# EDGAR Filing Document

**Accession Number:** 0001922641
**File Stem:** 0001178913-26-001828
**Filing Date:** 2026-3
**Character Count:** 1075112
**Document Hash:** 80281cbfdd98e5b5ff6693b04402e034
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001178913-26-001828.hdr.sgml**: 20260330

**ACCESSION NUMBER**: 0001178913-26-001828

**CONFORMED SUBMISSION TYPE**: 20-F

**PUBLIC DOCUMENT COUNT**: 162

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260330

**DATE AS OF CHANGE**: 20260330

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Enlight Renewable Energy Ltd.
- **CENTRAL INDEX KEY:** 0001922641
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC SERVICES [4911]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** L3
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 20-F
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41613
- **FILM NUMBER:** 26809815

**BUSINESS ADDRESS:**
- **STREET 1:** 13 HAAMAL STREET
- **STREET 2:** AFEK INDUSTRIAL PARK
- **CITY:** ROSH HAAYIN
- **STATE:** L3
- **ZIP:** -
- **BUSINESS PHONE:** 972 (3) 900-8700

**MAIL ADDRESS:**
- **STREET 1:** 13 HAAMAL STREET
- **STREET 2:** AFEK INDUSTRIAL PARK
- **CITY:** ROSH HAAYIN
- **STATE:** L3
- **ZIP:** -

?xml version='1.0' encoding='ASCII'? Enlight Renewable Energy Ltd. - 1922641 - 2026

------

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM 20-F

#### (Mark One)
**☐** **REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR SECTION 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934**

#### OR
&nbsp;&nbsp;&nbsp;&nbsp;**☒** **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

#### For the fiscal year ended December 31, 2025

#### OR
**☐** **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

#### For the transition period from to

#### OR
**☐** **SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

![image00003.jpg](image00003.jpg)

#### Date of event requiring this shell company report
Commission File Number 001-41613

### Enlight Renewable Energy Ltd.
(Exact name of Registrant as specified in its charter)

#### Not Applicable
(Translation of Registrant's name into English)

#### State of Israel
(Jurisdiction of incorporation or organization)

#### 13 Amal St., Afek Industrial Park

#### Rosh Ha'ayin 4809249, Israel

#### +972 (3) 900-8700
(Address of principal executive offices)

#### Lisa Haimovitz

#### VP General Counsel

#### 13 Amal St., Afek Industrial Park

#### Rosh Ha'ayin 4809249, Israel

#### Telephone: +972 (3) 900-8710

#### Email: lisa.haimovitz@enlightenergy.com
(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered, pursuant to Section 12(b) of the Act

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Ordinary shares, NIS 0.1 par value per share | ENLT | The Nasdaq Stock Market LLC |

---

Securities registered or to be registered pursuant to Section 12(g) of the Act: None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None

------

Indicate the number of outstanding shares of each of the issuer's classes of capital stock or common stock as of the close of the period covered by the annual report. As of December 31, 2025, the registrant had 132,133,899 outstanding ordinary shares, par value 0.1 NIS per share

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes ☐ No ☒

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

Yes ☐ No ☒

Note—Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of "large accelerated filer," "accelerated filer," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

<br> ☒ Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☐ Emerging growth company

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

<br> ☐ U.S. GAAP ☒ International Financial Reporting Standards as issued by the International Accounting Standards Board ☐ Other

If "Other" has been checked in response to the previous question indicate by check mark which financial statement item the registrant has elected to follow.

Item 17 ☐ Item 18 ☐

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

------

#### CONTENTS

---

| | | | | |
|:---|:---|:---|:---|:---|
| [INTRODUCTION](#INTRODUCTION) | [INTRODUCTION](#INTRODUCTION) | [INTRODUCTION](#INTRODUCTION) | [INTRODUCTION](#INTRODUCTION) | 1 |
| [CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS](#CAUTIONARYSTATEMENTREGARD) | [CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS](#CAUTIONARYSTATEMENTREGARD) | [CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS](#CAUTIONARYSTATEMENTREGARD) | [CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS](#CAUTIONARYSTATEMENTREGARD) | 1 |
| [PRESENTATION OF FINANCIAL INFORMATION](#PRESENTATIONOFFINANCIALIN) | [PRESENTATION OF FINANCIAL INFORMATION](#PRESENTATIONOFFINANCIALIN) | [PRESENTATION OF FINANCIAL INFORMATION](#PRESENTATIONOFFINANCIALIN) | [PRESENTATION OF FINANCIAL INFORMATION](#PRESENTATIONOFFINANCIALIN) | 4 |
| [PART I](#PARTI)  | [PART I](#PARTI)  | [PART I](#PARTI)  | [PART I](#PARTI)  | 6 |
|  | [ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS](#Item1) | [ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS](#Item1) | [ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS](#Item1) | 6 |
|  | [ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE](#Item2) | [ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE](#Item2) | [ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE](#Item2) | 6 |
|  | [ITEM 3. KEY INFORMATION](#Item3) | [ITEM 3. KEY INFORMATION](#Item3) | [ITEM 3. KEY INFORMATION](#Item3) | 6 |
|  |  | A. | [Reserved.] | 6 |
|  |  | B. | Capitalization and Indebtedness | 6 |
|  |  | C. | Reasons for the Offer and Use of Proceeds | 6 |
|  |  | D. | Risk Factors | 6 |
|  | [ITEM 4. INFORMATION ON THE COMPANY](#Item4) | [ITEM 4. INFORMATION ON THE COMPANY](#Item4) | [ITEM 4. INFORMATION ON THE COMPANY](#Item4) | 49 |
|  |  | A. | History and Development of the Company<br>| 49 |
|  |  | B. | Business Overview<br>| 50 |
|  |  | C. | Organizational Structure | 81 |
|  |  | D. | Property, Plants and Equipment | 81 |
|  | [ITEM 4A. UNRESOLVED STAFF COMMENTS](#Item4A) | [ITEM 4A. UNRESOLVED STAFF COMMENTS](#Item4A) | [ITEM 4A. UNRESOLVED STAFF COMMENTS](#Item4A) | 82 |
|  | [ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS](#Item5) | [ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS](#Item5) | [ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS](#Item5) | 82 |
|  |  | A. | Operating Results | 89 |
|  |  | B. | Liquidity and Capital Resources | 96 |
|  |  | C. | Research and Development, Patents and Licenses, Etc. | 107 |
|  |  | D. | Trend Information | 107 |
|  |  | E. | Critical Accounting Estimates<br>| 107 |
|  | [ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES](#Item6) | [ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES](#Item6) | [ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES](#Item6) | 108 |
|  |  | A. | Directors and Senior Management | 108 |
|  |  | B. | Compensation | 111 |
|  |  | C. | Board Practices | 118 |
|  |  | D. | Employees | 128 |
|  |  | E. | Share Ownership | 129 |
|  |  | F. | Disclosure of a Registrant's Action to Recover Erroneously Awarded Compensation | 129 |
|  | [ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS](#Item7) | [ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS](#Item7) | [ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS](#Item7) | 129 |
|  |  | A. | Major Shareholders | 129 |
|  |  | B. | Related Party Transactions | 132 |
|  |  | C. | Interests of Experts and Counsel | 132 |
|  | [ITEM 8. FINANCIAL INFORMATION](#Item8) | [ITEM 8. FINANCIAL INFORMATION](#Item8) | [ITEM 8. FINANCIAL INFORMATION](#Item8) | 132 |
|  |  | A. | Consolidated Statements and Other Financial Information | 132 |
|  |  | B. | Significant Changes | 133 |
|  | [ITEM 9. THE OFFER AND LISTING](#Item9) | [ITEM 9. THE OFFER AND LISTING](#Item9) | [ITEM 9. THE OFFER AND LISTING](#Item9) | 133 |
|  |  | A. | Offer and Listing Details | 133 |
|  |  | B. | Plan of Distribution | 133 |
|  |  | C. | Markets<br>| 133 |
|  |  | D. | Selling Shareholders | 133 |
|  |  | E. | Dilution | 133 |
|  |  | F. | Expenses of the Issue | 133 |
|  | [ITEM 10. ADDITIONAL INFORMATION](#Item10) | [ITEM 10. ADDITIONAL INFORMATION](#Item10) | [ITEM 10. ADDITIONAL INFORMATION](#Item10) | 134 |
|  |  | A. | Share Capital | 134 |
|  |  | B. | Memorandum and Articles of Association | 134 |
|  |  | C. | Material Contracts<br>| 134 |
|  |  | D. | Exchange Controls<br>| 134 |
|  |  | E. | Taxation<br>| 134 |
|  |  | F. | Dividends and Paying Agents | 140 |
|  |  | G. | Statement by Experts | 140 |
|  |  | H. | Documents on Display | 140 |
|  |  | I. | Subsidiary Information | 141 |

---

J. Annual Report to Security Holders 141

------

---

| | | |
|:---|:---|:---|
|  | [ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK](#Item11) | 141 |
|  | [ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES](#Item12)<br>| 142 |
| [PART II](#PARTII)  | [PART II](#PARTII)  | 142 |
|  | [ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES](#Item13)<br>| 142 |
|  | [ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS](#Item14) | 142 |
|  | [ITEM 15. CONTROLS AND PROCEDURES](#Item15)<br>| 142 |
|  | [ITEM 16. \[RESERVED\]](#Item16)<br>| 143 |
|  | [ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT](#Item16A)<br>| 143 |
|  | [ITEM 16B. CODE OF ETHICS](#Item16B)<br>| 143 |
|  | [ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES](#Item16C)<br>| 143 |
|  | [ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES](#Item16D) | 144 |
|  | [ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS](#Item16E) | 144 |
|  | [ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT](#Item16F)<br>| 144 |
|  | [ITEM 16G. CORPORATE GOVERNANCE](#Item16G)<br>| 144 |
|  | [ITEM 16H. MINE SAFETY DISCLOSURE](#Item16H)<br>| 144 |
|  | [ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS](#Item16I) | 144 |
|  | [ITEM 16J. INSIDER TRADING POLICIES](#Item16J)<br>| 145 |
|  | [ITEM 16K. CYBERSECURITY](#Item16K)<br>| 145 |
| [PART III](#PARTIII) | [PART III](#PARTIII) | 147 |
|  | [ITEM 17. FINANCIAL STATEMENTS](#Item17)<br>| 147 |
|  | [ITEM 18. FINANCIAL STATEMENTS](#Item18)<br>| 147 |
|  | [ITEM 19. EXHIBITS](#Item19)<br>| 147 |
| [SIGNATURES](#sig) | [SIGNATURES](#sig) | 149 |

---

ii

------

#### INTRODUCTION
In this Annual Report on Form 20-F (the "Annual Report"), references to "we," "us," "our," "our business," the "Company," "Enlight" and similar references refer to Enlight Renewable Energy Ltd. and, where appropriate, its consolidated subsidiaries.

This Annual Report contains estimates, projections and other information concerning our industry and our business, as well as data regarding market research, estimates and forecasts prepared by our management. Information that is based on estimates, forecasts, projections, market research or similar methodologies is inherently subject to uncertainties, and actual events or circumstances may differ materially from events and circumstances that are assumed in this information. The industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of factors, including those discussed under the headings "Cautionary Statement Regarding Forward-Looking Statements" and Item 3.D. "Risk Factors" in this Annual Report.

#### CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This Annual Report 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 (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements contained in this Annual Report other than statements of historical fact, including, without limitation, statements regarding our future operating results and financial position, our business strategy and plans, capabilities of our project portfolio and achievement of operational objectives, progress of our projects, including anticipated timing of related approvals and of completion of our ongoing projects, anticipated regulatory developments, economic, political, industry and market conditions, our objectives for future operations, and our 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 forward-looking statements are contained principally in these sections: Item 3.D. "Risk Factors," Item 4. "Information on the Company," and Item 5. "Operating and Financial Review and Prospects." 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.

You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Annual Report primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition and operating results. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors described in Item 3.D. "Risk Factors," and elsewhere in this Annual Report. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Annual Report. The results, events and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements.

The forward-looking statements made in this Annual Report speak only as of the date of this Annual Report. You should not put undue reliance on any forward-looking statements. Actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors described in this Annual Report, including factors beyond our ability to control or predict. 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. You should read this Annual Report and the documents that we reference in this Annual Report and have filed as exhibits hereto completely and with the understanding that our actual future results or performance may be materially different from what we expect.

Additionally, we may provide information herein or in other locations, such as our website or documents accessible thereby, that is not necessarily "material" under the U.S. federal securities laws for Securities and Exchange Commission ("SEC") reporting purposes, but that respond to a range of matters, such as certain environmental, social and governance ("ESG") standards and frameworks (including standards for the measurement of underlying data), and the interests of various stakeholders. Much of this information is subject to assumptions, estimates or third-party information that is still evolving and subject to change. For example, our disclosures may change due to revisions in framework requirements, availability or quality of information, changes in our business or applicable government policies, or other factors, some of which may be beyond our control.

------

#### SUMMARY OF RISK FACTORS
Our business is subject to numerous risks and uncertainties, including those described in Item 3.D. "Risk Factors." You should carefully consider these risks and uncertainties when investing in our ordinary shares. Principal risks and uncertainties affecting our business include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to identify and secure suitable land for renewable energy projects and to
 successfully develop and convert such projects into Operational Projects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limited availability of, and access to, interconnection facilities and transmission systems,
 which may result in project delays, increased costs, or project cancellations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to obtain and maintain required governmental, environmental and other regulatory
 approvals and permits in a timely manner and on acceptable terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• construction delays, operational disruptions and supply chain constraints, including
 increases in the cost of materials and services, cost overruns and disputes with contractors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disruptions in international trade, including as a result of political, social or economic
 instability, tariffs, trade restrictions and evolving regulations relating to forced labor and supply chains (such as the UFLPA and similar
 European Union regulations);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our suppliers' ability and willingness to perform their contractual obligations,
 including risks relating to equipment quality, performance failures and long lead times for critical components;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• intense competition from traditional utilities and renewable energy companies in developing
 renewable energy projects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential decreases in demand for renewable energy or shifts in governmental policy (including
 in the United States) that favor fossil fuel or other energy sources, as well as our ability to enter into new offtake contracts on acceptable
 terms as existing contracts expire;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of the growing use of artificial intelligence on energy demand, pricing and
 regulation, as well as risks associated with our own use of artificial intelligence, including legal, regulatory, cybersecurity and reputational
 risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our offtakers' ability to fulfill or renew their contractual obligations, including
 their ability to terminate contracts or seek remedies if our projects fail to meet development, operational or performance benchmarks
 or if their creditworthiness deteriorates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exposure to electricity price volatility, including merchant market risk, under certain
 offtake arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• technical and operational challenges, including unplanned outages, reduced output, equipment
 degradation and failure, and operator curtailment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• dependence on suitable meteorological and environmental conditions and our ability to
 accurately predict such conditions, as well as the potential impacts of climate change;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limitations in our ability to enforce warranties or recover losses from counterparties
 if our projects do not perform as expected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• government actions that may restrict or reduce profitability, including curtailment orders,
 energy price caps, windfall taxes and changes to subsidy regimes or carbon pricing mechanisms;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• electricity price volatility, extreme weather conditions, natural disasters, transmission
 constraints and other operational risks, as well as the possibility that our insurance coverage may not be adequate to cover resulting
 losses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our dependence on a limited number of Operational Projects for a substantial portion
 of our cash flows;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with growing our portfolio through acquisitions, including regulatory
 approvals (such as CFIUS), integration risks and potential liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• rapid technological changes that could impair the competitiveness of our projects or
 affect expected returns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• macroeconomic risks, including inflation, interest rate volatility and currency exchange
 fluctuations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to attract and retain qualified personnel in a competitive labor market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• legal, regulatory and compliance risks across multiple jurisdictions, including litigation
 risk;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cyber-attacks, security incidents and other disruptions to our IT systems or operational
 infrastructure, as well as risks associated with terrorism, war, or other geopolitical events;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in renewable energy policies, regulations and incentives, including the reduction,
 elimination or expiration of governmental support mechanisms and subsidies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with expansion into new markets and new lines of business, including
 data center development and direct-to-customer electricity sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to international trade compliance, including tariffs, sanctions, export
 controls and anti-bribery and anti-corruption laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with Environmental Health and Safety (EHS) requirements and evolving ESG-related
 expectations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our level of indebtedness and our ability to obtain financing, including project financing
 and tax equity financing, on favorable terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limitations on our operational flexibility resulting from tax equity and other financing
 arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential disputes with partners, investors and other counterparties that could reduce
 our rights to project cash flows;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with changes in tax laws and regulations across jurisdictions, including
 the implementation of global minimum tax regimes (such as Pillar Two);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to our incorporation and operations in Israel, including ongoing regional
 conflicts, geopolitical instability, supply chain disruptions and potential impacts on credit ratings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the costs and management burden associated with being a public company, including compliance
 with U.S. securities laws and internal control requirements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provisions in our Articles of Association and applicable law that may delay or prevent
 a change of control or limit shareholders' rights.

------

#### PRESENTATION OF FINANCIAL INFORMATION
Our consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS"). Although our functional currency is NIS, we present our consolidated financial statements in U.S. dollars as permitted under IFRS.

Our fiscal year ends on December 31 of each year.

In 2025, we elected to modify the classification of certain items within our Consolidated Statements of Cash Flows. Interest paid, including payments on interest rate swaps, is now presented within Financing Activities, while interest received is presented within Investing Activities. We believe this change provides a more comprehensive view of our financing costs and better reflects the underlying economic substance of these cash flows. Previously, these items were included in Cash Flows from Operating Activities. For detailed information, see Note 2C to our consolidated financial statements included elsewhere in this Annual Report.

In 2024, we changed the presentation of our Income Statement to include the presentation of specific items such as Tax Benefits that were previously included in Other Income and to remove Gross Profit. We believe that such presentation provides more relevant information and better reflects the measurement of its financial performance. The Company applied such change retrospectively throughout this Annual Report.

The terms "shekels," "Israeli shekels", "NIS" and "agorot" refer to the lawful currency of the State of Israel, the terms "dollar," "US$," "USD," "U.S. dollar" and "$" refer to the lawful currency of the United States, the terms "Euro," "EUR" and "€" and refer to the lawful currency of the European Union and the term "HUF" refers to the lawful currency of Hungary. Unless otherwise indicated, U.S. dollar translations of NIS amounts presented in this Annual Report are derived from our financial statements included elsewhere in this Annual Report.

Certain monetary amounts, percentages and other figures included elsewhere in this Annual Report have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables or charts may not be the arithmetic aggregation of the figures that precede them, and figures expressed as percentages in the text may not total 100% or, as applicable, when aggregated may not be the arithmetic aggregation of the percentages that precede them.

Unless otherwise indicated, all information in this Annual Report gives effect to the one for 10 reverse split of our ordinary shares, which occurred on January 29, 2023.

------

#### CERTAIN DEFINITIONS
As used in this Annual Report, except where the context otherwise requires or where otherwise indicated:

"**Advanced Development Projects**" refers to our projects that are expected to commence construction within 13 to 24 months of February 16, 2026.

"**BOI Exchange Rate**" refers to the U.S. Dollar exchange rate reported by the Bank of Israel on February 17, 2026, which was NIS 3.105 to $1.00.

"**CEE**" refers to central and eastern Europe.

"**Clenera**" refers to Clenera Holdings, LLC, a Delaware limited liability company.

"**Clenera Acquisition**" refers to our acquisition of a 90.1% equity interest in Clenera.

"**COD**" refers to the commercial operation date of our projects.

"**Development Projects**" refers to our projects in various stages of development that are not expected to commence construction within 24 months of February 16, 2026.

"**EA**" refers to Israel Electricity Authority, the chief electricity market regulator in Israel.

"**ESA**" refers to energy storage or similar agreement.

"**FGW**" or "**Factored GW**" is a consolidated metric combining generation and storage capacity into a uniform figure based on the ratio of construction costs. The Company's current weighted average construction cost ratio is 3.5 GWh of storage per 1 GW of generation: FGW = GW + GWh / 3.5.

"**GW**" refers to gigawatts measured on a direct current basis.

"**GWh**" refers to gigawatt hours.

"**Operational Projects**" refers to our Mature Projects that, as of February 16, 2026, were operational and selling energy.

"**Mature Projects**" refers to our projects that, as of February 16, 2026, were operational, under construction or in pre-construction (meaning, that they are expected to commence construction within 12 months of February 16, 2026).

"**Merchant Model**" refers to the sale of electricity into wholesale energy markets at spot market prices without long-term PPAs or committed offtakers.

**"Merchant Risk**" refers to the risks associated with the Merchant Model, such as the lack of price certainty and the lack of a committed offtaker.

"**MW**" refers to megawatts measured on a direct current basis.

"**MWh**" refers to megawatt hours.

"**PPA**" refers to a power purchase or similar agreement.

"**Safe Harbor**" refers to rules that allow a developer to secure eligibility for certain federal credits for a given renewable energy project through commencement of construction activities.

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#### PART I

#### Item 1. Identity of Directors, Senior Management and Advisers
Not applicable.

#### Item 2. Offer Statistics and Expected Timetable
Not applicable.

#### Item 3. Key Information
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **[Reserved.]** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Capitalization and Indebtedness** 

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Reasons for the Offer and Use of Proceeds** 

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Risk Factors** 

*You should carefully consider the risks and uncertainties described below and the other information contained in this Annual Report before making an investment decision. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also impair our business operations. Our business, financial condition, results of operations, or strategic objectives could be materially and adversely affected by any of these risks and uncertainties. The trading price and value of our ordinary shares could decline due to any of these risks and uncertainties, and you may lose all or part of your investment. References to past events are provided in these risk factors by way of example only and are not intended to be a complete listing or a representation as to whether or not such factors have occurred in the past or their likelihood of occurring in the future*. *This Annual Report also contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including the risks and uncertainties faced by us described below and elsewhere in this Annual Report.*

#### Risks related to development and construction of our renewable energy projects
***The growth of our business depends upon our ability to continue to source and convert our Development Projects, Advanced Development Projects and Mature Projects (which are under construction, are in pre- construction or have signed a PPA) into Operational Projects.***

We may not be successful in converting our Development Projects, Advanced Development Projects and Mature Projects into Operational Projects. The completion of renewable energy projects involves numerous risks and uncertainties, including the risks set forth elsewhere in this "Risk Factors" section. These risks and uncertainties may prevent some projects from progressing to construction and/or operational phases altogether, in a timely manner and on acceptable terms. In addition, for a variety of reasons, we may elect not to proceed with the development or construction of a project currently in our portfolio. Our growth depends on our continued ability to progress projects to the operational phase, and our results in the future may not be consistent with our expectations or historical results. If we are not successful in doing so, we will not continue to grow our portfolio and cash flows.

#### Projects under development may not be partially or fully developed, financed or constructed.
The development of renewable energy projects involves numerous risks. We may be required to spend significant resources for land and interconnection rights, preliminary engineering, permitting, legal services and other expenses before we can determine whether a project is feasible, economically attractive and capable of being built. Success in developing a particular project is contingent upon, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• obtaining financeable land rights, including land rights for the project site that allow
 for eventual construction and operation without undue burden, cost or interruption;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• entering into financeable arrangements for the sale of the electrical output, and, in
 certain cases, capacity, ancillary services and renewable energy attributes, generated by or attributable to the project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• obtaining economically feasible interconnection positions with Independent System Operators
 ("ISOs"), regional transmission organizations and regulated utilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accurately estimating, and where possible mitigating, costs arising from potential transmission
 grid congestion, limited transmission capacity and grid reliability constraints, which may contribute to significant interconnection upgrade
 costs that could render certain of our projects uneconomic;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• providing letters of credit or other forms of payment and performance security required
 in connection with the development of the project, which security requirements may increase over time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accurately estimating our costs and total revenues and income over the life of the project
 years before its construction and operation, while taking into consideration the possibility that markets may shift during that time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• receiving required environmental, land-use, and construction and operation permits and
 approvals from governmental agencies in a timely manner and on reasonable terms, which permits and approvals are governed by statutes
 and regulations that may change between issuance and construction. For example, in 2025, we did not receive the required permits for an
 Israeli project in our development portfolio. It has since been written off and abandoned;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• avoiding or mitigating impacts to protected or endangered species or habitats, migratory
 birds, wetlands or other water resources, and/or archaeological, historical or cultural resources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securing necessary rights-of-way for access, as well as water rights and other necessary
 utilities for project construction and operation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• securing appropriate title coverage, including coverage for mineral rights and mechanics'
 liens;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• negotiating development agreements, public benefit agreements and other agreements to
 compensate local governments for project impacts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• negotiating tax abatement and incentive agreements, whenever applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• complying with U.S. Safe Harbor regulations to ensure project
 eligibility for tax credits whenever applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• obtaining financing, including debt, equity, and tax equity financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• negotiating satisfactory energy, procurement and construction
 ("EPC") or balance of plant ("BoP") agreements, including agreements with third-party EPC or BoP contractors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• completing construction on budget and on time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• when initiating construction on an operational site (for the purposes of hybridization
 or retrofitting generating assets) existing generation arrangements may be shifted or suspended, impacting the operational and financial
 performance of the project.

In addition, our projects depend upon obtaining, in a timely and economic manner, interconnection to electric transmission facilities to deliver the electricity we generate. A failure or delay in the operation, development of, or interconnection to, these interconnection or transmission facilities could result in our losing total revenues and income because such a failure or delay could limit the amount of power our Operational Projects deliver or delay the completion of our construction projects. The requests for processing interconnection and transmission requests and conducting the associated studies may become backlogged causing delays in determining interconnection and transmission rights and costs. The costs of such interconnection and transmission facilities for which our projects may be responsible could be significant, uncertain and subject to change, including after a project commences operation. The absence of availability and access to interconnection facilities and transmissions systems, our inability to obtain them in a timely manner, at a reasonable cost and at reasonable terms and conditions, the lack of adequate capacity on such interconnection or transmission facilities, curtailment as a result of transmission facility downtime, or the failure of any relevant jurisdiction to expand transmission facilities may have a material adverse effect on our ability to partially or fully develop our projects, which could materially and adversely affect our results of operations and cash flow. In 2025, several of our projects were delayed for periods ranging from 6 to 24 months for various reasons, including due to regulatory reforms that have taken longer than expected to complete, and extended reviews by regulators. For example, our CO Bar complex in the U.S. was delayed due to a reform of the interconnect queue process in Arizona, as well as slower grants of federal permits required for finalizing the complex's interconnect agreement. Our Gecama hybridization project in Spain was delayed due to slower than expected granting of applicable environmental permits. If we fail to complete the development of a renewable energy project in accordance with applicable contracts or fail to fulfill other contract obligations, we may be subject to forfeiture of significant deposits under, or the termination of, offtake contracts, incur significant liquidated damages, penalties and/or other obligations under other project-related agreements and may not be able to recover our investment in the project. If we are unable to complete the development of a renewable energy project, we may impair some or all of the capitalized investments we have made relating to the project. We generally expense development costs for a project as long as we estimate that the probability of realization of such project is less than 50%. Once we determine a project has a greater than 50% probability of realization, development costs incurred for such project are capitalized. Should the probability of realization subsequently fall below 50%, the capitalized amounts are recognized as development expenses, which would have an adverse impact on our results of operations in the period in which the loss is recognized.

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#### We may not be able to site sufficient suitable land for our projects.
We intend to pursue greenfield opportunities to develop new renewable energy projects consistent with our business strategy. Various factors regarding land suitability could affect our ability to develop new projects and otherwise grow our business, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the availability of, or inability to obtain, sufficient land suitable for solar energy
 and wind energy project development. In many markets, topography, existing land use and/or transmission constraints limit the availability
 of sites for solar energy and wind energy development. For these reasons, attractive and commercially feasible sites may become a scarce
 commodity, and we may be unable to site our projects at all or on terms as favorable as those applicable to our current projects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the presence or potential presence of waking or shadowing effects caused by neighboring
 activities, which reduce potential energy production by decreasing wind speeds or reducing available insolation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• due to the large amount of land required to site solar energy and wind energy projects,
 there may be greater risk of the presence or occurrence of one or more of the following: (i) pollution, contamination or other wastes
 at the project site; (ii) protected plant or animal species; (iii) archaeological or cultural resources; or (iv) local opposition to wind
 energy and solar energy projects in certain markets due to concerns about noise, health, environmental or other alleged impacts of such
 projects due to the presence or potential presence of land use restrictions and other environment-related siting factors.

#### We do not own all of the land on which the projects in our portfolio are located.
As a project developer, we require land rights in order to successfully develop, finance and construct our projects. We do not own all of the land on which the projects in our portfolio are located, and our current projects generally are, and our future projects may be, located on land occupied under long-term easements, leases and rights of way. The ownership interests in the land subject to these easements, leases and rights of way may be subject to mortgages securing loans or other liens and other easement, lease rights and rights of way of third parties that were created prior to our projects' easements, leases and rights of way. As a result, some of our projects' rights under such easements, leases or rights of way may be subject to the rights of these third parties. While we perform title searches, obtain title insurance, record our interests in the real property records of the projects' localities and enter into non-disturbance agreements to protect ourselves against these risks, such measures may be inadequate to protect against all risk that our rights to use the land on which our projects are or will be located and our projects' rights to such easements, leases and rights of way could be lost or curtailed. Any such loss or curtailment of our rights to use the land on which our projects are or will be located could have a material adverse effect on our business, financial condition and results of operations. In addition, certain U.S. states restrict or prohibit foreign ownership of agricultural land, limiting our ability to acquire land rights in such states, and permitting us to acquire ownership only after re-zoning to solar or storage uses. Rules regarding foreign ownership of land may affect our ability to develop projects in jurisdictions in which we operate.

------

#### Our ability to successfully develop projects is impacted by the availability of, and access to, interconnection facilities and transmission systems.
The absence of availability and access to interconnection facilities and transmissions systems, our inability to obtain them in a timely manner, at a reasonable cost and at reasonable terms and conditions, the lack of adequate capacity on such interconnection or transmission facilities, curtailment as a result of transmission facility downtime, or the failure of any relevant jurisdiction to expand transmission facilities may have a material adverse effect on our ability to develop our projects, which could materially and adversely affect our results of operations and cash flow.

In recent years, the time required to secure interconnection facilities and transmissions systems has increased, as have interconnection costs, complicating project planning and, for projects under construction or pre-construction, creating additional contractual and financial risk. In some cases, regulators have sought to update procedures for accessing interconnection facilities and transmissions systems, which may cause further delays. If such approval times continue to increase, our development pipeline and ability to complete existing projects could be adversely affected, which could have a material adverse effect on our business, financial condition and results of operations.

For example, our CO Bar complex in Arizona, which comprises of five individual projects with a combined generation capacity of 1,211 MW and storage capacity of 4,000 MWh, was originally expected to reach COD in the second half of 2026, but was delayed due to the Arizona Public Service's interconnect queue reform, which has taken longer than expected to complete. Progress on the CO Bar complex was also slowed due to new U.S. regulations announced in 2025 requiring the approval of the Department of Interior for any project on federal land, posing an additional hurdle to the finalization of CO Bar's interconnection agreement. Development of our Nardo stand-alone storage project in Italy was delayed due to slower than expected granting of the required comprehensive development permits.

***The development, construction and operation of our projects require governmental, regulatory, and environmental approvals and permits, and may thus be exposed to political and community scrutiny.***

The development, construction and operation of renewable energy projects, including the transmission and sale of electricity and associated products, are highly regulated, require various local and central governmental approvals and permits, including environmental approvals and permits, and may be subject to the imposition of related conditions that vary by jurisdiction. In some cases, these approvals and permits require periodic renewal and the terms of a subsequently issued permit may not be consistent with the terms of the permit initially issued. In addition, some permits and approvals require ongoing compliance with terms and conditions, some of which can change over time. For example, new regulations regarding use of federal land for renewable energy projects were enacted in the U.S. during 2025. Such regulations, approvals, permits and terms and conditions have become more demanding across the industry. Moreover, activists and community members have become more vocal and organized in many jurisdictions, and there is an increased prevalence of local ordinances and moratoria related to wind energy, solar energy, and battery storage projects. We cannot predict whether all permits and approvals required for a given project will be granted, or granted on a timely basis, or whether the conditions associated with such permits and approvals will be achievable, as such conditions may change over time. For example, delays in receiving the applicable environmental permit for our Gecama Solar hybridization project in Spain delayed the project's timeline by approximately two years.

Any failure to comply with such conditions, inability to obtain and maintain existing or newly imposed permits and approvals, or imposition of impractical or burdensome conditions upon issuance, renewal or over time, could impair our ability to develop, construct or operate a project. In addition, we cannot predict whether seeking any permit will attract significant opposition or whether the process for obtaining any permit will become more expensive or lengthened due to complexities, legal claims or appeals. Delay in the review and process for obtaining any permit for a project can impair or delay the ability to develop, construct or operate a project or increase the cost such that the project is no longer profitable for us. There is no assurance that we will obtain and maintain these governmental permits and approvals, or that we will be able to obtain them in a timely manner and on reasonable terms. Any impediment could have a material adverse effect on our business.

***Disruptions in our supply chain for materials and components and the resulting increase in equipment and logistics costs and delays could adversely affect our financial performance.***

We are subject to risk from fluctuating market prices of certain raw materials, particularly steel, aluminum, copper, polycrystalline silicon and lithium, which are used in the construction and maintenance of our solar energy, wind energy and battery storage projects. Prices of these raw materials may be affected by tariffs, trade or supply restrictions or other market factors from time to time. Some of the components and materials related to the equipment we purchase are sourced from outside of markets where we operate through arrangements with various vendors, and there have been delays in obtaining these components and materials as a result of shipping and transportation constraints, and other supply chain disruptions. Higher oil prices caused by the war in Iran could lead to higher shipping and transportation costs, which could in turn increase the price of equipment and components on a delivered basis. Due to these and other supply chain disruptions, we may have to make sourcing decisions which could limit our supply options. In addition, certain types of equipment are considered to be "long lead items", which may take particularly long period of time.

------

Changes in international trade policy impacting regions where our components and materials are made could cause future disruptions in trade. For example, concerns about forced labor in China's Xinjiang Uyghur Autonomous Region ("XUAR"), where certain components and materials are manufactured, have led to legislation in countries such as the United States restricting imports from such region. Specifically, on December 23, 2021, the United States enacted the Uyghur Forced Labor Prevention Act ("UFLPA"), which presumptively prohibits imports of any goods made either wholly or in part in the XUAR. The law, which went into effect on June 21, 2022, creates a rebuttable presumption against "the importation of goods made, manufactured, or mined in the XUAR (and certain other categories of persons in China)" unless the importer meets certain due diligence standards, responds to all inquiries from U.S. Customs and Border Protection ("CBP") related to forced labor and the CBP determines, based on "clear and convincing evidence," that the goods in question were not produced wholly or in part by forced labor. CBP has identified silica-based and polysilicon as high-priority sectors for enforcement. While we have implemented policies and controls to mitigate the risk of forced labor in our supply chain, and we do not currently believe that our suppliers source materials for our supply chain from the XUAR, we cannot guarantee that our suppliers and partners will always comply with our policies or our contracts with them. Enforcement of the UFPLA against us or our suppliers could lead to our products being held for inspection by CBP and delayed or rejected for entry into the United States, resulting in other supply chain disruptions, or cause us to be subject to penalties, fines or sanctions. Even if we were not subject to penalties, fines or sanctions or supply chain disruption, if products we source are linked in any way to forced labor in the XUAR, our reputation could be harmed. The European Union has adopted Regulation (EU) 2024/3015 prohibiting products made with forced labour from being placed on or exported from the EU market (the "Regulation"). The Regulation will come into full force on December 14, 2027, with certain provisions already in effect since December 13, 2024. The Regulation applies to all products regardless of sector or origin, and covers the entire supply chain, including components and raw materials. It applies whether products are domestically produced or imported, and whether they are placed on the EU market or exported. We are actively monitoring developments in this area and assessing what, if any, adjustments to our sourcing practices and supply chain management may be required ahead of the Regulation's full application. It should be noted that the Regulation does not extend to products that have already reached end users, and competent authorities are expected to apply the principle of proportionality in their assessments.

We cannot predict whether the countries in which the components and materials are sourced, or may be sourced in the future, will be subject to new or additional trade restrictions imposed by the governments of countries in which our projects are located, including the likelihood, type or effect of any such restrictions. Trade restrictions, including embargoes, safeguards and customs restrictions against certain components and materials, as well as labor strikes and work stoppages or boycotts, could increase the cost or reduce or delay the supply of components and materials available to us and our vendors, which could delay or adversely affect the scope of our projects under development or construction and adversely affect our business, financial condition or results of operations.

***Certain of our investments in our projects may be subject to review by and approval from the Committee on Foreign Investment in the United States ("CFIUS"), which may prevent, delay or block us from investing in our projects that would otherwise be advantageous to our stockholders.***

The U.S. has implemented laws designed to protect national security or to restrict foreign direct investment. For example, CFIUS has the authority to review, block or impose conditions on investments by non-U.S. persons in U.S. companies or real estate assets deemed critical or sensitive to the United States. Under these laws, the U.S. government has the authority to impose a variety of actions, including requirements for the advance screening or notification of certain transactions, blocking or imposing conditions on certain transactions, limiting the size of foreign equity investments or control by foreign investors, and restricting the employment of foreigners as key personnel. As such, certain of our investments in our projects and the real estate for our projects may be subject to review by and approval from CFIUS. In June 2023, we, along with certain of our U.S. subsidiaries, entered into a National Security Agreement ("NSA") with CFIUS that institutes certain restrictions regarding the construction and operation of three of our projects in the U.S. The first of those projects, Crimson Orchard, has begun construction in accordance with the terms of the NSA. In the event that CFIUS reviews one or more of our other investments, including potential acquisitions, there can be no assurances that we will be able to initiate or complete such projects on terms acceptable to us. Additionally, CFIUS may seek to impose limitations on one or more such investments that may prevent us from maintaining or pursuing projects that we otherwise would have maintained or pursued, which could adversely affect the performance of our investments and thus our overall performance. Certain of our stockholders are non-U.S. investors, and in the aggregate, may comprise a substantial portion of our net asset value, which may increase the risks of such limitations being imposed in connection with projects pursued or made by us. Legislative and regulatory changes, including changes to agency practice, in the future may negatively impact our ability to realize value from certain existing and future projects, including by limiting exit opportunities or causing us to favour buyers that we believe are less likely to require CFIUS review, even in circumstances where other buyers may offer better terms or more consideration.

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#### Geo-Political, social or economic instability in regions where our components and materials are made could cause future disruptions in trade.
Taiwan plays a significant role in the global semiconductor supply chain and China is a notable producer of inputs used in utility scale renewable project equipment. In recent years, tensions have increased in the South China Sea and the threat of a takeover of Taiwan by China has grown. Were a physical conflict to break out or if relations further deteriorate, the supply chain for certain raw materials, particularly polycrystalline silicon and lithium, and semiconductors which are used in our solar energy, wind energy and battery storage projects, could be severely impacted, constraining the quality and availability of these materials and increasing their pricing, thereby having a substantial adverse effect on our financial condition or results of operations. If access to these materials or products were restricted or materially delayed, we may be required to source equipment from alternative suppliers at higher cost, with longer lead times, or with different technical specifications. Moreover, conflict could result in imposition of additional tariffs, sanctions, or other trade barriers.

To the extent that continuing political tensions between China and Taiwan adversely affect our business, they may also have the effect of heightening many of the other risks described in our risk factors, such as general market conditions.

***Our suppliers may not perform existing obligations or be available or able to perform future obligations, which could have a material adverse effect on our business.***

We often rely on a small number of suppliers, such as solar panel suppliers, tracker suppliers, wind turbine manufacturers and battery suppliers to provide equipment, technology and other services required to construct and operate our projects. A number of factors, including the credit quality and quality control of our suppliers, including related to turbines at some of our renewable energy projects in Sweden, as well as import and export restrictions, may affect their ability to perform under our supply agreements. With some of our suppliers, lead times can span multiple years, and they may not have sufficient incentives to conclude negotiations on terms acceptable to us.. Not all of our equipment suppliers are investment grade entities, and we cannot guarantee that any of our suppliers will sufficiently honor the terms of our contracts in every situation. Moreover, not all our suppliers are Tier 1 as defined by Bloomberg New Energy Finance ("BNEF") and we have experienced delays and quality assurance failures. If suppliers cannot, or do not, perform under their agreements with us, we may need to seek alternative suppliers and write off existing investments. Alternative suppliers, products and services may not perform similarly, and replacement agreements may not be available on terms as favorable as those in our current agreements or at all.

For example, in November 2024, one of our subsidiaries commenced two actions in the U.S. against a supplier of battery storage products and its guarantor, based on a breach of contract. Under these cases the subsidiary claimed damages of approximately $35.8 million, plus fees and interest. The supplier filed counter claims for an amount of approximately $67.3 million. The claims were arbitrated by the American Arbitration Association, while the New York state action was held in abeyance pending resolution of the arbitration. In late 2025, a final arbitration award was rendered by the arbitration panel in which the claims were resolved in favor of our subsidiary and all counterclaims made by the supplier were dismissed. As part of enforcement and collection efforts on the arbitration award being made under the New York state case, a final settlement was filed with the court and the state action was stayed. Enforcement and collection under the settlement agreement remains on-going. While the financial value of the dispute was not material to our overall operations, we absorbed unrecoverable transaction costs and damages as a result of the dispute. Although the claim was resolved in our favor, timely enforcement and collection of damages can be expensive and challenging. In addition, during 2025 we recognized an amount of $12.5 million of compensation from Siemens Gamesa linked to lower performance of turbines at the Björnberget project in Sweden.

Using alternative suppliers may result in higher costs and/or inability to meet our project schedules or to provide equipment of the same quality as that provided by our existing suppliers. We may be required to make significant capital contributions to remove, replace or redesign equipment that cannot be supported or maintained by replacement suppliers. The failure of any supplier to fulfill its contractual obligations to us could have a material adverse effect on our business, financial condition and results of operations. For example, in the effort to adapt to evolving U.S. trade tariffs and restriction, we may shift procurement to new suppliers and countries, which could increase the risk of equipment defects or longer supply lead times. Further, the acquisition of a supplier by one of our competitors or its affiliates could also limit our access to equipment, technology and other services or negatively affect our existing business relationships, which would have a material adverse effect on our business.

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#### Project construction activities may not commence or proceed as scheduled, which could increase our costs and impair our ability to recover our investments.
The construction of renewable energy projects involves numerous risks. Success in constructing a particular project is contingent upon or may be affected by, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• timely implementation and satisfactory completion of construction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• obtaining and maintaining required governmental permits and approvals,
 including making appeals of, and satisfying obligations in connection with, approvals obtained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• permit and litigation challenges from project stakeholders, including
 local governments, residents, environmental organizations, labor organizations, tribes and others who may oppose the project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• grants of injunctive relief to stop or prevent construction of a project
 in connection with any permit or litigation challenges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• bureaucratic procedures and responsibilities at the national and local
 level of government which may take longer than expected to be completed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• delivery of modules, wind turbines or battery energy storage systems
 on-budget and on-time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• discovery of unknown impacts to protected or endangered species or habitats,
 migratory birds, wetlands or other jurisdictional water resources, and/or cultural resources at project sites;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• discovery of title defects or environmental conditions that are not currently
 known, unforeseen engineering problems, construction delays, contract performance shortfalls and work stoppages;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• material supply shortages, failures or disruptions of labor, equipment
 or supplies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a shortage of construction resources and labor due to competition with
 other construction-intensive sectors, such oil and gas drilling or the building of data centers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increases to labor costs beyond our expectation upon entering into construction
 agreements as a result of enhanced local or national requirements regarding the use of union labor on-site;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• insolvency or financial distress on the part of our service providers,
 contractors or suppliers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cost overruns and change orders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cost or schedule impacts arising from changes in federal, state, or local
 land-use or regulatory policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in electric utility procurement practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• project delays that could adversely affect our ability to secure or maintain
 interconnection rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unfavorable tax treatment or adverse changes to tax policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• adverse environmental and geological or weather conditions, including
 water shortages and climate change, which may in some cases force work stoppages due to the risk of heat, fire or other extreme weather
 events;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• force majeure and other events outside of our control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in laws affecting the project;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• new or increased trade tariffs or restrictions may drive project construction costs higher;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• new or increased trade tariffs or restrictions may lead us to advance procurement of
 equipment, or replace project components with more expensive alternatives, which may also drive project construction costs higher;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accidents on constructions sites; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• damage to consumers triggered by blackouts caused by damage to transmission
 infrastructure during construction.

For example, the CO Bar Complex, located in Arizona and originally expected to reach COD in the second half of 2026, has been delayed for more than two years due to the Arizona Public Service's queue reform, which has taken longer than expected to complete, and additional hurdles in finalizing an interconnection agreement. CODs for the Projects within the CO BAR Complex are expected to occur in the second half of 2027 and the first half of 2028. If we fail to complete the construction of a renewable energy project, fail to meet one or more agreed target construction milestone dates, or fail to perform other contract terms, we may be subject to payment obligations arising under significant letters of credit required to be maintained under offtake contracts or interconnection agreements or termination of such agreements, incur significant liquidated damages, penalties and/or other obligations under other project-related agreements, and may not be able to recover our investment in the project. If we are unable to complete the construction of a renewable energy project, we may impair some or all of the capitalized investments we have made relating to the project, which could have an adverse effect on our results of operations in the period in which the loss is recognized. For more details, see "—Projects under development may not be partially or fully developed, financed or constructed."

#### Risks related to the offtake of our renewable energy projects

#### We face growing competition from traditional and renewable energy companies in developing renewable energy projects.
The solar energy and wind energy industries are highly competitive. A growing number of companies are seeking to develop and originate such projects, driven by the growth of the total addressable market for such projects and the increased level of interest from investors in environmental, social and governance focused ventures. In addition to developers, independent power producers, unregulated utility affiliates, renewable energy companies, and pension and private equity funds, we also compete with traditional oil and gas companies and incumbent utilities. New policies enacted by the U.S. Federal Government that favor fossil fuel energy sources may increase competition between traditional energy firms and the renewable energy sector. We may not be able to enter into or renew long-term contracts for the sale of power produced by our projects at prices and on other terms favorable to us. If we cannot offer compelling value to our offtakers, then our business will not grow at our anticipated pace or at all. Traditional utilities generally have, and certain of our other competitors have, substantially greater financial, technical, operational and other resources than we do. In addition, growing corporate and investor support for renewable energy has increased the amount of money being allocated to developers that compete with us. Such competitors may be able to build and own solar energy projects at lower costs than us, enabling them to submit bids for PPAs or similar energy purchase agreements at more competitive and appealing terms to potential customers than ours. Traditional utilities could also offer other value-added products or services that could help them compete with us even if the cost of electricity they offer is higher than ours.

Certain markets may become saturated with renewable energy projects, especially solar generation plants, which may in turn lead to cannibalization and lower power prices. For example, in areas of Europe with extensive solar generation capacity, the large amount of electricity produced during peak daily production hours can cause supply to exceed demand, resulting in negative prices. To mitigate these risks, we are investing in energy storage battery projects which allow us to store the electricity we generate and sell it at optimal prices.

#### Attractive offtake terms may become unavailable, which would adversely affect our business and growth.
Intense competition for offtake contracts may result in downward pressure on offtake pricing. Downward pressure on equipment pricing over the long-term, may also create downward pressure on offtake pricing. If falling offtake pricing results in forecasted project total revenues and income from the sale of electricity that is insufficient to generate returns higher than our cost of capital, our business, financial condition and results of operations could be adversely affected.

Alternatively, if we pursue offtake contracts with pricing that we assume will be attractive based on expectations of falling equipment or construction pricing or other cost or total revenues and income expectations that ultimately prove to be inaccurate, or the value of a project is less than expected at the time of execution of the related offtake contract, our business, financial condition and results of operations could be adversely affected, including through payment obligations to issuing banks in connection with any posted letters of credit.

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In addition, competition for offtake contracts and other market factors may result in new market terms that may not be favorable to us and could adversely affect the economics of our projects and, in turn, our ability to obtain sufficient financing and grow our business. This trend may require us to seek new offtake counterparties, which could expose us to risks in new markets or associated with having less creditworthy counterparties. Similarly, our competitors are increasingly willing to accept short duration offtake terms, which may put pressure on us to accept shorter duration offtake contracts, thereby increasing our exposure to market volatility and inaccuracy in the third-party prediction of energy pricing during the merchant tail period of operations after expiration of the offtake contract.

In addition, the availability of offtake contracts depends on utility and corporate energy procurement practices that may change over time. Offtake contract availability and terms are a function of a number of economic, regulatory, tax and public policy factors, each of which is also subject to change.

***If our projects fail to meet development, operational or performance benchmarks, our offtakers may have the right to terminate the applicable offtake contract, require us to pay damages or reduce the amount of energy such projects sell.***

If certain of our projects fail to meet development, operational or performance benchmarks related to, among other things, energy production and project availability, within specified time periods, such failure may give rise to a default or event of default under one or more of the offtake contracts in our portfolio or offtake contracts we may enter into in the future. These contracts may provide the applicable counterparties with rights to, among other things: terminate the applicable offtake contracts; require us to pay damages under such offtake contracts; or reduce the amount of energy our projects can sell under such offtake contracts. If our projects fail to meet applicable development or operational benchmarks, such as minimum production requirements, and our offtakers or other counterparties elect to take any such action against us under our offtake contracts, it could materially and adversely affect the development of our renewable energy projects, our results of operations and cash flow unless and until we are able to replace the offtake contract on similar terms. We may not be able to enter into a replacement offtake contract on favorable terms or at all, which may have an adverse impact on our growth strategy and may negatively affect our business.

***Our offtakers could become unwilling or unable to fulfill or renew their contractual obligations to us or they may otherwise terminate their agreements with us.***

Once we enter into offtake contracts or other long-term contracts, we are exposed to the risk that our counterparties will become unwilling or unable to fulfill or renew their contractual obligations and, if any such agreement is terminated, we cannot guarantee that we will enter into a replacement agreement on substantially similar terms or at all. Any or all of our offtakers may fail to fulfill or renew their obligations to us under their contracts or otherwise, including as a result of the occurrence of any of the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Events beyond our control or the control of an offtaker that may temporarily or permanently
 excuse the offtaker from its obligation to accept and pay for delivery of energy generated by a project. These events could include a
 system emergency, a transmission failure or curtailment, adverse weather condition, a change in law, a change in permitting requirements
 or conditions, or a labor dispute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The ability of our offtakers to fulfill their contractual obligations to us depends on
 their creditworthiness. Due to the long-term nature of our offtake contracts, we are exposed to the credit risk of our offtakers over
 an extended period of time. Any of these counterparties could become subject to insolvency or liquidation proceedings or otherwise suffer
 a deterioration of its creditworthiness, including when it has not yet paid for energy delivered, any of which could result in a default
 under their agreements with us, and an insolvency or liquidation of any of these counterparties could result in the termination of any
 applicable agreements with such counterparty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The ability of any of our offtakers to extend, renew or replace its existing offtake
 contract with us depends on a number of factors beyond our control, including: whether the offtaker has a continued need for energy or
 capacity at the time of expiration, which could be affected by, among other things, the presence or absence of governmental incentives
 or mandates, prevailing market prices or the availability of other energy sources; the satisfactory performance of our delivery obligations
 under such offtake contracts; the regulatory environment applicable to our offtakers at the time; and macroeconomic factors present at
 the time, such as population, business trends and related energy demand.

If our offtakers are unwilling or unable to fulfill or renew their contractual obligations to us, or if they otherwise terminate such agreements prior to their expiration, we may not be able to recover contractual payments and commitments due to us. Since the number of counterparties that purchase wholesale bulk energy is limited, we may be unable to find a new energy purchaser on terms similar to or at least as favorable as those in our current agreements or at all. Any interruption in or termination of payments by any of our counterparties could adversely affect our ability to pay project lenders and tax equity investors, could cause a default under the applicable project debt and tax equity financing arrangements, and could trigger cross-defaults under our other financing arrangements. In such a case, the cash flows we receive could be adversely affected. In addition, our ability to finance additional projects with offtake contracts from such counterparties would be adversely affected, undermining our ability to grow our business. The loss of or a reduction in sales to any of our offtakers could have a material adverse effect on our business, financial condition and results of operations.

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#### Some of our offtake contracts are structured to include market price risks.
Pursuant to the de-regulation of the electricity market in Israel that became effective on January 1, 2024, our corporate PPAs entered into since such time require us to provide power pursuant to each individual customer's demand profile. This requires us to purchase electricity from the grid or discharge power from our batteries in order to meet customer demands during times that our projects are not generating electricity, such as at night or on cloudy days for our solar energy projects. Purchasing energy from the grid exposes us to market risk, thereby increasing uncertainty surrounding our projects in Israel and could negatively affect our results of operation.

#### Risks related to the operation and management of our renewable energy projects
***Operation and maintenance of renewable energy projects involve significant risks that could result in unplanned outages, reduced output, interconnection, curtailment, or termination issues, or other adverse consequences.***

There are risks associated with the operation of our projects. These risks include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• greater or earlier than expected degradation, or in some cases failure,
 of solar panels, inverters, transformers, turbines, gear boxes, blades and other equipment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• technical performance below projected levels, including the failure of
 solar panels, inverters, wind turbines, gear boxes, blades and other equipment to produce energy as expected, whether due to incorrect
 measures of performance provided by equipment suppliers, improper operation and maintenance, or other reasons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• design or manufacturing defects or failures, including defects
 or failures that may not be covered by warranties or insurance (for example, quality issues and defects we have experienced in our
 turbines at some of our renewable energy projects in Sweden);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• insolvency or financial distress on the part of any of our service providers,
 contractors or suppliers, or a default by any such counterparty for any other reason under its warranties or other obligations to us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increases in the cost of Operational Projects, including costs relating
 to labor, equipment, unforeseen or changing site conditions, insurance, regulatory compliance, and taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• loss of interconnection capacity, and the resulting inability to deliver
 power under our offtake contracts, due to grid or system outages or curtailments beyond our or our counterparties' control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• breaches by us and certain events, including force majeure events, under
 certain offtake contracts and other contracts that may give rise to a right of the applicable counterparty to terminate such contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• catastrophic events, such as fires, earthquakes, severe weather,
 tornadoes, ice or hail storms or other meteorological conditions, landslides, and other similar events beyond our control, which could
 severely damage or destroy a project, reduce its energy output, result in property damage, personal injury or loss of life, or increase
 the cost of insurance even if these impacts are suffered by other projects as is often seen following events like high-volume wildfire
 and hurricane seasons. For example, floods in Spain during 2025 resulted in grid failures that prevented us from selling electricity at
 Gecama for a number of days, leading to an immaterial reduction in revenues from this project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the discovery of unknown impacts to protected or endangered species or
 habitats, migratory birds, wetlands or other jurisdictional water resources, and/or cultural resources at project sites;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the discovery or release of hazardous or toxic substances or wastes and
 other regulated substances, materials or chemicals;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• errors, breaches, failures, or other forms of unauthorized conduct or
 malfeasance on the part of operators, contractors or other service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cyber-attacks targeted at our projects as a way of attacking
 the broader grid, or a failure by us or our operators or contractual counterparties to comply with cyber-security regulations aimed at
 protecting the grid from such attacks. For example, at one of our projects in Sweden, we were fined for not fully complying with regulations
 relating to the timely reporting and documentation of our cyber security management plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to obtain or comply with permits, approvals and other regulatory
 authorizations and the inability to renew or replace permits or consents that expire or are terminated in a timely manner and on reasonable
 terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the inability to operate within limitations that may be imposed by current
 or future governmental permits and consents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in laws, particularly those related to land use, environmental
 or other regulatory requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disputes with government agencies, special interest groups, or other
 public or private owners of land on which our projects are located, or adjacent landowners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in tax, environmental, health and safety, land use, labor, trade,
 or other laws, including changes in related governmental permit requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• government or utility exercise of eminent domain power or similar events;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• existence of liens, encumbrances, or other imperfections in title affecting
 real estate interests; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to obtain or maintain insurance or failure of our insurance to
 fully compensate us for repairs, theft or vandalism, and other actual losses.

These and other factors could have adverse consequences on our solar energy, wind energy or energy storage projects. For example, these factors could require us to shut down or reduce the output of such projects, degrade equipment, reduce the useful life of the project, or materially increase operations and maintenance ("O&M") and other costs. Unanticipated capital expenditures associated with maintaining or repairing our projects would reduce profitability. Congestion, emergencies, maintenance, outages, overloads, requests by other parties for transmission service, including on our facilities, actions or omissions by other projects with which we share facilities, and certain other events, including events beyond our control, could give rise to a partial or complete curtailment of generation or transmission of energy from our projects and could lead to one or more of our customers terminating their offtake contracts with us. Any termination of a project's interconnection or transmission arrangements or non-compliance by an interconnection provider, an owner or operator of shared facilities, or another third party with its obligations under an interconnection, shared facilities, or transmission arrangement may delay or prevent our projects from delivering energy to our offtakers. If an interconnection, shared facilities or transmission arrangement for a project is terminated, we may not be able to replace it on terms as favorable as those of the existing arrangement, or at all, or we may experience significant delays or costs in connection with such replacement. In addition, due to supply chain disruptions, replacement and spare parts for solar panels, wind turbines and other key pieces of equipment may be difficult or costly to acquire or may be unavailable.

Any of the risks described above could significantly decrease or eliminate the total revenues and income of a project, significantly increase a project's operating costs, cause us to default under our financing agreements, or give rise to damages or penalties owed by us to an offtaker, another contractual counterparty, a governmental authority or another third party, or cause defaults under related contracts or permits. Any of these events could have a material adverse effect on our business financial condition and results of operations.

***Energy production and total revenues and income from our solar power energy and wind energy projects depend heavily on suitable meteorological and environmental conditions and our ability to accurately predict meteorological conditions.***

The energy produced, and total revenues and income and cash flows generated, by a solar energy or wind energy project depend on suitable climatic conditions, particularly solar and wind conditions, both of which are beyond our control. Our solar energy projects require strong, consistent exposure to sunlight to achieve the predicted power generation and weather, geological or other conditions at our project sites, as well as climatological phenomena not experienced directly at our sites, may prevent adequate amounts of sunlight from reaching some or all of our solar energy projects. Also, our wind energy projects will only operate within certain wind speed ranges that vary by turbine model and manufacturer, and the wind resource at any given project site may not fall within such specifications.

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Furthermore, components of our solar energy systems, such as panels and inverters, and wind energy projects, such as turbines and blades, could be damaged by severe weather or natural catastrophes, the exposure of our projects to which varies greatly due to the number of diverse regions in which our projects are located, examples of which include snowstorms, ice storms, hailstorms, lightning strikes, tornadoes and derechos, fires, earthquakes, landslides, mudslides, sandstorms, drought, dust-storms, floods, hurricanes or other inclement weather. In these circumstances, the provision of O&M or other services may be adversely affected. In particular, materials may not be delivered as scheduled and labor may not be available, and we may be obligated to bear the expense of repairing the damaged solar energy and wind energy systems that we own. Such extreme weather conditions or natural catastrophes may also severely affect our operations by greatly reducing energy output from our systems, and in cases of severe damage, to zero, causing a reduction in total revenues and income in addition to increased costs due to damages. Replacement and spare parts for key components may be costly, or otherwise difficult or unavailable to obtain. Moreover, natural disasters may adversely affect the economy, infrastructure and communities in the regions where we conduct our business and regions and countries where we source our materials.

We base our investment decisions with respect to projects on the findings of solar or wind resource studies as well as remote modelling of solar or wind resources conducted by third-party engineers, all of which are used to generate predictions as to solar or wind resource over future periods and forecast methodologies used by third-party engineers may change over time. Actual weather, resource and other climatic conditions at a project site may not conform to the findings of these studies and remote modelling, and our projects may not meet anticipated production or transmission levels. Climatic conditions and resource expectations will continue to change over time, and we cannot accurately predict such changes. Further, weather patterns change in scope and magnitude in ways that diverge from historic trends, making it harder to predict the average annual amount of sunlight striking each of our solar energy project locations or prevailing wind patterns and speeds at our wind energy projects. Climate change also affects the severity and frequency of weather or other natural catastrophes and the geographical regions in which they are experienced. Our inability to accurately predict availability of solar or wind resources could adversely affect our profitability and, as a result, harm our business, financial condition and results of operations.

***Our projects may not perform as we expect, and the protection afforded by warranties and guarantees provided by our suppliers and contractors may be limited by their ability or willingness to satisfy its warranty and contractual obligations or by the expiration of applicable time or liability limits.***

Our projects may take longer to achieve full production, driven by quality and service issues from our suppliers. For example, we have experienced longer ramp up times for wind and solar power energy projects that began operations in the past 12 to 24 months. Although we expect to benefit from various warranties, including construction, product quality and performance warranties, provided by our counterparties in connection with the construction of our projects, the purchase of equipment necessary to operate our projects, and certain other matters, our counterparties may become insolvent, cease operations or otherwise default on their warranty obligations. Even if a counterparty fulfills its obligations, many of our warranties do not cover reimbursement for lost total revenues and income, and we cannot guarantee any warranties will be sufficient to compensate us for all of our losses. Further, there are limitations in most warranties, including limits on liability. Many warranties have exclusions rendering them inapplicable if, for example, the owner does not follow the manufacturer's operating instructions. Warranties may also define an upper limit for the value of compensation a supplier is required to pay, which may not fully cover the scope of the compensation that we believe due to us in a specific incident. We may disagree with a counterparty about whether a particular product defect, performance shortfall or other similar matter is covered by a warranty, in whole or in part, as well as the manner in which any such matter should be resolved. As a result, enforcing any such warranty may be costly or impossible. For example, in 2024 and 2025 we experienced quality failures in two turbine blades in our wind project Björnberget in Sweden and other equipment quality or installation issues, which have resulted in operational disruptions and repair costs. Although we are seeking to recover the full amount of damages that we have suffered, we may not be compensated for all of the costs, expenses and losses (including lost profits) incurred as a result of the defects in the wind turbine generators and the related downtime period during which the wind turbine generators were not operational. While we expect that some of the damages caused to us by these issues will be recovered under our agreements with the relevant suppliers, some of the compensation may be limited or may not cover the entire set of damages caused to us. Such costs may include significant out-of-pocket and internal expenses, some or all of which may not be recovered. The failure of some or all of our projects to perform according to our expectations and limitations to our warranty coverage could have a material adverse effect on our business, financial condition and results of operations.

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See also "—Our suppliers may not perform existing obligations or be available or able to perform future obligations, which could have a material adverse effect on our business" regarding equipment having shorter warranty time than it otherwise would have, had a supplier not defaulted on his obligations under his agreement with us.

#### Our projects are subject to curtailment and other production restriction risks.
Our projects, and particularly those that operate on the Merchant Model, may be subject to curtailment or other production restrictions under various circumstances. Under the terms of certain of our offtake contracts, our projects' delivery of electricity is subject to curtailment or other restrictions, including by our offtakers, regional transmission organizations or ISOs, for various reasons, including for system maintenance or reliability and stability purposes, negative market prices or due to transmission limitations, emergencies, force majeure or geopolitical circumstances.

Under the terms of certain of our interconnection agreements, our projects may bear the risk of curtailment or other restrictions on production required by the regional transmission organization, balancing authority, transmission owner or ISO for similar reasons. As the penetration of renewable energy increases in electric transmission systems around the world, the risk of congestion leading to curtailment increases, particularly at the times of day and year when our projects are generating the most energy due to common resource availability among us and our competitors. In addition, the determination as to whether compensation for curtailments will be paid is made under contracts which may be subject to differing interpretations or may be breached by counterparties. Any curtailment or restriction could have a material adverse effect on our business, financial condition and results of operations.

For example, at one of our wind projects in Europe, electricity generation can be curtailed under our existing offtake contract when market prices for power fall below zero. At another of our wind projects in Europe, the local grid regulator in 2025 ordered curtailment of due to inclement weather that caused physical damage to the grid. In the U.S., energy from one of our solar facilities was recently being curtailed by the offtaker, and we subsequently entered into an amendment to the PPA wherein we agreed to a lower PPA price in exchange for effective elimination of uncompensated curtailment. In Israel, due to a war-related temporary reduction in demand for electricity, the system operator from time to time curtails electricity generation on a system-wide basis. The EA partially compensates us for the financial impact of these generation curtailments. While none of these events have to date resulted in material financial losses to us, there is no guarantee that we will not suffer material losses if such events occur in the future.

***Electricity prices are volatile, and decreases in demand for and the price of electricity we sell may harm our business, financial condition, results of operations and cash flows.***

The amount of electricity consumed is affected primarily by overall demand for electricity, which fluctuates in response to factors such as macroeconomic conditions, absolute and relative prices, availability of energy from various sources, energy conservation and demand-side management, as well as environmental and other governmental regulations. Decreases in the price of electricity may negatively impact our business and results of operations. The price of electricity could decrease as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• construction of new, lower-cost power generation plants, including plants utilizing renewable
 energy or other generation technologies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• relief of transmission constraints that enable lower-cost and/or geographically distant
 generation to access transmission lines less expensively or in greater quantities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reductions in the price of natural gas or other fuels;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount of excess generating capacity relative to load in a particular market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• decreased electricity demand, including from energy conservation technologies and public
 initiatives to reduce electricity consumption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• development of smart-grid technologies that reduce peak energy requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• development of new or lower-cost customer-sited energy storage technologies that have
 the ability to reduce a customer's average cost of electricity by shifting load to off-peak times;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the cost of controlling emissions of pollution, including the cost of emitting
 carbon dioxide and the prices for renewable energy certificates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the structure of the electricity market, where, for example, regions with higher penetration
 of renewable energy production may experience greater price volatility or increased prevalence of negative pricing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• weather conditions and seasonal fluctuations that impact electrical load; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• development of new energy generation technologies which could allow our competitors and
 their customers to offer electricity at costs lower than those that can be achieved by us and our facilities.

Additionally, while the current trend in the energy market points to continued growth in demand for energy as a result of the increase in energy consumption in part from the growing adoption and use of artificial intelligence, there is no certainty as to the continued growth in such demand. Furthermore, while overall energy consumption may rise, there is no assurance that the market for renewable energy projects will follow a similar trajectory, particularly given shifting U.S. federal policy priorities toward fossil fuel energy sources.

We seek to minimize our exposure to electricity price volatility through the use of long-term offtake contracts. In several countries in Europe, where we sell electricity in the open market, we may seek to hedge our market exposure through a wide range of products, including but not limited to forward sales of electricity with hedges or by entering into PPAs and CFDs with offtakers. In 2025, 90% of our production was sold at fixed prices through hedges or PPA agreements.

Our electricity supplier and reselling business in Israel regularly purchases power from national grid in order to charge its battery storage facilities. Should the price at which these purchases are made rise, the profitability of this business may be negatively impacted.

#### Our hedging activities may not adequately mitigate the risks related to our exposure to electricity prices.

We may incur significant financial losses as a result of adverse changes in the mark-to-market values of the financial swaps or if the counterparties to our hedging contracts fail to make payments when due. In addition, if we have to unwind a hedging arrangement that has become uneconomical or for any other reason, we may be unable to hedge at all, which would expose our revenues from the sale of electricity to market price fluctuations. We could also experience a reduction in cash flow if we are required to post margin in the form of cash collateral to secure our delivery or payment obligations under these hedging agreements.

#### General business risks

#### We depend on certain Operational Projects for a substantial portion of our revenues and cash flows.
We depend on certain Operational Projects, and expect to depend on certain future projects, for a substantial portion of our cash flows. For example, Genesis Wind accounted for approximately 11% and 10% of our total revenues and income for the year ended December 31, 2024 and the year ended December 31, 2025, respectively. Similarly, Gecama, which we operate on a Merchant Model without a PPA, accounted for 16% and 9% of our total revenues and income for the year ended December 31, 2024 and the year ended December 31, 2025, respectively. Our dependence on Genesis Wind and Gecama is expected to decline over time as new projects reach commercial operation.

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#### Our business strategy includes growing our portfolio of projects through acquisitions, which involves numerous risks.
Our strategy includes growing our business occasionally through acquisitions. Acquisitions involve numerous risks, including exposure to existing and future liabilities and unanticipated post-acquisition costs, dependence on approvals by regulatory bodies across various jurisdictions (including, with respect to certain acquisitions in the United States, the Committee on Foreign Investment in the United States), difficulty in integrating the acquired projects into our business and, if the projects operate in new markets, the risks of entering markets where we have limited experience. For example, projects may be acquired from parties that have made inaccurate representations, which exposes us to existing and future liabilities.

Additionally, we risk overpaying for such projects (or not making acquisitions on an accretive basis) and failing to retain the offtake agreements or other commercial agreements in place for such projects. While we have customarily and will continue to perform due diligence on prospective acquisitions, we may not have discovered, or may not in the future discover, all potential risks, operational issues or other problems affecting such projects. Future acquisitions might not perform as expected or the returns from such acquisitions might not support the financing utilized to acquire them or maintain them. A failure to achieve the financial returns we expect when we acquire renewable energy projects and assets could have a material adverse effect on our ability to grow our business.

Finally, we may not have sufficient availability under our credit facilities or have access to project-level financing, including, in some instances, tax equity financing, on commercially reasonable terms when acquisition opportunities arise. An inability to obtain the required or desired financing could significantly limit our ability to consummate future acquisitions and effectuate our growth strategy. If financing is available, it may be available only on terms that could significantly increase our costs, impose additional or more restrictive covenants, or reduce cash flow.

#### Solar energy and wind energy may not remain primary sources of renewable energy.
Solar energy and wind energy have been the leading sources of clean electricity generation to date due to the low cost of electricity and the ability to access these resources in some form in many geographies. Our generation pipeline consists entirely of solar energy and wind energy Development Projects, and therefore our growth is premised on solar energy and wind energy continuing to be the technology of choice for clean electricity generation. Should alternative technologies emerge that limit the demand for solar energy and wind energy technologies, our long-term growth may be adversely impacted. For example, the current U.S. administration has put in place new policies favoring electricity production using fossil and nuclear fuels.

#### Our projects depend, and will depend, on third-party service providers.
We have retained and will in the future retain third-party service providers to perform EPC, O&M and other services related to our projects. Outsourcing these functions involves the risk that third parties may not perform to our standards (including as a result of errors, breaches, failures, or other forms of unauthorized conduct or malfeasance), may not produce results in a timely manner or may fail to perform at all. Although we have not experienced any significant difficulties with our third-party service providers to date, it is possible that we could experience difficulties in the future, which could: (i) cause us to default on our contractual, financing, regulatory and other obligations; (ii) reduce our capacity to generate power from one or more projects on a temporary or permanent basis; (iii) lead to litigation or arbitration; or (iv) expose us to liquidated damages.

If a third-party service provider is terminated or resigns, or if we lose a provider through consolidation, or otherwise, it may be difficult or impossible to locate a suitable replacement. We may have limited access to alternative service providers or experience difficulty finding a replacement on a cost-efficient basis if the service providers on which we generally rely are unable to perform for any reason. Further, as the EPC and O&M service industries continue to consolidate, we may experience additional cost pressure from our service providers. We also may not be able or desire to retain third-party service providers on the same terms in the future, and, as a result, we may be forced to take on additional risk, such as cost inflation and other cost increases that would otherwise be covered by third-party providers and/or responsibilities associated with the construction and the operation and management of our projects. Any of these events could have a material adverse effect on our business, financial condition and results of operations.

#### Cost inflation could adversely affect our project construction costs and results of operations.
The renewable energy industry has seen long periods of declining equipment costs, which may not continue, or may reverse. Although solar panel and energy storage battery prices have generally dropped in the last several years, there is no guarantee that this trend will continue in the future. Inflation or the absence of cost decreases could adversely affect us by increasing the actual or expected costs of land, electricity generation and storage equipment, labor and other goods and services needed to construct our projects, potentially reducing project profitability. Future increases in actual or expected costs may have an adverse impact on our business, financial condition and results of operations.

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#### Our ability to effectively operate our business could be impaired if we fail to attract and retain key personnel.
Our ability to operate our business and implement our strategies effectively depends on the efforts of our executive officers and other key employees. Our management team has significant industry experience and would be difficult to replace. Our key personnel possess development, construction, operational, management, legal, engineering, financial and administrative skills that are critical to the operation of our business. With the growth of the renewable energy industry, we have seen an increase in the need for experienced personnel with applicable experiences. In addition, the market for personnel with the required industry and technical expertise to succeed in our business is highly competitive, and we may be unable to attract and retain qualified personnel to replace or succeed key employees should the need arise. In order to remain competitive in attracting and retaining such personnel, we may need to increase the compensation of our employees, including new hires, beyond our current expectations. The loss of the services of any of our key employees or the failure to attract or retain other qualified personnel could have a material adverse effect on our business, financial condition and results of operations. There can be no assurance that the services of any of these individuals will continue to be available to us in the future.

#### We are subject to organizational and legal risks associated with our complex corporate structure and global operations.
Our corporate structure and operating model require coordination of business activities with multiple subsidiaries, joint ventures and partnerships across various jurisdictions as described elsewhere in this Annual Report. Failure to properly manage such business activities could have a material adverse effect on our business.

In addition, our operations are subject to risks inherent in conducting business globally. In addition to the cross-border regulatory and legal risks described elsewhere in this Annual Report, our business is subject to risks associated with management communication and integration problems resulting from cultural and geographic dispersion. Compliance with laws and regulations applicable to our global operations also substantially increases our cost of doing business in foreign jurisdictions. If we invest substantial time and resources to expand our international operations and are unable to do so successfully and in a timely manner, our business, results of operations and financial condition may suffer. We may be unable to comply with changes in government requirements and regulations, which could harm our business. In many countries, it is common for others to engage in business practices that are prohibited by our internal policies and procedures or other regulations applicable to us. Although we have implemented policies and procedures designed to ensure compliance with these laws and policies, there can be no assurance that all of our employees, contractors, partners and agents will comply with these laws and policies. Violations of laws or key control policies by our employees, contractors, partners or agents could result in delays in recognition of total revenues and income, financial reporting misstatements, investigations and enforcement actions, reputational harm, disgorgement of profits, fines, civil and criminal penalties, damages, injunctions, other collateral consequences or the prohibition of the importation or exportation of our platform and could harm our business, results of operations and financial condition.

***We are not able to insure against all potential risks, and we may become subject to higher insurance premiums or may not obtain insurance at all.***

We are exposed to numerous risks inherent in the operation of renewable energy projects, including equipment failure, manufacturing defects, natural disasters, pandemics, terrorist attacks, cyber-attacks, sabotage, theft, vandalism, political risks in developing markets and environmental risks. Further, with respect to any projects that are under construction or development, we are, or will be, exposed to risks inherent in the construction and development of these projects. The occurrence of any one of these events may result in us being named as a defendant in lawsuits or in regulatory actions asserting claims for substantial monetary damages and/or other forms of relief, including those associated with environmental clean-up or other remediation or compliance costs, personal injury, property damage, fines and penalties.

Some of the risks to which we are exposed may not be insurable, including some risks related to terrorism. Our projects in Israel are not fully covered by private insurance for all damage to our facilities that may result from any escalation of hostilities with Hamas and the ongoing conflict with Iran, Hezbollah and other regional actors or states. Also, although the State of Israel provides companies with certain compensation for direct damages from the conflict, such coverage does not include loss of future total revenues and income. Even if the risks are generally insurable, we may not maintain or obtain insurance of the type and amount we desire at reasonable rates or at all, and we may elect to self-insure a portion of our portfolio. The insurance coverage we do obtain may contain large deductibles or insufficient coverage or fail to cover all risks or potential losses across our global footprint. We often cannot obtain full coverage at economic rates and are instead limited to probable maximum loss coverage subject to commercially reasonable limits. In addition, our insurance policies are subject to annual review by our insurers and may not be renewed on similar or favorable terms, including with respect to coverage, deductibles or premiums, or at all.

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As the renewable energy industry grows, insurance providers may reassess the risks associated with solar energy, wind energy and energy storage projects and we may experience higher insurance costs; industry-wide increases in insurance premiums may also contribute to this trend. In addition, the discounts we receive on our insurance policies may be reduced in the future. Higher insurance prices are driven in part by cost spreading efforts from major insurance providers following major natural disasters such as hurricanes or widespread wildfires. Finally, even if we believe that insurance should cover any particular claim, there may be litigation with insurance companies or others regarding the claim, and we may not prevail. The occurrence of any such natural disaster may result in our being named as a defendant in lawsuits asserting claims for substantial monetary damages, including those associated with environmental cleanup costs, personal injury, property damage, fines and penalties. If a significant accident or event occurs for which we are not fully insured, or if we are unable to obtain or retain a sufficient level of insurance, which could constitute a breach under our offtake contracts, we may experience a material adverse effect on our business, financial condition and results of operations.

***Our use of artificial intelligence may give rise to potential legal or regulatory action, or may result in damage to our reputation, or otherwise materially harm our business.***

Our use of artificial intelligence in our operations is still in its early stages. While our aim is to incorporate the use of artificial intelligence into our operations in a manner that increases operational efficiency and mitigates potential ethical and legal issues presented by the use of artificial intelligence, we may be ultimately unsuccessful in identifying or resolving such issues – especially given the complex and rapidly evolving technological and regulatory frameworks that continue to emerge around artificial intelligence. For example, our use of artificial intelligence may increase the risk of a cybersecurity incident or the release of confidential Company information. Furthermore, the rapidly evolving domestic and international legal and regulatory frameworks around artificial intelligence – including, inter alia, pending laws and orders by the U.S. federal government, the European union and other jurisdictions our operations may be subject to – could impose significant costs on us. Clarifying questions and regulatory considerations regarding data privacy, data protection, intellectual property and the ethical questions pertaining to the use of artificial intelligence may require further commitment of resources. Our use of artificial intelligence may give rise to potential legal or regulatory action, or increased scrutiny or liability; and may result in damage to our reputation, or otherwise materially harm our business.

#### We are subject to risks associated with litigation or administrative proceedings that could materially affect us.
We are subject to risks and costs, including potential negative publicity, associated with lawsuits, claims or administrative proceedings, including lawsuits, claims or proceedings relating to our business or the development, construction or operation of our projects. In addition, we may become subject to legal or administrative proceedings or claims contesting the issuance of a permit or seeking to enjoin the construction or operation of our projects. The result and costs of defending any such proceedings or claims, regardless of the merits and eventual outcome, may be material. Any such proceedings or claims could also materially delay our ability to complete construction of a project in a timely manner or at all or could otherwise materially adversely affect a completed project's operations. Further, we have little control over whether third-party claims will be brought by one or more third parties, including public and private landowners, offtakers, equipment suppliers, construction firms, labor unions, and O&M and other service providers or their employees or contractors. Defending litigation, delays caused by litigation, and the costs of settling or other unfavorable outcomes, including judgments for monetary damages, injunctions, or denial or revocation of permits, could have a material adverse effect on our business, financial condition and results of operations.

For additional information regarding pending litigation, see Item 4.B. "Business Overview—Legal Proceedings."

***We and third parties with which we do business may be subject to cyber-attacks, disruptions and security incidents, as well as acts of terrorism or war that could have a material adverse effect on our business, financial condition and results of operations, as well as result in significant physical damage to our projects.***

Our operations rely on computer systems, hardware, software infrastructure and networks (collectively, "IT Systems") that we manage or that are managed by third parties with which we do business, such as O&M and other service providers, and on the secure processing, storage and transmission of proprietary, confidential, financial, personal and other sensitive information, including personal information about our employees (collectively, "Confidential Information"). We also rely heavily on IT Systems, including those of third parties, to operate our solar power energy, wind energy and energy storage projects. Failures and disruptions or compromises to our or of our critical third parties' IT Systems may be caused by natural disasters, accidents, power disruptions, telecommunications failures, acts of terrorism or war, computer viruses, bugs, misconfigurations or exploited vulnerabilities in hardware or software, physical or electronic break-ins, human or technological error, intentional conduct, targeted cyber-attacks, or similar events or incidents.

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Attacks, including those targeting IT Systems, such as the electronic control systems used to operate our energy projects or the facilities of third parties on which our projects rely, could severely disrupt or shut down business operations and result in loss of service to offtakers, significant expense to repair or remediate system damage, or lead to ransomware attacks. These risks are further exacerbated by the growing use of artificial intelligence for malicious purposes, which continue to give rise to new cybersecurity risks. Although we have taken steps to enhance the security of our IT and OT Systems and Confidential Information, such as enhancing the security of our corporate servers, improving Multi-Factor Authentication to our Virtual Private Networks, implementing a new Network Access Control solution, and connecting our office network to a specified SIEM/SOC service, we have experienced cyber-attacks in the past and we expect attempted cyber-attacks and other security incidents to increase in the future.

We have not identified any risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, that have materially affected or are reasonably likely to materially affect us, including our business strategy, results of operations, or financial condition, or the ability to bill our clients. However, in 2024 and 2025, we identified an increasing number of intrusion attempts into the control systems of our power stations in Israel and in various other countries in which we operate, each of which was blocked by the defensive measures we employ at our facilities. In 2024, we experienced one cyber-related incident, which we classified as immaterial because it caused no damage to the Company, its data or infrastructure. In 2026, there was a suspected cybersecurity penetration of limited and minor significance of the physical security network operated by a third-party contractor at two of our generation sites. The physical security network stands separate from our operational network, which to the best of our knowledge, was not infiltrated.

While to date no incidents have had a material impact on our operations or financial results, we cannot guarantee that material incidents will not occur in the future. Cyberattacks are expected to accelerate on a global basis in frequency and magnitude and global threat actors and terrorists have targeted and will continue to target entities and projects like ours that operate in the energy and infrastructure sectors, including through disruptive attacks, such as those involving ransomware. We cannot guarantee the security or protection of our IT Systems, information or projects and we have little or no control over the IT Systems and facilities of third parties on which our projects rely.

Additionally, energy-related facilities, such as substations and related infrastructure, are protected by limited security measures, in most cases only perimeter fencing and security cameras and are therefore potentially vulnerable to physical intrusion. For example, during 2025 we experienced a theft of equipment in one of our project sites in Israel. Threat actors (such as ransomware groups) are becoming increasingly sophisticated and using tools and techniques – including artificial intelligence – that are designed to circumvent security controls, to evade detection and to remove or obfuscate forensic evidence. Our defensive measures, including back-up systems and those of critical third parties may fail to timely or effectively anticipate, detect, prevent or allow us to investigate, remediate or recover from cyber-attacks. The location of our headquarters in Israel subjects us to elevated cybersecurity risks associated with the current conflicts with Iran and Hezbollah. These threats have persisted since October 2023 and may become more acute as a result of the current hostilities or subsequent regional unrest, increasingly focused on disrupting regional energy supply. Our costs to adequately counter the risk of cyber-attacks and to comply with contractual and/or regulatory compliance requirements may increase significantly in the future.

If our security measures or those of critical third parties are disrupted or fail, valuable Confidential Information may be lost; our development, construction, O&M and other operations may be disrupted; we may be unable to fulfill our customer obligations; and our reputation may suffer. These risks may subject us to litigation, regulatory action and fines, remedial expenses, loss of current or future customers or project opportunities and financial losses beyond the scope or limits of our insurance coverage which could, individually or in the aggregate, have a material adverse effect on our business, financial condition and results of operations. Additionally, we cannot guarantee that applicable insurance will be available to us in the future on economically reasonable terms or at all.

In addition, the White House, the SEC and other regulators, including in European countries in which we operate, have increased their focus on cybersecurity vulnerabilities and risk management, which have resulted in new rules, regulations or standards, and may continue to do so in the future, that could increase our costs of compliance, decrease total revenues and income and have other adverse effects on our results. For example, the Cyber Incident Reporting for Critical Infrastructure Act (CIRCIA) mandates that all owners and operators of critical infrastructure report covered cyber incidents to the U.S. Department of Homeland Security's Cybersecurity and Infrastructure Security Agency (CISA) within 72 hours after the covered entity reasonably believes that the covered cyber incident has occurred and ransomware payments within 24 hours after the ransomware payment was made. On April 4, 2024, the CISA proposed a rule under the CIRCIA that would clarify the scope of cyber incidents to be reported and would further define covered entities. Although the CIRCIA originally required CISA to finalize regulations by October 4, 2025, the deadline has been extended to May 2026.

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Our current portfolio, as well as projects we may develop or acquire and the facilities of third parties on which our projects rely, may be targets of attacks, burglaries or terrorist attacks (particularly our project portfolio in Israel, which are at greater risk due to various conflicts in the region) and may be affected by responses to terrorist attacks, each of which could fully or partially disrupt our projects' ability to produce, transmit, transport and distribute energy. There can be no assurance that our cybersecurity risk management program and processes, including our policies, controls or procedures, will be fully implemented, complied with or effective in protecting our systems and information.

To the extent such acts constitute force majeure events under our offtake contracts or interconnection agreements, the applicable offtaker generally may reduce or cease making payments to us and may terminate such offtake contract or interconnection agreement if such force majeure event continues for a period typically ranging from six to 12 months as specified in the applicable agreement. Any such attack could result in significant reconstruction or remediation costs, or otherwise disrupt our business operations, any of which could have a material adverse effect on our business, financial condition and results of operations.

For more information, see Item 16.K. "Cybersecurity."

***We are subject to stringent and changing laws, regulations, standards and contractual obligations related to privacy, data protection and data security. Our actual or perceived failure to comply with such obligations could harm our business.***

We receive, collect, store, share, transfer, disclose, use and otherwise process personal information in the course of our business. We are subject to numerous federal, state, local and foreign laws and regulations regarding privacy, data protection and data security, the scope of which are changing, subject to differing interpretations and may be inconsistent among jurisdictions or conflict with other legal and regulatory requirements. For example, the Israeli Privacy Protection Law 5741-1981 and its regulations, the EU's General Data Protection Regulation and Member State laws, U.S. federal laws, such as those promulgated under the Federal Trade Commission Act, U.S. state laws, such as the California Consumer Privacy Act (as amended by the California Privacy Rights Act) and similar laws of other U.S. states, and the data protection and security laws of other jurisdictions impose onerous obligations – including around transparency, data breach reporting and international data transfers – with respect to our processing personal data of individuals. We are also subject to certain contractual obligations related to privacy, data protection and data security. The legal and regulatory framework for privacy, data protection and data security worldwide is, and is likely to remain for the foreseeable future, uncertain and complex, and it is possible that these or other actual or alleged obligations may be interpreted and applied in a manner that we do not anticipate or that is inconsistent from one jurisdiction to another, and may conflict with our other legal obligations or our practices. Moreover, additional data protection and security laws, rules and regulations may be adopted in the future. For example, in the U.S., state privacy laws are changing rapidly and the U.S. Congress has also contemplated federal data privacy legislation. Any failure or perceived failure by us to comply with our privacy, data protection and data security obligations may result in governmental investigations or enforcement actions, litigation or other claims that could result in significant liability (including monetary penalties or requirements to alter our processing operations), and otherwise materially and adversely affect our reputation and business. Further, any significant change to applicable laws, regulations or industry practices regarding privacy, data protection and data security could increase our costs and require us to modify our operations, possibly in a material manner.

