This is an excerpt from the news release announcing the fourth quarter earnings. For the full release, visit https://enlightenergy.co.il/news-api/enlight-renewable-energy-reports-fourth-quarter-and-full-year-2024-financial-results/

TEL AVIV, Israel, Feb. 19, 2025 (GLOBE NEWSWIRE) -- Enlight Renewable Energy Ltd. (NASDAQ: ENLT, TASE: ENLT) today reported financial results for the fourth quarter and full year ending December 31, 2024. The Company’s earnings conference call and webcast will be held today at 8:00 AM ET. Registration links to both the call and the webcast can be found at the end of this earnings release.

The entire suite of the Company’s 4Q24 financial results can be found on our IR website at https://enlightenergy.co.il/data/financial-reports/

Financial Highlights

Full year 2024

• Revenues and income of $399m, up 53% year over year
• Adjusted EBITDA¹ of $289m, up 49% year over year
• Net income of $67m, down 32% year over year
• Cash flow from operations of $193, up 29% year over year

3 months ending December 31, 2024

• Revenues and income of $104m, up 35% year over year
• Adjusted EBITDA¹ of $65m, up 31% year over year
• Net income of $8m, down 48% year over year
• Cash flow from operations of $36m, up 49% year over year
• In 2023 the net income contained substantial one-time items

2024 Guidance vs Actual Results

• Reported revenues and income for 2024 was 15% higher than the Company’s original guidance at the midpoint.
• Reported Adjusted EBITDA for 2024 was 18% higher than the Company’s original guidance at the midpoint.

“We are proud to conclude 2024 with outstanding financial results that surpassed both our targets and analysts' forecasts,” said Gilad Yavetz, CEO of Enlight Renewable Energy.

“Enlight continues to grow thanks to its diversified and innovative operations, spanning three continents and employing the three main technologies of the industry: solar, wind, and energy storage.

“The year 2025 represents another leap forward for us, as a massive capacity of 4.7 FGW – with a total investment of $5.5bn – will be under various stages of construction. Together with the Company's operating portfolio, this will secure approximately 90% of the Company's ambitious growth plan: to reach operating capacity of 8.6 FGW by the end of 2027. This plan will bring Enlight to an annual revenue rate of over $1bn by 2028, tripling the business in just three years.

“We expect that the average return on equity for the vast asset portfolio that will become operational by 2027 will exceed 15%. Our three-year growth plan is already reflected in our 2025 guidance: we project revenues and income in the range of $490-510 million and Adjusted EBITDA in the range of $360-380 million, a 25% increase.”

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¹ 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. Please refer to the reconciliation table in Appendix 2, located in the full release at https://enlightenergy.co.il/news-api/enlight-renewable-energy-reports-fourth-quarter-and-full-year-2024-financial-results/

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