Q4 2025 Enlight Renewable Energy Ltd Earnings Call

February 17, 2026

Please be advised that today's conference is being recorded, I would now like to hand the conference over to Le Mo zoha, Megan director of investor relations. Please go ahead.

Speaker #2: With this strong finish, we exceeded our full-year revenue and EBITDA guidance by 4% and 7%, respectively. The fourth quarter also capped another record year of execution, during which we significantly expanded every component of our portfolio in advanced projects across all stages of development.

Thank you, operator. Good morning, everyone. And thank you for joining the fourth quarter and full year. 2025 earning conference call for enlight, renewable energy

Speaker #2: Our total portfolio expanded 26% during 2025, growing by 7.8 factored gigawatts to reach 38 factored gigawatts. The mature portfolio grew 33% to 11.4 factored gigawatts, and the operating portfolio increased 30% in the past 12 months.

Speaker #2: In Q4, two major U.S. projects, Quail Ranch and Roadrunner, achieved COD ahead of schedule, delivering over $800 factored megawatts combined at approximately 13% unlevered returns.

Speaker #2: These additions doubled our U.S. operating portfolio to 1.6 factored gigawatts, underscoring our ability to deliver large solar plus storage projects on time and with attractive economics.

Speaker #2: Our under-construction portfolio, a significant contributor to our short and medium-term growth, has doubled over the past year. During the past 12 months, we started construction on projects totaling $2.6 factored gigawatts.

Before beginning this call I would like to draw a participant's attention to the following certain statements made on the call today including but not limited to statements regarding business strategy and plans our project portfolio Market opportunity utility demand and potential growth discussions with commercial counterparties and financing resources pricing trends for material progress of company projects, including anticipated timing of related approvals and project completion and anticipated production delays expected impact from various regulatory developments completion of development. The potential impact of the current conflicts in Israel and our operations, and financial conditions, and Company action designed to mitigate such impact and the company's future financial and operational results and guidance including revenue and adjusted. Evida are forward-looking statements within the meaning of US Federal Security.

Speaker #2: This reflects our capability to systematically mitigate development risk and push projects towards maturity. The most significant addition during the quarter was COBAR 1 and 2, with a capacity of almost one factored gigawatt.

Speaker #2: COBAR is a 2.4-factored-gigawatt flagship project, our largest to date. It comprises five stages and a total investment of $3 billion. It is expected to generate an unlevered return of more than 13% as a result of a well-executed connection expand strategy.

It is laws which reflect Management's best judgment. Based on. Currently available information, we reference certain project metrics in this earning call and additional information about such metrics. Can be found in our earning release. These statements involve risks and uncertainties that may cause actual results to differ from our expectations. Please refer to our 2024 annual report filed with the SEC on March 28th, 2025 and other filings for more information on the specific factors that could cause actual results to differ materially from our forward-looking statements,

Speaker #2: Another notable project that started construction earlier in the year was Snowflake A, also in the U.S., with a capacity of 1.1 factored gigawatts. We also added more than $2.5 factored gigawatts to our pre-construction portfolio over the past 12 months.

Speaker #2: The most notable additions were phases 4 and 5 in the COBAR complex, with a combined capacity of 0.9 factored gigawatts. Advancing COBAR is a major achievement for Enlight and for our U.S.

Although we believe these expectations are reasonable, we undertake no obligation to revise, any statements to reflect changes that occur. After this call, additionally non-ifrs, Financial measures may be discussed on the call. These non-ifrs measures should be considered in addition to and not as a substitute for or in isolation. From our results prepared in accordance with IFRS. Reconciliations to the most directly comparable IFRS Financial measures are available in the earnings release. And the earnings presentation, for today's call, which are posted on our investor relation website,

Speaker #2: Subsidiary Clean Era, and Jared will elaborate more on this shortly. Our U.S. platform continues to demonstrate best-in-class development expertise, providing strong visibility into our growth beyond 2028.

with me this morning are gilad yavitz executive chairman and co-founder of enlight, ailaan, CEO and light Mira who does CFO of enlightened Jared, Mackey, CEO of cleanera

Speaker #2: 100% of pre-construction projects--89% of advanced development--and 53% of development projects have completed their system impact study, a critical step for interconnection certainty. We continued to proactively manage tax incentive eligibility in the U.S.

A deal will provide a summary of the business results and turn the call over to Jared for a review of our us activity. And then near will review the fourth quarter and year end 2025 results.

Our executive team will then be available to answer your questions.

Speaker #2: By safe harboring more than four factored gigawatts over the past quarter, leading to more than 13 factored gigawatts that were eligible for tax equity investments before 2026.

I will now turn the call over to a dealer vighatan. CEO of light. Add please begin.

Good morning and good afternoon, everyone. Thank you for joining us to review. In light's fourth quarter and full year 2025 results and business performance.

Speaker #2: We expect that all of our advanced development portfolio and up to 40% of our development portfolio will be safe harbored by June 2026. Energy storage remains a core pillar of our growth strategy.

2025, was another record year for enlight.

Across the US Europe and Israel. Our teams delivered exceptional performance as developers. Builders owners and operators of large-scale, renewable energy and storage projects.

Speaker #2: In Europe, the rapid growth in renewable energy generation capacity has not been matched by a corresponding build-out of storage capacity, creating a meaningful shortage of battery energy storage systems and a significant opportunity for fast growth supported by attractive returns.

Our results, reflect best-in-class execution, disciplined, Capital allocation, and the strengths of our Diversified multi-technology Global platform.

We are operating in a uniquely favorable environment for the energy sector.

Speaker #2: Our expansion momentum in Europe continued in the fourth quarter and into 2026 with the acquisition of Project Jupiter in Germany, a 2-gigawatt-hour energy storage project paired with 150 megawatts of solar generation capacity, expected to generate an unlevered return of about 15%.

Structural Tailwinds, reindeer and electrification and rapidly Rising. Power demand from data. Centers are driving unprecedented long-term growth across Global electricity markets, these Trends continue to reinforce the Competitive Edge of our Technologies.

Speaker #2: This acquisition follows the acquisitions in Germany and Poland we disclosed in the previous quarter, and further strengthens our position in the largest and one of the fastest-growing renewable markets in Europe.

In light scale portfolio depths and proven execution position us to deliver fast low-cost clean energy where it is needed. Most

Speaker #2: Overall, during the year, we expanded our mature storage portfolio in Europe by 3.5 gigawatt-hours. We're highly committed to continuing our expansion in Europe, leveraging our expertise and execution capabilities to capture the significant opportunities in the market.

Speaker #2: Our mature storage portfolio globally reached 17.5 gigawatt-hour and increase of over 50% from the previous quarter, and over six times its size, just three years ago.

1% to 438 million or 36% excluding the sunlight sell down.

Speaker #2: This expansion is yet another testament to Enlight's entrepreneurial DNA, and our ability to recognize opportunities and act decisively. Our mature storage portfolio represents annual run rate revenues of approximately $1 billion, nearly 50% of the revenues currently reflected in our overall mature portfolio.

In Q4 alone, adjusted IBA accelerated to 99 million up 51%. With this strong finish, we exceeded our full year Revenue in IBA guidance by 4% and 7% respectively.

The fourth quarter, also, capped another record year of execution during which we significantly expanded every component of our portfolio in advanced projects across all stages of development.

Speaker #2: Positioning Enlight to benefit from power price fluctuations, optimization management, capacity services, and ancillary grid services across markets. In Israel, we added meaningful storage capacity and continued to advance our solar-plus-storage build-out.

Our total portfolio expanded 26% during 2025 growing by 7.8 factored. Gigawatt to reach, 38, Factory gigawatt, the mature portfolio, grew 33% to 11.4 factored gigawatt and the operating portfolio increased 30% in the past, 12 months,

Speaker #2: Reinforcing local system flexibility and resilience, over the past 12 months, high-voltage storage projects totaling 1.35 gigawatt-hours progressed from the advanced development portfolio to pre-construction.

In Q4 to major US projects, Quail, Ranch and Roadrunner achieved. Cood ahead of schedule, delivering over 800, factored megawatts combined at approximately 13% unlevered returns.

Speaker #2: In addition, during the quarter, we signed an agreement with MIVNE, a leading Israeli real estate firm, with more than $550 assets nationwide to supply electricity for approximately 500 million U.S.

These additions doubled are us operating portfolio to 1.6. Factored, giglet, underscoring, our ability to deliver large solar, Plus Storage projects on time, and with attractive, economics,

Speaker #2: dollars over 15 years, and to form a partnership which will develop energy storage facilities at MIVNE properties across the country. The agreement follows dozens of similar distributed storage agreements signed over the past 12 months with leading real estate companies and other organizations.

Our under construction portfolio, a significant contributor to our short and medium-term growth has doubled over the past year. During the past 12 months, we started construction on projects totaling 2.6, factored gigawatt. This reflects our capability to systematically mitigate development, risks, and push projects towards maturity.

Speaker #2: We are also expanding our agrivoltaic presence in Israel, with 49 deals signed only in the past 12 months, reflecting a future solar generation capacity of approximately 2 gigawatts, and growing synergies between solar and agriculture.

The most significant addition during the quarter was seal bar 1 and 2 with a capacity of almost 1, factored gigawatt.

Cobar is a 2.4 Factor, gigawatt Flagship project, our largest to date it, comprises of 5 stages, and a total investment of 3 billion dollars.

Speaker #2: As I mentioned earlier, we see a step change in power demand from AI and data centers. Industry outlooks indicate U.S. data center electricity consumption could roughly triple by the end of the decade.

It is expected to generate an unlevered return of more than 13% as a result of a well-executed connect and expand strategy.

Speaker #2: This demand must be met with scalable, cost-effective, and clean energy. Precisely where solar plus storage delivers superior levelized cost of electricity and time-shifting capability.

Another notable project that started construction earlier in the year was snowflake a also in the US with a capacity of 1.1, factored gigawatt.

We also added more than 2.5 Factor, gigawatt to our pre-construction portfolio over the past 12 months.

Speaker #2: Our development capabilities position Enlight to be a partner of choice for large utilities and corporates, as this build-out accelerates. We will share additional details on our strategy and plans to capture the data center opportunity at our upcoming virtual investor event on March 9.

The most notable additions were phases 4 and 5 in the Cobar complex with a combined capacity of 0.9 factored gigawatt.

