7%  Global data center capacity growth  GW  The U.S. data center’s electricity consumption is expected to triple, reaching approximately 12% of total electricity used by 2030.

1Ember, IEA. 2 U.S. Energy Information Administration, S&P Global  Increasing demand for electricity in the U.S.2  Electricity’s share of total energy consumption is steadily increasing  Soaring global demand for power1  The rate of growth of electricity demand has risen in recent years. Electricity’s share of total energy consumption is expected to rise from 21% today to 27% by 2030 in a conservative scenario, and to exceed 30% in net-zero emissions scenarios  TWh  Net zero emissions scenario  3.1%  CAGR 2000  2010  2020  2030E  2005  2015  2025E  Data centers and AI 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  Demand from electrification, onshoring of industry, data centers & AI  Among the factors driving growth: increased industrial activity in the U.S.; surge in data center buildout; the growing use of advanced AI models. E  E

Forecast for global energy storage equipment prices  Source: Energy Storage System Cost Survey 2024 – Bloomberg NEFm 4-hour Energy Storage System.  BOS - Includes electrical infrastructure, containers, thermal management system, fire suppression devices, battery operation monitoring system and sensors.  Unprecedented declines in equipment input costs  Major declines in the solar panel and battery costs  Source: Bloomberg  2020  2035E  2025E  2030E

LCOE - Levelized Cost of Electricity1  Attractive renewables production costs in the U.S.  $ / MWh   2Regional solar and storage LCOE  Enlight’s main market in the U.S.  1Wood Mackinze April 2025 ; 2By selected representative states: PJM - Virginia , CAISO - California, ERCOT - Texas, WECC – Arizona; 3 LEVELTEN Energy 3Q 2025 PPA Price Index NA  Solar energy and storage offer the cheapest solution  Increasing spreads between equipment costs and electricity prices  PPA pricing in the U.S.3  A shortage of projects leads to rising prices  Solar   +93%1Q21-3Q25

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