***We may suffer a significant loss resulting from fraud, bribery, corruption, other illegal acts, inadequate or failed internal processes or systems, or from external events.***

We may suffer a significant loss resulting from fraud, bribery, corruption, other illegal acts, inadequate or failed internal processes or systems, or from external events, such as the occurrence of disasters or security threats affecting our ability to operate. We operate in different markets and rely on our employees to follow our policies and processes as well as applicable laws in their activities. Risk of illegal acts or failed systems is managed through our infrastructure, controls, systems and people, complemented by central groups focusing on enterprise-wide management of specific operational risks such as fraud, trading, outsourcing and business disruption, as well as personnel and systems risks. Specific programs, policies, standards and methodologies have been developed to support the management of these risks. These risks can result in direct or indirect financial loss, reputational impact or regulatory censure.

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***We face risks associated with the expansion of our scale of operations globally, and if we are unable to effectively manage these risks, they could impair our ability to expand our business abroad.***

We increasingly operate our business globally, with customers and suppliers located in a variety of countries. As we continue to grow our business and expand our operations globally, we expect to enter new jurisdictions in which we have limited or no experience. Our global operation exposes us to a number of risks, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limited relationships with international customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• difficulty in managing multinational operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• competitors in overseas markets who have stronger ties with local customers and greater
 resources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fluctuations in currency exchange rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• challenges in providing appropriate products and services and support in these markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• challenges in managing our overseas sales strategies effectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unexpected transportation delays or interruptions or increases in international transportation
 costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• difficulties in operating products overseas while complying with the different commercial,
 legal and regulatory requirements of the overseas markets in which we offer our products and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulations, changes to regulation, regulatory uncertainty in or inconsistent regulations
 across various jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• inability to effectively enforce contractual or legal rights or intellectual property
 rights in certain jurisdictions under which we operate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in a specific country or region's political or economic conditions or policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• governmental policies favouring domestic companies in certain foreign markets or imposing
 trade barriers including tariffs, taxes and other restrictions and charges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• complexity involved in employing personnel in multiple countries; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with anti-bribery and corruption regulations, as well as sanction-related
 restrictions on trade and supply chains.

If we are unable to effectively manage these risks, our ability to operate and expand our business will be impaired, which could have a material adverse effect on our business, financial condition and results of operations.

#### Our entry into new lines of business may not perform to expectations.
In 2025, we devised a strategic framework outlining our plans to commence data center development, identifying it as a potential growth engine which complements our core renewable energy expertise. We aim to focus the full data center lifecycle, including development, construction, and long-term operation of these assets. An example of this initiative is our Ashalim project, a 50-acre site located near Beersheba, in southern Israel, won via an Israeli Land Authority tender, which serves as our first entry into the country's data center market. Beyond Israel, we are actively pursuing scalable opportunities across the United States and Europe. Failure to secure required development permits and a grid connection at Ashalim could lead us to explore other business options for the site, or the possible abandonment and write-off of the investment in the project. Failure to successfully identify, develop or invest in new growth opportunities, including in the data center sector, or failures to manage our investments in such new lines of business, could adversely affect our long-term growth strategy.

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#### Risks related to government regulation
***Our projects and the industry in which we operate are highly regulated and may be adversely affected by legislative or regulatory changes or a failure to comply with energy regulations.***

Our projects and the industry in which we operate are highly regulated, and the scope and nature of regulation may vary depending on jurisdiction. The sale of electric energy from our projects, either at wholesale or retail, and the transmission of electric energy therefrom, may be subject to varying levels of regulation. In addition, our processing of information about individuals is subject to a patchwork of complex and ever-evolving data privacy and security laws and frameworks. Therefore, we may need certain authorizations, exemptions or waivers prior to making any sales from our projects, transmitting electric energy from our projects, and issuing securities. We may be required to file updates and comply with certain requirements relating to, among other things, ownership, affiliation and market power, including changes thereto, to maintain such authorizations, exemptions or waivers, and failure to do so may result in our projects losing such authorization, exemptions or waivers. The loss or impairment of such authorizations, exemptions or waivers could have a material adverse effect on our business.

The Israeli licensing regime has been reformed in recent years to significantly reduce the regulatory burden, though we still may need certain licenses to conduct our Israeli business activities in the future. In most cases, the Electricity Authority determines the tariff we will receive for the electricity we generate on the date of tariff approval (as well as fees we are required to pay to the Israel Electric Corporation (the "IEC"), for system operation services provided to us), requiring that we sign a purchase agreement with the IEC to purchase the electricity we produce as a condition for our receipt of a license. In order to enjoy this benefit, we are required to operate exclusively in accordance with the license terms, and are not entitled to withdraw from the PPAs, or to cancel the licenses, without the EA's approval. Any change in license terms requires the approval of the EA or other regulators. In the event of breach of the terms of our license agreements, we could be subject to a variety of sanctions, including revocation or suspension of the license or loss of the guarantee provided by the license.

Our projects and certain upstream owners may be subject to books and records requirements and accounting and recordkeeping requirements. Our projects may also be subject to certain reliability standards, administrative compliance obligations, reporting requirements and burdens. We and our projects could be exposed to criminal and civil penalties, sanctions, disgorgement of profits and substantial monetary penalties for failure to comply with any such regulatory requirements.

A failure by us, our subsidiaries or projects to comply with applicable energy laws, regulations and rules could have a material adverse effect on our business, including any existing or future financing arrangements. In addition, changes in law, policy, regulation or rule could adversely affect the rates, terms and conditions of services from our projects and, therefore, our total revenues and income.

#### Government interventions in response to high energy prices may negatively impact total revenues and income or increase our tax burden.
In recent years, European countries have responded to rising energy prices by proposing measures such as energy price caps, changes to price formulations, and windfall taxes on energy companies, including renewable energy generators. These measures are intended to protect customers from increased prices and may involve the appropriation or taxation of revenue from energy generation. While the scope and enactment of these evolving measures remain uncertain, we anticipate that revenues from the sale of electricity at our Operational Projects in the region could be negatively affected by the enactment of or changes to any such regulations.

Specific regulatory decisions may also adversely affect our financial performance. In February 2025, the Hungarian government instructed that electricity prices under certain subsidy schemes will not be indexed to inflation from 2025 to 2029, unless inflation exceeds 6% in a given year. Three of our five sites in Hungary are expected to be adversely affected by this decision. Italy is now considering regulations (D.L. Bollette, Article 6) which could structurally lower power prices by removing carbon emission costs from the formula used to arrive at the market-clearing price for electricity in the country. Additionally, in the U.S., increased demand for electricity by data centers has led to higher prices for residential ratepayers in some regions, which may draw heightened regulatory and political scrutiny of electricity prices.

Geopolitical volatility continues to drive the potential for further market interventions. The European Union is currently considering intervention in energy markets as a reaction to the rise in oil and gas prices caused by the war in Iran. These potential measures, or others that may be taken by other countries in which we operate, may intensify in the future such that they materially affect our operational performance, revenues, profits, tax burden, and financial results.

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***Government regulations in the United States, Europe and globally, that currently provide incentives and subsidies for renewable energy, particularly the current production and investment tax credits, could change at any time.***

Our strategy to grow our business partly depends on current government policies in the United States, Europe and globally that promote and support renewable energy and enhance the economic viability of developing, investing in, constructing, owning and operating renewable energy projects. In the United States, renewable energy projects currently benefit from various federal, state and local governmental incentives, such as investment tax credits ("ITCs"), production tax credits ("PTCs") and Renewable Portfolio Standards ("RPS") programs, accelerated tax depreciation, and other incentives provided for under applicable laws including the Inflation Reduction Act of 2022 (the "Inflation Reduction Act") and the One Big Beautiful Bill Act ("OBBBA"). In the European Union, the Renewable Energy Directive provides an economy-wide target for renewable energy use that is sought to be achieved, with individual member states of the European Union ("Member States") introducing domestic legislation including incentives to encourage higher uptake. Other jurisdictions may also implement policies to incentivize renewable energy projects.

Governmental incentives and regulations that promote the development of renewable energy projects could change at any time, and any loss or reduction in any or all of these renewable energy incentives and subsidies may reduce our willingness to pursue or develop certain renewable energy projects due to higher development costs or less attractive financing opportunities. In the United States, these incentives may be at risk of amendment or repeal following the inauguration of President Donald Trump in January 2025. The new presidential administration issued multiple executive orders in early 2025 addressing the energy industry, which may signal a departure from the U.S. government's previous approach to industry regulation and tax incentives. The new administration may also be susceptible to the influence of private parties who have an interest in limiting the growth of the renewable energy sector. This may result in policies that are detrimental to projects in our development pipeline. Additionally, increased ambiguity around the regulatory landscape limits our ability to effectively plan development strategies, to access project finance in terms of both the size and pricing of new loans, and to accurately forecast earnings. Subject to transition rules which protect those tax credits for projects which have met Safe Harbor guidelines through beginning of construction activities. We have engaged in efforts to Safe Harbor many of our early-stage solar projects to ensure that the transition rules apply to such projects and allow for tax credit eligibility. The ITC tax credits have been preserved for energy storage projects, subject to a phase out for those projects beginning construction after 2033.In addition, the OBBBA established new restrictions that limit the availability of certain tax credits for solar, wind and energy storage for "prohibited foreign entities" ("PFEs"), which include entities with specified ownership or lender relationships with entities or individuals in China, Russia, North Korea or Iran, or which cede effective control to specified foreign entities pursuant to contractual relationships with those entities. Under the OBBBA, these tax credits are generally not available to PFEs or to projects that receive "material assistance" from PFEs, which is defined in the OBBBA based on a complex formula based on the percentage of materials sourced from PFEs that gets more stringent over time. Current uncertainty related to changes imposed by the OBBBA may in the future similarly cause customers to delay contracting decisions or may cause customers to delay or cancel existing projects as they navigate such uncertainty, which could have a material negative effect on our business and results of operations. In addition, changes to tax credit availability or eligibility requirements may reduce the availability of the tax equity market, increase financing costs, affect the transferability value of credits, or otherwise limit our ability to monetize tax credits. In the European Union, considerable amendments to the European Union's Renewable Energy Directive entered into force in November 2023, which increased the targets for renewable energy use in the European Union. Member States were required to transpose the majority of the revised directive's provisions by May 21, 2025, which include an overall renewable energy target of at least 42.5% across the European Union by 2030, with an ambition of 45%. Transposition of the directive is ongoing as several Member States have failed to meet the May 21, 2025 transposition deadline. In addition, certain carbon-intensive products, included imported electricity are covered by the European Union's carbon border adjustment mechanism, which will begin requiring financial adjustments on imports into the EU from 2026. This is a regulatory area that continues to evolve, and the specific nature of any new targets and/or proposal adopted in relation to renewable energy may have a material impact on the economic attractiveness of our projects to investors. In addition, a high level of governmental involvement in this sector, including with respect to promoting domestic renewable energy production, can mean that this sector is the subject of trade disputes and resulting import/export restrictions, including tariffs.

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Additionally, some jurisdictions in the United States with RPS targets and a number of European Union Member States with national targets for renewable energy use pursuant to the Renewable Energy Directive, have met, or in the near future will meet, their renewable energy targets. If these jurisdictions do not increase their targets in the near future (noting that, in the case of European Union Member States, these targets are likely to increase as part of the transposition of the amendments to the Renewable Energy Directive), demand for additional renewable energy could decrease. To the extent other jurisdictions do not adopt or decide to scale back or abandon renewable energy targets (including RPS targets), programs, or goals, demand for renewable energy could decrease in the future. Any of the foregoing could have a material adverse effect on our business, financial condition, results of operations and ability to grow our business.

Changes in laws related to renewable energy tax credits, or changes in interpretations of such laws, communications with regulatory agencies, transactions or agreements with third parties, may result in a material change in our estimate of tax credits to which we may be entitled, which could materially affect our business and results of operations.

#### We may be negatively affected by changes in the global trade relations including the imposition of tariffs, which could adversely affect our financial performance.
We may be negatively affected by tariffs or adverse developments in trade relations among the United States, China, the European Union, Israel and other countries, including any actions that may be taken by other countries in retaliation. Tariffs, the adoption and expansion of trade restrictions, the occurrence or exacerbation of a trade war, or other governmental action related to tariffs, trade agreements, human rights-driven import restrictions, or related policies could adversely affect our supply chain, access to equipment, costs and ability to economically serve certain markets. Recent examples of such import measures include safeguard quotas and tariffs imposed by the United States in January 2018 under Section 201 of the U.S. Trade Act of 1974 included certain solar cells and modules imported into the United States. Additional Section 201 quotas and other import restraints could introduce further supply and cost challenges.

In addition, the United States currently imposes antidumping and countervailing duties ("AD/CVD") on certain imported crystalline silicon photovoltaic ("PV") cells and modules from many countries. Such AD/CVD can change over time, and an increase in duty rates could have an adverse impact on our operating results. In February 2022, Auxin Solar Inc. ("Auxin"), a U.S. producer of crystalline silicon PV products, petitioned the U.S. Department of Commerce ("USDOC") to investigate alleged circumvention of AD/CVD with respect to imports of crystalline silicon PV cells and modules assembled and completed in Cambodia, Malaysia, Thailand and Vietnam. This petition led to extension of China-related AD/CVD to PV cells and modules produced in these four countries. On June 6, 2022, an Executive Order on clean energy reiterated the independence and integrity of these ongoing investigations while suspending the collection of AD/CVD for a period of two years.

Auxin and Concept Clean Energy, a U.S. semiconductor manufacturer, filed a lawsuit in the U.S. Court of International Trade ("USCIT") on December 29, 2023, challenging the June 2023 Executive Order's suspension of AD/CVD collections. In August 2025, the USCIT ruled the duty suspension unlawful, creating potential retroactive duty exposure for certain entries during the moratorium period, While implementation of reversal of the duty suspension has been stayed pending appeal, the USCIT ruling could result in retroactive collection of AD/CVD on crystalline silicon PV cell and module imports from Cambodia, Malaysia, Thailand and Vietnam. Separately, on April 24, 2024, the American Alliance for Solar Manufacturing Trade Committee, an ad hoc coalition of domestic producers of crystalline silicon PV cells and modules, filed a petition with the USDOC and the U.S. International Trade Commission ("USITC") seeking the imposition of AD/CVD tariffs on imports of crystalline silicon PV cells and modules from Cambodia, Malaysia, Thailand and Vietnam other than those covered by the circumvention AD/CVD described above. On April 21, 2025, the USDOC announced its final affirmative determinations with final subsidy rates reaching 3,403.96% for certain Cambodia exporters and dumping margins up to 271.28% for the Vietnam-wide entity. In addition, in July 2025, the same petitioner filed a petition with the USDOC and the USITC seeking imposition of AD/CVD tariffs on imports of crystalline silicon PV cells and modules from India, Indonesia and Laos. On February 24, 2026, the USDOC announced preliminary countervailing duty findings and began collecting provisional countervailing duties on crystalline silicon PV cell and module imports from those three countries. Preliminary antidumping determinations are expected soon.

As the timing and progress of many of our projects depend upon the supply of crystalline silicon PV cells and modules, the extent to which our operating results could be adversely impacted by these proceedings depends on (among other things) the type of materials, rates imposed and timing of the tariffs, and availability of alternative material sources and manufacturing locations. Further, pursuant to the America First Trade Policy and Reciprocal Trade and Tariffs memoranda under President Trump, the USDOC, USTR, and other agencies, have been directed to review and identify unfair trade practices by other countries and recommend appropriate actions, as well as recommend modifications of AD/CVD laws to further induce compliance by foreign respondents and governments involved in AD/CVD proceedings. The effects on the global trading system could be far-reaching.

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In addition, any changes in government policy could result in a more aggressive posture towards international trade. Certain policies and statements of the prior and current U.S. presidential administrations have given rise to uncertainty regarding the future of international trade agreements and the United States' position on international trade. For example, on April 2, 2025, the current administration issued Executive Order 14257 pursuant to the International Emergency Economic Powers Act ("IEEPA") creating a reciprocal tariff framework, including a 10% baseline tariff and higher country-specific rates. The administration subsequently paused the higher country-specific increases for most countries and separately escalated tariffs on China up to 125% following retaliation. On July 31, 2025, the administration further updated the reciprocal tariff program under Executive Order 14326, also pursuant to IEEPA, with China-related adjustments and changes to product scope followed later. Retaliatory measures by some countries and ongoing negotiations continue to create uncertainty around final rates, scope and timing of the tariffs.

The trade actions taken under IEEPA, some of which are described above, have introduced additional uncertainty into the solar and battery supply chain. The executive actions which imposed tariffs or other restrictions on imports of solar modules, cells, inverters, battery components, and other equipment sourced directly or indirectly from China or other specified countries have been subject to ongoing legal challenges regarding the scope of executive authority under IEEPA and the validity of the measures. Specifically, on February 20, 2026, the United States Supreme Court ruled that IEEPA import tariffs are unlawful, and the U.S. government soon suspended collection of those tariffs. Within hours, however, the administration issued tariffs under Section 122 of the Tariff Act of 1974, reestablishing a global tariff rate of 10%. On March 11 and 12, the U.S. Trade Representative announced new Section 301 investigations covering scores of countries explicitly to rebuild tariff pressure after IEEPA tariffs were struck down. These actions introduce forward risk to supply prices on projects under contract and fluctuating market prices that may disrupt procurement strategies, delay timelines, affect safe harbor strategies or increase project costs.

The USDOC has initiated an investigation under Section 232 of the Trade Expansion Act of 1962 to determine whether imports of polysilicon and related products threaten to impair national security. Polysilicon is a critical raw material used in solar photovoltaic cells and modules. If the USDOC determines that imports of polysilicon or its derivatives impair national security, tariffs or other trade remedies might be imposed which could increase the cost of polysilicon, wafers, cells, modules, or other downstream solar products, disrupt established supply chains, or reduce the availability of compliant equipment. Solar modules may represent a significant portion of total project capital expenditures, so these issues may cause adverse effect on expected project returns. The outcome and scope of this 232 investigation are uncertain and already it has resulted in supplier pricing adjustments and changes in contract terms. Any of these developments or other resulting developments could materially and adversely affect our business.

We are continuing to address and monitor the impact of the various new tariffs as well as the legal challenges to such tariffs, along with other import measures that raise costs and delay delivery of equipment for our projects. To the furthest extent possible, we formulate our supply chain policy to import equipment into the U.S. from countries unaffected by trade tariffs, restrictions, or investigations. While we endeavored to manage some of the effects of the tariffs through contracting measures with contractors, suppliers, and offtakers, we are still experiencing economic effects, in addition to the disruption to the negotiation and contracting process that has occurred as counterparties continue to consider possible future changes to tariff treatment.

Tariffs and the possibility of additional tariffs in the future like those described above have created uncertainty in the industry. If the price of solar systems in the U.S. increases, the use of solar systems could become less economically feasible and could reduce our gross margins or reduce the demand of solar systems manufactured and sold, which in turn may decrease demand for our products. Additionally, existing or future tariffs may negatively affect key customers, suppliers, and manufacturing partners causing significant price increases for raw materials which could reduce the profitability of our projects. Such outcomes could adversely affect the amount or timing of our total revenues and income, business, results of operations and cash flows, and continuing uncertainty could cause sales volatility, price fluctuations or supply shortages or cause our customers to advance or delay their purchase of our products. It is difficult to predict what further trade-related actions governments may take, which may include additional or increased tariffs and trade restrictions, and we may be unable to quickly and effectively react to such actions.

#### Our cross-border operations expose us to risks from sanctions and export control laws.
Our business must be conducted in compliance with applicable economic and trade sanctions laws and regulations, such as those administered and enforced by the U.S. Department of Treasury's Office of Foreign Assets Control, the U.S. Department of State, the USDOC, the United Nations Security Council, the European Union, Her Majesty's Treasury of the United Kingdom or other relevant sanctions authorities. Our global operations expose us to the risk of violating, or being accused of violating, economic and trade sanctions laws and regulations. Our failure to comply with these laws and regulations may expose us to reputational harm as well as significant penalties, including criminal fines, imprisonment, civil fines, disgorgement of profits, injunctions and debarment from government contracts, as well as other remedial measures. Investigations of alleged violations can be expensive and disruptive. Despite our compliance efforts and activities we cannot assure compliance by our employees or representatives for which we may be held responsible, and any such violation could materially adversely affect our reputation, business, financial condition and results of operations.

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#### Our cross-border operations require us to comply with anti-bribery and anti-corruption laws.
Our international business requires us to comply with anti-corruption, anti-bribery and other similar laws, including but not limited to the U.S. Foreign Corrupt Practices Act of 1977, as amended (the "FCPA"), the U.K. Bribery Act 2010, Chapter 9 (sub-chapter 5) of the Israeli Penal Law, 1977, and other anti-corruption and anti- bribery laws in countries in which we (or third parties acting on our behalf) conduct activities. These laws generally prohibit companies and their officers, directors, employees, agents and anyone else acting on their behalf, from offering, promising, authorizing or providing anything of value to government officials for the purposes of influencing official decisions or otherwise securing an improper advantage to obtain or retain business. The FCPA also requires U.S. issuers to make and keep books, records and accounts that accurately and fairly reflect transactions and dispositions of assets and to maintain a system of adequate internal accounting controls. The U.K. Bribery Act 2010 also prohibits "commercial" bribery not involving government officials, the receipt of bribes, and requires companies to implement adequate procedures to prevent bribery.

We currently have interactions with government entities around the world which expose us to potential risks under anti-corruption and anti-bribery laws. As we increase our international sales and business, our risks under these laws may increase. In addition, we may participate in relationships with third parties whose conduct could potentially subject us to liability under the FCPA or other anti-corruption laws even if we do not explicitly authorize or have actual knowledge of such activities. Violations of these legal requirements are punishable by criminal fines and imprisonment, civil penalties, disgorgement of profits, injunctions, debarment from government contracts as well as other remedial measures, and may also result in collateral litigation. We have established policies and procedures designed to assist us and personnel acting on our behalf in complying with applicable anti-bribery and anti-corruption laws and regulations; however, these policies and procedures may not prevent violation of these legal requirements, inadvertent or otherwise.

#### We may fail to comply with the conditions in, or may not be able to maintain, our governmental permits.
Our Operational Projects and projects under construction are required to comply with numerous statutory and regulatory standards and to maintain numerous licenses, permits and governmental approvals required for operation. Some of the licenses, permits and governmental approvals that have been issued to our operations (or may be issued in the future will) contain conditions and restrictions, or may have limited terms. If we fail to satisfy the conditions or comply with the restrictions imposed by our licenses, permits and governmental approvals, or the restrictions imposed by any statutory or regulatory requirements, we may become subject to regulatory enforcement action and the operation of the assets could be adversely affected or be subject to significant fines, penalties or additional costs or revocation of regulatory approvals, permits or licenses. In addition, we may not be able to renew, maintain or obtain all necessary licenses, permits and governmental approvals required for the continued operation or further development of our projects, as a result of which the operation or development of our assets may be limited or suspended. Our failure to renew, maintain, obtain or comply with the conditions of all necessary licenses, permits or governmental approvals may have a material adverse effect on our assets, liabilities, business, financial condition, results of operations and cash flow.

#### Our business is subject to liabilities and operating restrictions arising from environmental, health and safety laws, regulations, and permits.
Our projects are subject to various environmental, health and safety laws ("EHS"), regulations, guidelines, policies, directives, permits, and other requirements governing or relating to, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the protection of wildlife, including migratory birds, bats, and threatened and endangered
 species, such as desert tortoises, or protected species such as eagles, and other protected plants or animals whose presence or movements
 often cannot be anticipated or controlled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• water use, and discharges of silt-containing or otherwise polluted waters into nearby
 wetlands or navigable waters;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• hazardous or toxic substances or wastes and other regulated substances, materials or
 chemicals, including those existing on a project site prior to our use of the site or the releases thereof into the environment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• land use, zoning, building, and transportation laws and requirements, which may mandate
 conformance with sound levels, radar and communications interference, hazards to aviation or navigation, or other potential nuisances
 such as the flickering effect, known as shadow flicker, caused when rotating wind turbine blades periodically cast shadows through openings
 such as the windows of neighboring properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the presence or discovery of archaeological, historical, religious, or cultural artifacts
 at or near our projects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the protection of workers' health and safety; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the proper decommissioning of the site at the end of its useful life.

If our projects do not comply with such laws, regulations, requirements or permits, each of which may vary across the jurisdictions in which we operate projects, we may be required to pay penalties or fines, curtail or cease operations of the affected projects, make costly modifications to such projects or seek new or amended permits for our projects. Violations of environmental and other laws, regulations, and permit requirements, including certain violations of laws protecting wetlands, migratory birds, and threatened or endangered species, may also result in criminal sanctions or injunctions. The global EHS regulatory environment continues to change, and significant changes in the legislative or regulatory EHS environment in jurisdictions in which we operate may have a material impact on our business. In 2025, there were two instances of endangered species suspected of having been killed at our wind farms.

Our projects also carry inherent EHS risks, including the potential for related civil litigation, regulatory compliance, remediation orders, fines, and other penalties. For instance, equipment or machinery at our projects could malfunction or experience other unplanned events that cause spills that exceed permitted levels, resulting in personal injury, fines, or property damage. EHS laws and regulations have generally become more stringent over time, and we expect this trend to continue. We may need to incur significant capital and operating costs to keep our projects in compliance with EHS laws and regulations. If it is not economical to make those expenditures, or if we violate any of these laws and regulations, it may be necessary to retire or suspend operations at our facilities or restrict or modify our operations to obtain or maintain compliance, either of which could have a material adverse effect on our business, financial condition and results of operations.

Additionally, we may be held liable for related investigatory and clean-up costs for any of our current or former properties, or any offsite facilities to which we sent hazardous substances for disposal, where there has been a release or potential release of a hazardous substance, regardless of whether we knew of or caused the release or potential release, even in the absence of negligence. We could also be liable for other costs, including fines, personal injury, property damage or damage to natural resources. In addition, some environmental laws place a lien on a contaminated site in favour of the government as security for damages and costs it may incur relating to contamination and clean-up. Contained or uncontained hazardous substances on, under, or near our projects, regardless of whether we own or lease the property, or the inability to remove or otherwise remediate such substances may restrict or eliminate our ability to operate our projects.

The studies of project sites prior to construction may fail to identify issues such as the discovery of archaeological, historical or cultural artifacts, threatened or endangered species or their habitat, or hazardous materials at our project sites. Such discoveries could result in the restriction or elimination of our ability to operate our business at a particular project site or, if during construction, could result in delays or termination of construction. Landscape-scale projects and operations may also cause effects to certain landscape views, trails or traditional cultural activities. Such effects may trigger claims from members of local communities alleging that our projects are infringing upon their legal rights or other claims, which could result in the in the restriction or elimination of our ability to operate our business at any project site.

Violations of environmental and other laws, regulations and permit requirements, the discovery of archaeological, historical or cultural artifacts, threatened or endangered species or their habitat, or hazardous materials at our project sites, or adverse effects on public or private lands could also result in negative publicity for us, which could, in turn, limit our ability to develop our solar energy and wind energy projects and acquire interests in additional renewable energy projects on favorable terms or at all.

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***Increased attention to, and evolving expectations for, environmental, social, and governance ("ESG") initiatives could increase our costs, harm our reputation, or otherwise adversely impact our business.***

Companies across industries are facing increasing scrutiny from a variety of stakeholders related to their ESG and sustainability practices. Expectations and requirements regarding voluntary ESG initiatives and disclosures and consumer demand for alternative forms of energy may result in increased costs (including but not limited to increased costs related to compliance, stakeholder engagement, contracting and insurance), changes in demand for certain products, enhanced compliance or disclosure obligations, or other adverse impacts to our business, financial condition, or results of operations.

Various regulatory authorities have imposed, and may continue to impose, mandatory substantive and/or disclosure requirements with respect to ESG matters. For example, we may be subject to, or indirectly impacted by, the requirements of the European Union Corporate Sustainability Reporting Directive and/or other European Union and national regulatory frameworks, disclosure requirements (such as information on greenhouse gas emissions, climate risks, use of offsets, and emissions reduction claims) from the State of California, among other regulations or requirements. Any of the foregoing may require us to make additional investments in facilities and equipment, require us to incur additional costs for the collection of data and/or preparation of disclosures and associated internal controls, may impact the availability and cost of key raw materials used in the production of our products, and, in turn, may adversely impact our business, operating results, and financial condition. Additionally, many of our suppliers, customers and business partners may be subject to similar requirements, which may augment or create additional risks, including risks that may not be known to us. Moreover, these requirements may not always be uniform across jurisdictions, which may result in increased complexity, and cost, for compliance. In particular, in the U.S., certain states have adopted laws aimed at discouraging or penalizing the adoption of ESG or sustainability policies and the potential exists for similar initiatives at the federal level, which may conflict with other regulatory requirements or our various stakeholders' expectations.

Further, while we may at times engage in voluntary initiatives (such as voluntary disclosures, certifications, or goals, among others) or commitments to improve our ESG profile, such initiatives or achievements of such commitments may be costly and may not have the desired effect. For example, expectations around a company's management of ESG matters continues to evolve rapidly, in many instances due to factors that are out of our control, including certain stakeholders that may take a more negative view of ESG initiatives in general. ESG initiatives have also been the target of legislation, policy initiatives and governmental investigations in certain jurisdictions in the U.S. In addition, we may commit to certain initiatives or goals but not ultimately achieve such commitments or goals due to factors that are within or outside of our control. Moreover, actions or statements that we may take based on expectations, assumptions, or third-party information that we currently believe to be reasonable may subsequently be determined to be erroneous or be subject to misinterpretation. Even if this is not the case, our current actions may subsequently be determined to be insufficient by various stakeholders, and we may be subject to investor or regulator engagement on our ESG initiatives and disclosures, even if such initiatives are currently voluntary. To the extent ESG matters negatively impact our reputation, it may also impede our ability to compete as effectively to attract and retain employees or customers, which may adversely impact our operations.

Certain market participants, including major institutional investors and capital providers, use third-party benchmarks and scores to assess companies' ESG profiles in making investment or voting decisions. Unfavorable ESG ratings could lead to increased negative investor sentiment towards us or our industry, which could negatively impact our share price as well as our access to and cost of capital.

#### Risks related to our financing activities

#### We are exposed to interest rate risk.
Our activities are, and are expected to continue to be, financed through project debt, bonds and credit facilities and, as such, we are exposed to risk resulting from changes in the base interest rate of loans in the various markets in which we operate. While the existing debt of our subsidiaries largely accrues interest at fixed rates, some of our subsidiaries' debt accrues interest at variable rates. We expect that our subsidiaries will continue to incur debt that accrues interest at both fixed and variable rates in connection with the financing of future projects.

Moreover, as a result of widespread inflation in the global economy, certain governmental authorities responsible for administering monetary policy have increased, and may continue to increase, applicable central bank interest rates, which could increase the costs required to obtain debt financing in the future or refinance current indebtedness. We manage our interest rate exposure by monitoring current interest rates, entering into interest rate swap contracts and continuing to use a combination of fixed-rate and variable-rate debt. Interest rate swaps are used to mitigate or adjust interest rate exposure when appropriate based upon market conditions or when required by financing agreements. As of December 31, 2025, we had approximately $1.7 billion of consolidated variable-rate debt outstanding net of deferred financing costs and $3.1 billion of fixed-rate debt outstanding. (Of the $1.7 billion variable-rate debt, $1.4 billion are construction loans for U.S. projects that are slated to convert to long-term debt and tax equity payments upon project commissioning.) Assuming no change in the variable-rate debt amount outstanding, the impact on interest expense of a 2% increase or decrease in the average interest rate would be approximately $1.9 million per year.

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On March 13, 2025, FitchRatings affirmed a 2024 downgrade of Israel's credit ratings from 'A+' to 'A,' and maintained a negative outlook. On July 7, 2025, Moody's affirmed a 2024 downgrade of Israel's credit ratings from 'A2' to 'Baa1' and maintained a negative outlook. On November 7, 2025, S&P Global Ratings affirmed Israel's credit ratings as 'A' after lowering it from 'A+' in October 2025, and updated the outlook from negative to stable. We rely on access to the Israeli financial markets to source a wide range of corporate finance, including corporate bonds, convertible bonds, corporate credit facilities, letters of credit facilities and equity capital. As of December 31, 2025, we had $925 million in issued debt in the form of bonds. The downgrading of Israel's credit ratings by Moody's and other credit rating agencies may raise our borrowing costs by increasing the interest we may need to pay to our lenders and bond purchasers. If credit rating agencies continue to downgrade Israel's credit rating, our access to Israeli financial markets and ability to finance future projects could be materially adversely impacted.

***Our subsidiaries' substantial amount of indebtedness may adversely affect our ability to operate our business, and our failure to comply with the terms of our indebtedness could have a material adverse effect on our financial condition.***

As of December 31, 2025, our consolidated indebtedness, net of deferred financing costs, was approximately $4.8 billion. For more information, see Item 5. "Operating and Financial Review and Prospects." Our subsidiaries' substantial indebtedness could have consequences on our business operations. For example,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if our subsidiaries are unable to fulfill payment or other obligations or comply with
 their covenants under the agreements governing our indebtedness, such subsidiaries could default under such agreements or be rendered
 insolvent, or lenders may exercise rights and remedies under the terms of such agreements, such as foreclosure on us, our subsidiaries,
 or our and their projects or other assets, which could materially adversely affect our business, financial condition and results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our subsidiaries' substantial indebtedness could limit our ability to fund operations
 of future acquisitions and our financial flexibility, which could reduce our ability to plan for and react to unexpected opportunities
 and contingencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our subsidiaries' substantial debt service obligations and maturities make us vulnerable
 to adverse changes in general economic, industry and competitive conditions, credit markets, capital markets, and government regulation
 that could place us at a disadvantage compared to competitors with less debt or more capital resources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the financing arrangements of certain of our subsidiaries are subject to cross-collateralization
 or other similar credit support arrangements that could heighten the risks associated with defaults under our and their debt obligations,
 increase the potential that adverse events relating to individual projects could materially affect our financing arrangements on a broader
 scale, or limit our ability to freely sell or finance some or all of our projects; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our subsidiaries' substantial indebtedness could limit our ability to obtain financing
 for working capital, including collateral postings, capital expenditures, debt service requirements, acquisitions, and general corporate
 or other purposes.

If our subsidiaries do not comply with their obligations under their debt instruments, they may be subject to acceleration of the obligations thereunder, requiring them to refinance all or a part of the indebtedness under such instruments, which may force us to accept then-prevailing market terms that may be less favorable and could reduce our cash flow. If, for any reason, our subsidiaries are unable to refinance such indebtedness of our projects, those projects may be in default of their existing obligations, which may result in a foreclosure on the collateral and loss of the applicable projects. In addition, if for any reason our subsidiaries are unable to refinance the existing indebtedness of our projects with new debt, we may issue additional ordinary shares or other equity interests in us or any of our subsidiaries, which may dilute the then-existing holders of ordinary shares in our net assets, or we may be required to guarantee the obligations of our subsidiaries, which could subject us to increased credit risk. Any such events could have a material adverse effect on our business, financial condition and results of operations.

In addition, increases in interest rates and changes in debt covenants may reduce the amounts that we can borrow, reduce our cash flows and increase the equity investment we may be required to make in any projects we may develop or acquire. If our subsidiaries are not able to generate sufficient operating cash flows to repay their outstanding indebtedness or otherwise are unable to comply with the terms of their indebtedness, we could be required to reduce capital expenditures and operating expenditures, reduce the scope of our projects, sell some or all of our projects, or delay construction of projects we may develop or acquire, all of which could have a material adverse effect on our business, financial condition and results of operations.

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***We or our subsidiaries may not be able to obtain project financing on attractive terms, or at all, which may adversely affect our ability to fund the development and construction of our projects. We expect to be dependent on tax equity financing arrangements in the United States, which may not be available in the future.***

We rely heavily on third-party project finance, including tax equity arrangements for our U.S. projects, to finance our business and the development and construction costs of our projects and other capital expenditures. The terms of our financing arrangements and the amount of financing available to us is dependent on a variety of factors, including general market conditions and assumptions with respect to the value of our projects and anticipated future cash flows. Risk-averse sources of financing may not provide adequate capital to ensure our continued growth, whether organic or inorganic. If we are unable to raise additional funds when needed, we may be required to delay or abandon development and construction of projects, reduce the scope of projects or sell some of our projects, or default on our existing contractual commitments. We also may be unable to refinance existing arrangements at their contractual maturity, which may cause us to default on such obligations and be subject to foreclosure by the project's lenders. We may not be successful in locating suitable financing transactions in the time period required or at all, or on terms we find attractive, and we may not obtain the capital we require by other means, all of which could have a material adverse effect on our business, financial condition, and results of operations.

Our U.S. projects will often rely on third-party tax equity funding either via traditional tax equity partnerships or through the transfer market to capitalize on available tax incentives because we do not have sufficient tax capacity to make use of all such credits. We intend to develop or acquire projects in the future that utilize tax equity financing to monetize tax benefits available to certain renewable energy assets. However, no assurance can be given that tax equity investors will be available or willing to provide financing on acceptable terms at the time of any such development or acquisition or that the tax incentives and benefits that are needed to make tax equity financing available will remain in place. Furthermore, as the renewable energy industry expands, the cost of tax equity financing has increased and may continue to do so, and there may not be sufficient tax equity financing available to meet the total demand in any year. Our business strategy depends on the availability of tax equity financing to develop and acquire additional assets. Therefore, our inability to enter into tax equity financing agreements with attractive pricing terms, or at all, could have a material adverse effect on our business, financial condition, results of operations and cash flows.

***We may be unable to secure refinancing of indebtedness on favorable terms or at all upon the maturity thereof and may be required to incur significant costs to novate existing swap arrangements in connection with a refinancing.***

The outstanding project-level indebtedness for all of our projects is scheduled to mature prior to the anticipated end of such projects' useful life and the full amortization of such loans. In addition, we have substantial other indebtedness, which is scheduled to mature in the next several years. Upon the maturity of such indebtedness, our ability to obtain refinancing on attractive terms is contingent on a number of factors, including changes to the prevailing market terms on which indebtedness is generally available, changes to the industry in which we operate, local market conditions in the jurisdictions in which our projects are located, the continued operating performance of our assets, future electricity market prices, the level of future interest rates, lenders' appetite for investments in renewable energy and infrastructure assets, and assessment of our credit risk at the time. It may not be possible to secure refinancing on terms that we think are attractive or at all. Adverse terms may negatively affect our ability to operate our projects or may require us to use a significant portion of the project's cash flow to make payments related to the debt financing. Further, the process of identifying new financing sources and agreeing on all relevant business and legal terms could be lengthy and could require us to slow the rate of the growth of our business until such new financing arrangements were in place. In connection with any refinancing, we could also be required to incur potentially significant costs associated with the novation or cash settlement of any outstanding swaps or other financial derivatives executed in connection with indebtedness being refinanced. Our failure to secure refinancing of indebtedness or inability to do so on terms that we think are commercially acceptable, and the costs associated with novating or settling any related derivatives in connection with any such refinancing, could materially adversely affect our business, results of operations and financial conditions. We have historically used cash from refinancing to help fund our business and we may be adversely affected if we are unable to have continued access to this source of funding of our business.

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#### We are exposed to risks inherent in our use of financial derivative arrangements, including interest rate swaps.
Most of our subsidiaries' indebtedness accrues interest at variable rates, and such subsidiaries are parties to interest rate swaps that attempt to reduce the impact of interest rate volatility on such subsidiaries' related payment obligations. In the vast majority of cases, our project lenders require us to enter into swaps to provide an economic hedge for our variable rate debt. The use of interest rate swaps, however, does not eliminate the possibility of fluctuations in the value of the position or prevent losses if the value of the position declines. Such transactions may also limit the opportunity for gain if the value of a position increases. In addition, to the extent that actively quoted market prices and pricing information from external sources are not available, the valuation of these contracts will involve judgment or the use of estimates. As a result, changes in the underlying assumptions or use of alternative valuation methods could affect the reported fair value of these contracts. We are also exposed to the risk of default by a swap counterparty, which may become a particularly pronounced risk in the case of a large-scale financial crisis.

If our interest rate swaps or any other financial derivative arrangements that we may enter into in the future perform in a manner that we do not anticipate, it could materially adversely affect our business, financial condition and results of operations.

***We guarantee certain of the obligations of our projects and other subsidiaries, and a requirement to make a payment under such guarantee may have a material adverse effect on our financial condition or liquidity.***

Our subsidiaries incur various types of debt and other obligations. Project non-recourse debt or obligations are repayable solely from the applicable project's or entity's future total revenues and income and, in some cases, are secured by the project's or entity's physical assets, major contracts, cash accounts and our ownership interests in other entities. While we seek to secure project non-recourse debt for our projects, in certain cases we are unable to do so or unable to do so on favorable terms, and thus may be liable for some or all of our subsidiaries' obligations on a recourse basis. To satisfy these obligations, we may be required to use amounts distributed by our other subsidiaries, as well as other sources of available cash, reducing the cash available to execute our business plan. In addition, if our subsidiaries default on their obligations under non-recourse financing or other agreements, we may decide to make payments to prevent the creditors of these subsidiaries from foreclosing on the relevant collateral (which foreclosure would result in a loss of our ownership interest in the subsidiary or in some or all of its assets). Such payments or losses could have a material adverse effect on our business, financial condition and results of operations.

***The use of traditional tax equity partnership arrangements to finance projects will limit certain management rights and operational flexibility with respect to those projects, as well as our rights to cash flows, tax credits and depreciation deductions generated by those projects.***

We expect that some of our U.S. projects will utilize traditional tax equity partnership structures. Under many of these arrangements, a tax equity investor acquires an equity interest in the company that directly or indirectly owns the project, which entitles the tax equity investor to a significant percentage of the tax credits and depreciation deductions generated by the project, as well as a percentage of the project's cash flows (which may be significant in certain transactions), until a certain point in time. If a project underperforms, it could delay such point in time and, as a consequence, a tax equity investor may become entitled to receive a greater percentage or, in some cases, all of the project's cash flows until such point in time. The tax equity investor also has the right to approve most major management decisions with respect to the applicable project. These approval rights include decisions regarding material capital expenditures, replacement of major contracts, bankruptcy and the sale of the applicable project. To the extent we want to incur project-level debt at a project in which we co-invest with a tax equity investor, we may be required to obtain the tax equity investor's consent prior to such incurrence. In addition, the amount of debt that could be incurred by an entity in which we have a tax equity co-investor may be further constrained because even if the tax equity investor consents to the incurrence of the debt at the entity or project level, the tax equity investor may not agree to pledge its interest in the project, which could reduce the amount that can be borrowed by the entity. As a result, compliance with our obligations to our tax equity investors may prevent us from making certain business decisions.

***Indemnification claims by a tax equity investor, project lender or other counterparty may reduce our right to cash flows generated by a project and could result in a cross-default under project-level debt financing.***

Certain of our project subsidiaries may make representations, warranties and covenants to tax equity investors, project lenders or other counterparties with respect to, among other things, a project's initial and continued eligibility for tax credits, the tax basis of those assets and accelerated tax depreciation, and fulfillment of obligations under construction contracts, purchase and sale agreements, tax equity financing documents, and certain other project and finance agreements. The potential exposure of our project subsidiaries under such representations, warranties or covenants is significant, and in certain cases, we or our subsidiaries provide guarantees or undertakings with respect to such obligations that could result in substantial liabilities that are recourse to us or our subsidiaries and not limited to the specific project. If any representation, warranty or covenant is untrue or breached, we or our subsidiary may be required to indemnify the tax equity investors and the project subsidiary may be required to pay all of the project's operating cash flow to the tax equity investors until such indemnity obligation is satisfied. Any such indemnity obligation or cash sweep by us or our project subsidiary could result in a cross-default under the terms of the project's senior debt or impose material liabilities on us or our other subsidiaries, and correspondingly have a material adverse effect on our business, financial condition and results of operations.

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***We do not wholly own certain of our projects. If we are unable to find suitable partners or investors, or experience disagreements with our existing partners or investors, our business plans, including our ability to recycle capital in our business, and results of operations, could be adversely affected.***

Many projects in our portfolio are owned through certain joint ventures or with other partners. In particular, we have sold minority interests in several of our projects to major Israeli institutional bodies. Our strategy going forward is to occasionally sell minority interests targeting 30% in our projects near the completion of construction. In some cases, all or a portion of our projects are owned by an investment fund we manage, and in some cases our management decisions are subject to investor consent rights. Our co-owners and fund investors may have interests that are different from ours which may result in conflicting views as to the conduct and management of the projects. Although we currently control most of these and expect to control future projects, we may not be able to favorably resolve disagreements with our partners or investors arising from a particular issue to come before the project, or as to the operation or management of the project, and such disagreements could hinder the operations of such project, or require additional management resources and attention. Any disagreements with our partners or investors could adversely affect our business plans, including our ability to recycle capital in our business, and results of operations.

***We may not be able to fund our business through sales of existing assets or equity in our existing projects, which could adversely affect our liquidity to fund future growth.***

We may seek to fund future acquisitions and the development and construction of new projects by selling assets or equity interests in our projects. Our ability to sell such assets or interests, and the prices we receive upon a sale, may be affected by many factors, and we may be unable to execute our strategy. In particular, these factors could arise from weakness in or the lack of demand, changes in the financial condition or prospects of prospective purchasers and the availability of financing to potential purchasers on reasonable terms, the number of prospective purchasers, the number of competing properties on the market, unfavorable local, national or international economic conditions, industry trends, and changes in laws, regulations or fiscal policies of jurisdictions in which the asset is located. We may not be able to sell such assets or interests, the terms of any such sales may not meet our expectations, and we may incur losses in connection with those sales, which could result in less liquidity to fund future growth. Failure to complete such sales may cause us to seek liquidity from alternative sources, such as raising additional debt or equity and diluting existing shareholders, which may be less favorable to our shareholders and could have a material adverse impact on our business, financial condition and results of operations.

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#### Risks related to our financial condition
***Our corporate structure and intercompany arrangements are subject to increasingly complex tax laws of various jurisdictions, and we could be obligated to pay additional taxes.***

We are an Israeli company and therefore subject to Israeli corporate income tax. Based on our current corporate structure and operations, we are also subject to taxation in several other jurisdictions around the world.

Tax laws in Israel and these other jurisdictions have grown increasingly complex, and the application thereof can be uncertain. In addition, we are subject to a variety of bilateral and multilateral tax treaties, which can change at any time and impose on us less favorable tax treatment than we currently enjoy. We utilize a variety of tax planning services to address this complexity, but there can be no assurance that we will remain in compliance in the jurisdictions in which we operate, which could subject us to the risk of tax enforcement actions.

The amount of taxes we pay in these jurisdictions could increase substantially as a result of changes in the applicable tax principles, including increased tax rates, new tax laws or revised interpretations of existing tax laws and precedents. The authorities in these jurisdictions could review our tax returns or require us to file tax returns in jurisdictions in which we are not currently filing, and could impose additional tax, interest and penalties. These authorities could also claim that various withholding requirements apply to us or our subsidiaries, assert that benefits of tax treaties are not available to us or our subsidiaries, or challenge our methodologies for valuing developed technology or intercompany arrangements, including our transfer pricing. The relevant taxing authorities may determine that the reported tax treatment does not reflect the manner in which we operate our business. Moreover, given the multijurisdictional developments under the Organization for Economic Co-operation and Development efforts to standardize and modernize global corporate tax policy, it is generally expected that tax authorities in various jurisdictions in which we operate may increase their audit activity and may seek to challenge some of the tax positions we have adopted. It is difficult to assess if and to what extent such challenges, if raised, might impact our effective tax rate.

If such a disagreement were to occur, and our position was not sustained, we could be required to pay additional taxes, interest and penalties. Such authorities could claim that various withholding requirements apply to us or our subsidiaries or assert that benefits of tax treaties are not available to us or our subsidiaries. Any increase in the amount of taxes we pay or that are imposed on us could increase our worldwide effective tax rate and adversely affect our business, financial condition and results of operations.

***We could be subject to changes in our tax rates, the enactment of legislation implementing changes in taxation of international business activities, the adoption of other corporate tax reform policies or other changes in tax legislation or policies which could adversely affect our business, financial condition and results of operations.***

Corporate tax reform, base-erosion efforts, and tax transparency continue to be high priorities in many tax jurisdictions where we have business operations. As a result, policies regarding corporate income and other taxes in numerous jurisdictions are under heightened scrutiny, and tax reform legislation is being proposed or enacted in a number of jurisdictions.

As an example, the Organization for Economic Co-operation and Development, has put forth two proposals—Pillar One and Pillar Two—that revise the existing profit allocation and nexus rules (profit allocation based on location of sales versus physical presence) and ensure a minimal level of taxation, respectively. As of the date of this Annual Report, more than 140 countries, including Israel and other countries in which we operate, have agreed to enact legislation on Pillar Two and to enforce a minimum global tax rate of 15%. Many countries implemented such legislation in 2024. Israel has enacted certain of the required measures, effective for tax years beginning on or after January 1, 2026, and is considering additional legislation to align its tax regime with evolving international minimum tax standards; however, not all such measures have been adopted, and future legislative developments, if any, remain uncertain. These changes, when enacted by various countries in which we do business, may increase our taxes in these countries. As the Pillar Two solution is subject to implementation by each member country, the timing and ultimate impact of any such changes on our tax obligations is uncertain. Such legislative initiatives may materially and adversely affect our plans to expand internationally and may negatively impact our tax liability, financial condition and results of operations, and could increase our administrative expenses.

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***As a result of plans to expand our business operations, including to jurisdictions in which tax laws may not be favorable, our tax obligations may change or fluctuate, become significantly more complex or become subject to greater risk of examination by taxing authorities.***

We operate currently in several jurisdictions in addition to Israel. In the event that our business expands to additional jurisdictions, our effective tax rates may fluctuate widely in the future. Future effective tax rates could be affected by operating losses in jurisdictions where no tax benefit can be recorded under IFRS, changes in deferred tax assets and liabilities, or changes in tax laws. Factors that could materially affect our future effective tax rates include, but are not limited to: (a) changes in tax laws or the regulatory environment, (b) changes in accounting and tax standards or practices, (c) changes in the composition of operating income by tax jurisdiction and (d) pre-tax operating results of our business.

Outcomes from audits or examinations by taxing authorities could have an adverse effect on our after-tax profitability and financial condition. Additionally, the Israel Tax Authority (the "ITA") and several foreign tax authorities have increasingly focused attention on intercompany transfer pricing with respect to sales of products and services and the use of intangibles. Tax authorities could disagree with our intercompany charges, cross-jurisdictional transfer pricing or other matters and assess additional taxes. If we do not prevail in any such disagreements, our profitability may be affected.

Our after-tax profitability and financial results may also be adversely affected by changes in relevant tax laws and tax rates, treaties, regulations, administrative practices and principles, judicial decisions and interpretations thereof, in each case, possibly with retroactive effect.

***Our access to cash may be reduced as a result of various factors, including restrictions on our subsidiaries' cash distributions to us under the terms of their indebtedness.***

We require cash to serve our long-term debt and for our ongoing operations, and the ability of our subsidiaries to make distributions to us may be restricted by, among other things, the provisions of existing and future indebtedness.

The agreements governing our subsidiaries' project-level debt contain financial tests and covenants that our subsidiaries must satisfy prior to making distributions and restrict our subsidiaries from making more than one distribution per quarter or per six-month period. If any of our subsidiaries is unable to satisfy any of these tests or covenants or is otherwise in default under such agreements, it would be prohibited from making distributions that could, in turn, limit our available cash. Also, upon the occurrence of certain events, including our subsidiaries' inability to satisfy distribution conditions for an extended period of time, our subsidiaries' total revenues and income may be swept into one or more accounts for the benefit of the lenders under the subsidiaries' debt agreements and the subsidiaries may be required to prepay indebtedness. Restrictions preventing our subsidiaries' cash distributions could have a material adverse effect on our business, financial condition and results of operations.

Furthermore, we maintain the majority of our cash and cash equivalents in accounts with major and highly rated multi-national or local financial institutions, and our deposits at certain of these institutions significantly exceed insured limits. Market conditions can impact the viability of these institutions. In the event of failure of any of the financial institutions where we maintain our cash and cash equivalents, there can be no assurance that we would be able to access uninsured funds in a timely manner or at all. Any inability to access or delay in accessing these funds could adversely affect our business and financial position.

#### Currency exchange rate fluctuations may affect our operations
We are exposed to currency exchange rate fluctuations. For example, 34% of our total revenues and income for the year ended December 31, 2025, was denominated in EUR, approximately 38% was denominated in NIS and approximately 28% was denominated in USD. Moreover, the cash on our balance sheet as of December 31, 2025 is mostly held in USD and NIS, while our future investments in projects will largely be denominated in both USD and EUR. We expect total revenues and income from the European and Israeli markets to continue to represent a meaningful portion of our total revenues and income, though we also expect total revenues and income denominated in USD from projects located in the United States to increase in the coming years.

To the extent that we engage in hedging activities to reduce our currency exchange rate exposure, we may be prevented from realizing the full benefits of exchange rate increases above the level of the hedges. However, because we are not fully hedged, we will continue to have exposure on the unhedged portion of the currency we exchange. Additionally, our hedging activities may not be as effective as we anticipate at reducing the volatility of our future cash flows. Our hedging activities can result in substantial losses if hedging arrangements are imperfect or ineffective or our hedging policies and procedures are not followed properly or do not work as intended. Further, hedging contracts are subject to the credit risk that the other party may prove unable or unwilling to perform its obligations under the contracts, particularly during periods of weak and volatile economic conditions. Certain of the financial instruments we use to hedge our exchange rate exposure must be accounted for on a mark-to-market basis. In addition, foreign currency translation risk arises upon the translation of the financial statements of our subsidiaries whose functional currency is the NIS, EUR or other foreign currency into USD for the purpose of preparing our combined financial statements included elsewhere in this Annual Report. The assets and liabilities of our non-U.S. subsidiaries are translated at the closing rate at the date of reporting and income statement items are translated at the average rate for the period. These currency translation differences may have significant negative impacts. Foreign currency transaction risk also arises when we or our subsidiaries enter into transactions where the settlement occurs in a currency other than ours or our subsidiaries' functional currency. Exchange differences arising from the settlement or translation of monetary items at rates different from those at which they were translated on initial recognition during the period or in previous financial statements are recognized as profit or loss in the period in which they arise, which could materially impact our net income. Any measures that we may implement to reduce the effect of currency exchange rate fluctuations and other risks of our multinational operations may not be effective or may be overly expensive. Any exposure to adverse currency exchange rate fluctuations could materially and adversely affect our financial condition, results of operations and cash flows.

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#### We are subject to operating and financial restrictions through covenants in our loan, debt and security agreements.
We and our subsidiaries are or will in the future be subject to operating and financial restrictions through covenants in our loan, debt and security agreements. These restrictions may prohibit or limit our ability to, among other things, incur additional debt, provide guarantees for indebtedness, create liens, dispose of assets, liquidate, dissolve, amalgamate, consolidate or effect corporate or capital reorganizations, issue equity interests, enter into material or affiliate contracts and create subsidiaries. Financial covenants in our bonds and in our corporate credit facilities limit our overall indebtedness to a percentage of total capitalization and require us to maintain certain other financial ratios which may limit our ability to obtain additional financing, withstand downturns in our business and take advantage of business and development opportunities. If we breach our covenants, our credit facilities may be terminated or come due, and such event may cause our credit rating to deteriorate and subject us to higher interest and financing costs. We may also be required to seek additional debt financing on terms that include more restrictive covenants, require repayment on an accelerated schedule or impose other obligations that limit our ability to grow our business, acquire needed assets or take other actions that we might otherwise consider appropriate or desirable.

#### Risks related to the ownership of our ordinary shares
***Our share price may decline or may be volatile regardless of our operating performance, and you may not be able to resell your ordinary shares at or above the price at which you purchased them.***

The market price of our ordinary shares could be subject to significant fluctuations. The price of our ordinary shares may change in response to our results of operations in future periods and also may change in response to other factors, including factors specific to companies in our industry. As a result, our share price may experience significant volatility that is not necessarily reflective the value of our expected performance. Among other factors that could affect our share price are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in laws or regulations applicable to our industry or offerings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• speculation about our business in the press or investment community;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investor interests in ESG-focused companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• price and volume fluctuations in the overall stock market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• volatility in the market price and trading volume of companies in our industry or companies
 that investors consider comparable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sales of our ordinary shares by us or our principal shareholders, officers and directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the expiration of contractual lock-up agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the development and sustainability of an active trading market for our ordinary shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• success of competitive products or services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the public's response to press releases or other public announcements by us or
 others, including our filings with the SEC, announcements relating to litigation or significant changes in our key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effectiveness of our internal controls over financial reporting;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in our capital structure, such as future issuances of debt or equity securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our entry into new markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax and tariffs developments in the United States or other countries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• strategic actions by us or our competitors, such as acquisitions or restructurings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in accounting principles.

Further, the stock markets have experienced extreme price and volume fluctuations that have affected and continue to affect the market prices of equity securities of many companies. These fluctuations often have been unrelated or disproportionate to the operating performance of those companies. The stock prices of many energy-related companies have experienced wide fluctuations that have often been unrelated to the operating performance of those companies. These broad market and industry fluctuations, as well as general economic, political and market conditions such as recessions, interest rate changes or international currency fluctuations, may cause the market price of our ordinary shares to decline.

You may not be able to resell any of our ordinary shares at or above the price at which you purchased them. If the market price of our ordinary shares does not exceed the price at which you purchased them, you may not realize any return on your investment and may lose some or all of your investment.

#### We do not expect to pay any dividends in the foreseeable future.
We have never declared or paid any dividends on our ordinary shares, and we do not anticipate paying any dividends in the foreseeable future. We currently intend to retain future earnings, if any, to finance operations and expand our business. Consequently, investors who purchase our ordinary shares may be unable to realize a gain on their investment except by selling such shares after price appreciation, which may never occur.

Our board of directors has sole discretion whether to pay dividends. If our board of directors decides to pay dividends, the form, frequency and amount will depend upon our future operations and earnings, capital requirements and surplus, general financial condition, contractual restrictions and other factors that our directors may deem relevant. The Companies Law 5759-1999 (the "Companies Law"), imposes restrictions on our ability to declare and pay dividends.

Payment of dividends may also be subject to Israeli withholding taxes. See Item 10.E. "Taxation—Israeli Tax Considerations" for additional information.

***The price of our ordinary shares could decline if securities analysts do not publish research or if securities analysts or other third parties publish unfavorable research about us.***

The trading of our ordinary shares is likely to be influenced by the reports and research that industry or securities analysts publish about us, our business, our market or our competitors. If one or more analysts downgrade our ordinary shares or publish unfavorable research about our business, our share price would likely decline. If one or more securities or industry analysts ceases to cover us or fails to regularly publish reports on us, we could lose visibility in the financial markets, which in turn could cause our share price or trading volume to decline.

***The issuance by us of additional ordinary shares or the issuance by us of, or exercise of, convertible or other equity securities may dilute your ownership of our ordinary shares and incurrence of indebtedness may restrict our operations, both of which could adversely affect our share price.***

From time to time in the future, we may issue additional ordinary shares, securities convertible into ordinary shares, or other equity securities to raise additional capital or pursuant to a variety of transactions, including acquisitions. The issuance by us of additional ordinary shares or securities convertible into our ordinary shares would dilute your ownership of our ordinary shares and the sale of a significant amount of such shares in the public market could adversely affect prevailing market prices of our ordinary shares. We may also seek additional capital through debt financings. The incurrence of indebtedness would result in increased fixed payment obligations and could involve restrictive covenants, such as limitations on our ability to incur additional debt, to make capital expenditures, to create liens or to redeem shares or declare dividends, that could adversely affect our ability to conduct our business.

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***Future sales, or the perception of potential future sales, by us in the public market could cause the market price for our ordinary shares to decline.***

The sale of substantial amounts of shares of our ordinary shares in the public market, or the perception that such sales could occur, could harm the prevailing market price of our ordinary shares. These sales, or the possibility that these sales may occur, also might make it more difficult for us to sell equity securities in the future at a time and at a price that we deem appropriate.

***We will continue to incur increased costs as a result of operating as a U.S. public company, and our management will continue to be required to devote substantial time to new compliance initiatives and corporate governance practices.***

As a U.S. public company, and particularly since we are no longer an emerging growth company as of January 1, 2025, we will continue to incur significant legal, accounting and other expenses that we did not incur as a private company prior to our initial public offering in the United States, which we completed on February 13, 2023 (the "U.S. IPO"). The Sarbanes-Oxley Act, the Dodd-Frank Wall Street Reform and Consumer Protection Act, the listing requirements of Nasdaq and other applicable securities rules and regulations impose various requirements on public companies, including establishment and maintenance of effective disclosure and internal controls and corporate governance practices. Our management and other personnel will need to continue to devote a substantial amount of time to these compliance initiatives. Moreover, these rules and regulations will continue to increase our legal and financial compliance costs and will continue to make some activities more time-consuming and costly. For example, we expect that these rules and regulations may make it more difficult and more expensive for us to obtain director and officer liability insurance and make it more difficult for us to attract and retain qualified members of our board of directors.

We cannot predict or estimate the amount of additional costs we may incur or the timing of such costs as a result of compliance with these rules and regulations. These rules and regulations are often subject to varying interpretations, in many cases due to their lack of specificity, and, as a result, their application in practice may evolve over time as new guidance is provided by regulatory and governing bodies. This could result in continuing uncertainty regarding compliance matters and higher costs necessitated by ongoing revisions to disclosure and governance practices.

***If we fail to maintain an effective system of disclosure controls and internal control over financial reporting, our ability to produce timely and accurate financial statements or comply with applicable regulations could be impaired.***

The Sarbanes-Oxley Act requires, among other things, that we maintain effective disclosure controls and procedures and internal control over financial reporting. We are continuing to develop and refine our disclosure controls and other procedures that are designed to ensure that information required to be disclosed by us in the reports that we will file with the SEC is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms and that information required to be disclosed in reports under the Exchange Act is accumulated and communicated to our principal executive and financial officers. We believe that any disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people or by an unauthorized override of the controls. Accordingly, because of the inherent limitations in our control system, misstatements due to error or fraud may occur and not be detected.

We are also continuing to improve our internal control over financial reporting. In order to maintain and improve the effectiveness of our disclosure controls and procedures and internal control over financial reporting, we have expended, and anticipate that we will continue to expend, significant resources, including accounting-related costs and significant management oversight. If any of these new or improved controls and systems do not perform as expected, we may experience material weaknesses in our controls. In addition to our results determined in accordance with IFRS, we believe certain non-IFRS measures and key metrics may be useful in evaluating our operating performance. We present certain non-IFRS financial measures and key metrics in this Annual Report and intend to continue to present certain non-IFRS financial measures and key metrics in future filings with the SEC and other public statements. Any failure to accurately report and present our non-IFRS financial measures and key metrics could cause investors to lose confidence in our reported financial and other information, which would likely have a negative effect on the trading price of our ordinary shares.

Our current controls and any new controls that we develop may become inadequate because of changes in conditions in our business. Further, weaknesses in our disclosure controls and internal control over financial reporting may be discovered in the future. Any failure to develop or maintain effective controls or any difficulties encountered in their implementation or improvement could harm our results of operations or cause us to fail to meet our reporting obligations and may result in a restatement of our consolidated financial statements for prior periods. Any failure to implement and maintain effective internal control over financial reporting also could adversely affect the results of a report by management on, among other things, the effectiveness of our internal control over financial reporting pursuant to Section 404(a) of the Sarbanes-Oxley Act that we are required to include in our annual reports that we file with the SEC. The report by management needs to include disclosure of any material weaknesses identified by our management in our internal control over financial reporting. The rules governing the standards that must be met for our management to assess our internal control over financial reporting are complex and require significant documentation, testing and possible remediation. Testing and maintaining internal controls may divert our management's attention from other matters that are important to our business. Ineffective disclosure controls and procedures and internal control over financial reporting could also cause investors to lose confidence in our reported financial and other information, which would likely have a negative effect on the trading price of our ordinary shares. In addition, if we are unable to continue to meet these requirements, we may not be able to remain listed on the Nasdaq Global Select Market.

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Additionally, we are no longer considered an "emerging growth company" as of January 1, 2025, and our independent registered public accounting firm is now required to formally attest to the effectiveness of our internal control over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act. We are required to include in our annual reports such attestation of our independent registered public accounting firm, which may issue a report that is adverse in the event it is not satisfied with the level at which our internal control over financial reporting is documented, designed or operating.

We are engaged in a process to document and evaluate our internal control over financial reporting, which is both costly and challenging. In this regard, we will need to continue to dedicate internal resources, potentially engage outside consultants, and adopt a detailed work plan to assess and document the adequacy of internal control over financial reporting, continue steps to improve control processes as appropriate, validate through testing that controls are functioning as documented, and implement a continuous reporting and improvement process for internal control over financial reporting. Despite our efforts, there is a risk that we will not be able to conclude, within the prescribed time frame or at all, that our internal control over financial reporting is effective as required by Section 404. If we identify one or more material weaknesses, it could result in an adverse reaction in the financial markets due to a loss of confidence in the reliability of our financial statements. As a result, the market price of our ordinary shares could be negatively affected, and we could become subject to investigations by the SEC or other regulatory authorities, which could require additional financial and management resources.

Any failure to maintain effective disclosure controls and internal control over financial reporting could adversely affect our business, financial condition, and results of operations and could cause a decline in the price of our ordinary shares.

***Our operating results and our ability to grow may fluctuate from quarter to quarter and year to year, which could make our future performance difficult to predict and could cause our operating results for a particular period to fall below expectations.***

Our quarterly and annual operating results and our ability to grow are difficult to predict and may fluctuate significantly in the future. We have experienced seasonal and quarterly fluctuations in the past and expect to experience such fluctuations in the future. In addition to the other risks described in this "Risk Factors" section, the following factors could cause our operating results to fluctuate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fluctuations in demand for solar energy or wind energy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to complete our wind energy and solar energy projects in a timely manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the availability, terms and costs of suitable financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to continue to expand our operations and the amount and timing of expenditures
 related to this expansion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• announcements by us or our competitors of significant acquisitions, strategic partnerships,
 joint ventures, or capital-raising activities or commitments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expiration or initiation of any governmental rebates or incentives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual or anticipated developments in our competitors' businesses, technology or
 the competitive landscape;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general economic and political conditions and government regulations in the countries
 where we currently operate or may expand in the future;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ongoing or future conflict between Israel and Hamas, Hezbollah, Iran, or other terrorist
 organizations or states, as well as any potential escalation of hostilities involving Hamas, Iran, Hezbollah, or other regional actors.;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• natural disasters or other weather or meteorological conditions, or pandemics, epidemics
 or global health emergencies.

For these or other reasons, the results of any prior quarterly or annual periods should not be relied upon as indications of our future performance.

#### Our actual financial results may differ materially from any guidance we may publish from time to time.
We may, from time to time, provide guidance regarding our future performance that represents our management's estimates as of the date such guidance is provided. Any such guidance would be based upon a number of assumptions with respect to future business decisions (some of which may change) and estimates, while presented with numerical specificity, are inherently subject to significant business, economic, and competitive uncertainties and contingencies (many of which are beyond our control). Guidance is necessarily speculative in nature and it can be expected that some or all the assumptions that inform such guidance will not materialize or will vary significantly from actual results. Our ability to meet any forward-looking guidance is affected by a number of factors, including, but not limited to, our ability to complete our wind energy and solar energy projects in a timely manner, and pricing of offtake contracts we enter into, changes in construction and operating costs, changes in electricity prices, the availability of financing on acceptable terms, the availability of rebates, tax credits and other incentives, changes in policies and regulations, fluctuations in production at our facilities, the availability and cost of solar panels, wind turbines, inverters, batteries and other raw materials, as well as the other risks to our business described in this "Risk Factors" section. Accordingly, our guidance is only an estimate of what management believes is realizable as of the date such guidance is provided. Actual results may vary from such guidance and the variations may be material. Investors should also recognize the reliability of any forecasted financial data diminishes the farther into the future the data is forecast. In light of the foregoing, investors should not place undue reliance on our financial guidance and should carefully consider any guidance we may publish in context.

#### If our long-lived assets or project-related assets become impaired, we may be required to record significant charges to earnings.
We may be required to record significant charges to earnings should we determine that our long-lived assets or project-related assets are impaired. Such charges may have a material impact on our financial position and results of operations. We review long-lived and project-related assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. If our projects are not considered commercially viable, we would be required to impair the respective assets, which may have a material adverse effect on our business, financial condition and results of operations.

***We are a foreign private issuer and, as a result, we are not subject to U.S. proxy rules and are subject to Exchange Act reporting obligations that, to some extent, are more lenient and less frequent than those of a U.S. domestic public company.***

We report under the Exchange Act as a non-U.S. company with foreign private issuer status. Because we qualify as a foreign private issuer under the Exchange Act, we are exempt from certain provisions of the Exchange Act that are applicable to U.S. domestic public companies, including (1) the sections of the Exchange Act regulating the solicitation of proxies, consents or authorizations in respect of a security registered under the Exchange Act, (2) the sections of the Exchange Act imposing liability for insiders who profit from trades made in a short period of time, (3) the rules under the Exchange Act requiring the filing with the SEC of quarterly reports on Form 10-Q containing unaudited financial and other specified information, although we are subject to Israeli laws and regulations with regard to certain of these matters and intend to furnish quarterly information on Form 6-K, and (4) Regulation Fair Disclosure ("Regulation FD"), which is intended to prevent issuers from making selective disclosure of material information. In addition, foreign private issuers are not required to file their annual report on Form 20-F until four months after the end of each fiscal year, while U.S. domestic issuers that are accelerated filers are required to file their annual report on Form 10-K within 75 days after the end of each fiscal year and U.S. domestic issuers that are large accelerated filers are required to file their annual report on Form 10-K within 60 days after the end of each fiscal year. As a result of all of the above, you may not have the same protections afforded to shareholders of a company that is not a foreign private issuer.

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***As we are a foreign private issuer and follow certain home country corporate governance practices, our shareholders may not have the same protections afforded to shareholders of companies that are subject to all corporate governance rules of Nasdaq governance requirements.***

As a foreign private issuer, we have the option to follow certain home country corporate governance practices rather than those of Nasdaq, provided that we disclose the requirements we are not following and describe the home country practices we are following. We rely on this "foreign private issuer exemption" with respect to Nasdaq rules for shareholder meeting quorums, certain shareholder approval requirements in connection with equity-based compensation of officers, directors, employees or consultants and certain requirements relating to independent director oversight of director nominations. For more information, see Item 6.C. "Board Practices—Corporate Governance Practices" and Item 16G. "Corporate Governance." We may in the future elect to follow home country practices with regard to other matters. As a result, our shareholders may not have the same protections afforded to shareholders of companies that are subject to all corporate governance rules of Nasdaq.

#### We may lose our foreign private issuer status in the future, which could result in significant additional costs and expenses.
As discussed above, we qualify as a foreign private issuer, and therefore, we are exempt from certain periodic disclosures and current reporting requirements under the Exchange Act. The determination of foreign private issuer status is made annually on the last business day of an issuer's most recently completed second fiscal quarter, and therefore, we will re-evaluate our qualification as a foreign private issuer on June 30, 2026. In the future, we would lose our foreign private issuer status if (1) more than 50% of our outstanding voting securities are owned by U.S. residents and (2) a majority of our directors or executive officers are U.S. citizens or residents, or we fail to meet additional requirements necessary to avoid loss of foreign private issuer status. Furthermore, on June 4, 2025, the SEC published a Concept Release highlighting potential amendments to the foreign private issuer definition, such as updating eligibility requirements or adding foreign stock exchange trading volume and listing criteria. If we lose our status as a foreign private issuer due to new requirements adopted by the SEC or because we no longer meet the current definition, we would be required to file with the SEC periodic reports and registration statements on U.S. domestic issuer forms, which are more detailed and extensive than the forms available to a foreign private issuer. We would also have to mandatorily comply with U.S. federal proxy requirements, and our officers, directors and principal shareholders would become subject to the short-swing profit recovery provisions of Section 16(b) of the Exchange Act. In addition, we would lose our ability to rely upon exemptions from certain corporate governance rules of Nasdaq. As a U.S. listed public company that is not a foreign private issuer, we would incur significant additional legal, accounting and other expenses that we do not incur as a foreign private issuer.

***Prior authorization from FERC may be required for the direct or indirect transfer, sale, acquisition or other disposition of 10% or greater of our securities.***

Some of our U.S. operating subsidiaries are "public utilities" (as defined in the Federal Power Act ("FPA") and, thus, subject the Federal Energy Regulatory Commission ("FERC's") jurisdiction under the FPA. U.S. federal law requires our subsidiaries that subject to such FERC jurisdiction either to (1) obtain prior authorization from FERC to transfer an amount of issued and outstanding voting securities sufficient to convey direct or indirect control over any of our public utility subsidiaries or (2) qualify for a blanket authorization granted by FERC order or available under FERC's regulations, in each case for the direct or indirect transfer, sale or other disposition of 10% or greater of our voting securities or the voting securities in any of our public utility subsidiaries. Similar restrictions imposed by U.S. federal law apply to a purchaser of our securities who is a holding company under the Public Utility Holding Company Act of 1935 in a holding company system that includes a transmitting utility or an electric utility, or an "electric holding company" regardless of whether the securities are received pursuant to an offering, in open market transactions or otherwise. Accordingly, as a general matter, absent prior authorization by FERC or qualification for such blanket authorization granted by FERC, no purchaser, together with its affiliates, may legally acquire, directly or indirectly, 10% or more of us and our public utility subsidiaries or otherwise acquire control over us and any of our public utility subsidiaries. A violation of these requirements by the Company, as seller, or an investor as a purchaser of our securities, could subject the party in violation to substantial civil or criminal penalties under U.S. federal law, including possible sanctions imposed by FERC under the FPA and FERC rendering the transaction void. As a result of the FPA and FERC's regulations in respect of transfers of control, and consistent with the requirements for blanket authorizations granted thereunder or exemptions therefrom, absent prior authorization by FERC, no investor will be permitted to receive or purchase such number of our securities that would cause such investor and its affiliate and associate companies to collectively hold a 10% or more voting interest in the Company. In addition, the U.S. Congress periodically considers enacting energy legislation that could assign new responsibilities to FERC, modify provisions of the FPA or provide FERC or another entity with increased authority to regulate transmission matters. Our public utility subsidiaries may be affected by any such changes in federal energy laws, regulations or policies in the future.

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***There can be no assurance that we will not be classified as a passive foreign investment company, which could result in adverse U.S. federal income tax consequences to United States Holders of our ordinary shares.***

We will be classified as a passive foreign investment company ("PFIC") for any taxable year if, after the application of certain look-through rules, either: (i) 75% or more of our gross income for such year is "passive income" (as defined in the relevant provisions of the Internal Revenue Code of 1986, as amended (the "Code")); or (ii) 50% or more of the value of our assets (generally determined on the basis of a quarterly average) during such year is attributable to assets that produce or are held for the production of passive income. For these purposes, cash and other assets readily convertible into cash or that do or could generate passive income are categorized as passive assets, and the value of goodwill and other unbooked intangible assets is generally taken into account. Goodwill is treated as an active asset under the PFIC rules to the extent attributable to activities that produce active income. Passive income generally includes, among other things, rents, dividends, interest, royalties, gains from the disposition of passive assets and gains from commodities and securities transactions. For purposes of this test, we will be treated as owning a proportionate share of the assets and earning a proportionate share of the income of any other corporation of which we own, directly or indirectly, at least 25% (by value) of the stock.

Based on our market capitalization and the current and anticipated composition of our income, assets, and operations, we believe that we were not a PFIC for the year ended December 31, 2025 and do not expect to be a PFIC for U.S. federal income tax purposes for the current taxable year or in the foreseeable future. However, our PFIC status for the year ended December 31, 2025 or the current or any other taxable year is subject to considerable uncertainties. For example, it is expected that our annual PFIC status for any taxable year will depend in large part on the extent to which our gross income from sales of energy is considered to be non-passive income under the Code. Based on the manner in which we operated in the year ended December 31, 2025, currently operate and intend to operate, we believe it reasonable for United States Holders (as defined in Item 10.E. "Taxation—Material U.S. Federal Income Tax Considerations for United States Holders") to take the position that our gross income from energy sales is non-passive income.

However, because we outsource to independent contractors certain operation and maintenance functions that may be treated as significant with respect to our projects, there can be no assurance that the United States Internal Revenue Service ("IRS") or a court will agree with this position. If our income from sales of energy is not treated as derived from an active business, we will likely be a PFIC. Moreover, whether we are a PFIC is a factual determination that must be made annually after the close of each taxable year. This determination will depend on, among other things, the composition of our income and assets, as well as the value of our ordinary shares and assets. The aggregate value of our assets for purposes of the PFIC determination may be determined by reference to the trading value of our ordinary shares, which could fluctuate significantly. In addition, the extent to which our goodwill will be characterized as an active asset is not entirely clear, and we cannot give assurance that the entire amount of our goodwill will be treated as an active asset. It is possible that the IRS may take a contrary position with respect to our PFIC determination in any particular year, and therefore, there can be no assurance that we were not a PFIC for the year ended December 31, 2025 or will not be classified as a PFIC in the current taxable year or in the future.

Certain adverse U.S. federal income tax consequences could apply to a United States Holder if we are treated as a PFIC for any taxable year during which such United States Holder holds our ordinary shares. United States Holders should consult their tax advisors about the potential application of the PFIC rules to their investment in our ordinary shares. For further discussion, see Item 10.E. "Taxation—Material U.S. Federal Income Tax Considerations for United States Holders—Passive Foreign Investment Company Considerations."

#### The dual listing of our ordinary shares may adversely affect the liquidity and value of our ordinary shares.
Our ordinary shares will continue to be admitted to trading on the Tel Aviv Stock Exchange ("TASE") in a different currency than on Nasdaq (USD on Nasdaq and NIS on the TASE), and at different times (resulting from different time zones and different public holidays in the United States and Israel). We cannot predict the effect of this dual listing on the value of our ordinary shares. However, the dual listing of our ordinary shares may dilute the liquidity of these securities in one or both markets and may adversely affect the development of an active trading market for our ordinary shares in the United States. The price of our ordinary shares could also be adversely affected by trading in our ordinary shares on the TASE.

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***Our Articles of Association provide that unless we consent to an alternate forum, the federal district courts of the United States shall be the exclusive forum of resolution of any claims arising under the Securities Act.***

Our Articles of Association provide that, unless we consent in writing to the selection of an alternative forum, the federal district courts of the United States shall be the exclusive forum for the resolution of any claims arising under the Securities Act (the "Federal Forum Provision"). Section 22 of the Securities Act creates concurrent jurisdiction for federal and state courts over all such Securities Act actions. Accordingly, both state and federal courts have jurisdiction to entertain such claims. Alternatively, if a court were to find the Federal Forum Provision inapplicable to, or unenforceable in respect of, one or more of the specified types of actions or proceedings, we may incur additional costs associated with resolving such matters in other jurisdictions, which could adversely affect our business and financial condition. The Federal Forum Provision will not relieve us of our duties to comply with U.S. federal securities laws and the rules and regulations thereunder, and our shareholders will not be deemed to have waived our compliance with these laws, rules and regulations. While the Federal Forum Provision does not restrict the ability of our shareholders to bring claims under the Securities Act, nor does it affect the remedies available thereunder if such claims are successful, we recognize that it may limit shareholders ability to bring a claim in the judicial forum that they find favorable and may increase certain litigation costs which may discourage the filing of claims under the Securities Act against the us, our directors and officers.

#### Risks related to our incorporation and location in Israel
Political, economic and military conditions in Israel could materially and adversely affect our business, financial condition and results of operations.

We are incorporated under Israeli law, and our principal offices and certain manufacturing facilities are located in Israel, which is currently at war. The duration, scope, and effects of this conflict remain unknown and difficult to predict. Additionally, many of our employees and members of our management team are Israeli residents, and certain projects from which we derive revenues are located in Israel. Accordingly, political, economic, and military conditions in Israel and the surrounding region directly affect our business.

Since October 2023, following terror attacks by Hamas and Israel's subsequent declaration of war, the region has experienced significant instability. This instability has included missile strikes, hostile infiltrations, and acts of terrorism against civilian targets in various parts of Israel. Hostilities have occurred on multiple fronts, including with Hezbollah along Israel's northern border, attacks and threats from the Houthis in Yemen, and direct confrontations with Iran. While a ceasefire framework with Hamas was reached in October 2025 and with Hezbollah in November 2025, the security situation escalated significantly in late February 2026. At that time, Israel and the United States conducted preemptive strikes against Iran to eliminate its nuclear and ballistic missile capabilities. In response, Iran launched missile and drone attacks toward population centers and military installations in Israel, neighboring countries in the Persian Gulf region, and against U.S. assets in the region. In early March 2026, Hezbollah joined the conflict, carrying out missile attacks that led to Israeli retaliatory strikes and limited ground incursions. The situation remains highly volatile, with the potential for further escalation into a broader and more sustained regional conflict.

The ongoing war is rapidly evolving and could disrupt our business in material ways not currently anticipated. If the war continues or escalates, it may affect us in several ways, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Human Resources**: Approximately 15% of our Israeli
 employees and managers were called to active reserve duty during 2025. Third-party contractors we use have also been called up to reserve
 duty. While many were released from active duty following the 2025 ceasefires, the escalation in early 2026 has led to significant new
 call-ups of military reservists. Israeli citizens are generally obligated to perform reserve duty until the age of 40 or older. Future
 call-ups may result in the absence of key employees or management members, which could disrupt our operations. These hostilities have
 included missiles and drones being fired against civilian targets in various parts of Israel, including areas in which our employees and
 business partners are located. We have experienced disruptions to work routines, periodic travel limitations and occasional rocket fire
 requiring employees to take temporary shelter. Although these disruptions have not been material to date, any future escalation could
 significantly impact our workforce and operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Macro-economic effects**:
 The ongoing conflict has resulted in certain negative macro-economic impacts, including credit rating downgrades for Israel by Moody's
 and Standard & Poor's in late 2024 and a significant increase in the price of oil. The war has caused and may continue to cause
 additional domestic macro-economic effects such as inflation, depreciation of the shekel, bearish capital markets, reduced availability
 of credit and a decline in growth. These factors could make it more difficult and expensive for us to raise capital and negatively influence
 the market price of our ordinary shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Trade curtailment and Shipping**: Hostilities have
 led to interruptions in trade and increased efforts by certain countries and organizations to boycott Israeli goods and services. Additionally,
 attacks by Houthis on commercial shipping in the Red Sea have forced the rerouting of vessels away from the Suez Canal. This has caused
 a substantial increase in global shipping rates, impacting our supply chain and the cost of components required for our products.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Damage to infrastructure**: Terror and missile attacks
 may lead to infrastructure damage, including harm to our facilities and communication networks. Cyberattacks may also be aimed at disrupting
 our operational assets and damaging our infrastructure. For example, our Genesis Wind project and Emek Habacha project are located in
 the Golan Heights, an area subject to frequent rocket attacks. If this project is damaged, it may be difficult or impossible to access
 for maintenance and repairs. While the Israeli government may cover certain direct damages, such coverage may be limited, may not be maintained
 and may not compensate for loss of revenue. Additionally, our commercial insurance does not cover losses resulting from war or terrorism.
 War-related damage may also be inflicted upon the national grid, EC substations, or other transmission infrastructure, which may impact
 our ability to continue generating and selling electricity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Reputation and International Relations**: Prior
 to the recent war, several countries restricted doing business with the State of Israel and Israeli companies were subjected to certain
 economic boycotts. Public opinion toward Israel and Israeli companies may be further negatively affected by the ongoing war. This shift
 in international relations could lead to customers delaying or canceling orders. Any sustained curtailment of trade between Israel and
 its trading partners could adversely affect our business, financial condition and results of operations.

***As some of our wind energy and solar energy projects are located in the Golan Heights, including Genesis Wind which reached COD in October 2023, rising political tensions and negative publicity may negatively impact our business.***

Some of our wind energy and solar energy projects are located in the Golan Heights, including the Genesis Wind project, which was fully commissioned in October 2023 and is the largest renewable energy project in Israel. The Golan Heights are currently under Israeli jurisdiction and authority. While the United States recognizes Israeli sovereignty over the Golan Heights, the European Union does not. There has been negative publicity, primarily in Western Europe, against companies operating in the Golan Heights.

***It may be difficult to enforce the judgment of a U.S. court against us, our officers and directors and the Israeli experts named in this Annual Report in Israel or the United States, or to assert U.S. securities laws claims in Israel or serve process on our officers and directors and these experts.***

Most of our directors or officers are not residents of the United States, and most of their and our assets are located outside the United States. Service of process upon us or our non-U.S. resident directors and officers and enforcement of judgments obtained in the United States against us or our non-U.S. directors and executive officers may be difficult to obtain within the United States. We have been informed by our legal counsel in Israel that it may be difficult to assert claims under U.S. securities laws in original actions instituted in Israel or obtain a judgment based on the civil liability provisions of U.S. federal securities laws. Israeli courts may refuse to hear a claim based on a violation of U.S. securities laws against us or our non-U.S. officers and directors because Israel may not be the most appropriate forum to bring such a claim. In addition, even if an Israeli court agrees to hear a claim, it may determine that Israeli law and not U.S. law is applicable to the claim. If U.S. law is found to be applicable, the content of applicable U.S. law must be proved as a fact, which can be a time-consuming and costly process. Certain matters of procedure will also be governed by Israeli law. There is little binding case law in Israel addressing the matters described above. Israeli courts might not enforce judgments rendered outside Israel, which may make it difficult to collect on judgments rendered against us or our non-U.S. officers and directors.

Moreover, an Israeli court will not enforce a non-Israeli judgment if (among other things) it was given in a state whose laws do not provide for the enforcement of judgments of Israeli courts (subject to exceptional cases), if its enforcement is likely to prejudice the sovereignty or security of the State of Israel, if it was obtained by fraud or in absence of due process, if it is at variance with another valid judgment that was given in the same matter between the same parties, or if a suit in the same matter between the same parties was pending before a court or tribunal in Israel at the time the foreign action was brought.

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***Your rights and responsibilities as our shareholder are governed by Israeli law, which may differ in some respects from the rights and responsibilities of shareholders of U.S. corporations.***

We are incorporated under Israeli law. The rights and responsibilities of holders of our ordinary shares are governed by our Articles of Association and the Companies Law. These rights and responsibilities differ in some respects from the rights and responsibilities of shareholders in typical U.S. corporations. In particular, pursuant to the Companies Law, each shareholder of an Israeli company has to act in good faith and in a customary manner in exercising his or her rights and fulfilling his or her obligations toward the company and other shareholders and to refrain from abusing his or her power in the company, including, among other things, in voting at the general meeting of shareholders and class meetings, on amendments to a company's articles of association, increases in a company's registered share capital, mergers and transactions requiring shareholders' approval under the Companies Law. In addition, a controlling shareholder of an Israeli company or a shareholder who knows that it possesses the power to determine the outcome of a shareholder vote or who has the power to appoint or prevent the appointment of a director or officer in the company, or has other powers toward the company, has a duty of fairness toward the company. However, Israeli law does not define the substance of this duty of fairness.

