Enlight Renewable Energy (ENLT) investor relations material

Executive summary

• Achieved record Q2 2026 results with 55% year-over-year revenue growth to $210 million, net profit of $31 million, and adjusted EBITDA up 67% to $160 million; strong operational performance led to raised full-year guidance.

• Portfolio expanded by 4.6% to 43.1 FGW, with significant growth in U.S. and Europe, including new storage projects in Finland and Romania.

• Major milestones included financial close of $2.6 billion CO Bar Complex, first U.S. PPA with Google, and launch of a 2 GWIT data center strategy.

• Mature project portfolio grew by 6%, with 0.5 FGW commencing construction in Q2 and over 7 FGW expected under construction by year-end.

• Strong cash flow and disciplined capital allocation, with $3.7 billion in new financing secured in H1 2026.

Financial highlights

• Q2 2026 revenues: $210 million (+55% YoY); adjusted EBITDA: $160 million (+67% YoY); net income: $31 million (+460% YoY); operating cash flow for H1 2026: $185 million (+48% YoY).

• H1 2026 revenues: $409 million (+55% YoY); adjusted EBITDA: $265–$314 million (+38% YoY); net income: $69–$185 million.

• Sunlight cluster sale contributed $17 million in Q2 and $30 million in H1 2026.

• Tax credit income in Q2 2026: $44 million, up from $19 million YoY.

• Full-year revenue guidance raised to $790–$820 million; adjusted EBITDA to $565–$585 million.

Outlook and guidance

• 2026 annual guidance for revenues and adjusted EBITDA raised by 4.5% and 3.6% at midpoint, with revenue guidance at $790–$820 million and adjusted EBITDA at $565–$585 million.

• By year-end 2028, operating capacity expected to reach 12 FGW and annual revenues $2.2–$2.3 billion, a 41% CAGR from 2024.

• Sustaining a 40% CAGR in both revenue and adjusted EBITDA.

• Guidance increase driven by strong H1 results, higher merchant prices in Europe, and growth in Israel's electricity trading.

• No further asset sell-downs expected in 2026.