Enlight Renewable Energy : Other Report or Announcement

EARNINGS

PRESENTATION

F i r s t Q u a r t e r 2 0 2 4

Legal disclaimer

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

These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: our ability to site suitable land for, and otherwise source, renewable energy projects and to successfully develop and convert them into Operational Projects; availability of, and access to, interconnection facilities and transmission systems; our ability to obtain and maintain governmental and other regulatory approvals and permits, including environmental approvals and permits; construction delays, operational delays and supply chain disruptions leading to increased cost of materials required for the construction of our projects, as well as cost overruns and delays related to disputes with contractors; disruptions in trade caused by political, social or economic instability in regions where our components and materials are made; our suppliers' ability and willingness to perform both existing and future obligations; competition from traditional and renewable energy companies in developing renewable energy projects; potential slowed demand for renewable energy projects and our ability to enter into new offtake contracts on acceptable terms and prices as current offtake contracts expire; offtakers' ability to terminate contracts or seek other remedies resulting from failure of our projects to meet development, operational or performance benchmarks; exposure to market prices in some of our offtake contracts; various technical and operational challenges leading to unplanned outages, reduced output, interconnection or termination issues; the dependence of our production and revenue on suitable meteorological and environmental conditions, and our ability to accurately predict such conditions; our ability to enforce warranties provided by our counterparties in the event that our projects do not perform as expected; government curtailment, energy price caps and other government actions that restrict or reduce the profitability of renewable energy production; electricity price volatility, unusual weather conditions (including the effects of climate change, could adversely affect wind and solar conditions), catastrophic weather-related or other damage to facilities, unscheduled generation outages, maintenance or repairs, unanticipated changes to availability due to higher demand, shortages, transportation problems or other developments, environmental incidents, or electric transmission system constraints and the possibility that we may not have adequate insurance to cover losses as a result of such hazards; our dependence on certain operational projects for a substantial portion of our cash flows; our ability to continue to grow our portfolio of projects through successful acquisitions; changes and advances in technology that impair or eliminate the competitive advantage of our projects or upsets the expectations underlying investments in our technologies; our ability to effectively anticipate and manage cost inflation, interest rate risk, currency exchange fluctuations and other macroeconomic conditions that impact our business; our ability to retain and attract key personnel; our ability to manage legal and regulatory compliance and litigation risk across our global corporate structure; our ability to protect our business from, and manage the impact of, cyber-attacks, disruptions and security incidents, as well as acts of terrorism or war; changes to existing renewable energy industry policies and regulations that present technical, regulatory and economic barriers to renewable energy projects; the reduction, elimination or expiration of government incentives for, or regulations mandating the use of, renewable energy; our ability to effectively manage the global expansion of the scale of our business operations; our ability to perform to expectations in our new line of business involving the construction of PV systems for municipalities in Israel; our ability to effectively manage our supply chain and comply with applicable regulations with respect to international trade relations, tariffs, sanctions, export controls and anti-bribery and anti-corruption laws; our ability to effectively comply with Environmental Health and Safety and other laws and regulations and receive and maintain all necessary licenses, permits and authorizations; our performance of various

obligations under the terms of our indebtedness (and the indebtedness of our subsidiaries that we guarantee) and our ability to continue to secure project financing on attractive terms for our projects; limitations on our management rights and operational flexibility due to our use of tax equity arrangements; potential claims and disagreements with partners, investors and other counterparties that could reduce our right to cash flows generated by our projects; our ability to comply with increasingly complex tax laws of various jurisdictions in which we currently operate as well as the tax laws in jurisdictions in which we intend to operate in the future; the unknown effect of the dual listing of our ordinary shares on the price of our ordinary shares; various risks related to our incorporation and location in Israel, including the ongoing war in Israel, where our headquarters and some of our wind energy and solar energy projects are located; the costs and requirements of being a public company, including the diversion of management's attention with respect to such requirements; certain provisions in our Articles of Association and certain applicable regulations that may delay or prevent a change of control; and the other risk factors set forth in the section titled "Risk factors" in our Annual Report on Form 20-F for the fiscal year ended December 31, 2023 filed with the Securities and Exchange Commission (the "SEC"), as may be updated in our other documents filed with or furnished to the SEC.

