TEL AVIV, ISRAEL, November 13, 2024 – Enlight Renewable Energy Ltd. (NASDAQ: ENLT, TASE:ENLT) today reported financial results for the third quarter ending September 30, 2024.

The entire suite of the Company’s 3Q24 financial results can be found on our IR website at https://enlightenergy.co.il/data/financial-reports/

Financial Highlights

9 months ending September 30, 2024

• Revenue of $285m, up 56% year over year
• Adjusted EBITDA1 of $214m, up 50% year over year
• Net income of $58m, down 29% year over year
• Cash flow from operations of $158m, up 25% year over year

3 months ending September 30, 2024

• Revenue of $109m, up 88% year over year
• Adjusted EBITDA¹ of $88m, up 86% year over year
• Net income of $24m, down 7% year over year
• Cash flow from operations of $66m, up 115% year over year

Raising full year guidance range

The results of Enlight’s operations during the third quarter and first nine months of 2024 have been excellent. Revenues and EBITDA have been higher than our expectations after achieving sound operational performance. As a result, we are raising our full year guidance ranges for 2024. We now expect 2024 revenues in the range of $355-$370m from $345-$360m previously, and adjusted EBITDA1 in the range of $255-$270m from $245-$260m previously. This represents an increase of $10m from previous midpoints of both revenues and Adjusted EBITDA, and further demonstrates our confidence in the positive trends and strong growth in all areas of our business.

Third Quarter Business Developments

Excellent operational performance at Israel and European wind sites leads to very high growth in revenues and adjusted EBITDA. Generation volumes up 11% year on year from existing projects.

CODs achieved at projects Atrisco Solar in the U.S. (364 MW) and Solar and Storage in Israel (55MW & 160 MWh); representing $28-31m in revenues and $20-23m in EBITDA on a first full year basis. Atrisco Energy Storage COD is expected in the coming weeks, representing an additional $32-33m in revenues and $27-28m in EBITDA on a first full year basis

Construction has begun at projects Country Acres, Quail Ranch, and Roadrunner, (810 MW & 2.0GWh in total) all located in the western U.S. These projects represent a combined $132-141m in revenues and $108-114 m in EBITDA on a first full year basis, and are expected to reach COD in 2025-26.

Project Snowflake A, with 600 MW solar generation and 1.9 GWh energy storage capacity is being introduced into the Mature phase Portfolio at Pre-construction status. Located in Arizona, it is expected to begin construction in 3Q 2025 and reach COD in mid-2027. The project was drawn from the Company’s Advanced Development phase Portfolio, and is expected to generate $115-125m in revenues and $95-105m in EBITDA on a first full year basis.

A new power purchase agreement (“PPA”) was recently signed with Arizona Public Service for Snowflake A. The busbar fixed price agreement encompasses the project’s full solar and energy storage capacity for a duration of 20 years.

Operational portfolio grew by 418 MW and 191 MWh. 600 MW and 1,650 MWh added to the Mature phase Portfolio since the last quarter’s earnings report.

“We are proud of another set of excellent financial results for Enlight, as well another increase in our 2024 guidance ranges for the second consecutive quarter this year,” said Gilad Yavetz, CEO of Enlight Renewable Energy. “Enlight continues to grow in a balanced manner with the force multiplier of our diversification in three geographies and technologies creating a particularly powerful growth matrix. Construction is starting on three major projects in the US which are expected to reach completion in 2025-26. We have also announced the acceleration of development of Snowflake A, which will be another leap forward for Enlight. Next year, we expect the U.S. to reach 15% of the company's total revenues.

“Industry and macro fundamentals are supportive across all the geographies in which we are present. Demand for electricity is soaring, and as renewable energy is the main response to this need in the coming years, we remain optimistic about our growth and expansion plans.”

View the full third quarter earnings information online at https://enlightenergy.co.il/data/financial-reports/

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¹The 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

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