There is limited case law available to assist in understanding the implications of these provisions that govern shareholder behavior.

***Provisions of our Articles of Association and of Israeli law may delay, prevent or make undesirable an acquisition of all or a significant portion of our shares or assets.***

Provisions of Israeli law and our Articles of Association could have the effect of delaying or preventing a change in control and may make it more difficult for a third party to acquire us or our shareholders to elect different individuals to our board of directors, even if doing so would be considered to be beneficial by some of our shareholders, which may limit the price that investors may be willing to pay in the future for our ordinary shares. Among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Companies Law regulates mergers and requires that a tender offer be effected when
 more than a specified percentage of shares in a company are purchased;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Companies Law requires special approvals for certain transactions involving directors,
 officers or significant shareholders and regulates other matters that may be relevant to these types of transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Companies Law does not provide for shareholder action by written consent for public
 companies, thereby requiring all shareholder actions to be taken at a general meeting of shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our Articles of Association generally do not permit a director to be removed from office
 except by a vote of the holders of at least (65%) of our outstanding shares entitled to vote at a general meeting of shareholders, except
 that a simple majority will be required if a single shareholder holds more than 50% of the voting rights in the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our Articles of Association provide that director vacancies may be filled by unanimous
 resolution of our board of directors.

Further, Israeli tax considerations may make potential transactions undesirable to us or to some of our shareholders whose country of residence does not have a tax treaty with Israel granting tax relief to such shareholders from Israeli tax. For example, Israeli tax law does not recognize tax-free share exchanges to the same extent as U.S. tax law. With respect to mergers, Israeli tax law allows for tax deferral in certain circumstances but makes the deferral contingent on the fulfillment of numerous conditions, including a holding period of two years from the date of the transaction during which certain sales and dispositions of shares of the participating companies are restricted. Moreover, with respect to a certain share swap transaction, the tax deferral is limited in time, and when such time expires, the tax becomes payable even if no disposition of the shares has occurred.

***Our Articles of Association provide that, unless we consent otherwise, the competent courts of Tel Aviv, Israel shall be the sole and exclusive forum for substantially all disputes between us and our shareholders under the Companies Law and the Israeli Securities Law, which could limit our shareholders' ability to bring claims and proceedings against, as well as obtain a favorable judicial forum for disputes with, us and our directors, officers and other employees.***

The competent courts of Tel Aviv, Israel shall be the exclusive forum for (i) any derivative action or proceeding brought on our behalf (ii) any action asserting a claim of breach of fiduciary duty owed by any of our directors, officers or other employees to us or our shareholders, or (iii) any action asserting a claim arising pursuant to any provision of the Companies Law or the Israeli Securities Law, 5728-1968 (the "Israeli Securities Law"). These exclusive forum provisions (the "Israeli Forum Provisions") are intended to apply to claims arising under Israeli Law and would not apply to claims brought pursuant to the Securities Act or the Exchange Act or any other claim for which federal courts would have exclusive jurisdiction. The Israeli Forum Provisions will not relieve us of our duties to comply with U.S. federal securities laws and the rules and regulations thereunder, and our shareholders will not be deemed to have waived our compliance with these laws, rules and regulations. The Israeli Forum Provisions may limit a shareholder's ability to bring a claim in a judicial forum of its choosing for disputes with us or our directors or other employees which may discourage lawsuits against us or our directors, officers and employees. An Israeli court may decide not to enforce the Israeli Forum Provisions in whole or in part, depending on the circumstances, and has broad authority to choose substitute provisions that will govern. If an Israeli court were to find the Israeli Forum Provision inapplicable to, or unenforceable in respect of, one or more of the specified types of actions or proceedings, we may incur additional costs associated with resolving such matters in other jurisdictions, which could adversely affect our business and financial condition.

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#### Item 4. Information on the Company
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **History and Development of the Company** 

Enlight Renewable Energy Ltd. was founded on August 6, 2008 and merged into a company named Sahar Investments Ltd. in 2010, which subsequently changed its name to Enlight Renewable Energy Ltd. on August 4, 2010. Our commercial name is Enlight Renewable Energy. In February 2023, we listed our shares on the Nasdaq Global Select Market under the symbol "ENLT" and our ordinary shares have traded on the TASE since February 2010. We are a company limited by shares and organized under and subject to the laws of the State of Israel. We are registered with the Israeli Registrar of Companies. Our registration number is 520041146. Our principal executive offices are located at 3 Amal St., Afek Industrial Park, Rosh Ha'ayin 4809249, Israel.

Our website address is *www.enlightenergy.com*, and our telephone number is +972-3-900-8700. We use our website as a means of disclosing material non-public information. Such disclosures will be included on our website in the "Investors" sections. Accordingly, investors should monitor such sections of our website, in addition to following our press releases, SEC filings and public conference calls and webcasts. Information contained on, or that can be accessed through, our website does not constitute a part of this Annual Report and is not incorporated by reference herein. We have included our website address in this Annual Report solely for informational purposes. Our SEC filings are available to you on the SEC's website at http://www.sec.gov. This site contains reports and other information regarding issuers that file electronically with the SEC. The information on that website is not part of this Annual Report and is not incorporated by reference herein.

Our agent for service of process in the United States is Enlight Renewable Energy LLC, which maintains its principal offices at 800 W. Main St., #900, Boise, Idaho 83702. Its telephone number is 208-440-5719.

For a description of our principal capital expenditures and divestitures as well as other important events in the development of our business, see Item 5.B. "Liquidity and Capital Resources" and Note 30A(3) to our consolidated financial statements included elsewhere in this Annual Report.

#### Selected Recent Developments
The following is a summary of selected recent developments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On February 2, 2026, we announced the achievement of development milestones at the CO
 Bar complex (the "CO Bar Complex"), including entry into a 1GW Large Generator Interconnection Agreement for the entire CO
 Bar Complex, the full mobilization of construction at CO Bar 1 and 2, and the entry into two 20-year "busbar" ESA with Salt
 River Project, dated December 30, 2025, for CO Bar 4 and 5. An ESA is the tolling agreement under which the battery energy storage system
 is available for the utility in exchange for regular, fixed payments. The achievement of these milestones follows the prior signing a
 PPA and ESA for CO Bar 1-3. All major agreements required for the CO Bar Complex have now been obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On February 19, 2026, we issued 6,002,416 of the Company's ordinary shares to several
 Israeli institutional investors at price of NIS 220 per share, for an aggregate gross consideration of approximately NIS 1,320,531,520
 (the "2026 Private Placement"). We intend to use the net proceeds from the 2026 Private Placement to our strategic growth
 plan across geographies, while strengthening our balance sheet.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On March 16, 2026, we announced that we entered into a debt financing commitment totaling
 $304 million for our Crimson Orchard project, located in Elmore County, Idaho, USA. We secured 25-year commitments from HSBC (USA) Inc.,
 ING Capital LLC, KeyBanc Capital Markets., and MUFG Bank, Ltd., subject to an all-in interest rate of 5.8%. Crimson Orchard consists of
 120 MW of solar energy power generation capacity, and 400 MWh of energy storage capacity. The project is currently under construction
 and is expected to reach COD during 1H27.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Business Overview** 

#### Overview
We are a global renewable energy platform, founded in 2008 and publicly traded on the TASE since February 2010 and on Nasdaq since February 2023. We develop, finance, construct, own and operate utility-scale renewable energy projects. We primarily generate revenue from the sale of electricity produced by our renewable energy facilities, pursuant to long-term PPAs. Our control over the entire project life cycle, from greenfield development to ownership and operations, enables us to deliver strong project returns and rapid growth. Furthermore, we distinguish ourselves through our diverse global presence and multi-technology capabilities, which allow us to strategically optimize our capital allocation between geographies and renewable technologies to deliver highly profitable projects at reduced risk. As of February 16, 2026, our total portfolio of utility-scale, renewable energy projects included approximately 20.6 GW of multi-technology generation capacity and approximately 61.0 GWh of energy storage capacity, of which approximately 6.4 GW and approximately 17.5 GWh, respectively, are from Mature Projects.

We act as both a project developer and a power producer, controlling the entire project life cycle through the value chain. Our successful track record and expertise in project development, having reached ready to build ("RTB") status on projects with an aggregate capacity of 6.8 GW and 8.2 GWh globally (including projects developed by Clenera prior to the Clenera Acquisition) from our founding to February 16, 2026, enable us to identify and deliver highly profitable projects. Our in-house project development capability, which includes extensive greenfield development capabilities across our largest markets, gives us access to projects that we believe many of our competitors (both strategic and financial investors) either could not access or could not access at an attractive cost. Our development arm also serves as our organic growth engine, providing us with significant levels of visibility into the future of our business through our large project pipeline. Moreover, as a power producer with approximately 2.9 GW of generation capacity and 3.4 GWh of storage capacity across our Operational Projects as of February 16, 2026, we benefit from steady long-term, contracted cash flow, which we believe will increase as our projects under construction and in pre-construction, including approximately 3.5 GW of generation capacity and approximately 14.1 GWh of energy storage capacity, reach commercial operation. These long-term cash flows facilitate the financing of our overall activity at a competitive cost of capital.

Since our founding in 2008, we have transformed into a global renewable energy platform, operating across 14 different countries on four continents and across multiple technologies. From a technological perspective, we develop wind energy, solar energy, and energy storage projects, with energy storage collocated with generation capacity and on a standalone basis. From a geographical perspective, we operate in 11 different countries throughout Europe, in the U.S., Morocco, and Israel. Our global platform includes what we believe are some of the largest onshore wind and combined solar and storage projects across the United States, Western Europe and Israel, which are either operational, under construction or in pre-construction, highlighting our ability to identify and deliver projects of scale across our global platform. In August 2021, we established our operations in the United States through the acquisition of Clenera, a U.S.-based greenfield developer of utility-scale solar energy and energy storage projects, with a focus on the Western United States. Of our 6.4 GW of generation capacity and 17.5 GWh of storage capacity of Mature Projects, 3.8 GW of generation capacity and 9.5 GWh of storage capacity was located in the United States as of February 16, 2026, highlighting the increasing proportion of the projects located in the United States in our overall activity. We believe that our unique breadth of market presence and multi-technology capabilities enable us to optimize our capital allocation, based on power market fundamentals, changing regulatory environments, supply chain access and other considerations, while also diversifying our portfolio of projects and limiting our exposure to individual market disruptions.

Our control over the entire project life cycle coupled with our strategic approach to market and technology selection has enabled us to both develop projects with differentiated returns on investment and deliver rapid growth.

------

#### Our history
Established in 2008, Enlight began as a company focused on developing small-scale greenfield solar energy projects in Israel. Over the past 18 years, we have transformed into a global renewables platform with, as of February 16, 2026, an approximate of 6.4 GW and 17.5 GWh Mature Project portfolio across 13 different countries and 406 employees, focused on delivering utility-scale renewable energy projects. Our transformation has been driven by a tailored strategy of gradual entry into new markets, coupled with a clear focus on execution. As a company built by its founders with an owner's mindset deeply embedded in our culture, we pride ourselves on our proven track record of success in scaling our business.

In August 2021, we established our operations in the United States through the acquisition of a 90.1% equity interest in Clenera, a major U.S.-based developer of utility-scale solar energy and energy storage projects.

With its headquarters based in Boise, Idaho, Clenera is, to our knowledge, a market leader in the Western United States. pioneering what we believe are some of the largest renewable energy projects in the region. The Clenera Acquisition entailed an upfront payment of $158 million with an additional consideration of up to $232 million depending on the achievement of performance-based milestones (the "Earn-Out"), which include the realization of Development Projects and the retention of Clenera's two co-founders as employees. We paid what we expect will be our final Earn-Out consideration in the amount of $23 million during the year ended December 31, 2024, and have paid aggregate Earn-Out consideration of $31 million since the completion of the Clenera Acquisition. As the remaining performance-based milestones have not been achieved, the Company expects to make no further Earn-Out payments, and considers this liability to no longer be effective. The co-founders retain a 9.9% equity stake in Clenera, and have the option to sell this stake to the Company in 2026-2028, subject to calculation of the final acquisition price.

#### Our business model: control over the entire project life cycle
We believe we are uniquely positioned as a global renewable energy platform with end-to-end control over the project life cycle from development to ownership and operations. Our integrated capabilities across project sourcing, engineering, design, procurement, construction, asset management, and finance enable us to achieve strong project returns and source and develop new projects to support robust long-term growth, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Project and business development:* We maintain
 a high-caliber project and business development team of 42 employees across the United States, Europe and Israel. Our in-house greenfield
 project development team provides us with the expertise to source greenfield projects in our largest individual markets: the United States,
 Southern Europe and Israel. Our greenfield development team specializes in identifying locations where there is available interconnection
 capacity, which is one of the main development obstacles for utility-scale renewables. In markets where we have strategically elected
 not to develop in-house greenfield development teams largely due to their smaller size, we have established and cultivated co-development
 partnerships with leading local developers. This gives us access to projects which we believe many of our competitors (both strategic
 and financial investors) either could not access or could not access at an attractive cost. In addition, our business development team
 sources project acquisition opportunities across various stages of development. In collaboration with our project development team, we
 can then create value through project optimization and the completion of the development.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Engineering and design:* Once projects are
 sourced, our internal engineering teams leverage our design expertise to optimize each project. We take an active role in the design and
 planning of our projects, enabling us to standardize the design to accommodate a wide range of equipment alternatives. Our procurement
 teams can then focus on acquiring equipment at an optimal cost without triggering the need to reconfigure the project design.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Procurement:* Our global operations have
 required us to establish, maintain and continuously grow our supply chain as we have expanded our geographic footprint across four continents
 and 14 different countries. Today, our supply chain function is overseen by a global team that works seamlessly to align project needs
 across geographies with the available supply of inverters, solar panels, wind turbines and energy storage systems among other components.
 Our global approach to procurement allows us to approach suppliers with significant scale and negotiate attractive pricing. Moreover,
 our global presence gives us the flexibility to distribute and reallocate resources as needed between geographies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our largest suppliers to date in Europe and Israel for our wind energy projects included
 all of the major wind turbine manufacturers such as Nordex, Siemens Gamesa, Vestas and General Electric Vernova. Our largest suppliers
 of solar panels for our solar energy projects in Europe and Israel have included LONGi and Jinko. Our largest suppliers to date for our
 energy storage projects in Israel include CATL and Sungrow. Clenera has developed strong supplier relationships which take into account
 AD/CVD, UFLPA, and other market considerations to ensure a steady supply of components for our U.S.-based projects. For example, Clenera
 sources the majority of its solar panels from Waaree and Runergy and continue to engage in requests for proposals with several other major
 suppliers. Our module selection is often driven by domestic content considerations and compliance with CFIUS. The largest supplier to
 date for our U.S.-based energy storage projects is Tesla which may provide domestic content eligibility. Clenera has also sourced batteries
 manufactured by BYD and Hithium.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Construction:* Our construction management
 team is crucial to supporting the quality of our projects, which reduces our O&M expenses once a project is operational and supports
 higher project uptimes. Our experienced construction managers closely monitor our EPC contractors' progress, quality of work and
 performance testing before we release the final payment to the contractor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Asset management:* We possess a top-rate
 asset management team that is strategically located across markets to efficiently provide ongoing asset monitoring and maintenance services.
 The team is comprised of experts in commercial and technical project management, electricity trading (for projects where we sell electricity
 under a Merchant Model) and environmental management. The scale of our asset management activity provides us with a steady feedback loop
 regarding what we believe to be optimal project design and components for future projects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Finance:* Our operational expertise is complemented
 by a finance function that is focused on maximizing project equity returns and is comprised of a team with decades of corporate and project
 finance experience in the renewables sector. We leverage our global footprint and scale to secure non-recourse project finance from local
 banking partners across our target markets. Our network enables us to source bespoke financing packages. For example, in 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o we raised from institutional investors in Israel approximately $128 million through an
 issuance of unsecured, non-convertible Series G Debentures and approximately $117 million through an issuance of unsecured, convertible
 Series H Debentures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o we secured $773 million construction financing commitments for the Country Acres project
 with a consortium of four leading global banks including BNP Paribas Securities Corp. Upon Country Acres' commercial operation date
 COD, part of the construction loan is expected to convert into a $376 million term loan with the rest of the construction loans expected
 to be repaid with tax equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o we secured a definitive construction financing agreement related to Quail Ranch project
 with a consortium of four leading global banks including BNP Paribas Securities Corp, which will be used to finance the construction of
 the project. Upon the Quail Ranch's COD, part of the construction loan is expected to convert into a $120 million term loan with
 the rest of the construction loans expected to be repaid with tax equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o we secured a $310 million financing, led by MEAG Infrastructure Debt Transactions, for
 the construction of the hybridization of the Gecama project in Serbia to include a battery energy storage facility, and the refinancing
 of the current operational Gecama wind project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o we entered into a financing agreement with our subsidiary Clenera and a consortium of
 lenders led by Israel's Bank Leumi totaling $350 million to fund the construction of projects in the US. The facilities are to be
 fully repaid by June 30, 2032 and bear interest at the Secured Overnight Financing Rate ("SOFR") plus an annual margin of
 2.7% to 3.2%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o we raised NIS 1.0 billion from several Israeli institutional investors through a private
 placement of 11,396,012 ordinary shares, at a price of NIS 87.75 per share in August 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o we secured construction financing commitments related to project Snowflake from a consortium
 of six leading global banks including Wells Fargo, BNP Paribas, Natixis Corporate and Investment Banking, Nord/LB, Crédit Agricole
 Corporate and Investment Bank, and MUFG Bank, totaling $1.4 billion. Following the Project's COD, a portion of the construction
 financing commitments is expected to convert into an $811 million term loan, with the tax equity bridge loan expected to be repaid with
 tax equity proceeds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o on February 19, 2026, we raised approximately NIS 1.3 billion from several Israeli institutional
 investors through a private placement of 6,000,416 of our ordinary shares, at a price of NIS 220 per share.

------

#### Our portfolio
We classify our projects into three categories:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Development Projects, which includes projects in various stages of development that are
 not expected to commence construction within 24 months of February 16, 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Advanced Development Projects, which includes projects that are expected to commence
 construction within 13 to 24 months of February 16, 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mature Projects, which includes projects that are operational, under construction or
 in pre-construction (meaning, that such projects are expected to commence construction within 12 months of February 16, 2026).

These three categories are sequential and reflect the progression from being categorized first as a Development Project, then an Advanced Development Project and finally a Mature Project.

**Overview of our consolidated portfolio of projects as of February 16, 2026**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Mature Projects** | **Advanced Development Projects** | **Development Projects** | **Total Portfolio** |
| Generation capacity (GW)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | 6402 | 3457 | 10713 | 20572 |
| Storage capacity (GWh)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | 17525 | 10152 | 33281 | 60957 |

---

#### Mature Projects
With a geographically and technologically diverse portfolio of Mature Projects, including 6.4 GW of generation capacity and 17.5 GWh of energy storage capacity as of February 16, 2026, we enjoy the benefits of steady cash flow from our Operational Projects and significant visibility into our growth from our Mature Projects under construction or in pre-construction.

As of February 16, 2026, approximately 85% of the capacity of our Operational Projects was contracted with an average remaining PPA term of 13.5 years. Furthermore, approximately 21% of the capacity of our Operational Projects was contracted under inflation-linked PPAs, which we believe could supply us with an additional source of total revenues and income growth. In select markets we sell electricity under the Merchant Model, where we carefully and strategically take on exposure to Merchant Risk but enter into short-term hedging agreements to actively manage that exposure. As of February 16, 2026, approximately 15% of the capacity of our Operational Projects is exposed to Merchant Risk. We believe that these projects have the potential to generate profits on a per MW basis that are superior to the profits that could be achieved under a PPA in such markets.

Mature Project portfolio map

![](image1.jpg)

------

#### Operational Projects (including unconsolidated projects as at share) as of February 16, 2026<sup>(1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Segment** | **Country** | **Project name** | **Technology** | **Operational year** | **Sales Tariff<br> (USD per MWh)** | **Approximate Enlight share** | **PPA/FIT duration** | **Inflation indexed PPA** | **Capacity** |
| **Middle East and North Africa("MENA")** | Israel | Emek Habacha | Wind | 2022 | 130 | 41% | 2042 | Yes | 109 MW |
|  |  | Halutziot | Solar | 2015 | 229 | 90% | 2035 | Yes | 55 MW |
|  |  | Israel Solar Projects | Solar | 2013-2015 | 414 | 98%<sup>(2)</sup> | 2033-2035 | Yes | 33 MW |
|  |  | PV+ storage cluster 1.1 | Solar | 2023 | Confidential | 80%<sup>(2)</sup> |  | No | 272 MW + 819 MWh |
|  |  | Genesis Wind | Wind | 2023 | 119 | 54% | 2043 | Yes | 207 MW |
| **Total MENA** |  |  |  |  |  |  | **676 MW + 819 MWh** | **676 MW + 819 MWh** | **676 MW + 819 MWh** |
| **Western Europe** | Sweden | Picasso | Wind | 2021 | Confidential | 69% | 2033<sup>(3)</sup> | No | 116 MW |
|  | Sweden | Björnberget | Wind | 2022 | Confidential | 55% | 2032 | No | 372 MW |
|  | Ireland | Tully | Wind | 2017 | 108 | 50% | 2032 | Yes | 14 MW |
|  | Spain | Gecama | Wind | 2022 |  | 72% | Merchant | NA | 329 MW |
| **Total Western Europe** |  |  |  |  |  |  |  |  | **831 MW** |
| **CEE&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**  | Kosovo | Selac | Wind | 2021 | 113 | 60% | 2034 | Yes | 105 MW |
|  | Serbia | Blacksmith | Wind | 2019 | 137 | 50% | 2031 | Yes | 105 MW |
|  | Serbia | Pupin | Wind | 2024 | 83 | 100% | 2040 | Yes | 94 MW |
|  | Croatia | Lukovac | Wind | 2018 | 159 | 50% | 2032 | Yes | 49 MW |
|  | Hungary | Attila | Solar | 2019 | 139 | 50% | 2039 | No | 57 MW |
|  | Hungary | AC/DC | Solar | 2023 | 94 | 100% | 2037 | Yes<sup>(4)</sup> | 26 MW |
|  | Hungary | Tapolca | Solar | 2024 |  | 100% |  | NA | 60 MW |
| **Total CEE&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**  |  |  |  |  |  |  |  |  | **496 MW** |
| **USA&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**  | Montana | Apex Solar | Solar | 2023 | Confidential | 100% | 2042 | No | 106 MW |
|  | Arizona | Atrisco Solar | Solar | 2024 | Confidential | 100% | 2044 | No | 364 MW |
|  | Arizona | Atrisco Storage | Storage | 2024 | Confidential | 100% | 2044 | No | 1,200 MWh |
|  | New Mexico | Quail Ranch | Solar | 2025 | Confidential | 100% | 2045 | No | 128 MW + 400 MWh |
|  | Arizona | Roadrunner | Solar | 2025 | Confidential | 100% | 2045 | No | 298 MW + 940 MWh |
| **Total USA&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**  |  |  |  |  |  |  |  | **896 MW + 2,540 MWh** | **896 MW + 2,540 MWh** |
| **Total consolidated projects** |  |  |  |  |  |  |  | **2,899 MW + 3,359 MWh** | **2,899 MW + 3,359 MWh** |
| **MENA (not consolidated)** | Israel | Unconsolidated Projects at share | Solar | 2015-2021 | 76<sup>(2)</sup> | 50% | 2042-2046 | Yes | 45 MW + 42 MWh |
| **Total consolidated and unconsolidated JVs at share** |  |  |  |  |  |  |  | **2,944 MW + 3,401 MWh** | **2,944 MW + 3,401 MWh** |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The figures in this chart are rounded to the nearest whole number.

(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This figure is calculated on an average basis across multiple projects.

(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Approximately 50% of the energy generated by this project is sold under a 12-year PPA to a large German utility company while the remaining energy is sold under the Merchant Model on the Nord Pool.

(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPA is indexed to the Hungarian consumer price index, less 1%.

------

#### Projects under construction, as of February 16, 2026 <sup>(1)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Geographic sector** | **Country/State** | **Project name** | **Technology** | **Sales tariff (USD per MWh)** | **Expected approximate Enlight share** | **PPA/FIT duration** | **Inflation indexed PPA** | **Storage capacity MWh** | **Capacity MWdc** |
| **US<sup>(2)</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**  | California | Country Acres | Solar | Confidential | 100% | 20-30 Years | No | 688 | 403 |
|  | Idaho | Crimson Orchard | Solar | Confidential | 100% | 20 Years | No | 400 | 120 |
|  | Arizona | CO Bar 1+2 | Solar | Confidential | 100% | 20 Years | No | 824 | 738 |
|  | Arizona | Snowflake A | Solar | Confidential | 100% | 20 Years | No | 1900 | 594 |
| **Total US&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**  |  |  |  |  |  |  |  | **3812** | **1855** |
| **MENA&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**  | Israel | Israel storage | Storage |  | 71% |  | - | 222 | 4 |
| **Total MENA&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**  |  |  |  |  |  |  |  | **222** | **4** |
| **EU&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**  | Spain | Gecama Solar | Solar |  | 72% |  |  | 220 | 227 |
|  | Sweden | Bjornberget – BESS | Storage |  | 55% |  |  | 100 | - |
|  | Croatia | Sestanovac | Solar |  | 100% |  |  | 75 | 23 |
|  | Hungary | Tapolca – BESS | Storage |  | 100% |  |  | 140 | - |
| **Total EU&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**  |  |  |  |  |  |  |  | **535** | **250** |
| **Total consolidated projects** |  |  |  |  |  |  |  | **4569** | **2109** |
| **MENA (not consolidated)** | Israel | Unconsoli<br> - dated<br> Projects at share | Storage |  | 53% |  |  | 274 | 13 |
| **Total consolidated and consolidated JVs at share** |  |  |  |  |  |  |  | **4843** | **2122** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The figures in this chart are rounded to whole numbers or the nearest hundredth decimal,
 as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(2) While we own 90.1% of Clenera, we invest 100% of the equity requirements for our U.S.-based
 projects. In return, we receive 100% of the distributable cash flow until we return our capital investment, plus a high single-digit preferred
 return.

------

#### Projects in pre-construction (expected to begin construction within 12 months) as of February 16, 2026<sup>(1)</sup>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Geographic sector** | **Country** | **Project name** | **Technology** | **Expected approximate Enlight share** | **PPA/FIT duration** | **Inflation indexed PPA** | **Storage capacity MWh** | **Capacity MWdc** |
| **MENA&nbsp;&nbsp;&nbsp;&nbsp;** <br>| Israel | Several Projects | Solar, Wind, Storage | 95% |  |  | 1944 | 41 |
| **Total MENA&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**  |  |  |  |  |  |  | **1944** | **41** |
| **US**<sup>(2)</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | Iowa | Coggon | Solar | 100% | 20 years | No |  | 128 |
|  | Michigan | Gemstone | Solar | 100% | 20 years | No |  | 184 |
|  | Indiana | Rustic hills 1+2 | Solar | 100% | 20-25 years | No |  | 255 |
|  | Arizona | CO Bar 3,4,5 | Solar | 100% | 20 years | No | 3176 | 473 |
| **Total US&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**  |  |  |  |  |  |  | **3176** | **1040** |
| **Europe&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**  | Italy | Nardo Storage | Solar + Storage | 100% |  |  | 872 | 104 |
|  | Sweden | Picasso BESS | Storage | 69% |  |  | 221 |  |
|  | Germany | Bertikow | Storage | 50% |  |  | 860 |  |
|  | Germany | Jupiter | Solar + Storage | 51% |  |  | 2000 | 150 |
|  | Poland | Edison | Storage | 100% |  |  | 208 |  |
| **Total EU**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  |  |  |  |  |  | **4161** | **254** |

---

---

| | | |
|:---|:---|:---|
| **Total consolidated projects** | **9212** | **1336** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **MENA (not consolidated)** | Israel | Unconsolidated Projects at share | Solar | 56% | 69 |  |
| **Total consolidated and consolidated JVs at share** |  |  |  |  | **9281** | **1336** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The figures in this chart are rounded to whole numbers.

&nbsp;&nbsp;&nbsp;&nbsp;(2) While we own 90.1% of Clenera, we invest 100% of the equity requirements for our U.S.-based
 projects. In return, we receive 100% of the distributable cash flow until we return our capital investment, plus a high single-digit preferred
 return.

Our pre-construction portfolio is largely comprised of several major combined solar and storage projects located in the United States. These projects, which are located in the Western United States, a region with the highest solar irradiance in the United States, stand to benefit significantly from the use of tax credits as provided for under the Inflation Reduction Act.

#### Advanced Development Projects and Development projects
Together, our Advanced Development Projects and Development Projects provide us with valuable visibility as to our growth trajectory over the medium to long-term.

------

#### Advanced Development Projects
Our Advanced Development projects have an aggregate generation capacity of approximately 3.5 GW and aggregate energy storage capacity of approximately 10.1 GWh, as of February 16, 2026. Our Advanced Development projects, which are largely concentrated in the United States and Western Europe, are expected to commence construction within 13 to 24 months of February 16, 2026. As of February 16, 2026, approximately 89% (2.5 GW and 5.6 GWh) of our U.S.-based Advanced Development projects have reached Advanced Interconnect Status. In addition, 89% of U.S, project capacity has achieved Safe Harbor status, ensuring eligibility for Inflation Reduction Act tax credits should they be placed in service in 2029-2030 (2038-2040 for energy storage facilities). Our Advanced Development projects are expected to benefit from the high PPA pricing across Europe and the United States.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Geographic Sector** | **Country** | **Technology** | **Generation capacity** | **Storage capacity** |
|  |  |  | **MWdc** | **MWh** |
| Europe | Italy | Solar + Storage | 41 | 1480 |
|  | Hungary | Storage | **-** | 95 |
|  | Croatia | Solar | 163 | **-** |
|  | Poland | Storage | **-** | 976 |
|  | Spain | Storage | **-** | 196 |
|  | **Total Europe** | Solar + Storage | 204 | 2738 |
| USA | USA | Solar + Storage | 2730 | 6440 |
| MENA | Israel | Solar + Storage | 289 | 974 |
|  | Morocco | Solar | 234 | - |
|  | **Total MENA** | Solar + Storage | 523 | 974 |
| **Total** |  |  | **3457** | **10152** |

---

#### Development Projects
Additionally, our Development projects have an aggregate generation capacity of approximately 10.7 GW and energy storage capacity of approximately 33.3 GWh. Approximately 68%, totaling approximately 7.4 GW and 22.5 GWh of our Development projects by generation capacity are U.S.-based projects. Of our U.S.-based Development projects, approximately 53% (4.6 GWand 12 GWh) of capacity has already reached the Advanced Interconnect Status, giving us significant visibility into the likelihood that they will convert into Mature Projects. In addition, 19% of U.S, project capacity have achieved Safe Harbor status, ensuring eligibility for Inflation Reduction Act tax credits should they reach COD by the end of 2029-30 (2038-2040 for energy storage facilities).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Geographic Sector** | **Country** | **Technology** | **Generation capacity MWdc** | **Storage capacity MWh** |
| Europe | Italy | Wind + Storage | 502 | 1400 |
|  | Spain | Solar | 340 | - |
|  | Croatia | Solar | 352 | - |
|  | Serbia | Wind | 200 | - |
|  | Poland | Storage | - | 3200 |
|  | **Total Europe** | **Solar + Wind + Storage** | **1394** | **4600** |
| USA | **USA** | **Solar + Storage** | **7353** | **22460** |
| MENA | **Israel** | **Solar + Wind + Storage** | **1966** | **6221** |
| **Total** |  |  | **10713** | **33281** |

---

#### Financial Closing
During 2025, we closed on financing of approximately $2.8 billion for projects in Israel, Europe, and the U.S., representing a total of 1.4 GW and 3.4 GWh in generation and storage capacity. These projects included the hybridization of Gecama project in Spain; Quail Ranch in New Mexico, Country Acres in California, and Snowflake in Arizona; and Bar-On in Israel. In March 2026, we closed on $304 million in financing for Crimson Orchard in Idaho, a project which consists of 120 MW and 400 MWh in generation and storage capacity.

#### Electricity Supply and Reselling
Starting in January 2024, the Israeli electricity market shifted to a fully deregulated market. To expand our activity in the deregulated sector, we established a dedicated business unit, Enlight Enterprise, to act as an electricity supplier and reseller to commercial customers. Enlight was the first company in Israel to complete direct-to-user sales of electricity under the new regulatory framework. During 2025, five corporate PPAs with a total lifetime contract volume of 996 GWh were signed, including agreements with clients such as IKEA, Mishan, and Gezer regional council. For the year ending December 31, 2025, Enlight Enterprise generated revenues from the sale of electricity of $85 million.

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#### Competitive strengths

#### Value creation through our combined greenfield developer, owner and operator business model
Within our vertically-integrated business model, our teams work cohesively to deliver projects with differentiated returns. We are fully staffed to organically identify and develop new projects, steer them through various stages of development and construction and manage and optimize them during operations. We leverage our in-house greenfield development teams to source projects in our largest markets and partner with local developers to source projects in our smaller markets, projects that we believe many of our competitors (both strategic and financial investors) either could not access or could not access at an attractive cost. Additionally, we believe that our business development team, which identifies early-stage projects for potential acquisition and sources select M&A opportunities, possesses a unique ability to evaluate such opportunities due to our experience working across the entire project life cycle. Once a project reaches commercial operation, our asset management group provides regular project optimization through real-time performance monitoring and ongoing O&M enhancement. Our end-to-end control of the project life cycle focuses our attention on developing projects with our long-term interests in mind and provides a consistent feedback channel that improves our future developments. Ultimately, the strong and proven capabilities of our integrated teams enable us to generate differentiated project returns while continuously growing our portfolio.

#### Our diverse portfolio of Mature Projects reduces our exposure to individual market disruptions
Our diverse portfolio of Mature Projects, including solar power energy projects with an aggregate capacity of approximately 4.9 GW, wind energy projects with an aggregate capacity of approximately 1.5 GW and energy storage projects with an aggregate capacity of approximately 17.5 GWh, across 13 different countries, mitigates our exposure to any single market. This provides the Company with the ability to diminish the impact of disruptions from climate variations, changes to government regulations, and volatility of macroeconomic factors such as inflation and currency rates. Furthermore, our diverse portfolio of Operational Projects offers a mixture of revenue structures, providing us with significant inflation protection. Approximately 36% of our 2.9 GW and 3.4 GWh Operational Project portfolio benefit from increases in inflation, either through inflation linkage within our PPAs or select use of the Merchant Model.

#### Significant financing expertise and efficient deployment of capital for growth
As a global enterprise, we have access to diverse sources of capital and have developed and maintained deep relationships with numerous international banking and institutional investment partners. As of December 31, 2025, we had approximately $3.7 billion of project finance debt outstanding from a wide range of financial institutions, including EBRD, J.P. Morgan, HSBC, ING Capital, MUFG Bank, Erste Bank, KfW, BNP, Sabadell, Raiffeisen Bank, Bank Leumi, Bank Hapoalim and others. Moreover, we have significant experience in raising tax equity. Prior to the Clenera Acquisition, Clenera sourced approximately $735 million of tax equity from several major tax equity providers, including PNC, Citibank and M&T. Since the Clenera Acquisition, we have sourced approximately $1.3 billion of tax equity from several major tax equity providers, including U.S. Bancorp Impact Finance, Wells Fargo, JP Morgan, First Citizens Bank, and Bank of America.

Since the Clenera Acquisition, we have completed tax equity financing for our Apex, Atrisco, Quail Ranch, and Roadrunner projects, securing $198 million, $519 million, $149 million, and $392 million in tax equity respectively. In January 2025, we announced the entry into an agreement for the sale of 44% of the Sunlight Cluster of renewable energy projects in Israel for $50 million (including deferred payments) to two Israeli institutional investors, and plan to recycle the proceeds of this transaction to fund our upcoming projects.

Moreover, we have a proven track record of issuing debt and equity in public capital markets. Since our initial public offering on the TASE in 2010, as of March 15, 2026, we have raised approximately $1.6 billion in issued equity and approximately $1.0 billion in issued debt in the form of bonds. These issuances, largely funded by Israeli institutional investors, have directly funded our growth. As of December 31, 2025, we had approximately $925 million of corporate and convertible bonds outstanding with a weighted average effective interest cost of 4.9% and $3.9 billion of loans from banks and other financial institutions.

During February 2025, we raised an additional $245 million of corporate and convertible bonds outstanding with a weighted average effective interest cost of 5.7%. Our ability to source attractively priced unsecured debt, leveraging our strong credit rating in Israel (A2 il stable by Midroog, a subsidiary of Moody's and A il stable by Maalot, a subsidiary of S&P Global) coupled with our deep relationships with Israeli institutional investors, is a distinct competitive advantage we possess. In August 2025, we concluded a $350 million financing facility with a consortium of lenders led by Bank Leumi. We raised approximately NIS 1 billion from several Israeli institutional investors through a private placement of our ordinary shares in August 2025, and an additional NIS 1.3 billion from several Israeli institutional investors through a private placement of our ordinary shares in February 2026. Our finance team is focused on maintaining an efficient and robust balance sheet to minimize our overall cost of capital and provide ample liquidity to fund our growth.

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#### Our interconnection advantage
In the context of rapidly lengthening interconnection queues and increasing interconnection costs for new power projects in the United States, we believe our ability to secure interconnection in a timely and cost-effective manner is a key competitive advantage for us in the U.S. market. The majority of our projects in the United States have reached Advanced Interconnect Status, secured through our deep understanding of the grid and how to navigate an increasingly congested interconnection queue. This provides us with visibility into the medium-term growth of our U.S. activity, and has enabled us to push PPA pricing higher given increasing electricity demand and limited new project supply.

![](image2.jpg)

#### Our growth strategy

#### Utilize our renewable energy platform to optimize conversion of our Development Projects into Operational Projects
Our growth is predicated on the successful conversion of our large project development pipeline into Operational Projects. Our control over the entire project life cycle—our greenfield development capabilities, engineering expertise and hands-on construction and asset management—enables us to optimize conversion of our projects in our development pipeline into Operational Projects. Furthermore, our diversified development pipeline across multiple end-markets and across multiple technologies creates a strong "internal hedge" across our business. While the path of our projects to COD in any particular geography may be impacted by individual market events, our blended, company-wide conversion rate is less likely to be impacted due to the depth and breadth of our development pipeline.

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In addition to being geographically and technologically diverse, a large number of projects in our development pipeline have met key development milestones that substantiate their path to COD with a particular focus on interconnection milestones. As of February 16, 2026, our portfolio consisted of the following three segments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Mature portfolio contained generation capacity of approximately 6.4 GW and energy
 storage capacity of 17.5 GWh, which respectively constitutes approximately 31% and 29% of our overall generation and energy storage capacity
 across our portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Advanced Development portfolio contained generation capacity
 of approximately 3.5 GW and energy storage capacity of 10.1 GWh, of which 2.7 GW generation capacity and 6.4 GWh of energy storage capacity
 were located in the United States. Of the capacity in the U.S., 2.5 GW and 5.6 GWh have reached Advanced Interconnect Status, and 2.5
 GW and 5.6 GWh have achieved Safe Harbor status;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Development portfolio contained generation capacity of
 approximately 10.7 GW and energy storage capacity of 33.3 GWh, of which 7.4 GW generation capacity and 22.5 GWh of energy storage capacity
 were located in the United States. Of the capacity in the U.S., 3.8 GW and 12 GWh have reached Advanced Interconnect Status, and 1.3 GW
 and 4.7 GWh have achieved Safe Harbor status.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Stage** | **Mature** | **Mature** | **Advanced Development** | **Advanced Development** | **Development** | **Development** |
| **Stage** | ***Generation (GW)*** | ***Energy Storage (GWh)*** | ***Generation (GW)*** | ***Energy Storage (GWh)*** | ***Generation (GW)*** | ***Energy Storage (GWh)*** |
| **Total Capacity** | 6.4 | 17.5 | 3.5 | 10.1 | 10.7 | 33.3 |
| **Of which located in US** | 3.8<br> (31%) | 9.5<br> (29%) | 2.7<br> (79%) | 6.4<br> (63%) | 7.4<br> (69%) | 22.5<br> (67%) |
| **Advanced Interconnect** | 3.8<br>| 9.5<br>| 2.5 | 5.6 | 3.8 | 12.0 |
| **Safe Harbor** | 3.8<br>| 9.5<br>| 2.5 | 5.6 | 1.3 | 4.7 |

---

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#### Expand our pipeline organically, and capitalize on attractive acquisition opportunities in our existing markets
Our development team is comprised of 42 development professionals across our global footprint and we seek to expand our existing in-house team as well as our partnerships with local developers. In our largest markets (United States, Israel and Europe), we source new greenfield projects organically through our in-house greenfield development teams. Specifically, across these markets, we utilize our "Connect and Expand" strategy, leveraging existing large and low-cost interconnection positions that we possess to expand our pipeline. For example, the site of our Snowflake A project in Arizona is designed to include another phase of the project, with an additional 656 MW of solar generation capacity and 2.1 GWh of energy storage capacity available to be developed. This plan seeks to leverage Snowflake A's existing interconnect infrastructure with additional generation capacity, in turn lowering the costs and risks of building new sites. Another example is our plan to add 227 MW solar generation and 220 MWh storage capacity, currently under construction, to the existing wind farm at the Gecama project in Spain. In addition, it is our strategy to acquire projects in and proximate to the regions in which we operate. For example, during 2025, we acquired four stand-alone storage projects in Europe: projects Bertikow (860 MWh) and Jupiter (150 MW and 2000 MWh) in Germany, and projects Sokole (967 MWh) and Edison (208 MWh) in Poland.

#### Expand laterally through acquisitions of generation and energy storage projects
We are focused on creating multiple growth engines across the solar energy, wind energy and energy storage sectors. Our existing portfolio of projects, particularly solar energy projects in the United States, positions us to rapidly expand our energy storage portfolio with access to the grid and customer and supply chain relationships. Utilities' need for dispatchable power continues to grow, driving accelerating demand for our energy storage projects. We have an aggregate capacity of approximately 17.5 GWh of battery energy storage projects in our current Mature Project portfolio, of which approximately 9.5 GWh is based in the United States and approximately 4.7 GWh is based in Europe. We anticipate that energy storage will become a significant portion of our business as energy storage technology continues to advance and becomes essential to grid stabilization and load balancing.

In addition, we are seeking to expand our geographic footprint in new markets across the U.S., Europe, and MENA. With respect to Europe, we are focused on adding in-house greenfield development capabilities in Europe, either through the hiring of additional personnel or through a potential acquisition of a developer. We are also exploring the possibility of inorganic growth through the acquisition of companies or development platforms in all geographies.

During 2025, we acquired two new stand-alone storage projects in Germany. The first, project Bertikow, is located near Berlin, and consists of 860 MWh storage capacity and is expected to reach COD during the second half of 2027. The second, project Jupiter, is located near Cottbus, and consists of 150 MW generation capacity 2000 MWh storage capacity and is expected to reach COD during the second half of 2028. We also acquired two new stand-alone storage projects in Poland. The first, project Sokole, is located near Warsaw, and consists of 967 MWh storage capacity and is expected to reach COD during the second half of 2029. The second, project Edison, is located near Katowice, and consists of 208 MWh storage capacity and is expected to reach COD during the first half of 2028.

Additionally, on March 13, 2023, we signed a definitive agreement with NewMed Energy LP (TASE: NWMD), a leading oil and gas exploration company in MENA, and its chief executive officer, Yossi Abu, to develop wind energy, solar energy and energy storage projects in several Mid-Eastern and North African countries (the "Partnership" and "Partnership agreement"). We believe that this partnership, of which we own 46.7%, will enable us to leverage our existing knowledge and experience in developing renewable energy projects to expand into Middle Eastern and North African countries. On February 16, 2026, the parties signed an extension of the exclusivity period of the collaboration under the Partnership agreement for an additional period of three years, lapsing in March 2029, which under certain circumstances may be extended to a total of 5 years, lapsing in March 2031. Following the termination of the exclusivity period, the collaboration will continue with respect to projects that began prior to the termination date, and Enlight will be entitled to continue advancing projects that are in early development stages at that time, independently of the partnership.

On March 9, 2025, the Partnership's U.K. subsidiary (the "U.K. entity") entered into agreements with a local Moroccan partner, to create two SPVs for the purpose of developing and constructing a 300 MW solar project and 234 MW wind farm in Morocco (the "Moroccan agreements"). Under the Moroccan agreements, the U.K. entity will be allocated 75% ownership of the SPVs, and the remaining 25% will be held by the local partner that will furnish certain services to the project until COD. The U.K. entity has committed to injecting capital into the SPVs through shareholder loans pursuant to certain agreed upon milestones, with such loans totaling approximately EUR 25 million for both projects (subject to certain adjustments). Additionally, the U.K. entity has been granted an option to acquire the local partner's holdings by no later than the projects' COD, and the local partner has been granted a "put option" to sell its holdings to the U.K. entity for a period of five years following the projects' COD. During 2025, subsequent to meeting initial development milestones, the wind farm entered our Advanced Development Portfolio.

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The U.K entity agreements stipulate a timeline for the financial closing of the projects, which is expected to occur in 2027-2028 with COD anticipated in 2029-2030. There is no certainty that the projects will advance to construction and reach COD due to contingencies related to obtaining approvals and/or permits from third parties and local authorities, over which the partnership has no control.

#### Entrance into new business segments, including the non-utility scale segment and select technology investments
We are also looking to expand our technological capabilities through partnerships with energy technology companies. To advance this goal, in 2023 we formed an energy transition and climate technology fund called Elements. Elements aims to leverage our access to the robust technology ecosystem within and outside of Israel in order to gain early exposure to advances in battery, hydrogen and micro-grid technologies, among others. Enlight has committed $30 million of capital to the fund, with the goal that the fund will grow to $100-150 million in size. As of the date of this Annual Report, Elements has invested in 7 technology companies for a total of $15 million. We expect that continued innovation, combined with our ability to work across numerous technologies, will help enable us to capitalize on opportunities for continued robust growth and provide us with visibility into the direction of the broader technology sector.

Starting in January 2024, the Israeli electricity market shifted to a fully deregulated market. In preparation for this event, the Company established a new business unit, Enlight Enterprise, to engage in direct power sales to corporate customers. Acquiring electricity from both Enlight's own renewable projects as well as purchasing it from the national grid, this unit then resells this electricity to large industrial consumers through corporate PPAs. During 2025, five corporate PPAs with a total lifetime contract volume of 996 GWh were signed, including agreements with clients such as IKEA, Mishan, and the Yokneam municipality. For the year ending December 31, 2025, Enlight Enterprise generated revenues from the sale of electricity of $85 million.

Enlight Enterprise actively manages the sourcing and resale of electricity to customers using a sophisticated energy management system ("EMS"), which supports commercial decisions regarding the purchase of electricity for resale and optimizes the charging and discharging of batteries in the business unit's standalone storage network. Enlight Enterprise was the first company to engage in direct-to-customer electricity sales within Israel's deregulated market framework, and has achieved upwards of 30% market share in the deregulated renewable energy segment during 2025. The EMS system represents an important advantage in maintaining this competitive edge.

We continue to invest in expanding Enlight Enterprise. For example, on February 17, 2025, we announced that two of the Company's energy storage facilities have won bids in the EA's first availability tariff tender process. The two sites, Neot Smadar and Ohad, are located in the south of Israel and have a combined grid connection capacity of 300 MW, which will allow us to build projects with a total storage capacity of 1,350 MWh, potentially increasing to 1,900 MWh following transition to deregulated market sales. The projects are expected to reach commercial operation by 2028. According to the tender's terms, after supplying power at the availability tariff rate for five years, the Company may transition to selling electricity into the deregulated market as well as increase the facilities' storage capacity. Furthermore, Enlight Enterprise won another 50 MW EA availability tender during 2025, and has designated a new virtual power supplier and resale unit to market this capacity.

In addition to selling to large corporate customers, we also formed a joint venture with Electra Power (which changed its name during 2025 to Supergas Power), a household-oriented electricity reseller, to which the Company will supply electricity. Enlight's joint venture with Electra Power was formally launched in July 2024.

In February 2024, Enlight acquired 80% of the share capital of Aria Energy Ltd., a renewable energy company engaged in the non-utility solar and storage segment in Israel, primarily on municipal rooftop customers and the agri-solar sector. Aria was acquired for an immaterial purchase price, though performance-based earnouts and options may lead to future total payments of up to approximately $20 million over five years. In May 2024, the Company changed the name of Aria Energy to Enlight Local. This business unit continues to focus on providing solar and storage infrastructure to the Israeli non-utility market, including municipal, commercial and industrial, and agri-solar customers. Enlight Local continued to expand its presence in this segment during 2025, and signed 23 new land agreements for an equivalent capacity of 40 MW and 1,300 MWh, in addition to 12 land agreements for an equivalent capacity of 20 MW signed during 2024.

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During the past year, we devised a strategic framework outlining our plans to enter into the data center development sector, identifying it as a key growth engine which complements our core renewable energy expertise. We aim to lead the full data center lifecycle, including development, construction, and long-term operation of these assets. An example of this initiative is our Ashalim project, a 50-acre site located near Beersheba, in southern Israel, won via an ILA tender, which serves as our first entry into the country's data center market. Beyond Israel, we are actively pursuing scalable opportunities across the United States and Europe.

#### Market overview

#### Our industry and market opportunity
Worldwide severe weather events and global awareness of the rapidly accelerating impacts of climate change are driving a systemic global transition away from fossil fuels towards renewable energy. Furthermore, the low cost and relatively rapid deployment of renewable energy projects position the sector as a principal power supplier to the burgeoning artificial intelligence and data center industries. Global renewable generation has grown from approximately 31% of global power generation in 2015 to a forecasted 57% in 2026, a CAGR of 15%. The transition to renewable energy is expected to continue with renewable generation forecasted to constitute approximately 79% of global power generation by 2050, according to BNEF.

The forecasted growth in renewable energy generation is driven by a variety of economic, social, regulatory and policy factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sweeping renewable energy mandates and regulations as a policy
 response to climate change, including EU climate-related regulations (such as the Corporate Sustainability Reporting Directive (CSRD)
 and related climate-policy measures) and California climate-related regulations (including climate-related emissions and disclosure laws);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• utility-scale solar energy and wind energy becoming some of
 the most competitive sources of electricity generation on a levelized cost of energy, or LCOE, basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the need for energy independence and security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• growing corporate and investor support for net-zero targets
 and the decarbonization of energy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• widespread electrification of transportation (particularly automotive vehicles) and other

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• projected growth in the overall demand for energy driven in
 part by the increasing use of artificial intelligence, which relies heavily on data centers that consume a significant amount of energy;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• emergence of energy storage, which enhances the ability of solar energy and wind energy
 generation to serve as load-following generation while providing additional grid resilience and combating extreme weather events.

The energy storage market has witnessed unprecedented growth in recent years, and we believe it sits at the epicenter of the energy transition. The ability of energy storage facilities to allow for renewable generation to provide baseload power is critical to enabling the transition from fossil fuels to renewable energy. Global energy storage capacity installations are projected to have reached a record of approximately 186 GW as of 2025, and are expected to grow at an approximate 41% CAGR through 2030, when annual additions are expected to reach approximately 250 GW and global cumulative energy storage capacity is projected to be approximately 1,016 GW, according to BNEF.

#### Overview of the U.S. renewable energy industry
According to some estimates, the renewable energy sector in the United States is expected to grow approximately 9% per annum between 2024 and 2030 and will provide approximately 65% of all electricity generated in the United States by 2050, with solar energy and onshore wind energy generation accounting for approximately 42% and 11%, respectively, of all energy generation by 2050, according to BNEF. ITCs and PTCs for utility-scale solar and storage facilities increase the attractiveness of solar projects in locations with high irradiance. They also give asset owners the option to transfer tax credits to third parties, which is expected to help address the lack of sufficient tax equity capacity.

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With its headquarters located in Boise, Idaho, Clenera, our U.S. subsidiary, is focused on developing solar energy and energy storage projects in the Western United States; as of February 16, 2026, Clenera had approximately 91% of its Mature Project portfolio (by capacity) in the region. The combined electricity demand for all regions in the Western Interconnection is projected to grow by approximately 25% from 953 TW in 2025 to 1200 TW in 2035, while the combined peak hour demand is expected to increase from approximately 160 GW in 2025 to approximately 191 GW in 2035, according to the Western Electricity Coordinating Council ("WECC").

Solar energy and energy storage projects are particularly attractive in the Western United States, in light of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• higher solar irradiance driving higher production levels and enabling greater utilization
 of PTCs, as discussed elsewhere in this Annual Report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• growing scarcity of historically important power resources across the Southwest of the
 United States, primarily driven by diminishing availability of hydroelectric power which accounts for more than 23% of all power generation
 capacity in the western United States versus a forecasted approximate of 7% of all power generation capacity across the United States
 on average in 2025, according to BNEF;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accelerated retirement of coal plants, with approximately 8.1 GW of coal-fired
 generation capacity retired in 2025 according to the EIA. S&P Global projects that 38.4 GW of coal-fired generation capacity
 is scheduled to be retired between 2026-2035.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increased electricity demand from new data centers being built across the region;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• utility and regional resource plans indicate substantial future solar additions over
 the next decade, with nearly 68 GW of solar capacity planned in the Western Interconnection according to WECC resource plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• technological and safety advancements in battery storage, increasing demand to address
 grid demand fluctuations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• higher renewable energy portfolio standards relative to other markets within the United
 States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an increasingly coordinated and regionalized Western electricity market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• public is mostly supportive of the transition away from fossil fuel generation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• community choice aggregation policies.

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#### 2020 - 2030E renewable energy capacity forecast in the United States (GW)
![](image3.jpg)

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Source: BNEF

#### Overview of the European renewable energy industry
The European renewable energy generation market is expected to grow approximately 9% per annum between 2024 and 2030 and is projected to provide approximately 84% of all electricity generated in Europe by 2050, with solar energy and wind energy generation accounting for approximately 45% and 23%, respectively, of all energy generation by 2050, according to BNEF.

Utility scale solar energy generation capacity is expected to grow from approximately 175 GW in 2024 to approximately 411 GW by 2030, an approximate 15% CAGR, and onshore wind energy generation capacity is expected to grow from approximately 282 GW in 2024 to approximately 462 GW by 2030, an approximate 9% CAGR, according to BNEF.

#### 2020 - 2030E renewable energy capacity forecast in Europe (GW)
![](image4.jpg)

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Source: BNEF

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The growth of renewable generation is supported by regulatory frameworks and improving underlying economics. For example, Spain and Sweden, two of our key existing European markets, and Italy, one of our key potential growth markets, have each instituted regulatory policies to support and accelerate growth in renewable generation. In 2021, Spain approved the Climate Change and Energy Transition Law, which targets economy-wide climate neutrality by 2050 and – reflecting Spain's National Energy and Climate Plan ("PNIEC") – set a requirement for renewable sources to account for at least 81% of total electricity production by 2030 while also limiting new coal, oil and gas extraction projects. This percentage has been increased up to 81% in the updated version of PNIEC approved in September 2024. As such, in Spain, renewable generation capacity is expected to grow by approximately 8% per year from 2025 through 2035, according to BNEF. In 2017, Sweden passed a climate policy framework that targeted a 70% reduction of emissions from domestic transport between 2010 and 2030 and achieving net zero nationally by 2045. As such, in Sweden, renewable generation is expected to continue to grow through 2030, supported by these long-term targets and broader electrification trends, although the pace and timing of such growth may vary depending on policy implementation, permitting, grid capacity, and market conditions.

Further accelerating the European transition to renewable energy generation, the REPowerEU proposal, which was introduced in response to the 2022 Russian invasion of Ukraine, presents an ambitious plan to rapidly reduce dependence on Russian fossil fuels through energy savings, a diversification of energy supplies and an accelerated rollout of renewables. The plan envisions half of pre-war Russian gas imports to Europe being decarbonized by renewables and renewable and low carbon gas, called green gas, driven by a near doubling of wind and solar capacity, representing an expected approximate 13% CAGR from 2025-2030 according to BNEF and an approximate 41% uplift on prior targets.

The attractiveness of renewable energy in Europe on an LCOE basis has continued to improve not only due to reductions in the cost of utility-scale solar energy and wind energy projects but also due to regulatory mechanisms within the European Union such as the European Union Emissions Trading System ("ETS"). The ETS imposes a regulatory cap on corporate emissions and requires corporations that use fossil fuels to purchase carbon credits to offset the carbon footprint of the fossil fuel-generated electricity. This increases the all-in cost of fossil fuel generation and, in turn, improves the competitiveness of renewable energy sources. During the fourth quarter of 2025, the carbon price per ton (t CO2) ranged between 75-90 EUR. Assuming approximately 3.9 MWh per 1 ton of carbon dioxide, the cost per MWh imposed by the ETS was approximately 19-23 EUR, increasing the all-in cost of fossil fuel generation and relative LCOE of fossil fuel generation. As a result, corporations are incentivized to enter into long duration PPAs in order to secure sufficient renewably sourced electricity. In May 2023, revisions to the EU ETS were published in the Official Journal of the European Union, which increases the rate of reduction of the total cap on emissions allowances, thereby reducing total permitted in-scope emissions on an annual basis. There are also two one-off "rebasings" of the cap, meaning a reduction in the cap of 90 million allowances in 2024 and an additional 27 million allowances in 2026. In addition, in May 2023, the European Union also adopted the Carbon Border Adjustment Mechanism, of which electricity is an in-scope sector. From 2026, importers of electricity will be required to pay an annual levy based on the embedded emissions of their imported electricity. The EU ETS and CBAM reforms form part of a broader set of measures under the "Fit for 55" package, including the extension of emissions trading to additional sectors and the gradual phaseout of free allocation, which may further affect carbon pricing and market dynamics.

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#### Evolution of carbon pricing
![](image5.jpg)

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Source: Bloomberg

#### Overview of the Israeli renewable energy industry
Israel's electric grid is not connected to any of the networks of its neighboring countries, requiring the country to be entirely energy self-sufficient. Moreover, the market is characterized by increasing electricity demand. Thus, in the Electricity Sector Report published by the EA in September 2025, it was noted that the growth in market demand for electricity increased by approximately 4.4% in 2024, when in 2023 it was only 1.3%, and is expected to increase by approximately 2.6% per annum between the years 2025-2030. The IEC and Noga, the electricity system manager in Israel, also anticipate an average annual increase of 3% in peak demand for electricity from 2021 to 2050 in its business-as-usual forecast, driven by a fast-growing population and robust economic growth.

The need to be self-sufficient while also accommodating growing electricity demand, together with strong international obligations to mitigate global warming, has led the Israeli government to undertake significant reforms to the local electricity sector. For example, in June 2018, the Israeli government approved a comprehensive structural reform of the electricity sector, with a focus on increasing competition in the electricity generation market. In addition, the Israeli government has focused on diversifying the country's energy mix through increased penetration of renewable energy. The Israeli government has set formal additional renewable energy generation targets of 30% of total energy generation by 2030. In addition, the EA published a public hearing suggesting a target of 35% renewable energy generation in 2035.

For more information, see "—Energy Regulation—Israel" and "—Environmental, Health and Safety—Israel."

#### Energy regulation

#### United States
*Introduction*

In the United States, regulation of electricity generation, transmission, distribution and interconnection is generally divided between the federal government and the states. At the federal level, FERC has jurisdiction over wholesale electricity sales, transmission and transmission-level interconnection. The FERC also administers accounting and financial reporting regulations and standards of conduct for the companies it regulates. At the state level, state public utility commissions (or a similar body) have jurisdiction over generation siting, retail electricity sales, distribution and distribution-level interconnections.

*Federal requirements*

The Energy Policy Act of 2005 repealed the Public Utility Holding Company Act of 1935 and replaced it with the Public Utility Holding Company Act of 2005 ("PUHCA"). PUHCA grants FERC broad access to books and records of public utility companies, including renewable generation companies, and their holding companies, which are generally defined to include any company that directly or indirectly owns, controls or holds, with power to vote, 10% or more of the outstanding voting securities of a public utility company or of a holding company of any public utility company. PUHCA also provides for FERC review of the allocation of costs for non-power goods or services between regulated and unregulated affiliates of such companies. Renewable generation companies can be exempt from these requirements if the renewable generation company meets the requirements of an "exempt wholesale generator" ("EWG"), or the generation facility qualifies as a "qualifying facility" ("QF") under the Public Utility Regulatory Policies Act of 1978 ("PURPA"). Holding companies solely of EWGs, QFs and foreign utility companies can also be exempt from these PUHCA requirements. EWG status is available to any generator of electricity, regardless of size or fuel source, that exclusively owns and/or operates electric generation facilities for the sale of energy to wholesale customers, while QF status is available to certain cogeneration facilities and small renewable energy facilities up to 80 MW.

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There was a recent dispute regarding how to calculate the 80MW maximum "power production capacity" for QFs under PURPA. Historically, FERC has applied a "send-out" (net AC) approach that looks to the maximum power a facility can deliver to the grid at any moment, rather than the gross DC nameplate capability of subcomponents of a facility. On appeal from a 2021 FERC order, the U.S. Court of Appeals for the D.C. Circuit upheld FERC's approach to calculating capacity for PURPA eligibility, relying on *Chevron* deference, whereby courts may defer to an administrative agency's reasonable statutory interpretation. In June 2024, the U.S. Supreme Court overturned the *Chevron* deference doctrine in *Loper Bright*, and remanded related cases to the courts of appeals for review without Chevron deference. On remand in September 2025, the D.C. Circuit upheld FERC's send-out approach to determining the 80 MW cap for QF eligibility under PURPA, thereby leaving in place FERC's historical governing interpretation of PURPA.

A renewable generation developer seeking to obtain QF status for a project must file a self-certification or apply for FERC certification, and keep the same up to date at FERC. Renewable generation companies similarly may file to self-certify EWG status with FERC.

To maintain EWG status, renewable generation companies are restricted to wholesale sales and, therefore, cannot take advantage of retail sale opportunities, including in jurisdictions that have approved retail direct access. Also, a renewable generation company generally cannot sell directly to retail consumers without becoming a regulated public utility under applicable state law. Renewable generation companies' rates for wholesale power sales are subject to FERC regulation under Section 205 of the FPA and they must obtain FERC authorization for such wholesale power, capacity and ancillary services sales before making such sales (including for the generation of test energy). As a result, a renewable generation company typically seeks FERC authorization under FPA section 205 for authority to make wholesale sales at market-based rates. For FERC to grant market-based rate authority, the applicant and its affiliates (as defined in FERC's rules and regulations), if any, must demonstrate a lack of horizontal market power (electric generation) and vertical market power (transmission and other barriers to market entry) in the relevant power markets, and have satisfied restrictions on affiliate abuses contained in FERC regulations. The owners of certain QFs (generally larger than 20 MWs) may also be required to obtain market-based rate authority from FERC. Additionally, provided that the purchasing electric utility has not been relieved from its mandatory purchase obligation, PURPA and FERC's regulations obligate electric utilities to purchase energy and capacity from QF at either the electric utility's avoided cost or a negotiated rate. FERC's regulations under PURPA allow FERC, upon request of a utility, to terminate a utility's obligation to purchase energy from certain QFs upon a finding that QFs have nondiscriminatory access to: (i) independently administered, auction-based day ahead and real time markets for electric energy and wholesale markets for long-term sales of capacity and electric energy; (ii) transmission and interconnection services provided by a FERC-approved regional transmission entity and administered under an open-access transmission tariff that affords nondiscriminatory treatment to all customers, and competitive wholesale markets that provide a meaningful opportunity to sell capacity, including long-term and short-term sales, and electric energy, including long-term, short-term, and real-time sales, to buyers other than the utility to which the QF is interconnected; or (iii) wholesale markets for the sale of capacity and electric energy that are at a minimum of comparable competitive quality as markets described in (i) and (ii) above. FERC regulations protect a QF's rights under any contract or obligation involving purchases or sales that are entered into before FERC has determined that the contracting utility is entitled to relief from the mandatory purchase obligation. FERC has granted the requests of certain investor-owned utilities for a waiver of the mandatory purchase obligation for QFs larger than 20 MW in size. In addition, FERC subsequently amended its PURPA regulations to reduce the rebuttable presumption that small power production facilities in organized markets have nondiscriminatory access to markets from 20MW to 5MW. Entities that hold market-based rate authority are subject to certain other filing and reporting obligations at FERC.

*State Issues*

While wholesale sales are governed by federal law, state law presumptively governs most retail sales of electricity. If retail sales result in the renewable generation company being regulated as a "public utility" under applicable state law, such renewable generation company typically will become subject to comprehensive regulation, including financial, rate and securities issuance regulation, as a state public utility. Renewable generation companies, to the extent possible under the relevant state law, typically seek to avoid activities that would subject them to regulation as a state public utility. However, even if they avoid making retail sales, renewable energy companies with generation facilities in certain states, may still be subject to some form of regulation at the state level.

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 *Interconnection*

Electric interconnections are also regulated at either the federal or state level. To gain access to markets, renewable generation developers must generally negotiate agreements to interconnect either with (i) the distribution system of the utility, or (ii) the transmission system of the transmission provider. Interconnection at the distribution level is typically governed by applicable state law and the utility's requirements. It may allow for net-metering, an arrangement with a customer's utility whereby the customer uses its own installed generation to offset all or some of its energy usage and may receive credit for limited excess generation. For interconnections to the transmission system, most are subject to FERC jurisdiction and the relevant agreements are generally subject to FERC regulation.

A generation interconnection agreement is a contract between the generation owner and the owner of the distribution/transmission facilities with which the project will be interconnected and, in certain instances, also the Regional Transmission Organization/Independent System Operator that operates any such transmission facilities. The main purposes of interconnection agreements are to (i) identify and allocate the costs of any new facilities or facility upgrades to be constructed to permit the interconnection, and (ii) set forth the technical and operational parameters governing the physical interconnection. Before executing an interconnection agreement, at either the distribution or transmission level, the utility/transmission provider will commission interconnection studies at the interconnection customer's expense to determine what new facilities need to be constructed to accommodate the new generation facility and their cost. Interconnection agreements address such technical and operational issues as reactive power factors, responsibility for electrical disturbances, metering and testing of equipment, exchange of operating data and curtailment events.

FERC is also taking actions to facilitate the integration of new forms of generation into the electric grid and remove barriers to grid access. On July 28, 2023, FERC issued a final rule ("Order No. 2023"), to reform procedures and agreements that electric transmission providers use to interconnect new generating facilities to the existing transmission system. The order updates the procedures for interconnecting generating facilities and is intended to address interconnection queue backlogs, improve certainty in the interconnection process, and encourage the evaluation of alternative transmission technologies. Additionally, in June 2024, FERC issued a final rule ("Order No. 1920"), effective on August 12, 2024, which was modified slightly in November 2024, to reform the procedures electric transmission providers must use for long-term planning of expansions to the transmission system and the allocation of the resulting costs to transmission customers, including electric generating facilities. A number of rehearing requests were filed by various parties requesting the FERC to revise or clarify various aspects of the rule. On November 21, 2024, FERC issued an order to address the requests for rehearing, which generally maintains provisions of Order 1920 with certain clarifications and modifications. A number of parties have also filed petitions for review with various circuit courts, which have been consolidated and assigned to the U.S. Court of Appeals for the Fourth Circuit where the matters are pending.

FERC has also issued Order No. 841, which requires all Regional Transmission Organizations ("RTOs") and ISOs to remove barriers preventing energy storage resources, including battery systems paired with renewables, from fully participating in wholesale capacity, energy, and ancillary service markets.

FERC has also determined that the growing practice of colocating large loads – especially AI driven data centers – with generating facilities raises significant questions about interconnection procedures, transmission service, cost responsibility, and reliability. For example, FERC directed PJM to develop defined, standardized transmission service options and clearer pathways for serving colocated loads, and more broadly is separately considering in an Advance Notice of Proposed Rulemaking how large loads greater than 20 MW and hybrid facilities (co-located load/generation) interconnect to the grid, potentially introducing standardized studies and cost-allocation rules.

*Reliability compliance*

Depending on the size and voltage of interconnection, renewable facilities may be required to register with The North American Electric Reliability Corporation ("NERC") as Generator Owner/Generator Operator and comply with applicable reliability standards.

*Renewable energy certificates*

The sale of RECs can afford a renewable generation developer additional long-term revenue. States that have renewable portfolio standards, or place requirements on the local utilities to purchase or generate a certain percentage of power from renewable generation sources, track utility compliance through the issuance and retirement of RECs, which typically represent 1 MWh of generation from a qualified energy source.

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*Federal tax incentives*

Renewable energy projects in the United States currently benefit from various federal tax incentives, the most significant of which is the Inflation Reduction Act of 2022, as amended by the OBBBA. Under the Inflation Reduction Act, renewable energy projects in the United States that meet certain criteria are eligible to claim Production Tax Credits ("PTCs") for the 10-year period beginning on the date the project is placed in service for U.S. federal income tax purposes equal to a specified dollar amount per kilowatt-hour of electricity generated by the project and sold to an unrelated party. Another option is for a renewable energy projects meeting the applicable requirements to claim a one-time Investment Tax Credits ("ITC") equal to a specified percentage of the project's eligible costs. Energy storage projects are not eligible to claim PTC, but are eligible to claim ITC. The PTC and ITCs may qualify for bonus tax credits (commonly known as "adders"), which are available to projects that satisfy certain domestic content requirements for equipment or are situated within an area that qualifies as an energy community

The OBBBA, among other things, modified tax legislation affecting taxpayers' ability to claim certain federal tax incentives related to the construction and operation of renewable energy projects. Under the OBBBA, solar and wind projects are able to qualify for PTCs and ITCs if they are placed in service by December 31, 2027, or have begun construction for U.S. federal income tax purposes before July 4, 2026 and are placed in service within four calendar years following the year construction began on the project. Energy storage projects are eligible for tax credits for projects that begin construction prior to January 1, 2034 and are placed in service within four calendar years following the year construction began on the project.

For more information, see Item 3.D. "Risk Factors—Risks Related to Government Regulation—Government regulations in the United States, Europe and globally, that currently provide incentives and subsidies for renewable energy, particularly the current production and investment tax credits, could change at any time."

#### Europe
*Introduction*

Spain, Sweden, Croatia and Hungary are members of the European Union, while Kosovo and Serbia are currently not members. In the European Union, electricity generation and interconnection are generally divided into two levels of governance: (i) European policy direction and directly applicable law; and (ii) the laws of Member States. Member States have adopted laws in respect of renewable energy in order to implement the 2009 EU Renewable Energy Directive as subsequently amended.

*Spain*

Law 24/2013, of December 26, on the Electricity Sector (the "2013 Electricity Act") and its developing regulations, either at the national or regional level and the EU energy regulations set out the general rules applicable to the entire electricity sector in Spain, including the generation of electricity by facilities using renewable energy sources, cogeneration and waste. Generation companies typically obtain their income from the sale of electricity under a Merchant Model (in EUR/MWh) or through bilateral PPAs (or a combination of both).

Development of renewable energy generation in Spain is subject to the project company successfully obtaining permits and other administrative authorizations at the state and municipal level, including construction and start-up approval. Such permits and administrative authorizations are granted only where the applicant has demonstrated legal, technical and financial capability.

To gain access to the grid, renewable generation developers must generally apply for interconnect either with (i) the distribution system of the utility or (ii) the transmission system referred to as Red Eléctrica de España. Interconnection at the distribution and transmission level is typically guaranteed under law but subject to lack of capacity, security issues or issues of supply continuity. Interconnection agreements cover the same commercial issues as those identified in respect of the United States above.

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*Sweden*

Development of renewable energy generation projects in Sweden are subject to the project company successfully obtaining permits and other administrative authorizations at the state, county and municipal level, including under the Environmental Code and the Planning and Building Act.

To gain access to markets, renewable generation developers must generally apply for interconnect either with (i) the distribution system of the utility, or (ii) the transmission system of the transmission provider. Under Swedish law, grid operators are required to provide non-discriminatory and objective access to the grid on reasonable terms. However, grid connection is subject to technical feasibility, available capacity and system security requirements, and the specific terms are implemented through connection agreements.

*Serbia and Kosovo*

Kosovo is a disputed area between Serbia and the self-proclaimed Republic of Kosovo. The position stated as regards the regulatory position in Serbia is broadly the same in Kosovo. Neither Serbia nor Kosovo are members of the European Union but Serbia is a candidate for membership and so is bringing in legislation broadly in line with that of the European Union in order to facilitate eventual harmonization. Both electricity markets are in the process of being liberalized but currently still display characteristics of a pre-liberalization regime. For instance, in Serbia, Electroprivreda Srbije remains a major generator and distributor.

Both Serbia and Kosovo have incentivized renewable energy production through the payment of feed-in tariff premiums within PPAs with an incentive period of 12 years, and more recently Serbia has introduced a contract for difference auction mechanism to promote construction of renewable energy plants. This is in addition to priority dispatch, free grid interconnection and the allocation of balancing charges to customers rather than renewable generators. In Serbia power is acquired by the sole domestic supplier, state owned Electroprivreda Srbije, under the terms of a PPA.

Development of renewable energy generation projects in both Serbia and Kosovo is subject to the project company successfully obtaining a generation license. Licenses are granted only where the applicant has demonstrated technical and financial capability and are typically valid for 30 years.

To gain access to the grid, renewable generation developers must generally apply to interconnect either with (i) the distribution system of the utility or (ii) the transmission system of the transmission provider. Fair and non-discriminatory access to interconnection at the distribution and transmission level is required by law although refusal due to lack of system capacity or insufficient creditworthiness on the part of the applicant is permitted. There is no requirement for a distribution or transmission system operator to expand the system to accommodate an applicant.

*Croatia*

The Energy Act (Official Gazette No. 120/2012, 14/2014, 95/2015, 102/2015, 68/2018) governs and sets out general rules applicable to the entire energy sector of Croatia. On the other hand, the Act on Renewable Energy Sources and High-efficient Cogeneration (Official Gazette No. 138/2021) (the "RES Act") establishes a general legal framework for promoting and using renewable energy, as well as producing energy from renewable sources, which is recognized as a special interest of Croatia. With the RES Act, Croatia has incorporated into its own laws the Directive (EU) No. 2018/2001 (the "RED II Directive"), further facilitating development of the renewable energy sector.

The development of renewable energy projects in Croatia is subject to the project successfully obtaining permits and other administrative authorizations at the state and municipal level, including construction permits and energy licenses, with the latter being issued by the Croatian Energy Regulatory Agency. Such permits and licenses are only granted where the applicant has demonstrated, legal, technical and financial capability.

According to the Res Act and related subsequent legislation, producers of electricity from renewable energy sources are considered beneficial electricity producers and are granted special status in applying for interconnection. To gain access to the grid, renewable energy producers must generally apply for interconnect either with (i) the distribution system (operated by HEP-ODS) or (ii) the transmission system (operated by HOPS). Interconnection at the distribution and transmission level is typically guaranteed under law but subject to lack of capacity, security issues and issues of supply continuity.

In terms of the grid capacity in Croatia, the Croatian National Recovery and Resilience Plan, published in 2021, limits the ability to interconnect new renewable energy projects and facilities. However, according to the Croatian Electricity Market Act (Official Gazette No. 111/2021), transmission system operators may not refuse, on the basis of potential future network limitations (such as congestion) in the network's remote parts, to interconnect a new power plant.

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*Hungary*

Act LXXXVI of 2007 on Electricity (the "Electricity Act") sets out the main rules governing the electricity market of Hungary, including the generation of electricity from renewable energy sources. In addition to the Electricity Act, government decrees (such as Government Decree No. 389/2007. (XII. 23.) and 299/2017. (X. 17.) set out the main provisions governing renewable electricity generation. Additionally, Hungary has incorporated the RED II Directive into its own laws.

Generally, development and production of renewable energy in Hungary is subject to the project company successfully obtaining the required permits (such as construction permits, among others) and licenses (such as the so-called integrated small power plant license, which must be obtained by renewable energy producers having a generation capacity of 0.5 MW or more). The integrated small power plant license is issued by the Hungarian Energy and Public Utility Regulatory Authority ("HEPURA"). Such permits and licenses are granted if the renewable generators have demonstrated legal, technical and financial capability as set out in the relevant laws.

Generally, access to markets, with respect to both transmission and distribution, must not (i) be discriminatory, (ii) provide ground for abuse or (iii) contain unreasonable restrictions. Access to the electricity market can be rejected primarily if technical conditions for interconnection are not met or if operational safety cannot be sufficiently guaranteed. In terms of grid capacity in Hungary, interconnection to the grid is subject to specific conditions, including security guarantees and participation at capacity auctions. In order to interconnect, renewable energy developers and producers must negotiate and conclude an agreement with the competent distribution system operator or with the transmission system operator (MAVIR Zrt.).

The sale of electricity generated from renewable energy sources may be carried out either (i) on the Hungarian Power Exchange, (i.e., the organized Hungarian power market) or (ii) through PPAs with offtakers. Renewable energy producers may benefit from (i) a premium-based support scheme for electricity generated from renewable energy sources by participating in a tender process or (ii) the trading of green certificates. For details regarding the Hungarian government's decree regarding indexation to inflation, see Item 3.D. "Risk Factors—Risks Related to Government Regulation—Government interventions in response to high energy prices may negatively impact total revenues and income or increase our tax burden."

#### Israel
*Introduction*

Our operations in Israel fall under two different types of regulation:

(1) a license regime for any power plant over 16 MW by law (in practice, increased to 20.52 MW by EA regulation) that is mostly affected by government resolutions, the Ministry of Energy and Infrastructure (the "Ministry of Energy") and the EA In addition, setting up generation facilities usually requires us to obtain permits from municipal authorities, zoning and planning committees and the Israel Land Administration.

Obtaining licenses and permits that are required for our generation facilities is often a lengthy process characterized by changing zoning requirements and uncertainty. We are often required to revise our projects during construction as requirements change. Such requirements affect project timing, construction, relevant agreements, costs and other factors in material ways and have a direct impact on our ability to construct new systems in Israel and on the profitability of such systems.

(2) a license free regime allowing any power plant under 16 MW by law (in practice, increased to 20.52 MW by EA regulation) to connect to the grid subject to adherence to certain terms and conditions.

In recent years, changes in Israeli regulations have been favorable to us, as such regulations were primarily designed to encourage transition to renewable energy. The Israeli government and the EA have taken regulatory measures that are intended to open the Israeli electricity market to competition, to support private electricity producers other than the government-owned IEC, and to make it easier for such private electricity producers to connect their generation facilities to the Israeli power grid. These regulatory measures include caps and goals for the production of electricity from renewable sources, rates (often referred to as 'tariffs') that will be paid to private electricity producers and the conditions that private electricity producers must satisfy in order to set up electricity generation facilities. Most of our facilities are license-free power plants, mainly photovoltaic cells, and energy storage facilities, both integrated with PV and stand-alone.

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While the importance of government measures designed to support renewable energy projects has declined in recent years as the cost of producing electricity from renewable sources has dropped below that of fossil fuels in Israel, our business is still dependent, to a large extent, on government measures regulating the electricity market, connectivity to the power grid and the sale of electricity that we produce.

Under the newly de-regulated electricity market which was launched on January 1, 2024, our newly signed corporate PPAs require us to provide power pursuant to each individual customer's demand profile. This requires us to purchase electricity from the grid or discharge power from our batteries in order to meet customer demands during times that our projects are not generating electricity, such as at night or on cloudy days for our solar energy projects.

In May 2025, further market deregulation authorized direct sales of storage capacity and availability to virtual suppliers starting January 1, 2026. An additional quota of 2.6 GW of solar and storage availability capacity was allocated for this commercial segment.

On February 17, 2025, we announced that two of the Company's energy storage facilities have won bids in the EA's first availability tariff tender process. The two sites, Neot Smadar and Ohad, are located in the south of Israel and have a combined grid connection capacity of 300 MW AC. According to the tender's terms, after supplying power at the availability tariff rate for five years, the Company may transition to selling electricity into the deregulated market as well as increase the facilities' storage capacity. Securing a grid connection of 300 MW AC will allow us to build projects with a total storage capacity of 1,300 MWh, potentially increasing to 1,900 MWh following the transition to a deregulated market. According to the tender's terms, the projects are expected to reach commercial operation by 2028.

Additionally, the EA has done changes and revised the calculation methodology of the production tariff (currently based on the IEC's production costs), which would impact companies in the sector. Nevertheless, as mentioned above, most of the Company's power plants operate under predetermined tariff agreements, which are intended to mitigate adverse effects from these potential changes.

In January 2026, the EA published a public hearing regarding the supply of ancillary services, that can be provided by energy storage facilities and facilities that combine energy storage with solar energy. These ancillary services will be supplied to the system operator for frequency-stabilization purposes. Finally, various zoning plans provide principals and set guidelines for the energy production market over the next few years and implement prior government resolutions on the preservation of spaces for planned solar energy facilities and wind turbines.

*Other licensing and permitting*

Renewable energy projects and data centers are also subject to multiple licenses and permits depending on the characteristics of the project, including the requirement to obtain a business license, a toxins permit, an emission permit and a discharge permit, each as required under different provisions of Israeli law. On September 1, 2024, the Environmental Protection Law (Streamlining Environmental Licensing Procedures) (Legislative Amendments) came into effect ("Integrated Licensing Law"), constituting a significant reform in the environmental licensing processes of businesses operating in Israel. The purpose of the Integrated Licensing Law is to simplify and unify licensing procedures, as well as to significantly reduce the regulatory burden. The Integrated Licensing Law unifies licensing procedures based on the regulatory principles in the European Union, allowing in appropriate cases for a unified environmental permit to be granted, which may replace a business's emissions permit, toxins permit and conditions imposed by the Ministry of Environmental Protection for the business's business license or replace two of the three if only two are required for its activity. The conditions in the unified permit will include only aspects that are currently regulated under the aforementioned laws or under the Business Licensing Law, 1968. Although the Integrated Licensing Law is already in force, many of its provisions will become effective only starting in 2027.

*Sector reform*

Israeli regulators have adopted and implemented a comprehensive reform in the electricity sector that has included several important components, such as the separation of the management of the national electricity system from the IEC, shifting generation capabilities from the IEC to private electricity producers, sales of large generation units by the IEC to private producers, opening the distribution segment to competition and lowering regulatory barriers for forming new generation facilities, among others.

In addition, the EA has announced that it will take several measures intended to accelerate the construction of PV systems, including approval of additional projects in the transmission system. We believe this is an important step that will enable construction of additional PV projects, as the connectivity of these projects to the electricity grid is a significant barrier to entry.

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While certain key components of that reform have been completed, others are expected to be implemented over the next few years. These include, among others:

*Agri-Solar*

In February 2026, the Israeli government approved a national outline plan for the promotion and construction of agri-solar facilities, which are photovoltaic generation systems installed on agricultural land while maintaining agricultural productivity. This plan regulates the planning and agricultural aspects of agri-solar facilities. Agri-solar generation plants may also be integrated with energy storage systems. This regulatory change opens a new field for potential growth, particularly in light of the projected surplus electricity generation from renewable energy facilities during peak production hours and the necessity to shift this production to meet early evening consumption demands.

*Energy Security*

Approximately half of Israel's electricity supply is generated by coal- and gas-powered plants at 10 sites. In any escalation of hostilities with Hamas and the ongoing conflict with Iran, Hezbollah and other regional actors or states, targeting of these locations with precision weapons could critically damage energy production sources, highlighting the need for distribution of energy generation resources. This entails creating a decentralized and dispersed network that in case of damage to a specific portion, would not cause widespread blackouts or harm to the economy. The State of Israel may incentivize the establishment of renewable energy as a tool to address energy security threats.

*Storage Market*

In Israel, 92% of renewable energy production comes from solar sources, and 85% percent of this volume was generated through photovoltaic plants.

To match the energy produced from PV facilities to peak demand and consumer usage patterns, it is necessary to store generated electricity volumes for release during high-demand hours. Additionally, Israel faces grid bottlenecks when PV-generated energy flows heavily through the grid simultaneously with energy generated from other sources, highlighting the need for storage to absorb the heavy flows and alleviate grid congestion.

In this context, the Electricity Authority published a tender for high-voltage storage facilities in November 2023. In February 2025, the Authority selected 11 winning bids, including our proposal to construct two high-voltage stand-alone storage facilities with a combined capacity of 1,350 MWh. The projects are in the process of final development and construction and are expected to reach COD during the second half of 2028.

*The Israeli electricity sector law*

The regulatory framework applicable to the production of electricity by private producers in Israel is mainly stipulated in the Israeli Electricity Sector Law, 1996, or the Electricity Sector Law, and the regulations promulgated thereunder. These regulations set the terms and procedure for granting licenses, the duties of a licensee, rules governing access to the grid and transactions with 'Essential Service Providers' (as defined therein), and other matters that impact our operations.

According to the Electricity Sector Law, the IEC is obligated to purchase electricity from private producers and consumers at rates and under the conditions set in the Electricity Sector Law and the regulations and standards promulgated thereunder. In addition, the IEC is obligated to connect the private producer's facilities to the distribution and transmission grid and provide them with infrastructure and system management services in order to enable them to provide electricity to customers.

*The Israeli Ministry of Energy*

The Ministry of Energy is responsible for setting policy goals and general rules in the energy and natural resource markets in Israel, including securing a reliable supply of electricity to the Israeli market, formulating procedures for the development of electricity production, energy transmission and distribution facilities (with the consent of the Minister of Finance), promoting policies to integrate renewable forms of energy generation into Israel's electricity production in accordance with governmental resolutions and developing policies as necessary to reform the structure of the electricity market.

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In April and August 2020, the Ministry of Energy published a plan in the amount of approximately NIS 25 billion to accelerate certain energy and water-related infrastructure projects, including construction of renewable energy projects of approximately 2,000 MW and providing state-guaranteed loans of approximately NIS 500 million to construct solar energy projects. The plan also removes certain barriers for renewable energy systems by, among others, providing exemptions from building permits for PV systems over water reserves and fish pools, eliminating certain bureaucratic requirements related to land used for national renewable energy projects and removing barriers to more efficiently develop the transmission grid.

*The Israel Electricity Authority*

The Israel Electricity Authority, or the EA, which is subordinated to the Ministry of Energy and operates in accordance with its policies, has the authority to set rules regarding the electricity markets in all voltages, including setting electricity tariffs, managing the grid rules, granting electricity production licenses to facilities with generation capacity of more than 16MW in accordance with the Electricity Sector Law (facilities with a generation capacity in excess of 100 MW also require the approval of the Minister of Energy), supervising such license holders and setting other criteria, including the level and quality of service required from the IEC. The EA also monitors and supervises the development plans of the national electricity transmission and distribution grid and enforces safety regulations according to the Electricity Sector Law.