Adi Leviatan: Continue to reinforce the competitive edge of our technologies. Enlight's scale, portfolio depth, and proven execution position us to deliver fast, low-cost, clean energy where it is needed most. The fourth quarter capped an exceptional year. Revenue and income increased 46% year-over-year for both the quarter, at $152 million, and the full year at $582 million. Adjusted EBITDA in 2025 grew 51% to $438 million, or 36%, excluding the Sunlight sell-down. In Q4 alone, adjusted EBITDA accelerated to $99 million, up 51%. With this strong finish, we exceeded our full-year revenue and EBITDA guidance by 4% and 7% respectively. The fourth quarter also capped another record year of execution, during which we significantly expanded every component of our portfolio in advanced projects across all stages of development.

Advancing Cobar is a major achievement for enlight and for our us subsidiary cleanera and Jared will elaborate more on this shortly.

Speaker #2: Looking forward, our strategy remains consistent and ambitious, to triple the size of the business every three years by advancing high-quality projects through a de-risk development funnel while maintaining discipline on returns and capital structure.

Our us platform continues to demonstrate best-in-class development expertise, providing strong visibility into our growth Beyond 2028.

Speaker #2: The continued growth of our operating portfolio and cash flow generation, combined with our differentiated global access to capital and execution capabilities, enable us to further accelerate investment in Enlight's long-term growth.

100% of pre-construction projects 89% of advanced development and 53% of development projects have completed their system impact study a critical step for interconnection certainty.

Speaker #2: Commensurate to this, I am excited to share that 2026 will be a record year of construction for Enlight, with the expected beginning of construction of three to four factored gigawatts, resulting in a record level of approximately seven factored gigawatts that will be under construction during the year.

We continued to proactively manage tax incentive eligibility in the US by safe harboring. More than 4 Factor gigawatt over the past. Quarter leading to more than 13 factored gigawatt, that were eligible for tax Equity investments before 2026.

We expect that all of our Advanced development portfolio and up to 40% of our development. Portfolio will be safe harbored by June 2026.

Speaker #2: In fact, almost all of our current mature portfolios will be either income-generating or under construction during 2026. By the end of 2026, we expect to add about 1.1 factored gigawatts to our operational capacity, primarily in the fourth quarter of the year.

Adi Leviatan: Our total portfolio expanded 26% during 2025, growing by 7.8 factored gigawatts to reach 38 factored gigawatts. The mature portfolio grew 33% to 11.4 factored gigawatts, and the operating portfolio increased 30% in the past twelve months. In Q4, two major US projects, Quail Ranch and Roadrunner, achieved COD ahead of schedule, delivering over 800 factored megawatts combined at approximately 13% unlevered returns. These additions doubled our US operating portfolio to 1.6 factored gigawatts, underscoring our ability to deliver large solar plus storage projects on time and with attractive economics. Our under construction portfolio, a significant contributor to our short and medium-term growth, has doubled over the past year. During the past twelve months, we started construction on projects totaling 2.6 factored gigawatts.

Speaker #2: That will contribute annual run rate revenue and income of $137 million and adjusted EBITDA of $109 million. By year-end 2028, we expect to achieve 12 to 13 factored gigawatts of operating capacity, predicted to generate annual run rate revenue and income in the range of $2.1 to $2.3 billion.

Energy storage remains a core pillar of our growth strategy in Europe. The rapid growth in renewable energy, generation capacity has not been matched by a corresponding build out of storage capacity, creating a meaningful shortage of battery energy storage systems and a significant opportunity for fast growth supported by attractive returns.

Speaker #2: Over 11 factored gigawatts out of this capacity is in our mature portfolio, underscoring the significant progress we made this year in increasing the visibility and certainty of our pipeline.

Our expansion momentum in Europe, continued in the fourth quarter and into 2026 with the acquisition of project jupyter. And Germany, a 2 gigawatt Hour, Energy storage project paired with 150 megawatt of solar generation capacity, expected to generate unlevered return of about 15%,

Speaker #2: Compared to our estimates in the previous quarter, 2028 revenue and income annual run rate increased by approximately $150 million. And the plant capacity expanded by one factored gigawatt at the low end.

This acquisition follows the Acquisitions in Germany and Poland. We disclosed in the previous quarter and further strengthens our position in the largest and 1 of the fastest growing renewable markets in Europe.

Speaker #2: The unlevered return on investment reflected in our under-construction and pre-construction projects is expected to range from 12% to 13%, up from the 11% to 12% range we referenced last quarter, highlighting our continued focus on disciplined, accretive growth.

Adi Leviatan: This reflects our capability to systematically mitigate development risk and push projects towards maturity. The most significant addition during the quarter was CO Bar One and Two, with a capacity of almost 1 factored gigawatt. CO Bar is a 2.4 factored gigawatt flagship project, our largest to date. It comprises of five stages and a total investment of $3 billion. It is expected to generate an unlevered return of more than 13% as a result of a well-executed connect and expand strategy. Another notable project that started construction earlier in the year was Snowflake A, also in the US, with a capacity of 1.1 factored gigawatt. We also added more than 2.5 factored gigawatts to our pre-construction portfolio over the past 12 months.

We're highly committed to continuing our expansion, in your leveraging, our expertise and execution capabilities. To capture the significant opportunities in the market.

Our mature storage portfolio. Globally reached 17.5, gigawatt hour, an increase of over 50% from the previous quarter and over 6 times its size just 3 years ago.

Speaker #2: We now expect to deliver our return on equity of more than 18%. Before I hand over the floor to Jared, I would like to reiterate the key takeaways.

this expansion is yet another Testament to enlight, interpreter DNA, and our ability to recognize opportunities and act decisively

Speaker #2: We delivered a strong finish to 2025, exceeding guidance by growing revenues and EBITDA meaningfully, and continued to rapidly expand and de-risk our pipeline. We are positioned for a record construction year in 2026 and remain on track to reach 12 to 13 factored gigawatts of operating capacity by 2028 at attractive returns, supported mainly by our current mature portfolio and underpinned by disciplined returns.

our mature storage portfolio represents annual run rate revenues of approximately 1 billion dollars, nearly 50% of the revenues currently reflected in our overall, mature portfolio positioning in light to benefit from Power price fluctuations, optimization management capacity services and ancillary grid Services across markets

Adi Leviatan: The most notable additions were phases 4 and 5 in the CO Bar complex, with a combined capacity of 0.9 factored GW. Advancing CO Bar is a major achievement for Enlight and for our US subsidiary, Clēnera, and Jared will elaborate more on this shortly. Our US platform continues to demonstrate best-in-class development expertise, providing strong visibility into our growth beyond 2028. 100% of pre-construction projects, 89% of advanced development, and 53% of development projects have completed their system impact study, a critical step for interconnection certainty. We continued to proactively manage tax incentive eligibility in the US by safe harboring more than 4 factored GW over the past quarter, leading to more than 13 factored GW that were eligible for tax equity investments before 2026.

Speaker #2: With that, I will hand the call over to Jared.

In Israel, we added a meaningful storage capacity and continues to advance our solar Plus Storage buildout reinforcing local system, flexibility and resilience.

Speaker #1: Thank you, Adi. In 2025, we continue to execute our growth strategy in the U.S. We doubled our operational capacity to 1.6 factored gigawatts, and we have close to five factored gigawatts of additional projects under construction or in pre-construction expected to come online by the end of 2028.

Over the past 12 months, high voltage storage projects, totaling 1.35, gigawatt hour progressed from the advanced development, portfolio to pre-construction.

Speaker #1: In fact, a recent analysis by S&P placed us in the top 10 solar companies in the United States. In the fourth quarter of 2025, we commissioned two new co-located PV and battery facilities and have fully mobilized construction on three more.

In addition during the quarter, we signed an agreement with any, a leading Israeli, real estate firm with more than 550 assets. Nationwide to supply electricity for approximately 500 million US Dollars over 15 years and to form a partnership which will develop energy storage facilities at midnight properties across the country.

Speaker #1: The Roadrunner Solar and Storage facility in Southeast Arizona has been successfully commissioned. This facility has a generation capacity of 290 megawatts and energy storage of 940 megawatt-hours.

The agreement follows dozens of similar, distributed storage agreements, signed over the past, 12 months, with leading real estate companies and other organizations.

Adi Leviatan: We expect that all of our advanced development portfolio and up to 40% of our development portfolio will be safe harbored by June 2026. Energy storage remains a core pillar of our growth strategy. In Europe, the rapid growth in renewable energy generation capacity has not been matched by a corresponding build-out of storage capacity, creating a meaningful shortage of battery energy storage systems and a significant opportunity for fast growth, supported by attractive returns. Our expansion momentum in Europe continued in Q4 and into 2026 with the acquisition of Project Jupiter in Germany, a 2 GWh energy storage project paired with 150 MW of solar generation capacity, expected to generate unlevered return of about 15%.

Speaker #1: We achieved an early COD on the PV portion of the project, bringing in earlier-than-expected revenues for the quarter. We also achieved COD on our Quail Ranch Solar and Storage facility.

We are also expanding our Agri voltaic presence in Israel with 49 deals. Signed only in the past 12 months, reflecting a future solar generation capacity of approximately 2, factored gigawatts and growing synergies between solar and agriculture.

Speaker #1: This includes the 128-megawatt PV site and 400-megawatt-hour battery storage. These projects bring our operational portfolio in the U.S. to 888 megawatts of generation and 2,540 megawatt-hours of energy storage.

As I mentioned earlier, we see a step change in power demand from Ai and data centers industry. Outlooks indicate us data center, electricity consumption could roughly triple by the end of the decade.

Speaker #1: Combined, these facilities are delivering enough energy to the grid to power over 220,000 American homes. We are in full construction on the first phases of two megaprojects in the American Southwest: the Snowflake and COBAR complexes.

This demand must be met with scalable cost-effective and clean energy, precisely where solar Plus Storage delivers Superior levelized cost of electricity and time shifting capability.

Speaker #1: First, on the COBAR complex, I am excited to announce that we have received full approval for the 1-gigawatt interconnection for the facility. The COBAR project is a special project, and indicative of what the Chlinera team can accomplish through their development expertise, tenacity, and grit.

Adi Leviatan: This acquisition follows the acquisitions in Germany and Poland we disclosed in the previous quarter and further strengthens our position in the largest and one of the fastest-growing renewable markets in Europe. Overall, during the year, we expanded our mature storage portfolio in Europe by 3.5 GWh. We are highly committed to continuing our expansion in Europe, leveraging our expertise and execution capabilities to capture the significant opportunities in the market. Our mature storage portfolio globally reached 17.5 GWh, an increase of over 50% from the previous quarter and over 6 times its size just 3 years ago. This expansion is yet another testament to Enlight's entrepreneurial DNA and our ability to recognize opportunities and act decisively.... Our mature storage portfolio represents annual run rate revenues of approximately $1 billion.

