Enlight Renewable Energy (ENLT) Investor presentation summary

Business model and portfolio

• Greenfield development and IPP capabilities span sourcing, engineering, construction, financing, and operations, supporting project control and value capture across the lifecycle.

• Portfolio totals 46.2 FGW, including 12.7 FGW in the mature component: 4.0 FGW operational, 5.6 FGW under construction, and 3.1 FGW pre-construction.

• Mature portfolio is diversified across technologies, geographies, revenue structures, and project stages; 85% of the non-yielding mature component is contracted or intentionally merchant.

• ~1.2 FGW began construction in the three months before the presentation; a further ~1.3 FGW is expected to start in 2026, with ~86% of the mature portfolio expected operational or under construction by year-end.

• Storage portfolio reached 43.3 GWh in Q3 2026; mature storage capacity has grown 8x since 2022 and represents ~50% of mature portfolio expected revenues.

Growth and financial performance

• Revenue and income CAGR was 41% from 2018; 2026E revenue and income guidance is $810–830m and adjusted EBITDA guidance is $575–590m.

• Q3 2026 revenue and income rose 40% YoY to $231m and adjusted EBITDA increased 38% to $154m; adjusted EBITDA growth was 76% excluding one-time items.

• 9M 2026 revenue and income increased 49% YoY to $641m and adjusted EBITDA rose 38% to $438m; adjusted EBITDA growth was 122% excluding Sunlight and one-time items.

• The 8.7 FGW under-construction and pre-construction component carries $9.2bn of capex; $2.1bn was invested in 9M 2026, ~80% higher YoY.

• Mature portfolio projects are expected to support annual recurring revenue and income above $2.2bn by year-end 2028; the mature component's expected run rate is ~$2.4bn.

U.S. expansion and execution

• U.S. portfolio totals 31.0 FGW, with 21.3 FGW completing system impact studies and 17.9 FGW secured Safe Harbor; an additional ~5.7 FGW storage potential is excluded from the Safe Harbor total.

• CO Bar's 1,211 MW solar and 4,000 MWh storage complex is fully under construction; its five phases have 20-year busbar PPAs with SRP and APS.

• Solstice secured a 15-year fixed PPA with Google for 200 MWac of solar; the 250 MW and 800 MWh project targets 2029 COD and is expected to begin construction in 2028.

• Blackwater, a 1.2 FGW PJM project, received a conditional-use county permit and secured grid connection; capacity could double through Connect and Expand.

• A ~2 GWIT data-center pipeline spans three geographic segments, focused on large facilities near generation and leveraging co-location frameworks and capabilities across the value chain.