According to the Electricity Sector Law, the EA has sole authority to set electricity tariffs, including those to be paid to private electricity producers like us. Tariffs vary for different segments of the electricity sector. According to the Electricity Sector Law, the IEC is required to charge end customers in accordance with the tariffs set by the EA and pay other license holders in accordance with such tariffs. In addition, the EA sets tariffs paid by private electricity producers to the IEC for various services provided by the IEC, including measurement and meter services, and system and infrastructure services.

In accordance with the policy of the Ministry of Energy and the Israeli government, the EA has taken several important steps in recent years to promote the construction of solar energy facilities, energy storage facilities and electric vehicle charging stations. Most importantly, since 2017, PV facilities have been built as part of the arrangement regarding competitive processes over electricity tariffs, according to which the EA publishes, from time to time, tenders in respect of quotas for the construction of ultra-high, high and low voltage PV facilities (including minimum quotas and retaining the right to expand them). As a result, the EA from time to time publishes quotas for renewable energy producers in Israel, and publishes competitive bidding tender processes for the installation of PV facilities.

At times, the EA has extended deadlines for numerous competitive bidding processes and various regulations it had previously published, most recently due to military conflicts Israel has been involved in since October 2023. Notably, during 2023-2024, the EA issued several resolutions extending deadlines for establishing renewable energy generation facilities within the framework of competitive bidding procedures and EA regulations. These extensions were implemented in response to delays in grid development and the challenging circumstances resulting from the ongoing war.

In the last few years, the EA aimed to achieve an independent electricity market allowing electricity trade between private producers and electricity distributors. The EA is considering widening the market to very high voltage producers (above 16 MW by law, or in practice, increased to 20.52 MW by EA regulation) under a different regime of trade (trade in supply availability and not in energy).

*Regulation applicable to generation of wind energy*

In July 2011, the Israeli government set a quota of 800 MW to be produced by wind turbines, out of which 70 MW were later diverted to production by PV facilities. In addition, the EA has published, from time to time, resolutions related to the formula to determine the tariff for sales of electricity produced by wind, quotas for wind energy generation, allocation of certain costs related to certain wind energy facilities and parameters regarding how to aggregate and distribute electricity from wind energy facilities to the national grid.

In March 2019, the EA decided to update the criteria regarding wind energy facilities in a manner which allows the construction of facilities with a capacity exceeding the actual connection size, for the purpose of creating an optimal production curve, and optimal use of the grid's resources. This update applies to all of our wind energy facilities, and allows optimization of facility planning, in consideration of the details of the site and the project, and the grid's intake capability in that location.

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In December 2019 the EA decided that the validity period of the tariff arrangement for wind energy facilities will be extended until December 31, 2022 (later extended until June 30, 2024), or until the quota has been exhausted, whichever is earlier. Additionally, the EA determined the method for allocating the costs of the technological solution for adjusting the Ministry of Defense's radar systems due to the construction of the wind energy farms, such that one third of that cost will be imposed on the holder of a conditional license for the construction of a wind energy farm which received tariff approval up to the cumulative wind energy sectoral capacity of 300 megawatts; an additional third will be imposed on the holder of a conditional license for the construction of a wind energy farm which received tariff approval after the cumulative wind energy sectoral capacity of tariff approvals exceeded 300 MW; and the last third will be imposed on the electricity consumer public through the electricity tariff.

In 2023, the EA determined that all future wind farms will be exempt from licensing requirements, as their connection to the grid will be implemented through clusters of wind turbines, each under 16MW capacity (by law, or in practice, increased to 20.52 MW by EA regulation). The economic implication of this decision could be significant since any new wind farm will operate under the electricity market regime rather than under a regulated tariff structure.

*Transfer of rights in PV facilities*

Any change of control in an electricity production facility that received a production license from the EA is subject to the approval of the EA. Therefore, in the event we execute a n agreement to acquire or sell an Israeli PV plant that holds such license, such acquisition or sale will be conditioned upon receipt of such approval and amendment of the relevant license.

#### Environmental, health and safety
Renewable energy project developers are required to comply with various EHS laws and regulations in the jurisdictions where the projects are located. Such laws and regulations may require developers to obtain and maintain permits and approvals, undergo lengthy environmental review processes, and implement EHS programs and procedures to monitor and control risks associated with the siting, construction, operation and decommissioning of regulated or permitted projects, all of which involve a significant investment of time and resources. Compliance with such laws, regulations, and permit requirements can be costly. The failure to comply with EHS laws and regulations, as well as permit requirements, may result in administrative, civil and criminal penalties, imposition of investigatory, cleanup, and site restoration costs and liens, denial or revocation of permits or other authorizations, and issuance of injunctions to limit, suspend or cease operations. In addition, claims by third parties for damages to persons or property, or for injunctive relief, have been brought in the past against owners and operators of renewable energy projects as a result of alleged EHS effects associated with such projects.

#### United States
The following list provides an overview of the types of federal, state and local governmental authorizations required to develop and operate renewable energy projects in the United States. Depending on the state or locality where the project is located, the project may be subject to additional environmental regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Clean Water Act</u>.
 Clean Water Act permits for the discharge of dredged or fill material into jurisdictional waters (including wetlands), and for water discharges
 such as storm water runoff associated with construction activities, may be required. Renewable energy project developers may also be required
 to mitigate any loss of wetland functions and values. Finally, renewable energy project developers may be required to follow a variety
 of best management practices to ensure that water quality is protected and the environmental impacts of the project are minimized (e.g.,
 erosion control measures).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Environmental Reviews</u>.
 Renewable energy projects may be subject to federal, state, or local environmental reviews, including under the federal National Environmental
 Policy Act ("NEPA"), which requires federal agencies to evaluate the environmental effects of all major federal actions affecting
 the quality of the human environment. The NEPA process, especially if it involves preparing a full Environmental Impact Statement, can
 be time consuming and expensive. As noted above, renewable energy projects may be subject to similar environmental review requirements
 at the state and local level in jurisdictions with NEPA-equivalent statutes, such as the California Environmental Quality Act in California.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Threatened, Endangered and Protected Species</u>. Federal agencies considering the permit applications for renewable energy projects are required to consult
 with the United States Fish and Wildlife Service to consider the effect on potentially affected threatened and endangered species and
 their habitats under the federal Endangered Species Act. Renewable energy projects are also required to comply with the Migratory Bird
 Treaty Act and the Bald and Golden Eagle Protection Act, which protect migratory birds and bald and golden eagles, respectively. Most
 states also have similar laws. Federal and state agencies may require project developers to conduct avian and bat risk assessments prior
 to issuing permits for solar energy projects, and may also require ongoing monitoring and mitigation activities or financial compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Historic Preservation</u>.
 Federal and state agencies may be required to consider a renewable energy project's effects on historical or archaeological and
 cultural resources under the federal National Historic Preservation Act or similar state laws. Ongoing monitoring, mitigation activities
 or financial compensation may also be required as a condition of conducting project operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Clean Air Act</u>.
 Certain operations may be subject to federal, state, or local permitting requirements under the Clean Air Act, which regulates the emission
 of air pollutants, including greenhouse gases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Local Regulations</u>.
 Renewable energy projects are also subject to local environmental and land use requirements, including county and municipal land use,
 zoning, building, water use, and transportation requirements. Permitting at the local municipal or county level often consists of obtaining
 a special use or conditional use permit under a land use ordinance or code, or, in some cases, rezoning in connection with the project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Management, Disposal, and Remediation of Hazardous Substances</u>. Renewable energy projects and materials handled, stored, or disposed of on project properties may be subject to the
 federal Resource Conservation and Recovery Act, the Toxic Substances Control Act, the Comprehensive Environmental Response, Compensation,
 and Liability Act ("CERCLA"), and analogous state laws. Environmental liability may arise under CERCLA for contamination that
 occurred prior to a project developer's ownership of or operations at a particular site and can be imposed on a joint and several
 basis. Project developers could be responsible for the costs of investigation and cleanup, and for any related liabilities, including
 claims for damage to property, persons, or natural resources. Such responsibility may arise even if the project developer was not at fault
 and did not cause, or was not aware of, the contamination.

In the U.S., efforts to regulate emissions of greenhouse gas ("GHGs"), including methane and carbon dioxide, byproducts of burning fossil fuels have resulted in a patchwork of evolving federal and state laws and regulations at varying stages of consideration, adoption and implementation. Although the Inflation Reduction Act, enacted in August 2022, appropriated significant federal funding for renewable energy initiatives, imposed a fee on methane emissions from certain facilities and modified and expanded renewable energy tax credit programs, only July 4, 2025, the OBBBA was enacted which paused the methane fee for 10 years and significantly restricts renewable energy tax credit programs. For more information, see Item 3.D. "Risk Factors—Government regulations in the United States, Europe and globally, that currently provide incentives and subsidies for renewable energy, particularly the current production and investment tax credits, could change at any time." The current administration has also reduced funding for renewable energy initiatives. In addition, the current administration has taken steps to reverse efforts to other policies aimed at reducing the GHG emissions, including issuing an executive order withdrawing the United States from the Paris Agreement as well as efforts steps by EPA to roll back regulation of GHG emissions under the Clean Air Act.

#### Europe and other jurisdictions
Outside of the United States, our renewable energy projects are also subject to a number of regulatory requirements in relation to EHS issues. While a number of these requirements and broader relevant EHS policies may be set at a regional (e.g., European Union) level, specific requirements such as permitting restrictions are usually set at a local level. For example, the European Union has also adopted the Renewable Energy Directive, which sets a binding target for at least 42.5% of total EU energy consumption to be renewable by 2030, with an ambition of over 45% (the "Renewable Energy Directive").

The target under the Renewable Energy Directive is binding at the European Union level, but individual Member States are provided flexibility in setting their own national targets to reach this European Union-wide goal. Under the Renewable Energy Directive, Member States are permitted to gain credit toward meeting their national renewable energy goals by contributing to projects in other Member States or non-Member States.

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Further, certain projects may be required to be subject to environmental impact assessments in the European Union. The applicability of this process to renewables projects is determined at the Member State level, and the process, when relevant, includes public consultation procedures which may impact development consent. The Habitats Directive and Birds Directive establish Special Areas of Conservation and Special Protection Areas, and if such areas are likely to be impacted by a project, then the competent national authority must carry out an assessment of the conservation implications.

Member States will also be expected to implement controls in their own jurisdictions, which apply to EHS performance including air, water and land emissions, generation of waste, pollution matters, prevention of accidents and other relevant issues.

In addition to the European Union-wide measures outlined above, there are additional jurisdictional specific aspects of EHS law that may be applicable to our projects across the countries in which we currently or may in the future have projects. We also anticipate that other countries globally (outside of the European Union or United States) will also have similar requirements in relation to those outlined above, which will vary by specific jurisdiction.

#### Israel
*Climate change policy and regulation*

As the climate crisis becomes increasingly severe, Israel is accelerating its greenhouse emission reduction goals. As part of its commitment to the global effort, the government of Israel resolved in July 2021 to reduce GHG emissions by at least 85% by 2050 compared to the 2015 baseline. The resolution also sets an intermediate target to reduce such emissions by 27% by 2030 compared to the 2015 baseline. One of the central components of Israel's climate strategy is a transition to an economy based on electricity production from renewable sources. While such government resolutions are reflected in a National Climate Bill, such bill has not yet been enacted into law.

In addition, as part of Israel's national climate policy, the Israeli government in October 2020 set targets to increase the share of electricity generated from renewable energy sources (solar, wind, water and others) to 20% by December 31, 2025, and to 30% by December 31, 2030. In October 2021, the Ministry of Energy published a roadmap to reduce carbon emissions by 80% in the energy sector by 2050 compared to the 2015 reference year. In addition, the roadmap targets a 1.3% annual improvement in energy efficiency and a cessation of the use of coal by 2030 for the production of electricity. The roadmap includes supplemental objectives to help achieve the principal targets, and the EA subsequently published additional guidance on achieving these goals. In May 2022, the Ministry of Energy and the EA published operational plans for achieving the above-mentioned national goals. In January 2025, the Ministry of Energy released an updated roadmap, according to which over 88% of the measures outlined in the original 2022 roadmap have been implemented or are in the process of implementation. By 2030, the updated roadmap predicts that photovoltaic solar installations will reach approximately 15,987 MW of installed capacity, making up the vast majority of Israel's renewable energy mix. The updated roadmap also addresses key implementation challenges for solar deployment, particularly noting the need to increase installation rates from the current average of 1,000 MW per year to approximately 1,400 MW annually - a 40% increase. Additionally, the updated roadmap highlights initiatives to promote solar energy, including the "KVA 15" green track program for expedited approval of solar installations and the innovative "Thousand Solar Roofs" program targeting the installation of solar systems on public buildings. The next update to the roadmap is expected to be developed as part of a comprehensive strategic plan for renewable energy for 2035, the work on which commenced in January 2025. At an October 2025 discussion in the Economics Committee of the Knesset, the parliament of the State of Israel, the Minister of Energy described the current status of Israel's renewable energy sector, which produces approximately 14.7% of total electricity generation as of the end of 2024. The Minister further updated that an installed capacity of approximately 7,500 megawatts out of the total expected capacity of 16,000 megawatts will be required by 2030, and that the government is working toward updating an ambitious national target for renewable energy in the range of 35% to 45% of total electricity generation by 2035. On January 20, 2026, the EA published for public comment a comprehensive report with a principal recommendation to increase the renewable energy target to 35% by 2035, replacing the previous target of 30% by 2030. The revised target reflects a balance between the need to reduce emissions and address the climate crisis, and the need to set an achievable goal that takes into account Israel's unique challenges.

On February 9, 2025, the Ministry of Energy and the EA published a strategic roadmap for achieving net-zero emissions of GHG in the energy sector by 2050. The roadmap outlines three potential scenarios, all of which feature solar energy as a significant component, comprising between 45% and 64% of Israel's future energy mix. The plan emphasizes the importance of developing renewable energy and storage facilities in a distributed manner to ensure energy supply continuity. Solar energy, combined with storage solutions, is expected to play a central role, with electricity demand projected to increase more than threefold by 2050 to approximately 220 TWh annually. The strategy particularly emphasizes the need for increased storage capacity both co-located with solar facilities and as standalone projects to manage the intermittent nature of renewable energy sources. In July 2024, the Ministry of Energy published a white paper addressing underground space utilization for energy storage applications. The framework identifies significant geological potential in Israel for various energy storage solutions, including underground compressed air energy storage systems and potential integration with renewable energy projects. The document emphasizes the need for a comprehensive regulatory framework to govern underground storage facilities, both as standalone projects and in conjunction with renewable energy installations, while establishing clear guidelines for environmental protection and safety standards. The Ministry of Energy recommends developing supporting policies and financial mechanisms, including subsidies and grants, to encourage the development of these storage technologies, which are considered crucial for managing the increasing integration of renewable energy into Israel's electricity grid.

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In July 2024 the Israeli Ministry of Environmental Protection published the Israeli Taxonomy for Classifying Sustainable Economic Activities, focusing on mitigating GHG emissions. The taxonomy provides a voluntary framework for classifying economic activities based on their environmental impact, closely mirroring the EU taxonomy. It assesses activities according to their impact on six environmental and climate change goals and includes technical screening criteria for significant contributions to climate mitigation and "Do No Harm" criteria for five other climate and environmental objectives. The taxonomy includes several energy-related economic activities, including electricity generation using PV solar technology, electricity generation using concentrated solar power energy, or CSP, technology, electricity generation from wind power, electricity storage, and thermal energy storage.

In September 2024, the Knesset approved a mechanism for the taxation of GHG and local pollutant emissions ("Carbon Tax"), which became effective on January 1, 2025. The Carbon Tax will implement a gradual increase in fuel tax and purchase tax rates by fuel type from 2025, through early 2030, when the tax rates are intended to fully internalize the external cost resulting from fuel consumption. In connection with this tax mechanism, the Ministry of Economy and Industry published Director General Directive 4.79, and Director General Directive 4.80 establishing grants programs to support industrial adaptation to the Carbon Tax, by providing financial support to eligible industrial plants from January 1, 2025, through December 31, 2030.

Land use requirements

Renewable energy projects are also subject to land use requirements, including zoning and building regulations. The various permits and licenses may include requirements in relation to infrastructure, installation of treatment facilities for the treatment of environmental impacts, including various reporting obligations to relevant authorities.

In addition, renewable energy projects are subject to regulation to prevent environmental hazards in connection with noise, shadow flicker effects (light), and air pollution.

With regard to wind energy projects, to prevent nuisances of noise or shadow flicker effects (light), we are required to maintain at least 500 meters between wind turbines and any uses defined as "sensitive," with an emphasis on wind turbines constructed in proximity to housing and other residential facilities. In addition, any permissible use must be considered up to 1000 meters from any wind energy project.

In July 2022, the Ministry of Environmental Protection published a position paper regarding approved and planned wind energy projects. According to this position paper, the potential ecological damage associated with wind turbines is significant, specifically with regard to birds. The position paper states that wind energy projects that are approved or under construction should be required to monitor ongoing bird activity and have in place operating regimes and control mechanisms to prevent damage to bird populations, including measures that ensure the immediate cessation of turbines as necessary. In addition, the position paper states that approval of new wind energy projects should be avoided altogether until sufficient knowledge has been gathered about the effectiveness of the operating regimes and control mechanisms in place at existing facilities. The position paper is not binding and the impact that this position paper will have on the future of wind energy projects in Israel is unclear.

In December 2010, the Israeli National Committee for Planning and Construction approved a specific zoning plan to regulate PV plants from small rooftop mounted installations and facilities on land plots of less than 0.75 square kilometers. The zoning plan provides two routes for the construction of PV production facilities: permitting and planning. Permits are available for rooftop mounted installations and for land installations on specifically designated lands, while a plan is required to be filed with and approved by relevant planning authority for projects in other areas. The zoning plan provides a preference for construction of PV facilities in areas designated for construction and development, and authorizes planning authorities to approve relatively larger projects in certain areas in northern and southern Israel. Additional zoning plans exist for wind energy and regarding land use in connection with other electricity production facilities, including electricity systems, natural gas and other fuels.

A proposed change to December 2010 national zoning plan would allow the approval of permits for PV facilities with dual use (including water reservoirs and fish pools), and should also allow the construction of energy storage facilities in the areas of plans which do not include building rights for their construction.

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As part of a reform of the Israeli electricity sector launched in 2018, the EA published a decision in September 2022 that regulates the activity of private electricity production facilities, including wind and solar, and their ability to sell electricity directly to suppliers. The deregulatory decision aims to reduce the centralization of the Israeli electricity sector and open the supply market for the entry of private companies in addition to the IEC, which currently dominates the supply market. Accordingly, since July 2024, consumers can purchase electricity directly from private electricity producers, and as of January 2026, 279,500 consumers, which represent more than a million Israeli citizens, have switched to private suppliers. In January 2026, the EA published a list of companies that won the first tender for private suppliers, aimed at increasing the overall electricity supply by approximately 520 megawatts. An additional tender is expected to be published in 2026 with a quota of up to another 500 megawatts.

In June 2025, the Minister of the Interior signed binding regulations requiring the installation of solar energy generation systems on certain rooftops. The regulations implement Government Resolution No. 175 of February 24, 2023, and a 2024 decision of the National Planning and Building Council.

In February 2025, the Ministry of Energy published a draft regarding the "100,000 Solar Roofs" program, which aims to add solar panels to roofs of 100,000 residential buildings by 2030. This initiative is expected to add 1.6 GW to Israel's solar energy capacity and help meet the national target of 30% renewable energy by 2030. The program includes a comprehensive package of incentives, including new tariff structures that will shorten the investment payback period to just five years, tax benefits, regulatory easements for connecting to the electricity grid and subsidized loans for apartment building committees. Since the launch of the program, the number of solar systems installed on residential rooftops across the country has increased by approximately 40%.

In November 2023, the Israeli government approved a national outline plan for energy storage. This plan regulates planning procedures and the issuance of building permits, allowing the construction of storage facilities with a wide range of power capabilities and in different locations within Israel, which will also provide backup for power generation facilities.

In February 2026, the Israeli government approved a national outline plan for the promotion and construction of agri-solar facilities. This plan regulates the planning and agricultural aspects of agri-solar facilities.

In February 2026, the Government of Israel approved a proposal by the Minister of Energy to authorize the Company to prepare plans for national infrastructure for large-scale agrivoltaics projects, and to submit such plans to the National Infrastructure Committee. From time to time, the Ministry grants similar approvals to various entities, and in February 2026, the Company received such approval.

In February 2026, the Israeli government approved a resolution aimed at accelerating the development of data centers and server farms. Under the decision, data centers will be recognized as national infrastructure projects and will be eligible for fast-track planning procedures through the National Infrastructure Committee (VATAL). The resolution includes amendments to planning and construction legislation intended to significantly shorten permitting timelines and remove regulatory barriers.

#### Facilities and properties
Our corporate headquarters are located in Rosh Ha'ayin, Israel. We also have offices in Hungary and the United States through our various subsidiaries. We lease all of our office space. We believe that our existing properties are in good condition and are sufficient and suitable for the conduct of our business for the foreseeable future. To the extent our needs change as our business grows, we expect that additional space and facilities will be available. In addition, our Operational Projects are located on properties secured under long-term leases that are suitable for their operations for the foreseeable future.

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#### Employees and human capital management
As of February 16, 2026, we had 406 full-time employees. None of our employees currently are represented by a labor union. We have not experienced any employment-related work stoppages, and we consider relations with our employees to be good. We focus on attracting, developing and retaining a team of highly talented and motivated employees. We regularly conduct assessments of our compensation and benefit practices and pay levels to help ensure that staff members are compensated fairly and competitively. Employee performance is measured in part based on goals that are aligned with our annual objectives, and we recognize that our success is based on the talents and dedication of those we employ. To help our employees succeed in their roles, we emphasize continuous training and development opportunities.

We work to foster a workplace that acknowledges, encourages, and values diversity and inclusion. We believe that individual differences, experiences, and strengths enrich the culture and fabric of our organization. Having employees with backgrounds and orientations that reflect a variety of viewpoints and experiences also helps us to better understand the needs of our customers and the communities in which we operate. By leveraging the multitude of backgrounds and perspectives of our team and developing ongoing relationships with vendors from different backgrounds, we believe we achieve a collective strength that enhances the workplace and makes us a better business partner for our customers and others with a stake in our success.

#### Legal proceedings
We may, from time to time, be involved in litigation and claims arising out of our operations in the ordinary course of business.

In November 2024, one of our subsidiaries commenced two actions in the U.S. against a supplier of battery storage products and its guarantor, based on a breach of contract. Under these cases the subsidiary claimed damages of approximately $35.8 million, plus fees and interest. The supplier filed counter claims for an amount of approximately $67.3 million. The claims were arbitrated by the American Arbitration Association, while the New York state action was held in abeyance pending resolution of the arbitration. In late 2025, a final arbitration award was rendered by the arbitration panel in which the claims were resolved in favor of our subsidiary and all counterclaims made by the supplier were dismissed. As part of enforcement and collection efforts on the arbitration award being made under the New York state case, a final settlement was filed with the court and the state action was stayed. Enforcement and collection under the settlement agreement remains on-going.

Except as described above, we are not a party to any litigation or governmental or other proceeding that we believe will have a material adverse impact on our financial position, results of operations or liquidity. However, the results of any current or future litigation cannot be predicted with certainty, and regardless of the outcome, we may incur significant costs and experience a diversion of management resources as a result of any litigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Organizational Structure** 

Our legal name is Enlight Renewable Energy Ltd. and we are organized under the laws of the State of Israel.

For a complete list of our subsidiaries, please refer to Exhibit 8.1 to this Annual Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Property, Plants and Equipment** 

Our corporate headquarters are located in Rosh Ha'ayin, Israel, where we lease offices under an agreement that expires in January of 2027, with an option to extend for an additional three years. During 2024, we leased an additional 463 square meters of office space at this location, bringing the total office space to approximately 2,923 square meters.

Our U.S. headquarters is located in Boise, Idaho, where we occupy an office space totaling approximately 17,289 square feet with a lease beginning on June 30, 2023 and expiring on July 31, 2030.

We also lease office space in Hungary, Croatia and Italy, as well as shared office space in the Golan Heights in Israel.

We believe that these facilities are sufficient to meet our current needs and that suitable additional space will be available as needed to accommodate any foreseeable expansion of our operations.

We lease all of our corporate facilities.

For additional information, see Item 4.B. "Business Overview."

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#### Item 4A. Unresolved Staff Comments
None.

#### Item 5. Operating and Financial Review and Prospects
You should read the following discussion together with the consolidated financial statements and related notes included elsewhere in this Annual Report. The statements contained in this discussion regarding industry outlook, our expectations regarding our future performance, planned investments in our expansion into additional geographies, research and development, sales and marketing and general and administrative functions as well as other non-historical statements contained in this discussion are forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the risks and uncertainties described in Item 3.D. "Risk Factors" and "Cautionary Statement Regarding Forward-Looking Statements." Our actual results may differ materially from those contained in or implied by any forward-looking statements. Certain information called for by this Item 5, including a discussion of the year ended December 31, 2024 compared to the year ended December 31, 2023 has been reported previously in Part I, Item 5. of our Annual Report on Form 20-F for the fiscal year ended December 31, 2024 filed with the SEC on March 28, 2025.

#### Overview
We are a global renewable energy platform, founded in 2008, and publicly traded on the TASE since February 2010 and on Nasdaq since February 2023. We develop, finance, construct, own and operate utility-scale renewable energy projects. We primarily generate revenue from the sale of electricity produced by our renewable energy facilities, pursuant to long-term PPAs. Our control over the entire project life cycle, from greenfield development to ownership and operations, enables us to deliver strong project returns and rapid growth. Furthermore, we distinguish ourselves through our diverse global presence and multi-technology capabilities, which allow us to strategically optimize our capital allocation between geographies and renewable technologies.

We have achieved significant growth in recent years. For the years ended December 31, 2024 and 2025, our total revenues and income were $399 million and $582 million, respectively, representing year-over-year growth of 46%. For the years ended December 31, 2024 and 2025, our net profit was $67 million and $161 million, respectively, representing year-over-year growth of 142%. For the years ended December 31, 2024 and 2025, our operating profit was $176 million and $332 million, respectively, representing year-over-year growth of 89%.

#### Key Milestones
We were founded in Israel in 2008 by our three co-founders, Gilad Yavetz, Zafrir Yoeli and Amit Paz. We began as a company focused on developing small-scale greenfield solar energy projects in Israel and, over the past 18 years, have transformed into a leading global renewables platform focused on delivering utility-scale renewable energy projects. Our transformation has been driven by a tailored strategy of gradual entry into new markets, coupled with a clear focus on execution. Below are some key milestones that we have achieved since our founding:

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| | |
|:---|:---|
| 2008 | Our Founding |
| 2009 | First project finance closed in Israel for rooftop solar energy project |
| 2010 | Listing on the Tel Aviv Stock Exchange |
| 2011 | Initiation of onshore wind energy development activities in Israel |
| 2012 | First solar energy project in Europe |
| 2013 | Onset of construction of Halutzyut, the largest solar energy project in Israel at the time |
| 2014 | First wind energy project in Europe |
| 2015 | Commercial operation of Halutzyut |
| 2016 | Entry into the Balkan wind energy market |
| 2017 | Entry into the Hungarian solar energy market |
| 2018 | Acquisition of the biggest onshore wind energy project under development in Spain |
| 2019 | Entry into the Swedish wind energy market |
| 2020 | Acquisition of Björnberget, one of the largest onshore wind energy farms in Europe |
| 2021 | Entry into the United States through the Clenera Acquisition |
| 2023 | Listing on Nasdaq; first operational project in the United States |
| 2024 | Our U.S. project, Atrisco Solar and Storage, became operational |
| 2025 | Significant entry into the stand-alone storage market in Europe |

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#### Our Business Model
We primarily generate revenue from the sale of electricity produced by our renewable energy facilities, which we sell to local electricity authorities, utilities and corporations pursuant to long-term PPAs, with terms ranging from 10 to 30 years. The remaining duration of the PPAs of our Operational Projects range from 5 to 25 years as of February 16, 2026. We also sell electricity generated by some of our projects in Sweden, Hungary, and Spain under a Merchant Model. Revenues from our PPAs comprised approximately 75% and 80% of all revenues from the sale of electricity in 2024 and 2025, respectively, while revenues generated from the sale of electricity under a Merchant Model comprised approximately 14% and 10% of all revenues from the sale of electricity in 2024 and 2025. Our revenue from projects outside of the United States represented 98% and 74% of all revenues from the sale of electricity in the year ended December 31, 2024 and 2025, respectively. For more information regarding our other sources of revenues from the sale of electricity, see "—Components of Our Results of Operations—Revenues."

#### Key Factors Affecting Our Performance
We believe that the growth and future success of our business depends on many factors. While each of these factors presents significant opportunities for our business, they also pose important challenges that we must successfully address in order to sustain our growth and improve our results of operations.

#### Growth in the renewable energy market
The renewable energy market represents one of the largest growth opportunities in the global energy sector. Creating new opportunities across markets and technologies, increasing demand for sustainable energy continues to be driven by global action to combat the climate crisis, the ongoing replacement cycle for aging energy infrastructure, the expanding electrification of the broader economy and the increasing criticality of energy security. In addition, the increased adoption of advanced machine learning technologies such as artificial intelligence is driving greater demand for electricity to power the data centers in which these technologies are run. Given the relative ease and speed of project construction and low energy production costs, renewables are positioned to be one of the principle sources of supply for this new electricity demand.

#### Power prices across Europe and the United States
Power prices have experienced significant volatility across Europe, largely driven by a significant changes in the price of natural gas. According to Bloomberg, the average power price across Italy, Spain, Hungary and the Nordic markets reached a peak of EUR 404 per MWh in August 2022, post Russia's invasion of Ukraine. Due to successive warm winters and diversification of sources of gas supply to Europe, power prices have since come down materially, with an average electricity price for the four previously named countries of EUR 85 per MWh in 2025, 102% above the average of EUR 42 per MWh in 2020, and a decline of 79% from the August 2022 peak. Notwithstanding the significant decline since the peak of 2022, we believe that current prices still reflect levels that are favorable for our business. Renewable energy has become a critical source of power for European utilities and large corporations seeking to secure long-term, attractively priced electricity. Price volatility in recent years has also emphasized the need for national energy security for European countries, as well as diversification away from imported fossil fuels, with domestically produced and carbon-free renewable energy providing an ideal way to meet these goals.

Nonetheless, changes in prices had a direct impact on our revenues from the sale of electricity in 2025 for projects that we operate under a Merchant Model in Sweden and Spain. For example, in 2024, we sold electricity in Spain at Project Gecama under a Merchant Model, at an average price (including hedges) of EUR 76.28 per MWh. We also incurred balancing costs of EUR 1.72 per MWh and "generation tax" of EUR 3.27 per MWh, resulting in a net price of 71.28 per MWh. In 2025, we sold electricity in Spain at Project Gecama at an average price (including hedges) of EUR 65.44 per MWh. We also incurred balancing costs of EUR 1.95 per MWh and "generation tax" of EUR 4.61 per MWh, resulting in a net price of EUR 58.88 per MWh, a decrease of 17% compared to last year. This also translated into a negative impact on Gecama's revenues from the sale of electricity, which decreased by $14 million to $52 million in 2025, a decrease of 21% from 2024.

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In the United States, power prices as reflected in PPA offtake contracts continue to rise. According to LevelTen Energy, national PPA prices for solar power have risen to approximately $68 per MWh by the end of 2025, an increase of approximately 99% from the start of 2021. This increase was driven by greater demand for electricity in the country, linked in part to the broader use of electricity in the transport and information technology sectors.

#### Equipment costs
The declining cost of solar panels, wind turbines, storage batteries, and other raw materials necessary to build renewable energy installations has historically been a key driver in the growth of the renewable energy industry. Following increased prices for these components and their raw materials during 2021-2022 due to COVID-19 and other factors, equipment prices fell significantly during the 2023-2024 period. In 2025, prices for solar panels began to rise, while prices for storage batteries continued to decline. The cost of both panels and batteries still remain very low compared to historical levels. The large majority of projects that Enlight is planning to construct over the next three years are focused on solar and battery storage technologies in the United States and Europe, and therefore our exposure to the price of wind turbines and accompanying raw materials is expected to be minimal.

U.S. solar panel prices are currently in the range of $0.30-$0.34 per watt, an increase of approximately 19% from the start of 2025. European solar panel prices are currently in the range of $0.12-$0.15 per watt, an increase of approximately 50% from the start of 2025. U.S. storage battery prices are currently in the range of $150 per KWh, a decline of approximately 3% from the start of 2025. European storage battery prices are currently in the range of $94 per KWh, a decline of approximately 28% from the start of 2025. These change in prices have been driven by a number of factors. For solar panels, these include higher costs of inputs used in the production of silicon substrate, and a push for higher profitability amongst Chinese producers. For storage batteries, these include high competition and excess production capacity amongst Chinese producers. In addition, Chinese export prices for both types of equipment are likely to rise due to upcoming changes in Chinese VAT rebate rules, while U.S. trade tariffs and restrictions have increased landed prices for both types of equipment in the U.S. The underlying raw materials used in the manufacture of solar panels and batteries are polysilicon (used in solar panels) and lithium (used in batteries). Prices for these commodities rose by 44% and 18% respectively during 2025, according to Bloomberg. Nonetheless, they are still respectively 74% and 87% lower than at the end of 2022.

During 2025, costs of certain equipment and components required for our U.S. projects rose due to trade tariffs and restrictions on imported, leading us to purchase more equipment manufactured domestically in the United States. The change in the sources of procurement caused projects costs in certain cases to increase accordingly.

#### Major equipment malfunctions leading to longer ramp-up times or project shutdowns
Quality issues with project equipment or longer than expected times for the completion of equipment repairs may result in delays to the commissioning of projects, longer project ramp up times, or suboptimal performance of projects once they become operational. Our supply contracts provide us with compensation in the event our assets perform at availability levels below the contractual guarantee. For the year ending December 31, 2025, we recognized a total of $15 million in compensation in the form of liquidated damages (also known as LDs) linked to inadequate performance of equipment that had been supplied. For more information, see Item 3.D. "Risk Factors—Risks related to development and construction of our renewable energy projects—Disruptions in our supply chain for materials and components and the resulting increase in equipment and logistics costs and delays could adversely affect our financial performance."

In November 2024, one of the blades in a wind turbine generator at our Björnberget wind farm in Sweden failed, which led to a temporary shutdown of the wind farm. In early January 2025, another blade failure occurred with a different wind turbine generator at Björnberget. This event led to a renewed shutdown of the remaining 49 turbines with the same blade manufacturer for three weeks and triggered an expanded investigation. As part of this process, a revised and comprehensive inspection and repair program was implemented, addressing additional contributing defects identified during the investigation. Operations gradually resumed following comprehensive safety inspections by the supplier of the turbine blades. Repairs of the wind turbines have taken longer than expected. As a result, Björnberget experienced a 56% rate of availability for the full year 2025, lower than the 96% expected contractual level of operational performance. As of the date of this Annual Report, 58 turbines out of 60 are operational.

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We pursued all necessary actions to bring our Björnberget wind farm to full operation, including urging the supplier of the wind turbine generators to carry out necessary remedial work. Based on the advice from our external legal counsel, the Company expects that it may, among other things, obtain compensation for any and all costs, expenses and losses (including lost profits) incurred as a result of the defects in the wind turbine blades and the related downtime period during which the wind turbine generators were not operational. Out of the entire compensation due to the Company, $12.5 million has been recovered from Siemens Gamesa during 2025 in the form of recognized non-disputed liquidated damages.

#### Access to and cost of capital
Our future growth depends significantly on our ability to raise capital to finance the development and construction of our projects through project finance providers, including lenders and tax equity investors on competitive terms, as well as through corporate finance. We have historically used a variety of structures including the issuance of non-recourse project debt, unsecured corporate and convertible debt, and both public and private equity financing to help fund our operations. Our ability to raise capital from investors and lenders is affected by general economic conditions, the state of the capital markets, inflation levels, and concerns about our industry or business. See Item 5.B. "Liquidity and Capital Resources" for further details on capital raising and the effective management of our capital structure and capital allocation.

Our future growth also depends on our ability to raise capital at an attractive cost and in a timely manner. High interest rates across our markets have a minimal impact on our outstanding debt, since 91% of our long-term consolidated indebtedness net of deferred financing costs as of December 31, 2025 was locked in at a fixed-rate. Our exposure to high interest rates relates primarily to either financing projects under construction whereby the base rate is set at each date the facility is drawn, as well as projects under development for which PPAs have been signed but financing has not yet been arranged. If we incur delays in raising capital from external sources, we may have to invest more of our own equity in our projects than originally planned or find other ways to finance capital expenditures in advance of financial close. For example, during 2025 we invested $17 million of excess equity in project Snowflake and $15 million of excess equity in project Country Acres, both now under construction in the U.S. In order to be prepared for the possible need to invest excess equity in projects under construction or nearing construction, the Company maintains $525 million of credit facilities of which $162 million had been drawn as of the balance sheet date, that can be used to meet peak equity requirements until permanent financing is arranged. This provides additional flexibility to help the Company deliver on its project portfolio.

In addition, the Company intends to pursue sales of portions of the projects it owns, which may include operational projects or those currently under construction or pre-construction, or in our Development or Advanced Development portfolios. Enlight intends to sell minority stakes in certain of its projects, however this proportion may increase up to full disposal should the asset be deemed non-core to our operations. For example, in January 2025, we signed an agreement with Harel and Amitim, two Israeli institutional investors, for the sale of 44% of the Sunlight Cluster of renewable energy projects in Israel for $52 million (including $4 million of deferred payments). The Sunlight Cluster consisted of operational and pre-construction projects totaling 69 MW of solar generation and 448 MWh of energy storage capacity. Harel and Amitim acquired 44% of the limited partner rights in the partnership and assumed a proportionate amount of related shareholder loans. A wholly owned subsidiary of the Company will act as the general partner in the partnership.

#### Government regulations and incentives
Our strategy to grow our business through the development of renewable energy projects could be affected by certain government policies and regulations. Renewable energy projects currently benefit from various governmental incentives. These policies have had a significant positive effect on the development of renewable energy projects and the renewable energy industry in general, but such policies could change at any time. These incentives provide tax credits and accelerated depreciation for a significant portion of the development costs, or increase demand by mandating increasing levels of renewable energy generation. Any loss or reduction of such incentives and other programs could result in higher operating costs, while the utilization of such incentives and other programs can help reduce certain operating costs, primarily our cost of capital. For additional information regarding government regulations and incentives, see Item 3.D. "Risk Factors—Risks Related to Government Regulation" and Item 4.B. "Business Overview—Energy Regulation."

#### Seasonality
Seasonal trends affect both our solar energy and wind energy projects, with energy output varying seasonally depending on the location of a specific project. The cash flow generated from any project is directly related to the amount of energy produced at such project. We produce a substantial amount of our solar energy projects' energy during the summer months when solar resources tend to be most available. Our wind energy projects also have seasonal variation in output, though the projects differ in terms of which months are more favorable. Although seasonality may affect us on a project-by-project level, our geographic and technological diversity reduces seasonal effects on our global business performance.

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#### Components of Our Results of Operations

#### Revenues
We primarily generate revenue from the sale of electricity produced by our renewable energy facilities which we sell to local electricity authorities, utilities and corporations pursuant to long-term PPAs, with terms ranging from 5 to 25 years. In Israel, we operate an electricity supplier business, which purchases electricity from our own plants as well as from the national grid, and resells this power to commercial customers for an additional margin.

Additionally, we generate revenue from the sale of green certificates, as well as from asset management, development services, and construction services that we provide to projects owned by us and third parties. For services provided to projects we own, revenues are eliminated upon consolidation. Revenues in respect to these activities are recognized upon provision of the services over the term of the arrangement. Services provided to third parties largely comprise development services provided by Clenera to Parasol with respect to the Parasol projects that we did not acquire in the Clenera Acquisition. The Company no longer provides services to third parties in the U.S., and has terminated development services to Parasol. For more information on the Clenera Acquisition, see Note 8A(1) to our consolidated financial statements included elsewhere in this Annual Report.

We expect our total revenues and income to increase as we (i) convert our projects under construction, our projects in pre-construction, our contracted projects, our Advanced Development projects and our Development projects into Operational projects, and (ii) benefit from inflation-linked price provisions contained in certain of our offtake contracts for our Operational projects.

#### Monetization of Tax Benefits
The monetization of ITCs or PTCs is typically achieved through one of two mechanisms: the first relates to a tax equity partnership structure, and the second involves the direct sale of ITCs or PTCs to third parties. Pursuant to the OBBBA, restrictions were placed on taxpayers' ability to claim certain federal tax incentives related to the construction and operation of renewable energy projects. For more information on the impact of OBBBA in this regard, see Item 4.B. "Business Overview—Energy Regulation—Federal tax incentives." In a typical structure, the tax equity partner contributes cash to the project in two phases. The first contribution is upon mechanical completion of the project, i.e, when the majority of the project's mechanical equipment is installed. The second contribution usually occurs at substantial completion of the project, i.e., when commissioning and other functional testing of the project is complete. In addition, the tax equity partnership structure usually grants the partner an entitlement to a portion of the project's depreciation tax benefits. In a direct sale mechanism, the project sells the tax credits for cash.

#### Operating expenses
*Cost of sales*

Our cost of sales for total revenues and income or from the operation of renewable energy facilities includes expenses associated with the ongoing operations of our projects such as project site maintenance, municipal taxes, rent and insurance. In addition, we purchase power from the Israeli grid to support the commercial reselling activities of our power supplier business. Cost of sales that are incurred in connection with our construction and development services and project management services consist of employee compensation, including share-based compensation, and related human capital expenses associated with the management of our operational projects around the world.

We anticipate that, in the near term, our absolute cost of sales will continue to increase as we increase the number of Operational Projects but, on a relative basis, we expect that our cost of sales to total revenues and income ratio will not change materially.

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*Depreciation and amortization*

Depreciation and amortization expense primarily reflects depreciation of our projects over their estimated useful lives. For more information on how we depreciate and amortize our assets, see Notes 2(D)(3) and 2(G) to our consolidated financial statements included elsewhere in this Annual Report.

*General and administrative expenses*

General and administrative expenses consist primarily of employee compensation, including share-based compensation and directly attributable or allocated corporate costs including, legal, accounting, treasury and information technology expenses, office expenses, professional fees, and other corporate services costs. We expect that in the near term our general and administration expenses will continue to increase in absolute numbers as we grow our team but we expect that over the mid-term it will decrease as a percentage of total revenues and income as more projects become operational.

*Development expenses*

Development expenses consist of expenses related to our business development activities including project sourcing and submission to tenders, costs incurred for the development of our project pipeline, such as allocated employee compensation, including share-based compensation, third-party development spend including interconnection and transmission studies, surveying and project diligence costs, and regulatory compliance studies. We expense development costs for a project as long as we estimate that the realization of such project is improbable. Once we believe it is probable that the relevant project will be materialized, development costs incurred for such project are capitalized. Should the realization of the project become improbable, the capitalized amounts are deducted through development expenses. As we continue to expand our pipeline of early-stage Development projects, we expect our development expenses to continue its increase in absolute numbers but decrease as a percentage of total revenues and income as more projects become operational.

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#### Gains from projects disposals
With respect to gains (losses) from asset disposals, as part of our strategy to accelerate growth and reduce the need for equity financing, we aim to sell parts of or the entirety of selected renewable energy project assets from time to time. In the event of deconsolidation following a full or partial project sale, we include realized gains or losses from these asset disposals on the Income Statement.

#### Other income
Other income mainly relates to compensation from suppliers linked to equipment defects and other causes of project underperformance covered by supplier warranties. In addition, changes to our Earn-Out obligations in respect of the Clenera Acquisition are included in this line item; as of December 31, 2024, our liabilities with respect to the payment of the Earn-Out are no longer effective. (For more information regarding the reduction in our estimated Earn-Out payments, see Note 8A(1).

#### Finance income
Financial income includes income from interest on deposits, as well as the revaluation of certain currency and interest rate hedges, and revaluation of foreign currency-denominated financial assets.

#### Finance expenses
Finance expenses primarily consist of interest we pay for our bonds and for loans taken to finance our projects, the impact of changes in the Israeli Consumer Price Index on a portion of these loans, loans provided by non-controlling interests, revaluation of certain currency and interest rate hedges hedge transactions and foreign currency-denominated financial assets, and expenses related to lease liabilities. In addition, our tax equity partnership structures create imputed financial expenses as the discount at which we sell tax credits is accounted for as a finance expense.

#### Taxes on income
Taxes on income (tax benefits) consist primarily of income taxes imposed by the jurisdictions in which we conduct business. Our effective tax rate is affected by tax rates in jurisdictions and the relative amounts of income we earn in those jurisdictions, changes in the valuation of our deferred tax assets and liabilities, applicability of any valuation allowances, and changes in tax laws in jurisdictions in which we operate. As of December 31, 2025, our net operating loss carry forwards for tax purposes amounted to approximately $272 million.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Operating Results** 

The following tables summarize key components of our results of operations data and such data as a percentage of total revenues and income for the periods presented. The period-to-period comparisons of our historical results are not necessarily indicative of the results that may be expected in the future. For a discussion of our results of operations for the year ended December 31, 2024, including a year-to-year comparison between 2024 and 2023, and a discussion of our liquidity and capital resources for the year ended December 31, 2024, refer to Item 5 of our Annual Report on Form 20-F for the year ended December 31, 2024, filed with the SEC on March 28, 2025.

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| | | |
|:---|:---|:---|
|  | **Year ended December** | **Year ended December** |
|  | **2025** | **2024** |
|  | **(in thousands)** | **(in thousands)** |
| Revenues | $488596 | $377935 |
| Tax benefits | 93668 | 20860 |
| **Total revenues and income** | 582264 | 398795 |
| Cost of sales <br>| (134381) | (80696) |
| Depreciation and amortization | **(**149922) | (108889) |
| General and administrative expenses | **(**57955) | (38847) |
| Development expenses | **(**12190) | (11601) |
| **Total operating expenses** | **(**354448) | (240033) |
| Gains from projects disposals | 96431 | ,601 |
| Other income, net | 7931 | 16172 |
| **Operating profit** | 332178 | 175535 |
| Finance income | 40851 | 20439 |
| Finance expenses<br>| **(**164730) | (107844) |
| Total finance expenses, net | **(**123879) | (87405) |
| **Profit before tax and equity loss** | 208299 | 88130 |
| Share of losses of equity accounted investees | (3722) | (3350) |
| **Profit before income taxes** | 204577 | 84780 |
| Taxes on income<br>| **(**43875) | (18275) |
| **Profit for the year** | $160702 | $66505 |
| **Profit for the year attributed to:** |  |  |
| Owners of the Company | 132104 | 44209 |
| Non-controlling interests | 28598 | 22296 |

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The following table presents our revenues from electricity, green certificates and operation of facilities and our revenues from construction and management services as a percentage of our total revenue for each period presented above.

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| | | |
|:---|:---|:---|
|  | **Year ended December** | **Year ended December** |
|  | **2025** | **2024** |
| Total revenues and income&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **100**% | 100% |
| Cost of sales&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | (23.1)% | (20.2)% |
| Depreciation and amortization&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | (25.7)% | (27.3)% |
| General and administrative expenses&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | (10)% | (9.8)% |
| Development expenses&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | (2.1)% | (2.9)% |
| **Total operating expenses&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**  | (60.9)% | (60.2)% |
| Gains from projects disposals&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | 16.6% | 0.2% |
| Other income, net&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | 1.4% | 4.0% |
| **Operating profit&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**  | 57% | 44.0% |
| Finance income&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | 7% | 5.1% |
| Finance expenses&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | (28.3)% | (27.0)% |
| Total finance expenses, net&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | (21.3)% | (21.9)% |
| **Profit before tax and equity loss&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**  | 35.8% | 22.1% |
| Share of losses of equity accounted investees&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | (0.6)% | (0.8)% |
| **Profit before income taxes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**  | 35.1% | 21.3% |
| Taxes on income&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | (7.5)% | (4.6)% |
| **Profit for the year&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**  | 27.6% | 16.7<br>**%** |
| **Profit for the year attributable to:** |  |  |
| Owners of the Company&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | 22.7% | 11.1% |
| Non-controlling interests&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | 4.9% | 5.6% |

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#### Comparison of the years ended December 31, 2025 and 2024

#### Revenues

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br> December 31,** | **Year Ended<br> December 31,** | **Period-over-Period Change** | **Period-over-Period Change** |
|  | **2025** | **2024** | **Dollar** | **Percentage** |
|  | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** |
|  Electricity and green certificates&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | $**487032** | $368572 | $118460 | 32% |
|  Construction and development services and project management services | **1564** | 9363 | (7799) | (83)% |
|  Total revenues&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | $**488596** | $377935 | $110661 | 29% |

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*Electricity, green certificates and operation of facilities*

Revenues from the sale of electricity and green certificates increased by $118.5 million, or 32%, to $487 million for the year ended December 31, 2025 compared to $368.6 million for the year ended December 31, 2024. The increase in revenues was primarily driven by the addition of new projects, including Atrisco in the U.S., which started operating at year-end 2024 and was fully operational in 2025. Projects Roadrunner and Quail Ranch, also located in the U.S., began operating towards the end of 2025. In MENA, revenues from the sale of electricity rose due to the increase in electricity supplier and reselling activity in Israel and and higher the Genesis Wind project output due to favorable wind conditions. In Europe, the Pupin project in Serbia, which started operating towards the end of 2024, was fully operated in 2025.

In total, our existing operational portfolio, the aforementioned new projects and supplier activities collectively contributed an additional $93 million (net) to our revenues. An additional $6 million in revenues was derived from inflation indexation of PPAs, while exchange rates fluctuations, mainly the depreciation of the U.S. dollar against the shekel and the euro, contributed $15 million to the increase in revenues. Revenues from the sales of green certificates amounted to $4.1 million and $3.7 million for the years ending December 31, 2025 and December 31, 2024, respectively.

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*Construction and development services and project management services*

Revenues from construction and management services decreased by $7.8 million, or 83%, to $1.5 million for the year ended December 31, 2025 compared to $9.4 million for the year ended December 31, 2024. This decrease was primarily due to decrease in development services in the U.S. in 2025 compared to 2024 following the decision to no longer provide services to third parties in the U.S.

#### Tax Benefits

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br> December 31,** | **Year Ended<br> December 31,** | **Period-over-Period Change** | **Period-over-Period Change** |
|  | **2025** | **2024** | **Dollar** | **Percentage** |
|  | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** |
| Tax benefits&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | $93668 | $20860 | $72808 | 349% |

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Income from tax benefits increased by $72.8 million, or 349%, to $93.7 million for the year ended December 31, 2025, compared to $20.9 million for the year ended December 31, 2024. The increase was driven by the connection of new projects in the United States as mentioned above.

#### Operating costs and expenses
*Cost of sales*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br> December 31,** | **Year Ended<br> December 31,** | **Period-over-Period Change** | **Period-over-Period Change** |
|  | **2025** | **2024** | **Dollar** | **Percentage** |
|  | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** |
| Cost of sales: |  |  |  |  |
| Operating and maintenance&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | $125266 | $69134 | $56132 | 81% |
| Construction and development services & project management services | 9115 | 11562 | (2447) | (21)% |
| Total cost of sales&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | $134381 | $80696 | $53685 | 67% |

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*Operations and maintenance expense*

O&M expense increased by $56.1 million, or 81%, to $125.2 million for the year ended December 31, 2025, compared to $69.1 million for the year ended December 31, 2024. The increase in O&M expense was primarily driven by the addition of new projects, in the U.S., Europe and MENA as mentioned in the revenues section above. In total, the aforementioned new projects collectively contributed an additional $24 million to operating and maintenance expenses. In addition, we paid $30 million purchasing electricity from the Israeli grid to support the commercial reselling activities of our power supplier business.

*Construction and development services & project management services expense*

Construction and development services & project management services expense decreased by $2.5 million, or 21%, to $9 million for the year ended December 31, 2025, compared to $11.6 million for the year ended December 31, 2024. This decrease was primarily due to decrease in development services in the U.S. in 2025 compared to 2024 following the decision to no longer provide services to third parties in the U.S. Project management services expense, primarily related to salaries, rose during the year commensurate to the increase in number of projects we operate.

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*Depreciation and amortization expense*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br> December 31,** | **Year Ended<br> December 31,** | **Period-over-Period Change** | **Period-over-Period Change** |
|  | **2025** | **2024** | **Dollar** | **Percentage** |
|  | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** |
| Depreciation and amortization expenses | $149922 | $108889 | $41033 | 38% |

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Depreciation and amortization expense increased by $41.0 million, or 38%, to $149.9 million for the year ended December 31, 2025, compared to $108.9 million for the year ended December 31, 2024. The increase in depreciation and amortization expense was primarily driven by the addition of new projects in the U.S., Europe and MENA as mentioned in the revenues section above.

*General and administrative expenses*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br> December 31,** | **Year Ended<br> December 31,** | **Period-over-Period Change** | **Period-over-Period Change** |
|  | **2025** | **2024** | **Dollar** | **Percentage** |
|  | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** |
| General and administrative expenses<br>| $57955 | $38847 | $19108 | 33% |

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General and administrative expenses increased by $19.1 million, or 33%, to $58.0 million for the year ended December 31, 2025, compared to $38.9 million for the year ended December 31, 2024. The increase was primarily driven by a $15 million increase in employee salaries and benefits resulting from the hiring of additional personnel in the ordinary course of business, and a $4.1 million increase in advisory fees related to the global expansion of our business.

*Development expenses*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br> December 31,** | **Year Ended<br> December 31,** | **Period-over-Period Change** | **Period-over-Period Change** |
|  | **2025** | **2024** | **Dollar** | **Percentage** |
|  | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** |
| Development expenses<br>| $12190 | $11601 | $589 | 5% |

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Development expenses increased by $0.6 million, or 5%, to $12.1 million for the year ended December 31, 2025, compared to $11.6 million for the year ended December 31, 2024. The increase was primarily driven by the increase in development projects in all geographies.

*Gains from projects disposals*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br> December 31,** | **Year Ended<br> December 31,** | **Period-over-Period Change** | **Period-over-Period Change** |
|  | **2025** | **2024** | **Dollar** | **Percentage** |
|  | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** |
| Projects disposals | $96431 | $601 | $95830 | NM |

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Gains from projects disposals increased by $95.8 million to $96.4 million for the year ended December 31, 2025, compared to $0.6 million for the year ended December 31, 2024. In 2025, we sold 44% of the Sunlight cluster of renewable energy projects in Israel for a total gain of $96 million.

*Other income, net*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br> December 31,** | **Year Ended<br> December 31,** | **Period-over-Period Change** | **Period-over-Period Change** |
|  | **2025** | **2024** | **Dollar** | **Percentage** |
|  | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** |
| Other income, net&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | $7931 | $16172 | $(8241) | (51)% |

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Other income decreased by $8.2 million, or 51%, to $7.9 million for the year ended December 31, 2025, compared to $16.2 million for the year ended December 31, 2024. The decrease can be primarily explained as a return to normalized levels of other income compared to 2024, which was positively impacted by the write-off of the Clenera earnout. (For more information, see "—Components of Our Results of Operations—Other Income.") In 2025, we recognized $15 million of LDs, of which $12.5 million was paid by Siemens Gamesa in connection with lower performance of turbines at project Björnberget. In 2024, we recognized $13 million of LDs.

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*Finance Income / (Expense)*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br> December 31,** | **Year Ended<br> December 31,** | **Period-over-Period Change** | **Period-over-Period Change** |
|  | **2025** | **2024** | **Dollar** | **Percentage** |
|  | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** |
| Finance income&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | $**40851** | $20439 | $20412 | 100% |
| Finance expense&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **(164730**) | (107844) | (56886) | 53% |
| Total Finance Expense&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | $**(123879**) | $(87405) | $(36474) | 42% |

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Finance income was $40.9 million for the year ended December 31, 2025, an increase of 100% compared to $20.4 million for the year ended December 31, 2024. Finance expense was $164.7 million for the year ended December 31, 2025, an increase of 53% compared to $107.8 million for the year ended December 31, 2024. The increase in finance income is primarily due to income from hedging transactions. The increase in finance expense resulted primarily from the commissioning of new projects, which resulted in the first-time recognition of interest payments for their debt on the Income Statement. New projects in the U.S. also generated financial expenses through the tax benefit partnership structure. Our higher level of indebtedness also resulted in higher levels of interest expense.

#### Non-IFRS Financial Measures
In addition to our financial results reported in accordance with IFRS, we believe that Adjusted EBITDA, which is a non-IFRS financial measure, is useful in evaluating the performance of our business. See tables below for a discussion regarding our use of Adjusted EBITDA, including its limitations, and a reconciliation to the most directly comparable IFRS financial measure.

#### Adjusted EBITDA
We define Adjusted EBITDA as net income (loss) plus depreciation and amortization, share based compensation, finance expenses, taxes on income and share in losses of equity accounted investees and minus finance income, gains from projects disposals and non-recurring portions of other income, net. For the purposes of calculating Adjusted EBITDA, compensation for inadequate performance of goods and services procured by the Company are included in other income, net. Compensation for inadequate performance of goods and services reflects the profits the Company would have generated under regular operating conditions and is therefore included in Adjusted EBITDA. With respect to gains (losses) from asset disposals, as part of our strategy to accelerate growth and reduce the need for equity financing, the Company sells parts of or the entirety of selected renewable project assets from time to time, and therefore includes realized gains or losses from these asset disposals in Adjusted EBITDA. In the case of partial assets disposals, Adjusted EBITDA includes only the actual consideration less the book value of the assets sold. Our management believes Adjusted EBITDA is indicative of operational performance and ongoing profitability and uses Adjusted EBITDA to evaluate the operating performance and for planning and forecasting purposes.

Non-IFRS financial measures have limitations as analytical tools and should not be considered in isolation or as substitutes for financial information presented under IFRS. There are a number of limitations related to the use of non-IFRS financial measures versus comparable financial measures determined under IFRS. For example, other companies in our industry may calculate the non-IFRS financial measures that we use differently or may use other measures to evaluate their performance. All of these limitations could reduce the usefulness of our non-IFRS financial measures as analytical tools. Investors are encouraged to review the related IFRS financial measure, Net Income, and the reconciliations of Adjusted EBITDA provided below to Net Income and not to rely on any single financial measure to evaluate our business performance.

------

The following table sets forth our Adjusted EBITDA for the years ended December 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended<br> December 31,** | **Year Ended<br> December 31,** | **Period-over-Period Change** | **Period-over-Period Change** |
|  | **2025** | **2024** | **Dollar** | **Percentage** |
|  | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** |
| Adjusted EBITDA&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | $437973 | $289115 | $148858 | 51% |

---

The following table provides a reconciliation of adjusted EBITDA to net income for the periods indicated:

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
|  | **2025** | **2024** |
|  | **(in thousands)** | **(in thousands)** |
| **Net Income** | $160702 | $66505 |
| Depreciation and amortization | 149922 | 108889 |
| Share based compensation | 10470 | 8360 |
| Finance income | (40851) | (20439) |
| Finance expenses | 164730 | 107844 |
| Gains from projects disposals\* | (54597) | - |
| Non-recurring other income, net \*\*,\*\*\*<br>| - | (3669) |
| Share of losses of equity accounted investees | 3722 | 3350 |
| Taxes on income | 43875 | 18275 |
| **Adjusted EBITDA** | $**437973** | $**289115** |

---

\*Profit from revaluation linked to partial sale of asset

\*\* Recognition of income related to lower earn-out payments offset by a revaluation in the value of financial assets

\*\*\*For the purposes of calculating Adjusted EBITDA, includes compensation (also known as liquidated damages or LDs) for inadequate performance of goods and services procured by the Company are included in other income, net.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Liquidity and Capital Resources** 

#### Overview
We filed a shelf prospectus (the "Shelf Prospectus") with the Israel Securities Authority on August 27, 2024. The Shelf Prospectus allows the Company to raise funds in Israel from time-to-time at the discretion of the Company through the offering and sale of various securities including debt and equity. Any offering of these securities will be made pursuant to filing a supplemental shelf offering report which will describe the terms of the securities being offered and the specific terms of the offering. Pursuant to a shelf offering report dated February 26, 2025, we offered and sold NIS 468,784,000 (or approximately $131.9 million) Series G Debentures (as defined below) and NIS 414,847,000 (or approximately $116.7 million) Series H Debentures (as defined below), raising total gross proceeds of approximately NIS 455.2 million (or approximately $128.1 million) and NIS 414.8 million (or approximately $116.7 million), respectively. See "—Holding Company—Level Debt Overview—Debentures (Series G)" and "—Holding Company—Level Debt Overview—Debentures (Series H)." The net proceeds from the offering are being used for investments in its large-scale portfolio in the United States, Europe and MENA, and for other general corporate purposes. As of the date of this Annual Report, the Company has not made any decision as to the offering of any additional securities, nor as to the scope, terms or timing of any such offering, and there is no certainty that such an offering will be made. Any such offering would comply with the registration requirements of the Securities Act and any applicable U.S. state securities laws, or utilize an applicable exemption from either or both, as the case may be.

Managing our liquidity and capital resources efficiently and productively is critical to the success of our business. Our projects, by their nature, are long-term infrastructure assets that require significant, upfront investment to capitalize on the inherently-free costs of wind and sunlight and generate high margins during operations. As a result, we have structured our liquidity and capital resources to (i) optimize low cost project finance to reduce equity capital requirements during construction and long-term ownership, (ii) utilize an efficient syndication of project level equity to various institutional partners in order to reduce our equity capital requirements, and (iii) leverage our deep access to the Israeli financial markets to source a wide range of corporate finance, including corporate bonds, convertible bonds, corporate credit facilities, letters of credit facilities and equity capital, at a competitive cost. We are rated A2 il stable by Midroog, Moody's Israeli subsidiary, and A il stable by Maalot, a subsidiary of S&P Global, which enables us to raise capital in Israel at an attractive cost. As we accelerate our activity in the United States through Clenera and our overall business grows, we believe access to the U.S. capital market will be a key source of capital for our future operations. Our liquidity and capital requirements mostly relate to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• constructing our projects (including equipment costs, EPC
 costs and other construction costs);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• project origination initiatives to produce Mature Projects
 (including development expenditures, security deposits, letters of credit, equipment deposits and acquisitions of companies and/or project);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general and administrative expenses and other overhead costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liquidity reserve for unforeseen events; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other growth-related investment opportunities.

We believe that our existing cash and cash equivalents and short-term bank deposits, together with cash flow from operations, and funds from expected future financing agreements, will be sufficient to support our liquidity and capital requirements for at least the next 12 months from the date of this Annual Report. Our future capital requirements will depend on many factors, including our total revenues and income growth, the timing and extent of our conversion of Development Projects and Advanced Development Projects into Operational Projects to support such growth, the expansion of sales and marketing activities, increases in general and administrative costs and many other factors, including those described elsewhere in this section under "—Key Factors Affecting Our Performance" and under Item 3.D. "Risk Factors." We may, in the future, enter into additional arrangements to acquire or invest in complementary businesses, which could increase our cash requirements.

We may be required to seek additional equity or debt financing. In the event we require additional financing, we may not be able to raise such financing on terms acceptable to us or at all. In particular, the inflation and rising interest rates across the global economy have resulted in, and may continue to result in, significant disruption of global financial markets, which may reduce our ability to access capital. If we are unable to raise additional capital when required or generate cash flows necessary to expand our operations and invest in continued innovation, we may not be able to compete successfully, which would adversely affect our business, financial condition and results of operations.

------

#### Financing the construction of our projects
Our projects are long-term infrastructure assets that require significant upfront investment but minimal ongoing capital investments and expenses due to the inherently-free costs of wind and sunlight allowing for the generation of high margins throughout their useful life. We have historically financed each project individually through a combination of project finance and equity. From time to time, we also procure equipment and other materials on behalf of projects prior to securing project finance and equity commitments in order to mitigate issues caused by supply chain disruptions. As of December 31, 2025, we had approximately $680 million in contractual obligations related to such procurement.

*Project finance*

We utilize project finance to fund a significant portion of the construction costs of our projects. Project finance typically accounts for approximately 70% to 100% of total project costs, depending on the other financing sources that are available for a given project (i.e. long-term loans or tax equity partnerships). When structuring project finance, we evaluate our alternatives holistically. We focus on several objectives, including maximizing project equity returns, reducing the overall equity requirement for the project, minimizing the cost of finance and maintaining operational flexibility. Project finance providers typically look to PPA quality when negotiating loan terms. As such, a loan's interest rate and debt amortization correlate to contract duration and offtaker credit rating. In certain instances, we may elect to borrow less from project finance providers in order to maximize project equity returns. For example, for project Gecama in Spain, we secured non-recourse project finance, which only funded approximately 50% of the total project costs but enabled us to pursue the Merchant Model which, based on electricity prices in Spain as of the date of this Annual Report, continues to generate equity returns significantly higher than the projections we used when planning the project.

As of December 31, 2025, we had raised approximately $4.3 billion in project financing since our founding and had approximately $3.7 billion of project finance debt outstanding. Our project finance debt, with an average duration of approximately 10 years<sup>1</sup>, has been secured at an all-in weighted average interest rate of 4%, of which 88% is fixed-rate. A major portion of our project finance debt in Israel, approximately $820 million as of December 31, 2025, is indexed to the Israeli Consumer Price Index. The inflationary impact on the principal balance of our Israeli project finance debt is offset through our PPAs in Israel, which are also all indexed to the Israeli Consumer Price Index.

In Europe and in Israel, our project finance arrangements are largely structured as non-recourse bank loans at the project level with some minor exceptions during the construction period. We secure these loans from a wide range of banks operating in the geography in which the project is based. We have borrowed from over 40 different financial institutions, highlighting our deep network of banking relationships across our target markets. Principal amortization and interest payments under these debt financings are generally due either on a quarterly or semi-annual basis, and the project-level borrowers are subject to various fees payable to the lenders and their agents under the relevant financing documents, including annual agency fees and quarterly commitment fees that generally are calculated as a percentage of the outstanding loan or letter of credit commitments, as applicable. As part of the Solar and Storage financing, we have entered into a definitive construction facility agreement with Bank Hapoalim. The facility will be used to finance the ongoing construction of the solar & storage cluster in Israel. MEAG Infrastructure Debt Transactions led a $310 Million financing for the construction of the hybridization of the Gecama project in Spain to include a battery energy storage facility, and the refinancing of the current operational Gecama wind project. The European Bank for Reconstruction and Development and the Erste Group Bank AG provided a $95 million financing package for the construction of the Pupin wind project in Serbia. Raiffeisen Bank granted a $42 million senior project financing facility for the construction of the Tapolca solar project in Hungary and the recycling of excess equity in AC/DC project in Hungary.

In Europe, voluntary prepayment of the loans is generally permissible, in whole or in part and without premium or penalty (other than customary interest period breakage costs). In Israel, voluntary prepayment triggers a make-whole payment. The projects may have to make mandatory prepayments in certain circumstances as well, such as if the projects fail to satisfy the conditions required to permit distribution of certain project revenues and income over certain periods of time. Projects are permitted to make distributions from project revenues and income only if certain requirements are satisfied, including satisfaction of a specified debt service coverage ratio over a specified period of time, which is the ratio of operating cash available for debt service after payment of operating expenses to the project's debt service obligations. Furthermore, these project financings contain customary covenants that, among other things and subject to certain exceptions, restrict the project-level borrower's ability to incur new debt or guarantee the debt of others, grant liens, sell or lease certain assets, transfer direct equity interests, dissolve, make distributions and change its business. The financing agreements for these project financings also generally contain default and related acceleration provisions with contractual cure rights relating to, among other things, the failure to make required payments or to observe other covenants in the financing agreement and related documents, defaults by the relevant project company or by other parties under specified agreements relating to the project or the financing documents, the termination of certain specified agreements, and certain bankruptcy-related events, subject to certain exceptions and cure periods. Certain changes in the upstream ownership or control of the project-level borrower without lender consent may also cause a default under these project financings.

------

<sup>1</sup> Based on our debt's full term structured amortization, excluding mini-perm. When accounting for mini-perm repayments, the average duration of our project finance debt is 7 years.

------

In the United States, we entered into definitive construction financing agreements related to Snowflake A project with a consortium of six lenders including Wells Fargo Bank, N.A., which will be used to finance the construction of the project. The financing will convert into a $811 million term loan provided by the consortium, with the tax equity bridge loan expected to be repaid with tax equity proceeds. We entered into definitive construction financing agreements related to Country Acres project with a consortium of four leading global banks including BNP Paribas Securities Corp, which will be used to finance the construction of the project. Upon project Country Acres' commercial operation, part of the construction loan is expected to convert into a $376 million term loan with the rest of the construction loans expected to be repaid with tax equity. We have also secured a definitive construction financing agreements related to Quail Ranch project with a consortium of four leading global banks including BNP Paribas Securities Corp, which will be used to finance the construction of the project. Upon Quail Ranch's COD, part of the construction loan is expected to convert into a $120 million term loan with the rest of the construction loans expected to be repaid with tax equity. Historically, permanent project finance in the United States has been provided through a combination of tax equity and back leverage, which are generally funded by two different capital providers. Given the geographic composition of our portfolio and its high solar irradiance profile (91% of our Mature Projects portfolio and 62% of our total portfolio in the United States as of February 16, 2026 was located in the Western United States), we envision that many of our projects will opt to claim PTCs rather than ITCs. This will enable us to raise a greater quantum of tax equity to fund the construction of our projects, reaching 45% to 55% of total project costs. Moreover, the transferability provisions of the Inflation Reduction Act may enable us to eliminate the need for tax equity and replace it with cheaper long-term bank financing. We expect that the utilization of PTCs and the potential elimination of tax equity investment may both significantly reduce the equity requirement for our Mature Projects in the United States and reduce transaction costs.

*Project equity*

In general, we utilize project equity to fund the residual 0% to 30% of the total project costs. In certain of our projects, we partner with other investors who take a certain minority equity stake in the project and provide their pro rata share of the equity financing, reducing the size of the equity financing required from us. We also benefit from management fees and promote payments from our partners. For future projects, particularly for those in the United States where there are currently no minority shareholders, we intend to fund a portion of project costs through sale of minority stakes to investors. Our strategy is to remain the controlling shareholder of our projects.

In order to finance our project equity requirement, we utilize holding company level equity and debt offerings. As of March 15, 2026, we had raised $2.6 billion in the Israeli and U.S. capital markets through a mixture of corporate bonds and convertible bonds and equity. As of the date of this Annual Report, we have approximately $925 million of corporate and convertible bonds outstanding with a weighted average duration of approximately 2.9 years, at a weighted average effective interest rate of 4.9%. As we accelerate our activity in the United States through Clenera and our overall business grows, we believe the U.S. capital market will be a key source of capital going forward. Moreover, as cash flow from our Operational Projects increases, we believe we will have more flexibility to determine if we would like to fund our project equity requirement using holding company level debt or equity offerings, cash on our balance sheet, or a combination of both.

#### Financing our project origination initiatives, corporate overhead and holding company board repayments
We fund our day-to-day operations, including our general and administrative expenses, our development expenses and our repayment of holding company bonds, through a combination of cash flows from our Operational Projects coupled with holding company level equity and debt offerings. As the cash flow from our Operational Projects increases, we will have more flexibility to determine whether to fund our ongoing operations using holding company level debt or equity offerings, cash on our balance sheet, or a combination of both. In our opinion, our cash and facilities are sufficient to meet our present working capital requirements.

------

#### Holding company level debt overview
*Debentures*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Series** | **Debt Outstanding<br> as of December 31, 2025 (USD in millions)\*** | **Effective** <br> **interest rate** | **Effective**<br> **interest rate**<br> **debt** <br> **component <br> only** | **Indexation** | **Bond rating<br> as of**<br>**December 31,** <br> **2025\*\*** | **Duration** <br> (Years) |
| C  | $156 | 1.62% | 3.31% |  | A2 il stable/ Ail stable | 2.46 |
| D  | $336 | 5.30% | 5.30% |  | A2 il stable/ Ail stable | 2.40 |
| F  | $174 | 4.40% | 4.40% |  | A2 il stable/ Ail stable | 0.47 |
| G  | $142 | 5.78% | 5.78% |  | A2 il stable/ Ail stable | 5.23 |
| H  | $118 | 4.23% | 5.79% |  | A2 il stable/ Ail stable | 5.82 |

---

\* Based on the exchange rate reported by the Bank of Israel on December 31, 2025, which was NIS 3.190 to $1.00.

\*\* We are rated A2 il stable by Midroog, Moody's Israeli subsidiary, and A il stable by Maalot, a subsidiary of S&P Global

*Debentures (Series F)*

In June 2019, April 2020, August 2020 and September 2023, we issued NIS 222,000,000 (or approximately $61.2 million), NIS 101,010,101 (or approximately $27.8 million), NIS 234,860,000 (or approximately $64.8 million) and NIS 335,182,000 (or approximately $92.4 million) par value of debentures, respectively (the "Series F Debentures"). The Series F Debentures were issued under certain terms, including, but not limited to, the following terms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Series F Debentures are not linked to index or currency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Series F Debentures are repayable in seven payments, including six annual payments,
 each at a rate of 8.0% of the principal amount and an additional payment at a rate of 52.0% of the principal amount, which will be paid
 on September 1, 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Series F Debentures bear a fixed annual interest to be paid semi-annually, in March
 and September of each of the years 2019 to 2026 (inclusive). The Series F Debentures weighted average effective interest rate is approximately
 4.4%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Series F Debentures are not secured by any collateral or other security; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• so long as the Series F Debentures remain outstanding, we are required to meet the following
 financial covenants:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• equity according to our financial statements (audited or reviewed) will not be less than
 NIS 375 million (approximately $103.4 million);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ratio between standalone net financial debt and net cap will not exceed 70% during
 two consecutive financial statements (audited or reviewed);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should standalone net financial debt exceed NIS 10 million (approximately $2.8 million),
 the ratio of net financial debt (consolidated) to EBITDA (as defined in the indenture) as of the calculation date (if any) will not exceed
 18 during more than two consecutive financial statements (audited or reviewed);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the equity to total balance sheet ratio in our standalone reports will be no less than
 20% during two consecutive financial statements (audited or reviewed);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we will not create and/or will not agree to create, in favor of any third party whatsoever,
 a floating charge of any priority on all of its assets, i.e., a general floating charge, to secure any debt or obligation whatsoever;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we will not perform any distribution except subject to the cumulative conditions specified in the trust deed of the debentures.

As of December 31, 2025, the remaining principal balance for payment in respect of the Series F Debentures was approximately $174.6 million.

------

*Debentures (Series C)*

In July 2021 and March 2022, respectively, we issued NIS 367,220,000 (or approximately $101.2 million) and NIS 164,363,000 (or approximately $45.3 million) par value of debentures, respectively (the "Series C Debentures"). The Series C Debentures were issued under certain terms, including, but not limited to, the following terms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Series C Debentures are not linked to index or currency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Series C Debentures are repayable in a single payment on September 1, 2028;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Series C Debentures weighted average interest rate and effective interest rate is
 approximately 1.5% and 3.31%, respectively. The effective interest rate takes into account the embedded value of the equity component
 of the convertible debentures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the unpaid principal balance of the Series C Debentures is convertible into ordinary
 shares, according to the following schedule: from the date of listing of the Series C Debentures on the TASE and until December 31, 2023,
 each NIS 90 (or approximately $25) par value of the Series C Debentures will be convertible into one of our ordinary shares. By December
 31, 2023, NIS 80,570 par value of Series C Debentures were converted to 895 ordinary shares; and (ii) from January 1, 2024 to August 22,
 2028, each NIS 240 (or approximately $66.2) par value of the Series C Debentures will be convertible
 into one of our ordinary shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Series C Debentures is not secured by any collateral or other security; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• so long as the Series C Debentures remain outstanding, we are required to meet the following
 financial covenants:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• equity according to our financial statements (audited or reviewed) will not be less than
 NIS 1,250 million (approximately $344.6 million);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ratio between standalone net financial debt and net cap will not exceed 65% during
 two consecutive financial statements (audited or reviewed);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ratio of net financial debt (consolidated) to EBITDA (as defined in the indenture)
 as of the calculation date (if any) will not exceed 15 during more than two consecutive financial statements (audited or reviewed);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the equity to total balance sheet ratio in our standalone reports will be no less than
 25% during two consecutive financial statements (audited or reviewed);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we will not create and/or will not agree to create, in favor of any third party whatsoever,
 a floating charge of any priority on all of its assets, i.e., a general floating charge, to secure any debt or obligation whatsoever;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we will not perform any distribution except subject to the cumulative conditions specified in the trust deed of the debentures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mechanism was determined to adjust the interest rate due to a deviation
 from the financial covenants and due to a change in the rating or discontinuation of it. The total interest rate increases will not exceed
 more than 1.25% above the interest rate which was determined in the first offering report of the debentures.

As of December 31, 2025, the remaining principal balance for payment in respect of the Series C Debentures was approximately $166.6 million.

------

*Debentures (Series D)*

In July 2021, we issued NIS 385,970,000 (or approximately $106.4 million) par value debentures (the "Series D Debentures"), and in October and November 2024 we have expanded that series by issuing additional Series D Debentures in amounts of NIS 591,016,000 (or approximately $156.6 million) and NIS 200,000,000 (or approximately $54.7 million), respectively. The Series D Debentures were issued under certain terms, including, but not limited to, the following terms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Series D Debentures are not linked to index or currency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Series D Debentures are repayable in two payments, each at a rate of 50% of the principal
 amount, on September 1, 2027 and 2029;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Series D Debentures bear a fixed annual interest of 1.5%, to be paid semi-annually,
 in March and September of each of the years 2021 to 2029 (inclusive);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Series D Debentures effective interest rate is approximately 5.3%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Series D Debentures is not secured by any collateral or other security; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• so long as the Series D Debentures remain outstanding, we are required to meet the following
 financial covenants:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• equity according to our financial statements (audited or reviewed) will not be less than
 NIS 1,250 million (approximately $344.6 million);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ratio between standalone net financial debt and net cap will not exceed 65% during
 two consecutive financial statements (audited or reviewed);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ratio of net financial debt (consolidated) to EBITDA (as defined in the indenture)
 as of the calculation date (if any) will not exceed 15 during more than two consecutive financial statements (audited or reviewed);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the equity to total balance sheet ratio in our standalone reports will be no less than
 25% during two consecutive financial statements (audited or reviewed);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we will not create and/or will not agree to create, in favor of any third party whatsoever,
 a floating charge of any priority on all of its assets, i.e., a general floating charge, to secure any debt or obligation whatsoever;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we will not perform any distribution except subject to the cumulative conditions specified
 in the trust deed of the debentures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mechanism was determined to adjust the interest rate due to a deviation
 from the financial covenants and due to a change in the rating or discontinuation of it. The total interest rate increases will not exceed
 more than 1.25% above the interest rate which was determined in the first offering report of the debentures.

------

As of December 31, 2025, the remaining principal balance for payment in respect of the Series D Debentures was approximately $369 million.

*Debentures (Series G)*

In February 2025, we issued NIS 468,784,000 (or approximately $131.1 million) par value debentures (the "Series G Debentures"). The Series G Debentures were issued under certain terms, including, but not limited to, the following terms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Series G Debentures are not linked to index or currency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Series G Debentures are repayable in four annual payments, each at the rate of 25%
 of the principal of the Series G Debentures, which will be paid on September 1 of each of the years 2030 through 2033 (inclusive);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Series G Debentures bear a fixed annual interest of 5%, to be paid semi-annually,
 in March and September of each of the years 2025 to 2033 (inclusive), starting on September 1, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Series G Debentures is not secured by any collateral or other security; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• so long as the Series G Debentures remain outstanding, we are required to meet the following
 financial covenants:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• equity will not be less than $600 million during two consecutive financial statements
 (audited or reviewed);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ratio between standalone net financial debt and net cap will not exceed 65% during
 two consecutive financial statements (audited or reviewed);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ratio of net financial debt (consolidated) to EBITDA (as defined in the indenture)
 as of the calculation date (if any) will not exceed 17 during two consecutive financial statements (audited or reviewed); The
 debt attributed to the projects during the construction stage (including senior debt and mezzanine non-recourse loans) will not be included
 in that calculation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the equity to total balance sheet ratio in our standalone reports will be no less than
 28% during two consecutive financial statements (audited or reviewed);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we will not create and/or will not agree to create, in favor of any third party whatsoever,
 a floating charge of any priority on all of its assets, i.e., a general floating charge, to secure any debt or obligation whatsoever;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we will not perform any distribution except subject to the cumulative conditions
 specified in the trust deed of the debentures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mechanism was determined for adjusting the interest rate due to a deviation
 from the financial covenants and due to a change in the rating or discontinuation of it. The total interest rate increases will not exceed
 more than 1% above the interest rate which was determined in the first offering report of the debentures.

As of December 31, 2025, the remaining principal balance for payment in respect of the Series G Debentures was approximately $147 million.

*Debentures (Series H)*

In February 2025, we issued NIS 414,847,000 (or approximately $116.7 million) par value debentures (the "Series H Debentures"). The Series H Debentures were issued under certain terms, including, but not limited to, the following terms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Series H Debentures are not linked to index or currency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Series H Debentures are repayable in four annual payments, each at the rate of 25%
 of the principal of the Series H Debentures, which will be paid on September 1 of each of the years 2030 through 2033 (inclusive);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Series H Debentures bear a fixed annual interest of 4%, to be paid semi-annually,
 in March and September of each of the years 2025 to 2033 (inclusive), starting on September 1, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the unpaid principal balance of the Series H Debentures is convertible into ordinary
 shares, according to the following schedule: from the date of listing of the Series H Debentures on the TASE and until August 31, 2027,
 each NIS 80 (or approximately $22.50) par value of the Series H Debentures will be convertible into one of our ordinary shares and (ii)
 from September 1, 2027 to August 22, 2033, each NIS 1000 (or approximately $281.32) par value of the Series H Debentures will be convertible
 into one of our ordinary shares;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Series H Debentures is not secured by any collateral or other security; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• so long as the Series H Debentures remain outstanding, we are required to meet the following
 financial covenants:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• equity will not be less than $600 million during two consecutive financial statements
 (audited or reviewed);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ratio between standalone net financial debt and net cap will not exceed 65% during
 two consecutive financial statements (audited or reviewed);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ratio of net financial debt (consolidated) to EBITDA (as defined in the indenture)
 as of the calculation date (if any) will not exceed 17 during two consecutive financial statements (audited or reviewed);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the equity to total balance sheet ratio in our standalone reports will be no less than
 28% during two consecutive financial statements (audited or reviewed);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we will not create and/or will not agree to create, in favour of any third party whatsoever,
 a floating charge of any priority on all of its assets, i.e., a general floating charge, to secure any debt or obligation whatsoever;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we will not perform any distribution except
 subject to the cumulative conditions specified in the trust deed of the debentures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mechanism was determined for adjusting the interest rate due to a deviation from the
 financial covenants and due to a change in the rating or discontinuation of it. The total interest rate increases will not exceed more
 than 1% above the interest rate which was determined in the first offering report of the debentures.

During 2025 NIS 2,652,981 par value of Series C converted into 33,162 ordinary shares of the Company.

As of December 31, 2025, the remaining principal balance for payment in respect of the Series H Debentures was approximately $129.2 million.

For more information regarding our debentures, see Note 13 to our consolidated financial statements included elsewhere in this Annual Report.

#### Credit facilities
In July 2021, we entered into credit agreements (the "Credit Agreements," each as amended) with Bank Hapoalim Ltd. with borrowing capacity up to approximately $74 million available for borrowing and with Bank Leumi Le-Israel Ltd. (together with Bank Hapoalim Ltd., the "Lenders") with borrowing capacity up to approximately $43 million (the "Credit Facilities"). As of the date of this Annual Report, we have drawn a total of approximately $117 million under the Credit Facilities to fund capital expenditures and development of our existing projects in the United States as well as future acquisitions and investments in the United States.

The Credit Facilities include certain terms, including, but not limited to, the following terms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the facility period shall be 18 months following the date of provision of credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• repayment of principal will be made in one payment, 60 months after the date of provision
 of credit. The interest will be paid on a quarterly basis; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• so long as the Credit Facilities remain outstanding, we are required to meet the following
 covenants:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to submit routine and standard reports to the Lenders;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to maintain a rating of Baa3.il, or a corresponding rating, from one of the local rating
 agencies (Maalot or Midroog), or from one of the international rating agencies (Moody's and/or S&P);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to maintain a current negative pledge and a negative pledge in favour of the Lenders,
 in respect of proceeds which will be received by some of our subsidiaries, as defined in the Credit Agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to maintain our total equity, as defined in the Credit Agreements, above a total of NIS
 1.25 billion (or approximately $391.8 million);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ratio between standalone net financial debt and net cap will not exceed 65% during
 two consecutive quarters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the result obtained by dividing the net financial debt ratio by operating profit for
 debt service, on a consolidated basis, will not exceed 15 during two consecutive quarters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the equity to total balance sheet ratio, on a standalone basis in our separate financial
 information, as defined in the Credit Agreements, will not fall below 25 % during two consecutive
 quarters.

#### Revolving credit facilities
The Company maintains revolving credit facilities with several Israeli banks, under which the Company may draw an aggregate of up to $525 million. As of December 31, 2025, we had drawn $162 million from these facilities. As of the date of this Annual Report, we had $167 million outstanding liability under these facilities.

#### Mezzanine facility agreement
In August 2025, the Company, through its subsidiary, Clenera Holdings LLC, entered into a financing agreement with a consortium of lenders led by Bank Leumi Le-Israel B.M. The facility, comprised of three tranches, totaling $350 million has been and will continue to be used to finance the construction of various solar and energy storage projects in the US. The facilities are structured with an amortization tenor of 19 years and are to be fully repaid by June 30, 2032 (mini-perm), and bear interest at SOFR plus an annual margin of 2.7% to 3.2%. As of December 31, 2025, Clenera Holdings LLC had drawn $65 million of this facility.

#### Private placement
On August 22, 2025, we completed a private placement of 11,396,012 of our ordinary shares to several Israeli institutional investors for an aggregate consideration of approximately NIS 1 billion (or approximately $295.86 million based on the BOI Exchange Rate). Each ordinary share was sold at a price of NIS 87.75 (or approximately $25.96 based on the BOI Exchange Rate), reflecting a discount of approximately 5% from the closing price of our ordinary shares on August 18, 2025, the most recent trading day on the TASE prior to the consummation of the private placement. We used the proceeds from this private placement for project equity financing, construction and development of our projects, working capital purposes and general corporate purposes.

On February 19, 2026, we completed the 2026 Private Placement, accepting commitments from several Israeli institutional investors to buy 6,002,416 of the Company's ordinary shares, NIS 0.1 par value per share, at an offering price of NIS 220 per share, reflecting a discount of approximately 6% from the closing price of our ordinary shares on February 18, 2026. The aggregate gross consideration amounted to NIS 1,320,531,520. We intend to use the net proceeds from the 2026 Private Placement to our strategic growth plan across geographies, while strengthening our balance sheet.