Our development capabilities position and light to be a partner of choice for large utilities and corporates as this buildout accelerates. We will share additional details on our strategy and plans to capture the data center opportunity. At our upcoming virtual investor event on March 9th.

Speaker #1: The executed LGIA provides certainty on the interconnection and enabled a full construction mobilization. The construction team is mobilized on the first two phases of the project, COBAR 1 and COBAR 2.

Looking forward, our strategy remains consistent and ambitious to Triple the size of the business. Every 3 years by advancing high-quality projects, through a de-risk development funnel, while maintaining discipline on returns and capital structure.

Speaker #1: COBAR 1 includes 254 megawatts of PV generation and 824 megawatt-hours of battery storage, with commercial operations scheduled for the second half of 2027. COBAR 2, a 480-megawatt PV project, anticipates commercial operations in the first half of 2028.

The continued growth of our operating portfolio and cash flow generation combined, with our differentiated Global access to Capital and execution capabilities, enable us to further accelerate investment and in life's long-term growth

Speaker #1: We have also signed energy storage agreements with Salt River Project for the storage phases, COBAR 4 and 5. With these energy storage agreements in place, the entire 1,211 megawatts of solar and 4,000 megawatt-hours of battery in the COBAR complex is fully subscribed.

Commensurate to this and excited to share that 2026 will be a record year of construction for in light with the expected. Beginning of construction, of 3 to 4 factored, gigawatt, resulting in a record level of approximately 7, factored, gigawatt. That will be under construction during the year. In fact, almost all of our current mature portfolios will be either income generating, or under construction during 2026.

Adi Leviatan: Nearly 50% of the revenues currently reflected in our overall mature portfolio, positioning Enlight to benefit from power price fluctuations, optimization management, capacity services, and ancillary grid services across markets. In Israel, we added meaningful storage capacity and continued to advance our solar plus storage build-out, reinforcing local system flexibility and resilience. Over the past 12 months, high voltage storage projects totaling 1.35 GWh progressed from the advanced development portfolio to pre-construction. In addition, during the quarter, we signed an agreement with Mifne, a leading Israeli real estate firm with more than 550 assets nationwide, to supply electricity for approximately $500 million over 15 years, and to form a partnership which will develop energy storage facilities at Mifne properties across the country.

Speaker #1: Full mobilization of the COBAR 3, 4, and 5 projects, totaling 473 megawatts of PV and 3,176 megawatt-hours of BESS, is targeted over the next 6 to 12 months.

By the end of 2026, we expect to add about 1.1, factored gigawatt to our operational capacity, primarily in the fourth quarter of the year, that will contribute, annual run, rate, revenue, and income of 137 million and adjusted ibida of 109 million.

Speaker #1: With commercial operation anticipated between the second half of 2027 and the first half of 2028. Moving on, Phase 1 of the Snowflake complex, Snowflake A, includes 595 megawatts of PV and 1,900 megawatt-hours of energy storage.

Speaker #1: The complex is located in Northeast Arizona, near the city of Holbrook. More than 300 skilled workers are mobilized on-site, advancing construction of the solar, battery, substation, and transmission infrastructure.

By year, end 2028 we expect to achieve 12 to 13, factored, gigawatt of operating capacity, predicted to generate annual run rate, Revenue income in the range of 2.1 to 2.3 billion dollars over 11. Factored gigawatt out of this capacity is in our mature portfolio. Underscoring, the significant progress we made this year in increasing the visibility and certainty of our pipeline.

Speaker #1: They have completed site mass grading, installed about half of the PV and BESS piles, and over a third of the racking. The civil work for the substation and energy storage facility is complete, and we will be receiving shipments of batteries soon.

Just by approximately 150 million dollars and the plant capacity expanded by 1 Factory gigawatt at the low end.

Adi Leviatan: The agreement follows dozens of similar distributed storage agreements signed over the past 12 months with leading real estate companies and other organizations. We are also expanding our agrivoltaic presence in Israel, with 49 deals signed only in the past 12 months, reflecting a future solar generation capacity of approximately 2 factored gigawatts and growing synergies between solar and agriculture. As I mentioned earlier, we see a step change in power demand from AI and data centers. Industry outlooks indicate US data center electricity consumption could roughly triple by the end of the decade. This demand must be met with scalable, cost-effective, and clean energy, precisely where solar plus storage delivers superior levelized cost of electricity and time-shifting capability. Our development capabilities position Enlight to be a partner of choice for large utilities and corporates as this build-out accelerates.

Speaker #1: Once operational, the two complexes will generate enough clean energy to power over 325,000 Arizona homes. These megaprojects exemplify our belief that utility-scale solar can deliver clean, reliable energy while advancing responsible land stewardship.

The unlevered return on investment reflected in our under construction and pre-construction projects is expected to range from 12% to 13% up from the 11% to 12% range. We referenced last quarter highlighting our continued focus on disciplined creative growth.

We now expect to deliver our return on Equity of more than 18%.

Speaker #1: Early construction at COBAR 1 and 2 removed hundreds of acres of invasive vegetation to be restored with native grasses, forbs, and flowers to enhance biodiversity.

Before I hand over the floor to Jared I would like to reiterate the key. Takeaways we delivered a strong finish to 2025 exceeding guidance by growing revenues and ibida meaningfully and continue to rapidly expand and de-risk our pipeline.

Speaker #1: We are also funding a multi-year study to monitor large mammal migration around the complex, demonstrating the multi-dimensional opportunities our projects create in Arizona. We have also started construction at our Crimson Orchard Project in Elmore County, Idaho.

We are positioned for a record construction year in 2026 and remain on track to reach 12 to 13. Factored gigawatt of operating capacity by 2028, at attractive returns supported mainly by our current mature portfolio and underpinned by disciplined returns.

Speaker #1: This project includes 120 megawatts of PV generation and 400 megawatt-hours of energy storage. We expect it to be commissioned in the first half of next year.

With that, I will hand the call over to Jared.

Adi Leviatan: We will share additional details on our strategy and plans to capture the data center opportunity at our upcoming virtual investor event on 9 March. Looking forward, our strategy remains consistent and ambitious to triple the size of the business every three years by advancing high-quality projects through a de-risk development funnel, while maintaining discipline on returns and capital structure. The continued growth of our operating portfolio and cash flow generation, combined with our differentiated global access to capital and execution capabilities, enable us to further accelerate investment in Enlight's long-term growth. Commensurate to this, I'm excited to share that 2026 will be a record year of construction for Enlight, with the expected beginning of construction of 3 to 4 factored gigawatts, resulting in a record level of approximately 7 factored gigawatts that will be under construction during the year.

Speaker #1: Once it is online, it will generate enough energy to power over 20,000 Idaho homes. The final project under construction is Country Acres, a 403-megawatt solar and 688-megawatt-hour battery project near Sacramento.

Speaker #1: The mobilized construction crew is similar in size to Snowflake A, with over 300 workers on-site. They have completed site mass grading and installed nearly all PV and BESS piles.

Thank you, add in 2025, we continue to execute our growth strategy in the US. We doubled our operational capacity to 1.6 Factor gigawatts and we have close to 5 Factor gigawatts of additional projects under construction or in pre-construction expected to come online by the end of 2028. In fact, a recent analysis by S&P placed Us in the top, 10 solar companies in the United States.

Speaker #1: Along with half of the PV racking and a third of the modules, the site substation is about two-thirds complete. The project remains scheduled for commercial operations by year-end.

In the fourth quarter of 2025, we commissioned 2, new co-located PV and Battery facilities and have fully mobilized construction on 3 more.

Speaker #1: Briefly reflecting on 2025, I want to thank everyone at Enlight and Chlinera, as well as our customers, suppliers, and contractors, for their dedication and excellence throughout the year.

The Roadrunner solar and storage facility in southeast. Arizona has been successfully commissioned. This facility has a generation capacity of 290 megawatts and energy storage of 940 megawatt hours.

We achieved an early Cod on the PV portion of the project bringing in an earlier than expected revenue for the quarter.

Speaker #1: We have once again demonstrated strong execution, reinforcing the solid fundamentals of our energy market, as utility and large load customers continue to seek new sources of generation.

Adi Leviatan: In fact, almost all of our current mature portfolio will be either income generating or under construction during 2026. By the end of 2026, we expect to add about 1.1 factored gigawatts to our operational capacity, primarily in Q4 of the year. That will contribute annual run rate revenue and income of $137 million and Adjusted EBITDA of $109 million. By year-end 2028, we expect to achieve 12 to 13 factored gigawatts of operating capacity, predicted to generate annual run rate revenue and income in the range of $2.1 to 2.3 billion. Over 11 factored gigawatts out of this capacity is in our mature portfolio, underscoring the significant progress we made this year in increasing the visibility and certainty of our pipeline.

We also achieved Cod on our quell Ranch, solar and storage facility. This includes the 128 megawatt PV site and 400 megawatt hour, battery storage.

Speaker #1: Global and U.S. power demand is expected to grow by more than 80% between 2025 and 2028, and Chlinera and Enlight are well-positioned with the financial strength, operational excellence, and mature projects to capitalize on this growth.

These projects, bring our operational portfolio in the US to 888 megawatts of generation and 2540 megawatt, hours of energy storage combined. These facilities are delivering enough energy to the grid to power over 220,000 American homes.

Speaker #1: In 2026, we will continue to build on the success and execute our U.S. growth strategy. I'll now turn the phone over to Nir.

We are in Full Construction on the first phases of 2, Mega projects in the American southwest, the Snowflake, and seal bar complexes first on the Cobar complex.

Speaker #2: Thank you, Jared. The fourth quarter of '25 has been a strong quarter for Enlight, mainly resulting from the operation of new projects in the U.S.

I am excited to announce that we have received full approval for the 1 gigawatts.

Speaker #2: As we continue to materialize our growth plan, in the fourth quarter of '25, the company's total revenues and income increased to $152 million, up from $104 million last year.

Adi Leviatan: Compared to our estimates in the previous quarter, 2028 revenue and income annual run rate increased by approximately $150 million, and the planned capacity expanded by 1 factored gigawatt at the low end. The unlevered return on investment reflected in our under construction and pre-construction projects is expected to range from 12% to 13%, up from the 11% to 12% range we referenced last quarter, highlighting our continued focus on disciplined, accretive growth. We now expect to deliver our return on equity of more than 18%. Before I hand over the floor to Jared, I would like to reiterate the key takeaways. We delivered a strong finish to 2025, exceeding guidance by growing revenues and EBITDA meaningfully, and continued to rapidly expand and de-risk our pipeline.

