Enlight Renewable Energy Corporate Presentation, September 2019 - PowerPoint PPT Presentation

Enlight Renewable Energy Corporate Presentation, September 2019

Disclaimer In this presentation, the Company has included, in relation to itself and in relation to companies in the Company Group (the "Company"), forward-looking information, as defined in the Securities Law, 1968 ("Forward-Looking Information"). Such information includes, inter alia, forecasts, objectives, estimates, assessments and other information relating to future events or matters, the realization of which is uncertain and may be affected by factors that cannot be estimated in advance and which are not under the Company's control. The forward-looking information, as aforesaid, is based on the estimates of the Company's management, which are based, inter alia, on information known to the Company's management at the time of preparing this presentation, including assessments of the Company's markets of activity, statistical and public data and publications published by various bodies and authorities, the content of which has not been independently examined by the Company, and therefore, the Company is not responsible for their accuracy. In addition, as part of this presentation, the Company has included a number of indices and data with respect to forecasts of the Company's expected results and / or projects, including a number of potential methodologies for evaluating the value of the Company's projects and assets; the aforesaid value / valuation methodologies and the accompanying data relating to the results of the projects are based on internal management analyses that are only estimates and / or independent publications in the Company's markets of activity, and do not constitute a formal assessment or a binding representation with respect to the position of the Company's management or its shareholders. However, the presentation of these methodologies is cited as a general indication and a possible point of view for readers of this presentation and the Company's investors as a whole. In addition, this presentation includes data on projects currently under construction and / or development, including data regarding the expected results of the projects, and accordingly some of the data in respect of these projects constitute internal forecasts of the Company, based on management's estimates on this date and there is no complete certainty regarding the realization of these projects / nor complete data for them. It should be noted that the data of the Company's existing projects are based on the existing tariff for each project, on conditional licenses that are subject to changes and adjustments, projects subject to regulatory variables, changes in business, expected expansion, economic data in the target countries, index data, financing assumptions based on existing discussions, and / or the understandings reached and the management's forecasts based on the project data on this date, etc., where the aforesaid is subject to regulatory variables and also has no effect on the risk factors that apply to the Company's operations, as detailed in its periodic and immediate reports. These may change from time to time and the Company will report any material development. This presentation and the data presented herein are for the purpose of convenience only and should not be relied on, and no investment decision should be made solely on the basis of them. Any investment decision about the Company or about its securities should be made according to formal and official data only relating to the Company, including the Company's prospectus and its Company reports, and should be considered in their entirety. This presentation and the data herein are not an alternative to the independent examination of the Company's financial statements and data, including any required due diligence, as required. It is hereby noted that some of the data presented in the presentation represent management data, which are not based on accounting rules and / or Non-GAAP data, and these are presented for convenience purposes only and for providing an additional business perspective regarding the Company's operations and business. These data are not a substitute for the Company's reports and / or its reporting, and should be considered as a benchmark for convenience only. The materialization of the forward-looking information, in whole or in part, or in a manner other than expected, or not materialized, may be affected, inter alia, by the risk factors characterizing the Group's activity, as well as by developments in the economic environment and by external factors affecting the Group in its areas of activity. The Company has no certainty that its estimates, plans and expectations will materialize and, therefore, the results of operations may differ materially from the results estimated or implied by this information. This presentation was prepared for concise reading and convenience only and was not intended to replace the need to review reports published by the Company to the public. Full and comprehensive information in connection with the Company and its businesses can be found in the periodic and immediate published reports, as well as in the Company's forecasts and assessments on the ISA website (www.magna.isa.gov.il) which are based on data and information available to the Company at the time of preparing this presentation, and the Company does not undertake to update and / or revise such forecasts and / or evaluations in order to reflect events and / or circumstances that may occur after the date of the presentation. It is also noted that a considerable part of the information presented in this presentation is taken and / or derived from the Company's reports, although presented in a condensed and / or graphic and / or concise manner. Therefore, this presentation is not a substitute for the Company's reports, but is rather a supplementary source of information 2 The presentation does not constitute an invitation or an offer to purchase securities of the Company.