------

#### Sources of liquidity
The following table summarizes our cash flows for the periods presented:

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** |
|  | **2025** | **2024 (\*)** |
|  | **(in millions**) | **(in millions**) |
| **Net cash provided by operating activities&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**  | $282.6 | $255.3 |
| **Cash from financing activities** |  |  |
| Project level finance net of repayments&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | 1278.6 | 240.0 |
| Project level tax equity&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | 426.9 | 410.0 |
| Interest Paid (\*)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | (86.9) | (74.9) |
| Project level cash from equity partners net of distributions&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | (30.5) | (28.0) |
| Holding company debt issuance net of repayments&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | 78.3 | 151.9 |
| Issuance of convertible debentures&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | 114.7 | 0.0 |
| Holding company equity issuance&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | 290.7 | 0.0 |
| Deferred financing costs&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | (68.2) | (21.6) |
| Proceeds from investment in entities by non-controlling interest&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | 12.8 | 0.0 |
| Other&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | (10) | (6.0) |
| **Total Sources&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**  | $2006.5 | $671.1 |
| **Net cash used in investing activities** |  |  |
| Capital Expenditures and acquisition expenses&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | $(2195.7) | $(941.3) |
| Short term investments&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | 0.0 | (0.1) |
| Interest receipts (\*) | 14.8 | 12.7 |
| **Total Uses&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**  | (2180.9) | (928.7) |
| **Net change in cash&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**  | $108.2 | $(2.3) |

---

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** |
|  | **2025** | **2024(\*)** |
|  | **(in thousands**) | **(in thousands**) |
| Net cash provided by operating activities&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | $282648 | $255279 |
| Cash used in investing activities&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | (2180883) | (928683) |
| Cash generated from financing activities&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | 2006479 | 671096 |

---

(\*) In 2025, we elected to modify the classification of certain items within our Consolidated Statements of Cash Flows. Interest paid, including payments on interest rate swaps, is now presented within Financing Activities, while interest received is presented within Investing Activities. We believe this change provides a more comprehensive view of our financing costs and better reflects the underlying economic substance of these cash flows. Previously, these items were included in Cash Flows from Operating Activities. For detailed information, see Note 2C to our consolidated financial statements included elsewhere in this Annual Report.

------

 *Operating activities*

Our primary source of operating cash is cash received from the sale of electricity largely through offtake contracts and sales of Green certificates. Our primary uses of operating cash are amounts due to vendors related to the operation and maintenance of our renewable energy projects, as well as our general and administrative expenses.

For the year ended December 31, 2025, net cash provided by operating activities of $282.6 million was attributable to a net income of $160.7 million, adjusted by net, non-cash charges of $145.7 million, a net decrease in working capital of $9.5 million and tax payment of $14.3 million. The non-cash charges consisted primarily of depreciation and amortization in the amount of $150 million, taxes on income in the amount of $43.9 million, finance expenses, net in the amount of $118.7 million, other income, net in the amount of $4.9 million, tax benefits in the amount of $89.4 million, share-based payments in the amount of $10.5 million and Gains from projects disposals in the amount of $96.4 million.

For the year ended December 31, 2024, net cash provided by operating activities of $255.3 million was attributable to a net income of $66.5 million, adjusted by net, non-cash charges of $196.6 million, a net increase in working capital of $3.4 million, income tax payment of $11.2 million. The non-cash charges consisted primarily of depreciation and amortization in the amount of $108.9 million, taxes on income in the amount of $18.3 million, finance expenses, net in the amount of $83.6 million, other income, net in the amount of $5.0 million, tax benefits in the amount of $20.9 million and share-based payments in the amount of $8.4 million.

*Investing Activities*

Our investing activities primarily consist of capital expenditures related to project acquisitions, the purchase of property, plant and equipment and changes in restricted cash and bank deposits related to our Mature Projects.

For the year ended December 31, 2025, net cash used in investing activities was $2,180.9 million, which was primarily related to project purchase, development and construction.

For the year ended December 31, 2024, net cash used in investing activities was $928.7 million, which was primarily related to project development and construction.

The increase in net cash used in investing activities for the year ended December 31, 2025, as compared to the year ended December 31, 2024, was primarily driven by an increase in project purchase, development and construction activities and Changes in restricted cash and bank deposits, net.

*Financing Activities*

Our financing activities primarily consist of issuance of non-recourse project finance debt, issuance of corporate bonds and equity and project equity from our various partners.

For the year ended December 31, 2025, net cash provided by financing activities was $2,006.5 million, which was primarily related to cash received from project-level financing net of repayments of $1,278.6 million and from project level tax equity partners of $426.9 million, distributions to our project equity partners net of cash received from them of $30.5 million, cash received from our holding company's debt issuances of $78.3 million and convertible debentures of $114.7 million, and $290.7 million holding company's equity issuance.

------

For the year ended December 31, 2024, net cash provided by financing activities was $671.1 million, which was primarily related to cash received from project-level financing net of repayments of $240 million and from project level tax equity partners of $410 million, distributions to our project equity partners net of cash received from them of $28 million and cash received from our holding company's debt issuances of $151.9 million.

The increase in net cash provided by financing activities for the year ended December 31, 2025, as compared to the year ended December 31, 2024, was primarily due to the level of financing activity in the last two years. In 2024 the Company raised debt in Israel along with financial closing (including long-term debt and tax equity partnerships as relevant) for projects in the U.S. and Israel in the amount of approximately $200. In 2025, we raised approximately $1,385 million through debt issuance in Israel (including convertible debentures), Holding company's equity issuance along with financial closing (including long-term debt and tax equity partnerships), for projects in the U.S., Europe and Israel '

*Earn-Out*

As part of the Clenera Acquisition, we agreed to pay the Earn-Out to the sellers subject to (a) certain projects developed by Clenera reaching 'placed in service' status by specific dates and (b) the retention of the co-founders until August 2024 (subject to certain additional conditions). If development is delayed and projects are placed in service late, the Earn-Out payments for such projects are reduced, and no Earn-Out payment shall be paid with respect to any project that is placed in service following December 31, 2025. In December 2022, we agreed to increase the Earn-Out for project Atrisco from $0.0135 per watt to $0.063 per watt, subject to a placed-in-service date by the end of 2024.

Moreover, we agreed to extend the long stop date for Earn-Out payments for only a small subset of projects until December 31, 2026.

As a consequence of Clenera not achieving pre-agreed development milestones, our liabilities in respect of the Earn-Out are no longer effective as of December 31, 2024. As a result, the total Earn-Out payment will be significantly lower than the originally agreed maximum amount of $232 million, and the total consideration for the Clenera Acquisition will be lower than originally anticipated.

In addition to the Earn-Out, the founders of Clenera retain an option to sell their remaining 9.9% ownership stake to us for up to $43 million (depending on the achievement of certain milestones and calculation of the final acquisition price), exercisable on the fifth anniversary of the consummation of the Clenera Acquisition, i.e. August 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Research and Development, Patents and Licenses, Etc.** 

We do not conduct research and development and have not had any research and development policies in place during the last three fiscal years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Trend Information** 

For information regarding changes in the global trade relations, including the imposition of tariffs, and the effects thereof on us, see Item 3.D. "Risk Factors—Risks Related to Government Regulation—We may be negatively affected by changes in the global trade relations including the imposition of tariffs, which could adversely affect our financial performance." For information regarding changes to regulations and incentives for renewable energy projects, see Item 3.D. "Risk Factors—Risks Related to Government Regulation—Our projects and the industry in which we operate are highly regulated and may be adversely affected by legislative or regulatory changes or a failure to comply with energy regulations," "—Government interventions in response to high energy prices may negatively impact total revenues and income or increase our tax burden," and "—Government regulations in the United States, Europe and globally, that currently provide incentives and subsidies for renewable energy, particularly the current production and investment tax credits, could change at any time." For information regarding the issuance of Series G Debentures and Series H Debentures that we issued in February 2025, see Item 5.B. "Liquidity and Capital Resources—Holding Company Level Debt Overview."

Other than the above and as disclosed elsewhere in this Annual Report, we are not aware of any trends, uncertainties, demands, commitments or events since December 31, 2025 that are reasonably likely to have a material effect on our total revenues and income, income, profitability, liquidity or capital resources, or that would cause our disclosed financial information to be not necessarily indicative of our future operating results or financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Critical Accounting Estimates** 

Our consolidated financial statements are prepared in conformity with IFRS, as issued by the IASB. In preparing our consolidated financial statements, we make judgements, estimates and assumptions about the application of our accounting policies which affect the reported amounts of assets, liabilities, total revenues and income and expenses. Our critical accounting judgements and sources of estimation uncertainty are described in Note 4 to our consolidated financial statements included elsewhere in this Annual Report.

------

#### Item 6. Directors, Senior Management and Employees
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Directors and Senior Management** 

The following table sets forth the name and position of each of our executive officers and directors as of March 15, 2026:

---

| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
| *Executive Officers* |  |  |
| Adi Leviatan | 49 | Chief Executive Officer |
| Nir Yehuda | 50 | Chief Financial Officer |
| Amit Paz | 59 | Chief Innovation Officer |
| Ilan Goren | 53 | General Manager, Enlight US |
| Ayelet Cohen Israeli | 58 | Vice President, Operations |
| Marko Liposcak | 49 | General Manager, Enlight EU |
| Lisa Haimovitz | 60 | Vice President, General Counsel |
| Meron Carr | 53 | Senior Vice President, Strategic Projects |
| Ziv Shor | 49 | General Manager, Projects Execution & Assets Management Division |
| Itay Banayan | 46 | Chief Corporate Development Officer |
| Gilad Doron | 51 | Vice President, Human Resources |
| Gilad Yavetz<sup>(3)</sup> | 55 | Executive Chairman of the Board |
| *Non Employee Directors* |  |  |
| Yair Seroussi<sup>(3)\*</sup> | 70 | Vice Chairman of the Board |
| Liat Benyamini<sup>(1)(2)(4)\*</sup> | 49 | Director |
| Michal Tzuk<sup>(2)(4)\*</sup> | 49 | Director |
| Alla Felder<sup>(4)\*</sup> | 52 | Director |
| Dr. Shai Weil<sup>(2)\*</sup> | 56 | Director |
| Yitzhak Betzalel<sup>(1)(2)\*</sup> | 60 | Director |
| Zvi Furman<sup>(1)(3)(4)\*</sup> | 77 | Director  |

---

<sup>(1)</sup> Member of the audit committee

<sup>(2)</sup> Member of the compensation committee

<sup>(3)</sup> Member of the nominating committee

<sup>(4)</sup> Member of the environmental, social and governance committee

\* Qualifies as independent under Nasdaq Marketplace Rules.

#### Executive Officers
**Adi Leviatan** joined Enlight's executive team in 2025 as Chief Executive Officer. Ms. Leviatan is a seasoned Fortune 100 executive with expertise in strategy and business development in the global arena, including in the industrial, energy and technology sectors in the U.S., China, Israel, Europe and Africa. Prior to joining Enlight, Ms. Leviatan held various senior executive positions at 3M (NYSE: MMM) from 2018 to December 2024, most recently as President of 3M's Abrasive Solutions Division, which is a global leader in engineered abrasive products and robotic system solutions to OEMs. Prior to 3M, Ms. Leviatan was a Partner at McKinsey & Company, where she served for 15 years providing strategic and operational counsel to the top management of diverse global corporations and public institutions around the world. Ms. Leviatan graduated summa cum laude from the Hebrew University with a B.A. in Economics and East Asian Studies.

**Nir Yehuda** joined our executive team in 2011 as the Chief Financial Officer. Mr. Yehuda possesses extensive experience in renewable energy and vast knowledge of accounting, tax and project finance. Prior to joining us, Mr. Yehuda served as a controller at Ormat Technologies Inc. (NYSE: ORA), an international public company operating in the field of geothermal energy. Mr. Yehuda holds an M.A. in Law from Bar-Ilan University and a B.A. in Economics, specializing in accounting, from Ben Gurion University. He is a public accountant, licensed by the Institute of Certified Public Accountants in Israel.

------

**Amit Paz** is a Co-founder and Chief Innovation Officer, leading the innovation in the Company. Prior to this position, Mr. Paz served as Senior Vice President of Engineering, Contracting and Procurement from 2008 until 2024, leading project design, engineering, equipment procurement and EPC contracts across our project portfolio. Mr. Paz brings decades of experience in renewable energy projects in Israel and abroad. Prior to our establishment, Mr. Paz served as VP Strategic Alliances of Baran Group Ltd. (TLV: BRAN), one of the largest engineering companies in Israel. Mr. Paz holds an M.B.A. from Reichman University and a B.Sc. in Civil Engineering from the Technion (Israel Institute of Technology).

**Ilan Goren** joined Enlight in 2012 and became a member of our executive team in 2018. Mr. Goren serves as General Manager of Enlight US, overseeing our investment activities and market expansion initiatives in the United States. Prior to his current position, Mr. Goren served as our Vice President of Global Project Development, Israel Business Development and Construction. Mr. Goren holds an M.B.A. from Reichman University and a B.Sc. in Industrial and Management Engineering from Tel Aviv University.

**Ayelet Cohen Israeli** joined our management team in 2021, serving as Vice President Operations. Prior to joining Enlight, Ms. Cohen Israeli served as the operations manager at CAL and prior to that she managed Pelephone's headquarters. Ms. Cohen Israeli holds a B.Sc in Industrial Engineering and Management from Ben Gurion University.

**Marko Liposcak** is serving as the General Manager of Enlight Europe. He joined Enlight's Business Development team in 2017 and has been leading the Company's business development activities in Europe since 2021. With over 15 years of experience in renewable energy, Mr. Liposcak's expertise and track record span management consulting, sales and business development. Prior to joining Enlight, Mr. Liposcak held various sales roles at GE Renewable Energy, refining his skills and knowledge in the field. Mr. Liposcak holds a degree in Power and Energy Engineering from the University of Zagreb.

**Lisa Haimovitz** joined our executive team in 2023 and serves as our Vice President General Counsel. Ms. Haimovitz has extensive experience in senior executive positions at leading global public companies. Prior to joining us, Ms. Haimovitz served as Vice President and Global General Counsel at Gazit Globe Ltd. and as Senior Vice President and Global General Counsel at ICL Ltd., where she led global teams and cross organizational processes and transactions. Ms. Haimovitz also served as senior officer at the Israel Securities Authority. Ms. Haimovitz holds an M.B.A. in Finance and Accounting from the Recanati School of Business Administration, Tel-Aviv University, and an LL.B. from Tel-Aviv University.

**Meron Carr** joined Enlight in 2011 and our executive team in 2013, serving as Vice President of Israel Project Development until April 2023. Currently, he serves as Senior Vice President of Strategic Projects. Prior to joining Enlight, Mr. Carr served as the Director of Programs at NICE Systems. Mr. Carr holds an M.B.A. from Reichman University and a B.Sc. in Electrical and Electronics Engineering from Tel Aviv University.

**Ziv Shor** joined our executive team in 2024 and serves as our General Manager, Projects Execution & Assets Management Division. Prior to joining us, Mr. Shor served as Country Manager at JLL Ltd. from 2018 until 2024. In addition to his role at our Company, Mr. Shor is a lecturer for Real Estate Entrepreneurship at Adelson School of Entrepreneurship at Reichman University, Israel. Mr. Shor holds an Executive M.B.A from the Recanati School of Business Administration, Tel Aviv University, and a B.Sc. in Mechanical Engineering from Tel Aviv University.

**Itay Banayan** joined our executive team in 2025 and serves as Chief Corporate Development Officer, leading the Corporate Finance, Investor Relations, and M&A units. Prior to joining Enlight, Mr. Banayan held various senior management roles with a focus on capital markets, business development, and M&A. Most recently, he served as Chief Business Development and Innovation Officer at Melisron (TASE: MLSR) from 2021 to 2025. Mr. Banayan holds an M.B.A. from the NYU Stern School of Business and a B.A. in Economics and Business Administration from the Hebrew University of Jerusalem, both earned with honors.

**Gilad Doron** joined our executive team in January 2026 and serves as Vice President Human Resources. Prior to joining Enlight, Mr. Doron held various senior human resource leadership roles from 2014 to 2025 at Intel, Orbotech and Amdocs. Most recently he served as the head of Global Talent Organization in Amdocs HR. Mr. Doron holds an M.A. in Organizational Psychology from Bar-Ilan University and a B.A. in Behavioral Science from Ben Gurion University.

**Gilad Yavetz** is Enlight's co-founder, and was appointed full-time Executive Chairman of the Board of Directors, effective October 2025. Prior to his appointment as Executive Chairman of the Board of Directors, Mr. Yavetz served as Chief Executive Officer since Enlight's inception in 2008. Prior to the establishment of Enlight, Mr. Yavetz served as a VP Marketing and Sales of BVR Systems (1998), a leading high-tech company that develops and provides real-time simulation and training systems to leading armies worldwide, and which was acquired by Elbit Systems Ltd. in 2008. Mr. Yavetz holds an M.B.A. from the Executive Program at Tel Aviv University and an LL.B. from the Hebrew University of Jerusalem.

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#### Non-Employee Directors
***Yair Seroussi*** has served as the Chairman of the Board of Directors since May 2018, and was appointed Vice Chairman of the Board of Directors, effective October 2025. Mr. Seroussi serves as the chairman of ZIM Integrated Shipping Services Ltd. (NYSE: ZIM), a global shipping operator. He is currently on the board of directors of Mediterranean Towers Ltd. (TLV: MDTR), and Stratasys Ltd. (NASDAQ: SSYS). He is also chairman of Tovanot B'Hinuch (a non-profit organization), and was previously the chairman of Prytek, a technology group, as well as a board member of DSP Group, Inc. Mr. Seroussi brings immense experience to the board room, having served as chairman of Bank Hapoalim, one of Israel's largest banks, and of the Association of Banks in Israel, and having led Morgan Stanley's Israeli operations for over 15 years. In addition to his various professional roles, Mr. Seroussi sits on the Board of Governors at the Hebrew University, Weizmann Institute and the Shenkar College of Engineering, Design and Art, and he acts as chairman of the Eli Hurvitz Institute of Strategic Management at the Tel Aviv University. Mr. Seroussi holds a B.A. in Economics and Political Science from the Hebrew University in Jerusalem.

***Liat Benyamini*** has served as a member of the Board of Directors since April 2021. Ms. Benyamini has served as a director in numerous private and public companies. Ms. Benyamini serves as a partner in Sky Private Equity, one of Israel's largest mid-market private equity funds. Her current board roles include Elspec Engineering Ltd. (TLV: ELSPC). Ms. Benyamini is a Certified Public Accountant. She holds an M.A. in Contemporary Asian Studies and a B.A. degree in Accounting, Statistics and Operations Research, both from Tel Aviv University.

***Michal Tzuk*** has served as a member of the Board of Directors since April 2021. Ms. Tzuk has served as the Chief Business Development Officer at Danel (Adir Yeoshua) Ltd. (TLV: DANE), a company that operates in human resources, nursing, special needs and medicine, since June 2019. Prior to that she served as Senior Deputy Director General and Director of Employment Regulation at (1) the Israeli Ministry of Economy and Industry (f/k/a the Ministry of Industry, Trade and Labor and the Ministry of Economy) from February 2012 to July 2016 and (2) the Israeli Ministry of Labor, Social Affairs and Social Services from August 2016 to January 2018. Ms. Tzuk was previously the Economic Assistant to the Chief Executive Officer of the Tel Aviv Sourasky Medical Center (Ichilov) and held various roles in the budget division of the Israeli Ministry of Finance. Ms. Tzuk currently serves on the board of directors of M.L. Manor Medical Group - Company for Treatment and Surgeries in Israel Ltd. and of Avia Home Ltd., and is a member of the Wexner Foundation's Israeli advisory committee and the public council and the finance committee of Sam Spiegel Jerusalem Film & Television School. She previously served on the board of directors of Future Mobility Israel Ltd. and on various boards of directors and committees of other companies and organizations. Ms. Tzuk holds an LL.B in Law and Economics and an M.B.A both from the Hebrew University of Jerusalem. Ms. Tzuk also graduated from the Wexner Senior Leadership program at the Harvard Kennedy School (Center for Public Leadership, Executive Education, Harvard University).

***Alla Felder*** has served as a member of the Board of Directors since July 2023. Ms. Felder has been serving as the Chief Financial Officer of Weebit Nano Ltd. (ASX: WBT) since 2016. Ms. Felder serves on the boards, including the audit and compensation committees, of several publicly listed companies across several industries, including Ashtrom Properties Ltd. (TASE: ASHG), Israel Shipyards Ltd. (TASE: ISHI), Photomyne Ltd. (TASE: PHTM) and IdoMoo Ltd. (TASE: IDMO). Ms. Felder was a senior manager at PricewaterhouseCoopers and received a B.A. in Business Administration and Accounting from the College of Management Academic Studies Division in Rishon Lezion, Israel and an Executive Master's degree in the Science of Finance from the City University of New York. Ms. Felder is a Certified Public Accountant in Israel.

***Dr. Shai Weil*** has served as a member of the Board of Directors since November 2009. Dr. Weil is an executive and a partner in various companies in the fields of industrial, technology, real estate, trade and services, including Milgam Ltd. (Group), Pango, AllCloud (Group), Minrav Group Ltd. (TLV: MNRV), Essence Partners, Har Tuv Group, Lumen Capital and the Israel Post Company. Dr. Weil serves as the chairman at Har Tuv Group, Lumen Capital, Essence Partners and Minrav Group Ltd. He is a member of the boards of Aluma (a non-profit organization) and JGIVE (a non-profit organization dedicated to cultivating a culture of philanthropy in Israel). Dr. Weil holds a B.A. in Economics and Business Administration from Bar-Ilan University in Ramat Gan, Israel, an M.S. in Management from Boston University in Massachusetts and a D.P.S. in International Business and Management from Pace University in New York.

***Yitzhak Betzalel*** has served as a member of the Board of Directors since August 2018. In 2014, Mr. Betzalel founded Boss Capital Ltd., an Israeli boutique Investment Banking firm that focuses on infrastructure, energy and real estate transactions in Israel and Europe, where he currently serves as director and Chief Executive Officer. Mr. Betzalel currently serves on the board of directors of Odem Deposits Ltd. and previously served on the board of directors of Odem Finance Ltd. He has also served as a member of the investment committee since 2018 and credit committee since 2019 at Amitim Pension Funds. Mr. Betzalel's prior positions include Chief Executive Officer of Migdal Underwriting and Business Initiatives Ltd., Chief Executive Officer of Odem Funding Ltd, chairman of LabOne Innovations, Deputy to the Chief Executive Officer of Clal Finance Underwriting Ltd., Chief Economist of Clal Israel Ltd., Chief Executive Officer of ByTech Communications Ltd. and Director of Business Development of Clal Tourism Ltd. Mr. Betzalel holds an M.A. in Economics and in Business Administration and a B.A. in Business Administration and Economics from the Hebrew University in Jerusalem.

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***Zvi Furman*** has served as member of the Board of Directors since September 2019. He currently serves as chairman of the credit committee of Meitav Dash Provident and Pension Funds Ltd and previously served on the board of directors of Mediterranean Towers Ltd. (TLV: MDTR) and Koret Israel Economic Development Funds. He previously served as managing partner of KCPS Manof (2009) Ltd., as general manager of Bank Hapoalim in the United States and as general manager of Bank Otsar Hachayal. Mr. Furman holds a B.A. in Economics and Political Science and an M.A. in Business Administration, both from Tel Aviv University.

#### Board Diversity Matrix
The table below provides certain information regarding the diversity of our board of directors as of the date of this Annual Report.

---

| | | |
|:---|:---|:---|
| **Board Diversity Matrix** <br> **As of the date of this Annual Report**  | **Board Diversity Matrix** <br> **As of the date of this Annual Report**  | **Board Diversity Matrix** <br> **As of the date of this Annual Report**  |
| Country of Principal Executive Offices: | Israel  | Israel  |
| Foreign Private Issuer | Yes  | Yes  |
| Disclosure Prohibited under Home Country Law | No  | No  |
| Total Number of Directors | 8  | 8  |
| **Female**<br> **Male** | **Non-Binary/Transgender** | **Did Not Disclose Gender** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Part I: Gender Identity** | | | | |
| Directors | 3 | 5 | 0 | 0 |
| **Part II: Demographic Background** | | | | |
| Underrepresented Individual in Home Country Jurisdiction | 0 | 0 | 0 | 0 |
| LGBTQ+ | 0  | 0  | 0  | 0  |
| Did Not Disclose Demographic Background | 1 | 1 | 1 | 1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Compensation** 

Unless otherwise indicated, the U.S. Dollar exchange rate used in this section refers to the average exchange rate for 2025 reported by the Bank of Israel, which was NIS 3.45 to $1.00.

*Directors.* Under the Companies Law, the compensation of our directors requires the approval of our compensation committee, the subsequent approval of the board of directors and, unless exempted under the Companies Law and regulations promulgated thereunder, the approval of our shareholders at a general meeting. If the compensation of our directors is inconsistent with our compensation policy, then such deviations may require the approval of our compensation committee, our board of directors, and our shareholders, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at least a majority of the shares held by all shareholders
 who are not controlling shareholders and do not have a personal interest in such matter, present and voting on such matter, are voted
 in favor of the compensation package, excluding abstentions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the total number of shares of non-controlling shareholders and shareholders who do not
 have a personal interest in such matter voting against the compensation package does not exceed 2.0% of the aggregate voting rights in
 the company.

Our directors (excluding the Executive Chairman and Vice Chairman of our board of directors) are compensated based on applicable Israeli regulations regarding external director compensation. The aggregate amount paid by the Company to its directors in the year ended December 31, 2025 was approximately NIS 2.25 million (or approximately $0.65 million).

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*Executive Officers other than the Chief Executive Officer.* The Companies Law requires the approval of the compensation of a public company's executive officers (other than the chief executive officer) in the following order: (i) the compensation committee, (ii) the company's board of directors, and (iii) if such compensation arrangement is inconsistent with the company's stated compensation policy, the company's shareholders (by a special majority vote as discussed above with respect to the approval of director compensation that is inconsistent with the compensation policy). However, if the shareholders of the company decline to approve a compensation arrangement with an executive officer that is inconsistent with the company's stated compensation policy, the compensation committee and board of directors may override the shareholders' decision if each of the compensation committee and the board of directors provide detailed reasons for their decision.

An amendment to an existing arrangement with an executive officer requires only the approval of the compensation committee, if the compensation committee determines that the amendment is not material in comparison to the existing arrangement. However, according to regulations promulgated under the Companies Law, an amendment to an existing arrangement with an office holder (who is not a director) who is subordinate to the chief executive officer shall not require the approval of the compensation committee, if (i) the amendment is approved by the chief executive officer, (ii) the company's compensation policy provides that a non-material amendment to the terms of service of an office holder (other than the chief executive officer) may be approved by the chief executive officer and (iii) the engagement terms are consistent with the company's compensation policy.

*Chief Executive Officer.* Our Chief Executive Officer is responsible for our day-to-day management. Our Chief Executive Officer is appointed by, and serves at the discretion of, our board of directors, subject to the employment agreement that we have entered into with him. All other executive officers are appointed by the Chief Executive Officer, subject to applicable corporate approvals, and are subject to the terms of any applicable employment or consulting agreements that we may enter into with them.

Under the Companies Law, the compensation of a public company's chief executive officer is required to be approved in the following order: (i) the company's compensation committee; (ii) the company's board of directors, and (iii) the company's shareholders (by a special majority vote as discussed above with respect to the approval of director compensation that is inconsistent with the compensation policy). The approval of each of the compensation committee and the board of directors should be in accordance with the company's stated compensation policy; however, in special circumstances, they may approve compensation terms of a chief executive officer that are inconsistent with such policy provided that they have considered those provisions that must be included in the compensation policy according to the Companies Law and that shareholder approval was obtained (by a special majority vote as discussed above with respect to the approval of director compensation that is inconsistent with the compensation policy). However, if the shareholders of the company decline to approve the compensation arrangement with the chief executive officer, the compensation committee and board of directors may override the shareholders' decision if each of the compensation committee and the board of directors provide a detailed report for their decision. In addition, the compensation committee may waive the shareholder approval requirement with regard to the approval of the engagement terms of a candidate for the chief executive officer position if they determine that the compensation arrangement is consistent with the company's stated compensation policy, that the chief executive officer candidate did not have a prior business relationship with the company or a controlling shareholder of the company and that subjecting the approval of the engagement to a shareholder vote would impede the company's ability to employ the chief executive officer candidate. In the event that the chief executive officer candidate also serves as a member of the board of directors, his or her compensation terms as chief executive officer will also be approved in accordance with the rules applicable to approval of compensation of directors.

The aggregate compensation paid by us and our subsidiaries to our directors and executive officers, including share-based compensation expenses recorded in our financial statements, for the year ended December 31, 2025, was approximately $13.12 million. This amount includes deferred or contingent compensation accrued for such year (and excludes deferred or contingent amounts accrued for during the year ended December 31, 2024 and paid during the year ended December 31, 2025). This amount includes approximately $0.51 million set aside or accrued to provide pension, severance, retirement or similar benefits or expenses, but does not include business travel, relocation, professional and business association dues and expenses reimbursed to our directors and executive officers.

During the year ended December 31, 2025, our directors and officers were granted RSUs, performance-based RSUs ("PSUs") and options to purchase an aggregate of 1,404,392 ordinary shares, at a weighted average exercise price of NIS 84.54 per share under the 2010 Plan (as defined below).

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The following is a summary of the salary expenses and social benefit costs of our five most highly compensated executive officers in 2025 ("Covered Executives"). All amounts reported reflect the cost to us as recognized in our financial statements for the year ended December 31, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mr. Gilad Yavetz, our former Chief Executive Officer and current Executive Chairman of
 our board of directors (with change effective October 1, 2025). Compensation expenses recorded in 2025 of $0. 46 million in salary expenses and $0.06 million in social benefits costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mr. Nir Yehuda, Chief Financial Officer. Compensation expenses recorded in 2025 of $0. 37 million in salary expenses and $0.05 million in social benefits costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mr. Ilan Goren, General Manager Enlight US Compensation expenses
 recorded in 2025 of $0.33 million in salary expenses and $0.01 million in social benefits costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mr. Marko Liposcak, General Manager, Enlight Europe. Compensation expenses recorded in
 2025 of $0.27 million in salary expenses and $0.04 million in social benefits costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mr. Ziv Shor, General Manager, Projects Execution & Assets Management Division. Compensation
 expenses recorded in 2025 of $0.25 million in salary expenses and $0.05 million
 in social benefits costs.

The salary expenses summarized above include the gross salary paid to the Covered Executives, and the benefit costs include, as applicable, the social benefits paid by us on behalf of the Covered Executives, convalescence pay, contributions made by the company to an insurance policy or a pension fund, work disability insurance, severance, educational fund and payments for social security.

In accordance with our compensation policy, we also pay cash bonuses to our Covered Executives upon compliance with predetermined performance parameters as set by the compensation committee and the board of directors. The cash bonus and commissions expenses expected to be paid for the year 2025 for Mr. Gilad Yavetz, Mr. Nir Yehuda, Mr. Ilan Goren, Mr. Marko Liposcak, and Mr. Ziv Shor are $0.22 million, $0.19 million, $0.13 million, $0.13 million, and $0.11 million, respectively.

We recorded share-based compensation expenses in our financial statements for the year ended December 31, 2025 for Mr. Gilad Yavetz, Mr. Nir Yehuda, Mr. Ilan Goren, Mr. Marko Liposcak, and Mr. Ziv Shor of $1.53 million, $0.47 million, $0.63 million, $0.42 million, and $0.80 million, respectively.

All share-based compensation grants to our Covered Executives were made in accordance with the parameters of our compensation policy and were approved by the company's compensation committee and board of directors. Assumptions and key variables used in the calculation of such amounts are described in Note 18 to our audited consolidated financial statements included elsewhere in this Annual Report.

In September 2025, our shareholders approved in a special and annual general meeting (the "Annual General Meeting") certain amendments to our compensation policy. In addition, our shareholders approved at the Annual General Meeting the following proposals related to compensation of our directors and officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approved terms of engagement with, and the grant of 143,553
 stock options, 31,561 RSUs and 31,561 PSUs to Ms. Adi Leviatan, our Chief Executive Officer. The principal terms of engagement with Ms.
 Leviatan include a monthly base salary in the amount of NIS 118,000 (reflecting an annual employer's cost in the amount of approximately
 NIS 1,770 thousand), effective as of September 2025, and an annual bonus cap, effective as of 2026, of up to 10 monthly salaries (excluding
 a discretionary bonus and a bonus for outstanding performance). Ms. Leviatan's monthly base salary shall be adjusted in January
 of each year to reflect increases in the Israeli Consumer Price Index for the preceding calendar year, taking effect starting with the
 salary for January 2027, based on the increase in such index in 2026. The options, RSUs, and PSUs, to be granted under the Company's
 2010 Plan, would vest in four equal annual instalments of 25% so long as Ms. Leviatan serves as an office holder of the Company, with
 the first instalment to vest a year from the grant date and an additional 25% to vest on each annual anniversary of the vesting date thereafter.
 Additionally, the vesting of the PSUs is subject to achievement of performance metrics for the preceding calendar year (the "PSU
 Metrics"). The PSU Metrics – Total Income and Revenues, and Adjusted EBITDA (each as reported in the Company's Annual
 Report on Form 20-F) – are measured against the midpoint of the Company's forecast published at the start of the applicable
 performance year. Achievement of 90% of the target yields 50% vesting for that Metric's portion of the tranche, with linear interpolation
 for achievement between 90% and 100%. The PSU Metrics are weighted equally and evaluated independently; overperformance in one cannot
 offset the other. Ms. Leviatan will also receive indemnification, exemption and insurance in accordance with Company practice; and will
 be entitled to a one-time reimbursement for relocation expenses from the U.S. to Israel, up to USD 100,000 net of taxes as may be applicable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approved terms of engagement with, and the grant of 345,927
 stock options, 6,726 RSUs and 76,055 PSUs to Mr. Gilad Yavetz, our Executive Chairman of the board of directors. The principal terms of
 engagement with Mr. Yavetz include a monthly base salary in the amount of NIS 118,000 (reflecting an annual employer's cost in the
 amount of approximately NIS 1,770 thousand), effective as of September 2025. Mr. Yavetz's monthly base salary shall be adjusted
 in January of each year to reflect increases in the Israeli Consumer Price Index for the preceding calendar year, taking effect starting
 with the salary for January 2027, based on the increase in such index in 2026. The options, RSUs, and PSUs, to be granted under the Company's
 2010 Plan, would vest in four equal annual instalments of 25% so long as Mr. Yavetz serves as an office holder of the Company, with the
 first instalment to vest a year from the grant date and an additional 25% to vest on each annual anniversary of the vesting date thereafter.
 Additionally, the vesting of the PSUs is subject to achievement of the PSU Metrics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approved terms of engagement with, and the grant of 51,574
 stock options and 11,339 PSUs to Mr. Yair Seroussi, our Vice Chairman of the board of directors. The principal terms of engagement with
 Mr. Seroussi include a monthly base salary in the amount of NIS 50,000 paid against an invoice (reflecting a gross monthly payment equivalent
 to NIS 38,462), effective as of September 2025. Mr. Seroussi's monthly base salary shall be adjusted in January of each year to
 reflect increases in the Israeli Consumer Price Index for the preceding calendar year, taking effect starting with the salary for January
 2027, based on the increase in such index in 2026. The options and PSUs, to be granted under the Company's 2010 Plan, would vest
 in four equal annual instalments of 25% so long as Mr. Seroussi serves as an office holder of the Company, with the first instalment to
 vest a year from the grant date and an additional 25% to vest on each annual anniversary of the vesting date thereafter. Additionally,
 the vesting of the PSUs is subject to achievement of the PSU Metrics. Mr. Seroussi is required to dedicate the equivalent of 40% of the
 time required by a full-time position to his role as Vice Chairman.

The amended compensation policy and proposals related to compensation of Ms. Leviatan, Mr. Yavetz, and Mr. Seroussi are described in greater detail in the notice and proxy statement with respect to the Annual General Meeting, which were included in the Current Report on Form 6-K filed with the SEC on August 7, 2025, and are available at www.sec.gov.

Additionally, we annually pay to each of our other directors (excluding the Executive Chairman and Vice Chairman of our board of directors) a cash retainer of up to NIS 103,115 (or approximately $33,209 based on the BOI Exchange Rate) with an additional payment for service on board committees of NIS 3,840 (or approximately $1,237 based on the BOI Exchange Rate) per committee meeting.

#### Employment agreements with executive officers and directors
We have entered into written employment agreements with each of our executive officers. These agreements generally provide for notice periods of varying duration for termination of the agreement by us or by the relevant executive officer, during which time the executive officer will continue to receive salary and benefits. These agreements also contain customary provisions regarding non-competition, non-solicitation, confidentiality of information and assignment of inventions. However, the enforceability of the non-competition provisions may be limited under applicable law.

*Equity Awards*. Since our inception, we have granted options to purchase our ordinary shares, since 2024, RSUs and, since 2025, PSUs, to our executive officers and our directors. In February 2025, our board of directors approved the cancellation of certain vested and unvested share options previously granted to employees and officers of the Company and the replacement thereof with RSUs. The Board later terminated this option exchange plan, with no employees or officers participating, in part due to tax issues with the plan and in part due to lack of employee interest in the plan given changes in the Company's share price.

For more details, see Item 6.B. "Compensation."

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*Exculpation, Indemnification and Insurance.* Our Articles of Association permit us to exculpate, indemnify and insure our office holders to the fullest extent permitted by the Companies Law. We have entered into agreements with each of our directors and executive officers, undertaking to indemnify them to the fullest extent permitted by law. This indemnification is limited to events determined as foreseeable by the board of directors based on our activities, and to an amount or according to criteria determined by the board of directors as reasonable under the circumstances.

The maximum indemnification amount set forth in such agreements is limited to an amount equal to 25% of our equity (excluding minority rights) as reflected in our most recent audited or reviewed financial statements prior to the date on which the indemnity payment is made. The indemnity will be given in the amount equal to the difference between the amount of the financial liability, in accordance with the indemnification agreements, and any amount paid (if paid) under directors and office holders insurance. In April 2024, our shareholders approved at a Special General Meeting the issuance of an exemption letter to each of our directors, exempting them from liability towards the Company under certain limited circumstances. In September 2025, our shareholders approved at the Annual General Meeting the issuance of an exemption letter to our Chief Executive Officer, Ms. Adi Leviatan, exempting her from liability towards the Company under certain limited circumstances. See Item 6.B. "Compensation."

#### Share option plans
*2010 Plan*

The 2010 Plan was adopted by our board of directors on February 4, 2010, and has been extended since then from time to time. In August 2023, the 2010 Plan was amended by the board of directors to authorize the grant of RSUs. Following such amendment, the 2010 Plan provides for the grant of options and RSUs to our employees, officers, directors, consultants and other service providers of ours and our subsidiaries in order to incentivize them to become, and to remain, employed or engaged by us, encouraging a sense of proprietorship and stimulating active interest in our success.

*Authorized Shares.* The maximum aggregate number of options that may be issued under the 2010 Plan and its U.S. Sub-Plan (as defined below) is 15,000,000. As of March 15, 2026, there were 2,030,386 ordinary shares available for issuance under the 2010 Plan. Ordinary shares subject to options or RSUs granted under the 2010 Plan that are not exercised by the grantee within the exercise period and in accordance with the terms of the 2010 Plan shall become available again for future grant under the 2010 Plan.

*Administration.* Our board of directors administers the 2010 Plan (the "Administrator"). Under the 2010 Plan, the Administrator has the sole authority, subject to applicable law, to interpret the terms of the 2010 Plan and any notices of awards granted thereunder, designate recipients of awards, designate the amount of awards and elect the Israel tax track with respect to such awards, determine and amend the terms of awards, including the exercise price of an award and the vesting schedule applicable to such award, accelerate or amend the vesting schedule applicable to an award, prescribe the forms of agreement for use under the 2010 Plan and take any other action and/or determination deemed by the Administrator to be required or advisable for the administration of the 2010 Plan.

*Eligibility.* The 2010 Plan provides for granting awards under the Israeli tax regime, including, without limitation, in compliance with Section 102 ("Section 102"), of the Israeli Income Tax Ordinance (New Version), 5721-1961 (the "Ordinance"), and Section 3(i) of the Ordinance.

Section 102 of the Ordinance allows employees, directors and officers who are not controlling shareholders (as such term is defined in the Ordinance) and are Israeli residents for tax purposes to receive favorable tax treatment for compensation in the form of shares or options. Our non-employee service providers and controlling shareholders (as such term is defined in the Ordinance) who are considered Israeli residents for tax purposes may only be granted options and RSUs under Section 3(i) of the Ordinance, which does not provide for similar tax benefits. Section 102 includes two alternatives for tax treatment involving the issuance of options or shares to a trustee for the benefit of the grantees and also includes an additional alternative for the issuance of options or shares directly to the grantee. Section 102(b)(2) of the Ordinance, the most favorable tax treatment for the grantee, permits the issuance to a trustee under the "capital gain track."

For non-Israeli grantees, the 2010 Plan provides for granting awards under the applicable law of the grantee's jurisdiction, including the applicable tax regime.

------

*Grant.* All awards granted pursuant to the 2010 Plan are evidenced by an agreement in a form approved by the Administrator, which shall set forth the terms and conditions of the awards, and any other documents that we require. Each option will expire, unless stated otherwise in the option agreement, at the earlier of (i) the expiration of the 2010 Plan or (ii) six months following the date of the termination of a grantee's employment or service for any reason, subject to certain conditions. RSUs will expire as shall be determined by the board of directors and set forth in the applicable agreement.

Subject to the conditions of the 2010 Plan, options vest and become exercisable under the schedule set forth in the option agreements, subject to the option holder's continued service with us or one of our subsidiaries through the applicable vesting date. RSUs, which may be allocated based on performance, operational and financial targets, will vest and become exercisable as shall be determined by the board of directors and set forth in the applicable agreement.

*Exercise.* An option under the 2010 Plan may be exercised by providing us with a written notice of exercise and the options are exercised, subject to the Administrator's discretion, on a "cashless exercise" basis. Cashless exercise procedures are also governed by a specific tax ruling issued to us by the ITA. The exercise price of each option grant is usually determined based on the average market price during the 30-day period prior to the grant, plus a reasonable premium determined in advance by our board of directors.

*Transferability.* Other than by will or the laws of descent or as otherwise provided under the 2010 Plan, neither the awards nor any right in connection with such awards are assignable or transferable, until the end of any applicable lock-up period relating to Israeli tax requirements.

*Termination of employment.* Upon the termination of a grantee's employment or service for any reason, the grantee will have a limited period to exercise only vested awards, and all unvested awards shall immediately expire and terminate. In the event of termination of a grantee's employment or service in the case of death or disability, all vested and exercisable awards held by such grantee as of the date of termination shall expire at the earlier of (i) the expiration date of such vested awards or (ii) 12 months following the date of such termination. In the event of termination of employment or service under certain circumstances such as certain criminal convictions, material breaches of discipline, or breaches of fiduciary duties, such awards will expire without conferring any rights to the grantee.

*Adjustments.* In the event of a share split, reverse share split, share dividend, rights issue or distribution of bonus shares, we shall make a proportionate adjustment in the number of shares related to each outstanding award and to the number of shares reserved for issuance under the 2010 Plan, whose determination shall be final and binding.

*Merger or acquisition*. In the event of a merger with or into another corporation or a sale of all or substantially all of our assets or our ordinary shares (such merger or sale, a "Merger Transaction"), the surviving or acquiring entity, as the case may be, may either assume our rights and obligations pursuant to awards granted under the 2010 Plan or provide an award of equivalent value in the surviving or acquiring entity, as the case may be. In the event that no such assumption or substitution occurs, grantees shall have 30 days from the date provided in the Administrator's notice to such grantees to exercise vested or unvested awards, after which all such awards shall expire. Awards granted to certain of our officers, as well as awards granted under certain of our U.S. awards agreements, have acceleration rights with respect to change of control and delisting events.

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*U.S. Sub-Plan to the 2010 Plan*

The U.S. Sub-Plan to the 2010 Plan was adopted by our board of directors on November 7, 2021 and amended on August 8, 2023 (the "U.S. Sub-Plan"). The U.S. Sub-Plan is an addendum to the 2010 Plan and provides for the grant of options and RSUs to eligible persons in the United States or who are or may be subject to U.S. taxes. Except as modified by the U.S. Sub-Plan, all provisions of the 2010 Plan are incorporated into the U.S. Sub-Plan as if fully set forth therein.

*RSUs*. RSUs granted pursuant to the U.S. Sub-Plan will vest at such times and upon such terms as are determined by the Administrator, which may include upon the completion of a specified period of service with the Company or subsidiary and/or be based upon the achievement of performance goals during a performance period as set out in advance in the grantee's RSU agreement.

Criteria for options granted pursuant to the U.S. Sub-Plan include the following:

*Eligibility.* Options shall be exempt from or comply with Section 409A of the Code. Each option shall be designated as either an incentive share option within the meaning of Section 422(b) of the Code or a nonstatutory share option. Nonstatutory share options may be granted to employees and officers. Incentive share options may only be granted to our employees, a parent or a subsidiary.

*Post-termination exercises.* To retain treatment as an incentive share option, such option must be exercised within three months after termination of employment, unless such termination of employment is due to death or disability (as defined in Section 22(e)(3) of the Code), in which case the option must be exercised within 12 months after termination of employment. In the event of death within three months following termination of employment, such option must be exercised within 12 months following the date of death to retain incentive share option status.

*Exercise price.* The exercise price of each option issued under the U.S. Sub-Plan shall be such price as is determined by the Administrator provided that, if the exercise price is less than 100% of the Fair Market Value (as defined in the U.S. Sub-Plan) of the ordinary shares on the date of grant, it shall otherwise comply with applicable laws, including Section 409A of the Code. In the case of an incentive share option granted to an employee who is also a 10% shareholder, meaning a person who owns shares representing more than 10% of the voting power of our ordinary shares, the exercise price shall be no less than 110% of the Fair Market Value of the ordinary shares on the date of grant; in the case of any other employee, shall be no less than 100% of such Fair Market Value.

*Exercise.* The exercise of options will generally be executed on a "cashless exercise" basis, as set out in the U.S. Sub-Plan.

*Term.* The term of each option shall be no more than 10 years from the date of grant or such shorter term as may be provided in the option agreement and, in the case of an incentive share option granted to a person who is a 10% shareholder, the term of the option shall be five years from the date of grant or such shorter term as may be provided in the option agreement. In practice, we have provided a term of seven years for all options granted to date.

#### Option exchange plan
The option exchange plan approved by our board of directors in February 2025, which allowed certain employees and officers of the Company to cancel a limited number of total options and replace them with RSUs valued at approximately 70% of the fair value of the options cancelled, has terminated with no employees or officers participating. This was in part due to tax issues with the plan and in part due to lack of employee interest in the plan given changes in the Company's share price.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Board Practices** 

#### Corporate Governance Practices
As an Israeli company, we are subject to various corporate governance requirements under the Companies Law. However, pursuant to regulations promulgated under the Companies Law, companies with shares traded on certain U.S. stock exchanges, including Nasdaq, may, subject to certain conditions, "opt out" from the Companies Law requirements to appoint external directors and related rules concerning the composition of the audit committee and compensation committee of the board of directors (other than the gender diversification rule under the Companies Law, which requires the appointment of a director from the other gender if, at the time a director is appointed, all members of the board of directors are of the same gender). In accordance with these regulations, we have elected to "opt out" from such requirements of the Companies Law. Under these regulations, the exemptions from such Companies Law's requirements will continue to be available to us so long as we comply with the following: (i) we do not have a "controlling shareholder" (as such term is defined under the Companies Law), (ii) our shares are traded on certain U.S. stock exchanges, including Nasdaq, and (iii) we comply with the director independence requirements and the requirements regarding the composition of the audit committee and the compensation committee under U.S. laws (including applicable Nasdaq rules) applicable to U.S. domestic issuers.

We are a "foreign private issuer" (as such term is defined in Rule 3b-4 under the Exchange Act). As a foreign private issuer, we are permitted to comply with Israeli corporate governance practices instead of the corporate governance rules of Nasdaq, provided that we disclose which requirements we are not following and the equivalent Israeli requirement. As a foreign private issuer, we are exempt under the Exchange Act from, among other things, the rules prescribing the furnishing and content of proxy statements, and our officers, directors and principal shareholders are exempt from the short-swing profit recovery provisions contained in Section 16(b) of the Exchange Act. In addition, we are not required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act. For more information regarding our corporate governance practices and foreign private issuer status, see Item 16G. "Corporate Governance."

#### Board of Directors
Under the Companies Law and our Articles of Association, our business and affairs are managed under the direction of our board of directors. Our board of directors may exercise all powers and may take all actions that are not specifically granted to our shareholders or to executive management.

Under our Articles of Association, our board of directors must consist of not less than five and no more than 13 directors. Our Articles of Association do not contain provisions relating to retirement of directors upon reaching any age limit. Our board of directors currently consists of eight directors.

Under our Articles of Association, a vote of the holders of at least 65% of our outstanding shares entitled to vote at a general meeting of shareholders is generally required to remove a director from office, except that a simple majority will be required if a single shareholder holds more than 50% of the voting rights in the Company. Vacancies on our board of directors, including a vacancy due to the number of directors being less than the maximum number of directors stated in our Articles of Association, may be filled by a unanimous resolution of the directors then in office. A director so appointed will hold office until the next annual general meeting of our shareholders.

#### Chairperson of the Board
Our Articles of Association provide that the chairperson of our board of directors is appointed by our board of directors from among its members. Under the Companies Law, the chief executive officer of a public company, or a relative of the chief executive officer, may not serve as the chairperson of the board of directors of such public company, and the chairperson of the board of directors, or a relative of the chairperson, may not be vested with authorities of the chief executive officer of such public company without shareholders' approval consisting of a majority vote of the shares present and voting at a shareholders meeting, and in addition, either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at least a majority of the shares of non-controlling shareholders and shareholders that
 do not have a personal interest in the approval voted on the proposal are voted in favour (disregarding abstentions); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the total number of shares of non-controlling shareholders and shareholders who do not
 have a personal interest in such appointment that are voted against such appointment does not exceed 2% of the aggregate voting rights
 in the company.

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The shareholders' approval can be provided for a period of up to three years.

In addition, a person who is subordinate, directly or indirectly, to the chief executive officer may not serve as the chairperson of the board of directors; the chairperson of the board of directors may not be vested with authorities that are granted to persons who are subordinated to the chief executive officer; and the chairperson of the board of directors may not serve in any other position in the company or in a controlled subsidiary but may serve as a director or chairperson of a controlled subsidiary.

#### Director Independence
Our board of directors has undertaken a review of the independence of each director. Based on information provided by each director concerning his or her background, employment, and affiliations, our board of directors has determined that none of our current directors have a relationship that would interfere with the exercise of independent judgment in carrying out the responsibilities of a director and that each of these directors is "independent" as that term is defined in the rules of Nasdaq, except Gilad Yavetz who is not independent by virtue of having served as our chief executive officer until October 2025. In making these determinations, our board of directors considered the current and prior relationships that each director has with our company and all other facts and circumstances our board of directors deemed relevant in determining their independence, including the beneficial ownership of our share capital by each director, and the transactions involving them described in Item 6. "Directors, Senior Management and Employees" and in Item 7. "Major Shareholders and Related Party Transactions."

#### Committees of our Board of Directors
Our board of directors has established the following committees. Each committee operates in accordance with a written charter that sets forth the committee's structure, operations, membership requirements, responsibilities and authority to engage advisors, among other duties, as required by Nasdaq listing standards applicable to U.S. domestic listed companies. Members serve on these committees until their resignation or until otherwise determined by our board of directors. Our board of directors may establish other committees as it deems necessary or appropriate from time to time. We have elected to opt out from the Companies Law rules concerning the composition of the audit committee and compensation committee, and have instead elected to comply the audit committee and compensation committee composition requirements of Nasdaq applicable to U.S. domestic listed companies.

#### Audit Committee
*Companies Law Requirements*

Under the Companies Law, the board of directors of a public company must establish an audit committee. The audit committee must consist of at least three directors. The responsibilities of an audit committee under the Companies Law include identifying and addressing flaws in the business management of the company, reviewing and approving related party transactions, establishing whistleblower procedures, overseeing the company's internal audit system and the performance of its internal auditor and assessing the scope of the work and recommending the fees of the company's independent accounting firm. In addition, the audit committee is required to determine whether certain related party actions and transactions are "material" or "extraordinary" for the purpose of the requisite approval procedures under the Companies Law and to establish procedures for considering proposed transactions with a controlling shareholder. The audit committee also establishes an annual and multi-year work plan for the internal auditor and is responsible for monitoring our risk management system, with the assistance of the internal auditor.

*Listing Requirements*

In accordance with U.S. law and Nasdaq requirements, our audit committee is also responsible for the appointment, compensation and oversight of the work of our independent auditors and for assisting our board of directors in monitoring our financial statements, the effectiveness of our internal controls and our compliance with legal and regulatory requirements.

Our audit committee consists of Liat Benyamini, Yitzhak Betzalel and Zvi Furman, with Liat Benyamini acting as the chairperson. All of the members of our audit committee are independent as such term is defined under the Nasdaq corporate governance rules and under Rule 10A-3(b)(1) under the Exchange Act, which is different from the general test for independence of board and committee members. Our board of directors has determined that all members of our audit committee are financially literate as determined in accordance with Nasdaq rules and that Liat Benyamini qualifies as "audit committee financial expert" as defined by SEC rules. Liat Benyamini, Yitzhak Betzalel and Zvi Furman were determined by our board of directors to have financial and accounting expertise, as provided in the Companies Law. Our board of directors has determined that each member of our audit committee is "independent".

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*Audit Committee Role*

Our board of directors has adopted an audit committee charter setting forth the responsibilities of the audit committee consistent with the Companies Law, the SEC rules and Nasdaq corporate governance rules, which include, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• overseeing the accounting and financial reporting processes of the Company and audits
 of our financial statements and the effectiveness of our internal control over financial reporting, and making such reports as may be
 required of an audit committee under the rules and regulations promulgated under the Exchange Act; appointing, compensating, retaining
 and overseeing the work of our independent auditors, subject to ratification by the board of directors, and in the case of appointment,
 to ratification by the shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• pre-approving audit and non-audit services to be provided by the independent auditors
 and related fees and terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing with management and our independent auditor our annual and interim financial
 statements prior to publication or filing (or submission, as the case may be) to the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• recommending to the board of directors the retention and termination of the internal
 auditor and the internal auditor's engagement fees and terms, in accordance with the Companies Law, approving the yearly or periodic
 work plan proposed by the internal auditor and examining whether the internal auditor was afforded all required resources to perform its
 role;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing with our general counsel and/or external counsel, as deemed necessary, legal
 and regulatory matters that could have a material impact on the financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identifying irregularities in our business administration by, among other things, consulting
 with the internal auditor or with the independent auditor, and suggesting corrective measures to the board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing policies and procedures with respect to transactions between the Company and
 officers and directors (other than transactions related to the compensation or terms of service of the officers and directors), or affiliates
 of officers or directors, or transactions that are not in the ordinary course of the Company's business and deciding whether to
 approve such acts and transactions if so required under the Companies Law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establishing procedures for the receipt, retention and treatment of complaints regarding
 accounting, internal accounting controls or auditing matters, and for the submission by Company employees of concerns regarding questionable
 accounting or auditing matters.

#### Compensation Committee
*Companies Law Requirements*

Under the Companies Law, the board of directors of a public company must appoint a compensation committee. The Companies Law provides that a compensation committee must consist of at least three directors. The responsibilities of a compensation committee under the Companies Law include, among other things, recommending to the board of directors, for ultimate shareholder approval by a special majority once every three years, a policy governing the compensation of directors and officers based on specified criteria, reviewing modifications to and implementing such compensation policy from time to time, approving the actual compensation terms of directors and officers prior to approval by the board of directors and exempting, under certain circumstances, transactions with our chief executive officer from the approval of the annual general meeting of our shareholders.

*Listing Requirements*

Under the Nasdaq corporate governance rules, we are required to maintain a compensation committee consisting of at least two independent directors. In accordance with Nasdaq requirements, our compensation committee is also responsible for, among other things, retaining compensation consultants considering the independence of any compensation adviser before selecting or receiving advice from such adviser.

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Our compensation committee consists of Liat Benyamini, Dr. Shai Weil, Michal Tzuk and Yitzhak Betzalel, with Liat Benyamini acting as the chairperson. Our board of directors has determined that each member of our compensation committee is independent under Nasdaq corporate governance rules, including the additional independence requirements applicable to the members of a compensation committee.

*Compensation Committee Role*

In accordance with the Companies Law, the roles of the compensation committee are, among others, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• recommending to the board of directors the approval of the compensation policy for office
 holders and, once every three years, regarding any extensions to a compensation policy that was adopted for a period of more than three
 years;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• monitoring the implementation of the compensation policy and periodically making recommendations
 to the board of directors with respect to any amendments or updates of the compensation policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• resolving whether or not to approve arrangements with respect to the terms of office
 and employment of office holders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exempting, under certain circumstances, transactions with our chief executive officer
 from the approval of our shareholders.

Our board of directors has adopted a compensation committee charter setting forth the responsibilities of the committee, consistent with the Companies Law and the corporate governance rules of Nasdaq, which include among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• from time to time, reviewing the implementation of our compensation policy in accordance
 with the requirements of the Companies Law as well as other compensation policies, incentive-based compensation plans and equity-based
 compensation plans (insofar as these relate to office holders in the Company), and overseeing the development and implementation of such
 policies and recommending to our board of directors any amendments or modifications the committee deems appropriate, including as required
 under the Companies Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and approving the employment terms of our office holders, including granting
 of options and other incentive awards and reviewing and approving corporate goals and objectives relevant to the compensation of our executive
 officers, including evaluating their performance in light of such goals and objectives; and approving transactions regarding office holders'
 compensation pursuant to the Companies Law and exempting certain transactions with our Chief Executive Officer from the approval of the
 general meeting of our shareholders pursuant to the Companies Law.

An "office holder" is defined in the Companies Law as a general manager, chief business manager, deputy general manager, vice general manager, any other person assuming the responsibilities of any of these positions regardless of such person's title, a director and any other manager directly subordinate to the general manager. Certain of the persons listed in the table under the section titled "Management-Executive Officers and Directors" are office holders under the Companies Law.

Our board of directors has adopted a compensation committee charter setting forth the responsibilities of the committee, which are consistent with Nasdaq corporate governance rules and the Companies Law, and include among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• recommending to our board of directors for its approval a compensation policy in accordance
 with the requirements of the Companies Law as well as other compensation policies, incentive-based compensation plans and equity-based
 compensation plans, and overseeing the development and implementation of such policies and recommending to our board of directors any
 amendments or modifications the committee deems appropriate, including as required under the Companies Law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establishing annual goals and objectives for the Company's Chief Executive Officer
 and the other executive officers, and assisting the Board in discharging its responsibilities relating to the compensation of the Company's
 Chief Executive Officer and other executive officers and the overall compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and making recommendations to the Board regarding director compensation;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• approving and exempting certain transactions regarding office holders' compensation
 pursuant to the Companies Law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• administering our equity-based compensation plans, including without limitation, approving
 the adoption of such plans, amending and interpreting such plans and the awards and agreements issued pursuant thereto, and making awards
 to eligible persons under the plans and determining the terms of such awards.

*Compensation Policy under the Companies Law*

Under the Companies Law, a public company must have a compensation policy approved by the board of directors after receiving and considering the recommendations of the compensation committee. Our compensation policy must be approved at least once every three years, first, by our board of directors, upon recommendation of our compensation committee, and second, by a simple majority of the ordinary shares present, in person or by proxy, and voting at a shareholders meeting, provided that either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at least a majority of the shares of non-controlling shareholders and shareholders that
 do not have a personal interest in the approval, which are voted at the meeting, are voted in favour (disregarding abstentions); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the total number of shares of non-controlling shareholders and shareholders who do not
 have a personal interest in the approval, which are voted against such approval, does not exceed 2% of the aggregate voting rights in
 the company.

Under special circumstances, the board of directors, after receipt of the recommendation of the compensation committee, may approve the compensation policy despite the objection of the shareholders provided that the compensation committee, and then the board of directors, decide, on the basis of detailed grounds and after further discussion of the compensation policy, that approval of the compensation policy, despite the objection of the meeting of shareholders, is for the benefit of the company.

The compensation policy must be based on certain considerations, include certain provisions and reference certain matters as set forth in the Companies Law.

The compensation policy must serve as the basis for decisions concerning the financial terms of employment or engagement of our "office holders," including exculpation, insurance, indemnification or any monetary payment or obligation of payment in respect of employment or engagement. The compensation policy must be determined and later reevaluated according to certain factors, including: the advancement of the company's objectives, business plan and long-term strategy; the creation of appropriate incentives for office holders, while considering, among other things, the company's risk management policy; the size and the nature of its operations; and with respect to variable compensation, the contribution of the office holders to the achievement of the company's long-term goals, and the maximization of its profits, all with long-term objectives in mind and according to the position of the office holders. An "office holder" is defined in the Companies Law as a general manager, chief business manager, deputy general manager, vice general manager, any other person assuming the responsibilities of any of these positions regardless of such person's title, a director and any other manager directly subordinate to the general manager.

The compensation policy must also be based on the following additional factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the education, skills, experience, expertise and accomplishments of the relevant office
 holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the office holder's position, responsibilities and prior compensation agreements
 with him or her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ratio between the cost of the terms of employment of an office holder and the cost
 of the employment of other employees of the company, including employees employed through contractors who provide services to the company,
 in particular the ratio between such cost to the average and median salary of such employees of the company, as well as the impact of
 disparities between them on the work relationships in the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the terms of employment include variable components—the possibility of reducing
 variable components at the discretion of the board of directors and the possibility of setting a limit on the value of non-cash variable
 equity-based components; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the terms of employment include severance compensation—the term of employment
 or office of the office holder, the terms of his or her compensation during such period, the company's performance during such period,
 his or her individual contribution to the achievement of the company goals and the maximization of its profits, and the circumstances
 under which he or she is leaving the company.

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The compensation policy must also include, among other features:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• with regard to variable components:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• with the exception of office holders who report directly to the chief executive officer,
 means of determining the variable components on a long-term performance basis and on measurable criteria; however, the company may determine
 that an immaterial part of the variable components of the compensation package of an office holder shall be awarded based on non-measurable
 criteria, if such amount is not higher than three months' salary per annum, while taking into account such office holder's
 contribution to the company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ratio between variable and fixed components, as well as the limit of the values of
 variable components at the time of their payment, or in the case of equity-based compensation, at the time of grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a clawback provision pursuant to which the officer will return to the company, according
 to conditions to be set forth in the compensation policy, any amounts paid as part of his or her terms of employment, if such amounts
 were paid based on information later to be discovered to be wrong, and such information was restated in the company's financial
 statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the minimum holding or vesting period of variable equity-based components to be set in
 the terms of office or employment, as applicable, while taking into consideration long-term incentives; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a limit to retirement grants.

*Our compensation policy*

Our compensation policy is designed to promote retention and motivation of directors and executive officers, incentivize superior individual excellence, align the interests of our directors and executive officers with our long-term performance, and provide a risk management tool. To that end, a portion of an executive officer's compensation package is targeted to reflect our short and long-term goals, as well as the executive officer's individual performance. On the other hand, our compensation policy includes measures designed to reduce the executive officer's incentives to take excessive risks that may harm us in the long-term, such as limits on the value of cash bonuses and equity-based compensation, limitations on the ratio between the variable and the total compensation of an executive officer, and minimum vesting periods for equity-based compensation.

Our compensation policy takes into account the characteristics of our business, our business strategy and objectives, our field of activity and our desire to ensure the recruitment and retention of quality officers.

Our compensation policy also addresses our executive officers' individual characteristics (such as his or her respective position, education, scope of responsibilities and contribution to the attainment of our goals) as the basis for compensation variation among our executive officers and considers the internal ratios between compensation of our executive officers and directors and other employees. Pursuant to our compensation policy, the compensation that may be granted to an executive officer may include: base salary, annual bonuses and other cash bonuses (such as retention bonuses and special bonuses with respect to any special achievements, such as outstanding personal achievement, outstanding personal effort, or outstanding company performance), equity-based compensation, benefits, and retirement and termination of service arrangements. All cash bonuses are limited to a maximum amount linked to the executive officer's base salary.

Base salaries of our executive officers, as well as our Executive Chairman and Vice Chairman of our board of directors, are capped, with each such cap linked to annual increases in the Israeli Consumer Price Index.

An annual cash bonus may be awarded to executive officers other than our chief executive officer upon the attainment of pre-set periodic objectives and individual and Company targets determined annually by our compensation committee and board of directors. The annual cash bonus that may be granted to our executive officers other than our chief executive officer will be based on performance objectives and a discretionary evaluation of the executive officer's overall performance. The annual cash bonus that may be granted to executive officers other than our chief executive officer may alternatively be based entirely on a discretionary evaluation.

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The measurable performance objectives of our chief executive officer will be determined annually by our compensation committee and board of directors. With respect to the chief executive officer, the pre-set periodic objectives and individual targets may be set as Company objectives and targets only. Furthermore, a non-material portion of the chief executive officer's annual cash bonus, as provided in our compensation policy, may be based on a discretionary evaluation of the chief executive officer's overall performance.

The equity-based compensation under our compensation policy for our executive officers (including members of our board of directors) is designed in a manner consistent with the underlying objectives in determining the base salary and the annual cash bonus, with its main objectives being to enhance the alignment between the executive officers' interests with our long-term interests and those of our shareholders and to strengthen the retention and the motivation of executive officers in the long-term. Our compensation policy provides for executive officer compensation in the form of share options, RSUs, and PSUs in accordance with our share incentive plan then in place. All equity-based incentives granted to executive officers shall be subject to vesting periods in order to promote long-term retention of the awarded executive officers.

In addition, our compensation policy contains compensation recovery, or clawback, provisions in the event of an accounting restatement, which allow us under certain conditions to recover bonuses, bonus compensation or performance-based equity compensation paid in excess, enables our chief executive officer to approve an immaterial change in the terms of employment of an executive officer who reports directly him (provided that the changes of the terms of employment are in accordance with our compensation policy) and allows us to indemnify and insure our executive officers and directors to the maximum extent permitted by Israeli law, subject to certain limitations set forth therein.

Our compensation policy also provides for compensation (including annual compensation, participation compensation, reimbursement of expenses and equity-based compensation) to the members of our board of directors, and where applicable, subject to the Israeli Companies Regulations (Rules Regarding Compensation and Expenses to an External Director), 5760-2000. In developing the compensation policy, we considered various factors as required by the Companies Law, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• advancing our goals, work plan and policies in the long-term;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• creating appropriate incentives for our officers, taking into account, among other things,
 our risk management policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the high level of responsibility and complexity of the role of our officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our size, our profitability and the nature of our activities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the contribution of the office holder to the achievement of our goals and attaining profits,
 with a long-term perspective and in accordance with the position of the office holder.

In addition, when determining the terms of compensation for officers, the compensation committee and the board of directors may set additional relevant criteria beyond the detailed and mandatory guidelines required by the Companies Law, taking into account our particular situation and our plans.

Our compensation policy was amended in September 2025 by our shareholders at the Annual General Meeting and is set forth in Exhibit 4.8 to this Annual Report. See Item 6.B. "Compensation."

*Clawback Policy*

On October 2, 2023, we adopted a Policy for Recovery of Erroneously Awarded Compensation that complies with the SEC requirements for Nasdaq listed companies (the "Clawback Policy"). The Clawback Policy is set forth in Exhibit 97.1 to this Annual Report.

*Nominating Committee*

The Companies Law does not require us to have a nominating committee. However, our board of directors has decided to form a nominating committee, which is responsible for identifying individuals qualified to become new board members consistent with criteria approved by our board of directors and recommend that the board of directors approve our director nominees.

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Our nominating committee consists of Yair Seroussi, Gilad Yavetz and Zvi Furman, with Yair Seroussi acting as the chairperson.

*Environmental, Social and Governance Committee*

Our environmental, social and governance committee consists of Zvi Furman, Michal Tzuk, Liat Benyamini and Alla Felder, with Zvi Furman acting as the chairperson. Our board of directors has adopted an environmental, social and governance committee charter setting forth the responsibilities of the committee, which include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• recommending to our board of directors our general strategy, including, but not limited
 to, EHS, corporate social responsibility, sustainability, philanthropy, corporate governance, reputation, diversity, equity and inclusion,
 community issues, political contributions and lobbying and other public policy matters relevant to us (collectively, "ESG Matters");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• overseeing our policies, practices and performance with respect to ESG Matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• overseeing our reporting standards in relation to ESG Matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reporting to our board of directors about current and emerging topics relating to ESG
 Matters that may affect our business, operations, performance or public image or are otherwise pertinent to us and our stakeholders and,
 if appropriate, detail actions taken in relation to the same; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• advising our board of directors on shareholder proposals and other significant stakeholder
 concerns relating to ESG Matters.

#### Internal Auditor
Under the Companies Law, the board of directors of a public company must appoint an internal auditor based on the recommendation of the audit committee. The role of the internal auditor is, among other things, to examine whether a company's actions comply with applicable law and orderly business procedure. Under the Companies Law, the internal auditor cannot be an interested party or an office holder or a relative of any of the foregoing, nor may the internal auditor be the company's independent auditor or its representative. An "interested party" is defined in the Companies Law as: (i) a holder of 5% or more of the issued share capital or voting power in a company, (ii) any person or entity who has the right to designate one or more directors or to designate the chief executive officer of the company, or (iii) any person who serves as a director or as a chief executive officer of the company. As of March 15, 2026, Adi Yarimi, CPA from C.C.R Management and Audit Ltd., is acting as our internal auditor.

#### Approval of Related Party Transactions under Israeli Law

#### Fiduciary Duties of Directors and Executive Officers
The Companies Law codifies the fiduciary duties that office holders owe to a company. An office holder's fiduciary duties consist of a duty of care and a duty of loyalty. The duty of care requires an office holder to act with the level of care with which a reasonable office holder in the same position would have acted under the same circumstances. The duty of care includes, among other things, a duty to use reasonable means, in light of the circumstances, to obtain:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• information on the advisability of a given action brought for his or her approval or
 performed by virtue of his or her position; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all other important information pertaining to these actions.

The duty of loyalty requires that an office holder act in good faith and in the company's best interests, and includes, among other things, a duty to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• refrain from any act involving a conflict of interest between the performance of his
 or her duties in the company and his or her personal affairs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• refrain from any activity that is competitive with the business of the company;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• refrain from exploiting any business opportunity of the company in order to receive a
 personal gain for himself or herself or others; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disclose to the company any information or documents relating to the company's
 affairs which the office holder received as a result of his or her position as an office holder.

Under the Companies Law, a company may approve an act specified above that would otherwise constitute a breach of an office holder's duty of loyalty, provided that the office holder acted in good faith, the act or its approval does not harm the company and the office holder discloses his or her personal interest a sufficient amount of time before the discussion of the approval of such act. Any such approval is subject to the terms of the Companies Law setting forth, among other things, the appropriate bodies of the company required to provide such approval and the methods of obtaining such approval.

#### Disclosure of Personal Interests of Director or Officer and Approval of Certain Transactions
The Companies Law requires that an office holder disclose to the board of directors any personal interest that he or she may have and all related material information known to him or her concerning any existing or proposed transaction with the company. Such disclosure must be made promptly and, in any event, no later than the first meeting of the board of directors at which the transaction is considered. A personal interest includes an interest of any person in an act or transaction of a company, including a personal interest of one's relative or of a corporate body in which such person or a relative of such person is a 5% or greater shareholder, director or general manager or in which he or she has the right to appoint at least one director or the general manager, but excluding a personal interest stemming solely from one's ownership of shares in the company.

A personal interest includes the personal interest of a person for whom the office holder holds a voting proxy or the personal interest of the office holder with respect to his or her vote on behalf of a person for whom he or she holds a proxy even if such shareholder has no personal interest in the matter.

If it is determined that an office holder has a personal interest in a non-extraordinary transaction (meaning any transaction that is in the ordinary course of business, on market terms and is not likely to have a material impact on the company's profitability, assets or liabilities), approval by the board of directors is required for the transaction, unless the company's articles of association provide for a different method of approval. Any such transaction that is not for the company's benefit may not be approved by the board of directors.

Approval first by the company's audit committee and subsequently by the board of directors is required for an extraordinary transaction (meaning, any transaction that is either not in the ordinary course of business, not on market terms or that is likely to have a material impact on the company's profitability, assets or liabilities) in which an office holder has a personal interest.

A director or any other office holder who has a personal interest in a transaction which is considered at a meeting of the board of directors or the audit committee generally (unless it is with respect to a transaction which is not an extraordinary transaction) may not be present for the discussion or vote on that matter, unless a majority of the directors or members of the audit committee, as applicable, have a personal interest in the matter. If a majority of the members of the audit committee or the board of directors have a personal interest in the approval of such a transaction, then all of the directors may participate in the discussion and vote of the audit committee or board of directors, as applicable, and shareholder approval is also required.

Certain disclosure and approval requirements apply under Israeli law to certain transactions with controlling shareholders or in which a controlling shareholder has a personal interest and certain arrangements regarding the terms of service or employment of a controlling shareholder. For these purposes, a controlling shareholder is any shareholder that has the ability to direct the company's actions, including any shareholder holding 25% or more of the voting rights if no other shareholder owns more than 50% of the voting rights in the company. Two or more shareholders with a personal interest in the approval of the same transaction are deemed to be one shareholder for these purposes.

For a description of the approvals required under Israeli law for compensation arrangements of officers and directors, see Item 6.B. "Compensation."

------

#### Shareholder Duties
Pursuant to the Companies Law, a shareholder has a duty to act in good faith and in a customary manner toward the company and other shareholders and to refrain from abusing his or her power with respect to the company, including, among other things, in voting at a general meeting and at shareholder class meetings with respect to the following matters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an amendment to the company's articles of association;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an increase of the company's registered share capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a merger; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• interested party transactions that require shareholder approval.

In addition, a shareholder has a general duty to refrain from discriminating against other shareholders.

Furthermore, certain shareholders also have a duty of fairness toward the company. These shareholders include any controlling shareholder, any shareholder who knows that it has the power to determine the outcome of a shareholder vote and any shareholder who has the power to appoint or to prevent the appointment of an office holder of the company or exercise any other rights available to it under the company's articles of association with respect to the company. The Companies Law does not define the substance of this duty of fairness, except to state that the remedies generally available upon a breach of contract will also apply in the event of a breach of the duty of fairness.

#### Exculpation, Insurance and Indemnification of Office Holders
Under the Companies Law, a company may not exculpate an office holder from liability for a breach of the duty of loyalty. An Israeli company may exculpate an office holder in advance from liability to the company, in whole or in part, for damages caused to the company as a result of a breach of the duty of care, but only if a provision authorizing such exculpation is included in its articles of association. Our Articles of Association include such a provision. An Israeli company may not exculpate a director from liability arising from a breach of a director's duty of care in connection with a distribution.

An Israeli company may indemnify an office holder in respect of the following liabilities and expenses incurred for acts performed as an office holder, either in advance of an event or following an event, provided a provision authorizing such indemnification is contained in its articles of association:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a financial liability imposed on him or her in favour of another person pursuant to a
 judgment, settlement or arbitrator's award approved by a court. However, if an undertaking to indemnify an office holder with respect
 to such liability is provided in advance, then such an undertaking must be limited to events which, in the opinion of the board of directors,
 are foreseeable based on the company's activities when the undertaking to indemnify is given, and to an amount or according to criteria
 determined by the board of directors as reasonable under the circumstances, and such undertaking shall detail the abovementioned events
 and amount or criteria;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reasonable litigation expenses, including attorneys' fees, incurred by the office
 holder (1) as a result of an investigation or proceeding instituted against him or her by an authority authorized to conduct such investigation
 or proceeding, provided that no indictment was filed against such office holder as a result of such investigation or proceeding and no
 financial liability was imposed upon him or her as a substitute for the criminal proceeding as a result of such investigation or proceeding
 or, if such financial liability was imposed, it was imposed with respect to an offense that does not require proof of criminal intent
 and (2) in connection with a monetary sanction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reasonable litigation expenses, including attorneys' fees, incurred by the office
 holder or imposed by a court in proceedings instituted against him or her by the company, on its behalf or by a third party or in connection
 with criminal proceedings in which the office holder was acquitted or as a result of a conviction for an offense that does not require
 proof of criminal intent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expenses, including reasonable litigation expenses and legal fees, incurred by an office
 holder in relation to an administrative proceeding instituted against such office holder, or certain compensation payments made to an
 injured party imposed on an office holder by an administrative proceeding, pursuant to certain provisions of the Israeli Securities Law
 of 1968 (the "Israeli Securities Law").

------

An Israeli company may insure an office holder against the following liabilities incurred for acts performed as an office holder if and to the extent provided in the company's articles of association:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a breach of the duty of loyalty to the company, to the extent that the office holder
 acted in good faith and had a reasonable basis to believe that the act would not prejudice the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a breach of the duty of care to the company or to a third party, including a breach arising
 out of the negligent conduct of the office holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a financial liability imposed on the office holder in favour of a third party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a financial liability imposed on the office holder in favour of a third party harmed
 by a breach in an administrative proceeding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expenses, including reasonable litigation expenses and legal fees, incurred by the office
 holder as a result of an administrative proceeding instituted against him or her pursuant to certain provisions of the Israeli Securities
 Law.

An Israeli company may not indemnify or insure an office holder against any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a breach of the duty of loyalty, except to the extent that the office holder acted in
 good faith and had a reasonable basis to believe that the act would not prejudice the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a breach of the duty of care committed intentionally or recklessly, excluding a breach
 arising out of the negligent conduct of the office holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an act or omission committed with intent to derive illegal personal benefit; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a fine, monetary sanction or forfeit levied against the office holder.

Under the Companies Law, exculpation, indemnification and insurance of office holders must be approved by the compensation committee and the board of directors (and, with respect to directors and the Chief Executive Officer, by shareholders). However, under regulations promulgated under the Companies Law, the insurance of office holders will not require shareholder approval and may be approved by only the compensation committee, if the engagement terms are determined in accordance with the company's compensation policy, the compensation policy was approved by the shareholders by the same special majority required to approve a compensation policy, and the insurance policy is on market terms and is not likely to materially impact the company's profitability, assets or obligations.

Our Articles of Association allow us to exculpate, indemnify and insure our office holders for any liability imposed on them as a consequence of an act (including any omission) which was performed by virtue of being an office holder to the fullest extent permitted by law. Our directors and officers are currently covered by a directors and officers' liability insurance policy.

We have entered into indemnification agreements with each of our directors and executive officers undertaking to indemnify them, including as a result of a breach of duty of care. This indemnification is limited to events determined as foreseeable by the board of directors based on our activities, and to an amount or according to criteria determined by the board of directors as reasonable under the circumstances.

The maximum indemnification amount set forth in such agreements is limited to an amount equal to 25% of the Company's equity (excluding minority rights), measured by the Company's last audited or reviewed financial statements prior to the time that the indemnity payment is made. The indemnity will be given in the amount equal to the difference between the amount of the financial liability, in accordance with the indemnification agreements, and any amount paid (if paid) under any directors and office holders insurance.

In the opinion of the SEC, indemnification of office holders for liabilities arising under the Securities Act, however, is against public policy and therefore unenforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Employees** 

As of February, 2026, we had approximately 406 full-time employees, with approximately 173 of those employees being based in the United States and with approximately 233 of those employees being based in Israel. Employee turnover has not had a material impact on our operations to date. None of our employees are represented by a trade or labor union. In certain countries in which we operate, we are subject to local labor law requirements, which may automatically make our employees subject to industry-wide collective bargaining agreements. We have not experienced any work stoppages and we consider our relationship with our employees to be good.

------

We focus on attracting, developing and retaining a team of highly talented and motivated employees. We regularly conduct assessments of our compensation and benefit practices and pay levels to help ensure that staff members are compensated fairly and competitively. Employee performance is measured in part based on goals that are aligned with our annual objectives, and we recognize that our success is based on the talents and dedication of those we employ. To help our employees succeed in their roles, we emphasize continuous training and development opportunities.

We are committed to maintaining a workplace that acknowledges, encourages, and values diversity and inclusion. We believe that individual differences, experiences, and strengths enrich the culture and fabric of our organization. Having employees with backgrounds and orientations that reflect a variety of viewpoints and experiences also helps us to better understand the needs of our customers and the communities in which we operate. By leveraging the multitude of backgrounds and perspectives of our team and developing ongoing relationships with diverse vendors, we achieve a collective strength that enhances the workplace and makes us a better business partner for our customers and others with a stake in our success.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Share Ownership** 

For information regarding the share ownership of directors and officers, see Item 7.A. "Major Shareholders." For information as to our equity incentive plans, see Item 6.B "Compensation—Share option plans."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Disclosure of a Registrant's Action to Recover Erroneously Awarded Compensation** 

None.

#### Item 7. Major Shareholders and Related Party Transactions
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Major Shareholders** 

The beneficial ownership of ordinary shares is determined in accordance with the SEC rules and generally includes any ordinary shares over which a person exercises sole or shared voting or investment power. For purposes of the table below, we deem shares subject to options or other rights that are currently exercisable or exercisable within 60 days of March 15, 2026, to be outstanding and to be beneficially owned by the person holding the options or other rights for the purposes of computing the percentage ownership of that person but we do not treat them as outstanding for the purpose of computing the percentage ownership of any other person. The percentage of shares beneficially owned is based on 139,444,059.5 ordinary shares outstanding as of March 15, 2026.

All of our shareholders, including the shareholders listed below, have the same voting rights attached to their ordinary shares. Neither our principal shareholders nor our directors and executive officers will have different or special voting rights with respect to their ordinary shares. Unless otherwise noted, the address of each shareholder listed below is 13 Amal St., Afek Industrial Park, Rosh Ha'ayin 4809249, Israel.

------

---

| | | |
|:---|:---|:---|
| ***Principal shareholders*** | **Number of**<br> **Ordinary**<br> **Shares** | **% of** <br> **Outstanding**<br> **Shares** |
| ***Greater than 5% shareholders*** | | |
| Migdal Insurance & Financial Holdings Ltd. <sup>(1)</sup> | 11195156.00 | 8.03% |
| Harel Insurance Investments & Financial Services Ltd. <sup>(2)</sup> | 14512845.30 | 10.41% |
| Phoenix Financial Ltd. <sup>(3)</sup> | 12158327.88 | 8.72% |
| Meitav Investment House Ltd. <sup>(4)</sup> | 9629569.00 | 6.91% |
| Clal Insurance Enterprises Holdings Ltd. <sup>(5)</sup> | 9890141.30 | 7.09% |
| Menora Mivtachim Holdings Ltd. <sup>(6)</sup> | 8155587.00 | 5.85% |
| **Directors and executive officers** |  |  |
| Adi Leviatan | - | - |
| Nir Yehuda <sup>(7)</sup> | 37642.00 | 0.03% |
| Amit Paz <sup>(8)</sup> | 265049.10 | 0.19% |
| Ilan Goren <sup>(9)</sup> | 294341.00 | 0.21% |
| Ayelet Cohen Israeli <sup>(10)</sup> | 21512.00 | 0.02% |
| Marko Liposcak <sup>(11)</sup> | 6401.00 | 0.01% |
| Lisa Haimovitz <sup>(12)</sup> | 59012.00 | 0.04% |
| Meron Carr <sup>(13)</sup> | 33032.00 | 0.02% |
| Ziv Shor <sup>(14)</sup> | 53734.00 | 0.04% |
| Itay Banayan | - | - |
| Gilad Doron  | - | - |
| Gilad Yavetz <sup>(15)</sup> | 1191916.10 | 0.85% |
| Yair Seroussi <sup>(16)</sup> | 149116.00 | 0.11% |
| Liat Benyamini <sup>(17)</sup> | 3408.00 | 0.00% |
| Michal Tzuk <sup>(18)</sup> | 3408.00 | 0.00% |
| Alla Felder <sup>(19)</sup> | 3408.00 | 0.00% |
| Dr. Shai Weil <sup>(20)</sup> | 18022.00 | 0.01% |
| Yitzhak Betzalel <sup>(21)</sup> | 3408.00 | 0.00% |
| Zvi Furman <sup>(22)</sup> | 3408.00 | 0.00% |
| ***All executive officers and directors as a group (19 persons)*** | 2146817.20 | 1.53% |

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___________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Pursuant to a Schedule 13G filed by Migdal Insurance & Financial
 Holdings Ltd. ("Migdal") with the SEC on November 13, 2025, consists of 11,195,156 ordinary shares as of September 30,
 2025, beneficially owned by Migdal and entities under its control. The address of Migdal is 4 Efal Street, P.O. Box 3063, Petach Tikva,
 Israel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Pursuant to a Schedule 13G filed by Harel Insurance Investments &
 Financial Services Ltd. ("Harel") with the SEC on February 9, 2026, consists of 14,512,845.3 ordinary shares as of December
 31, 2025, beneficially owned by Harel and entities under its control. In addition, to the Company's knowledge, Harel holds 6,599,319
 units of Series C Debentures. To the Company's knowledge, the ultimate controlling shareholders of Harel are Mr. Yair Hamburger,
 Mr. Gideon Hamburger and Ms. Nurit Manor. The address of Harel is Abba Hillel 3, Ramat Gan, Israel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To the Company's knowledge, consists of 12,158,327.88 ordinary
 shares as of December 31, 2025, beneficially owned by the Phoenix Financial Ltd. ("Phoenix") and entities under its control.
 In addition, to the Company's knowledge, Phoenix holds 69,625,443 units of Series C Debentures and 9,708,364 units of Series H Debentures.
 The address of Phoenix is Derech Hashalom 53, Givataim, 53454, Israel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) To the Company's knowledge, consists of 9,629,569 ordinary
 shares as of December 31, 2025, beneficially owned by Meitav Investment House Ltd. ("Meitav") and entities under its control.
 The address of Meitav is 1 Jabotinski, Bene-Beraq, Israel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) To the Company's knowledge, consists
 of 9,890,141.3 ordinary shares as of December 31 ,2025, beneficially owned by Clal Insurance Enterprises Holdings Ltd. ("Clal")
 and entities under its control. In addition, to the Company's knowledge, Clal holds 22,651,517 units of Series C Debentures and
 20,076,069 units of Series H Debentures. The address of Clal is 36 Raul Walenberg St., Tel Aviv, Israel.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Pursuant to a Schedule 13G filed by Menora Mivtachim Holdings
 Ltd. ("Menora") with the SEC on February 11, 2026, consists of 8,155,587 ordinary shares as of December 31, 2025, beneficially
 owned by Menora and entities under its control. The address of Menora is Menora House, 23 Jabotinsky St., Ramat Gan 5251102, Israel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Consists of (i) 13,890 RSUs held by Mr. Yehuda that vest within 60
 days of March 15, 2026, and (ii) 23,752 ordinary shares subject to options held by Mr. Yehuda that are exercisable within 60 days
 of March 15, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Consists of (i) 252,423.1 ordinary shares beneficially owned directly by Mr. Paz,
 and (ii) 12,626 RSUs held by Mr. Paz that vest within 60 days of March 15, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Consists of (i) 9,341 RSUs held by Mr. Goren that vest within 60
 days of March 15, 2026, and (ii) 285,000 ordinary shares subject to options held by Mr. Goren that are exercisable within 60 days of March 15,
 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) Consists of (i) 6,512 RSUs held by Ms. Cohen Israeli that vest within 60 days of March
 15, 2026, and (ii) 15,000 ordinary shares subject to options held by Ms. Cohen Israeli that are exercisable within 60 days of March 15,
 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) Consists of 6,401 RSUs held by Mr. Liposcak that vest within 60 days
 of March 15, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) Consists of (i) 6,512 RSUs held by Ms. Haimovitz that vest within
 60 days of March 15, 2026, and (ii) 52,500 ordinary shares subject to options held by Ms. Haimovitz that are exercisable within 60 days
 of March 15, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) Consists of (i) 11,364 RSUs held by Mr. Carr that vest within 60
 days of March 15, 2026, and (ii) 21,668 ordinary shares subject to options held by Mr. Carr that are exercisable within 60 days of March 15,
 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) Consists of (i) 19,392 RSUs held by Mr. Shor that vest within 60
 days of March 15, 2026, and (ii) 34,342 ordinary shares subject to options held by Mr. Shor that are exercisable within 60 days of March
 15, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) Consists of (i) 796,198.1 ordinary shares beneficially owned directly
 by Mr. Yavetz, (ii) 43,511 RSUs held by Mr. Yavetz that vest within 60 days of March 15, 2026, and (iii) 352,207 ordinary shares subject
 to options held by Mr. Yavetz that are exercisable within 60 days of March 15, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) Consists of (i) 7,116 RSUs held by Mr. Seroussi that vest within
 60 days of March 15, 2026, and (ii) 142,000 ordinary shares subject to options held by Mr. Seroussi that are exercisable within 60 days
 of March 15, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) Consists of 3,408 RSUs held by Ms. Benyamini that vest within 60
 days of March 15, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) Consists of 3,408 RSUs held by Ms. Tzuk that vest within 60 days
 of March 15, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) Consists of 3,408 RSUs held by Ms. Felder that vest within 60 days
 of March 15, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) Consists of (i) 14,614 ordinary shares beneficially owned directly
 by Dr. Weil and (ii) 3,408 RSUs held by Dr. Weil that vest within 60 days of March 15, 2026. Not included as beneficially owned by
 Dr. Weil are 470,091 ordinary shares owned directly by Givon Investments Partnership (GAAS), which is controlled by the Weil family of
 which Dr. Weil is a part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) Consists of 3,408 RSUs held by Mr. Betzalel that vest within 60 days
 of March 15, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) Consists of 3,408 RSUs held by Mr. Furman that vest within 60 days
 of March 15, 2026.