The seal bar project is a special project and indicative of what the climate team can accomplish through their development, expertise, tenacity and Grit.

Speaker #2: A growth rate of 46% year over year. This was composed of revenues from the sale of electricity, which amounted to $124 million, an increase of $31 million from the same period of ’24, as well as recognition of $28 million in income from tax benefit, an increase of $70 million from Q4 ’24.

Speaker #2: The growth in revenues from the sale of electricity is mainly attributed to newly operational projects, which contributed a total of $18 million to the growth in revenue.

The executed lgia provides certainty on the interconnection and enabled a Full Construction. Mobilization, the construction team is mobilized on the first 2 phases of the project, steel bar 1 and seal bar 2. Seal bar 1 includes 254 megawatts of PV generation and 824 megawatt hours of battery storage with commercial operations, scheduled for the second half of 2027.

Speaker #2: These projects include At Risk in New Mexico, which started commercial operation in December '24 and contributed about $11 million to sales of electricity. As well as Square Ranch in New Mexico and Road Runner in Arizona, which started commercial operation towards the end of '25 and contributed $2 million in the sale of electricity.

Seal bar 2, a 480 megawatt, PV project, anticipates commercial operations in the first half of 2028.

We have also signed energy storage agreements with Salt. River Project for the storage phases, seal bar 4, and 5.

Speaker #2: Additionally, projects popping in Serbia started commercial operation towards the end of '24 and contributed $5 million to the increase in sale of electricity, compared to Q4 '24.

Adi Leviatan: We are positioned for a record construction year in 2026 and remain on track to reach 12 to 13 factored gigawatts of operating capacity by 2028 at attractive returns, supported mainly by our current mature portfolio and underpinned by disciplined returns. With that, I will hand the call over to Jared.

With these energy storage agreements in place, the entire 1,211 megawatts of solar and 4,000 megawatt hours of battery. The seal bar complex is fully subscribed.

Speaker #2: Additional notable items include an increase of $7 million in the sale of electricity in Israel, attributed to electricity trade activity. And contribution of $7 million from exchange rate fluctuation, mainly the depreciation of the U.S.

Jared McKee: Thank you, Adi. In 2025, we continued to execute our growth strategy in the US. We doubled our operational capacity to 1.6 factored GW, and we have close to 5 factored GW of additional projects under construction or in pre-construction, expected to come online by the end of 2028. In fact, a recent analysis by S&P placed us in the top 10 solar companies in the United States. In Q4 2025, we commissioned 2 new co-located PV and battery facilities and have fully mobilized construction on 3 more. The Roadrunner Solar and Storage Facility in Southeast Arizona has been successfully commissioned. This facility has a generation capacity of 290 MW and energy storage of 940 MWh.

Full mobilization of the seal bar 34 and 5 projects totaling 473, megawatts of TV and 3,176 megawatt. Hours of Best is targeted over the next 6 to 12 months with commercial operation and anticipated between the second half of 2027 to the first half of 2028.

Speaker #2: The dollar compared to the Israeli shekel and the euro. The increase in income from the tax benefit is mostly attributed to At Risk, which contributed $11 million, of which $3 million is attributed to the eligibility for domestic content.

Moving on Phase 1 of the snowflake complex snowflake a includes 595, megawatts of TV and 1,900 megawatt hours of energy storage.

Speaker #2: Road Runner and Square Ranch contributed an aggregate amount of $6 million to income from tax benefit. Revenue and income were distributed between MENA, Europe, and the U.S., with 32% from Israel, 37% from Europe, and 31% from the U.S.

Skilled workers are mobilized on site advancing construction of the solar battery, substation and transmission infrastructure.

Speaker #2: The companies adjusted EBITDA grew by 51% to $99 million, compared to $65 million, for the same period in '24. The increase in revenue was offset by an additional $12 million in cost of sales linked to new projects, while SG&A and project development expenses were by $3 million.

They have completed site Mass grading installed about half of the PV and best piles and over a third of the racking.

The Civil work for the substation, energy storage facility is complete and we will be receiving shipments of batteries soon.

Once operational, the 2 complexes will generate enough clean energy to power over 325,000, Arizona homes.

Jared McKee: We achieved an early COD on the PV portion of the project, bringing in earlier than expected revenues for the quarter. We also achieved COD on our Quail Ranch Solar and Storage Facility. This includes a 128MW PV site and 400 MWh battery storage. These projects bring our operational portfolio in the US to 888 MW of generation and 2,540 MWh of energy storage. Combined, these facilities are delivering enough energy to the grid to power over 220,000 American homes. We are in full construction on the first phases of two mega projects in the American Southwest, the Snowflake and CO Bar complexes. First, on the CO Bar Complex, I am excited to announce that we have received full approval for the 1-GW interconnection for the facility.

Speaker #2: Fourth quarter net income increased by $13 million compared to Q4 '24, amounting to $21 million. An increase of $34 million in EBITDA was partially offset by an increase of $12 million in depreciation and amortization, attributed to the start of operation of new projects, as well as share-based compensation.

these Mega projects exemplify our beliefs that utility scale, solar can deliver clean, reliable energy while advancing responsible land stewardship,

Early construction at seal bar 1 and 2 removed, hundreds of Acres of invasive, vegetation to be restored with Native grasses Forbes and flowers to enhance biodiversity.

Speaker #2: Additionally, net financial expenses increased by $4 million, and tax expenses increased by $7 million. Enlight secured a significant amount of new funding during '25. At the deposit level, we secured $2.9 billion of project finance, as well as tax equity in the amount of $470 million, and the mezzanine loan amounted to $350 million.

We are also funding, a multi-year study to monitor large mammal. Migration around the complex demonstrating, the multi-dimensional opportunities are projects create in Arizona,

Speaker #2: At the corporate level, we raised $300 million in equity, $245 million in venture, and $50 million in an asset sale. Altogether, since the beginning of '25, Enlight raised $4.3 billion, providing the financial underpinning for our ambitious expansion plans, with particular focus on the U.S.

We have also started construction at our Crimson Orchard project, in Elmore County Idaho, this project includes 120 megawatts of PV generation and 400 megawatt hours of energy storage. We expect it to be commissioned in the first half of next year. Once it is online, it will generate enough energy to

Jared McKee: The CO Bar project is a special project and indicative of what the Clēnera team can accomplish through their development, expertise, tenacity, and grit. The executed LGIA provides certainty on the interconnection and enables a full construction mobilization. The construction team is mobilized on the first two phases of the project, CO Bar One and CO Bar Two. CO Bar One includes 254MW of PV generation and 824MWh of battery storage, with commercial operations scheduled for the second half of 2027. CO Bar Two, a 480MW PV project, anticipates commercial operations in the first half of 2028. We have also signed energy storage agreements with Salt River Project for the storage phases, CO Bar Four and Five.

Power over 20,000, Idaho homes.

The final project under construction is Country Acres. A 403 megawatt solar and 688 megawatt-hour battery project near Sacramento.

Speaker #2: In addition to these funds, we have a $525 million credit facility at several banks, of which $360 million was available for use at the balance sheet date.

The mobilized construction crew is similar in size to snowflake a with over 300 workers on site. They have completed site, Mass grading and installed nearly all PV and best piles along with half of the PD rocking in a third of the modules.

Speaker #2: In addition, we have approximately $1.5 billion in LC insurance bond facility, supporting our global expansion, of which $790 million were available for use at the end of the quarter.

The site substation is about 2/3. Complete the project remains scheduled for commercial operations by year end.

Briefly reflecting on 2025.

I want to thank everyone at inlight and Clara.

Speaker #2: This further increased our financial flexibility, as well as continued to deliver on our growth strategy. Moving to '26 guidance, we expect revenues and income between $755 million and $785 million and adjusted EBITDA between $545 million and $565 million, reflecting annual growth of 32% and $27% at the midpoint, respectively compared to '25 results.

As well as our customers suppliers and contractors for their dedication and Excellence throughout the year.

We have once again, demonstrated strong execution.

Jared McKee: With these energy storage agreements in place, the entire 1,211 MW of solar and 4,000 MWh of battery, the CO Bar Complex is fully subscribed. Full mobilization of the CO Bar Three, Four, and Five projects, totaling 473 MW of PV and 3,176 MWh of BESS, is targeted over the next 6 to 12 months, with commercial operation anticipated between the second half of 2027 to the first half of 2028. Moving on, phase one of the Snowflake Complex, Snowflake A, includes 595 MW of PV and 1,900 MWh of energy storage. The complex is located in Northeast Arizona, near the city of Holbrook. More than 300 skilled workers are mobilized on-site, advancing construction of the solar, battery, substation, and transmission infrastructure.

Reinforcing the solid fundamentals of our energy Market.

As a utility and large load customers, continue to seek new sources of generation.

Global. And US power demand is expected to grow by more than 80% between 2025, and 2028, and Clara and enlight are well, positioned with the financial strength.

Speaker #2: Our revenues and income guidance for '26 include recognition of an estimated $160 million to $180 million in income from U.S. tax benefit. 90% of '26 generation output is expected to be sold at fixed prices, either through PPA or hedging, off our total forecasted revenue, any income, $39% are expected to be denominated in U.S.

Operational excellence and mature projects to capitalize on this growth.

In 2026, we will continue to build on the success and execute our us growth strategy.

I'll now turn the phone over to near.

Speaker #2: dollars, including tax incentives, $34% in Israeli shekel, and $27% in euros. I will now turn the call over to the operator for questions.

Thank you Jared. The fourth quarter of 25. Has been a strong quarter for in light many resulting from the operation of new projects in the us as we continue to materialize. Our growth plan.

Speaker #3: Thank you. To ask a question, you will need to press star one one on your telephone, and wait for your name to be announced.

in the fourth quarter of 2015, the company total revenues and income increased to 152 million up from 104 last year, a growth rate of 46% year-over-year

Jared McKee: They have completed site mass grading, installed about half of the PV and BESS piles, and over a third of the racking. The civil work for the substation and energy storage facility is complete, and we will be receiving shipments of batteries soon. Once operational, the two complexes will generate enough clean energy to power over 325,000 Arizona homes. These mega projects exemplify our belief that utility-scale solar can deliver clean, reliable energy while advancing responsible land stewardship. Early construction at CO Bar One and Two removed hundreds of acres of invasive vegetation to be restored with native grasses, forbs, and flowers to enhance biodiversity. We are also funding a multi-year study to monitor large mammal migration around the complex, demonstrating the multidimensional opportunities our projects create in Arizona. We have also started construction at our Crimson Orchard project in Elmore County, Idaho.