Market leader in initiation, development, financing, construction and operation of renewable energy projects Growing rapidly, creating a diversified and balanced portfolio in Europe and Israel Electricity revenues forecast of NIS 30 billion for 30 years from current portfolio (1) , of which 50% are in PPA contracts (2) 3

The strengths of the business model Current portfolio (1) 10 15 billion Countries Merchant sales 30 Billion NIS Expected multi-year income (1) (2) 1.3 GW 15 billion PPA/FIT backed Current Portfolio 16.7 Years Duration of contracts at fixed price (7) 4

Western Europe Central & Eastern Europe 413 440 MW ~ 430 MW 162 105 ~ 80 4 3849 1314 balanced ורכמנ םיבינמ המקהב תארקל חותיפ ורכמנ םיבינמ המקהב תארקל חותיפ Sold Operating Under Towards Sold Operating Under Towards Under Construction Construction Construction Construction Development המקה המקה and growing Israel - Wind Israel - Solar ~500 MW 221 ~550 MW target 370 ~ ~ 180 markets 96 139 19 6 ורכמנ םיבינמ המקהב תארקל חותיפ ורכמנ םיבינמ המקהב תארקל חותיפ Sold Operating Under Towards Under Sold Operating Under Towards Under Construction Construction Development המקה Construction המקה Construction Development 5

Last 12 months in summary New projects in Zoning Start of Completion of Improving the international approval of Construction Construction financial position market flagship wind Emek HaBacha wind, Serbia, Sunlight 1 Raising capital & debt Hungary PV, farm Spain, Sweden and Sunlight 2 PV Kosovo Genesis Wind 518 MW 189 MW 172 MW 158 MW NIS 490 Million 6

2017-2022: Installed capacity multiple x 12 (10) (1) Legend In Development Towards construction (1) MW 1,294 500 Under Construction Spain Genesis Wind Operating Sweden 758 Kosovo 854 Emek HaBacha MW 513 Yatir Realized Israel PV 1,237 153 277 Israel PV Serbia 203 383 Hungary 202 Croatia 100 Ireland 57 57 57 57 2022 12/31/2017 Today Q1/2020 7

Selected market data (11) Interested Institutional parties 4% investors 43% 96% 3.1 A3.il 2.4 225% Public / institutional Million NIS Rating Billion NIS holdings Other public 53% Market Holding 3-year stock Average trading Company return (22) Cap Structure volume since the Rating ( 8 ) beginning of the year #15 on Tel Aviv 90 8

Financial profile

Financial Cash Flow and 208 178 114 Profitability Indices Summary: NIS million, 2018 to date 12 months ended 31/03/2019 (9) (12) Revenue from EBITDA projects FFO projects electricity sales Company rating A3.il by Midroog (Moody’s affiliate), stable outlook (8) Capital raising in the 67 60 223 past 12 months of 400 million ILS: Options exercised 2018 Equity 2019 Equity raised raised 10

Forecast of electricity sales growth from current portfolio NIS Million (1) (2) (10) 221 MW 300 MW 950 96 MW 780 105 MW 19 MW 113 105 MW MW 57 MW 510 19 MW 340 270 186 2018 2020 2021 2023 2019 2022 11

~900 ~400 273 Financial stability and high liquidity Million ILS Million ILS Million ILS Consolidated Cash and securities Bonds, solo equity (13) portfolio, solo (13) Israel International 260-280 Consistent + 45% + 40% 210-230 growth in + 45% 140-150 186 158 cash flow 146 127 48 98 4 41 profitability 3 76 29 3 indices (9) (10) (12) 142 138 124 117 73 (NIS millions) 69 2017 2018 2019E 2017 2018 2019E 2017 2018 2019E Electricity sales EBITDA from projects FFO from projects 12 12

Activities by countries and projects