------

#### Significant Changes in Ownership
To our knowledge, other than as disclosed in the table above, our other filings with the SEC and this Annual Report, there has been no significant change in the percentage ownership held by any major shareholder during the past three years.

#### Voting Rights
The major shareholders listed above do not have voting rights with respect to their ordinary shares that are different from the voting rights of other holders of our ordinary shares.

#### Registered Holders
Based on the information provided to us by our transfer agent as of March 15, 2026, Cede & Co. was the one registered holder of our ordinary shares, holding approximately 11.7% of our outstanding ordinary shares. These numbers are not representative of the number of beneficial holders of our ordinary shares nor are they representative of where such beneficial holders reside.

#### Change in Control Arrangements
We are not aware of any arrangement that may, at a subsequent date, result in a change of control of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Related Party Transactions** 

The following is a description of our related party transactions as defined under Item 7.B. of Form 20-F, since January 1, 2023.

#### Agreements with Directors and Officers
*Employment Agreements.* We have entered into written employment agreements with each of our executive officers. See Item 6. "Directors, Senior Management and Employees."

*Awards.* Since our inception, we have granted options to purchase our ordinary shares and, since 2023, RSUs to our executive officers and certain of our directors. In February 2025, our board of directors approved the cancellation of certain vested and unvested share options previously granted to employees and officers of the Company and the replacement thereof with RSUs. We describe our option plans under Item 6.B. "Compensation."

*Exculpation,* Indemnification and Insurance. Our Articles of Association permit us to exculpate, indemnify and insure our directors and office holders to the fullest extent permitted by the Companies Law. In addition, our compensation policy permits us to indemnify and insure our directors and office holders to the fullest extent permitted by the Companies Law. We have entered into agreements with our directors and office holders undertaking to indemnify them to the fullest extent permitted by law, subject to certain exceptions, including with respect to liabilities that are covered by insurance. In addition, we have also issued an exemption letter to our Chief Executive Officer and each of our directors, exempting them from liability towards the Company under certain limited circumstances. See Item 6.B "Compensation-Employment agreements with executive officers and directors" and Item 6.C. "Board Practices —Exculpation, Insurance and Indemnification of Office Holders."

#### Related Party Transaction Policy
We have adopted guidelines and criteria which set forth the policies and procedures for the review and approval or ratification of related party transactions. This policy also classifies certain transactions between us (or a company whose financial statements are consolidated with our financial statements) and either an interested party or controlling shareholder, if any, as "negligible transactions" or "immaterial/material transactions" and the method of approval required in relation to each type of transaction. This policy covers, among others, interested party transactions under the Companies Law, interested party transactions as defined in Part I, Item 7.B. of Form 20-F and transactions between the Company and an interested party, which are material to the Company or the interested party, and any such transactions between the Company and an interested party that are unusual in their nature or conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Interests of Experts and Counsel** 

Not applicable.

#### Item 8. Financial Information
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Consolidated Statements and Other Financial Information** 

#### Consolidated Financial Statements
See Item 18. "Financial Statements."

------

#### Legal and Arbitration Proceedings
We may, from time to time, be involved in litigation and claims arising out of our operations in the ordinary course of business.

In November 2024, one of our subsidiaries commenced two actions in the U.S. against a supplier of battery storage products and its guarantor, based on a breach of contract. These claims, for an amount of approximately $35.8 million, were arbitrated by the American Arbitration Association. The supplier filed counter claims for an amount of approximately $67.3 million. The claims were arbitrated by the American Arbitration Association, while the New York state action was held in abeyance pending resolution of the arbitration. In late 2025, a final arbitration award was rendered by the arbitration panel in which the claims were resolved in favor of our subsidiary and all counterclaims made by the supplier were dismissed. As part of enforcement and collection efforts on the arbitration award being made under the New York state case, a final settlement was filed with the court and the state action was stayed. Enforcement and collection under the settlement agreement remains on-going.

Except as described above, we are not currently a party to any litigation or governmental or other proceeding that we believe will have a material adverse impact on our financial position, results of operations or liquidity. However, the results of any current or future litigation cannot be predicted with certainty, and regardless of the outcome, we may incur significant costs and experience a diversion of management resources as a result of any litigation.

#### Dividend Policy
We have never declared nor paid any dividends on our ordinary shares. We do not anticipate paying any dividends in the foreseeable future. We currently intend to retain future earnings, if any, to finance operations and expand our business. Our board of directors has sole discretion in whether to pay dividends. If our board of directors decides to pay dividends, the form, frequency and amount will depend upon our future operations and earnings, capital requirements and surplus, general financial condition, contractual restrictions and other factors that our board of directors may deem relevant. The Companies Law imposes restrictions on our ability to declare and pay dividends.

Payment of dividends may be subject to Israeli withholding taxes. See Item 10.E. "Taxation—Israeli Tax Considerations" for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Significant Changes** 

No significant changes have occurred since December 31, 2025, except as otherwise disclosed in this Annual Report.

#### Item 9. The Offer and Listing
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Offer and Listing Details** 

Our ordinary shares commenced trading on the Nasdaq Global Select Market on February 10, 2023, under the symbol "ENLT." Prior to this, no public market in the United States existed for our ordinary shares. Our ordinary shares were registered for trading on the TASE in 2010 under the symbol "ENLT."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Plan of Distribution** 

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Markets** 

Our ordinary shares commenced trading on the Nasdaq Global Select Market in February 2023 and on the TASE in February 2010.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Selling Shareholders** 

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Dilution** 

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Expenses of the Issue** 

Not applicable.

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#### Item 10. Additional Information
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Share Capital** 

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Memorandum and Articles of Association** 

The information called for by this Item is set forth in Exhibit 1.1 to this Annual Report and is incorporated by reference into this Annual Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Material Contracts** 

Except as otherwise disclosed in this Annual Report (including the Exhibits), we are not currently, nor have we been for the two years immediately preceding the date of this Annual Report, party to any material contract, other than contracts entered into in the ordinary course of business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Exchange Controls** 

There are currently no Israeli currency control restrictions on remittances of dividends on our ordinary shares, proceeds from the sale of the ordinary shares or interest or other payments to non-residents of Israel, except that such restrictions may exist with respect to shareholders who are deemed enemies of the State of Israel under Israeli law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Taxation** 

#### Israeli Tax Considerations
The following is a brief summary of the material Israeli tax laws applicable to us. This section also contains a discussion of material Israeli tax consequences concerning the ownership and disposition of our ordinary shares. This summary does not discuss all the aspects of Israeli tax law that may be relevant to a particular investor in light of his or her personal investment circumstances or to some types of investors subject to special treatment under Israeli law. Examples of such investors include residents of Israel or traders in securities who are subject to special tax regimes not covered in this discussion. To the extent that the discussion is based on tax legislation that has not yet been subject to judicial or administrative interpretation, we cannot assure you that the appropriate tax authorities or the courts will accept the views expressed in this discussion. The discussion below is subject to change, including due to amendments under Israeli law or changes to the applicable judicial or administrative interpretations of Israeli law, which change could affect the tax consequences described below. The discussion should not be construed as legal or professional tax advice and does not cover all possible tax considerations.

SHAREHOLDERS ARE URGED TO CONSULT THEIR OWN TAX ADVISORS AS TO THE ISRAELI OR OTHER TAX CONSEQUENCES INCLUDING, IN PARTICULAR, THE EFFECT OF ANY FOREIGN, STATE OR LOCAL TAXES, OF THE PURCHASE, OWNERSHIP AND DISPOSITION OF OUR ORDINARY SHARES.

*General corporate tax structure in Israel*

Israeli companies are generally subject to corporate income tax. The current corporate income tax rate is 23.0%. However, the effective tax rate payable by an Israeli company that derives income from a "Technological Enterprise" or "Preferred Enterprise" may be considerably less. Capital gains derived by an Israeli company are generally subject to the prevailing corporate tax rate. Under Israeli tax law, a corporation will be considered as an "Israeli resident" if it meets one of the following: (a) it was incorporated in Israel; or (b) the control and management of its business are operated from Israel. The Company is not claiming any such benefits at this stage.

*Law for the Encouragement of Industry (Taxes), 5719-1969*

The Law for the Encouragement of Industry (Taxes), 5729-1969, generally referred to as the Industry Encouragement Law, provides several tax benefits for "Industrial Companies." The Company is examining its eligibility to claim tax benefits under the Industry Encouragement Law and whether it can qualify as an Industrial Company within the meaning of the Industry Encouragement Law.

The Industry Encouragement Law defines an "Industrial Company" as an Israeli resident-company incorporated in Israel, of which 90.0% or more of its income in any tax year, other than income from certain government loans is derived from an "Industrial Enterprise" owned by it and located in Israel or in the "Area," in accordance with the definition in Section 3A of the Israeli Income Tax Ordinance (New Version) 1961 (the "Ordinance"). An "Industrial Enterprise" is defined as an enterprise owned by an Industrial Company the principal activity of which in a given tax year is industrial production.

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There are several corporate tax benefits which are available to Industrial Companies, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• amortization of the cost of purchased patent, rights to use
 a patent, and know-how, which are used for the development or advancement of the Industrial Enterprise, over an eight-year period, commencing
 on the year in which such rights were first exercised;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• under limited conditions, an election to file consolidated
 tax returns with related Israeli Industrial Companies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expenses related to a public offering are deductible in equal amounts over three years
 commencing on the year of the offering.

There can be no assurance that the Company will qualify as an Industrial Company or that any of the benefits described above will be available to the Company.

#### Taxation of our shareholders
*Capital gains taxes applicable to non-Israeli resident shareholders.* Israeli capital gains tax is generally imposed on the disposition of capital assets by a non-Israeli resident if those assets (i) are located in Israel, (ii) are shares or a right to shares in an Israeli resident corporation, (iii) are located outside of Israel and represent mainly, directly or indirectly, rights to assets located in Israel, or (iv) a right in a foreign-resident corporation, the majority of the value of which is attributable, directly or indirectly, to assets located in Israel, unless a specific exemption is available or unless a tax treaty between Israel and the seller's country of residence provides otherwise.

Israeli tax law distinguishes between "Real Capital Gain" and "Inflationary Surplus." Inflationary Surplus is a portion of the total capital gain which is equivalent to the increase in the relevant asset's price that is attributable to the increase in the Israeli Consumer Price Index or, in certain circumstances, a foreign currency exchange rate, between the date of purchase and the date of disposition. Inflationary Surplus is currently not subject to tax in Israel. Real Capital Gain is the excess of the total capital gain over the Inflationary Surplus. Generally, Real Capital Gain accrued by individuals on the sale of our ordinary shares will be taxed at a marginal tax rate, according to Section 121 of the Ordinance, up to a maximum rate of 25.0%. However, if the shareholder is a "substantial shareholder" at the time of sale or at any time during the preceding 12-month period, such gain will be taxed at the rate of 30.0%. A "substantial shareholder" is generally a person who alone or together with such person's relative or another person who collaborates with such person on a permanent basis, holds, directly or indirectly, at least 10.0% of any of the "means of control" of the corporation. "Means of control" generally include the right to vote, receive profits, nominate a director or an executive officer, receive assets upon liquidation, or order someone who holds any of the aforesaid rights how to act, regardless of the source of such right.

Furthermore, where an individual claims real interest expenses and linkage differentials on securities, the capital gain on the sale of the securities will be taxed at a rate of 30.0%. Real Capital Gain derived by corporations will be generally subject to a corporate tax rate as specified in Section 126 of the Ordinance, which is 23.0% in 2025. Notwithstanding the foregoing, individual and corporate shareholders dealing in securities in Israel are taxed at the tax rates applicable to business income - 23% for corporations in 2025 and a marginal tax rate of up to 47% for individuals in 2025.

A non-Israeli resident who derives capital gains from the sale of shares of an Israeli resident company after the company was listed for trading on a stock exchange outside Israel is generally exempt from Israeli capital gains tax so long as the shares were not held through a permanent establishment that the non-Israeli resident maintains in Israel and certain other conditions are met. However, non-Israeli "body of persons" (as defined in the Ordinance, which includes corporate entities, partnerships and other entities) will not be entitled to the foregoing exemption if Israeli residents (i) have a controlling interest of more than 25.0% in any of the means of control of such non-Israeli body of persons or (ii) are the beneficiaries of, or are entitled to, 25.0% or more of the revenues or profits of such non-Israeli body of persons, whether directly or indirectly, as specified in Section 68A of the Ordinance.

In addition, such exemption is not applicable to a person whose gains from selling or disposing the shares are deemed to be business income.

Additionally, a sale of securities by a non-Israeli resident may be exempt from Israeli capital gains tax under the provisions of an applicable tax treaty. For example, under the tax treaty between the Government of the United States of America and the Government of the State of Israel with respect to Taxes on Income, as amended (the "United States-Israel Tax Treaty"), the sale, exchange or other disposition of shares by a shareholder who is a United States resident (for purposes of the treaty) holding the shares as a capital asset and is entitled to claim the benefits afforded to such a resident by the United States-Israel Tax Treaty (a "Treaty U.S. Resident") is generally exempt from Israeli capital gains tax unless: (i) the capital gain arising from such sale, exchange or disposition is attributed to real estate located in Israel; (ii) the capital gain arising from such sale, exchange or disposition is attributed to certain types of royalties; (iii) the capital gain arising from the such sale, exchange or disposition is attributed to a permanent establishment in Israel, under certain terms; (iv) such Treaty U.S. Resident holds, directly or indirectly, shares representing 10.0% or more of the voting capital during any part of the 12-month period preceding the disposition, subject to certain conditions; or (v) such Treaty U.S. Resident is an individual and was present in Israel for 183 days or more during the relevant taxable year. In any such case, the sale, exchange or disposition of such shares would be subject to Israeli tax, unless otherwise exempt under Israeli domestic law as discussed above.

------

Regardless of whether non-Israeli shareholders may be liable for Israeli capital gains tax on the sale of our ordinary shares, the payment of the consideration for such sale may be subject to withholding of Israeli tax at source and holders of our ordinary shares may be required to demonstrate that they are exempt from tax on their capital gains in order to avoid withholding at source at the time of sale. Specifically, shareholders who are not liable for Israeli capital gains tax on such a sale may be required to sign declarations on forms specified by the ITA, provide documents (including, for example, a certificate of residency) or obtain a specific exemption from the ITA to confirm their status as non-Israeli residents.

If the abovementioned declaration and/or exemption (as the case may be) is not provided, the purchaser, the Israeli brokers or the financial institutions through which the shares are held is obligated to withhold tax on the amount of consideration paid upon the sale of the shares (or on the Real Capital Gain on the sale, if known) at the rate of 25% in respect of an individual and 23% in respect of a corporation.

A detailed return, including a computation of the tax due, must be filed and an advance payment must be paid on January 31 and July 30 of each tax year for sales of securities traded on a stock exchange made within the previous six months in which the reporting date applies. However, if all tax due was withheld at the source according to applicable provisions of the Ordinance and the regulations promulgated thereunder, the return does not need to be filed. Capital gains are also reportable on an annual income tax return.

*Taxation of non-Israeli shareholders on receipt of dividends.* Non-Israeli residents (whether individuals or corporations) are generally subject to Israeli income tax on the receipt of dividends paid on our ordinary shares at the rate of 25.0%, which tax will be withheld at source, unless relief is provided in an applicable tax treaty between Israel and the shareholder's country of residence, subject to the receipt in advance of a valid tax certificate from the ITA allowing for a reduced withholding tax rate. However, if the shareholder is a "substantial shareholder" (as described above) at the time of receiving the dividend or at any time during the preceding 12-month period, the applicable tax rate will be 30.0%. Such dividends are generally subject to Israeli withholding tax at a rate of 25.0% so long as the shares are registered with a nominee company (whether the recipient is a substantial shareholder or not).

Notwithstanding the above, a reduced tax rate may be provided under an applicable tax treaty, subject to the receipt in advance of a valid tax certificate from the ITA allowing for a reduced withholding tax rate. For example, under the United States-Israel Tax Treaty, the maximum rate of tax withheld at source in Israel on dividends paid to a holder of our ordinary shares who is a Treaty U.S. Resident is 25.0%. Generally, however, the maximum rate of withholding tax on dividends that are paid to a United States corporation holding 10% or more of the outstanding voting capital throughout the tax year in which the dividend is distributed as well as during the previous tax year, is 12.5%, provided that not more than 25.0% of the gross income for such preceding year consists of certain types of dividends and interest and further provided that such income was not subject to corporate tax benefits under the Investment Law. If dividends are distributed from income that was subject to a reduced corporate tax rate under the Investment Law and the foregoing conditions are met, such dividends are subject to a withholding tax rate of 15% for a shareholder that is a United States corporation. The aforementioned rates under the United States-Israel Tax Treaty will not apply if the dividend income was derived through or attributed to a permanent establishment of the Treaty U.S. Resident in Israel. Application for this reduced tax rate requires appropriate documentation presented to and specific instruction received from the ITA. We cannot assure you that we will designate the profits that we may distribute in a way that will reduce shareholders' tax liability.

A non-Israeli resident who receives dividends from which tax was withheld is generally exempt from the obligation to file tax returns in Israel in respect of such income, provided, inter alia, that (i) such income was not derived from a business conducted in Israel by the non-Israeli resident, (ii) the non-Israeli resident has no other taxable sources of income in Israel with respect to which a tax return is required to be filed, and (iii) the non-Israeli resident is not obliged to pay additional surtax (as further explained below).

*Surtax*. Individuals who are subject to income tax in Israel (whether any such individual is an Israeli resident or non-Israeli resident, and with respect to a non-Israeli resident, subject to tax treaties not otherwise limiting the applicable tax rate to such non-Israeli resident) are also subject to an additional surtax at a rate of 3% on annual income (including, but not limited to, income derived from dividends, interest and capital gains) exceeding a certain threshold (currently, NIS 721,560 for 2025 through 2027, which amount is linked to the annual change in the Israeli Consumer Price Index (the "Threshold Amount").

------

According to legislation effective as of January 1, 2025, an additional 2% excess tax will be imposed on "Capital-Sourced Income" (defined as income from any source other than employment income, business income or income from "personal effort"), provided that the Individual's Capital Sourced Income exceeds the Threshold Amount. This additional excess tax applies, among other things, to income from capital gains, dividends, interest, rental income, or the sale of real property.

*Estate and Gift Tax.* Israeli law presently does not impose estate or gift taxes.

#### Material U.S. Federal Income Tax Considerations for United States Holders
The following summary describes certain U.S. federal income tax considerations generally applicable to United States Holders (as defined below) of our ordinary shares. This summary is limited to the U.S. federal income tax consequences to United States Holders (as defined below) who hold our ordinary shares held as capital assets within the meaning of Section 1221 of the Code. This summary also does not address the tax consequences that may be relevant to holders subject to special rules including, without limitation, dealers in securities, traders that elect to use a mark-to-market method of accounting, holders that own our ordinary shares as part of a "straddle," "hedge," "conversion transaction," or other integrated investment, banks or other financial institutions, individual retirement accounts and other tax-deferred accounts, insurance companies, tax-exempt organizations, United States expatriates, holders whose functional currency is not the U.S. dollar, holders subject to any alternative minimum tax, holders that acquired our ordinary shares in a compensatory transaction, holders that are entities or arrangements treated as partnerships for U.S. federal income tax purposes or holders that actually or constructively through attribution own 10% or more of the total voting power or value of our outstanding ordinary shares.

This summary is based upon the Code, applicable U.S. Treasury regulations, administrative pronouncements and judicial decisions, in each case as in effect on the date hereof, all of which are subject to change (possibly with retroactive effect). No ruling has been or will be requested from the IRS regarding the tax consequences described herein, and there can be no assurance that the IRS will agree with the discussion set out below. This summary does not address any U.S. federal tax consequences other than U.S. federal income tax consequences (such as the estate and gift tax or the Medicare tax on net investment income).

As used herein, the term "United States Holder" means a beneficial owner of our ordinary shares that is, for U.S. federal income tax purposes, (i) an individual who is a citizen or resident of the United States, (ii) a corporation or other entity taxable as a corporation created or organized under the laws of the United States or any state thereof or therein or the District of Columbia, (iii) an estate the income of which is subject to U.S. federal income taxation regardless of its source, or (iv) a trust (a) that is subject to the supervision of a court within the United States and the control of one or more U.S. persons as described in Code Section 7701(a)(30), or (b) that has a valid election in effect under applicable U.S. Treasury regulations to be treated as a "United States person."

If an entity or arrangement treated as a partnership for U.S. federal income tax purposes acquires our ordinary shares, the tax treatment of a partner in the partnership generally will depend upon the status of the partner and the activities of the partnership. Such a partner or partnership considering an investment in our ordinary shares should consult its tax advisor as to the particular U.S. federal income tax consequences of acquiring, owning and disposing of our ordinary shares in particular circumstances.

**THE SUMMARY OF U.S. FEDERAL INCOME TAX CONSEQUENCES SET OUT BELOW IS FOR GENERAL INFORMATION ONLY. UNITED STATES HOLDERS SHOULD CONSULT THEIR TAX ADVISORS AS TO THE PARTICULAR TAX CONSEQUENCES TO THEM OF OWNING AND DISPOSING OF OUR ORDINARY SHARES, INCLUDING THE APPLICABILITY AND EFFECT OF FEDERAL, STATE, LOCAL AND NON-U.S. TAX LAWS AND POSSIBLE CHANGES IN TAX LAW.**

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#### Distributions
Although we do not anticipate paying any dividends in the foreseeable future, as described in Item 8.A "Consolidated statements and Other Financial Information—Dividend Policy" above, if we do make any distributions, subject to the discussion below under "—Passive Foreign Investment Company," the amount of dividends paid to a United States Holder with respect to our ordinary shares before reduction for any Israeli taxes withheld therefrom generally will be included in the United States Holder's gross income as ordinary income from foreign sources to the extent paid out of our current or accumulated earnings and profits (as determined for U.S. federal income tax purposes). Distributions in excess of earnings and profits will be treated as a non-taxable return of capital to the extent of the United States Holder's tax basis in those ordinary shares and thereafter as capital gain. However, we do not intend to calculate our earnings and profits under U.S. federal income tax principles. Therefore, United States Holders should expect to treat a distribution as a dividend even if that distribution would otherwise be treated as a non-taxable return of capital or as capital gain under the rules described above. The amount of any distribution paid in foreign currency will be equal to the U.S. dollar value of such currency, translated at the spot rate of exchange on the date such distribution is included in the United States Holder's income, regardless of whether the payment is in fact converted into U.S. dollars at that time.

Certain Treasury regulations (the "Foreign Tax Credit Regulations") may in some circumstances prohibit a United States Holder from claiming a foreign tax credit with respect to certain non-U.S. taxes that are not creditable under applicable income tax treaties. However, the IRS has released notices (the "IRS Notices") which indicate that the Treasury Department and the IRS are considering amendments to the Foreign Tax Credit Regulations and provide temporary relief from certain of their provisions until such time as the IRS issues a subsequent notice or other guidance withdrawing or modifying the temporary relief (or any later date specified in the relevant notice or guidance). The rules governing the treatment of foreign taxes imposed on a United States Holder and foreign tax credits are complex, and United States Holders should consult their tax advisors regarding the availability of a foreign tax credit or deduction in light of their particular circumstances, including their eligibility for benefits under an applicable income tax treaty and the potential impact of the Foreign Tax Credit Regulations and IRS Notices.

Dividends received by certain non-corporate United States Holders (including individuals) may be "qualified dividend income," which is taxed at the lower capital gains rate, provided that (i) either our ordinary shares are readily tradable on an established securities market in the United States or we are eligible for benefits under a comprehensive U.S. income tax treaty that includes an exchange of information program and which the U.S. Treasury Department has determined is satisfactory for these purposes, (ii) we are neither a PFIC (as discussed below) nor treated as such with respect to the United States Holder for either the taxable year in which the dividend is paid or the preceding taxable year and (iii) the United States Holder satisfies certain holding period and other requirements. In this regard, shares generally are considered to be readily tradable on an established securities market in the United States if they are listed on Nasdaq, where our ordinary shares are listed. United States Holders should consult their tax advisors regarding the availability of the reduced tax rate on dividends paid with respect to our ordinary shares. Corporate United States Holders will not be eligible for the dividends received deduction with respect to dividends paid on our ordinary shares.

#### Sale, Exchange or Other Disposition of Ordinary Shares
Subject to the discussion below under "—Passive Foreign Investment Company," a United States Holder generally will recognize capital gain or loss for United States federal income tax purposes on the sale, exchange or other taxable disposition of our ordinary shares equal to the difference, if any, between the amount realized and the United States Holder's tax basis in those ordinary shares. A United States Holder's initial tax basis in our ordinary shares generally will equal the cost of such ordinary shares. If any Israeli tax is imposed on the sale, exchange or other disposition of our ordinary shares, a United States Holder's amount realized will include the gross amount of the proceeds of the disposition before deduction of the Israeli tax.

In general, capital gains recognized by a non-corporate United States Holder, including an individual, are subject to a lower rate of tax under current law if such United States Holder's holding period in our ordinary shares exceeds one year. The deductibility of capital losses is subject to limitations. Any such gain or loss generally will be treated as United States source income or loss for purposes of the foreign tax credit. Because gain on the sale or other taxable disposition of our ordinary shares will be treated as U.S. source income, and United States Holders may use foreign tax credits against only the portion of U.S. federal income tax liability that is attributed to foreign source income in the same category, United States Holders' ability to utilize a foreign tax credit with respect to the Israeli tax imposed on any such sale or other taxable disposition, if any, may be significantly limited.

In addition, if a United States Holder is eligible for the benefit of the income tax convention between the United States and the State of Israel and pays Israeli tax in excess of the amount applicable to the United States Holder under such convention or if the Israeli tax paid is reasonably certain to be refundable, the United States Holder will not be able to claim any foreign tax credit or deduction with respect to such excess portion of the Israeli tax paid or the amount of Israeli tax refunded. In addition, pursuant to applicable U.S. Treasury regulations (subject to temporary relief potentially available under applicable IRS Notices until further IRS guidance), if a United States Holder is not eligible for the benefits of an applicable income tax treaty or does not elect to apply such treaty, then such holder may not be able to claim a foreign tax credit arising from any foreign tax imposed on the disposition of our ordinary shares, depending on the nature of such foreign tax. The rules governing the treatment of foreign taxes imposed on a United States Holder and foreign tax credits are complex, and United States Holders should consult their tax advisors regarding the availability of a foreign tax credit or deduction in light of their particular circumstances, including their eligibility for benefits under an applicable income tax treaty and the potential impact of the applicable U.S. Treasury regulations and IRS Notices.

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#### Passive Foreign Investment Company Considerations
We will be classified as a PFIC for any taxable year if, after the application of certain look-through rules, either: (i) 75% or more of our gross income for such year is "passive income" (as defined in the relevant provisions of the Code), or (ii) 50% or more of the value of our assets (generally determined on the basis of a quarterly average) during such year is attributable to assets that produce or are held for the production of passive income. For these purposes, cash and other assets readily convertible into cash or that do or could generate passive income are categorized as passive assets, and the value of goodwill and other unbooked intangible assets is generally taken into account. Goodwill is treated as an active asset under the PFIC rules to the extent attributable to activities that produce active income. Passive income generally includes, among other things, rents, dividends, interest, royalties, gains from the disposition of passive assets and gains from commodities and securities transactions. For purposes of this test, we will be treated as owning a proportionate share of the assets and earning a proportionate share of the income of any other corporation of which we own, directly or indirectly, at least 25% (by value) of the stock.

Based on our market capitalization and the current and anticipated composition of our income, assets and operations, we believe that we were not a PFIC for the year ended December 31, 2025 and do not expect to be a PFIC for United States federal income tax purposes for the current taxable year or in the foreseeable future. However, our PFIC status for the year ended December 31, 2025 or the current or any other taxable year is subject to considerable uncertainties. For example, it is expected that our annual PFIC status for any taxable year will depend in large part on the extent to which our gross income from sales of energy is considered to be non-passive income under the Code. Based on the manner in which we operated in the year ended December 31, 2025, currently operate and intend to operate, we believe it reasonable for United States Holders to take the position that our gross income from energy sales is non-passive income.

However, because we outsource to independent contractors certain operation and maintenance functions that may be treated as significant with respect to our projects, there can be no assurance that the IRS or a court will agree with this position. If our income from sales of energy is not treated as derived from an active business, we will likely be a PFIC. Moreover, whether we are a PFIC is a factual determination that must be made annually after the close of each taxable year. This determination will depend on, among other things, the composition of our income and assets, as well as the value of our ordinary shares and assets. The aggregate value of our assets for purposes of the PFIC determination may be determined by reference to the trading price of our ordinary shares, which could fluctuate significantly. In addition, the extent to which our goodwill will be characterized as an active asset is not entirely clear and we cannot give assurance that the entire amount of our goodwill will be treated as an active asset. It is possible that the IRS may take a contrary position with respect to our PFIC determination in any particular year, and therefore, there can be no assurance that we were not a PFIC for the year ended December 31, 2025 or will not be classified as a PFIC in the current taxable year or in the future.

Certain adverse U.S. federal income tax consequences (described below) could apply to a United States Holder if we are treated as a PFIC for any taxable year during which such United States Holder holds our ordinary shares. Under the PFIC rules, if we were considered a PFIC at any time that a United States Holder holds our ordinary shares, we would continue to be treated as a PFIC with respect to such holder's investment unless (i) we cease to be a PFIC, and (ii) the United States Holder has made a "deemed sale" election under the PFIC rules. If such election is made, a United States Holder will be deemed to have sold our ordinary shares at their fair market value on the last day of the taxable year in which we were a PFIC, and any gain from the deemed sale would be subject to the rules described in the following paragraph. After the "deemed sale" election, so long as we do not become a PFIC in a subsequent taxable year, the ordinary shares with respect to which such election was made will not be treated as shares in a PFIC. United States Holders should consult their tax advisors as to the possibility and consequences of making a deemed sale election if we are (or were to become) and then cease to be a PFIC, and such election becomes available.

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If we were a PFIC for any taxable year that a United States Holder holds our ordinary shares, unless the United States Holder makes certain elections, any gain recognized by the United States Holder on a sale or other disposition of our ordinary shares would be allocated pro-rata over the United States Holder's holding period for the ordinary shares. The amounts allocated to the taxable year of the sale or other disposition and to any year before we became a PFIC would be taxed as ordinary income. The amount allocated to each other taxable year would be subject to tax at the highest rate in effect for individuals or the highest rate in effect for corporations, as appropriate, for that taxable year, and an interest charge would be imposed. Further, to the extent that any distribution received by a United States Holder on our ordinary shares exceeds 125% of the average of the annual distributions on the ordinary shares received during the preceding three years or the United States Holder's holding period, whichever is shorter, that distribution would be subject to taxation in the same manner as gain on the sale or other disposition of our ordinary shares if we were a PFIC, described above. If we are treated as a PFIC with respect to a United States Holder for any taxable year, the United States Holder will be deemed to own equity in any of the entities in which we hold equity that also are PFICs. Certain elections may be available that would result in alternative treatments (such as mark-to-market treatment or treatment as a qualified electing fund ("QEF")) of our ordinary shares if we are considered a PFIC. However, we do not intend to prepare or provide United States Holders the information that would enable United States Holders to make a QEF election. In addition, an election for mark-to-market treatment is unlikely to be available to mitigate any adverse tax consequences with respect to entities in which we hold equity that are PFICs. If we are considered a PFIC, a United States Holder also will be subject to annual information reporting requirements. United States Holders should consult their tax advisors about the potential application of the PFIC rules to an investment in our ordinary shares and the potential consequences thereof.

*Information reporting and backup withholding*

Dividends on and proceeds from the sale or other taxable disposition of our ordinary shares may be subject to information reporting to the IRS. In addition, a United States Holder (other than an exempt holder who establishes its exempt status if required) may be subject to backup withholding on dividend payments and proceeds from the sale or other taxable disposition of our ordinary shares paid within the United States or through certain U.S.- related financial intermediaries.

Backup withholding will not apply, however, to a United States Holder who furnishes a correct taxpayer identification number, makes other required certification and otherwise complies with the applicable requirements of the backup withholding rules. Backup withholding is not an additional tax. Rather, any amount withheld under the backup withholding rules will be creditable or refundable against the United States Holder's U.S. federal income tax liability, provided the required information is timely furnished to the IRS.

*Foreign financial asset reporting*

Certain United States Holders are required to report their holdings of certain foreign financial assets, including equity of foreign entities, if the aggregate value of all of these assets exceeds certain threshold amounts, subject to certain exceptions. Our ordinary shares are expected to constitute foreign financial assets subject to these requirements unless the ordinary shares are held in an account at certain financial institutions. Penalties may apply if United States Holders fail to satisfy such reporting requirements on the ownership of our ordinary shares. United States Holders should consult their tax advisors regarding the application of these reporting requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Dividends and Paying Agents** 

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Statement by Experts** 

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Documents on Display** 

We are subject to the informational requirements of the Exchange Act. Accordingly, we are required to file reports and other information with the SEC, including annual reports on Form 20-F and current reports on Form 6-K. The SEC maintains an internet website that contains reports and other information about issuers, like us, that file electronically with the SEC. The address of that website is www.sec.gov.

We maintain a corporate website at http://www.enlightenergy.com. Information contained on, or that can be accessed through, our website does not constitute a part of this Annual Report. We also make available on our website's investor relations page at http://www.enlightenergy.com/info/investors, free of charge, our Annual Report and the text of our reports on Form 6-K, including any amendments to these reports, as well as certain other SEC filings, as soon as reasonably practicable after they are electronically filed with or furnished to the SEC. The information contained on our website is not incorporated by reference in this Annual Report.

------

As a foreign private issuer, we are exempt under the Exchange Act from, among other things, the rules prescribing the furnishing and content of proxy statements, and our officers, directors and principal shareholders are exempt from the short-swing profit recovery provisions contained in Section 16(b) of the Exchange Act. In addition, we are not required under the Exchange Act to file periodic reports and financial statements with the SEC as frequently or as promptly as U.S. companies whose securities are registered under the Exchange Act. However, we will file with the SEC, within four months after the end of each fiscal year, or such applicable time as required by the SEC, an annual report on Form 20-F containing financial statements audited by an independent registered public accounting firm. We also intend to furnish certain other material information to the SEC under cover of Form 6-K.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Subsidiary Information** 

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**J.** **Annual Report to Security Holders** 

Not applicable.

#### Item 11. Quantitative and Qualitative Disclosures about Market Risk
We are exposed to market risks in the ordinary course of our business. Market risk is the potential loss that may result from market changes associated with our business. Types of market risks include interest rate and counterparty credit risks, among other forms of market risks.

#### Interest Rate Risk
Interest-linked instruments carry a degree of interest rate risk. We have long-term debt instruments that subject us to the risk of loss associated with movements in market interest rates. We use interest rate swaps to manage our exposure to fluctuations in interest rates, primarily in the context of our indebtedness. We generally match the tenor and amount of these instruments to the tenor and amount, respectively, of the related debt financing. We also will have exposure to changes in interest rates with respect to the Credit Agreements to the extent that we make draws under the Credit Facilities. See Item 5.B. "Liquidity and Capital Resources—Credit Facilities" and Item 5.B. "Liquidity and Capital Resources—Debentures" for a further description of the terms of our existing financings.

#### Foreign Currency Exchange Risk
Although our functional currency is NIS, we present our consolidated financial statements in U.S. dollars as permitted under IFRS.

Our Operational Projects in Europe generate significant EUR cash flow, which can then be used to fund additional EUR investments in future European projects. Similarly, in Israel, our Operational Projects generate considerable NIS cash flow to cover a portion of additional NIS-denominated investments in Israel. The U.S. IPO has given us significant access to USD which will cover near-term investment requirements in the United States. This creates an internal foreign exchange hedge across the group.

To reduce the impact of foreign currency exchange risks associated with forecasted future cash flows and certain existing assets and liabilities and the volatility in our consolidated statements of operations, we have established a hedging policy. We do not enter into derivative instruments for trading or speculative purposes. We account for our derivative instruments as either assets or liabilities and carry them at fair value in the consolidated balance sheets. The accounting for changes in the fair value of the derivative depends on the intended use of the derivative and the resulting designation. Our hedging activities reduce but do not eliminate the impact of currency exchange rate movements.

A strengthening of 10% in the USD/NIS exchange rate would have increased our cost of sales and operating expenses by approximately 4.9% for the year ended December 31, 2025 and a strengthening of 10% in the USD/EUR exchange rate would have increased our cost of total sales and operating expenses by approximately 3.4%. If the NIS or EUR fluctuate significantly against the U.S. dollar, it may have a negative impact on our results of operations.

------

#### Credit Risk
Risks surrounding counterparty performance and credit risk could ultimately affect the amount and timing of expected cash flows. Credit risk relates to the risk of loss resulting from non-performance or non-payment by counterparties under the terms of their contractual obligations. We intend to monitor and manage credit risk through credit policies that include a credit approval process and by contracting with investment-grade counterparties. We also seek to mitigate counterparty risk by having a diversified portfolio of counterparties.

#### Item 12. Description of Securities Other than Equity Securities
Not applicable.

#### PART II

#### Item 13. Defaults, Dividend Arrearages and Delinquencies
None.

#### Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds
None.

#### Item 15. Controls and Procedures

#### Evaluation of Disclosure Controls and Procedures
We maintain disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed in our reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosures. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

Our management, with the participation of our chief executive officer and chief financial officer, has evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of December 31, 2025. Based upon that evaluation, our chief executive officer and chief financial officer concluded that, as of December 31, 2025, our disclosure controls and procedures were effective.

#### Management's Annual Report on Internal Control over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over our financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act). Our management conducted an assessment of the effectiveness of our internal control over financial reporting based on the criteria set forth in "Internal Control - Integrated Framework (2013)", issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this assessment, our management concluded that, as of December 31, 2025, our internal control over financial reporting was effective.

#### Attestation Report of the Registered Public Accounting Firm
See report of Somekh Chaikin, a member firm of KPMG International, which is included on pages F-3-F-5 of the consolidated financial statements included elsewhere in this Annual Report.

------

#### Changes in Internal Control over Financial Reporting
There were no changes in our internal controls over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the period covered by this Annual Report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

#### Item 16. [Reserved]

#### Item 16A. Audit Committee Financial Expert
Our board of directors has determined that Liat Benyamini is an audit committee financial expert as defined by the SEC rules and has the requisite financial experience as defined by Nasdaq corporate governance rules.

Our board of directors has determined that each member of our audit committee is "independent" as such term is defined under the Nasdaq corporate governance rules and under Rule 10A-3(b)(1) under the Exchange Act, which is different from the general test for independence of board and committee members.

#### Item 16B. Code of Ethics
We have adopted and we annually ratify our Code of Ethics and Conduct, which applies to all our employees, officers and directors, including our principal executive, principal financial and principal accounting officers. Our Code of Ethics and Conduct addresses, among other things, competition and fair dealing, gifts and entertainment, conflicts of interest, international business laws, financial matters and external reporting, company assets, confidentiality and corporate opportunity requirements and the process for reporting violations of the Code of Ethics and Conduct. Our Code of Ethics and Conduct is intended to meet the definition of "code of ethics" under Item 16B. of 20-F under the Exchange Act.

We will disclose on our website any amendment to, or waiver from, a provision of our Code of Ethics and Conduct that applies to our directors or executive officers to the extent required under the rules of the SEC or Nasdaq. Our Code of Ethics and Conduct is available on our website at https://enlightenergy.com/our-code-of-ethics/. The information contained on or through our website, or any other website referred to herein, is not incorporated by reference in this Annual Report.

We granted no waivers under our Code of Ethics and Conduct in fiscal year 2025.

#### Item 16C. Principal Accountant Fees and Services
The consolidated financial statements of Enlight Renewable Energy Ltd. at December 31, 2025 and 2024, and for each of the three years in the period ended December 31, 2025, appearing in this Annual Report have been audited by Somekh Chaikin, a member firm of KPMG International, independent registered public accounting firm, located in Tel Aviv, Israel, PCAOB ID 1057. The current address of Somekh Chaikin is 17 Ha'arba'a Street, Tel Aviv 61070, Israel.

The table below sets out the total amount of services rendered to us by Somekh Chaikin, a member firm of KPMG International and another participating KPMG member firm, for services performed in the years ended December 31, 2025 and 2024, and breaks down these amounts by category of service:

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024** |
|  | ***(in thousands**)* | ***(in thousands**)* |
| **Audit Fees&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**  | $892 | $861 |
| **Tax Fees&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**  | 238 | 128 |
| **Total&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**  | $1130 | $989 |

---

#### Audit Fees
Audit fees for the years ended December 31, 2025 and 2024 consisted of fees for professional services provided in connection with the audit of our annual consolidated financial statements and audit services that are normally provided by an independent registered public accounting firm in connection with statutory and regulatory filings or engagements for these years. For the year ending December 31, 2024, our auditors performed, for the first time, an integrated audit of our financial statement and our internal controls as required under the Sarbanes-Oxley Act.

------

#### Tax Fees
Tax fees for the years ended December 31, 2025 and 2024 refer to professional services rendered by our auditors, which include ongoing tax advisory, tax compliance and tax consulting associated with transfer pricing.

#### Pre-Approval Policies and Procedures
The advance approval of the audit committee or members thereof, to whom approval authority has been delegated, is required for all audit and non-audit services provided by our auditors.

All services provided by our auditors are approved in advance by either the audit committee or members thereof, to whom authority has been delegated, in accordance with the audit committee's pre-approval policy.

#### Item 16D. Exemptions from the Listing Standards for Audit Committees
Not applicable.

#### Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers
None.

#### Item 16F. Change in Registrant's Certifying Accountant
None.

#### Item 16G. Corporate Governance
We are a "foreign private issuer" (as such term is defined in Rule 3b-4 under the Exchange Act) and our ordinary shares are listed on the Nasdaq Global Select Market. Under the Listing Rules of the Nasdaq Stock Market, listed companies that are foreign private issuers are permitted to follow home country practice in lieu of the corporate governance provisions specified by the Listing Rules of the Nasdaq Stock Market with limited exceptions. We follow Nasdaq corporate governance rules in lieu of Israeli requirements, except with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the quorum requirement for shareholder meetings. As permitted under the Companies Law,
 pursuant to our Articles of Association, the quorum required for an ordinary meeting of shareholders generally consists of at least one
 shareholder present in person, by proxy or by other voting instrument in accordance with the Companies Law who holds or represents at
 least 25% of the outstanding voting power of our ordinary shares (and if the meeting is adjourned for a lack of quorum, in the event that
 a quorum as defined above is not present, the adjourned meeting will take place with any number of shareholders). This quorum standard
 replaces the 33 1⁄3% of the issued share capital required under the corporate governance rules of Nasdaq;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Nasdaq Stock Market Rule 5635(c), which sets forth the circumstances under which
 shareholder approval is required prior to an issuance of securities in connection with equity-based compensation of officers, directors,
 employees or consultants. With respect to the circumstances described above, we expect to follow Israeli law which does not require approval
 of our shareholders with respect to an issuance of securities in connection with equity-based compensation of officers, directors, employees
 or consultants within the limit and subject to the terms of the delegation granted to our board of directors in the form (and within the
 limits and conditions) of our registered share capital; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Nasdaq Stock Market Rule 5605(e), which requires independent director oversight of
 director nominations. With respect to this requirement, we intend to follow Israeli law which does not require such oversight.

We otherwise intend to comply with the corporate governance rules generally applicable to U.S. domestic companies listed on Nasdaq. We may, however, in the future decide to rely upon the "foreign private issuer exemption" for purposes of opting out of some or all of the other Nasdaq corporate governance rules. Following our home country governance practices may provide less protection than is accorded to investors under the List Rules of the Nasdaq Stock Market applicable to domestic issuers.

Because we are a foreign private issuer, our directors and senior management are not subject to short-swing profit recovery provisions contained in Section 16(b) of the Exchange Act. They are, however, subject to the obligations to report transactions in Company securities pursuant to Section 16(a) of the Exchange Act and certain changes in share ownership under Section 13 of the Exchange Act.

#### Item 16H. Mine Safety Disclosure
Not applicable.

#### Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Not applicable.

------

#### Item 16J. Insider Trading Policies
The Company has adopted an insider trading policy governing the purchase, sale and other dispositions of the Company's securities by directors, senior management and employees that it believes is reasonably designed to promote compliance with applicable insider trading laws, rules and regulations, and any listing standards applicable to the Company. Our insider trading policy is filed as an exhibit to this Annual Report.

#### Item 16K. Cybersecurity

#### Risk Management and Strategy
Our cybersecurity strategy emphasizes detection, protection, analysis, and rapid recovery from cybersecurity threats, while increasing our resilience against cybersecurity incidents and effective management of cybersecurity risks and events as they arise. Cybersecurity threat management forms an integral part of our broader enterprise risk management process and constitutes a core component of strong and responsible corporate governance. Our strategy is built on two verticals across three continents, namely protection of our operational assets (generation and storage) and protection of the organizational network, each across MENA, Europe, and the U.S.

Based on this, Enlight's cybersecurity strategy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adheres
 to multiple regulatory frameworks, based on geography and vertical (including but not limited to NERC-CIP, NIS2, NIST, and the Israeli
 MOE Cyber Regulation);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maps
 known or potential threats, from acts of terror to corporate espionage; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Augments
 existing regulatory safeguards with an enhanced security layer, utilizing a detailed severity probability matrix to ensure optimal protection.

In addition, our cybersecurity program incorporates the following specific elements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Strict
 compliance with applicable regulatory standards across Israel, Europe, and the United States, in each case seeking to apply the highest
 standard (including NERC, NIS2, NIST CSF 2.0, NERC-CIP, CIRCIA, and Israeli Ministry of Energy and Israel National Cyber Directorate
 regulations).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Protection
 of all IT and OT systems across our assets and internal organizational networks to ensure information security, operational control, data-privacy
 protection, and business continuity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Periodic
 internal risk assessments and bi-annual external risk assessments by independent experts (covering both IT and OT), including regulatory
 compliance, gap-analysis reports, and internal audit reviews.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Development
 of cyber-defense programs to help ensure detection of unauthorized access to our systems, continuous monitoring of system vulnerabilities
 through proactive penetration testing, organizational readiness for cyber events, operational resiliency during incidents, and rapid recovery.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Implementation
 of effective risk-management procedures, including identification, monitoring, intrusion mapping, activation of an incident-response
 team, structured reporting to management and the board of directors, post-incident investigation, and documenting and implementing
 lessons learned to our overall strategy.

Cyberattack risk assessments include evaluation of facility size, intrusion frequency, geography and potential impact, including possible harm to organizational systems and those of our business partners. Based on assessed risk levels, we develop appropriate prevention and mitigation plans. For high-risk systems, risk surveys and penetration tests are conducted at least annually and following a major system change or data-breach event. Other systems are tested at varying intervals according to their sensitivity. These regular risk assessments are conducted either internally or by qualified third-party service providers. In addition, from time to time, the Israeli Ministry of Energy reviews our network vulnerability to cybersecurity risks and provides us with findings and instructions on how to improve our network protection and resilience.

Exposure of our data and systems to external parties is minimized and generally granted on a need-to-know basis.

Employees receive information-security training upon hiring and annually, with additional dedicated training for employees with access to sensitive Company systems and information. The Company's training includes phishing simulations, ransomware-event drills, and business-continuity exercises. Employees are required to complete the training through educational software, and we monitor completion. We also leverage partnerships, industry and government associations, third-party benchmarking, results from regular internal and third-party audits, threat-intelligence feeds, and other similar resources to inform our cybersecurity processes and allocate resources.

In 2025, we engaged independent, leading third-party consultants to assist in assessing, enhancing, implementing, and monitoring comprehensive cybersecurity risk-management programs, regular system-resilience maintenance, and responding to any incidents. The consultant also prepared a protection plan based on the said risk analysis.

In addition, we have implemented a requirement for our suppliers to adopt security-control principles based on industry-recognized standards, and we maintain a due-diligence procedure for engagement with third parties across our supply chain, as well as in connection with partnerships, acquisitions, and business integrations. Under these procedures, we assess the compliance of such parties with relevant regulations and with our information-security and privacy-protection standards. As our portfolio of projects has increased in size, the size and scope of our technology footprint has similarly increased, and we have had to improve and expand our IT and OT defensive infrastructure. For example, in 2024 we enhanced the security of our corporate servers, added better Multi-Factor Authentication to our Virtual Private Networks, implemented a new Network Access Control solution, and connected our office network to a specified SIEM/SOC service.

In recent years, our assets in Israel have become more vulnerable due to ongoing regional conflicts. Since the recent outbreak of renewed hostilities involving Hamas, Hezbollah, and Iran, we have identified an increase in attempted cybersecurity attacks on energy facilities in the Middle East, including in Israel. We have adjusted our alertness levels, monitoring, and tracking of intrusion attempts to help ensure safety of critical-asset endpoint systems. In addition, we have obtained appropriate insurance coverage for cyber-related events for the majority of our Israeli assets, particularly for our critical facilities.

We utilize artificial-intelligence tools in our business operations, which may increase information-security and cyber-risk exposure. We have implemented and will continue to implement protective measures to safeguard our assets and organizational networks against such emerging risks.

#### Cybersecurity Incidents
We have not identified any material impact on our business stemming from cybersecurity threats, including from any concrete cybersecurity incidents. While to date no incidents have had a material impact on our operations or financial results, we cannot guarantee that material incidents will not occur in the future. Cyberattacks are expected to accelerate globally in frequency and magnitude, and global threat actors and terrorists have targeted and will continue to target companies and projects such as ours that operate in the energy and infrastructure sectors, including through disruptive attacks such as ransomware. In 2024, we experienced a cyber incident which we classified as immaterial because it caused no damage to the Company, its data, or its infrastructure. In 2026, there was a suspected cybersecurity penetration of limited and minor significance of the physical security network operated by a third-party contractor at two of our generation sites. The physical security network stands separate from our operational network, which to the best of our knowledge, was not infiltrated.

#### Governance
Our board of directors has overall responsibility for risk oversight, with its committees assisting the board in performing this function based on their respective areas of expertise. Our board of directors has delegated certain oversight of risks related to cybersecurity to our audit committee. Key aspects of the board's role include: Cybersecurity Policy development and approval, risk management, budgetary approval, compliance oversight, crisis management including ransomware events, and continuous improvement.

Ms. Michal Ma'aravi, our Chief Information Systems Officer (CISO), is formally designated as the Company's CISO under our internal governance framework and is responsible for overseeing the implementation of our Cybersecurity Policy. Ms. Ma'aravi has served as our CISO since 2022 and has completed an external 300-hour training program for CISOs. In the course of performing her duties as our CISO, Ms. Ma'arravi makes use of services provided by third-party CISO experts.

In cases of significant cybersecurity events, the CISO notifies our Chief Operating Officer, who notifies our Chief Executive Officer. In each such case, the IT team reviews the incident and suggests a remediation plan. In the event of a potentially material cybersecurity event, the chair of the audit committee is notified and briefed, and meetings of the audit committee and/or full board of directors are held, as appropriate. We maintain an incident response team which is responsible for coordinated response, containment, investigation, documentation, and communication during cybersecurity events.

Our CISO periodically briefs the audit committee and board of directors on information technology and data analytics matters, including cybersecurity risks, practices, and real-time reports on cybersecurity incidents. The audit committee and/or the Chief Executive Officer brief the full board of directors on cybersecurity matters discussed during audit committee meetings.

------

#### PART III

#### Item 17. Financial Statements
We have provided financial statements pursuant to Item 18.

#### Item 18. Financial Statements
The audited consolidated financial statements as required under Item 18 are attached hereto starting on page F-1 of this Annual Report. The audit report of Somekh Chaikin (a member firm of KPMG International), an independent registered public accounting firm, is included herein preceding the audited consolidated financial statements.

#### Item 19. Exhibits

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Incorporation by Reference** | **Incorporation by Reference** | **Incorporation by Reference** | **Incorporation by Reference** | **Incorporation by Reference** |
| **Exhibit No.** | **Description** | **Form** | **File No.** | **Exhibit No.** | **Filing Date** | **Filed<br>/ Furnished** |
| [1.1](https://www.sec.gov/Archives/edgar/data/1922641/000110465923005318/tm2219901d14_ex3-2.htm) | [Amended and Restated Articles of Association of the Registrant](https://www.sec.gov/Archives/edgar/data/1922641/000110465923005318/tm2219901d14_ex3-2.htm) | F-1 | 333-269311 | 3.2 | 1/20/2023 |  |
| [2.1](https://www.sec.gov/Archives/edgar/data/1922641/000117891325001094/exhibit_2-1.htm) | [Description of Securities](https://www.sec.gov/Archives/edgar/data/1922641/000117891325001094/exhibit_2-1.htm) | 20-F | 001-41613 | 2.1 | 3/28/2025 |  |
| [2.2](https://www.sec.gov/Archives/edgar/data/1922641/000110465923005318/tm2219901d14_ex4-1.htm) | [Specimen share certificate](https://www.sec.gov/Archives/edgar/data/1922641/000110465923005318/tm2219901d14_ex4-1.htm) | F-1 | 333-269311 | 4.1 | 1/20/2023 |  |
| [4.1#†](https://www.sec.gov/Archives/edgar/data/1922641/000110465923005318/tm2219901d14_ex10-1.htm) | [Form of Indemnification Agreement](https://www.sec.gov/Archives/edgar/data/1922641/000110465923005318/tm2219901d14_ex10-1.htm) | F-1 | 333-269311 | 10.1 | 1/20/2023 |  |
| [4.2#†](https://www.sec.gov/Archives/edgar/data/1922641/000117891325001094/exhibit_4-2.htm) | [Form of Exculpation Letter](https://www.sec.gov/Archives/edgar/data/1922641/000117891325001094/exhibit_4-2.htm) | 20-F | 001-41613 | 4.2 | 3/28/2025 |  |
| [4.3#†](https://www.sec.gov/Archives/edgar/data/1922641/000117891323001223/exhibit_4-2.htm) | [2010 Employee Option Allocation Plan](https://www.sec.gov/Archives/edgar/data/1922641/000117891323001223/exhibit_4-2.htm) | 20-F | 001-41613 | 4.2 | 3/30/2023 |  |
| [4.4#†](https://www.sec.gov/Archives/edgar/data/1922641/000110465923005318/tm2219901d14_ex10-3.htm) | [Amendment 1 to the 2010 Employee Option Allocation Plan](https://www.sec.gov/Archives/edgar/data/1922641/000110465923005318/tm2219901d14_ex10-3.htm) | F-1 | 333-269311 | 10.3 | 1/20/2023 |  |
| [4.5#†](https://www.sec.gov/Archives/edgar/data/1922641/000117891324001125/exhibit_4-4.htm) | [Amendment 2 to the 2010 Employee Option Allocation Plan](https://www.sec.gov/Archives/edgar/data/1922641/000117891324001125/exhibit_4-4.htm) | 20-F | 001-41613 | 4.4 | 3/28/2024 |  |
| [4.6†](https://www.sec.gov/Archives/edgar/data/1922641/000110465923005318/tm2219901d14_ex10-4.htm) | [U.S. Sub-Plan to 2010 Employee Option Allocation Plan](https://www.sec.gov/Archives/edgar/data/1922641/000110465923005318/tm2219901d14_ex10-4.htm) | F-1 | 333-269311 | 10.4 | 1/20/2023 |  |
| [4.7†](https://www.sec.gov/Archives/edgar/data/1922641/000117891324001125/exhibit_4-6.htm) | [First Amendment to U.S. Sub-Plan to 2010 Employee Option Allocation Plan](https://www.sec.gov/Archives/edgar/data/1922641/000117891324001125/exhibit_4-6.htm) | 20-F | 001-41613 | 4.6 | 3/28/2024 |  |
| [4.8#†](https://www.sec.gov/Archives/edgar/data/1922641/000117891325002686/exhibit_99-1.htm) | [Compensation Policy for Directors and Officers](https://www.sec.gov/Archives/edgar/data/1922641/000117891325002686/exhibit_99-1.htm) | 6-K | 001-41613 | 99.1 | 8/7/2025 |  |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Incorporation by Reference** | **Incorporation by Reference** | **Incorporation by Reference** | **Incorporation by Reference** | **Incorporation by Reference** |
| **Exhibit No.** | **Description** | **Form** | **File No.** | **Exhibit No.** | **Filing Date** | **Filed<br>/ Furnished** |
| [8.1](exhibit_8-1.htm) | [List of subsidiaries of the Registrant](exhibit_8-1.htm) |  |  |  |  | \* |
| [11.1](exhibit_11-1.htm) | [Insider Trading Policy](exhibit_11-1.htm) |  |  |  |  | \* |
| [12.1](exhibit_12-1.htm) | [Principal Executive Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](exhibit_12-1.htm) |  |  |  |  | \* |
| [12.2](exhibit_12-2.htm) | [Principal Financial Officer Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](exhibit_12-2.htm) |  |  |  |  | \* |
| [13.1](exhibit_13-1.htm) | [Principal Executive Officer Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](exhibit_13-1.htm) |  |  |  |  | \*\* |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| [13.2](exhibit_13-2.htm) | [Principal Financial Officer Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](exhibit_13-2.htm) |  |  |  |  |
| [15.1](exhibit_15-1.htm) | [Consent of Somekh Chaikin, member firm of KPMG International](exhibit_15-1.htm) |  |  |  | \* |
| [97.1](https://www.sec.gov/Archives/edgar/data/1922641/000117891324001125/exhibit_99-7.htm) | [Policy for Recovery of Erroneously Awarded Compensation](https://www.sec.gov/Archives/edgar/data/1922641/000117891324001125/exhibit_99-7.htm) | 20-F | 001-41613 | 99.7 | 3/28/2024 |
| 101.INS  | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document  |  |  |  | \* |
| 101.SCH  | Inline XBRL Taxonomy Extension Schema Document  |  |  |  | \* |
| 101.CAL  | Inline XBRL Taxonomy Extension Calculation Linkbase Document |  |  |  | \* |
| 101.DEF  | Inline XBRL Taxonomy Definition Linkbase Document  |  |  |  | \* |
| 101.LAB<br>| Inline XBRL Taxonomy Extension Label Linkbase Document |  |  |  | \* |
| 101.PRE<br>| Inline XBRL Taxonomy Extension Presentation Linkbase Document |  |  |  | \* |
| 104 | Inline XBRL for the cover page of this Annual Report on Form 20-F, included in the Exhibit 101 Inline XBRL Document Set <br>|  |  |  | \* |

---

---

| | |
|:---|:---|
| \* | Filed herewith. |
| \*\* | Furnished herewith. |
| # | Unofficial English translation from Hebrew original. |
| †  | Indicates management contract or compensatory plan or arrangement. |

---

Certain agreements filed as exhibits to this Annual Report contain representations and warranties that the parties thereto made to each other. These representations and warranties have been made solely for the benefit of the other parties to such agreements and may have been qualified by certain information that has been disclosed to the other parties to such agreements and that may not be reflected in such agreements. In addition, these representations and warranties may be intended as a way of allocating risks among parties if the statements contained therein prove to be incorrect, rather than as actual statements of fact. Accordingly, there can be no reliance on any such representations and warranties as characterizations of the actual state of facts. Moreover, information concerning the subject matter of any such representations and warranties may have changed since the date of such agreements.

------

#### SIGNATURES
The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.

---

| | | |
|:---|:---|:---|
|  | **ENLIGHT RENEWABLE ENERGY LTD.** | **ENLIGHT RENEWABLE ENERGY LTD.** |
| Date: March 30, 2026 | By: | /s/ Adi Leviatan |
|  | Name: | Adi Leviatan |
|  | Title: | Chief Executive Officer |

---

------

#### Enlight Renewable Energy Ltd.

#### Consolidated Financial Statements For the Year Ended December 31, 2025

------

Enlight Renewable Energy Ltd.

**Financial Statements as of December 31, 2025**<br>

#### **Table of Contents**

---

| | |
|:---|:---|
|  | Page |
| [Report of Independent Registered Public Accounting Firm](#Report) (PCAOB ID No.1057) | F-3 - F-5 |
| **Financial Statements:** |  |
| [Consolidated Statements of Financial Position](#Position) | F-6 - F-7 |
| [Consolidated Statements of Income and Other Comprehensive Income](#Comprehensive) | F-8 - F-9 |
| [Consolidated Statements of Changes in Equity](#Equity) | F-10 - F-12 |
| [Consolidated Statements of Cash Flows](#Flows) | F-14 - F-15 |
| [Notes to the Financial Statements](#Notes) | F-16 - F-95 |

---

F - 2

------

![image00002.jpg](image00002.jpg)

Somekh Chaikin

17 Ha'arba'a Street, PO Box 609

KPMG Millennium Tower

Tel Aviv 6100601, Israel

+972 3 684 8000

#### Report of Independent Registered Public Accounting Firm
The Board of Directors and Shareholders

Enlight Renewable Energy Ltd.

*Opinions on the Consolidated Financial Statements and Internal Control over Financial Reporting*

We have audited the accompanying consolidated statements of financial position of Enlight Renewable Energy Ltd. and subsidiaries (the "Company") as of December 31, 2025 and 2024, the related consolidated statements of income and other comprehensive income, changes in equity, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes (collectively, the "consolidated financial statements"). We also have audited the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025, in conformity with IFRS Accounting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards"). Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission.

*Change in Accounting Principle*

As discussed in Note 2C to the consolidated financial statements, during 2025, the Company has elected to change its method for the classification of interest paid to cash flows used in financing activities and interest received to cash flows from investing activities.

Basis for Opinion

The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management's Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company's consolidated financial statements and an opinion on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

KPMG Somekh Chaikin, an Israeli partnership and a member firm of the KPMG global organization of independent member

firms affiliated with KPMG International Limited, a private English company limited by guarantee

F - 3

------

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

*Definition and Limitations of Internal Control over Financial Reporting*

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

*Critical Audit Matter*

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Capitalization of deferred costs in respect of projects

As discussed in Note 2(E) to the consolidated financial statements, deferred costs in respect of projects are costs which were accrued for the development of projects, and for which it is probable that economic benefits will derive to the Company in the future and the costs can be measured reliably. In assessing whether such expenditures can be capitalized, the Company evaluates, among other factors, the likelihood in succeeding to develop a project, the progress phase in the development, the Company's experience in similar projects, and whether there are other obstacles that might affect the probability to successfully develop. As of December 31, 2025, the Company has USD 235,615 thousands of deferred costs in respect of projects.

KPMG Somekh Chaikin, an Israeli partnership and a member firm of the KPMG global organization of independent member

firms affiliated with KPMG International Limited, a private English company limited by guarantee

F - 4

------

We identified the assessment of the capitalization of deferred costs in respect of projects as a critical audit matter. Subjective auditor judgment was required to evaluate the likelihood to succeed in developing projects and compliance with the criteria for cost capitalization due to the uncertainty associated with project completion and the nature of costs incurred.

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls related to the Company's capitalization of deferred costs in respect of projects process. This included controls over the likelihood to succeed in developing projects and compliance with the criteria for cost capitalization. For a sample of costs that were capitalized, we examined underlying documentation, including contractual agreements and third-party invoices, and assessed whether the costs met the capitalization criteria in accordance with International Financial Reporting Standards. We inquired of management to understand the nature of projects that were selected for testing to determine if they were likely to be completed and continued to meet the capitalization criteria. For a selection of projects, we assessed project progress by inspecting relevant supporting documents, including board meeting minutes.

Somekh Chaikin

Member Firm of KPMG International

We have served as the Company's auditor since 2019.

Tel Aviv, Israel

March 30, 2026

KPMG Somekh Chaikin, an Israeli partnership and a member firm of the KPMG global organization of independent member

firms affiliated with KPMG International Limited, a private English company limited by guarantee

F - 5

------

Enlight Renewable Energy Ltd.

**Consolidated Statements of Financial Position as of December 31**<br>

---

| | | | |
|:---|:---|:---|:---|
|  | | **2025** | **2024** |
|  | <br>**Note** | **USD in<br>thousands** | **USD in<br>thousands** |
| **Assets** |  |  |  |
| **Current assets** |  |  |  |
| Cash and cash equivalents | 5 | **528497** | 387427 |
| Restricted cash |  | **409424** | 87539 |
| Trade receivables |  | **95118** | 50692 |
| Other receivables | 6 | **62286** | 99651 |
| Other financial assets | 27 | **524** | 975 |
| Assets of disposal groups classified as held for sale | 7 | **-** | 81661 |
| **Total current assets** |  | **1095849** | 707945 |
| **Non-current assets** |  |  |  |
| Restricted cash |  | **130358** | 60802 |
| Other long-term receivables |  | **64349** | 61045 |
| Deferred costs in respect of projects |  | **235615** | 357358 |
| Deferred borrowing costs |  | **1749** | 276 |
| Loans to investee entities |  | **85131** | 18112 |
| Investments in equity accounted investees |  | **59310** | - |
| Fixed assets, net | 9 | **6281418** | 3699192 |
| Intangible assets, net | 10 | **303971** | 291442 |
| Deferred taxes assets | 15 | **4692** | 10744 |
| Right-of-use asset, net | 26 | **225495** | 210941 |
| Financial assets at fair value through profit or loss | 27 | **83582** | 69216 |
| Other financial assets | 27 | **58383** | 59812 |
| **Total non-current assets** |  | **7534053** | 4838940 |
| **Total assets** |  | **8629902** | 5546885 |

---

The notes to the consolidated financial statements are an integral part thereof.

F - 6

------

Enlight Renewable Energy Ltd.

**Consolidated Statements of Financial Position as of December 31 (Cont.)**<br>

---

| | | | |
|:---|:---|:---|:---|
|  | | **2025** | **2024** |
|  | <br>**Note** | **USD in<br>thousands** | **USD in<br>thousands** |
| **Liabilities and equity** |  |  |  |
| **Current liabilities** |  |  |  |
| Credit and current maturities of loans from banks and other financial institutions | 12 | **884120** | 212246 |
| Trade payables |  | **137230** | 161991 |
| Other payables | 11 | **405741** | 107825 |
| Current maturities of debentures | 13 | **173571** | 44962 |
| Current maturities of lease liability | 26 | **12396** | 10240 |
| Other financial liabilities | 27 | **16147** | 8141 |
| Liabilities of disposal groups classified as held for sale | 7 | **-** | 46635 |
| **Total current liabilities** |  | **1629205** | 592040 |
| **Non-current liabilities** |  |  |  |
| Debentures | 13 | **477315** | 433994 |
| Convertible debentures | 13 | **273801** | 133056 |
| Loans from banks and other financial institutions | 12 | **2981786** | 1996137 |
| Loans from non-controlling interests |  | **86946** | 75598 |
| Financial liabilities through profit or loss | 27 | **26946** | 25844 |
| Other financial liabilities | 27 | **378303** | 107865 |
| Deferred taxes liabilities | 15 | **77688** | 41792 |
| Deferred income related to tax equity |  | **370734** | 403384 |
| Employee benefits |  | **1645** | 1215 |
| Lease liability | 26 | **231135** | 211941 |
| Asset retirement obligation |  | **99460** | 83085 |
| **Total non-current liabilities** |  | **5005759** | 3513911 |
| **Total liabilities** |  | **6634964** | 4105951 |
| **Equity** |  |  |  |
| Ordinary share capital | 16 | **3711** | 3308 |
| Share premium | 16 | **1319716** | 1028532 |
| Capital reserves |  | **99311** | 25273 |
| Proceeds on account of convertible options |  | **25380** | 15494 |
| Accumulated profit |  | **240023** | 107919 |
| Equity attributable to shareholders of the Company |  | **1688141** | 1180526 |
| Non-controlling interests |  | **306797** | 260408 |
| **Total equity** |  | **1994938** | 1440934 |
| **Total liabilities and equity** |  | **8629902** | 5546885 |

---

<u> Gilad Yavetz </u> <u> Adi Leviatan </u> <u>Nir Yehuda</u> <br> Chairman of the Board of Directors CEO CFO

Approval Date of the Financial Statements: March 30, 2026

The notes to the consolidated financial statements are an integral part thereof.

F - 7

------

Enlight Renewable Energy Ltd.

**Consolidated Statements of Income and Other Comprehensive Income**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **2025** | **2024** | **2023** |
|  | <br>**Note** | **USD in thousands** | **USD in thousands** | **USD in thousands** |
|  Revenues | 19 | **488596** | 377935 | 255702 |
|  Tax benefits | 20 | **93668** | 20860 | 5440 |
|  **Total revenues and income** |  | **582264** | 398795 | 261142 |
|  Cost of sales (\*) | 21 | **(134381)** | (80696) | (52794) |
|  Depreciation and amortization |  | **(149922)** | (108889) | (65796) |
|  General and administrative expenses | 22 | **(57955)** | (38847) | (31356) |
|  Development expenses | 23 | **(12190)** | (11601) | (6347) |
|  **Total operating expenses** |  | **(354448)** | (240033) | (156293) |
|  Gains from projects disposals | 30A(3) | **96431** | 601 | 9847 |
|  Other income, net | 24 | **7931** | 16172 | 43447 |
|  **Operating profit** |  | **332178** | 175535 | 158143 |
|  Finance income | 25A | **40851** | 20439 | 36799 |
|  Finance expenses | 25B | **(164730)** | (107844) | (68143) |
|  Total finance expenses, net |  | **(123879)** | (87405) | (31344) |
|  **Profit before tax and equity loss** |  | **208299** | 88130 | 126799 |
|  Share of losses of equity accounted investees |  | **(3722)** | (3350) | (330) |
|  **Profit before income taxes** |  | **204577** | 84780 | 126469 |
|  Taxes on income | 15B | **(43875)** | (18275) | (28428) |
|  **Profit for the year** |  | **160702** | 66505 | 98041 |
|  **Other comprehensive income (loss):** |  |  |  |  |
|  **Amounts which will be classified in the future under profit or loss, net of tax:** |  |  |  |  |
|  Foreign currency translation differences for foreign operations |  | **(135195)** | (40298) | 53663 |
|  Effective portion of changes in fair value of cash flow hedges, net | 27 | **(10175)** | (13684) | 15929 |
|  **Other comprehensive loss item that will not be transfer to profit or loss:** |  |  |  |  |
|  Presentation currency translation adjustment |  | **237375** | (7630) | (41678) |
|  **Total other comprehensive income (loss) for the year** |  | **92005** | (61612) | 27914 |
|  **Total comprehensive profit for the year** |  | **252707** | 4893 | 125955 |

---

The notes to the consolidated financial statements are an integral part thereof.

F - 8

------

Enlight Renewable Energy Ltd.

**Consolidated Statements of Income and Other Comprehensive Income (Cont.)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **2025** | **2024** | **2023** |
|  | <br>**Note** | **USD in thousands** | **USD in thousands** | **USD in thousands** |
|  **Profit for the year attributed to:** |  |  |  |  |
|  Owners of the Company |  | **132104** | 44209 | 70924 |
|  Non-controlling interests |  | **28598** | 22296 | 27117 |
|  |  | **160702** | 66505 | 98041 |
|  **Other Comprehensive income (loss) for the year attributed to:** |  |  |  |  |
|  Owners of the Company |  | **189127** | (477) | 92183 |
|  Non-controlling interests |  | **63580** | 5370 | 33772 |
|  |  | **252707** | 4893 | 125955 |
|  **Earnings per ordinary share (in USD) with a par value of NIS 0.1, attributable to owners of the parent Company:** | 17 |  |  |  |
|  Basic earnings per share |  | 1.07 | 0.37 | 0.61 |
|  Diluted earnings per share |  | 1.00 | 0.36 | 0.57 |
|  **Weighted average of share capital used in the calculation of earnings:** |  |  |  |  |
|  Basic per share |  | **123717373** | 118293556 | 115721346 |
|  Diluted per share |  | **132619069** | 123312565 | 123861293 |

---

(\*) Excluding depreciation and amortization

The notes to the consolidated financial statements are an integral part thereof.

F - 9

------

Enlight Renewable Energy Ltd.

**Consolidated Statements of Changes in Equity**<br>

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** | **For the year ended December 31, 2025** |
|  | | **Owners of the parent company** | **Owners of the parent company** | **Owners of the parent company** | **Owners of the parent company** | **Owners of the parent company** | **Owners of the parent company** | **Owners of the parent company** | **Owners of the parent company** | **Owners of the parent company** | **Owners of the parent company** | | |
|  | | | | **Capital reserves** | **Capital reserves** | **Capital reserves** | **Capital reserves** | **Capital reserves** | **Capital reserves** | | | | |
|  |<br><br>**Share<br>capital**<br>**USD in thousands** |<br>**Share premium**<br>**USD in thousands** |<br>**Proceeds on account of convertible**<br> **options**<br>**USD in thousands** | **Controlling shareholders (1)**<br>**USD in<br>thousands** | **Transactions with non-controlling interests (1)**<br>**USD in thousands** | **Transactions Share-based payment (1)**<br>**USD in thousands** | **Hedge Reserve (1)**<br>**USD in thousands** | **Translation reserve from foreign operation (1)**<br>**USD in thousands** | **Translation reserve from currency Presentation (1)**<br>**USD in<br>thousands** |<br>**Accumulated profit (loss)**<br>**USD in thousands** |<br>**Total attributable to the owners of the company**<br>**USD in thousands** |<br>**Non-controlling interests**<br>**USD in thousands** |<br>**Total**<br>**USD in thousands** |
| **Balance as of January 1, 2025** | **3308** | **1028532** | **15494** | **5378** | **(23854)** | **56690** | **25629** | **26382** | **(64952)** | **107919** | **1180526** | **260408** | **1440934** |
| **Profit for the year** | **-** | **-** | **-** | **-** | **-** | **-** | **-** | **-** | **-** | **132104** | **132104** | **28598** | **160702** |
| **Other comprehensive income:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Fair value changes of financial instruments used for cash flow hedging, net of tax | **-** | **-** | **-** | **-** | **-** | **-** | **(7371)** | **-** | **-** | **-** | **(7371)** | **(2804)** | **(10175)** |
| Exchange differences due to translation of foreign operations | **-** | **-** | **-** | **-** | **-** | **-** | **-** | **(133030)** | **-** | **-** | **(133030)** | **(2165)** | **(135195)** |
| **Other comprehensive income item that will not be transfer to profit or loss:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Presentation currency translation adjustment | **-** | **-** | **-** | **-** | **-** | **-** | **-** | **-** | **197424** | **-** | **197424** | **39951** | **237375** |
| **Total other comprehensive loss for the year** | **-** | **-** | **-** | **-** | **-** | **-** | **(7371)** | **(133030)** | **197424** | **-** | **57023** | **34982** | **92005** |
| **Total comprehensive income (loss) for the year** | **-** | **-** | **-** | **-** | **-** | **-** | **(7371)** | **(133030)** | **197424** | **132104** | **189127** | **63580** | **252707** |
| Issuance of shares, net | **340** | **290358** | **-** | **-** | **-** | **-** | **-** | **-** | **-** | **-** | **290698** | **-** | **290698** |
| Issuance of convertible debentures | **-** | **-** | **9957** | **-** | **-** | **-** | **-** | **-** | **-** | **-** | **9957** | **-** | **9957** |
| Share-based payment | **-** | **-** | **-** | **-** | **-** | **17573** | **-** | **-** | **-** | **-** | **17573** | **-** | **17573** |
| Exercise of options into shares | **53** | **-** | **-** | **-** | **-** | **-** | **-** | **-** | **-** | **-** | **53** | **-** | **53** |
| Conversion of debentures into shares | **10** | **826** | **(71)** | **-** | **-** | **-** | **-** | **-** | **-** | **-** | **765** | **-** | **765** |
| Increase in ownership rate interest within control | **-** | **-** | **-** | **-** | **(558)** | **-** | **-** | **-** | **-** | **-** | **(558)** | **16** | **(542)** |
| Sale of consolidated subsidiaries | **-** | **-** | **-** | **-** | **-** | **-** | **-** | **-** | **-** | **-** | **-** | **(201)** | **(201)** |
| Dividends and distributions by subsidiaries to non-controlling interests | **-** | **-** | **-** | **-** | **-** | **-** | **-** | **-** | **-** | **-** | **-** | **(29805)** | **(29805)** |
| Investment in consolidated entity | **-** | **-** | **-** | **-** | **-** | **-** | **-** | **-** | **-** | **-** | **-** | **12799** | **12799** |
|  | **403** | **291184** | **9886** | **-** | **(558)** | **17573** | **-** | **-** | **-** | **-** | **318488** | **(17191)** | **301297** |
| **Balance as of December 31, 2025** | **3711** | **1319716** | **25380** | **5378** | **(24412)** | **74263** | **18258** | **(106648)** | **132472** | **240023** | **1688141** | **306797** | **1994938** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Capital reserves as of December 31, 2025 total
 to USD 99,311 thousands

The notes to the consolidated financial statements are an integral part thereof.

F - 10

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Enlight Renewable Energy Ltd.

**Consolidated Statements of Changes in Equity (Cont.)**<br>

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** |
|  | | **Owners of the parent company** | **Owners of the parent company** | **Owners of the parent company** | **Owners of the parent company** | **Owners of the parent company** | **Owners of the parent company** | **Owners of the parent company** | **Owners of the parent company** | **Owners of the parent company** | **Owners of the parent company** | | |
|  | | | | **Capital reserves** | **Capital reserves** | **Capital reserves** | **Capital reserves** | **Capital reserves** | **Capital reserves** | | | | |
|  |<br><br>**Share<br>capital**<br>**USD in thousands** |<br>**Share premium**<br>**USD in thousands** |<br>**Proceeds on account of convertible**<br> **options**<br>**USD in thousands** | **Controlling shareholders (1)**<br>**USD in<br>thousands** | **Transactions with non-controlling interests (1)**<br>**USD in thousands** | **Transactions Share-based payment (1)**<br>**USD in thousands** | **Hedge Reserve (1)**<br>**USD in thousands** | **Translation reserve from foreign operation (1)**<br>**USD in thousands** | **Translation reserve from currency Presentation (1)**<br>**USD in<br>thousands** |<br>**Accumulated profit (loss)**<br>**USD in thousands** |<br>**Total attributable to the owners of the company**<br>**USD in thousands** |<br>**Non-controlling interests**<br>**USD in thousands** |<br>**Total**<br>**USD in thousands** |
| **Balance as of January 1, 2024** | 3293 | 1028532 | 15494 | 5378 | (22243) | 42850 | 33356 | 57139 | (58750) | 63710 | 1168759 | 267198 | 1435957 |
| **Profit for the year** | - | - | - | - | - | - | - | - | - | 44209 | 44209 | 22296 | 66505 |
| **Other comprehensive income:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Fair value changes of financial instruments used for cash flow hedging, net of tax | - | - | - | - | - | - | (7727) | - | - | - | (7727) | (5957) | (13684 |
| Exchange differences due to translation of foreign operations | - | - | - | - | - | - | - | (30757) | - | - | (30757) | (9541) | (40298 |
| **Other comprehensive income item that will not be transfer to profit or loss:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Presentation currency translation adjustment | - | - | - | - | - | - | - | - | (6202) | - | (6202) | (1428) | (7630**)** |
| **Total other comprehensive loss for the year** | - | - | - | - | - | - | (7727) | (30757) | (6202) | - | (44686) | (16926) | (61612 |
| **Total comprehensive income (loss) for the year** | - | - | - | - | - | - | (7727) | (30757) | (6202) | 44209 | (477) | 5370 | 4893 |
| Share-based payment | - | - | - | - | - | 13840 | - | - | - | - | 13840 | - | 13840 |
| Exercise of options into shares | 15 | - | - | - | - | - | - | - | - | - | 15 | - | 15 |
| Increase in ownership rate interest within control | - | - | - | - | (1611) | - | - | - | - | - | (1611) | 355 | (1256**)** |
| Exercise of loans into equity | - | - | - | - | - | - | - | - | - | - | - | 12373 | 12373 |
| Sale of consolidated subsidiaries | - | - | - | - | - | - | - | - | - | - | - | 469 | 469 |
| Dividends and distributions by subsidiaries to non-controlling interests | - | - | - | - | - | - | - | - | - | - | - | (25536) | (25536) |
| Investment in consolidated entity | - | - | - | - | - | - | - | - | - | - | - | 179 | 179 |
|  | 15 | - | - | - | (1611) | 13840 | - | - | - | - | 12244 | (12160) | 84 |
| **Balance as of December 31, 2024** | 3308 | 1028532 | 15494 | 5378 | (23854) | 56690 | 25629 | 26382 | (64952) | 107919 | 1180526 | 260408 | 1440934 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Capital reserves as of December 31, 2024 total
 to USD 25,273 thousands

The notes to the consolidated financial statements are an integral part thereof.

F - 11

------

Enlight Renewable Energy Ltd.

**Consolidated Statements of Changes in Equity (Cont.)**<br>

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the year ended December 31, 2023** | **For the year ended December 31, 2023** | **For the year ended December 31, 2023** | **For the year ended December 31, 2023** | **For the year ended December 31, 2023** | **For the year ended December 31, 2023** | **For the year ended December 31, 2023** | **For the year ended December 31, 2023** | **For the year ended December 31, 2023** | **For the year ended December 31, 2023** | **For the year ended December 31, 2023** | **For the year ended December 31, 2023** |
|  | | **Owners of the parent company** | **Owners of the parent company** | **Owners of the parent company** | **Owners of the parent company** | **Owners of the parent company** | **Owners of the parent company** | **Owners of the parent company** | **Owners of the parent company** | **Owners of the parent company** | **Owners of the parent company** | | |
|  | | | | **Capital reserves** | **Capital reserves** | **Capital reserves** | **Capital reserves** | **Capital reserves** | **Capital reserves** | | | | |
|  |<br><br>**Share<br>capital**<br>**USD in thousands** |<br>**Share premium**<br>**USD in thousands** |<br>**Proceeds on account of convertible options**<br>**USD in thousands** | **Controlling shareholders (1)**<br>**USD in<br>thousands** | **Transactions with non-controlling interests (1)**<br>**USD in thousands** | **Transactions Share-based payment (1)**<br>**USD in thousands** | **Hedge Reserve (1)**<br>**USD in thousands** | **Translation reserve from foreign operation (1)**<br>**USD in thousands** | **Translation reserve from currency Presentation (1)**<br>**USD in<br>thousands** |<br>**Accumulated loss**<br>**USD in thousands** |<br>**Total attributable to the owners of the company**<br>**USD in thousands** |<br>**Non-controlling interests**<br>**USD in thousands** |<br>**Total**<br>**USD in thousands** |
| **Balance as of January 1, 2023** | 2827 | 762516 | 15496 | 5378 | (19404) | 34009 | 20770 | 14775 | (25059) | (7214) | 804094 | 245940 | 1050034 |
| **Profit for the year** | - | - | - | - | - | - | - | - | - | 70924 | 70924 | 27117 | 98041 |
| **Other comprehensive income:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Fair value changes of financial instruments used for cash flow hedging, net of tax | - | - | - | - | - | - | 12586 | - | - | - | 12586 | 3343 | 15929 |
| Exchange differences due to translation of foreign operations | - | - | - | - | - | - | - | 42364 | - | - | 42364 | 11299 | 53663 |
| **Other comprehensive income item that will not be transfer to profit or loss:** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Presentation currency translation adjustment | - | - | - | - | - | - | - | - | (33691) | - | (33691) | (7987) | (41678) |
| **Total other comprehensive income (loss) for the year** | - | - | - | - | - | - | 12586 | 42364 | (33691) | - | 21259 | 6655 | 27914 |
| **Total comprehensive income (loss) for the year** | - | - | - | - | - | - | 12586 | 42364 | (33691) | 70924 | 92183 | 33772 | 125955 |
| Share-based payment | - | - | - | - | - | 8841 | - | - | - | - | 8841 | - | 8841 |
| Issuance of shares, net | 456 | 265994 | - | - | - | - | - | - | - | - | 266450 | - | 266450 |
| Exercise of options and conversion of debentures into shares | 10 | 22 | (2) | - | - | - | - | - | - | - | 30 | - | 30 |
| Increase in ownership rate interest within control | - | - | - | - | (2839) | - | - | - | - | - | (2839) | (4557) | (7396) |
| Sale of consolidated subsidiaries | - | - | - | - | - | - | - | - | - | - | - | 191 | 191 |
| Dividends and distributions by subsidiaries to non-controlling interests | - | - | - | - | - | - | - | - | - | - | - | (13596) | (13596) |
| Investment in consolidated entity | - | - | - | - | - | - | - | - | - | - | - | 5448 | 5448 |
|  | 466 | 266016 | (2) | - | (2839) | 8841 | - | - | - | - | 272482 | (12514) | 259968 |
| **Balance as of December 31, 2023** | 3293 | 1028532 | 15494 | 5378 | (22243) | 42850 | 33356 | 57139 | (58750) | 63710 | 1168759 | 267198 | 1435957 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Capital reserves as of December 31, 2023 total
 to USD 30,469 thousands

The notes to the consolidated financial statements are an integral part thereof.