Speaker #3: To withdraw your question, please press star one and one again. Please stand by while we compile the Q&A roster. Thank you. We will now go to our first question.

Speaker #3: One moment, please. And your first question today comes from the line of Justin Clare from Roth Capital Partners. Please go ahead.

Is composed of revenues from the seller of electricity, which amounted to 124 million and increase of 31 million from the same period of 24, as well, as recognition of 28 million in income from tax benefit, and increase of 70 million. From Q4 2424, the growth in revenues from the cell of electricity is mainly attributed to newly operational projects, which contributed the total of 18 million to the growth in Revenue.

Speaker #4: Hi, thanks for taking the question here. So, I first wanted to just start out—you had increased your expected annualized revenue and income run rate for 2028 to $2.1 to $2.3 billion, up from the $1.9 to $2.2 billion.

Speaker #4: So just wondering if you could walk through the drivers of the increase in that outlook—how much of that was attributable to the acquisition of the Jupiter project in Germany?

This project include a tisco in New Mexico, which started commercial operation in the December 24th and contributed about 11 million to sales of electricity as well as Square ranch in New Mexico. And rodon in Arizona, which started commercial operation towards the end of 25 and contributed 2 million in the sale of electricity.

Speaker #4: And then just more broadly, how should we think about the potential role of acquisitions in the growth strategy here and whether there could be additional opportunities to accelerate the 2028 growth or beyond as a result of M&A?

Additionally project pooping in Serbia. Started commercial operation. Towards the end of 24 and contributed 5 million to the increase in sale of electricity, compared to Q4 24.

Jared McKee: This project includes 120 MW of PV generation and 400 MWh of energy storage. We expect it to be commissioned in the first half of next year. Once it is online, it will generate enough energy to power over 20,000 Idaho homes. The final project under construction is Country Acres, a 403 MW solar and 688 MWh battery project near Sacramento. The mobilized construction crew is similar in size to Snowflake A, with over 300 workers on site. They have completed site mass grading and installed nearly all PV and BESS piles, along with half of the PV racking and a third of the modules. The site substation is about two-thirds complete. The project remains scheduled for commercial operations by year-end.

Speaker #3: Thanks. Thank you for the question. The acquisition of the Jupiter project contributed in and of itself $150 million to the overall sum of the 2028 run rate revenues.

Edition and notable items include an increase of 7 million in the cell of electricity in Israel. Attributed to electricity to add activity and contribution of 7 million from exchange rate. Fluctuation mainly the depreciation of the US dollar compared to the Israeli shaken and the euro

Speaker #3: In addition to that, COBAR four and five were moved from the, if you note the little dotted line, on the 2028 annual revenue rates, it moved up from the advanced development into the pre-construction.

Content.

Contributed amount of 6 million to income from tax benefits.

Revenue and income were distributed between Mana Europe and the US with 32% from Israel that is 7% from Europe and 31% from the US.

Speaker #3: So, it moved into the $2.0 number, which does not extend the top range, but it does increase the level of certainty that it is now in the mature portfolio.

Jared McKee: Briefly reflecting on 2025, I want to thank everyone at Enlight and Clēnera, as well as our customers, suppliers, and contractors for their dedication and excellence throughout the year. We have once again demonstrated strong execution, reinforcing the solid fundamentals of our energy market as utility and large load customers continue to seek new sources of generation. Global and US power demand is expected to grow by more than 80% between 2025 and 2028, and Clēnera and Enlight are well positioned with the financial strength, operational excellence, and mature projects to capitalize on this growth.

Speaker #3: And to just also pick up on the second part of your question, we are always looking at opportunities also for acquisitions of projects and pipelines where it makes sense.

The company is adjusted ibida grew by 51% to 99 million compared to 65 million for the same period in 24. The increase in Revenue was offset by an additional 12 million in cost of sales, linked to new projects while sgna and project development. Expenses was by 3 million

Speaker #3: Specifically in the case of the storage markets in Europe, and specifically Project Jupiter in Germany, it is an opportunity to enter the market relatively quickly.

Speaker #3: That would be a reason why we would go for an acquisition of a project that is relatively mature. We are still a greenfield developer, but we do have the flexibility to acquire projects when we want to come into the market early.

fourth quarter, net income increased by 13 million, compared to Q4 2424 amounted to 21 million, and in case of 34 million in ibida was, partially offset by an increase of 12 million, in depreciation, and amortization attributed to the start of operation of new projects as well as share based compensation.

Additionally, net Financial expenses increased by 4 million and tax expenses increased by 7 million.

Speaker #3: And you can see about the Jupiter project that it does not come at the expense of the project returns. As we mentioned, in the presentation deck, it is 15% unlevered project returns.

Jared McKee: ... In 2026, we will continue to build on this success and execute our US growth strategy. I'll now turn the phone over to Nir.

Nir Yehuda: Thank you, Jared. The Q4 2025 has been a strong quarter for Enlight, mainly resulting from the operation of new projects in the US as we continue to materialize our growth plan. In the Q4 2025, the company's total revenues and income increased to $152 million, up from $104 million last year, a growth rate of 46% year-over-year. This was composed of revenues from the sale of electricity, which amounted to $124 million, an increase of $31 million from the same period of Q4 2024, as well as a recognition of $28 million in income from tax benefit, an increase of $17 million from Q4 2024. The growth in revenues from the sale of electricity is mainly attributed to newly operational projects, which contributed a total of $18 million to the growth in revenue.

And I secured a significant amount of new funding during 25. And the project level we secured 2.9 billion of project Finance as well as tax equity in the amount of 470 million. And the mean loan amounted to 350 million,

Speaker #3: So even when we acquire projects that are relatively mature, it does not come at the expense of the returns.

Speaker #4: Okay. Got it. Sounds good. And then just maybe shifting over to the Safe Harbor, you had indicated, I think, $13.2 factored gigawatts have currently been Safe Harbored at $4.3 over the last three months.

At the corporate level, we raised 300 million in equity 245 million in debenture, and 50 million in an asset sale altogether. Since the beginning of 25, a light wave 4.3 billion, providing the financial underpinning for our ambitious expansion plans with particular focus on the US.

Speaker #4: So just at this point, can you talk about the potential to Safe Harbor additional capacity? Is there a possibility to get beyond the $14 to $17 factored gigawatts targeted range?

In addition, to this funds, we have 525 million of credit facility at several Banks of which 36060 million was available for use at the balance sheet date.

Speaker #4: And just wondering if you could speak to any constraints. Are you limited more by just the pipeline of projects that you have, or are there any limitations in equipment access, or interconnection progress, or other factors?

Nir Yehuda: These projects include Atrisco in New Mexico, which started commercial operation in December 2024 and contributed about $11 million to sales of electricity, as well as Querencia in New Mexico and Roadrunner in Arizona, which started commercial operation towards the end of 2025 and contributed $2 million in the sale of electricity. Additionally, Project Bukvin in Serbia started commercial operation towards the end of 2024 and contributed $5 million to the increase in sale of electricity compared to Q4 2024. Additional notable items include an increase of $7 million in the sale of electricity in Israel, attributed to electricity trade activity and contribution of $7 million from exchange rate fluctuation, mainly the depreciation of the US dollar compared to the Israeli shekel and the euro.

In addition we have approximately 1.5 billion in LCN surety bond facility supporting our Global expansion of which 790 million were available for use. At the end of the quarter, this further increase our financial flexibility as well, continue to deliver on our growth strategy.

Speaker #3: I will answer the question, and then I will also refer it onwards to Jared. I will just answer that we do plan to still Safe Harbor 0.5 to 3.5 factored gigawatts in this first half of 2026.

Speaker #3: And after that, of course, the Safe Harboring of PV, solar projects, will be capped but Safe Harboring of energy storage projects is still available for three more years.

Moving to 26 guidance. We expect revenues and income between 755 million and 785 million, and adjusted ebab between 545 million and 565 million reflecting, annual growth of 32% and 27% at the midpoint respectively compared to 25 results.

Speaker #3: So in that sense, we will be continuing to Safe Harbor specifically best. So, battery energy storage projects. But I will hand it over for Jared to complement my explanation.

Our revenues and income guidance for 26, include recognition of an estimated 160 million to 180 million in income from us tax benefit.

90% of 26 generation output is expected to be sold at fixed prices, either through PPI or hedging.

Nir Yehuda: The increase in income from tax benefit is mostly attributed to Atrisco, which contributed $11 million, of which $3 million is attributed to the eligibility for domestic content. Roadrunner and Querencia contributed an aggregate amount of $6 million to income from tax benefit. Revenue and income were distributed between Mena, Europe, and the US, with 32% from Israel, 37% from Europe, and 31% from the US. The company's Adjusted EBITDA grew by 51% to $99 million, compared to $65 million for the same period in 2024. The increase in revenue was offset by an additional $12 million in cost of sales linked to new projects, while SG&A and project development expenses rose by $3 million. Fourth quarter net income increased by $13 million compared to Q4 2024, amounting to $21 million.

Speaker #4: Yeah. Thanks, Adi. We stand behind the $14 to $17 factored gigawatt range of Safe Harbor. As Adi mentioned, there are additional projects that we're looking at for 2026 that will be able to have full tax credits through 2030.

Of our total forecasted revenue and income. 39% are expected to be denominated in US Dollars including tax incentives 34% in Israeli shekel and 27% in Euros. I will now turn the call over to the operator for questions.

Thank you to ask a question. You will need to press star 1 and 1 on your telephone and wait for your name to be announced.

Speaker #4: The $14 to $17 factored gigawatt range is something that we're actually very proud of. It's been a significant undertaking from the team. As you all know, we include physical work of a significant nature, both offsite and onsite, for our projects.

To restore your question. Please press star 1 and 1. Again, please stand by while we compile the Q&A roster.

Thank you. We will now go to our first question.

1 moment, please.

Speaker #4: And really, this gives us a very broad base to be able to pull from over the next four years as we're out there constructing and finishing our projects over the next four years.

And your first question today, comes from the line of Justin Claire from Roth Capital Partners. Please go ahead.

Hey, thanks for taking the question here.

Speaker #4: Okay. Great. Thanks very much. And congrats on the great result here. Thank you.