These statements reflect management's current expectations regarding future events and operating performance and speak only as of the date of this presentation. You should not put undue reliance on any forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by applicable law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

Unless otherwise indicated, information contained in this presentation concerning the industry, competitive position and the markets in which the Company operates is based on information from independent industry and research organizations, other third- party sources and management estimates. Management estimates are derived from publicly available information released by independent industry analysts and other third-party sources, as well as data from the Company's internal research, and are based on assumptions made by the Company upon reviewing such data, and the Company's experience in, and knowledge of, such industry and markets, which the Company believes to be reasonable. In addition, projections, assumptions and estimates of the future performance of the industry in which the Company operates and the Company's future performance are necessarily subject to uncertainty and risk due to a variety of factors, including those described above. These and other factors could cause results to differ materially from those expressed in the estimates made by independent parties and by the Company. Industry publications, research, surveys and studies generally state that the information they contain has been obtained from sources believed to be reliable, but that the accuracy and completeness of such information is not guaranteed. Forecasts and other forward-looking information obtained from these sources are subject to the same qualifications and uncertainties as the other forward-looking statements in this presentation.

Non-IFRS Financial Metrics

This presentation presents Adjusted EBITDA, a non-IFRS financial metric, which is provided as a complement to the results provided in accordance with the International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS"). A reconciliation between Adjusted EBITDA and Net Income, its most directly comparable IFRS financial measure, is contained in the tables below. The Company is unable to provide a reconciliation of Adjusted EBITDA to Net Income on a forward-looking basis without unreasonable effort because items that impact this IFRS financial measure are not within the Company's control and/or cannot be reasonably predicted. These items may include, but are not limited to, forward-looking depreciation and amortization, share based compensation, other income, finance income, finance expenses, share of losses of equity accounted investees and taxes on income. Such information may have a significant, and potentially unpredictable, impact on the Company's future financial results.

The trademarks included herein are the property of the owners thereof and are used for reference purposes only. Such use should not be construed as an endorsement of the products or services of the Company or the proposed offering.

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Enlight at a glance

Next generation global renewable energy platform

Greenfield developer and IPP		Global platform	Wind, solar and energy storage
Control over entire project life cycle		Growing activity across	Expertise across main renewable
		U.S., Europe and Israel	technologies

Extensive track record	Large and diverse portfolio	First pure-play listed developer
71% CAGR revenues1	20.6 GW + 32.8 GWh portfolio	First pure-play to list on a national
50% CAGR Mature Project capacity1,2	5.4 GW + 5.7 GWh Mature Projects2	exchange in the U.S.

1 2017-2023;2 Mature projects include projects that are operational, under construction, in pre-construction (meaning, that they are expected to commence construction within 12 months as	3
of May 8th 2024 (the "Approval Date"))

Strong start to 2024

Robust Q1 results

Reaffirming FY 2024 guidance

Key projects on time

On schedule across U.S., Europe, and Israel

• Operational performance above plan; Revenue up 27%, Adjusted EBITDA1 up 28%,
• High wind generation across the portfolio in the first quarter more than offset lower merchant prices in Spain
• Atrisco Solar & Storage (364 MW, 1,200 MWh) COD on plan, or earlier in 2024
• Country Acres, Roadrunner, and Quail Ranch, totaling 810 MW and 2.0 GWh, fast approaching RTB
• 2 CODs in Israel in Q1, 2 projects in advanced construction in Europe with CODs expected within 2024-25
• In addition, advancing development on PJM portfolio

1Adjusted EBITDA is a non-IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income. The Company is unable to provide a reconciliation of Adjusted EBITDA to Net Income on a forward-looking	4
basis without unreasonable effort because items that impact this IFRS financial measure are not within the Company's control and/or cannot be reasonably predicted

Record quarterly results and rapid growth

Growth driven by new operational projects and healthy production levels

		Q1 2024 versus Q1 2023
			($m)
+27%	90							Largely working
								capital movements
71	+28%	68		1Q23 included $12m one-
	54			time profits post IPO	55	-36%
						27% net profit
		-42%	-26%	margin	35
			33

24

Revenue	Adjusted		Net income	Cash flow from
	EBITDA	1	Operations
			1Q23		1Q24

1Adjusted EBITDA is a non-IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income

5

Strong business environment for Enlight

High electricity demand and low equipment costs boosting project returns

Global electrification trend intensifies - significant acceleration in U.S. load growth driven by re-shoring of manufacturing, data center, and EV demand

Renewables is the "only game in town" to supply the incremental demand, comprising 95% of the US interconnection queue, with similar levels in Europe

Persistently high US PPA prices due to increased demand and scarcity of new power projects

Long term power prices in Europe remain high, reflecting high projected returns for Enlight's portfolio

Equipment cost levels remain low, attractive for buyers

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Acceleration in the demand for electricity; renewables critical to supply

Increasing demand for electricity …		… Renewables the only game in town

	U.S. 10-Year Annual Load Growth Forecast	U.S. Interconnection Queue in 2023
2.0%							3%		2%
							Gas		Other
1.5%							14%
						Wind		42%
1.0%								2.6	Solar
0.5%								TW
0.0%							39%
						Battery Storage
1990	1995	2000	2005	2010	2015	2020	2025E