F - 12

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Enlight Renewable Energy Ltd.

**Consolidated Statements of Cash Flows**<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
|  | **USD in thousands** | **USD in thousands** | **USD in thousands** |
|  **Cash flows from operating activities** |  |  |  |
|  Profit for the year&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **160702** | 66505 | 98041 |
|  **Income and expenses not associated with cash flows:** |  |  |  |
|  Depreciation and amortization | **149922** | 108889 | 65796 |
|  Finance expenses, net | **118680** | 83560 | 28805 |
|  Share-based compensation | **10470** | 8360 | 4970 |
|  Taxes on income | **43875** | 18275 | 28428 |
|  Tax benefits | **(89437)** | (20860) | (5440) |
|  Other income, net | **4922** | (4362) | (46989) |
|  Company's share in losses of investee partnerships | **3722** | 3350 | 330 |
|  Gains from projects disposals | **(96431)** | (601) | - |
|  | **145723** | 196611 | 75900 |
|  **Changes in assets and liabilities items:** |  |  |  |
|  Change in other receivables | **(1866)** | 12261 | (3241) |
|  Change in trade receivables | **(27366)** | (9892) | (2841) |
|  Change in other payables | **14546** | 294 | 6382 |
|  Change in trade payables | **5179** | 746 | 15474 |
|  | **(9507)** | 3409 | 15774 |
|  Income Tax paid&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **(14270)** | (11246) | (12236) |
|  Repayment of contract assets&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **-** | - | 14120 |
|  **Net cash flows from operating activities** | **282648** | 255279 | 191599 |
|  **Cash flows from investing activities** |  |  |  |
| Sale (acquisition) of consolidated companies, net (Annex A) | **34295** | 1871 | (6975) |
|  Changes in restricted cash and bank deposits, net | **(378648)** | 29959 | (53131) |
|  Purchase, development and construction in respect of projects | **(1812570)** | (899257) | (730976) |
|  Payments on account of acquisition of consolidated Company | **(6543)** | (32777) | (5728) |
|  Interest receipts (\*)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **14795** | 12684 | 12490 |
|  Loans provided and investment in investees | **(56255)** | (26531) | (41615) |
|  Repayment of loans to investees | **30815** | 87 | 13441 |
|  Loans provided to non-controlling interests | **(297)** | - | - |
|  Purchase of financial assets measured at fair value through profit or loss, net | **(6475)** | (14719) | 26919 |
|  **Net cash used in investing activities**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **(2180883)** | (928683) | (785575) |

---

(\*) See Note 2C for additional information regarding the change in presentation of interest receipts and interest paid

The notes to the consolidated financial statements are an integral part thereof.

F - 13

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Enlight Renewable Energy Ltd.

**Consolidated Statements of Cash Flows (Cont.)**<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
|  | **USD in thousands** | **USD in thousands** | **USD in thousands** |
|  **Cash flows from financing activities** |  |  |  |
|  Receipt of loans from banks and other financial institutions | **1783974** | 939627 | 623927 |
|  Repayment of loans from banks and other financial institutions | **(505360)** | (699584) | (203499) |
|  Interest paid (\*)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **(86860)** | (74891) | (54469) |
|  Issuance of debentures&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **125838** | 177914 | 83038 |
|  Issuance of convertible debentures&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **114685** | - | - |
|  Repayment of debentures&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **(47545)** | (26016) | (14735) |
|  Dividends and distributions by subsidiaries to non-controlling interest | **(29805)** | (25536) | (13328) |
|  Proceeds from investments by tax-equity investors | **440484** | 410845 | 198758 |
|  Repayment of tax equity investment | **(13609)** | (839) | (82721) |
|  Deferred borrowing costs&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **(68225)** | (21637) | (1984) |
|  Receipt of loans from non-controlling interests | **182** | - | 274 |
|  Repayment of loans from non-controlling interests | **(858)** | (2960) | (1485) |
|  Increase in holding rights of consolidated entity. | **(1392)** | (169) | - |
|  Issuance of shares&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **290698** | - | 266451 |
|  Exercise of share options&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **53** | 15 | 9 |
|  Repayment of lease liability&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **(8580)** | (5852) | (4848) |
|  Proceeds from investment in entities by non-controlling interest | **12799** | 179 | 5448 |
|  **Net cash from financing activities**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **2006479** | 671096 | 800836 |
|  **Increase (decrease) in cash and cash equivalents** | **108244** | (2308) | 206860 |
|  **Balance of cash and cash equivalents at beginning of year** | **387427** | 403805 | 193869 |
|  **Changes in cash of disposal groups classified as held for sale** | - | (5753) | - |
|  **Effect of exchange rate fluctuations on cash and cash equivalents** | **32826** | (8317) | 3076 |
|  **Cash and cash equivalents at end of year** | **528497** | 387427 | 403805 |

---

(\*) See Note 2C for additional information regarding the change in presentation of interest receipts and interest paid

The notes to the consolidated financial statements are an integral part thereof.

F - 14

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Enlight Renewable Energy Ltd.

**Consolidated Statements of Cash Flows (Cont.)**<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
|  | **USD in thousands** | **USD in thousands** | **USD in thousands** |
|  **Annex A – Acquisition (sale) of Consolidated Companies, net** |  |  |  |
|  Working capital (except for cash and cash equivalents) | **1608** | (10988) | 14086 |
|  Restricted cash&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **-** | - | (822) |
|  Fixed assets&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **1082** | 49831 | (18730) |
|  Intangible assets&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **6125** | 4024 | 7965 |
|  Deferred costs in respect of projects&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **-** | 3681 | 2348 |
|  Deferred taxes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **-** | (536) | (6) |
|  Investment in investee&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **51982** | 105 | (98) |
|  Assets of disposal groups classified as held for sale | **(81661)** | - | - |
|  Liabilities of disposal groups classified as held for sale | **46635** | - | - |
|  Right-of-use asset and lease liability, net | **-** | - | 147 |
|  Loans from banks and other financial institutions | **-** | - | 18588 |
|  Loan to investee&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **36164** | (46350) | (17391) |
|  Loan from non-controlling interests&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **-** | (1167) | 1083 |
|  Non-controlling interests&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **201** | (471) | (195) |
|  Gain on loss of control in subsidiary | **(96431)** | - | - |
|  **Total consideration which was received (paid), after deducting cash in consolidated companies** | **(34295)** | (1871) | 6975 |

---

#### Annex B - Material Non-Cash Investing and Financing Activities
During the year 2025, the Company was engaged in development and construction of projects of which a total of approximately USD 291.2 million were financed through supplier credit.

The notes to the consolidated financial statements are an integral part thereof.

F - 15

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Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

#### Note 1 - General
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** Enlight Renewable Energy Ltd. (hereinafter: "the
 Company") is a public company located in Israel, whose shares are listed on NASDAQ and Tel Aviv Stock Exchange (hereinafter: "TASE").
 The Company's address is 13 Amal St., Park Afek, Rosh Ha'ayin, Israel. As of the reporting date, the Company is engaged in
 the renewable energy industry. Since May 2018, the Company has no controlling shareholder and/or a control core.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** The Company is engaged in the initiation, planning,
 development, construction and operation of projects for the production of electricity from renewable energy sources in Israel, Europe
 and the United States. In its activities, the Company is engaged, inter alia, in architectural and engineering planning of the aforementioned
 projects for the production of electricity, in purchasing the components which are required for the construction of those projects, in
 building the projects, in securing the regulatory permits and licenses which are required for the construction of each project, in the
 production and sale of electricity to the electric corporation, and in the operation of those facilities, once completed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Definitions** 

---

| | |
|:---|:---|
| The Group | The Company and its consolidated entities (as defined below). |
| Consolidated Entities | Companies or partnerships which are directly or indirectly under the Company's control (as defined in IFRS 10), and whose financial reports are wholly consolidated with the Company's reports. The material active consolidated entities are as specified in Note 8. |
| Related Party | As defined in IAS 24 (2009), "Related Party Disclosures". |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. **Statement of Compliance with International Financial Reporting Standards (IFRS)** 

The Group's consolidated financial statements have been prepared in accordance with IFRS<sup>®</sup> Accounting Standards (hereinafter: "IFRS") as issued by the International Accounting Standards Board (IASB).

The consolidated financial statements were authorized for issue by the Company's Board of Directors on March 30, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Classifications** 

The Company made a number of insignificant adjustments to the classification of comparative figures in order to adjust them to the manner of classification in the current financial statements. The said classifications have no effect on the total profit (loss).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Operating cycle period** 

The Group's operating cycle period is 12 months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Exchange rates and linkage base** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** Balances denominated in or linked to foreign currency
 are included in the financial statements according to the representative exchange rates which were published by Bank of Israel, and which
 applied as of the end of the reporting period.

F - 16

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Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

#### Note 1 – General (Cont.)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Exchange rates and linkage base (Cont.)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** Balances linked to the Israeli Consumer Price
 Index (hereinafter: the "CPI") are presented according to the last known index on the balance sheet data (hereinafter: the
 "Known Index").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)** Presented
 below are data regarding the EUR, HUF and NIS exchange rates, and regarding the CPI:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Representative exchange rate** | **Representative exchange rate** | **Representative exchange rate** | **CPI(\***) |
|  | EUR | NIS | HUF | **Known index** |
|  | **(USD to 1)** | **(USD to 1)** | **(USD to 1)** | **In points** |
| **Date of the financial statements:** |  |  |  |  |
| As of December 31, 2025 | 1.174 | 0.313 | 0.0026 | 120.4 |
| As of December 31, 2024 | 1.041 | 0.274 | 0.0025 | 117.6 |
|  | **%** | **%** | **%** | **%** |
| **Rates of change:** |  |  |  |  |
| For the year ended: |  |  |  |  |
| As of December 31, 2025 | 12.8 | 14.2 | **4** | 2.4 |
| As of December 31, 2024 | 3.5 | 10 | (13.8) | 3.4 |

---

(\*) Base: 2012 average = 100.

#### Note 2 - Material Accounting Policies
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Foreign currency** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** **Functional currency and presentation currency** 

The financial statements of each of the Group's subsidiaries were prepared in the currency of the main economic environment in which it operates (hereinafter: the "Functional Currency"). For the purpose of consolidating the financial statements, results and financial position of each of the Group's member companies are translated into the NIS, which is the Company's functional currency. The Group's consolidated financial statements are presented in USD. For details regarding the exchange rates, and changes thereto, during the presented periods, see Note 1G.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **Translation of transactions in currencies other than the functional currency:** 

In preparing the financial statements of each of the Group's member companies, transactions in foreign currencies are translated to the respective functional currencies of Group entities at exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the functional currency at the exchange rate at that date. The foreign currency gain or loss on monetary items is the difference between amortized cost in the functional currency at the beginning of the year, adjusted for effective interest and payments during the year, and the amortized cost in foreign currency translated at the exchange rate at the end of the year.

Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate at the date that the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction.

F - 17

------

Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

#### Note 2 - Material Accounting Policies (Cont.)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Foreign currency (Cont.)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)** **Method for recording exchange differences** 

Exchange differences are recognized under profit or loss during the period in when they arose, except for exchange differences in respect of monetary items receivable or payable from foreign operations, the settlement of which is not planned or expected, and which therefore constitute a part of a net investment in a foreign operation. These exchange differences are recognized under other comprehensive income, under the item for "exchange differences due to translation of foreign operations", and are carried to the statement of income upon the realization of the net investment in the foreign operation, and upon loss of control, joint control, or significant influence of the foreign operation.

Exchange differences are classified under profit and loss in the items for finance income and expenses.

When the settlement of loans which were provided to a foreign operation by the Group is not planned or expected in the foreseeable future, profit and loss from exchange differences due to these monetary items are included as part of the investment in foreign operations, net, recognized under other comprehensive income, and presented under equity as part of "exchange differences due to translation of foreign operations".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4)** **Translation of financial statements of investees whose functional currency is different from the Company's functional currency** 

The financial statements of a foreign operation which is not directly held are translated to the NIS using the consolidation in stages method, in which the financial statements of the foreign operation are first translated to the functional currency of the direct parent company, and are then translated to the functional currency of the ultimate parent company. Therefore, upon the realization of a foreign operation which is not directly held, the Group re-classifies to the statement of income the cumulative amount in respect of which translation differences arose, according to the amount which would have been created had the foreign operation been translated directly into NIS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5)** **Hedge of net investment in foreign operation** 

The Group applies hedge accounting to foreign currency differences arising between the functional currency of the foreign operation and the Company's functional currency (NIS), regardless of whether the net investment is held directly or through an investee company.

Foreign currency differences arising on the translation of a financial liability designated as a hedge of a net investment in a foreign operation are recognized in other comprehensive income to the extent that the hedge is effective, and are presented within equity as part of the translation reserve. To the extent that the hedge is ineffective, such differences are recognized in profit or loss. When the hedged part of a net investment is disposed of, the relevant amount in the translation reserve is transferred to profit or loss as part of the profit or loss on disposal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Basis of consolidation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** **Business combinations** 

The Group implements the acquisition method to all business combinations. The acquisition date is the date when the acquirer obtains control of the acquired entity. Control exists when the Group is exposed, or holds rights, to variable returns from its involvement in the acquired entity, and when it is able to affect those returns through its power over the acquired. Substantive rights held by the Group and others are taken into account when assessing control.

F - 18

------

Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

#### Note 2 – Material Accounting Policies (Cont.)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Basis of consolidation (Cont.)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** **Business combinations (Cont.)** 

The Group recognizes, on the acquisition date, the contingent liability which was accepted in a business combination, if there is a commitment in the present which is due to past events, and whose fair value is reliably measurable. The consideration transferred includes the fair value of the assets which were transferred to the previous owner of the acquired entity, liabilities which materialized for the acquiree towards the previous owner of the acquired entity, and equity interests which were issued by the Group. Additionally, goodwill is not updated due to the use of carryforward tax losses which existed on the date of the business combination.

The consideration transferred also includes the fair value of contingent consideration. After the acquisition date, the Group recognizes changes in the fair value of the contingent consideration which is financial liability a financial liability in the statement of income.

Acquisition-related costs which materialized for the buyer in respect of a business combination, such as agency fees, consulting fees, legal fees, valuations and other fees in respect of professional services or consulting services, except for those which are associated with the issuance of debt or equity instruments in connection with the business combination, are recognized as an expense in the period when the services are received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **Goodwill** 

The Group recognizes goodwill as of the acquisition date according to the fair value of the consideration which was transferred, after deducting the net amount which was attributed in the acquisition to the identifiable assets which were acquired, and to the liabilities which were accepted. Goodwill is initially recognized as an asset at cost, and is measured in subsequent periods at cost after deducting accumulated impairment losses.

For the purpose of testing for impairment, goodwill is allocated to each of the Group's cash generating units which are expected to benefit from the business combination's synergy. Cash-generating units to which goodwill was allocated are tested for impairment each year, or more frequently when indicators exist of possible impairment of that unit. When the recoverable amount of a cash-generating unit is lower than that unit's carrying value, the impairment loss is first allocated to the amortization of the carrying value of any goodwill which is attributed to the cash generating unit. Subsequently, the balance of impairment loss, if any, is allocated to other assets of the cash generating unit, in proportion to their carrying value. Impairment loss of goodwill is not reversed in subsequent periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)** **Issuance of put option to non-controlling interests** 

Put options issued by the Group to non-controlling interests, which are settled in cash, is recognized as a liability at the present value of the exercise addition, against carrying to the goodwill which was created on the date of the business combination. Changes in the liability in respect of the put option to non-controlling interests are recognized in the statements of income according to the effective interest method; however, for changes in the subsequent measurement of the put option, the possibility is evaluated of capitalizing them as non-specific credit to balances of qualifying assets, in accordance with the International Accounting Standard (IAS) 23, "Borrowing Costs".

The profit attributable to the Company's owners in the statements of income include the share of non-controlling interests to whom the Company has issued a put option, in the results of the investee company, including in cases where the non-controlling interests have access to the returns arising from the interests in the investee company.

Dividends which are distributed to non-controlling interests in a subsidiary, hold a put option, is recorded as an expense in the statements of income, while investments made by non-controlling interests are recorded as income.

F - 19

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Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

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#### Note 2 - Material Accounting Policies (Cont.)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Basis of consolidation (Cont.)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4)** **Acquisition of property company** 

Upon the acquisition of a property company, the Group exercises judgment in its evaluation of whether it constitutes the acquisition of a business or a property, for the purpose of determining the accounting treatment for the transaction. In its evaluation of whether a property company constitutes a business, the Group evaluates, inter alia, whether the existing process or processes in the property company, including the scope and nature of the management, security, cleaning and maintenance services. Transactions in which the acquired company is a business are treated as a business combination, as specified above. However, transactions in which the acquired company is not a business are treated as a group of assets and liabilities. In transactions of this kind, the acquisition cost, including transaction costs, is proportionately allocated to the identifiable assets and liabilities which were acquired, based on their proportional fair value as of the acquisition date. In the latter case, goodwill is not recognized, and deferred taxes are not recognized, in respect of temporary differences which exist as of the acquisition date. When the Company engages in a transaction to purchase an asset (a transaction which does not constitute a business combination), and the purchase consideration includes contingent consideration which depends on the occurrence of future events which are not under the Company's control, a contingent consideration liability is initially recognized on the date when the asset is recognized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Classification of taxes and dividends payments, dividends receipts and Change in the accounting policy for Interest paid and received in the statement of cash flows** 

The Group classifies cash flows in respect of income taxes as cash flows used in operating activities, unless these are readily identifiable as cash flows used in investing or financing activities. Dividends that are paid by the Group are classified as cash flows from financing activities.

Until December 31, 2024, interest paid and interest received were presented within cash flows from operating activities in the Consolidated Statements of Cash Flows. In accordance with IAS 7 Statement of Cash Flows, entities are permitted to classify interest paid and interest received as operating, investing, or financing cash flows, provided that the selected classification is applied consistently from period to period.

During 2025, management elected to change the classification of interest paid to cash flows used in financing activities and interest received to cash flows from investing activities. Management believes that this change in presentation provides a more comprehensive view of the cost of financing the Company's operations and better reflects management's view of the financing nature of these transactions.

Accordingly, comparative information has been retrospectively adjusted to reflect this change in accounting policy in the Consolidated Statements of Cash Flows, as presented below:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended** | **For the year ended** | **For the year ended** |
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **As reported** | **Adjustments** | **As adjusted** |
| Net cash from operating activities | 193072 | 62207 | 255279 |
| Net cash used in investing activities | (941367) | 12684 | (928683) |
|  Net cash from financing activities | 745987 | (74891) | 671096 |
| **Decrease in cash and cash equivalents** | **(2308)** | **-** | **(2308)** |

---

F - 20

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Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Classification of taxes and dividends payments, dividends receipts and Change in the accounting policy for Interest paid and received in the statement of cash flows (Cont.)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended** | **For the year ended** | **For the year ended** |
|  | **December 31, 2023** | **December 31, 2023** | **December 31, 2023** |
|  | **As reported** | **Adjustments** | **As adjusted** |
| Net cash from operating activities | 149620 | 41979 | 191599 |
| Net cash used in investing activities | (798065) | 12490 | (785575) |
|  Net cash from financing activities | 855305 | (54469) | 800836 |
| **Decrease in cash and cash equivalents** | **206860** | **-** | **206860** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Fixed assets** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** **General** 

Fixed assets are tangible items which are held for the purpose of use in the production or provision of goods or services, which are expected to be used in more than one period.

Fixed asset items are presented in the statement of financial position at cost less accumulated depreciation, and less accumulated impairment loss. The cost includes the asset's purchase cost, and costs which are directly attributable to bringing the asset to the location and condition which are required for its operation in the manner intended by management. The cost of qualifying assets also includes borrowing costs to be capitalized, as stated in section D(4) below. For details regarding the impairment testing of fixed assets, see section H.

Fixed asset items include photovoltaic, storage and wind energy facilities for production of electricity, when those systems are not covered under IFRIC 12 and other equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **Subsequent costs** 

The cost of replacing part of a fixed asset item and other subsequent costs are capitalized if it is probable that the future economic benefits associated with them will flow to the Group and their cost can be measured reliably. The carrying value of a replaced part of the fixed asset item is derecognized. Current maintenance costs are carried to profit or loss as incurred.

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Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Fixed assets (Cont.)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)** **Depreciation of fixed assets** 

Components of a depreciable fixed asset item with a significant cost compared to the total cost of the item are depreciated separately. Depreciation is performed systematically, on a straight-line basis, over the expected useful lifetime of the item's components, from the date when the asset was ready for its intended use, while taking into account its expected residual value at the end of its useful lifetime.

The useful lifetimes, depreciation rates and depreciation methods used in calculating depreciation are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Useful lifetime** | **Depreciation rates** | **Depreciation method** |
| Wind farms | 25-30 years | 3.33%-4 | Straight line |
| Photovoltaic systems | 30-35 years | 2.86%-3.33 | Straight line |
|  Battery Energy Storage systems (BESS) | 25 years | 4% | Straight line |
| Others | 3-14 years | 7%-33.33 | Straight line |

---

The asset's depreciation method, useful lifetime and residual value are reviewed by Company management at the end of each fiscal year. Changes are treated as prospective changes in estimate.

Profit or loss which has arisen due to the sale or expense from the use of a fixed asset item is determined according to the difference between the proceeds from its sale and its carrying value on the date of sale or removal from use, and carried to the statement of income as a "Gains from projects disposals".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4)** **Borrowing costs** 

A qualifying asset is an asset regarding which a significant period of time is necessary in order to prepare it for its intended use, or for its sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(A)** Borrowing costs which are directly attributable
 to the purchase or construction of facilities for the production of electricity, where preparing them for their intended use requires
 a significant period of time, are capitalized to the cost of those assets until the date when those assets are ready for their intended
 use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(B)** The Company determines the amount of borrowing
 costs which are not directly attributable, and which are capitalizable, by attributing a capitalization rate for expenses in respect of
 qualifying assets. This capitalization rate is the weighted average of borrowing costs which are appropriate for the Company's credit
 during that period, which is not directly attributable to the project. The Company capitalizes borrowing costs which are not directly
 attributable, in an amount which does not exceed the total sum of borrowing costs which arose for it during that period. Exchange differences
 in respect of loans denominated in a currency other than the functional currency are capitalized to the cost of those assets, to the extent
 where they are considered an adjustment of interest costs. All other borrowing costs are recognized in the statement of income on the
 date of their creation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5)** **Liability in respect of the costs of dismantling and removal of the facility and restoring the site where the facility is located** 

The cost of a fixed asset item includes, inter alia, the costs of dismantling and removal of the item and the restoration of the site on which it is located, which give rise to a liability for the entity upon acquisition of the item or as a result of the use of the item over a specific duration, other than for the creation of inventory in such period. After the initial recognition date, Changes in the foregoing liability until the end of the item's depreciation period are added to or subtracted from the asset in the current period. Changes in the aforesaid liability due to the passage of time are recognized in profit or loss as finance expenses as incurred.

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Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Deferred costs in respect of projects** 

Deferred costs in respect of projects are costs which were accrued for the development of projects, and for which it is probable that economic benefits will derive to the Company in the future and the costs can be measured reliably. In assessing whether such expenditures can be capitalized, the Company evaluates, among other factors, the likelihood in succeeding to develop a project, the progress phase in the development, the Company's experience in similar projects, and whether there are other obstacles that might affect the probability to successfully develop etc. The Company assess such likelihood of success in each individual case, in case it is probable that the relevant project will be materialized, those costs are capitalized and presented under the item for "deferred costs in respect of projects" in the statement of financial position. If during the process it is no longer probable that the project can be materialized, any related amounts that were previously capitalized are written off (i.e. expensed). Once all the approvals obtained and the project is ready to be constructed on, the related development costs that have been deferred are classified to Fixed assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Service concession arrangements** 

The Company received from the state of Israel, through the Public Utilities Authority - Electricity (hereinafter: the "Electricity Authority"), licenses (concessions) for the construction of facilities for the production of electricity using photovoltaic technology, or through wind energy, for the purpose of providing services involving the production of electricity from renewable energy sources, and also engaged in agreements with Israel Electric Corporation (hereinafter: the "IEC") to purchase the electricity which is produced in those facilities (hereinafter: the "Purchase Agreement"), in BOO (Build, Operate, Own) agreements.

The Electricity Authority determines the tariff that will be paid for the electricity produced in the photovoltaic facilities on the date of tariff approval, and thereby controls it, and requires the operator to sign the purchase agreement as a condition for the receipt of the permanent production license.

With respect of photovoltaic facilities in Israel which commenced operation until December 31, 2016, the Company made specific economic calculations for each of the facilities which it owns, and reached the conclusion that the residual value from additional continued operation, beyond 20 years, is negligible relative to the facility's total value.

In accordance with the above, the appropriate treatment of these photovoltaic facilities is in accordance with IFRIC 12, and the Company is adopted the financial asset model, as defined in that interpretation.

The treatment in the Company's books in respect of the foregoing facilities is as follows -

The total consideration which is expected to be received throughout the license period is allocated to the construction services and to the operating services based on the proportional fair value figures of those services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The value of the construction services is determined
 according to the construction costs, plus the standard construction margin, according to the Company's estimate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The value of the operating services is determined
 according to the operating costs, plus the standard margin, according to the Company's estimate.

Interest income is recognized throughout the license period according to the effective interest method, based on the rate of return which reflects the relevant risks during the construction and operation period of the project. This income is recognized in the statement of cash flows under operating activities, as activities not associated with cash flows.

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Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Service concession arrangements (Cont.)** 

Proceeds attributable to the repayment of the asset are classified in the statement of cash flows Activity under operating activities, as activity in respect of concession arrangements - repayment of contract asset.

The consideration which is recognized on the date of revenue recognition, as stated above, is treated as a contract asset covered under IFRS 15 (see section M(2) below) throughout the entire period of the concession arrangement, and is not reclassified in the commercial operation stage to a financial asset (receivables) covered under IFRS 9, since the contractual right to receive payment for the services in accordance with the arrangement arises as the facilities commence operation and producing electricity in practice, and does not only depend on the passage of time.

For details regarding the timing of recognition of revenue from the provision of services, see section M(2) below.

For details regarding the impairment of financial assets, see section I(4) below.

With respect to the change in the treatment of the facilities under the service concession arrangement, see Note 9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Intangible assets** 

#### Concession rights
The Company has agreements for the provision of electricity and concession agreements which are presented at cost, after deducting amortization (except as stated in section F), and are amortized according to the useful lifetime which was determined for the facility to which they are attributed.

The concession rights have definite useful lifetimes and are amortized in a straight line throughout their estimated useful lifetime, subject to an impairment test. Changes in the estimated useful lifetime of an intangible asset with a definite lifetime are treated prospectively.

#### Goodwill
Goodwill which was created due to the acquisition of subsidiaries is presented under intangible assets. For details regarding the measurement of goodwill upon initial recognition, see section B(2) above.

In subsequent periods, goodwill is measured at cost after deducting accumulated impairment losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Impairment of non-financial assets** 

At the end of each reporting period, the Group evaluates the carrying value of its tangible and intangible assets, in order to determine whether any indicators of impairment exist in respect of those assets. In case indicators of this kind exist, the recoverable amount of the asset is estimated in order to determine the amount of impairment loss which was created, if any. When it is not possible to measure the recoverable amount of an individual asset, the Group estimates the recoverable amount of the revenue-generating unit to which the asset belongs.

Intangible assets with indefinite useful lifetimes, and intangible assets which are not yet available for use, are tested for impairment once per year, or more frequently, in case of indicators of the asset's impairment.

F - 24

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Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

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#### Note 2 - Material Accounting Policies (Cont.)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Financial assets** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** **General** 

Financial assets are recognized in the statement of financial position when the Group becomes a party to the instrument's contractual terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **Financial assets measured at fair value** 

Investments in financial assets are initially recognized at fair value plus transaction costs, except for financial assets which are classified at fair value through profit and loss, which are initially recognized at fair value. Transaction costs in respect of financial assets at fair value through profit or loss are charged immediately as an expense to profit or loss. After initial recognition, financial assets are measured at amortized cost or at fair value, depending on their classification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)** **Financial assets measured at amortized cost** 

Debt instruments are measured at amortized cost upon the fulfillment of the following two conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Group's business model is to hold the
 assets with the aim of collecting contractual cash flows, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The contractual terms of the asset establish precise
 dates when the contractual cash flows will be received which constitute principal and interest payments only.

The amortized cost of a financial asset is the amount at which the financial asset is measured upon initial recognition, after deducting principal payments, plus or less accumulated amortization, using the effective interest method, of any difference between the initial amount and the repayment amount, adjusted for any provision for credit loss.

Trade receivables, restricted cash, contract assets in respect of concession arrangements and other receivables with fixed payments, are measured at amortized cost using the effective interest method, after deducting impairment, if any. Interest income is recognized using the effective interest method, except in respect of short term receivables, when the interest amounts to be recognized are immaterial.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4)** **Impairment of financial assets** 

In respect of trade receivables, the Group adopts the lenient approach to the measurement of a provision for impairment, according to the probability of insolvency throughout the instrument's entire lifetime. The expected credit loss in respect of these financial assets is estimated using a matrix of provisions which is based on the Company's past experience regarding credit losses, and adjusted for factors which are specific to the borrower, general economic conditions, and an assessment both of the current trend of conditions, and of the projected trend of conditions, as of the reporting date, including the time value of money, as required.

For contract assets in respect of concession arrangements, the Group recognizes a provision for impairment according to the expected credit losses throughout the instrument's entire lifetime, when there has been a significant increase in the credit risk since their date of initial recognition. If, however, the asset's credit risk has not significantly increased since the date of its initial recognition, the Group measures the provision for impairment according to the probability of insolvency in the coming 12 months.

F - 25

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Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**J.** **Financial liabilities and equity instruments which were issued by the Group** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** **Classification as a financial liability or as an equity instrument** 

Liabilities and equity instruments which were issued by the Group are classified as financial liabilities or as equity instruments in accordance with the nature of the contractual arrangements, and the definition of a financial liability and equity instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **Financial liabilities** 

Financial liabilities are presented and measured according to the following classification:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Financial liabilities at fair value through profit
 or loss (derivatives not designated in hedge accounting relationship).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Financial liabilities at amortized cost.

Financial liabilities at amortized cost:

The Group has loans from banks and others which were initially recognized at fair value less transaction costs. After the initial recognition date, these loans are measured at amortized cost using the effective interest method.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)** **Debentures convertible into Company shares** 

Debentures which are convertible to a fixed number of Company shares, where the principal and/or interest payments for them are not linked to a currency other than the Company's functional currency, or to the consumer price index, constitute compound financial instruments. On the issuance date of the debentures, the components of the convertible debentures are separated, whereby the liability component is presented under long term liabilities (after deducting current maturities), and the equity component is presented under equity. The fair value of the liability component is determined according to the standard market interest rate for financial instruments with similar characteristics, which do not include a conversion option. The balance of consideration in respect of the convertible debentures is attributed to the conversion option implicit therein, and is presented in equity, under the item for "proceeds on account of convertible options". This component is recognized and included under equity after deducting the income tax impact, and is not remeasured in subsequent periods. The issuance costs are allocated on a proportionate basis to the components of the hybrid financial instrument, in accordance with the allocation of the consideration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4)** **Capital notes** 

Consolidated companies have interest bearing capital notes which are repayable upon the liquidation of the companies, after the settlement of all of their liabilities. Notwithstanding the foregoing, the companies are entitled, in their exclusive discretion, and subject to the terms of the financing agreements, to perform full or partial repayment of the capital notes and of the interest which has accrued in respect thereof.

Due to the fact that, according to the terms of the capital notes, the companies do not have a contractual obligation to deliver cash / other financial assets to the other party, the entire contract does not meet the definition of a financial liability, and is therefore classified as an equity instrument. In light of the foregoing, the Group does not recognize interest expenses in respect of the share of non-controlling interests in the capital notes, in the statement of income. On the date when the consolidated company performs a full or partial repayment of the capital notes, the Group recognizes the payment which is attributed to the interest that has accrued in respect of the capital notes, by amortizing the balance of non-controlling interests.

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Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**J.** **Financial liabilities and equity instruments which were issued by the Group (Cont.)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5)** **Deferred borrowing costs** 

Costs which the Company pays in respect of the receipt of credit from banks and other financial institutions, whereby, as of the balance sheet date, borrowing costs which have not been used in practice (all or part) are carried to the asset "deferred borrowing costs". Upon the receipt of credit in practice, the proportional part of the costs is carried to the loan, and is taken into account in the effective interest rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**K.** **Derivative financial instruments and hedge accounting** 

The Group holds derivative financial instruments for the purpose of hedging against foreign currency risks, interest rate risks, and electricity price change risk, as well as derivatives which are not used for hedging purposes. For additional details on the derivatives which the Group uses, see Note 28.

Derivative financial instruments are initially recognized on the date of the engagement and at the end of each subsequent reporting period, according to their fair value. Derivative which was designated for hedging purposes and fulfills all of the conditions for the determination of a hedge relationship, the effective portion of the changes in fair value of the derivative is recognized in other comprehensive income, directly to a hedging reserve. The effective portion of changes in fair value of a derivative, recognized in other comprehensive income, is limited to the cumulative change in the fair value of the hedged item (based on present value), from inception of the hedge. The change in fair value in respect of the ineffective portion is recognized immediately in the statement of income in finance income or finance expenses.

When the result of the expected transaction is the recognition of a non-financial item, the amounts which accrued in the hedging reserve are included in the initial cost of the non-financial item, on the realization date of the hedge transaction.

Hedge accounting is not applied to derivative instruments which are used for economic hedging of financial assets and liabilities denominated in foreign currency. Changes in the fair value of such derivatives are included in finance income or expenses in the statement of income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**L.** **Tax equity partnership** 

The Company entered into agreements with parties that have a federal tax liability in the US (hereinafter - the "Tax Equity Partners") for the purpose of financing the construction and operation of renewable energy projects in the US (hereinafter- the "Projects"). According to the terms of the arrangements, the Tax Equity Partners invested a certain amount in projects immediately prior to their commercial operation date in exchange for the issuance of units which confer upon them a pro rata share of the project's free distributable cash flow until reaching a predetermined rate of return. as well as the right to receive tax benefits arising from the project.

The projects' tax benefits include an ITC (Investment Tax Credit) or PTC (Production Tax Credit) as well as a proportionate share in the taxable income of the projects (hereinafter - the "Tax Benefits"). Future amounts that will be paid to the Tax Equity Partners out of the free cash flow for distribution constitute a financial liability, which is measured using an amortized cost model in accordance with the effective interest method. The tax benefits are accounted for as an analogy of revenue in accordance with IFRS 15.

The amounts attributed to the Tax Equity Partner's right to receive a proportionate share of the taxable income of the Partnership are recognized as a non-financial liability, which is carried to profit and loss over the arrangement period, with the tax equity partners. In addition, once the tax equity partners reach the predetermined rates of return set in the agreement, the "flip point", the share of the tax equity partners decreases.

In addition, the Company has utilized another tax equity structure for its solar projects in the form of a sale and leaseback transaction. This structure is treated in the same manner as the accounting treatment mentioned above.

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Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**M.** **Revenue recognition** 

Revenue from contracts with customers is recognized in the statement of income when (or insofar as) the control of the asset is transferred to the customer.

Presented below are the specific criteria regarding revenue recognition, which must be fulfilled in order to recognize revenue:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** **Revenues from the sale of electricity** 

Revenues from the sale of electricity are carried to the income statement when the performance obligation to transfer the electricity is satisfied upon the actual delivery of electricity to the customer. The Group's revenue from its business activities mostly arises from its Power Purchase Agreements (PPA) to provide electricity to local electricity authorities in its operating countries. The agreements are for a predetermined period and at a fixed tariff. The remaining produced electricity which is sold out of these agreements is sold at market conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **Revenues from operation of facilities (service concession arrangements)** 

Revenues from operation of facilities in concession arrangements are recognized in the period when the Group provides the services throughout the service period. The agreements are for a predetermined period and at a fixed tariff. When the Group provides more than one type of services as part of a concession arrangement, the received consideration is allocated proportionally, according to the fair value of the provided services, if these amounts can be identified separately.

#### Distinction between "contract assets" and "receivables"
When the Group provides construction services to a customer before the date of payment from a customer in accordance with the agreement, the Company presents the receivable consideration as a "contract asset", except for any amounts which are presented under "receivables". "Contract assets" represent the Group's right to consideration in respect of services which it has performed for the customer. "Receivables" represent the Group's right to non-contingent consideration. The right to consideration is not conditional if only the passage of time is required before the repayment date of that consideration. The Group presents, in the consolidated statement of financial position, "contract assets" in respect of contracts with customers separately from receivables. Contract assets are presented under the item for "contract assets in respect of service concession arrangements" (for additional details, see section F above), while receivables are presented under the item for "trade receivables".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)** **Revenues from construction services** 

In the field of EPC contracting, the Company is engaged in a long-term agreement of providing construction services for a fixed price. Revenues attributed to the construction services are recognized when the performance obligation is satisfied which is based on the completion rate of the work which was performed. The completion rate is determined based on the estimate of total costs required to fulfill the performance obligation. Revenues from the provision of construction services, are recognized in the period when the Group provides the services. The Group recognizes, in the consolidated statement of income, revenues and costs from construction services to an entity held as an associate, and therefore, the total income and costs in these consolidated reports represents the partners' share in the aforementioned associate entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4)** **Revenues from management or development fees** 

The Company, through a subsidiary, has entered into a long-term agreements of providing development and operational management services to projects under development and operational projects owned by third parties for a fixed price. Revenues are recognized on a straight line basis when the performance obligation to provide the service is satisfied throughout the service period.

F - 28

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Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

#### Note 2 - Material Accounting Policies (Cont.)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**N.** **Share-based payment transactions** 

Share-based payments to employees and others who provide similar services are settled with the Group's equity instruments which are measured at fair value on the grant date. The Group measures, on the grant date, the fair value of the granted equity instruments, using the binomial model (for details regarding the method used to measure the fair value of share-based payments, see Note 19).

In transactions when a subsidiary grants to its employees' rights in the parent Company's equity instruments, the Group treats the grant as an equity-settled share-based payment transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**O.** **Income taxes** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** **General** 

Expenses (income) from income taxes include the total current taxes, prior year taxes, and the total change in deferred tax balances, except for deferred taxes due to transactions carried directly to equity. In the calculation of tax expenses, the Company is required to use discretion when determining the tax liability, and its timing. Differences, if any, between the Company's estimate regarding the tax provision and the actual tax results are carried as prior year tax expenses (income) in the period when the final tax liability is determined.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **Current taxes** 

Current tax expenses are calculated based on the taxable income of the Company and of consolidated companies during the reporting period. Taxable income is different from profit before income taxes due to the inclusion or non-inclusion of income and expense items which are taxable or deductible in different reporting periods, or which are non-taxable or non-deductible. Assets and liabilities in respect of current taxes were calculated based on the tax rates and tax laws which were enacted, or substantially enacted, until the date of the statement of financial position.

Current tax assets and liabilities are presented after offsetting when the entity has a legally enforceable right to offset the amounts which were recognized, and the intention to settle the asset on a net basis, and to settle the liability simultaneously.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)** **Deferred taxes** 

The Group's consolidated entities create deferred taxes in respect of temporary differences between the values for tax purposes of assets and liabilities, and their values in the financial statements. Deferred tax balances (asset or liability) are calculated according to the tax rates which are expected to apply at the time of their realization, based on the tax rates and tax laws which were enacted, or substantially enacted, until the date of the statement of financial position. Deferred tax liabilities are generally recognized in respect of all of the temporary differences between the values for tax purposes of assets and liabilities, and their values in the financial statements. Deferred tax assets are recognized in respect of all of the deductible temporary differences, up to the amount in which taxable income is expected to arise against which it will be possible to use the deductible temporary difference.

The Group does not create deferred taxes in respect of temporary differences due to the initial recognition of an asset or liability in a transaction which is not a business combination, when, on the transaction date, the initial recognition of the asset or liability does not affect the accounting gains or taxable income (loss for tax purposes).

The calculation of deferred taxes does not include taking into account the taxes which would have applied in case of the realization of the investments in investee companies, since the Group intends to hold and develop the investments. Additionally, deferred taxes are not taken into account in respect of profit distributions from Israeli companies, due to the fact that dividends from Israeli companies are not taxable, while on the other hand, in respect of profit from foreign companies, the Company created deferred taxes in respect of distributable accumulated profits, if any, in accordance with the Company's expectation that these profits will be distributed in the foreseeable future.

F - 29

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Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**O.** **Income taxes (Cont.)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)** **Deferred taxes (Cont.)** 

Deferred tax assets and liabilities are presented after offsetting if the entity has a legally enforceable right to offset current tax assets against current tax liabilities, and if they pertain to income taxes which are levied by the same tax authority, and the Group intends to settle the deferred tax assets and liabilities on a net basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4)** **Uncertain tax positions** 

A provision in respect of uncertain tax positions, including additional tax expenses and interest, is recognized when it is more likely than not that the Group will require economic resources to settle the liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**P.** **Employee benefits** 

#### Post-employment benefits
Post-employment benefits include severance pay. The Company's employees have signed section 14 of the Severance Pay Law, 5723-1963, which prescribes that its routine contributions to pension funds and/or policies in insurance companies release it from any additional liability towards the employees, for which the foregoing amounts have been contributed, and therefore, those benefits classified as a defined contribution plan. Expenses in respect of the Group's undertaking to contribute funds as part of a defined contribution plan are carried to the statement of income on the date of provision of the work services, for which the Company is obligated to make the contribution. The difference between amount of the payable contribution and the total sum of paid contributions is presented as a liability.

Contingent consideration as part of a business combination for services to be provided by employees to the company are measured in accordance with IAS19 employee benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Q.** **Disposal group held for sale** 

Groups of assets and liabilities for disposal are classified as held for sale if it is highly probable that they will be recovered primarily through a sale transaction and not through continuing use. This applies also to when the Company is obligated to a sale plan that involves losing control over a subsidiary, whether or not the Company will retain any post-sale non-controlling interests in the subsidiary. Immediately before classification as held for sale, the assets (or components of a disposal group) are re-measured in accordance with the Group's accounting policies. Thereafter, the assets (or components of a disposal group) are measured at the lower of their carrying amount and fair value less cost to sell.

Any impairment loss on a disposal group is initially allocated to goodwill, and then to remaining assets and liabilities on pro rata basis, except that no loss is allocated to assets not in the scope of the measurement requirements of IFRS 5 such as: inventories, financial assets, deferred tax assets, employee benefit assets, investment property measured at fair value and biological assets, which continue to be measured in accordance with the Group's accounting policies. Impairment losses recognized on initial classification as held for sale, and subsequent gains or losses on re-measurement, are recognized in profit or loss. Gains are not recognized in excess of any cumulative impairment loss.

In subsequent periods, depreciable assets classified as held for sale are not periodically depreciated, and investments in associates classified as held for sale are not accounted for by the equity method.

F - 30

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Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

#### Note 3 - New Financial Reporting Standards, Published Interpretations, and Amendments to Standards
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** **New standards, amendments to standards and interpretations not yet been adopted** 

---

| | | | |
|:---|:---|:---|:---|
| **Standard / interpretation / amendment** | **Publication requirements** | **Application and transitional provisions** | **Expected impact** |
| Amendments to IFRS 9, Financial Instruments, and IFRS 7, Financial Instruments: Disclosures, Amendments to the Classification and Measurement of Financial Instruments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The amendments address the following matters:<br>&nbsp;&nbsp;&nbsp;&nbsp;• Clarifications are added as to the date of recognition and derecognition of financial instruments, and an exception is added with respect to the timing of derecognizing financial liabilities settled by electronic transfers of cash;<br>&nbsp;&nbsp;&nbsp;&nbsp;• Classification of financial assets –<br>o Updated application guidance for assessing whether contractual cash flows of a financial asset are solely payments of principal and interest (SPPI) when the contractual terms of the asset include contingent features (such as linkage to ESG measures) and examples on the matter.<br>o Clarification as to when financial instruments are contractually linked and when they are non-recourse, for the purpose of determining whether they are solely payments of principal and interest (SPPI).<br>&nbsp;&nbsp;&nbsp;&nbsp;• Updated disclosure requirements for financial instruments having contingent features that are not directly related to changes in the basic risks/cost of the instrument; and<br>&nbsp;&nbsp;&nbsp;&nbsp;• Updated disclosure requirements for investments in equity instruments measured at fair value through other comprehensive income (FVOCI). | The amendments are effective for annual reporting periods beginning on or after January 1, 2026. Earlier application is permitted. An entity may choose to early apply all the amendments or only the amendments regarding the classification of financial assets (including the amendment to IFRS 7 that includes the related disclosure requirements).<br>The amendment to IFRS 9 is to be applied retrospectively and there is no requirement to restate comparative data. In the application of the amendment to IFRS 7 an entity is not required to provide disclosures with respect to periods before the initial date of application of the amendments. | The Group is examining the effects of the amendments on the financial statements with no plans for early adoption. |
| **(2) IFRS 18, *Presentation and Disclosure in Financial Statements*** | This standard replaces IAS 1, *Presentation of Financial Statements*. The standard provides guidance for improving the structure and content of the financial statements, particularly the income statement.<br>The standard includes new disclosure and presentation requirements as well as requirements that were taken from IAS 1, *Presentation of Financial Statements*.<br>As part of the new disclosure requirements, it is required to present two subtotals in the income statement: operating profit and profit before financing and taxes.<br>Furthermore, the results in the income statement will be classified into three new categories: an operating category, an investing category and a financing category.<br>In addition to the changes in the structure of the income statements, the standard also includes a requirement to provide separate disclosure in the financial statements regarding the use of management-defined performance measures (MPM).<br>Furthermore, the standard adds specific guidance for aggregation and disaggregation of items in the financial statements and in the notes. | The standard's initial date of application is for annual reporting periods beginning on or after January 1, 2027 with earlier application being permitted. | The Group is examining the effects of the standard on its financial statements with no plans for early adoption. |

---

F - 31

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Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

#### Note 4 - Considerations Concerning the Adoption of the Accounting Policy and Key Factors of Uncertainty in Estimation
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **General** 

In the implementation of the Group's accounting policy, as described in Note 2 above, Company management is required, in certain cases, to use extensive accounting judgment regarding estimates and assumptions in connection with the carrying values of assets and liabilities which are not necessarily available from other sources. These estimates and assumptions are based on past experience and on other factors considered relevant. Actual results may differ from these estimates.

The underlying estimates and assumptions are evaluated by management on an ongoing basis. Changes in accounting estimates are recognized only in the period when the change in estimate was made, if the change only affects that period, or are recognized in that period, and in future periods, when the change affects both the current period and the future periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Use of estimates and judgment** 

The preparation of financial statements in conformity with IFRS's requires Company management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. It is hereby clarified that actual results may differ from these estimates.

In formulating the accounting estimates that are used in the preparation of the Group's financial statements, Company management is required to make assumptions as to circumstances and events involving significant uncertainty. Company management prepares the estimates on the basis of past experience, various facts, external circumstances, and reasonable assumptions according to the pertinent circumstances of each estimate. The underlying estimates and assumptions are routinely reviewed. Changes in accounting estimates are recognized in the period in which the estimates were amended and in every affected future period.

The following pertains to critical considerations, except for those associated with estimates, which were made by management in the process of applying the Group's accounting policy, and which have a significant effect on the amounts which were recognized in the financial statements.

---

| | | | |
|:---|:---|:---|:---|
| **Estimate** | **Main assumptions** | **Possible implications** | **Reference** |
| **Recognition of project costs as assets** | For the purpose of determining whether project costs can be classified as an asset, Group management conducts an assessment in which it evaluates whether the series of statutory permits, land ties, possibility for electricity connection, etc., in the project, lead to the conclusion that the project will produce economic benefits for the Company (in other words, whether the project is expected to reach completion of construction and commercial operation). When regulatory approvals are not expected to be obtained, the Company amortizes the development costs to the statement of income. | Amortization of development costs to the statement of income. | See Note 2E regarding deferred project costs. |

---

F - 32

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Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

#### Note 5 - Cash and Cash Equivalents

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31** | **December 31** | **December 31** | **December 31** |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **USD in thousands** | **USD in thousands** | **USD in thousands** | **USD in thousands** |
| Cash in banks |  | **379,460** |  | 251,586 |
| Short term deposits |  | **149,037** |  | 135,841 |
|  |  | **528,497** |  | 387,427 |

---

#### Note 6 - Other Receivables

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31** | **December 31** | **December 31** | **December 31** |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **USD in thousands** | **USD in thousands** | **USD in thousands** | **USD in thousands** |
| Government institutions |  | **18,252** |  | 11,881 |
| Other receivables |  | **10,020** |  | 7,444 |
| Prepaid expenses |  | **34,014** |  | 80,326 |
|  |  | **62,286** |  | 99,651 |

---

#### Note 7 – Assets and liabilities of disposal group held for sale
Cluster of operational and pre-construction PV project partnerships in Israel were presented as a disposal group held for sale following the intention of the Company's management, to sell partial holding in these entities. The sale has been completed during the first quarter of 2025, for additional information please see Note 30A(3). The disposal group of sale is represented in the consolidated statements of financial position at their carrying amount as the fair value less the costs of sell is higher. As of December 31, 2024 the disposal group comprised assets of USD 81,661 thousand less liabilities of USD 46,635 thousand.

#### Assets of disposal group classified as held for sale

---

| | | |
|:---|:---|:---|
|  | **December 31**<br>**2025** | **December 31**<br>**2024** |
|  | **USD in thousands** | **USD in thousands** |
| Cash and cash equivalents |  | 5753 |
| Trade receivables |  | 298 |
| Other receivables |  | 604 |
| Restricted cash |  | 1826 |
| Fixed assets, net |  | 70186 |
| Right-of-use asset, net |  | 2994 |
|  |  | 81661 |

---

F - 33

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Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

#### Note 7 – Assets and liabilities of disposal group held for sale (Cont.)

#### Liabilities of disposal group classified as held for sale

---

| | | |
|:---|:---|:---|
|  | **December 31**<br>**2025** | **December 31**<br>**2024** |
|  | **USD in thousands** | **USD in thousands** |
| Trade payables |  | 18 |
| Other payables |  | 6015 |
| Loans from banks and other financial institutions |  | 36975 |
| Loans from non-controlling interests |  | 141 |
| Lease liability |  | 2789 |
| Excess of liabilities over assets in investees |  | 697 |
|  |  | 46635 |

---

#### Note 8 - Investments in Investee Entities
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Consolidated entities:** 

**1)** **Business combinations**

#### Signing of an agreement to acquire a company in the solar energy and energy storage segment in the United States - Clēnera LLC
On August 2, 2021, the Company acquired 90.1% of the holdings in Clēnera LLC (hereinafter: "Clēnera"), for a total value of up to USD 433 million.

Transaction structure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Company, through a wholly controlled American
 subsidiary, acquired the seller's holdings, while the two founders will maintain a minority stake of 9.9%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The consideration for the transaction is comprised
 of upfront payments and future performance-dependent payments that will be determined in accordance with a gradual, performance-based
 ("Earn Out") payment mechanism, which will gradually decrease according to the projects' respective years of commercial
 operation, until 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. 5 years after the closing
 of the transaction, the founders will be given the opportunity to exercise a put option in respect of their holdings in Clēnera,
 in accordance with an agreed-upon mechanism.

#### Update of the liabilities in respect of Earn Out consideration and put option in connection with the transaction to acquire Clēnera LLC
According to changes in the Company's estimations regarding the projected operation date of a limited number of projects and according to an update to the agreement signed on December 2022, the Company reduced the estimations for the value of the Earn Out consideration in the amount of approximately USD 8.8 million and USD 28.8 million in 2024 and 2023 respectively, and reduced the value in respect of the put option in the amount of approximately USD 0.3 million and USD 5.9 million in 2024 and 2023 respectively.

The total impact amounted to approximately USD 9.1 million and USD 34.7 million in 2024 and 2023 respectively, included in "Other income net" in the Consolidated statements of income.

As of 2025, the Company no longer has Earn Out consideration liability in the Consolidated Statements of Financial Position.

F - 34

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Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

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#### Note 8 - Investments in Investee Entities (Cont.)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Consolidated entities: (Cont.):** 

**2)** **Details of material consolidated entities which are held by the Company:**

---

| | | | |
|:---|:---|:---|:---|
| **Entity name** | Country of<br> **incorporation** | **Effective stake in equity interests consolidated entity** | **Effective stake in equity interests consolidated entity** |
|  |  | **As of December 31** | **As of December 31** |
|  |  | **2025** | **2024** |
|  |  | **%** | **%** |
| Eshkol Havatzelet - Halutziot - Enlight L.P. (hereinafter: "Halutziot") | Israel | 90 | 90 |
| Mivtachim Green Energies Ltd. (hereinafter: "Mivtachim") | Israel | 100 | 100 |
| Talmei Bilu Green Energies Ltd. (hereinafter: "Talmei Bilu") | Israel | 100 | 100 |
| Emek HaBacha Wind Energy Ltd. (hereinafter: "Emek HaBacha") | Israel | 40.85 | 40.85 |
| Ruach Beresheet L.P. (hereinafter: "Ruach Beresheet") | Israel | 54 | 54 |
| Enlight Sde Nitzan L.P., Enlight Ein Habesor L.P., Enlight Maccabi L.P., Enlight Maccabi 2 L.P., Enlight Revivim Ein Gedi L.P., Orsan Energy 3 L.P., A.N. Faran Solar L.P., Enlight Reim Renewable Energy L.P., A.N Mahanim L.P., Enlight Lavi L.P. (altogether hereinafter: "PV+Storage ") | Israel | 50.1-100 | 50.1-100 |
| Enlight Baron Floating Energy L.P. | Israel | 100 | 100 |
| Enlight Enterprise L.P. | Israel | 100 | 100 |
| Enlight Finance L.P. | Israel | 100 | 100 |
| Vjetroelektrana Lukovac d.o.o (Co-Op subsidiary, hereinafter: "Lukovac") | Croatia | 50.1 | 50.1 |
| EW-K-Wind d.o.o (Co-Op subsidiary, hereinafter: "EWK") | Serbia | 50.1 | 50.1 |
| SOWI Kosovo LLC (hereinafter: "SOWI")&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | Kosovo | 60 | 60 |
| Vindpark Malarberget I Norberg AB (hereinafter: "Picasso") | Sweden | 68.8 | 68.8 |
| Generacion Eolica Castilla La Mancha Sl (hereinafter: "Gecama") | Spain | 71.99 | 71.99 |
| Björnberget Vindkraft AB (R) (hereinafter: "Bjornberget") | Sweden | 55.18 | 55.18 |
| Enlight K2-Wind doo Belgrade-Novi Belgrade (hereinafter: "Pupin") | Serbia | 100 | 100 |
| Clēnera LLC an American holding company that fully owns PV and storage projects entities in the US | USA | 90.1 | 90.1 |

---

F - 35

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Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Subsidiaries entities in which the non-controlling interests are material:** 

This section includes details regarding subsidiaries, as of the date of the relevant statement of financial position, whose non-controlling interests constitute at least 5% of the capital attributed to the owners of the Company and/or where the profit (loss) in the relevant year which is attributed to non-controlling interests constitutes at least 10% (in absolute values) of the profit (loss) attributed to owners in the relevant year.

Data from the financial statements of companies whose functional currency is a foreign currency - assets and liabilities were translated according to the relevant representative exchange rates as of December 31. Results and cash flow items were translated according to the average exchange rates during the year.

As of December 31, 2025, the Company has no non-controlling interests that meet the threshold for reporting as material non-controlling interests.

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** | **For the year ended December 31, 2024** |
| **Partnership / investee** | **Rate of ownership rights held by non-controlling interests %** | **Balance of non-controlling interests** | **Current assets** | **Non-current assets** | **Current liabilities** | **Non-current liabilities** | **Revenues** | **Profit** | **Profit attributed to non-controlling interests** | **Cash flows from operating activities** | **Cash flows from investing activities** | **Cash flows from financing activities** | **Total change in cash and cash equivalents** |
|  | | **USD in thousands** | **USD in thousands** | **USD in thousands** | **USD in thousands** | **USD in thousands** | **USD in thousands** | **USD in thousands** | **USD in thousands** | **USD in thousands** | **USD in thousands** | **USD in thousands** | **USD in thousands** |
| Co-Op (holding Lukovac and EWK) | 49.90 | 31772 | 13992 | 210210 | 19057 | 141732 | 49663 | 20328 | 6911 | 36062 | (3075) | (39175) | (6188) |
| The Iberian Wind (holding Gecama) | 28.01 | 64259 | 39219 | 379149 | 21920 | 159978 | 65832 | 26357 | 6012 | 41946 | (5792) | (26897) | 9257 |

---

F - 36

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Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** Subsidiary
 entities in which the non-controlling interests are material: (Cont.)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2023** | **As of December 31, 2023** | **As of December 31, 2023** | **As of December 31, 2023** | **As of December 31, 2023** | **As of December 31, 2023** | **For the year ended December 31, 2023** | **For the year ended December 31, 2023** | **For the year ended December 31, 2023** | **For the year ended December 31, 2023** | **For the year ended December 31, 2023** | **For the year ended December 31, 2023** | **For the year ended December 31, 2023** |
| **Partnership / investee** | **Rate of ownership rights held by non-controlling interests %** | **Balance of non-controlling interests** | **Current assets** | **Non-current assets** | **Current liabilities** | **Non-current liabilities** | **Revenues** | **Profit** | **Profit attributed to non-controlling interests** | **Cash flows from operating activities** | **Cash flows from investing activities** | **Cash flows from financing activities** | **Total change in cash and cash equivalents** |
|  | | **USD in thousands** | **USD in thousands** | **USD in thousands** | **USD in thousands** | **USD in thousands** | **USD in thousands** | **USD in thousands** | **USD in thousands** | **USD in thousands** | **USD in thousands** | **USD in thousands** | **USD in thousands** |
| Co-Op (holding Lukovac and EWK) | 49.9 | 35556 | 26611 | 229483 | 20632 | 170832 | 49211 | 19946 | 8304 | 29451 | (130) | (28064) | 1257 |

---

F - 37

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Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

#### Note 9 - Fixed Assets
Composition and changes:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** |
|  | **PV + Storage** | **Wind farms** | **Others** | **Total** |
|  | **USD in thousands** | **USD in thousands** | **USD in thousands** | **USD in thousands** |
|  **Cost:** |  |  |  |  |
|  As of January 1, 2025 | **1905172** | **1992516** | **18852** | **3916540** |
|  Additions | **2339305** | **18800** | **3943** | **2362048** |
|  Translation differences | **128183** | **260782** | **1200** | **390165** |
|  **Cost as of December 31, 2025** | **4372660** | **2272098** | **23995** | **6668753** |
|  **Accumulated depreciation:** |  |  |  |  |
|  As of January 1, 2025 | **47386** | **165752** | **4210** | **217348** |
|  Depreciation expenses | **58822** | **74866** | **1920** | **135608** |
|  Translation differences | **8774** | **25076** | **529** | **34379** |
|  **Accumulated depreciation as of December 31, 2025** | **114982** | **265694** | **6659** | **387335** |
|  **Carrying value as of December 31, 2025** | **4257678** | **2006404** | **17336** | **6281418** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2024** | **2024** |
|  | **PV + Storage** | **Wind farms** | **Others** | **Total** |
|  | **USD in thousands** | **USD in thousands** | **USD in thousands** | **USD in thousands** |
|  Cost: |  |  |  |  |
|  As of January 1, 2024 | 1179394 | 1894508 | 8114 | 3082016 |
|  Additions | 666740 | 183839 | 10774 | 861353 |
|  Initial consolidation | 49831 | - | - | 49831 |
|  Reclassification from contract assets according to IFRIC 12 (\*) | 99416 | - | - | 99416 |
|  Classification to disposal group held for sale (\*\*) | (77911) | - | - | (77911) |
|  Translation differences | (12298) | (85831) | (36) | (98165) |
|  Cost as of December 31, 2024 | 1905172 | 1992516 | 18852 | 3916540 |
|  Accumulated depreciation: |  |  |  |  |
|  As of January 1, 2024 | 25590 | 106179 | 2878 | 134647 |
|  Depreciation expenses | 30675 | 65948 | 1360 | 97983 |
|  Classification to disposal group held for sale (\*\*) | (7725) | - | - | (7725) |
|  Translation differences | (1154) | (6375) | (28) | (7557) |
|  Accumulated depreciation as of December 31, 2024 | 47386 | 165752 | 4210 | 217348 |
|  Carrying value as of December 31, 2024 | 1857786 | 1826764 | 14642 | 3699192 |

---

(\*) At the beginning of 2024, the Company reclassified cluster of PV projects in Israel from contract assets to fixed assets due to significant changes to terms of the concession agreement.

(\*\*) At the end of 2024, the Company reclassified a cluster of PV + Storage projects in Israel to disposal group held for sale according to the Company's intention of selling the projects, for additional information please see Note 7.

F - 38

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Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

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#### Note 10 - Intangible Assets
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Composition and changes** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Electricity supply agreements and concession agreements** | **Goodwill** | **Total** |
|  | **USD in thousands** | **USD in thousands** | **USD in thousands** |
| **Cost** | | | |
| Balance as of January 1, 2024&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | 149242 | 148128 | 297370 |
| Initial consolidation | 3346 | 662 | 4008 |
| Additions | 9556 | - | 9556 |
| Translation differences | (6896) | 9 | (6887) |
| **Balance as of December 31, 2024**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | 155248 | 148799 | 304047 |
| Initial consolidation&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **6125** | **-** | **6125** |
| Disposals&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **(2070)** | **-** | **(2070)** |
| Translation differences&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **15096** | **96** | **15192** |
| **Balance as of December 31, 2025**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **174399** | **148895** | **323294** |
| **Amortization:** |  |  |  |
| Balance as of January 1, 2024&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | 9409 | - | 9409 |
| Amortization&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | 3883 | - | 3883 |
| Translation differences&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | (687) | - | (687) |
| **Balance as of December 31, 2024**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | 12605 | - | 12605 |
| Amortization&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **4828** | **-** | **4828** |
| Translation differences&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **1890** | **-** | **1890** |
| **Balance as of December 31, 2025**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **19323** | **-** | **19323** |
| **Depreciated cost as of December 31, 2024** | 142643 | 148799 | 291442 |
| **Depreciated cost as of December 31, 2025** | **155076** | **148895** | **303971** |

---

F - 39

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Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Impairment testing for cash-generating unit containing goodwill** 

For the purpose of impairment testing, goodwill is allocated mainly to the Company's operations in the United States, and represents the lowest level within the Group at which goodwill is monitored for internal management purposes.

The aggregate carrying amounts of goodwill:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31** | **As of December 31** | **As of December 31** | **As of December 31** |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **USD thousands** | **USD thousands** | **USD thousands** | **USD thousands** |
| Goodwill |  | **148,895** |  | 148,799 |

---

The estimated recoverable amount of the unit was higher than its carrying amount, and therefore there was no need for an impairment.

The recoverable amount was based on its value in use and was determined by discounting its future cash flows to be generated with the assistance of independent valuers. Value in use in 2025 was determined in a similar manner as in 2024.

#### Key assumptions used in calculation of the recoverable amount
Key assumptions used in the calculation of recoverable amounts are discount rates, sponsor cash flows from operating and development projects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** **Discount rate** 

The after-tax discount rate was estimated based on past experience, and an industry average weighted average cost of capital. Project cash flows were discounted at a discount rate of 8.0% based on the project's development stage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **Sponsor Cash Flows** 

Sponsor cash flows relate to the cash flows at the equity level after tax equity partner, debt, and taxes.

#### Note 11 - Other Payables

---

| | | |
|:---|:---|:---|
|  | **December 31** <br> **2025** | **December 31** <br> **2024** |
|  | **USD in thousands** | **USD in thousands** |
| Accrued expenses | **217196** | 14214 |
| Provision for construction completion cost | **128750** | 46178 |
| Liabilities to employees and other liabilities for salaries | **28546** | 15340 |
| Government institutions | **8808** | 13845 |
| Payables in respect of purchase transaction | **3946** | 11829 |
| Interest payable in respect of debentures | **8465** | 4321 |
| Interest payable in respect of loans | **8957** | 1830 |
| Others | **1073** | 268 |
|  | **405741** | 107825 |

---

F - 40

------

Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

#### Note 12 - Loans from banks and other financial institutions

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Current liabilities** | **Current liabilities** | **Non-current liabilities** | **Non-current liabilities** | **Total** | **Total** |
|  | **As of December 31** | **As of December 31** | **As of December 31** | **As of December 31** | **As of December 31** | **As of December 31** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  | **USD in thousands** | **USD in thousands** | **USD in thousands** | **USD in thousands** | **USD in thousands** | **USD in thousands** |
| Credit from banks (1) | **67665** | 90000 | **-** | - | **67665** | 90000 |
| Loans from banks and other financial institutions for project financing (2) | **816455** | 122246 | **2861672** | 1879758 | **3678127** | 2002004 |
| Loans from banks for corporate financing | **-** | - | **120114** | 116379 | **120114** | 116379 |
| **Total credit** | **884120** | 212246 | **2981786** | 1996137 | **3865906** | 2208383 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 Credit from banks as of December 31, 2025, are part of short-term credit facilities totaling USD 545
 million.

As of the approval date of the Financial Statements, USD 68 million are in use.

F - 41

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Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

#### Note 12 - Loans from banks and other financial institutions (Cont.)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **Loans from banks and other financial institutions for project financing** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Balance of the loan as of December 31,** | **Balance of the loan as of December 31,** |  |  |
| <br> **Project name** | **Original loan currency** | **Date financing provided** | **2025** | **2024** | **Interest rate and Indexation (\*)** | **Maturity** |
| <br> **Project name** | **Original loan currency** | **Date financing provided** | **USD in million** | **USD in million** | **Interest rate and Indexation (\*)** | **Maturity** |
| Halutziot | NIS | December 2020 | 153 | 144 | 0.88%, CPI-linked | 2035 |
| Halutziot 1 upgrade | NIS | September 2022 | 19 | 18 | 3.22%, CPI-linked | 2035 |
| Halutziot 2 | NIS | September 2022 | 34 | 30 | 3.32%, CPI-linked | 2045 |
| Mivtachim and Talmei Bilu | NIS | December 2020 | 79 | 76 | 0.77%, CPI-linked | 2033 |
| Kramim and Idan | NIS | December 2020 | 25 | 24 | 0.8%, CPI-linked | 2034 |
| Emek HaBacha | NIS | November 2018 | 176 | 158 | 2.41%, CPI-linked | 2040 |
| Solar and Storage projects in Israel | NIS | December 2023 | 249 | 208 | 6.37%-7.37% | 2031**(\*\*)** |
| Ruach Beresheet | NIS | July 2020 | 340 | 303 | 2.14%, CPI-linked | 2042 |
| Tullynamoyle | EUR | August 2020 | 11 | 10 | 90% of the loan - 3.47%<br> 10% of the loan - 3M Euribor plus 2%<br>| 2032 |
| Lukovac | EUR | December 2020 | 33 | 34 | 84% of the loan - 3.5%-3.75%<br> 16% of the loan - 3M Euribor plus 3%-3.5%<br>| 2032 |
| EWK | EUR | December 2017 | 75 | 78 | 60% of the loan – 2.3%<br> 29% of the loan - 3.95%<br> 11% of the loan – 4.65%-4.83%<br>| 2030 |
| Picasso | EUR | January 2020 | 75 | 71 | Until 2029 – 1.58%<br> Until 2039 – 2.33%<br>| 2039 |
| SOWI | EUR | January 2020 | 88 | 86 | 49% of the loan – 1.91%<br> 32% of the loan – 4.06%<br> 1% of the loan – 4.46%<br> 18% of the loan – 6M Euribor plus 4%<br>| 2033 |
| Gecama (1) | EUR | May 2025 | 271 | 145 | 5.1% | 2045 |
| Björnberget | EUR | May 2021 | 213 | 199 | 79% of the loan – 2.28%<br> 21% of the loan - 6M Euribor plus 1.75%.<br>| 2041 |
| Attila | HUF | January 2019 | 32 | 28 | 70% of the loan – 6.3%.<br> 30% of the loan – 4.05%.<br>| 2036 |
| Raaba Flow and Raaba ACDC | EUR | March 2024 | 40 | 35 | 70% of the loan – 6.1%<br> 30% of the loan - 3M Euribor plus 3.15%-3.25%.<br>| 2033 |
| PUPIN | EUR | March 2024 | 93 | 67 | 70% of the loan – 6.3%<br> 30% of the loan - 3M Euribor plus 3.3%.<br>| 2040 |
| Atrisco PV | USD | December 2023 | 103 | 115 | 5.4%-5.9% | 2049 |
| Atrisco BESS | USD | December 2023 | 168 | 174 | 5.6%-5.9%. | 2049 |
| Roadrunner PV (3) | USD | January 2025 | 212 | - | Construction loan- SOFR plus 1.5% | 2026 |
| Roadrunner Bess (3) | USD | January 2025 | 244 | - | Construction loan- SOFR plus 1.5% | 2026 |
| Quail Ranch PV (4) | USD | April 2025 | 114 | - | Construction loan- SOFR plus 1.5% | 2026 |
| Quail Ranch Bess (4) | USD | April 2025 | 86 | - | Construction loan- SOFR plus 1.5% | 2026 |
| Country Acers (5) | USD | March 2025 | 484 | - | Construction loan- SOFR plus 1.5% | 2027 |
| Snowflake A (6) | USD | November 2025 | 201 | - | Construction loan- SOFR plus 1.5% | 2027 |
| Mezzanine loan (2) | USD | August 2025 | 59 | - | 6M SOFR plus 2.9-3.1% | 2032 |

---

(\*) The interest rates in the table above include the impact of Interest Rate Swap (IRS) instruments hedging variable interest rates.

(\*\*) Maturity - 20-year amortization period and a 6-year mini-perm term.

F - 42

------

Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **Loans from banks and other financial institutions for project financing (Cont.)** 

#### Financial covenants:
The loan agreements include specific financial covenants and collateral requirements, such as, inter alia, charges on the project entity's assets, cash flow rights, land rights, and collateral provided by the project contractors.

As of December 31, 2025, the Company is in compliance with all of the financial covenants in accordance with the facilities agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1) Gecama Financing Agreement:**

In May 2025, The Company through its subsidiary "Gecama", signed a bond issuance agreement for EUR 294 million Bonds (approximately USD 345 million). The financing was led by MEAG private equity and infrastructure funds as an arranger and 7 Bondholders.

The financing supports the Gecama project complex, including the refinancing of the existing wind project and the construction of the hybridization project. As part of the hybridization project, Gecama will construct a photovoltaic power plant with an installed capacity of 225 MW ("Solar PV") and a battery energy storage system with an installed capacity of 100 MW with two hours of storage (equivalent to 200 MWh of usable storage capacity) ("BESS"). The solar and storage systems will be co-located at the wind project site and will share the grid connection and related evacuation infrastructure.

The following are the main terms of the Refinancing Bonds:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Final
 Maturity Date for the refinancing bonds is June 30, 2045.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 interest on the loan is fixed at 5.097%, consisting of a 3M Euribor 2.497% + Margin 2.6%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Repayment
 Schedule – Semi-annual repayments both for principal and interest

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Main
 Events for Immediate Repayment - The loan is subject to immediate repayment in cases of severe breaches that have been set, mainly: late
 payment; breach of material representations or commitments; insolvency; failure to obtain or cancellation of required permits for the
 projects; an event that materially affects the projects and the debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Main
 Collateral - As is customary in project financing (first ranking pledge of shares, moveable assets, immovable assets (mortgages) receivables
 and accounts, land easements and leases (conditional).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ADSCR
 for default – 1.1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ADSCR
 for distribution – 1.25

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Mezzanine facility agreement:

In August 2025, the Company, through its subsidiary, Clenera Holdings LLC, entered into a financing agreement with a consortium of lenders led by Bank Leumi Le-Israel B.M. The facility, comprised of three tranches, totaling USD 350 million has been and will continue to be used to finance the construction of various solar and energy storage projects in the US. As of December 31, 2025, Clenera Holdings LLC had drawn on the Tranche A and Tranche B loan facilities, which had interest rates of 7.32% and 7.07% respectively, at closing.

F - 43

------

Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

#### Note 12 - Loans from banks and other financial institutions (Cont.)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **Loans from banks and other financial institutions for project financing (Cont.)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3) Roadrunner PV + BESS Construction loan:**

At the beginning of 2025, the Company, through its subsidiary, Clenera Holdings LLC, entered into definitive construction facility agreements with a consortium of lenders led by BNP Paribas Securities Corp., totaling USD 550 million, to finance the construction of the Roadrunner Solar and Roadrunner Battery Storage projects. The financing for Roadrunner Solar totaled USD 223 million and was comprised of a USD 127 million construction loan and a USD 96 million tax credit bridge loan. The financing for Roadrunner Battery Storage totaled USD 327 million and was comprised of a USD 254 million construction loan and a USD 73 million tax credit bridge loan. As of December 31, 2025, Clenera Holdings LLC had drawn on the construction loan and tax credit bridge loan facilities for both projects, which, at closing, had interest rates of 5.82% and 6.57%, respectively.

M&T Community & Environmental Developmental LLC, together with First-Citizen Bank & Trust, provided USD 132 million and USD 84 million in tax equity financing for Roadrunner Solar and Roadrunner Battery Storage, respectively, at the close of fiscal year 2025. In the first quarter of 2026, both entities provided USD 36 million additional tax equity financing bringing the total financing to USD 390 million. The construction loan was converted in February 2026 to USD 290 million term loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4) Quail Ranch PV + BESS Construction loan:**

During April 2025, the Company, through its subsidiary, Clenera Holdings LLC, entered into definitive construction facility agreements with a consortium of lenders led by BNP Paribas Securities Corp., totaling USD 244 million, to finance the construction of the Quail Ranch Solar and Quail Ranch Energy Storage projects. The financing for Quail Ranch Solar totaled USD 114 million and was comprised of a USD 51 million construction loan, a USD 45 million tax credit bridge loan, and a USD 17 million upsize bridge loan. The financing for Quail Ranch Energy Storage totaled USD 130 million and was comprised of a USD 82 million construction loan, a USD 31 million tax credit bridge loan, and a USD 17 million upsize bridge loan. As of December 31, 2025, Clenera Holdings LLC had drawn on the construction loan and tax credit bridge loan facilities for both projects, which, at closing, had interest rates of 5.89% and 6.64%, respectively.

Wells Fargo Bank, N.A. provided USD 22 million and USD 18 million in tax equity financing for Quail Ranch Solar and Quail Ranch Energy Storage, respectively, at the close of fiscal year 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5) Country Acres Construction loan:**

In March 2025, the Company, through its subsidiary, Clenera Holdings LLC, entered into a definitive construction facility agreement with a consortium of lenders led by BNP Paribas Securities Corp. The facility totaling USD 773 million is being used to finance the construction of the combined Country Acres Solar and BESS project. The financing was comprised of USD 497 million construction loan, USD 165 million tax credit bridge loan, and USD 111 million upsize bridge loan. As of December 31, 2025, Clenera Holdings LLC had only drawn on the construction loan facility, which had an interest rate of 5.80% at closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Snowflake A Construction loan:

In November 2025, the Company, through its subsidiary, Clenera Holdings LLC, entered into a definitive construction facility agreement with a consortium of lenders led by BNP Paribas Securities Corp. The facility totaling USD 1.4 billion is being used to finance the construction of the combined Snowflake A Solar and BESS project. The financing was comprised of USD 1 billion construction loan, USD 432 million tax credit bridge loan. As of December 31, 2025, Clenera Holdings LLC had only drawn on the construction loan facility, which had an interest rate of 5.72% at closing.

F - 44

------

Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

#### Note 13 - Debentures

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Current liabilities** | **Current liabilities** | **Non-current liabilities** | **Non-current liabilities** | **Total** | **Total** |
|  | **As of December 31** | **As of December 31** | **As of December 31** | **As of December 31** | **As of December 31** | **As of December 31** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  | **USD in thousands** | **USD in thousands** | **USD in thousands** | **USD in thousands** | **USD in thousands** | **USD in thousands** |
| Debentures (Series E) (1) | **-** | 21464 | **-** | - | **-** | 21464 |
| Debentures (Series F) (2) | **173571** | 23498 | **-** | 150389 | **173571** | 173887 |
| Debentures (Series C) (3) | **-** | - | **155894** | 133056 | **155894** | 133056 |
| Debentures (Series D) (3) | **-** | - | **335681** | 283605 | **335681** | 283605 |
| Debentures (Series G) (4) | **-** | - | **141634** | - | **141635** | - |
| Debentures (Series H) (4) | **-** | - | **117907** | - | **117906** | - |
| **Total Debentures** | **173571** | 44962 | **751116** | 567050 | **924687** | 612012 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Debentures (Series E)** 

In June 2018, the Company issued NIS 135,000,000 par value of debentures (Series E) with a par value of NIS 1 each, with the following main terms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The
 debentures (Series E) were not linked to any index and were repaid in 12 semi-annual payments, each at a rate of 3.5% of the principal
 amount, and last payment at a rate of 58% that was paid on March 1, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The debentures bared fixed annual interest of
 4.25%,
 that was paid twice per year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Debentures (Series F)** 

In 2019, 2022 and 2023 the Company issued par value of NIS 222,000,000, NIS 335,870,101 and NIS 335,182,000, respectively, with the following main terms:

The debentures are not linked to any index and are repayable in 7 annual payments, first six annual payments at a rate of 8% of the debentures' principal and the last payment in September 2026 at a rate of 52% of the debentures' principal. The interest rate of the debentures is 3.45% and are paid twice per year.

Main financial covenants in respect of the debentures (Series F)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company's equity according to its financial
 statements (audited or reviewed) will be no less than NIS 375
 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The ratio of standalone net financial debt to
 net cap will not exceed 70%
 during two consecutive financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The standalone net financial debt does not exceed
 NIS 10
 million, and the ratio of net financial debt (consolidated) to EBITDA as of the calculation date (if any) does not exceed 18 during more
 than two consecutive financial statements (audited or reviewed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The equity to total balance sheet ratio in the
 Company's standalone reports will be no less than 20%
 during two consecutive financial statements (audited or reviewed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company will not create and/or will not agree
 to create, in favor of any third party whatsoever, a floating charge of any priority on all of its assets, i.e., a general floating charge,
 to secure any debt or obligation whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company's undertaking to repay the debentures
 is not secured by any collateral, or any other security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Insofar as the Series F have not been repaid in
 full, the Company will not perform any distribution except subject to the cumulative conditions specified in the trust deed of the Debentures.

As of December 31, 2025, the Company is in compliance with all of the financial covenants in accordance with the trust deed, as stated above.

F - 45

------

Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

**Note 13 - Debentures (Cont.)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Debentures (Series C and D)** 

On July 30, 2021, the Company issued two bond series: Series C and Series D, as specified below.

Convertible Debentures (Series C)

The Company completed an issuance of debentures convertible into registered ordinary shares, with a par value of NIS 0.1 each, of the Company (hereinafter: the "Series C"), at a total scope of NIS 367,220,000 par value, at a price of 95.1 agorot per NIS 1 par value, and for a total (gross) consideration of NIS 349,226 thousand.

On March 6, 2022, the Company completed an extension of Series C, at a total scope of NIS 164,363,000 par value, for a total gross consideration of approximately NIS 155,816 thousand.

Presented below are the main terms of Series C:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Series C is not linked to any index, has a par
 value of NIS 1
 each, and is repayable in a single payment on September 1, 2028.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The unpaid principal balance of the debentures
 will bear fixed annual interest of 0.75%,
 to be paid twice per year from 2021 to 2028 (inclusive).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The unpaid principal balance of the Series C is
 convertible into Company's ordinary shares, with a par value of NIS 0.1
 each, in the manner specified below: (1)
 during the period from the date of listing of the series of Series C on the TASE until December 31, 2023, each NIS 90 par value of the
 debentures (Series C) will be convertible into one ordinary share of the Company; and (2) during the period from January 1, 2024 to August
 22, 2028, each NIS 240 par value of Series C will be convertible into one ordinary share of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In 2021 Midroog Ltd. updated the rating of the
 debentures (Series C) which the Company issued, from A3.il to A2.il, stable rating outlook, and up to December 31, 2025 the rating remained
 consistent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company's undertaking to repay the debentures
 is not secured by any collateral, or any other security

During 2023 NIS 80,570 par value of Series C converted into 895 ordinary shares of the Company.

Debentures (Series D)

The Company completed an issuance of debentures (hereafter: "Series D"), at a total scope of NIS 385,970,000 par value, at a price of 90.8 agorot per NIS 1 par value, and for a total (gross) consideration of NIS 350,461 thousand.

On October 10, 2024, and November 21, 2024, the company completed two extensions of NIS 591,016,000 and NIS 200,000,000 series D, with a par value of NIS 1 each for total consideration of NIS 671 million. After the aforementioned extensions and as of December 31, 2025, the total scope of the debentures (Series D) amounts to 1,176,986,000 par value.

Presented below are the main terms of Series D:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Series D is not linked to any index, has a par
 value of NIS 1
 each, and is repayable in 2 equal payments which will be paid on September 1 2027 and 2029.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The unpaid principal balance of the debentures
 bears fixed annual interest of 1.5%,
 to be paid twice per year, from 2021 to 2029 (inclusive).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In 2021 Midroog Ltd. updated the rating of the
 debentures (Series D) which the Company issued, from A3.il to A2.il, stable rating outlook, and up to December 31, 2025 the rating remained
 consistent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company's undertaking to repay the debentures
 is not secured by any collateral, or any other security.

F - 46

------

Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

#### Note 13 - Debentures (Cont.)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Debentures (Series C and D) (Cont.)** 

Main financial covenants in respect of the debentures (Series C and Series D)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company's equity according to its financial
 statements (audited or reviewed) will be no less than NIS 1,250
 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The ratio between standalone net financial debt
 and net cap will not exceed 65%
 during two consecutive financial statements (audited or reviewed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The equity to total balance sheet ratio in the
 Company's standalone financial statements will be no less than 25%
 during two consecutive financial statements (audited or reviewed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The ratio of net financial debt (consolidated)
 to EBITDA as of the calculation date (if any) will not exceed 15 during more than two consecutive financial statements (audited or reviewed).
 The debt attributed to the projects during the construction stage (including senior debt and mezzanine non-recourse loans) will not be
 included in that calculation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company will not create and/or will not agree
 to create, in favor of any third party whatsoever, a floating charge of any priority on all of its assets, i.e., a general floating charge,
 to secure any debt or obligation whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company will not perform a distribution, as
 this term is defined in the Companies Law, including a buyback of its shares, except subject to cumulative conditions specified in the
 trust deed of the debentures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mechanism was determined for adjusting the interest
 rate due to a deviation from the financial covenants and due to a change in the rating or discontinuation of it. The
 total interest rate increases will not exceed more than 1.25% above the interest rate which was determined in the first offering report
 of the debentures.

As of December 31, 2025, the Company is in compliance with all of the financial covenants in accordance with the trust deed, as stated above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Debentures (Series G and H)** 

On February 26, 2025, the Company issued two bond series: Series G and Series H, as specified below.

Convertible Debentures (Series H)

The Company completed an issuance of debentures convertible into registered ordinary shares, with a par value of NIS 0.1 each, of the Company (hereinafter: the "Series H"), at a total scope of NIS 414,847,000 par value, at a price of NIS 1 per note, and for a total (gross) consideration of NIS 414,847,000.

Presented below are the main terms of Series H:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Series H is not linked to any index, has a par
 value of NIS 1
 each, and is repayable in in 4 equal payments which will be paid on September 1 of the years 2030-2033.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The unpaid principal balance of the Series H debentures
 will bear fixed annual interest of 4%,
 to be paid twice per year from 2025 to 2033 (inclusive).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The unpaid principal balance of the Series H is
 convertible into Company's ordinary shares, with a par value of NIS 0.1
 each, in the manner specified below: (1)
 during the period from the date of listing of the series H on the TASE until August 31, 2027, each NIS 80 par value of the debentures
 (Series H) will be convertible into one ordinary share of the Company; and (2) during the period from September 1, 2027 to August 22,
 2033, each NIS 1,000 par value of Series H will be convertible into one ordinary share of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Midroog Ltd. rated the convertible debentures
 (Series H) at A2.il, stable rating outlook.

During 2025 NIS 2,652,981 par value of Series C converted into 33,163 ordinary shares of the Company.

F - 47

------

Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Debentures (Series G and H) (Cont.)** 

Debentures (Series G)

The Company completed an issuance of debentures (hereafter: "Series G"), at a total scope of NIS 468,784,000 par value, at a price of NIS 0.971 per not, and for a total (gross) consideration of NIS 455,189,264.

Presented below are the main terms of Series G:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Series G is not linked to any index, have a par
 value of NIS 1
 each, and are repayable in 4 equal payments which will be paid on September 1 of the years 2030-2033.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The unpaid principal balance of the Series G debentures
 will bear fixed annual interest of 5%
 to be paid twice per year from 2025 to 2033 (inclusive)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Midroog Ltd. rated the convertible debentures
 (Series G) at A2.il, stable rating outlook.

Main financial covenants in respect of the debentures (Series G and Series H)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company's equity according to its financial
 statements (audited or reviewed) will be no less than USD 600
 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The ratio between standalone net financial debt
 and net cap will not exceed 65%
 during two consecutive financial statements (audited or reviewed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The equity to total balance sheet ratio in the
 Company's standalone financial statements will be no less than 28%
 during two consecutive financial statements (audited or reviewed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The ratio of net financial debt (consolidated)
 to EBITDA as of the calculation date (if any) will not exceed 17 during more than two consecutive financial statements (audited or reviewed).
 The debt attributed to the projects during the construction stage (including senior debt and mezzanine non-recourse loans) will not be
 included in that calculation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company will not create and/or will not agree
 to create, in favor of any third party whatsoever, a floating charge of any priority on all of its assets, i.e., a general floating charge,
 to secure any debt or obligation whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company will not perform a distribution, as
 this term is defined in the Companies Law, including a buyback of its shares, except subject to cumulative conditions specified in the
 trust deed of the debentures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mechanism was determined for adjusting the interest
 rate due to a deviation from the financial covenants and due to a change in the rating or discontinuation of it. The
 total interest rate increases will not exceed more than 1% above the interest rate which was determined in the first offering report of
 the debentures.

As of December 31, 2025, the Company is in compliance with all of the financial covenants in accordance with the trust deed, as stated above.