Nir Yehuda: An increase of $34 million in EBITDA was partially offset by an increase of $12 million in depreciation and amortization, attributed to the start of operation of new projects as well as share-based compensation. Additionally, net financial expenses increased by $4 million, and tax expenses increased by $7 million. Enlight secured a significant amount of new funding during 2025. At the project level, we secured $2.9 billion of project finance as well as tax equity in the amount of $470 million, and the mezzanine loan amounted to $350 million. At the corporate level, we raised $300 million in equity, $245 million in debentures, and $50 million in an asset sale. Altogether, since the beginning of 2025, Enlight raised $4.3 billion, providing the financial underpinning for our ambitious expansion plans, with particular focus on the US.

Speaker #3: Thank you. We will now go to our next question. And the next question comes from the line of Mark Strauss from JPMorgan. Please go ahead.

Speaker #5: Yes. Good afternoon, team. Thank you very much for taking our questions.

Uh, so I just wanted to just start out, um, you had increased, your expected, annualized revenue and income run rate for 2028 to 2.1 to 2.3 billion up from the 1.9 to 2.2. Uh so just wondering if you could walk through the drivers of the increase in that Outlook how much of that was attributable to the acquisition of the jupyter project in Germany.

Speaker #3: Hello, Mark.

Speaker #5: Just a follow-up. Hi there. Just a follow-up on Justin's question there. Just kind of given the outperformance in the stock that you've seen over the last several months, understand that you're always looking at potential project acquisitions.

And then just uh more broadly, how should we think about the potential role of Acquisitions in the growth strategy here? And whether there could be additional opportunities to accelerate the 2028 growth or or Beyond uh as a result of m&a?

Thank you for the question.

Speaker #5: But just kind of curious, how to think about potential for kind of platform acquisitions. Are there other companies that you could potentially, creatively acquire—either to expand your capabilities or expand your geographic reach?

Um, the acquisition of the jupyter project uh contributed in and of itself.

Speaker #5: Any comment there would be great. Thank you.

Some of the 2028 run rate revenues um, in addition to that Cobar.

Speaker #3: Thanks. Thank you for the question. We are in a, I would say, potentially enviable position. We do have the flexibility and the ability to raise significant amounts of funds.

Nir Yehuda: In addition to these funds, we have $525 million of credit facility at several banks, of which $360 million was available for use at the balance sheet date. In addition, we have approximately $1.5 billion in LC and surety bond facility, supporting our global expansion, of which $790 million were available for use at the end of the quarter. This further increased our financial flexibility as well continued to deliver on our growth strategy. Moving to 2026 guidance, we expect revenues and income between $755 and 785 million, and Adjusted EBITDA between $545 and 565 million, reflecting annual growth of 32% and 27% at the midpoint, respectively, compared to 2025 results.

Speaker #3: We're liquid. We have various sources, including some that you've seen, I mean, that are projects that are fully funded through 2028. So we're always looking at opportunities to acquire not only projects and platforms of projects, but also potentially, if we need those missing capabilities, also potentially more than that.

4 and 5 were moved from the if you if you note the little dotted line on the uh, 2028 annual revenue rates, um, it uh moved up from the advanced development into the pre-construction. So it moved into the 2.0 number um, which does not extend the, uh, the top range. But it does uh, increase the level of certainty that it is now in the mature portfolio.

Speaker #3: And we will act accordingly in the various markets where we are operating which is the US, Europe, and Middle East, North Africa. And approach these kinds of opportunities with great care for our overall growth trajectory and for the shareholder value.

Speaker #5: Great. Thank you.

Speaker #3: Thank you. We will now go to the next question. And your next question today comes from the line of Mahip Mantloy from Mizuho. Please go ahead.

Nir Yehuda: Our revenues and income guidance for 2026 include recognition of an estimated $160 million to $180 million in income from US tax benefits. 90% of 2026 generation output is expected to be sold at fixed prices, either through PPA or hedging. Of our total forecasted revenues and income, 39% are expected to be denominated in US dollars, including tax incentives, 34% in Israeli shekel, and 27% in euro. I will now turn the call over to the operator for questions.

Speaker #5: Hey. Thanks for taking the questions and congratulations on the call from the guidance here. I'm just going back to the question on Safe Harbor.

And to, to just, just, just in, just, uh, also pick up on the second part of your question. Um, we are, um, always looking at opportunities also for Acquisitions of projects and pipelines. Um, where it makes sense, uh, specifically in the case of, um, the storage markets in Europe, um, and specifically project Jupiter in Germany, uh, it is an opportunity, uh, to enter the market relatively quickly. That would be a reason why we would go for an acquisition of a project that is relatively mature, we are still a green field developer um but we do have the flexibility to acquire a projects when we want to come into the market early and you can see about the jupyter project that this still. It does not come at the expense of the project returns. Um as we mentioned um in the presentation deck, um it is

Speaker #5: With the new rules and guidance which came out last week, has that been more or less in line with expectations, or does that change anything for you for Safe Harbor in the next few months here?

15% unlevered project uh returns. Um so even when we acquire a project that are relatively mature it does not come at the expense of the returns.

Speaker #3: Jared, do you want to take this one? I think it's regarding FIOC.

Speaker #6: Yeah, I can take it, Adi. Thank you. Just to confirm, this is the recent publication that was provided on FIOC. It did provide some clarifications regarding the calculation methodology and the share of equipment originated from FIOC countries.

Operator: Thank you. To ask a question, you will need to press star one and one on your telephone and wait for your name to be announced. To withdraw your question, please press star one and one again. Please stand by while we compile the Q&A roster. Thank you. We will now go to our first question. One moment, please. Your first question today comes from the line of Justin Clare from Roth Capital Partners. Please go ahead.

Speaker #6: They are in line with our previous guidelines and our estimates. And they help reduce uncertainty somewhat. The guidelines define the calculations, but they're still more information that we expect to come.

Speaker #6: And so we do not expect any impact on our current estimations on our mature portfolio. As well as any projects, obviously, that we Safe Harbored already in 2025, as you know, those projects are not subject to FIOC.

Justin Clare: Hi, thanks for taking the question here. So I first wanted to just start out, you had increased your expected annualized revenue and income run rate for 2028 to $2.1 to 2.3 billion, up from the $1.9 to 2.2 billion. So just wondering if you could walk through the drivers of the increase in that outlook, how much of that was attributable to the acquisition of Project Jupiter in Germany? And then just, more broadly, how should we think about the potential role of acquisitions in the growth strategy here, and whether there could be additional opportunities to accelerate the 2028 growth or, or beyond, as a result of M&A?

Okay, got it, sounds good. Um, and then just, um, maybe shifting over to the the Safe Harbor. Uh, you had indicated, uh, I think 13.2 Factor gigawatts have currently been safe. Harbored, um, at 4.3 over the last 3 months. Uh, so just at this point, um, you know, can you talk about the potential to Safe Harbor? Additional capacity, is there a possibility to get beyond the 14 to 17, uh, Factory? Gigawatts, targeted range? And just wondering if you could speak to, uh, any constraints or or are you limited more by just the, uh, pipeline of projects that you have or are there any limitations and Equipment access or interconnection progress, uh, or other factors?

Speaker #6: We don't expect a significant impact on any projects that we will Safe Harbor through the end of through the middle of this year. Really, we do expect some additional guidance on FIOC.

Um, I will I will answer the question and then I will also refer it onwards to Jared. Um I will just uh, answer that we do plan to still

Speaker #5: Got it. Got it. And you guys kind of talked about almost a billion dollars of cash, I think, between the whole CO and the subsidiaries.

Speaker #5: And under sector-assisted cash, so the question is more on the capital plan for equity needs. Does the cash on hand fund your projects through 2028, or how should we think about equity needs through 2028 and potentially even post-2028 as well?

Uh Safe Harbor, 0.5 to 3.5 Factory gigawatt. In this first half of 2026. Um and after that of course, the um uh safe harboring of PV, solar projects. Um will be uh, capped but uh,

Adi Leviatan: Thanks. Thank you for the question. The acquisition of Project Jupiter contributed in and of itself $150 million to the overall sum of the 2028 run-rate revenues. In addition to that, CO Bar 4 and 5 were moved from the... If you note the little dotted line on the 2028 annual revenue rate, it moved up from the advanced development into the pre-construction. So it moved into the 2.0 number, which it does not extend the top range, but it does increase the level of certainty that it is now in the mature portfolio. And to just-

Speaker #3: I'm going to ask our Chief Corporate Development Officer, Itai Benayan, to take the question.

Safe harboring of energy storage projects, um, is still um, available for 3, more years. So in that sense, we will be continuing uh, to Safe Harbor specifically, um, best so uh, battery energy storage projects. Uh, but I will hand it over for Jared uh, to compliment uh, my explanation.

Yeah, thanks. Audi.

Speaker #4: Mahip, how are you? So yes, we have all of the available sources in our hands to fund the growth that we're presenting through the end of 2028.

Speaker #4: So if you're seeing the presentation, we're showing that we have significant amount of projects already under construction as part of the mature portfolio. And these were already funded, obviously.

Speaker #4: And a significant portion that we are expecting to start construction this year. So basically, almost all of our mature portfolio will be either generating or under construction this year.

Adi Leviatan: And to Justin, just to also pick up on the second part of your question. We are always looking at opportunities also for acquisitions of projects and pipelines, where it makes sense. Specifically in the case of the storage markets in Europe, and specifically Project Jupiter in Germany, it is an opportunity to enter the market relatively quickly. That would be a reason why we would go for an acquisition of a project that is relatively mature. We are still a greenfield developer, but we do have the flexibility to acquire projects when we want to come into the market early. And you can see about the Jupiter project that this still, it does not come at the expense of the project returns.

Speaker #4: And all of the sources needed to take us through the business plan towards the end of 2028 are already available in the corporate. On the corporate level, obviously, some of the projects will need to do the project-level financing, which is a part of the ordinary process of doing business.

Justin Clare: Right.

Adi Leviatan: Justin, just to also pick up on the second part of your question. We are always looking at opportunities also for acquisitions of projects and pipelines, where it makes sense. Specifically in the case of the storage markets in Europe, and specifically Project Jupiter in Germany, it is an opportunity to enter the market relatively quickly. That would be a reason why we would go for an acquisition of a project that is relatively mature. We are still a greenfield developer, but we do have the flexibility to acquire projects when we want to come into the market early. And you can see about the Jupiter project that this still, it does not come at the expense of the project returns.