• renewable energy projects

• US annual load growth forecast has jumped to 0.9% in 2023, with potential to reach 1.5%
• Drivers include new manufacturing and data center facilities

The hunt for power accelerates

• Renewable power projects represent 95% of new capacity now in queue, with gas at only 3%
• Coal plants displaced, while hydro, & nuclear are not built at scale

Renewables critical to meeting future demand

Source: Grid Strategies; Lawrence Berkeley National Laboratory

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Increased demand coupled with shortage of projects pushing PPA pricing higher

Supply and demand imbalance pushing PPA pricing higher …

$65

$60	61.52
$55	56.73
51.93
$50
$45
$40
$35	Solar
$30	+70%
$25	Q1/21- Q1/24

$20

Q1-21Q2-21Q3-21Q4-21Q1-22Q2-22Q3-22Q4-22Q1-23Q2-23Q3-23Q4-23Q1-24

Wind		Blended		Solar

• U.S. demand for power increasing
• Scarcity of projects driving PPA pricing higher
• Enlight raised prices +25% on 1.8 GW of signed PPAs during past two years

• While equipment prices continue to fall

140%		Key commodity prices
120%
100%
80%
60%
40%
20%
0%	Indexed to Jan '23 = 100
Jan 23	Apr 23	Jul 23	Oct 23	Jan 24	Apr 24

LithiumPolysilicon

• U.S. panel prices now in 25 cent range, 35% below the start of 2023
• In Europe, panel prices under 12 cents
• U.S. battery prices in the $170 range, 30% lower than at the start of 2023

PPA pricing remains high				Lower equipment costs
despite lower equipment costs				driving unlevered returns higher

Source: Bloomberg, LevelTen PPA Price Index

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Strong fundamentals and high-quality projects pushing levered returns to high mid-teens

Overlaying a 10.5% unlevered return with a 5.75%-6.25% cost of debt

Global Portfolio of 2024-26 CODs1

3.4 GW

5.1 GWh

$347-364m Estimated First Full Year EBITDA2

$3.4bn Estimated Net Project Costs3

10.5%

Unlevered Ratio

Mid-teens %

10.5%
	+50 bps
Unlevered		above 4Q23
Ratio				Equity
				IRR

5.75%-

6.25%

Project Finance

1Does not include the remaining Israel PV Storage projects- Cluster projects are mostly operational; 2 EBITDA is a non-IFRS financial measure. The Company is unable to provide a reconciliation of EBITDA to Net Income on a forward-looking basis without
unreasonable effort because items that impact this IFRS financial measure are not within the Company's control and/or cannot be reasonably predicted. 3Construction costs for our U.S. projects assume receipt of certain ITC and PTC credits under the IRA	9
and are net of the estimated value of these credits. For projects under the PTC track, the credit value is based on the project's expected production and a yearly CPI indexation of 2%, discounted by 8% to COD. For ITC projects, the credit value is 30% to 40%

of project costs, depending on whether facility qualifies for energy community adder. The net cost does not reflect the full tax equity investment, only the estimated value of the tax credits

2024 on plan: Atrisco expected to reach COD & three new flagship projects

Combination of large-scale projects at high returns

Country Acres

RTB

Location

California

Capacity

392 MW + 688 MWh

Status

Construction starts 2H24

First Year

$58-61m /$47-50m

Revenues / EBITDA1

Unlevered Ratio

9.7%-10.3%2

Atrisco

Awaiting

Financial

Location

New Mexico

Close

Capacity

364 MW + 1,200 MWh

Status

Under Construction

First Year

$51-54m /$41-44m

Revenues / EBITDA1

Unlevered Ratio

9.7%-10.4%2

	Roadrunner
Location		Arizona
Capacity		290 MW + 940 MWh
Status		Construction starts 2H24
First Year		$48-52m /$39-41m
Revenues / EBITDA1
Unlevered Ratio		12.2%-12.9%2
	Quail Ranch
Location		New Mexico
Capacity		128 MW + 400 MWh
Status		Construction starts 2H24
First Year		$22-24m /$18-20m
Revenues / EBITDA1
Unlevered Ratio		12.9%-14.3%2

1EBITDA is a non-IFRS financial measure. The Company is unable to provide a reconciliation of EBITDA to Net Income on a forward-looking basis without unreasonable effort because items that impact this IFRS financial measure are not within the Company's
control and/or cannot be reasonably predicted. 2Construction costs assume receipt of certain ITC and PTC credits under the IRA and are net of the estimated value of these credits. For solar and storage, 40% ITC is assumed, given brownfield qualification. The	10
net cost does not reflect the full tax equity investment, only the estimated value of the tax credits