We we stand behind the the the 14 to 7 Factor, gigawatt range of of Safe Harbor. Uh, as a d mentioned, there are additional projects that we're looking at for 2026 that will be able to have full tax credits through 2030. Um, the 14 to 17 Factory, gigawatt range is, is something that we we're actually very proud of. Uh, it it's been a, a significant undertaking from the team. Um, as you or know, we we include physical work of a significant nature, both off-site and off-site, off-site, and on-site for our projects. And really, this this gives us a very broad base to be able to pull from over the next 4 years, as we're out there constructing and, and finishing our projects over the next 4 years.

Okay, great. Uh, thanks very much and congrats on the great uh, result here.

Speaker #4: But the corporate side, though, we are fully funded.

Thank you.

Speaker #5: Got it. Appreciate that. Thank you.

We will now go to our next question.

Speaker #3: Thank you. As a reminder, if you would like to ask a question, please press star one and one on your telephone and wait for your name to be announced.

And the next question comes from the line of Mark Strauss from JP Morgan. Please go ahead.

Speaker #3: That is star one and one to ask a question. Thank you. We will now go to our next question. And the next question today comes from the line of Mike McNulty from Deutsche Bank.

Uh, yes. Good afternoon, team. Thank you very much for taking our questions. Um, just a follow-up. Hi. Hi there. Uh, just a follow up on Justin's question there. Um, just kind of given the, the outperformance in the stock uh that you've seen over the last several months. Um, understand the your

Adi Leviatan: As we mentioned, in the presentation deck, it is a 15% unlevered project returns. So even when we acquire projects that are relatively mature, it does not come at the expense of the returns.

Speaker #3: Please go ahead.

Speaker #7: Hey, thanks for taking my question and congrats on the call. This is Mike McNulty on for Current Land Chart. My first question relates to partial asset sales.

Speaker #7: Obviously, you did that last year with the Sunlight Cluster. Can you talk about your expectations of partial asset sales into 2026? If anything is embedded in guidance, and then what we would need to see for that to happen.

Justin Clare: Okay, got it. Sounds good. And then just, maybe shifting over to the safe harbor, you had indicated, I think 13.2 factored gigawatts have currently been safe harbored, I think 4.3 over the last three months. So just at this point, you know, can you talk about the potential to safe harbor additional capacity? Is there a possibility to get beyond the 14 to 17 factored gigawatts targeted range? And just wondering if you'd speak to any constraints. Are you limited more by just the pipeline of projects that you have, or are there any limitations in equipment access or interconnection progress, or other factors?

Positions are are there other companies that that you could potentially creatively acquire either? To expand your capabilities? Expand your Geographic reach, um any comment there would be great. Thank you.

Speaker #3: Thank you for the question, Mike. I will refer this one to our Chief Corporate Development Officer, Itai Benayan.

Speaker #4: Hey, Mike. So we've mentioned it several times before. It is part of our strategy to contemplate minority sales or sell-downs of some of our projects where it makes sense and where it's accretive to the company.

Speaker #4: We have a lot of flexibility on our sources. So it did contribute to the numbers in 2025. And we don't see it as a one-time event.

Speaker #4: We think it will be part of the ordinary course of doing business. And also, when you can see on the roadmap to 2028, we are increasing or gradually increasing the weighted average of our holding in our portfolio.

Adi Leviatan: I will, I will answer the question, and then I will also refer it onwards to Jared. I will just answer that we do plan to still safe harbor 0.5 to 3.5 factored gigawatt in this first half of 2026. After that, of course, the safe harboring of PV solar projects will be capped, but the safe harboring of energy storage projects is still available for three more years. So in that sense, we will be continuing to safe harbor specifically BESS, so battery energy storage projects. But I will hand it over for Jared to complement my explanation.

Speaker #4: We're going all the way to 91%. So there is a lot of meat on the bone when it will make sense we might do additional transactions like the one we did in Israel in 2025.

Thanks, thank you for the question. Um, you know, we are in a, I, I would say potentially enviable, uh, position. We do have the flexibility and the ability, uh, to, uh, raise significant amounts of funds where, uh, liquid. We have, uh, various uh, sources including, um, some that you've seen. I mean, uh, that are are projects are fully funded, uh, through 2028. So, we're always looking at opportunities, uh, to acquire not only projects and platforms of projects, but also potentially, if we need those, missing capabilities also, potentially more than that. Um, and we will act um, accordingly and the various markets where we are operating, uh, which is the US, uh, Europe and Middle East, North Africa, and approach these kinds of opportunities with great care for our overall, uh, growth trajectory, and for the shareholder value.

Thank you.

We will now go to the next question.

Speaker #7: Okay. Thank you very much. That's helpful. And then my second question is, a lot of the expansion in 2026 is weighted towards the latter half, I believe, 4Q.

And your next question, today comes from the line of, please go ahead.

Speaker #7: So with your overall guidance, can you talk about the key drivers of the growth within your guidance, given a lot of the capacity is weighted towards the back half?

Hey, uh, thanks for taking the questions and congratulations on the court. And the, the guidance here.

Speaker #3: Thank you. For the question again, Mike. So the U.S. projects that we just connected in Q4 of 2025, Quail Ranch and Roadrunner, are going to have their first full year of revenues in 2026.

Jared McKee: Yeah, thanks, Adi. We stand behind the 14 to 17 factored gigawatt range of safe harbor. As Adi mentioned, there are additional projects that we're looking at for 2026, that will be able to have full tax credits through 2030. The 14 to 17 factored gigawatt range is something that we're actually very proud of. It’s been a significant undertaking from the team. As you all know, we include physical work of a significant nature, both off-site and on-site for our projects. And really, this gives us a very broad base to be able to pull from over the next four years, as we're out there constructing and finishing our projects over the next four years.

This is going back to the question on Safe Harbor, uh, with the new rules, the guidance, which came out last week, as that being more or less in line with expectations, or does that change anything for you for the next few months here.

Um, Jared, do you want to take this 1? I think it's regarding fiak.

Yeah.

Speaker #3: And as you stated correctly, the projects we're connecting in 2026 will mostly I mean, they will have their full year of revenues in 2027.

Confirm. This is, uh,

Speaker #3: Thankfully, we are I mean, well-diversified across different geographies, different projects, different technologies. And so in addition to the ones I just mentioned in the US, there's also a very significant projects in Israel that are also have also been connected in 2025 and will have their first year of full revenues projects called Ba'on, which is a floating PV plus storage.

The the recent publication that was provided on fiak did provide some, some clarifications regarding calculation, methodology and the share of equipment originated from Fiat countries.

They are in line with our previous guidelines and our estimates and, and they help reduce uncertainty somewhat.

The guidelines Define the calculations. But there's still, there's still more information that we expect to come. And so we do not expect any impact on our current estimations, on our mature portfolio,

Speaker #3: So we have projects in Europe that were also working on that will be connected earlier in the year. So overall, that is what's contributing to the growth in revenues and EBITDA in 2026.

Justin Clare: Okay, great. Thanks very much, and congrats on the great result here.

Jared McKee: Thank you.

Operator: Thank you. We will now go to our next question. The next question comes from the line of Mark Strauss from JP Morgan. Please go ahead.

As well as any projects. Obviously that we safe Harvard already in 2025. As you know those those those projects are not subject to fiak. We don't expect a significant impact on any projects that we will Safe Harbor through the end of through the middle of this year. Um really we do expect some additional guidance on fiak

Speaker #7: Great. Thanks again. And congrats on the quarter.

Speaker #3: Thank you.

Mark Strouse: Yes, good afternoon, team. Thank you very much for taking our questions.

Speaker #1: Thank you. There are no further questions. I will now hand the call back to Adi for closing remarks.

Adi Leviatan: Hello, Mark.

Mark Strouse: a follow-up. Hi. Hi there. Just to follow up on Justin's question there. Just kinda given the outperformance in the stock that you've seen over the last several months, understand that you're always looking at potential project acquisitions. But just kind of curious how to think about the potential for kind of platform acquisitions. Are there other companies that you could potentially accretively acquire, either to expand your capabilities, expand your geographic reach? Any comment there would be great. Thank you.

Mark Strouse: To follow-up. Hi. Hi there. Just to follow up on Justin's question there. Just kinda given the outperformance in the stock that you've seen over the last several months, understand that you're always looking at potential project acquisitions. But just kind of curious how to think about the potential for kind of platform acquisitions. Are there other companies that you could potentially accretively acquire, either to expand your capabilities, expand your geographic reach? Any comment there would be great. Thank you.

Speaker #8: We would like to thank you very much for supporting us, for dialing into this call, and for asking questions. We highly appreciate the engagement with all of you.

Speaker #8: And we look forward to continuing to deliver excellent results and to see you in the next quarter. Thank you.

Kevin Kevin. Um, and uh, you guys kind of talked about, almost a billion dollars of cash. I think, uh, between the whole go and, uh, these subsidiaries and I'm the secretary of the cash. Um, so there's a question, is more on the capital plan for the equity needs, um, does the cash on hand fund your projects through 2028? Or how do you think about the equity needs of 200 and potentially, even both 28 as well?

I'm going to ask our chief corporate development.

Team, how are you? Um, so yes, the, uh, we have all of the available sources. Uh,

Adi Leviatan: ... Thanks. Thank you for the question. You know, we are in a, I would say, potentially enviable position. We do have the flexibility and the ability to raise significant amounts of funds. We're liquid. We have various sources, including some that you've seen, I mean, that our projects are fully funded through 2028. So we're always looking at opportunities to acquire not only projects and platforms of projects, but also potentially, if we need those missing capabilities, also potentially more than that. And we will act accordingly in the various markets where we are operating, which is the US, Europe, Middle East, and North Africa, and approach these kinds of opportunities with great care for our overall growth trajectory and for the shareholder value.

Adi Leviatan: Thanks. Thank you for the question. You know, we are in a, I would say, potentially enviable position. We do have the flexibility and the ability to raise significant amounts of funds. We're liquid. We have various sources, including some that you've seen, I mean, that our projects are fully funded through 2028. So we're always looking at opportunities to acquire not only projects and platforms of projects, but also potentially, if we need those missing capabilities, also potentially more than that. And we will act accordingly in the various markets where we are operating, which is the US, Europe, Middle East, and North Africa, and approach these kinds of opportunities with great care for our overall growth trajectory and for the shareholder value.

In our hands to fund, uh, the growth that were presenting through the end of 2028. So if you'll stay in the presentation, we're showing the web significant amount of projects already under construction as part of the mature portfolio. And these were already funded obviously and a significant portion that we are expecting to start construction this year. So basically almost all of our mature portfolio will be either generating

For under construction this year and all of the sources needed to take us through the business plan. Uh towards the end of 28, are already available in the corporate on the corporate level. Obviously uh some some of the projects will need to do the uh the project level financing which uh which is a part of uh the ordinary because of doing business. But uh, the corporate side door, we are fully funded

I don't appreciate that.

Jared McKee: Great. Thank you.

Mark Strouse: Great. Thank you.

Operator: Thank you. We will now go to the next question. Your next question today comes from the line of Mahip Mantloi from Mizuho. Please go ahead.

Thank you as a reminder, if you would like to ask a question, please press star 1 and 1 on your telephone and wait for your name to be announced. That is star 1 and 1 to ask a question.

Thank you. We will now go to our next question.

Mahip Mantloi: Hey, thanks for taking the questions, and congratulations on the call from the guidance here. I'm just going back to the question on Safe Harbor. With the new rules or guidance which came out last week, has that been more or less in line with expectations, or does that change anything for you, for Safe Harbor in the next two months here?

Maheep Mantloi: Hey, thanks for taking the questions, and congratulations on the call from the guidance here. I'm just going back to the question on Safe Harbor. With the new rules or guidance which came out last week, has that been more or less in line with expectations, or does that change anything for you, for Safe Harbor in the next two months here?

And the next question today comes from the line of Mike McNulty from Deutsche Bank, please go ahead.

Adi Leviatan: Jared, do you wanna take this one? I think it's regarding FIOC.

Question on the court, this is Mike milty on for current land charge. My first question relates to partial asset sales obviously, did that last year with the sunlight cluster, um, can you touch on your expectations of partial asset sales in the 2026? If anything is embedded and guidance. Um, and then what we need to see for that to happen.

Jared McKee: Yeah, I can take it, Nir, thank you. Just to confirm, this is the recent publication that was provided on FIOC did provide some clarifications regarding calculation methodology and the share of equipment originated from FIOC countries. They are in line with our previous guidelines and our estimates, and they help reduce uncertainty somewhat. The guidelines define the calculations, but there's still more information that we expect to come, and so we do not expect any impact on our current estimations on our mature portfolio, as well as any projects, obviously, that we Safe Harbored already in 2025. As you know, those projects are not subject to FIOC. We don't expect a significant impact on any projects that we will Safe Harbor through the end of, through the middle of this year.

Thank you for the question Mike. I will refer this 1.

Jared McKee: Really, we do expect some additional guidance on FIOC.

Mahip Mantloi: Got it. Got it. And, you guys kind of talked about almost $1 billion of cash, I think, between the whole co and, the subsidiaries and unrestricted, restricted cash. So the question is more on the capital plan, for your equity needs. Does the cash on hand fund your projects through 2028, or how should we think about equity needs through 2027 and potentially even for 2028 as well?

Maheep Mantloi: Got it. Got it. And, you guys kind of talked about almost $1 billion of cash, I think, between the whole co and, the subsidiaries and unrestricted, restricted cash. So the question is more on the capital plan, for your equity needs. Does the cash on hand fund your projects through 2028, or how should we think about equity needs through 2027 and potentially even for 2028 as well?

Mm. Hey Mike, um, so we we've mentioned it several times before. It is part of our strategy uh to contemplate uh, minority sales or sell Downs of some of our projects where it makes sense, and where it's a creative to the company, we have a lot of flexibility on our on our sources. Um, so it did contribute to the numbers in 2025 and we don't see it as a 1 time event. We think it will be part of the ordinary course of doing business. And also, when you can see on on the road map to 2028, uh, we are increasing go, uh, gradually increasing, uh, the way that average of our holding, you know, portfolio. We're going all the way to 91%. So there is a lot of meat on the bone, uh, uh, when, and when it, when it will make sense, uh, we, we might, uh, we might, uh, we might do several like additional transactions like the 1 we did in uh, in Israel in 25.

Okay, thank you very much. That's helpful. Um and then my second question is a lot of the expansion in 2026 is weighted towards the latter half. I believe 4q. Um, so with your overall guidance, can you talk about the key drivers of the growth within your guidance? Given a lot of the capacity is weighted towards the back half.

Adi Leviatan: I'm gonna ask our Chief Corporate Development Officer, Itay Benayan, to take the question.

Itay Benayan: Mahip, how are you? So yes, we have a lot of the available sources in our hands to fund the growth that we're presenting through the end of 2028. So if you've seen the presentation, we're showing that we have significant amount of projects already under construction as part of the mature portfolio, and these were already funded, obviously, and a significant portion that we're expecting to start construction this year. So basically, almost all of our mature portfolio will be either generating or under construction this year, and all of the sources needed to take us through the business plan towards the end of 2028 are already available on the corporate, on the corporate level, obviously.

Itay Banayan: Mahip, how are you? So yes, we have a lot of the available sources in our hands to fund the growth that we're presenting through the end of 2028. So if you've seen the presentation, we're showing that we have significant amount of projects already under construction as part of the mature portfolio, and these were already funded, obviously, and a significant portion that we're expecting to start construction this year. So basically, almost all of our mature portfolio will be either generating or under construction this year, and all of the sources needed to take us through the business plan towards the end of 2028 are already available on the corporate, on the corporate level, obviously.

Itay Benayan: Some of the projects will need to do the project-level financing, which is a part of the ordinary course of doing business, but the corporate side, though, we're fully funded.

Itay Banayan: Some of the projects will need to do the project-level financing, which is a part of the ordinary course of doing business, but the corporate side, though, we're fully funded.

Thank you, uh, for the question again, Mike. Um, so the US projects that we, uh, just connected in Q4 of 2025, uh, Quail, Ranch, and Road Runner, um, are going to have their first full year of revenues, in 2026. So, and and as you stayed correctly, um, the projects were connecting in 2026. Well, mostly, I mean, they will have their full year of revenues, in 2027. Uh, thankfully. We are, I mean well Diversified across uh, different geographies different projects, you know, different Technologies. And so in addition uh, to the ones I just mentioned in the US, there's also a very significant um, uh projects in Israel that are also have also been connected in 2025 and we'll have their first uh year of full revenues uh projects called Balon, which is a floating PV uh plus uh storage. So uh, we have projects in Europe that were um, um also uh, working on that will be connected earlier in the year.

Mahip Mantloi: Got it. I appreciate that. Thank you.

Maheep Mantloi: Got it. I appreciate that. Thank you.

So overall, that is what contributing to the, uh, growth in revenues and ibida in 2026.

Operator: Thank you. As a reminder, if you would like to ask a question, please press star one, one on your telephone and wait for your name to be announced. That is star one and one to ask a question. Thank you. We will now go to our next question. The next question today comes from the line of Mike McNulty from Deutsche Bank. Please go ahead.

Great. Thanks again.

Thank you.

Thank you. There are no further questions. I will now hand the call back to ADI for closing remarks.

Mike McNulty: Hey, thanks for taking my question, and congrats on the call. This is Mike McNulty on for Corinne Blanchard. My first question relates to partial asset sales. Obviously, you did that last year with the Sunlight cluster. Can you touch on your expectations of partial asset sales into 2026, if anything is embedded in guidance, and then what we would need to see for that to happen?

We would like to thank you very much for, uh, supporting us for dialing into this call for asking. Questions, we highly appreciate the engagement, uh, with all of you and we look forward to continuing to deliver. Excellent results. Um and to see you in the next quarter.

Thank you.

Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect

Adi Leviatan: Thank you for the question, Mike. I will refer this one to our Chief Corporate Development Officer, Itay Benayan.

Itay Benayan: Hey, Mike. So we've mentioned it several times before. It is part of our strategy to contemplate minority sales or sell downs of some of our projects where it makes sense and where it's accretive to the company. We have a lot of flexibility on our sources. So it did contribute to the numbers in 2025, and we don't see it as a one-time event. We think it will be part of the ordinary course of doing business. And also, when you can see on the roadmap to 2028, we are increasing or gradually increasing the weighted average of our holding in our portfolio.

Itay Banayan: Hey, Mike. So we've mentioned it several times before. It is part of our strategy to contemplate minority sales or sell downs of some of our projects where it makes sense and where it's accretive to the company. We have a lot of flexibility on our sources. So it did contribute to the numbers in 2025, and we don't see it as a one-time event. We think it will be part of the ordinary course of doing business. And also, when you can see on the roadmap to 2028, we are increasing or gradually increasing the weighted average of our holding in our portfolio.

Itay Benayan: We're going all the way to 91%, so there is a lot of meat on the bone, when it will make sense, we might do several, like, additional transactions like the one we did in Israel in 2025.

Itay Banayan: We're going all the way to 91%, so there is a lot of meat on the bone, when it will make sense, we might do several, like, additional transactions like the one we did in Israel in 2025.

Mike McNulty: ... Okay, thank you very much. That's helpful. And then my second question is, a lot of the expansion in 2026 is weighted towards the latter half, I believe, Q4. So with your overall guidance, can you talk about the key drivers of the growth within your guidance, given a lot of the capacity is weighted towards the back half?

Mike McNulty: Okay, thank you very much. That's helpful. And then my second question is, a lot of the expansion in 2026 is weighted towards the latter half, I believe, Q4. So with your overall guidance, can you talk about the key drivers of the growth within your guidance, given a lot of the capacity is weighted towards the back half?

Adi Leviatan: Thank you, for the question again, Mike. So, the US projects that we just connected in Q4 of 2025, Quail Ranch and Roadrunner, are going to have their first full year of revenues in 2026. So, and as you stated correctly, the projects we're connecting in 2026 will mostly, I mean, they will have their full year of revenues in 2027. Thankfully, we are, I mean, well diversified across, different geographies, different projects, you know, different technologies. And so in addition, to the ones I just mentioned in the US, there's also a very significant projects in Israel that also have been connected in 2025 and will have their first year of full revenues, project called Bal-On, which is a floating PV plus storage.

Adi Leviatan: So, we have projects in Europe that we're also working on that will be connected earlier in the year. So overall, that is what's contributing to the growth in revenues and EBITDA in 2026.

Mike McNulty: Great. Thanks again, and congrats on the quarter.

Adi Leviatan: Thank you.

Operator: Thank you. There are no further questions. I will now hand the call back to Adi for closing remarks.

Adi Leviatan: We would like to thank you very much for supporting us, for dialing into this call, for asking questions. We highly appreciate the engagement with all of you, and we look forward to continuing to deliver excellent results, and to see you in the next quarter. Thank you.

Operator: Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.

Q4 2025 Enlight Renewable Energy Ltd Earnings Call

Request a DemoDemo

ENLT

Enlight Renew

Earnings