F - 48

------

Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

#### Note 14 - Changes in Liabilities from Financing Activities

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance as of January 1, 2025** | **Cash flows from financing activities (4)** | **Translation differences in respect of foreign operations** | **Adjustments in respect of cash flows for operating activities** | **Non-cash activities** |  | **Balance as of December 31, 2025** |
|  | **USD in**<br> **thousands** | **USD in**<br> **thousands** | **USD in**<br> **thousands** | **USD in**<br> **thousands** | **USD in**<br> **thousands** |  | **USD in**<br> **thousands** |
|  Debentures (1) | 482912 | 62717 | 81818 | 29759 | - |  | 657206 |
|  Convertible Debentures (1) | 133421 | 101103 | 32078 | 9344 | - |  | 275946 |
|  Loans from banks and other financial institutions (1) | 2210213 | 1218691 | 339091 | 124995 | (18127 |)(2) | 3874863 |
|  Loans from non-controlling interests | 75598 | (1009) | 9931 | 2420 | 6 |  | 86946 |
|  Liability in respect of tax equity arrangement | 100425 | 382879 | (121749) | - | 14040 |  | 375595 |
|  Deferred income related to tax equity | 403384 | 43996 | (901) | (75745) |  |  | 370734 |
|  Lease liability | 222181 | (15983) | 17655 | 6969 | 12709 | (3) | 243531 |
|  | 3628134 | 1792394 | 357923 | 97742 | 8628 |  | 5884821 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Including interest payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Mostly due to capitalization of finance
 expenses during the construction period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Initial creation and index linking vis-à-vis
 right-of-use asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) See Note 2C for
 additional information regarding the change in presentation of interest receipts and interest paid.

F - 49

------

Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

**Note 14 - Changes in Liabilities from Financing Activities (Cont.)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance as of January 1, 2024** | **Cash flows from financing activities (3)** | **Translation differences in respect of foreign operations** | **Adjustments in respect of cash flows for operating activities** | **Non-cash activities** | **Balance as of December 31, 2024** |
|  | **USD in**<br> **thousands** | **USD in**<br> **thousands** | **USD in**<br> **thousands** | **USD in**<br> **thousands** | **USD in**<br> **thousands** | **USD in**<br> **thousands** |
|  Debentures (1) | 323161 | 142559 | 2877 | 14315 | - | 482912 |
|  Convertible Debentures (1) | 130931 | (1078) | (736) | 4304 | - | 133421 |
|  Loans from banks and other financial institutions | 2029539 | 181023 | (56015) | 106612 | (50946 | 2210213 |
|  Loans from non-controlling interests | 92751 | (3797) | (4683) | 2778 | (11451 | 75598 |
|  Liability in respect of tax equity arrangement | 49683 | 50442 | - | 300 | - | 100425 |
| Deferred income related to tax equity | 60880 | 360667 |  | (18163) |  | 403384 |
|  Lease liability | 127596 | (11536) | (4625) | 5684 | 105062 | 222181 |
|  | 2814541 | 718280 | (63182) | 115830 | 42665 | 3628134 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Including interest payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Mostly due to the offsetting of deferred borrowing costs which were prepaid
 by the project companies on the financial closing dates, capitalization of finance expenses during the construction period and classification
 of disposal groups classified as held for sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) See Note 2C for additional information regarding the change in presentation
 of interest receipts and interest paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Initial creation and index linking vis-à-vis right-of-use asset and classification
 to liabilities of disposal groups classified as held for sale.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance as of January 1, 2023** | **Cash flows<br> from<br> financing<br> activities (5)** | **Translation differences in respect of foreign operations** | **Adjustments in respect of cash flows for operating activities (3)** | **Non-cash activities** | **Balance as of December 31, 2023** |
|  | **USD in**<br> **thousands** | **USD in**<br> **thousands** | **USD in**<br> **thousands** | **USD in**<br> **thousands** | **USD in**<br> **thousands** | **USD in**<br> **thousands** |
|  Debentures (1) | 256736 | 61556 | (4076) | 8945 | - | 323161 |
|  Convertible Debentures (1) | 131763 | (1077) | (3763) | 4029 | (21 | 130931 |
|  Loans from banks and other financial institutions | 1585846 | 360808 | 21664 | 63751 | (2530 | 2029539 |
|  Loans from non-controlling interests | 90909 | (2606) | 2466 | 2149 | (167 | 92751 |
|  Liability in respect of tax equity arrangement | - | 48653 | - | 1030 | - | 49683 |
| Deferred income related to tax equity |  | 66317 |  | (5437) |  | 60880 |
|  Lease liability | 99623 | (7226) | 1611 | 2378 | 31210 | 127596 |
|  | 2164877 | 526425 | 17902 | 76845 | 28492 | 2814541 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Including interest payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Mostly due to the offsetting of deferred borrowing
 costs which were prepaid by the project companies on the financial closing dates, and discounted finance expenses during the construction
 period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Including interest accrued and interest paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Initial creation and index linking vis-à-vis
 right-of-use asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) See
 Note 2C for additional information regarding the change in presentation of interest receipts and interest paid.

F - 50

------

Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

**Note 15 - Income Taxes**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Deferred tax balances:** 

#### Tax balances presented in the statement of financial position:

---

| | | |
|:---|:---|:---|
|  | **As of December 31** | **As of December 31** |
|  | **2025** | **2024** |
|  | **USD in thousands** | **USD in thousands** |
| **Current tax assets (liabilities):** |  |  |
| Current tax assets | **8949** | 4719 |
| Current tax liabilities | **(9837)** | (12016) |
| **Total current tax assets (liabilities)** | **(888)** | (7297) |
| **Non-current tax assets (liabilities):** |  |  |
| Deferred tax assets | **4692** | 10744 |
| Deferred tax liabilities | **(77688)** | (41792) |
| **Total non-current tax assets (liabilities)** | **(72996)** | (31048) |

---

#### The composition of deferred tax assets (liabilities) is specified below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Balance as of<br>January 1<br>2025** | **Recognized<br>in the<br>statement of<br>income** | **Other<br>comprehensive<br>income** | **Balance as of<br>December 31<br>2025** |
|  | **USD in thousands** | **USD in thousands** | **USD in thousands** | **USD in thousands** |
| **Temporary differences:** | | | | |
| Fixed assets | **(35375)** | **7339** | **(13187)** | **(41223)** |
| IFRS 16 – Leases | **1893** | **201** | **287** | **2381** |
| Financial instruments | **(7909)** | **(104)** | **2027** | **(5986)** |
| Contingent consideration | **(12394)** | **-** | **-** | **(12394)** |
| Tax equity arrangement | **(10073)** | **(46645)** | **-** | **(56718)** |
|  Disposal groups classified as held for sale | **1801** | **(1801)** | **-** | **-** |
| Others | **(7912)** | **(5467)** | **1888** | **(11491)** |
| **Total** | **(69969)** | **(46477)** | **(8985)** | **(125431)** |
| **Unused losses and tax benefits:** |  |  |  |  |
| Tax losses | **38921** | **7199** | **6315** | **52435** |
|  | **38921** | **7199** | **6315** | **52435** |
| **Total** | **(31048)** | **(39278)** | **(2670)** | **(72996)** |

---

F - 51

------

Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

#### Note 15 - Income Taxes (Cont.)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Deferred tax balances: (Cont.)** 

#### The composition of deferred tax assets (liabilities) is specified below: (Cont.)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Balance as of<br>January 1<br>2024** | **Classification** | **Recognized<br>in the<br>statement of<br>income** | **Other<br>comprehensive<br>income** | **Initial consolidation** | **Balance as of<br>December 31**<br> **2024** |
|  | **USD in thousands** | **USD in thousands** | **USD in thousands** | **USD in thousands** | **USD in thousands** | **USD in thousands** |
| **Temporary differences:** | | | | | | |
| Fixed assets | (15664) | (13463) | (5801) | 87 | (534) | (35375) |
| IFRS 16 – Leases | 1475 | 59 | 361 | (2) | - | 1893 |
| Financial instruments | (12319) | - | 226 | 4184 | - | (7909) |
| Contractual asset in respect of<br> &nbsp;&nbsp;&nbsp;&nbsp;concession arrangements | (15173) | 15173 | - | - | - | - |
| Contingent consideration | (10096) | - | (2323) | 25 | - | (12394) |
| Tax equity arrangement | - | - | (9944) | (129) | - | (10073) |
|  Disposal groups classified as held for sale | - | 1801 | - | - | - | 1801 |
| Others | (14387) | - | 875 | 5600 | - | (7912) |
| **Total** | (66164) | 3570 | (16606) | 9765 | (534) | (69969) |
| **Unused losses and tax benefits:** |  |  |  |  |  |  |
| Tax losses | 30357 | (3570) | 12144 | (10) | - | 38921 |
|  | 30357 | (3570) | 12144 | (10) | - | 38921 |
| **Total** | (35807) | - | (4462) | 9755 | (534) | (31048) |

---

Deferred tax assets and liabilities are presented offset when the Company has a legally enforceable right to offset current tax assets against current tax liabilities, and when they pertain to income taxes levied by the same tax authority and the Company intends to settle the current tax assets and liabilities on a net basis.

F - 52

------

Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

#### Note 15 - Income Taxes (Cont.)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Total expenses (income) from income taxes which were recognized in the statement of income:** 

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31** | **For the year ended December 31** | **For the year ended December 31** |
|  | **2025** | **2024** | **2023** |
|  | **USD in thousands** | **USD in thousands** | **USD in thousands** |
| **Current taxes:** |  |  |  |
| Current tax expenses | **4597** | 13747 | 17715 |
| Prior year taxes | **-** | 66 | (1595) |
| **Total current taxes** | **4597** | 13813 | 16120 |
| **Deferred taxes:** |  |  |  |
| Deferred tax expenses in respect of the creation and reversal of temporary differences | **46907** | 16606 | 11241 |
| Prior year taxes | **-** | (1303) | - |
|  Expenses (income) from the creation of deferred taxes in respect of losses and unused tax benefits | **(7629)** | (10841) | 1067 |
| **Total deferred taxes** | **39278** | 4462 | 12308 |
| **Total expenses from income taxes** | **43875** | 18275 | 28428 |

---

F - 53

------

Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Reconciliation between the theoretical tax on the pre-tax profit and the tax expense** 

Presented below is an adjustment between the tax amount which would have applied had all of the income and expenses, profit and loss in the statement of income been taxable according to the statutory tax rate, and the amount of income tax which was carried to the statement of income:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended<br>December 31** | **For the year ended<br>December 31** | **For the year ended<br>December 31** |
|  | **2025**<br>**USD in thousands** | **2024**<br>**USD in thousands** | **2023**<br>**USD in thousands** |
| Profit before income taxes from continuing operations | 204577 | 84780 | 126469 |
| Primary tax rate of the Company | 23% | 23% | 23% |
| Tax calculated according to the Company's primary tax rate | 47053 | 19499 | 29088 |
| **Additional tax (tax saving) in respect of:** |  |  |  |
|  No controlling share in the profits / losses of investee partnerships | (3175) | (1779) | (1653) |
| Different tax rate of foreign subsidiaries | (611) | (2557) | (2080) |
| Non-deductible expenses | 2328 | 2302 | 1662 |
| Exempt income | (7016) | (390) | (1282) |
| Utilization of tax losses and benefits from prior years | 2243 | 1126 | 924 |
|  Temporary difference in respect of subsidiaries for which deferred taxes were not recognized | 1737 | 1537 | 3433 |
| Change in taxes in respect of previous years | - | (1420) | (1847) |
| Others | 1316 | (43) | 183 |
| **Total income taxes from continuing operations as presented in profit or loss** | 43875 | 18275 | 28428 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Carryforward losses** 

The Company's balance of carryforward losses as of December 31, 2025 was approximately USD 272 million; Deferred taxes were not created in respect of a loss in the amount of USD 9 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Details regarding the Group's tax environment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** **Presented below are the tax rates which were relevant to the Group's activity in Israel during the years 2024-2025:** 

2024 - 23%

2025 - 23%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **Taxation of subsidiaries outside of Israel:** 

Subsidiaries which are incorporated outside of Israel are assessed according to the tax laws in the countries where they are domiciled. The main tax rates which applied to the main subsidiaries incorporated outside of Israel are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Entities incorporated in Croatia**: The corporate tax rate which applies to the Company's activity in Croatia is 18%.

F - 54

------

Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Details regarding the Group's tax environment: (Cont.)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **Taxation of subsidiaries outside of Israel: (Cont.)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Entities incorporated in Serbia**: The corporate tax rate which applies to the Company's activity in Serbia is 15%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Entities incorporated in Hungary**: The corporate tax rate which applies to the Company's activity in Hungary is 9%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Entities incorporated in Sweden**: The corporate tax rate which applies to the Company's activity in Sweden is 20.6%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Entities incorporated in Kosovo**: The corporate tax rate which applies to the Company's activity in Kosovo is 10%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Entities incorporated in Spain**: The corporate tax rate which applies to the Company's activity in Spain is 25%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Entities incorporated in the United States**: The federal tax rate is 21%,
 and the state tax rate depends on the project's location.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Entities incorporated in Italy**: The corporate tax rate is 24%,
 and the state tax rate depends on the project's location.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Entities incorporated in Poland**: The corporate tax rate which applies to the Company's activity in Poland is 19%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)** **Tax procedures** 

The Company is currently under audit by the Israeli Tax Authority (the "ITA") for the tax years 2020–2023. The ITA has issued tax assessments with respect to these years. The Company believes, based on professional advice, that it has strong arguments against the assessments. Although the Company and its professional advisors are unable to estimate the outcome of these proceedings, the Company does not expect the results to have a material impact on its financial statements.

F - 55

------

Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

#### Note 16 – Share Capital
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Registered capital** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31** | **December 31** | **December 31** | **December 31** |
|  | **2025** | **2025** | **2024** | **2024** |
|  | **Number of shares** | **Number of shares** | **Number of shares** | **Number of shares** |
| Ordinary shares with par value of NIS 0.1 |  | 180,000,000 |  | 180,000,000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Issued capital:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Share capital** | **Share capital** | **Share capital** | **Share capital** | **Share premium** | **Share premium** |
|  | **As of December 31** | **As of December 31** | **As of December 31** | **As of December 31** | **As of December 31** | **As of December 31** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  | **Number of shares** | **Number of shares** | **USD in thousands** | **USD in thousands** | **USD in thousands** | **USD in thousands** |
| Fully paid-up ordinary shares with par value of NIS 0.1 | **132133899** | 118564895 | **3711** | 3308 | **1319716** | 1028532 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Changes in fully paid-up share capital** 

---

| | |
|:---|:---|
|  | **Number of shares** |
| **Balance as of January 1, 2024** | **117963310** |
| Exercise of options by employees | 601585 |
| **Balance as of December 31, 2024** | **118564895** |
| Issuance of shares (1) | 11396012 |
| Conversion into shares of convertible debentures | 33163 |
| Exercise of options by employees and vesting of RSUs | 2139829 |
| **Balance as of December 31, 2025** | **132133899** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) On August 21, 2025, the Company completed an issuance of 11,396,012
 ordinary Company shares, with a par value of NIS 0.1
 each. The total (gross) consideration amounted to approximately NIS 1,000
 million (USD 292.5
 million).

F - 56

------

Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

**Note 17 - Earnings Per Share**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Basic earnings per share** 

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31** | **For the year ended December 31** | **For the year ended December 31** |
|  | **2025** | **2024** | **2023** |
|  | **USD in<br>thousands** | **USD in thousands** | **USD in thousands** |
| Profit attributable to the Company's owners for the purpose of calculating basic earnings per share | **132104** | 44209 | 70924 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the year ended December 31** | **For the year ended December 31** | **For the year ended December 31** | **For the year ended December 31** | **For the year ended December 31** | **For the year ended December 31** |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
| Weighted average of the number of ordinary shares used for the purpose of calculating basic earnings per share |  | **123,717,373** |  | 118293556 |  | 115,721,346 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Diluted earnings per share:** 

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31** | **For the year ended December 31** | **For the year ended December 31** |
|  | **2025** | **2024** | **2023** |
|  | **USD in thousands** | **USD in thousands** | **USD in thousands** |
| **Profit which was used to calculate diluted earnings per share** | **132104** | 44209 | 70924 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the year ended December 31** | **For the year ended December 31** | **For the year ended December 31** | **For the year ended December 31** | **For the year ended December 31** | **For the year ended December 31** |
|  | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
| Weighted average of the number of ordinary shares used to calculate diluted earnings per share |  | **132,619,069** |  | 123,312,565 |  | 123,861,293 |

---

F - 57

------

Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

**Note 18 - Share-Based Payment**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** **The number of units and weighted average exercise prices of share options and RSU granted to the Company's employees:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of share options** | **Number of share options** | Weighted average exercise price | Weighted average exercise price |
|  | 2025 | 2024 | 2025 | 2024 |
|  | Units | Units | **NIS** | **NIS** |
| Outstanding at January 1 | **7196651** | 7790681 | 55.14 | 51.25 |
| Forfeited during the year | **(283558)** | (210182) | 63.81 | 71.05 |
| Expired during the year | **(127174)** | (55509) | 74.95 | 69.82 |
| Exercised during the year (\*) | **(3775597)** | (953497) | 42.93 | 24.12 |
| Granted during the year | 1834304 | 625158 | 80.16 | 62.66 |
| Outstanding at December 31 | 4844626 | 7196651 | 73.11 | 55.14 |
| Exercisable at December 31 | 2178612 | 5240650 | **70.33** | 50.81 |

---

(\*) The weighted average share price at the date of exercise for share options exercised in 2025 was NIS 81.71 (2024: NIS 65.85)

---

| | | |
|:---|:---|:---|
|  | **Number of RSU** | **Number of RSU** |
|  | 2025 | 2024 |
|  | Units | Units |
| Outstanding at January 1 | **1209704** | - |
| Forfeited during the year | **(122207)** | (100035) |
| Expired during the year | **-** | - |
| Vested during the year | **(300794)** | - |
| Granted during the year | 788954 | 1309739 |
| Outstanding at December 31 | **1575657** | 1209704 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **General description of the Company's share options and RSU's:** 

In general, and in respect of the description of all of the allocations in this report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The options will be exercised in accordance
 with the cashless exercise mechanism, as specified in the options plan. Subject to the other terms of the options plan, eligibility will
 materialize for each of the aforementioned offerees to exercise the options in accordance with the vesting period as follows: 50%
 of the options will vest 24 months after the grant date, 25% of the options will vest 36 months after the grant date, and 25% of the options
 will vest 48 months after the grant date. In certain cases different vesting dates were determined, as specified
 below, and unless stated otherwise, the vesting dates are as stated in this paragraph. The options are subject to standard adjustments
 in accordance with the options plan, including, inter alia, in case of dividend distribution, and issuance of rights and bonus shares.
 All option allocations were performed based on the Company's current options plan. In case of termination of employment, the offeree
 is given a limited period to exercise vested options only. In cases of termination of employment / activity in circumstances which were
 defined as severe, the Company will have the possibility to revoke rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. All RSUs allocations were performed
 based on the Company's current options plan. The
 RSUs will vest as follows: 25% on each anniversary of the grant date over a four (4) year period, subject to the terms and conditions
 of the options plan. In case of termination of employment, vested RSUs remain with the offeree, while any unvested RSUs are forfeited.

F - 58

------

Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

#### Note 18 - Share-Based Payment (Cont.)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)** **Details regarding material allocations:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) On November 28, 2019, the Company
 performed a private allocation of 100,000 non-marketable
 and non-transferable options of the Company to a VP officer. The
 options are exercisable on a cashless basis. The options' vesting period will be distributed over 4 years, whereby 50% of the options
 will vest two years after the grant date, 25% will vest three years after the grant date, and 25% will vest four years after the grant
 date. The exercise price is USD 12.09.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) On April 12, 2020, the Company performed
 a private allocation of 70,000 non-marketable
 and non-transferable options of the Company to a VP officer. The
 options are exercisable on a cashless basis. The options' vesting period will be distributed over 4 years, whereby 50% of the
 options will vest two years after the grant date, 25% will vest three years after the grant date, and 25% will vest four years after the
 grant date. The exercise price is USD 11.48.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) On September 30, 2021, the Company
 performed a private allocation of 1,182,000 non-marketable
 and non-transferable options of the Company to the three founders: Gilad Yavetz, Zafrir Yoeli and Amit Paz, and to the Chairman of the
 Board at the time of grant, Mr. Yair Seroussi . The
 options are exercisable on a cashless basis. The options' vesting period will be distributed over 4 years, whereby 25% of the options
 will vest one year after the grant date, 25% will vest on a quarterly basis throughout the second year, 25-40% will vest on a quarterly
 basis throughout the third year, and 10-25% will vest on a quarterly basis throughout the fourth year. The exercise price is USD 22.24.

On September 30, 2022, Zafrir Yoeli departed the company, and therefore 240,000 options that have not yet matured expired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) On September 30, 2021, the Company
 performed a private allocation of 780,000 non-marketable
 and non-transferable options of the Company to officers who are VP's in the Company. The
 options are exercisable on a cashless basis. The options' vesting period will be distributed over 4 years, whereby 25% of the
 options will vest one year after the grant date, 25-30% will vest after the second year, 25-35% will vest after the third year, and 10-25%
 will vest after the fourth year. The exercise price is USD 22.24.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) On June 28, 2022, the Company performed
 a private allocation of 100,000 non-marketable
 and non-transferable options of the Company to a VP officer. The
 options are exercisable on a cashless basis. The options' vesting period will be distributed over 4 years, whereby 25% of the options
 will vest one year after the grant date, 25% will vest two years after the grant date, 35% will vest three years after the grant date,
 and 15% will vest four years after the grant date. The exercise price is USD 19.98.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) On April 24, 2023, the Company performed
 a private allocation of 220,000 non-marketable
 and non-transferable options of the Company to officers who are VP's in the Company. The options are exercisable on a
 cashless basis. The
 options' vesting period will be distributed over 4 years, whereby 25% of the options will vest one year after the grant date, 25%
 will vest two years after the grant date, 35% will vest three years after the grant date, and 15% will vest four years after the grant
 date. The exercise price is USD 16.18.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) On December 18, 2023, the Company
 performed a private allocation of 146,427 non-marketable
 and non-transferable options of the Company to officers who are VP's in the Company. The options are exercisable on a
 cashless basis. The
 options' vesting period will be distributed over 4 years, whereby 25% of the options will vest one year after the grant date, 25%
 will vest two years after the grant date, 25% will vest three years after the grant date, and 25% will vest four years after the grant
 date. The exercise price is USD 17.19.

F - 59

------

Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Details regarding material allocations: (Cont.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H) On
 April 17, 2024, the company granted restricted stock units (RSUs) the Company's Chairman of the Board at the time of grant, Mr.
 Yair Seroussi and to Company's CEO at the time of grant, Gilad Yavetz, which will entitle the offerees to receive ordinary shares
 of the company, worth 0.1
 NIS each, upon vesting dates. The
 vesting period of the said RSUs is distributed equally and annually over 4 years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) On April 17, 2024, the company granted
 restricted stock units (RSUs) to the Company's External Directors, which will entitle the offerees to receive ordinary shares of
 the company, worth 0.1 NIS
 each, upon vesting dates. The
 vesting period of the said RSUs is distributed equally and annually over 3 years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(J) On April 21, 2024, the Company performed
 a private allocation of 40,000 non-marketable
 and non-transferable options of the Company to its management member. The options are exercisable on a cashless basis. The
 options' vesting period will be distributed over 4 years, whereby 25% of the options will be vested annually from the grant date.
 The exercise price is USD 16.41.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(K) On April 21, 2024, the company granted
 restricted stock units (RSUs) to its management members, which will entitle the offerees to receive ordinary shares of the company, worth 0.1 NIS
 each, upon vesting dates. The
 vesting period of the said RSUs is distributed equally and annually over 4 years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(L) On September 15, 2024, the
 Company performed a private allocation of 137,369 non-marketable
 and non-transferable options of the Company to its management members. The options are exercisable on a cashless basis. The
 options' vesting period will be distributed over 4 years, whereby 25% of the options will be vested annually from the grant date.
 The exercise price is USD 16.04.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(M) On September 15, 2024, the company
 granted restricted stock units (RSUs) to its management members, which will entitle the offerees to receive ordinary shares of the
 company, worth 0.1 NIS
 each, upon vesting dates. The
 vesting period of the said RSUs is distributed equally and annually over 4 years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(N) On August 04, 2025, the
 Company performed a private allocation of 89,812 non-marketable
 and non-transferable options of the Company to its management members. The options are exercisable on a cashless basis. The
 options' vesting period will be distributed over 4 years, whereby 25% of the options will be vested annually from the grant date.
 The exercise price is USD 24.62.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(O) On August 04, 2025, the
 company granted restricted stock units (RSUs) to its management members, which will entitle the offerees to receive ordinary shares
 of the company, worth 0.1 NIS
 each, upon vesting dates. The
 vesting period of the said RSUs is distributed equally and annually over 4 years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(P) On October 01, 2025, the
 Company performed a private allocation of 1,013,888 non-marketable
 and non-transferable options of the Company to the Company's CEO, Adi Levitan, the Company's Chairman of the Board, Gilad
 Yavetze, the Company's Vice Chairman of the Board, Yair Seroussi and to the Company's management members. The options
 are exercisable on a cashless basis. The
 options' vesting period will be distributed over 4 years, whereby 25% of the options will be vested annually from the grant date.
 The exercise price is USD 25.59.

F - 60

------

Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Details regarding material allocations: (Cont.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Q) On October 01, 2025, the
 company granted restricted stock units (RSUs) and performance-based RSUs ("PSUs") to the Company's CEO, Adi Leviatan,
 the Company's Chairman of the Board, Gilad Yavetz, the Company's Vice Chairman of the Board, Yair Seroussi.

The vesting period of the RSUs and PSUs is distributed equally on an annual basis over 4 years. The vesting of the PSUs is subject to the achievement of the applicable business performance metrics, determined on the grant date.

At the same grant, the company granted restricted stock units (RSUs) to the Company's management members which will entitle the offerees to receive ordinary shares of the company, worth 0.1 NIS each, upon vesting dates. The vesting period of the said RSUs is distributed equally and annually over 4 years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4)** **Details on options grants for the year ended December 31**, **2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Grant date** | **25/03/2025** | **25/03/2025** | **05/05/2025** | **04/08/2025** | **04/08/2025** | **29/07/2025** | **01/10/2025** | **01/10/2025** |
| **Number of options** | 256185 | 183863 | 21285 | 89812 | 55435 | 98743 | 141314 | 987667 |
| **Option value in NIS** | 22.45 | 23.83 | 24.30 | 36.62 | 34.60 | 35.63 | 41.64 | 48.71 |
| **Option value in USD** | 6.12 | 6.50 | 6.73 | 10.76 | 10.16 | 10.58 | 12.60 | 14.73 |
| **Exercise price in NIS** | 61.27 | 61.27 | 58.47 | 83.83 | 83.83 | 84.60 | 97.66 | 84.60 |
| **Share price in NIS** | 59.22 | 59.22 | 58.57 | 83.83 | 83.83 | 85.40 | 101.90 | 101.90 |
| **Risk-free interest rate** | 4.17% | 4.17% | 4.12% | 4.11% | 4.11% | 3.95% | 3.95% | 3.95% |
| **Standard deviation** | 32.07% | 32.07% | 36.20% | 36.60% | 36.60% | 33.72% | 33.72% | 33.72% |
| **Value of options in NIS Thousands** | 5751 | 4381 | 517 | 3289 | 1918 | 3518 | 5884 | 48109 |
| **Value of options in USD Thousands** | 1569 | 1195 | 143 | 966 | 563 | 1045 | 1780 | 14552 |
| **Options expiration** | 7 years | 7 years | 7 years | 7 years | 7 years | 7 years | 7 years | 7 years |

---

The valuation of the RSUs is at the share price as of grant date.

F - 61

------

Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

#### Note 19 - Revenues

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31** | **For the year ended December 31** | **For the year ended December 31** |
|  | **2025** | **2024** | **2023** |
|  | **USD in thousands** | **USD in thousands** | **USD in thousands** |
| Sale of electricity | **482918** | 364911 | 238968 |
| Sales of Green certificates | **4114** | 3661 | 3840 |
| Operation of facilities | **-** | - | 4634 |
| Construction services | **-** | 3997 | 419 |
| Management and development fees | **1564** | 5366 | 7841 |
| **Total** | **488596** | 377935 | 255702 |

---

#### Note 20 - Tax benefits

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31** | **For the year ended December 31** | **For the year ended December 31** |
|  | **2025** | **2024** | **2023** |
|  | **USD in thousands** | **USD in thousands** | **USD in thousands** |
| Income from Investment Tax Credit (ITC) | **61629** | 16087 | 5440 |
| Income from Production Tax Credit (PTC) | **32039** | 4773 | - |
| **Total** | **93668** | 20860 | 5440 |

---

#### Note 21 - Cost of Sales (\*)

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31** | **For the year ended December 31** | **For the year ended December 31** |
|  | **2025** | **2024** | **2023** |
|  | **USD in thousands** | **USD in thousands** | **USD in thousands** |
| Site maintenance | **105387** | 54073 | 35307 |
| Payroll, salaries and associated expenses | **9115** | 8800 | 6646 |
| Insurance | **12344** | 9497 | 5835 |
| Municipal taxes | **6267** | 4431 | 3526 |
| Lease | **1268** | 1133 | 1083 |
| Expenses associated with facility construction services | **-** | 2762 | 397 |
| **Total** | **134381** | 80696 | 52794 |

---

(\*) Excluding depreciation and amortization

F - 62

------

Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

#### Note 22 - General and Administrative Expenses

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31** | **For the year ended December 31** | **For the year ended December 31** |
|  | **2025** | **2024** | **2023** |
|  | **USD in thousands** | **USD in thousands** | **USD in thousands** |
| Payroll, salaries and associated expenses | **35755** | 20807 | 16310 |
| Professional services | **10714** | 7714 | 5282 |
| Office and maintenance | **2889** | 2520 | 2120 |
| Management and director fees | **1097** | 644 | 955 |
| Insurance | **1017** | 1808 | 2655 |
| Computer services | **2941** | 2314 | 1548 |
| Others | **3542** | 3040 | 2486 |
| **Total** | **57955** | 38847 | 31356 |

---

#### Note 23 - Development Expenses

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31** | **For the year ended December 31** | **For the year ended December 31** |
|  | **2025** | **2024** | **2023** |
|  | **USD in thousands** | **USD in thousands** | **USD in thousands** |
| Payroll, salaries and associated expenses | **6710** | 7121 | 3565 |
| Other development expenses | **5480** | 4480 | 2782 |
| **Total** | **12190** | 11601 | 6347 |

---

#### Note 24 - Other income, net

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31** | **For the year ended December 31** | **For the year ended December 31** |
|  | **2025** | **2024** | **2023** |
|  | **USD in thousands** | **USD in thousands** | **USD in thousands** |
| Changes in contingent consideration | **-** | **9112** | 33684 |
| Production delay compensation | **14759** | **12503** | 9542 |
| Others | **(6828)** | **(5443)** | 221 |
| **Total** | **7931** | **16172** | 43447 |

---

F - 63

------

Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

#### Note 25 - Finance Expenses, Net
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Finance income** 

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31** | **For the year ended December 31** | **For the year ended December 31** |
|  | **2025** | **2024** | **2023** |
|  | **USD in thousands** | **USD in thousands** | **USD in thousands** |
| Finance income from contract asset in respect of concession arrangements | **-** | - | 10294 |
| Changes in the fair value of financial instruments measured at fair value through profit or loss | **665** | 4580 | 4425 |
| Finance income from loans to investee entities | **4186** | 2881 | 1765 |
| Finance income from loans to non-controlling interests | **610** | 702 | 230 |
| Finance income from deposits in banks | **14595** | 12272 | 9833 |
| Finance income from hedging transactions | **20795** | - | - |
| Exchange differences | **-** | - | 10250 |
| Others | **-** | 4 | 2 |
| **Total** | **40851** | 20439 | 36799 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Finance expenses** 

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year ended December 31** | **For the year ended December 31** | **For the year ended December 31** |
|  | **2025** | **2024** | **2023** |
|  | **USD in thousands** | **USD in thousands** | **USD in thousands** |
| Interest expenses from project finance loans | **113131** | 86559 | 54646 |
| Interest expenses from corporate loans | **11219** | 14966 | 9750 |
| Interest expenses from Debentures | **39553** | 18525 | 13191 |
| Finance expenses in respect of contingent consideration arrangement | **326** | 456 | 1900 |
| Interest expenses from non-controlling interests loans | **2551** | 2737 | 2187 |
| Finance expenses from hedging transactions | **-** | 869 | 3098 |
| Finance expenses in respect of lease liability | **7345** | 5675 | 2503 |
| Exchange differences | **17099** | 3639 | - |
| Finance expenses from lease back liability | **2671** | 2678 | 1511 |
| Finance expenses related to tax equity arrangements | **17310** | 1362 | - |
| Others | **4297** | 3869 | 2298 |
|  | **215502** | 141335 | 91084 |
| Amounts capitalized to the cost of qualifying assets | **(50772)** | (33491) | (22941) |
| **Total** | **164730** | 107844 | 68143 |

---

F - 64

------

Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

#### Note 26 - Leases
Within the framework of the lease agreements, the Group leases the following items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Land;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Offices and vehicles.

The Group mostly leases land for the purpose of building renewable energy facilities. The total sum of the right-of-use asset which was recognized in the statement of financial position as of December 31, 2025 in respect of leases amounted to USD 225,495 thousand. The total lease liability which was recognized in the statement of financial position as of December 31, 2025 in respect of land leases amounted to USD 243,531 thousand.

#### Right-of-use assets

#### Composition

---

| | | | |
|:---|:---|:---|:---|
| *USD in thousands* | **Land** | **Offices and vehicles** | **Total** |
| **Balance as of January 1, 2025** | **208146** | **2795** | **210941** |
| Additions | **2536** | **2445** | **4981** |
| Depreciation of right-of-use assets | **(8709)** | **(1288)** | **(9997)** |
| Linkage to index | **4611** | **11** | **4622** |
| Reserve for translation differences | **14598** | **350** | **14948** |
| **Balance as of December 31, 2025** | **221182** | **4313** | **225495** |

---

---

| | | | |
|:---|:---|:---|:---|
| *USD in thousands* | **Land** | **Offices and vehicles** | **Total** |
| **Balance as of January 1, 2024** | 118280 | 3068 | 121348 |
| Additions | 97075 | 1078 | 98153 |
| Depreciation of right-of-use assets | (6622) | (1380) | (8002) |
| Linkage to index | 5137 | 53 | 5190 |
| Classification to Assets of disposal groups classified as held for sale | (2994) | - | (2994) |
| Reserve for translation differences | (2730) | (24) | (2754) |
| **Balance as of December 31, 2024** | 208146 | 2795 | 210941 |

---

---

| | | |
|:---|:---|:---|
| **Effects on the statements of income** | **For the year ended**<br> **December 31** | **For the year ended**<br> **December 31** |
|  | **2025** | **2024** |
|  | **USD in thousands** | **USD in thousands** |
| Interest expenses in respect of lease liability | **(7345)** | (5675) |
|  Expenses attributed to variable lease payments which were not included in measurement of lease liability | **(1268)** | (1133) |
| Depreciation expenses | **(7877)** | (7023) |
| **Total** | **(16490)** | (13831) |

---

F - 65

------

Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

#### Note 27 - Financial Instruments
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** Financial risk
 management policy

The Group's overall risk management policy focuses on activities to minimize possible negative effects on the Group's financial performance. The Group uses derivative financial instruments to hedge against certain risk exposures.

The individual responsible for the management of market risks in the Company is the Company's CFO, who reports to the board of directors and to the financial statements review committee from time to time regarding his activities, in order to reduce the Company's market risks, and the impact thereof on its operating results.

The Company's policy is to reduce the various risks to the extent feasible. The Company directs risk management towards economic exposure if there is a discrepancy between that exposure and the accounting exposure.

The CFO also reports to the required organs in the Company on an ongoing basis regarding the status of the Company's liquid balances and the balances of its liabilities, and regarding the composition thereof.

The Company's activities expose it to various financial risks, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** Changes in foreign
 currency exchange rates

Some of the Company's costs involved in project construction, finance costs, transactions and revenues are denominated in foreign currency, and the Company is therefore exposed to changes in those exchange rates, which affect the feasibility and profitability of the projects. The Company evaluates and makes use, from time to time, of derivative financial instruments, mostly forward transactions and currency options ("hedging transactions"), to hedge its economic exposure to changes in foreign currency exchange rates. The derivative financial instrument below is treated under accounting hedging.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Amount <br> receivable in <br> transaction <br> currency** | **Amount <br> payable in <br> transaction <br> currency** |  | **Fair value** |
|  | **Project** | **Millions** | **Millions** | **Expiration date** | **USD millions** |
| Foreign currency forward contracts (1) | BESS | USD 5.8 | NIS 19.2 | January 2027 | (0.2) |
| Foreign currency forward contracts (2) | PV+BESS | USD 9.6 | EUR 8.3 | March 2026 | (0.1) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Hedging transaction to hedge against the USD/NIS
 exchange rate, based on the schedule of payments to the main contractors of the projects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Hedging transaction to hedge against the USD/EUR
 exchange rate, based on the schedule of payments to the main contractors of the projects.

F - 66

------

Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

#### Note 27 - Financial Instruments (Cont.)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Financial risk management policy (Cont.)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** **Changes in currency exchange rates (Cont.)** 

Presented below is a sensitivity analysis which includes current balances of monetary items denominated in foreign currency, and which adjusts the translation thereof at the end of the period, to changes in the foreign currency exchange rate. The sensitivity analysis also includes loans to foreign operations in the Group which are denominated in a currency other than the currency of the lender or the borrower, which do not constitute a part of the net investment in the foreign operation (hereinafter: "loans to foreign operation"). The Company is also exposed to the equity in respect of its share in consolidated companies with a different functional currency from the Company's functional currency (hereinafter: the "equity of foreign operation"). This exposure is carried to other comprehensive income (hereinafter: "OCI").

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Increase 5%** | **Increase 5%** | | **Decrease 5%** | **Decrease 5%** |
|  | **OCI** | **Pre-tax profit** | **Value** | **Pre-tax profit** | **OCI** |
| 5% Change in the currency exchange rate | **USD in thousands** | **USD in thousands** | **USD in thousands** | **USD in thousands** | **USD in thousands** |
| NIS vs EURO |  |  |  |  |  |
| Loans to foreign operations | - | (675) | 13495 | 675 | - |
| Equity of foreign operations |  |  |  |  |  |
| NIS vs EURO | (51093) | - | 1021869 | - | 51093 |
| NIS vs HUF | (643) | - | 12853 | - | 643 |
| **Total effect OCI** | (51736) | - | 1034722 | - | 51736 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Increase 5%** | **Increase 5%** | | **Decrease 5%** | **Decrease 5%** |
|  | **OCI** | **Pre-tax profit** | **Value** | **Pre-tax profit** | **OCI** |
| 5% Change in the currency exchange rate | **USD in thousands** | **USD in thousands** | **USD in thousands** | **USD in thousands** | **USD in thousands** |
| NIS vs EURO |  |  |  |  |  |
| Loans to foreign operations | - | (626) | 12511 | 626 | - |
| Equity of foreign operations |  |  |  |  |  |
| NIS vs EURO | (41569) | - | 831371 | - | 41569 |
| NIS vs HUF | (462) | - | 9249 | - | 462 |
| **Total effect on OCI** | (42031) | - | 840620 | - | 42031 |

---

F - 67

------

Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Financial risk management policy (Cont.)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **Change in index** 

Consolidated entities in Israel have revenues from electricity which are determined according to a tariff which is updated once per year in accordance with the consumer price index. On the other hand, loans taken out by consolidated entities were made, as much as possible, with the same linkage as the linkage to the electricity tariff. The Company also extended loans to investees and non-controlling interests and liability in respect of deferred consideration arrangement, which are linked to the consumer price index.

The following table presents the group's sensitivity to the index – the effect of a 3% change in the index:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Increase 3%** | **Carrying value** | **Decrease 3%** |
|  | **Pre-tax profit** | **Carrying value** | **Pre-tax profit** |
| 3% Change in the index rate | **USD in thousands** | **USD in thousands** | **USD in thousands** |
| Loans to investees and non-controlling interests | 1356 | 45184 | (1356) |
| Loans from banks and other financial institutions | (24831) | (827684) | 24831 |
| Loans from non-controlling interests | (43) | (1441) | 43 |
| Other financial liabilities | (81) | (2687) | 81 |
|  | (23599) | (786628) | 23599 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Increase 3%** | **Carrying value** | **Decrease 3%** |
|  | **Pre-tax profit** | **Carrying value** | **Pre-tax profit** |
| 3% Change in the index rate | **USD in thousands** | **USD in thousands** | **USD in thousands** |
| Loans to non-controlling interests | 183 | 6115 | (183) |
| Loans from banks and other financial institutions | (22625) | (754163) | 22625 |
| Loans from non-controlling interests | (35) | (1173) | 35 |
| Other financial liabilities | (74) | (2480) | 74 |
|  | (22551) | (751701) | 20551 |

---

F - 68

------

Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Financial risk factors** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** **Interest rate risk** 

#### Change in interest rates
Interest rate risk is due to loans bearing variable interest rates, which expose the Company to cash flow risk.

The following table presents the group's values of financial instruments which are exposed to cash flow risks in respect of interest rate changes which are not hedged in interest rate swap transactions and their sensitivity to the change of interest rate – the effect of a 2% change in the interest rate:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Increase 2%** | | **Decrease 2%** |
|  | **Pre-tax profit** | **Carrying**<br>**value** | **Pre-tax profit** |
| 2% Change in the interest rate | **USD in thousands** | **USD in thousands** | **USD in thousands** |
| Euribor-linked loan from banks | (2250) | (112483) | 2250 |
| SOFR-linked credit and loans from banks (\*) | - | (1569925) | - |
| Loans to investees with variable interest | 107 | 5351 | (107) |
|  | (2143) | (1677057) | 2143 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Increase 2%** | | **Decrease 2%** |
|  | **Pre-tax profit** | **Carrying**<br>**value** | **Pre-tax profit** |
| 2% Change in the interest rate | **USD in thousands** | **USD in thousands** | **USD in thousands** |
| Euribor-linked loan from banks (\*) | (510) | (142123) | 510 |
| SOFR-linked credit and loans from banks (\*) | - | (206379) | - |
| Loans to investees with variable interest | 219 | 10951 | (219) |
|  | (291) | (337551) | 291 |

---

---

| | |
|:---|:---|
| (\*) | The company has loans which are linked to the SOFR interest rate and loans linked to the Euribor interest rate. The loans are used to finance projects under construction. Interest expenses during the construction period are capitalized to the cost of the facilities and have no impact on the Company's results. |

---

F - 69

------

Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

#### Note 27 - Financial Instruments (Cont.)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Financial risk factors (Cont.)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** **Interest rate risk (Cont.)** 

#### Interest rate swaps:
Through interest rate swaps, the Group engages in contracts to swap the differences between the amounts of fixed and variable interest rates, which are calculated in respect of agreed-upon stated principal amounts. These contracts allow the Group to reduce the cash flow exposure of debt issued at variable interest. The fair value of the interest rate swaps at the end of the reporting period is determined by discounting the future cash flows using the yield curves at the end of the reporting period, and the credit risk in the contract.

All interest rate swaps which replace variable interest rates with fixed interest rates are intended to hedge cash flows in order to reduce the Group's exposure to cash flows from variable interest rates on loans.

The following table specifies the interest rate swap contracts which were designated as hedging instruments, which exist as of the end of the reporting period:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Interest rates** | **Interest rates** | **Par value** | **Final** | **Carrying value** |
| **Hedged contract** | **Original** | **After hedging** | **In thousands** | **repayment date** | **USD in thousands** |
| Loan to finance the Lukovac project | 3 month Euribor | 0.75% | EUR 13,965<br> (USD 16,397) | 31/03/2031 | 650 |
| Loan to finance the Picasso project | 3 month Euribor | 1.08% | EUR 62,591<br> (USD 73,490) | 31/03/2039 | 6052 |
| Loan to finance the Attila projects | 3 month<br>Bubor | 1.445%-3.7% | HUF 11,081,815<br> (USD 32,375) | 31/12/2030 | 3593 |
| Loan to finance the Bjorn project | 6 month Euribor | 0.526% | EUR 147,400<br> (USD 173,068) | 28/12/2040 | 28352 |
| Loan to finance the Raaba ACDC project | 3 month Euribor | 2.908% | EUR 7,484<br> (USD 8,787) | 30/12/2033 | (167) |
| Loan to finance the Raaba Flow project | 3 month Euribor | 2.809% | EUR 16,617<br> (USD 19,511) | 30/12/2033 | (253) |
| Loan to finance the Pupin project | 3 month Euribor | 2.987% | EUR 57,886<br> (USD 67,966) | 31/03/2040 | (2155) |
| Loan to finance the Atrisco project - PV | 6 month<br> SOFR<br>| 4.0712% | USD 113,129 | 30/09/2049 | (747) |
| Loan to finance the Atrisco project - BESS | 6 month<br> SOFR<br>| 4.1049% | USD 173,228 | 30/09/2049 | (2667) |
| Loan to finance the Country Acres project | 3 month<br> SOFR<br>| 3.8955% | USD 281,647 | 30/09/2056 | 4371 |
| Loan to finance the Quail Ranch project | 3 month<br> SOFR<br>| 4.0485% | USD 99,591 | 31/03/2051 | (1172) |
| Loan to finance the Roadrunner project | 3 month<br> SOFR<br>| 4.141% | USD 285,621 | 31/12/2050 | (6702) |
| Loan to finance the Snowflake project | 3 month<br> SOFR<br>| 4.06% | USD 750,723 | 30/06/2052 | 4518 |

---

During the years 2025, 2024 and 2023, profit (loss) net of tax in the amount of USD 2,433 thousand, USD (81) thousand and USD (23,380), respectively, were recognized under other comprehensive income, in respect of the effectiveness of the cash flow hedge as a hedge against the cash flow risk in respect of interest rates.

F - 70

------

Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

#### Note 27 - Financial Instruments (Cont.)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Financial risk factors (Cont.)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **Credit risk** 

Credit risk refers to the risk that the counterparty will not fulfill its contractual obligations, and will cause the Group to incur financial loss. Upon the initial engagement, the Group estimates the quality of the credit which is given to the customer. The restrictions which are attributed to the Group's customers are evaluated once per year, or more frequently, based on new information which has been received, and on its fulfillment of previous debt payments.

The Group measures the credit loss provision in respect of trade receivables according to the probability of insolvency throughout the instrument's entire lifetime. In light of the fact that the Company's customers are large, financially strong entities, mostly with regulatory support, the probability of insolvency is low, and the Company believes that the expected credit losses in respect of them are insignificant.

The Company deposits its balance of liquid financial assets in bank deposits and in securities. All the deposits are with a diversified group of leading banks preferably with banks that provide loans to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)** **Liquidity risk** 

The cash flow forecast is prepared by the Company's finance department, both on the level of the various entities in the Group, and in consolidated terms. The finance department evaluates current forecasts of liquidity requirements in the Group in order to verify that sufficient cash is available for operating requirements, and while ensuring that the Company does not deviate from the credit facilities and financial covenants in respect of its credit facilities.

The Group's forecasts take into account several factors, such as financing sources for expected investments and for debt service, which include, inter alia, cash flows from operating activities and from the realization of projects which the Company owns, and raisings of equity and debt which include, inter alia, rights issues, long-term loans and debentures. The Group's forecasts also take into account the fulfillment of obligatory financial covenants, the fulfillment of certain liquidity ratio targets, and the fulfillment of external requirements such as laws or regulations, when relevant.

The cash surplus which is held by the Group's entities, which are not required in order to finance the activity as part of working capital, are invested in stable investment channels such as fixed period deposits, and other stable channels. These investment channels are chosen according to the desired repayment period, or according to their liquidity, such that the Group has sufficient cash balances, in accordance with the foregoing forecasts.

F - 71

------

Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Financial risk factors (Cont.)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)** **Liquidity risk (Cont.)** 

Presented below are details regarding the Company's liabilities segmented by repayment years, except for current items in the statement of financial position, such as trade and other payables, which are expected to be repaid according to their carrying values during the coming year:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025(\*\*)** | **As of December 31, 2025(\*\*)** | **As of December 31, 2025(\*\*)** | **As of December 31, 2025(\*\*)** | **As of December 31, 2025(\*\*)** | **As of December 31, 2025(\*\*)** | **As of December 31, 2025(\*\*)** |
|  | | | | | | **After** | |
|  | **2026** | **2027** | **2028** | **2029** | **2030** | **2030** | **Total** |
|  | **USD in thousands** | **USD in thousands** | **USD in thousands** | **USD in thousands** | **USD in thousands** | **USD in thousands** | **USD in thousands** |
| Liability in respect of deferred consideration arrangement | (412) | (412) | (412) | (412) | (412) | (2101) | (4161) |
| Liability in respect of put option | (24961) | - | - | - | - | - | (24961) |
| Loans from non-controlling interests | (12615) | (11070) | (11878) | (11528) | (11505) | (28806) | (87402) |
| Debentures<sup>(\*)</sup> | (199941) | (203781) | (183148) | (199764) | (81558) | (225901) | (1094093) |
| Credit and loans from banks and other financial institutions <sup>(\*)</sup> | (983595) | (1056547) | (276482) | (296946) | (227615) | (2069309) | (4910494) |
| Liability in respect of tax equity arrangements | (16768) | (15976) | (15961) | (15939) | (10910) | (73307) | (148861) |
| Lease liability<sup>(\*)</sup> | (16175) | (17491) | (17162) | (16954) | (16415) | (340700) | (424897) |
|  | **(1254467)** | **(1305277)** | **(505043)** | **(541543)** | **(348415)** | **(2740124)** | **(6694869)** |

---

(\*) The above figures are presented according to their par values on the repayment date, including unaccrued interest, linked to the CPI / exchange rate as of the balance sheet date.

(\*\*) The Company has commitments in power purchase agreements which are not reflected in the Company's statement of financial position.

F - 72

------

Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Fair value** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** **Details of assets and liabilities which are measured in the statement of financial position at fair value:** 

For the purpose of measuring the fair value of assets or liabilities, the Group classifies them according to a hierarchy which includes the following three levels:

- Level 1: Quoted (unadjusted) prices in active markets for identical properties or identical liabilities as those to which the entity has access on the measurement date.

- Level 2: Inputs, except for quoted prices which are included in level 1, which are observable in respect of the asset or liability, directly or indirectly.

- Level 3: Unobservable inputs in respect of the asset or liability.

The classification of assets or liabilities which are measured at fair value is based on the lowest level at which significant use was made for the purpose of measuring the fair value of the asset or liability, in their entirety.

Presented below are details regarding the Group's assets and liabilities which are measured in the Company's statement of financial position at fair value periodically, in accordance with their measurement levels.

#### Details regarding fair value measurement at Level 3

---

| | |
|:---|:---|
|  | **Valuation method for** |
| **Financial instrument** | **determining fair value** |
| Non-marketable shares measured at fair value through profit or loss | Fair value measured using a valuation method that includes the discounted cash flow method |
| Performance-based ("earn out") contingent consideration | Fair value measured using the discounted cash flow method |

---

The tables hereunder presents the fair value of the financial instruments that are measured at fair value in accordance to the fair value hierarchy:

#### As of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  | **USD in thousands** | **USD in thousands** | **USD in thousands** | **USD in thousands** |
| **Financial Assets at fair value:** | | | | |
| Non-marketable shares measured at fair value through profit or loss |  | - | 83582 | **83582** |
| Interest rate swaps&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |  | 51996 | - | **51996** |
| **Financial liabilities at fair value:** |  |  |  |  |
| Contracts in respect of forward transactions |  | (364) | - | **(364)** |
| Transactions to peg electricity prices swap (CFD differences contract) |  | (168) | - | **(168)** |
| Interest rate swaps |  | (18323) | - | **(18323)** |

---

F - 73

------

Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

#### Note 27 - Financial Instruments (Cont.)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Fair value (Cont.)** 

#### As of December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  | **USD in thousands** | **USD in thousands** | **USD in thousands** | **USD in thousands** |
| **Financial Assets at fair value:** | | | | |
| Non-marketable shares measured at fair value through profit or loss |  | - | 69216 | **69216** |
| Interest rate swaps |  | 55118 | - | **55118** |
| **Financial liabilities at fair value:** |  |  |  |  |
| Contracts in respect of forward transactions |  | (10) | - | **(10)** |
| Interest rate swaps |  | (11448) | - | **(11448)** |
| Transactions to peg electricity prices swap (CFD differences contract) |  | (4123) |  | **(4123)** |

---

The table hereunder presents a reconciliation from the opening balance to the closing balance of financial instruments carried at fair value level 3 of the fair value hierarchy:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  | **Financial assets** | **Financial assets** |
| **Non-marketable shares measured at fair value through profit or loss** | **USD thousands** | **USD thousands** |
| **Balance as of January 1** | **69216** | 53466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment | **6475** | 14707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revaluation (\*) | **665** | 4580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Translation differences | **7226** | (3537) |
| **Balance as of December 31** | **83582** | 69216 |

---

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
|  | **Financial liabilities** | **Financial liabilities** |
| **Performance-based ("earn out") contingent consideration** | **USD thousands** | **USD thousands** |
| **Balance as of January 1** |  | (22941) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revaluation |  | (403) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment |  | 23344 |
| **Balance as of December 31** |  | - |

---

(\*) Under financing income and expenses.

F - 74

------

Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

#### Note 27 - Financial Instruments (Cont.)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Fair value (Cont.)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **Fair value of items which are not measured at fair value in the statement of financial position:** 

Except as specified in the following table, the Company believes that the carrying value of items which are not measured at fair value, including loans from non-controlling interests, is approximately identical to their fair value.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Carrying value** | **Carrying value** | **Fair value** | **Fair value** |
|  |  | **As of December 31** | **As of December 31** | **As of December 31** | **As of December 31** |
|  | **Fair value level** | **2025** | **2024** | **2025** | **2024** |
|  |  | **USD in thousands** | **USD in thousands** | **USD in thousands** | **USD in thousands** |
| Debentures and convertible debentures | Level 1 | **924687** | 616334 | **1064173** | 601511 |
| Loans from banks and other financial institutions (1) | Level 3 | **1115940** | 1254996 | **857562** | 1018890 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Fair value is determined according to the present
 value of future cash flows, discounted by an interest rate which reflects, according to the assessment of management, the change in the
 credit margin and risk level which occurred during the period.

F - 75

------

Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Other financial assets, Other financial liabilities and Financial liabilities through profit or loss** 

---

| | | |
|:---|:---|:---|
|  | **December 31**<br>**2025**<br>**USD in thousands** | **December 31**<br>**2024**<br>**USD in thousands** |
| **Current assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps | **-** | 975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans to non-controlling interests (3) | **524** | 446 |
| **Non-current assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans to non-controlling interests | **6387** | 5669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps | **51996** | 54143 |
|  | **58907** | 61233 |
| **Current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transactions to peg electricity prices swap (CFD differences contract) | **(168)** | (4122) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps | **(5151)** | (591) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liability in respect of tax equity arrangement | **(10464)** | (3418) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contracts in respect of forward transactions | **(364)** | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial liabilities through profit or loss |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liability in respect of deferred consideration arrangement (2) | **(169)** | (184) |
| **Non-current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swaps | **(13172)** | (10857) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liability in respect of tax equity arrangement | **(365131)** | (97008) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial liabilities through profit or loss |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liability in respect of deferred consideration arrangement (2) | **(2519)** | (2296) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Founder's put option (1) | **(24427)** | (23548) |
|  | **(421565)** | (142034) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) For additional details, see Note 8A(1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Company has liabilities in respect of deferred
 consideration arrangements for initiation services which were provided by some of the towns in Halutziot project. In exchange for the
 initiation services, those towns are entitled to a percentage of the distributable free cash flows, as defined in the agreement. The balance
 of the liability in respect of the deferred consideration arrangement including current maturities (see also Note 11), as of December
 31, 2025 and 2024, amounted to USD 2,688 thousand
 and USD 2,480 thousand,
 respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The current maturities related to Loans to non-controlling
 interests included in Other receivables in the Consolidated Statements of Financial Position.

F - 76

------

Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

#### Note 28 - Segmental Reporting
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **General** 

Operating segments are identified based on the internal reports regarding the components of the Company, which are routinely reviewed by the Group's Chief Operational Decision Maker for the purpose of allocating resource and assessing the performance of operating segments. The set of reports which are submitted to the Group's Chief Operating Decision Maker, for the purpose of allocating resources and assessing the performance of operating resources, is based on an evaluation of certain solar power systems located in Israel as fixed asset items, which generate electricity revenues, and not as a contract asset under concession arrangement.

The Chief Operation Decision Maker (CODM) reviews the group's results by segmenting them into three business units: MENA (Middle East and North Africa), Europe, the US.

Presented below are details regarding the Company's operating segments, in accordance with IFRS 8:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MENA segment - | Produces its revenue from the sale of the electricity which is produced through solar energy and wind energy in the Middle East and North Africa (MENA). |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Europe segment - | Produces its revenue from the sale of the electricity which is produced through wind energy and solar energy in Europe. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S.A segment - | Produces its revenue and income from the sale of the electricity which is produced through solar energy in the United States, mostly at fixed tariffs over extended periods and from tax benefits. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others - | Produces its revenue mostly from management services to projects in stages of development, construction or operation, and from construction services for projects. None of the above meets the quantitative thresholds for determining reportable segment. |

---

The results of the segments are measured based on the Company's segment adjusted EBITDA which is the Operating Profit adjusted to add the repayments of contract asset under concession agreements, depreciation and amortization, share-based compensation expenses, and non-recurring events attributed to the Company's reportable segments. For the purposes of calculating adjusted EBITDA, compensation for inadequate performance of goods and services procured by the Company are included in other income, net. Compensation for inadequate performance of goods and services reflects the profits the Company would have generated under regular operating conditions and is therefore included in adjusted EBITDA. With respect to gains or losses from asset disposals, the Company sells parts of or the entirety of selected renewable project assets from time to time, and therefore includes realized gains or losses from these asset disposals in adjusted EBITDA. In the case of partial assets disposals, adjusted EBITDA includes only the actual consideration less the book value of the assets sold.

F - 77

------

Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

#### Note 28 - Segmental Reporting (Cont.)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Segmental revenues and results** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 | For the year ended December 31, 2025 |
|  | MENA | Europe | <br> **USA** | Total reportable segments | Others | Adjustments | Total |
|  | USD in thousands | USD in thousands | USD in thousands | USD in thousands | USD in thousands | USD in thousands | USD in thousands |
| Revenues | **222388** | **199763** | **64911** | **487062** | **1534** | **-** | **488596** |
| Tax benefits | **-** | **-** | **93668** | **93668** | **-** | **-** | **93668** |
| **External revenues and income** | **222388** | **199763** | **158579** | **580730** | **1534** | **-** | **582264** |
| Inter-segment revenues | **-** | **-** | **-** | **-** | **4551** | **(4551)** | **-** |
| **Total revenues and income** | **222388** | **199763** | **158579** | **580730** | **6085** | **(4551)** | **582264** |
| Cost of sales (\*\*) | **65784** | **45463** | **17206** | **128453** | **5466** | **462** | **134381** |
| **Segment adjusted EBITDA** | **189304** | **159015** | **142567** | **490886** | **1034** | **-** | **491920** |
| **Reconciliations of unallocated amounts:** | **Reconciliations of unallocated amounts:** | **Reconciliations of unallocated amounts:** | **Reconciliations of unallocated amounts:** | **Reconciliations of unallocated amounts:** | **Reconciliations of unallocated amounts:** | **Reconciliations of unallocated amounts:** |  |
| Headquarter costs (\*) | Headquarter costs (\*) | Headquarter costs (\*) | Headquarter costs (\*) | Headquarter costs (\*) | Headquarter costs (\*) | Headquarter costs (\*) | **(54135)** |
| Intersegment profit | Intersegment profit | Intersegment profit | Intersegment profit | Intersegment profit | Intersegment profit | Intersegment profit | **188** |
| Depreciation and amortization and share-based compensation | Depreciation and amortization and share-based compensation | Depreciation and amortization and share-based compensation | Depreciation and amortization and share-based compensation | Depreciation and amortization and share-based compensation | Depreciation and amortization and share-based compensation | Depreciation and amortization and share-based compensation | **(160392)** |
| Gains from projects disposals | Gains from projects disposals | Gains from projects disposals | Gains from projects disposals | Gains from projects disposals | Gains from projects disposals | Gains from projects disposals | 54597 |
| **Operating profit** | **Operating profit** | **Operating profit** | **Operating profit** | **Operating profit** | **Operating profit** | **Operating profit** | **332178** |
| Finance income | Finance income | Finance income | Finance income | Finance income | Finance income | Finance income | **40851** |
| Finance expenses | Finance expenses | Finance expenses | Finance expenses | Finance expenses | Finance expenses | Finance expenses | **(164730)** |
| Share in the losses of equity accounted investees | Share in the losses of equity accounted investees | Share in the losses of equity accounted investees | Share in the losses of equity accounted investees | Share in the losses of equity accounted investees | Share in the losses of equity accounted investees | Share in the losses of equity accounted investees | **(3722**) |
| **Profit before income taxes** | **Profit before income taxes** | **Profit before income taxes** | **Profit before income taxes** | **Profit before income taxes** | **Profit before income taxes** | **Profit before income taxes** | **204577** |

---

(\*) Including general and administrative and development expenses (excluding depreciation and amortization and share-based compensation).

(\*\*) Excluding depreciation and amortization.

F - 78

------

Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Segmental revenues and results (Cont.)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 | For the year ended December 31, 2024 |
|  | MENA | Europe | <br> **USA** | Total reportable segments | Others | Adjustments | Total |
|  | USD in thousands | USD in thousands | USD in thousands | USD in thousands | USD in thousands | USD in thousands | USD in thousands |
| Revenues | **155693** | **197143** | **15748** | **368584** | **9351** | **-** | **377935** |
| Tax benefits | **-** | **-** | **20860** | **20860** | **-** | **-** | **20860** |
| **External revenues and income** | **155693** | **197143** | **36608** | **389444** | **9351** | **-** | **398795** |
| Inter-segment revenues | **-** | **-** | **-** | **-** | **5569** | **(5569)** | **-** |
| **Total revenues and income** | **155693** | **197143** | **36608** | **389444** | **14920** | **(5569)** | **398795** |
| Cost of sales (\*\*) | **29792** | **35450** | **4957** | **70199** | **9470** | **1027** | **80696** |
| **Segment adjusted EBITDA** | **123724** | **165385** | **33539** | **322648** | **4141** | **-** | **326789** |
| **Reconciliations of unallocated amounts:** | **Reconciliations of unallocated amounts:** | **Reconciliations of unallocated amounts:** | **Reconciliations of unallocated amounts:** | **Reconciliations of unallocated amounts:** | **Reconciliations of unallocated amounts:** | **Reconciliations of unallocated amounts:** |  |
| Headquarter costs (\*) | Headquarter costs (\*) | Headquarter costs (\*) | Headquarter costs (\*) | Headquarter costs (\*) | Headquarter costs (\*) | Headquarter costs (\*) | **(37774)** |
| Intersegment profit | Intersegment profit | Intersegment profit | Intersegment profit | Intersegment profit | Intersegment profit | Intersegment profit | **100** |
| Depreciation and amortization and share-based compensation | Depreciation and amortization and share-based compensation | Depreciation and amortization and share-based compensation | Depreciation and amortization and share-based compensation | Depreciation and amortization and share-based compensation | Depreciation and amortization and share-based compensation | Depreciation and amortization and share-based compensation | **(117249)** |
| Other incomes not attributed to segments | Other incomes not attributed to segments | Other incomes not attributed to segments | Other incomes not attributed to segments | Other incomes not attributed to segments | Other incomes not attributed to segments | Other incomes not attributed to segments | **3669** |
| **Operating profit** | **Operating profit** | **Operating profit** | **Operating profit** | **Operating profit** | **Operating profit** | **Operating profit** | **175535** |
| Finance income | Finance income | Finance income | Finance income | Finance income | Finance income | Finance income | **20439** |
| Finance expenses | Finance expenses | Finance expenses | Finance expenses | Finance expenses | Finance expenses | Finance expenses | **(107844)** |
| Share in the losses of equity accounted investees | Share in the losses of equity accounted investees | Share in the losses of equity accounted investees | Share in the losses of equity accounted investees | Share in the losses of equity accounted investees | Share in the losses of equity accounted investees | Share in the losses of equity accounted investees | **(3350**) |
| **Profit before income taxes** | **Profit before income taxes** | **Profit before income taxes** | **Profit before income taxes** | **Profit before income taxes** | **Profit before income taxes** | **Profit before income taxes** | **84780** |

---

(\*) Including general and administrative and development expenses (excluding depreciation and amortization and share-based compensation).

(\*\*) Excluding depreciation and amortization.

F - 79

------

Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Segmental revenues and results (Cont.)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | For the year ended December 31, 2023 | For the year ended December 31, 2023 | For the year ended December 31, 2023 | For the year ended December 31, 2023 | For the year ended December 31, 2023 | For the year ended December 31, 2023 | For the year ended December 31, 2023 |
|  | MENA | Europe | <br> **USA** | Total reportable segments | Others | Adjustments | Total |
|  | USD in thousands | USD in thousands | USD in thousands | USD in thousands | USD in thousands | USD in thousands | USD in thousands |
| Revenues | **67687** | **177471** | **2274** | **247432** | **8270** | **-** | **255702** |
| Tax benefits | **-** | **-** | **5440** | **5440** | **-** | **-** | **5440** |
| **External revenues and income** | **67687** | **177471** | **7714** | **252872** | **8270** | **-** | **261142** |
| Inter-segment revenues | **-** | **-** | **-** | **-** | **9074** | **(9074)** | **-** |
| **Total revenues and income** | **67687** | **177471** | **7714** | **252872** | **17344** | **(9074)** | **261142** |
| Cost of sales (\*\*) | **13204** | **31670** | **778** | **45652** | **12888** | **(5746)** | **52794** |
| **Segment adjusted EBITDA** | **71350** | **150677** | **12133** | **234160** | **3035** | **-** | **237195** |
| **Reconciliations of unallocated amounts:** | **Reconciliations of unallocated amounts:** | **Reconciliations of unallocated amounts:** | **Reconciliations of unallocated amounts:** | **Reconciliations of unallocated amounts:** | **Reconciliations of unallocated amounts:** | **Reconciliations of unallocated amounts:** |  |
| Headquarter costs (\*) | Headquarter costs (\*) | Headquarter costs (\*) | Headquarter costs (\*) | Headquarter costs (\*) | Headquarter costs (\*) | Headquarter costs (\*) | **(30434)** |
| Intersegment profit | Intersegment profit | Intersegment profit | Intersegment profit | Intersegment profit | Intersegment profit | Intersegment profit | **1587** |
| Repayment of contract asset under concession arrangements | Repayment of contract asset under concession arrangements | Repayment of contract asset under concession arrangements | Repayment of contract asset under concession arrangements | Repayment of contract asset under concession arrangements | Repayment of contract asset under concession arrangements | Repayment of contract asset under concession arrangements | **(14120)** |
| Depreciation and amortization and share-based compensation | Depreciation and amortization and share-based compensation | Depreciation and amortization and share-based compensation | Depreciation and amortization and share-based compensation | Depreciation and amortization and share-based compensation | Depreciation and amortization and share-based compensation | Depreciation and amortization and share-based compensation | **(70766)** |
| Other incomes not attributed to segments | Other incomes not attributed to segments | Other incomes not attributed to segments | Other incomes not attributed to segments | Other incomes not attributed to segments | Other incomes not attributed to segments | Other incomes not attributed to segments | **34681** |
| **Operating profit** | **Operating profit** | **Operating profit** | **Operating profit** | **Operating profit** | **Operating profit** | **Operating profit** | **158143** |
| Finance income | Finance income | Finance income | Finance income | Finance income | Finance income | Finance income | **36799** |
| Finance expenses | Finance expenses | Finance expenses | Finance expenses | Finance expenses | Finance expenses | Finance expenses | **(68143)** |
| Share in the losses of equity accounted investees | Share in the losses of equity accounted investees | Share in the losses of equity accounted investees | Share in the losses of equity accounted investees | Share in the losses of equity accounted investees | Share in the losses of equity accounted investees | Share in the losses of equity accounted investees | **(330**) |
| **Profit before income taxes** | **Profit before income taxes** | **Profit before income taxes** | **Profit before income taxes** | **Profit before income taxes** | **Profit before income taxes** | **Profit before income taxes** | **126469** |

---

(\*) Including general and administrative and development expenses (excluding depreciation and amortization and share-based compensation).

(\*\*) Excluding depreciation and amortization.

F - 80

------

Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

#### Note 29 - Balances and Transactions with Related Parties
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Compensation, benefits and transactions with related parties:** 

---

| | | |
|:---|:---|:---|
|  | **For the year ended**<br> December 31 | **For the year ended**<br> December 31 |
|  | **2025** | **2024** |
|  | **USD in thousands** | **USD in thousands** |
| **Compensation and benefits which were given to related parties:** |  |  |
| Payroll and related expenses to Related parties employed in the Company | **746** | 735 |
| Granting of equity compensation to Related parties employed in the Company | **1529** | 817 |
| Number of people to whom the benefit applies | **1** | 1 |
| Compensation for directors who are not employed in the Company | **652** | 503 |
| Number of people to whom the benefit applies | **7** | 7 |
| Granting of equity compensation to directors who are not employed in the Company | **440** | 378 |
| Number of people to whom the benefit applies | **7** | 7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** Engagements
 with interested parties and Related parties

#### Executive compensation subjects:
The terms of tenure and employment of the Company's officers are determined in accordance with the Company's compensation policy, as approved from time to time, by the general meeting of the Company's shareholders.

The terms for officers are generally consistent with the standard industry practice, and in accordance with the Company's compensation policy, whereby the salary components of the Company's officers include salary, social benefits, variable compensation targets signifying entitlement to annual bonuses, equity compensation, such as options, restricted share units ("RSUs") and performance-based RSUs ("PSUs"), etc.

F - 81

------

Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

**Note 29 - Balances and Transactions with Interested Parties and Related Parties (Cont.)**

#### Engagements with interested parties and Related parties (Cont.)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** **Gilad Yavetz ("Gilad"):** 

Presented below are several key matters relating to the Company's former Chief Executive Officer and current Executive Chairman of the Board, and the Company's former Chairman of the Board and current Vice Chairman of the Board:

In the Company's annual meeting in August 2021 (the "**2021 Meeting**"), a progressive salary program was approved for Gilad. Gilad's terms of tenure were amended in the Company's Special General Meeting in April 2024 (the "**2024 Meeting**") effective as of January 1, 2024.

In September 2025, our shareholders approved in a special and annual general meeting (the "**2025 Meeting**") certain amendments to our compensation policy. At the 2025 meeting, Gilad was appointed full-time Executive Chairman of the Board and his terms of tenure were amended, effective as of October 2025.

The following also reflects the salary during the entire reporting year):

---

| | | |
|:---|:---|:---|
| **Relevant year** | **Updated base salary (NIS)** | **Number of annual bonus salaries subject to the fulfillment of targets which will be determined according to the Company's compensation policy\*** |
| 2023<br>| 105,000<br>(approximately USD 29,800) | 9 |
| 2024 and the first 9 months of 2025 | 108,000<br> (approximately USD 29,190) | 10\*\* |
| As of October, 2025 | 118,000\*\*\*<br> (approximately USD 34,200) | - |

---

\* The bonus may reach a level of 125% (i.e., above the foregoing salaries limit), subject to excellence targets which will be defined.

\*\* Represents the target for annual bonus, not including discretionary bonus or bonus for outstanding performance.

\*\*\*The base salary shall be adjusted in January of each year to reflect increases in the CPI for the preceding calendar year. This linkage will take effect starting with the salary for January 2027, based on the CPI increase in 2026.

Gilad's salary components also include, in addition to the foregoing, vehicle components, social benefits, reimbursement of expenses, etc., according to the standard practice, and in accordance with the Company's compensation policy.

Following the approval of the 2024 Meeting Gilad received a letter of exemption, exempting him from liability towards the Company under certain limited circumstances.

F - 82

------

Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

#### Note 29 - Balances and Transactions with Interested Parties and Related Parties (Cont.)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Engagements with interested parties and Related parties (Cont.)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** **Gilad Yavetz ("Gilad"): (Cont.)** 

#### Grant of options, Gilad:
The 2021 Meeting approved the allocation to Gilad of 500,000 options, exercisable into up to 500,000 ordinary Company shares, at an exercise price of NIS 71.89 per share. The grant was performed on September 30, 2021. See Note 18(C).

Options may be converted to shares according to the cashless exercise mechanism, by which the number of shares which will result from the exercise of the options will be less than the number of converted options. The number of shares on a fully diluted basis is calculated according to the B&S model and/or the binomial model.

The 2025 Meeting approved the allocation to Gilad of 345,927 options, exercisable into up to 345,927 ordinary Company shares, at an exercise price of NIS 84.6 per share. The grant was performed on October 1, 2025. See Note 18(P).

The option would vest in four equal annual instalments of 25%, so long as Gilad serves as an officer of the Company, with the first instalment to vest a year from the grant date and an additional 25% to vest on each annual anniversary of the vesting date thereafter.

Options may be converted to shares according to the cashless exercise mechanism, by which the number of shares which will result from the exercise of the options will be less than the number of converted options. The number of shares on a fully diluted basis is calculated according to the B&S model and/or the binomial model.

#### Grant of RSUs and performance-based RSUs ("PSUs"), Gilad:
The 2024 Meeting approved the grant of 87,023 restricted share units ("RSUs") to Gilad. The RSUs, granted under the Company's 2010 Plan, will vest in four equal annual instalments of 25%, so long as Gilad serves as an officer of the Company, with the first instalment to vest a year from the grant date and an additional 25% to vest on each annual anniversary of the vesting date thereafter. See Note 18(H).

The 2025 Meeting approved the grant of 6,726 RSUs and 76,055 PSUs to Gilad. The RSUs and PSUs, granted under the Company's 2010 Plan, will vest in four equal annual instalments of 25%, so long as Gilad serves as an officer of the Company, with the first instalment to vest a year from the grant date and an additional 25% to vest on each annual anniversary of the vesting date thereafter. The vesting of the PSUs is subject to achievement of performance metrics for the preceding calendar year (the "PSU Metrics"). The PSU Metrics – Total Income and Revenues, and Adjusted EBITDA (each as reported in the Company's Annual Report on Form 20-F) – are measured against the midpoint of the Company's forecast published at the start of the applicable performance year. Achievement of 90% of the target yields 50% vesting for that Metric's portion of the tranche, with linear interpolation for achievement between 90% and 100%. PSU Metrics are weighted equally and evaluated independently; overperformance in one cannot offset the other. See Note 18(Q).

F - 83

------

Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

#### Note 29 - Balances and Transactions with Interested Parties and Related Parties (Cont.)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Engagements with interested parties and Related parties (Cont.)** 

#### Yair Seroussi, Vise Chairman of the Board:
Yair has served as the Chairman of the Board since May 2018, and was appointed Vice Chairman of the Board at the 2025 meeting, effective October 2025.

The 2025 Meeting re-approved the principal terms of engagement consisting of gross monthly compensation in the amount of NIS 50,000, paid against an invoice (approximately USD 14 thousand per month). The said amount shall be adjusted in January of each year to reflect increases in the CPI for the preceding calendar year.

This linkage will take effect starting withs the salary for January 2027, based on the CPI increase in 2026. Mr. Seroussi is employed in a 40% position. In addition, the 2024 Meeting approved the issuance of an exemption letter to Yair, exempting him from liability towards the Company under certain limited circumstances.

#### Grant of options, Yair:
The 2025 Meeting approved the allocation to Yair of 51,574 options, exercisable into up to 51,574 ordinary Company shares, at an exercise price of NIS 84.6 per share. The grant was performed on October 1, 2025. See Note 18(P).

The option would vest in four equal annual instalments of 25%, so long as Yair serves as an officer of the Company, with the first instalment to vest a year from the grant date and an additional 25% to vest on each annual anniversary of the vesting date thereafter.

Options may be converted to shares according to the cashless exercise mechanism, by which the number of shares which will result from the exercise of the options will be less than the number of converted options. The number of shares on a fully diluted basis is calculated according to the B&S model and/or the binomial model.

#### Grant of restricted share units and performance-based RSUs ("PSUs"), Yair:
The 2024 Meeting approved the grant of 14,233 RSUs to Yair. The RSUs, granted under the Company's 2010 Plan, will vest in four equal annual instalments of 25%, so long as Yair serves as an officer of the Company, with the first instalment to vest a year from the grant date and an additional 25% to vest on each annual anniversary of the vesting date thereafter. See Note 18(H).

The 2025 Meeting approved the grant of 11,339 PSUs to Yair. The PSUs, granted under the Company's 2010 Plan, will vest in four equal annual instalments of 25%, so long as Yair serves as an officer of the Company, with the first instalment to vest a year from the grant date and an additional 25% to vest on each annual anniversary of the vesting date thereafter. The vesting of the PSUs is also subject to the achievement of the applicable business performance metrics, determined on the grant date. The vesting of the PSUs is subject to achievement of performance metrics for the preceding calendar year (the "PSU Metrics"). The PSU Metrics – Total Income and Revenues, and Adjusted EBITDA (each as reported in the Company's Annual Report on Form 20-F) – are measured against the midpoint of the Company's forecast published at the start of the applicable performance year. Achievement of 90% of the target yields 50% vesting for that Metric's portion of the tranche, with linear interpolation for achievement between 90% and 100%. PSU Metrics are weighted equally and evaluated independently; overperformance in one cannot offset the other. See Note 18(Q).

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Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

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#### Note 29 - Balances and Transactions with Interested Parties and Related Parties (Cont.)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Engagements with interested parties and Related parties (Cont.)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)** Board
 Members:

In April 2024, the 2024 Meeting approved the grant of 5,112 RSUs to each of the other six non-executive members of our board of directors (excluding Yair). The RSUs, granted under the Company's 2010 Plan, will vest in three equal annual instalments of 33 1/3%, with the first instalment to vest a year from the grant date and an additional 33 1/3% to vest on each annual anniversary of the vesting date thereafter.

The 2024 Meeting approved the issuance of an exemption letter to each of the Board Members, exempting them from liability towards the Company under certain limited circumstances.

#### Note 30 - Guarantees, Engagements and Charges
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Engagements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** **Gecama wind energy project in Spain – transactions of hedging the electricity price** 

Gecama wind energy project with a total capacity of approximately 329MW (hereinafter: "the Project") hedges the electricity prices in a CFD (Contract for Difference) format. For 2024 the Company hedged approximately 73% of its electricity production at a weighted average price of EUR 65.25 MWh. For 2026 the Company hedged approximately 31% of its forecasted electricity production at a weighted average price of EUR 60.9 MWh.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **Pupin wind energy project in Serbia – Full commercial operation and signing on CFD agreement** 

Pupin wind farm, a project with a total capacity of 94 MW has achieved commercial operation during 2025. All the energy generated by the project in 2025 was sold on a merchant basis.

On October 2, 2023, following a tender process, the Company was awarded a 15-year inflation-linked Contract for Differences for the project. The arrangement will be structured through a CFD mechanism in which the state-owned utility Elektroprivreda Srbije will secure a base rate of EUR 68.88 per MWh for 72% of the project's output linked to Eurostat's Consumer Price Index. The remaining of the produced electricity will be sold on a merchant basis. The Contract for Differences is expected to enter into effect during the first half of 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)** **Signing on agreement of selling a partnership holding a cluster of PV + Storage projects in Israel** 

At the beginning of 2025, the Company signed an agreement of selling 44% of a partnership (hereafter- "the Partnership"), which holds a cluster of PV + Storage projects in Israel to Harel Insurance Investments & Financial Services Ltd. and Amitim Senior Pension Funds (here after- "the Investors", "the Sale Agreement"), who acquired a 25% and 19% stake respectively.

The Investors purchased 44% of the Partnership for a total investment of approximately USD 50 million in cash, of which USD 45 million paid upfront, and USD 5 million were paid by the Investors upon fulfillment of certain conditions set forth in the Sale Agreement.

The cluster consists of operational and pre-construction projects totaling 69 MW of solar generation and 448 MWh of energy storage capacity. A fully owned subsidiary of the Company will act as the General Partner in the Partnership.

In conjunction with the Sale Agreement, the Investors have Kick Out Right of 50% of the Company's holdings in the General Partner, therefore the Company ceased to consolidate the financial results of the Partnership in its financial statements, and will accordingly recognized a profit of approximately USD 96 million, of which approximately USD 42 million is attributable to the gain on the partial sale of the Partnership and approximately USD 54 million is attributable to the revaluation of the remaining holdings.

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Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

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#### Note 30 - Guarantees, Engagements and Charges (Cont.)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Engagements (Cont.)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4)** **Investment in Jupiter project in Germany** 

In December 2025, the Company signed an agreement to acquire a majority stake (expected 51%-60%) in Project Jupiter, a solar generation and battery energy storage project in Brandenburg, Germany, in partnership with Prime Capital AG on behalf of its Prime Green Energy Infrastructure Fund II (PGEIF II).

Project Jupiter is planned to include up to 150 MWp of solar generation capacity and 2,000 MWh of energy storage capacity, supported by a secured grid connection of up to 500 MW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5)** **Two facilities win bids in the Israel Electricity Authority's energy storage tender** 

In February 2025, the Company was awarded rights in the Israel Electricity Authority's first availability tariff energy storage tender for two energy storage facilities located in Neot Smadar and Ohad, Israel. The awarded projects have a combined grid connection capacity of 300 MW, enabling the development of energy storage facilities with an estimated aggregate capacity of approximately 1,300 MWh, which may increase up to 1,900 MWh upon transition to the deregulated market.

Under the terms of the tender, the facilities are expected to operate under a regulated availability tariff for an initial period of five years, after which they may participate in the deregulated electricity market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6)** **Winning in Israel's first land tender for an integrated data center and renewable energy facility** 

In March 2025, the Company won an Israel Land Authority (ILA) tender to develop an integrated data center and renewable energy facility in Ashalim region of southern Israel. The project is planned to combine a state-of-the-art data center with adjacent solar generation and energy storage infrastructure. The development aligns with national infrastructure objectives to expand data center capacity outside Israel's central region.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(7)** **Baron Floating PV + Storage project in Israel – commercial operation** 

During 2025 the Company has commenced full commercial operation of the Baron project, a floating PV facility installed on a water reservoir and combined with energy storage. The project has a solar generation capacity of 21MW and an energy storage capacity of 160MWh. The entire electricity output generated by the project is sold to customers in Israel's newly deregulated power market through Enlight's supplier division.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8)** **Atrisco PV + Storage project in the United States – additional Domestic Content tax equity investment** 

During August 2025, Atrisco battery energy storage project (BESS) qualified for an additional 10% Investment Tax Credit (ITC) on its storage component based on Domestic Content adder. As a result, the Company, through its subsidiary Clēnera Holdings, LLC, secured an additional USD 53 million in tax equity investment from a leading U.S. financial institution.

The incremental tax equity investment is expected to generate approximately USD 41 million in net proceeds to the Company, which are expected to be recognized as an increase in pre-tax profit over a five-year period, in accordance with the applicable accounting treatment for tax equity arrangements.

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Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Engagements (Cont.)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(9)** **Quail Ranch PV + Storage project in the United States – partial commercial operation and tax equity arrangements** 

Quail Ranch PV and Storage project, located in New Mexico US, comprises a 128 MW solar generation facility and 400 MWh of energy storage capacity. The project benefits from a 20-year busbar power purchase agreement (PPA) and 20-year busbar energy storage agreement (ESA) with Public Service Company of New Mexico (PNM). The solar component achieved commercial operation in December 2025.

Tax equity partnership

The Company, through its subsidiary Clēnera Holdings, LLC, entered into a partnership agreement for a tax equity arrangement with Wells Fargo Bank N.A., a U.S. institutional investor, in connection with the Quail Ranch solar and energy storage project (the "Tax Partner"). Pursuant to the agreement, the Tax Partner provides tax equity financing, including a contribution following substantial completion of USD 131 million, expected to increase to nearly USD 150 million when including pay-go contributions over the first 10 years of operation.

The tax equity financing provides production tax credits (PTC) for the solar component and investment tax credits (ITC) for the storage component. Quail Ranch is also expected to qualify for the 10% Energy Community Adder under the Inflation Reduction Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(10)** **Roadrunner PV + Storage project in the United States – partial commercial operation and tax equity arrangements** 

The Roadrunner PV and Storage project, located near Tucson, Arizona, US, comprises a 290 MW solar generation facility and 940 MWh of energy storage capacity. The solar project achieved commercial operation in December 2025 and is backed by a 20-year busbar power purchase agreement (PPA) with the Arizona Electric Power Cooperative.

Tax equity partnerships

The Company, through its subsidiary Clēnera Holdings, LLC, entered into tax equity partnership agreements for the Roadrunner Solar and Energy Storage project. The arrangements consist of two separate tax equity partnerships with U.S. financial institutions: a partnership with J.P. Morgan Chase Bank for the solar project and a partnership with M&T Bank and First Citizens Bank for the energy storage project. Together, these partnerships represent approximately USD 340 million in tax equity commitments at the project's commercial operation date ("COD"), which are expected to increase to nearly USD 390 million when including additional "pay-go" contributions over the first 10 years of operation.

The solar component benefits from Production Tax Credits (PTC), while the storage component receives Investment Tax Credits (ITC). The project is expected to qualify for the 10% Energy Community Adder.

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Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Engagements (Cont.)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(11)** Snowflake
 PV + Storage project in the United States - financial closing

During November 2025, the Company, through its U.S. subsidiary Clēnera Holdings LLC, entered into a debt financing agreement for the Snowflake A solar and energy storage project, located near Holbrook, Arizona, USA.

Snowflake A comprises 600 MW of solar generation capacity and 1,900 MWh of energy storage capacity. As part of the financing, the Company secured commitments totaling approximately USD 1.44 billion from a consortium of six global banks, including Wells Fargo Bank, N.A., BNP Paribas, Natixis Corporate and Investment Banking, Norddeutsche Landesbank Girozentrale (Nord/LB), Crédit Agricole Corporate and Investment Bank, and MUFG Bank, Ltd.

The financing is structured so that upon the project's commercial operation date, a portion of the loan is expected to convert into a long-term term loan facility, with the remaining amounts expected to be repaid with proceeds from future tax equity investment.

The project is supported by a 20-year busbar power purchase and energy storage agreement with Arizona Public Service, which is expected to provide predictable cash flows over the life of the contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(12)** Country
 Acres PV + Storage project in the United States - financial closing

Country Acres consists of 403 MW of solar generation capacity and 688 MWh of energy storage capacity. The project is located near Sacramento, California, USA and has entered construction, with all procurement contracts executed. Country Acres has secured a busbar power purchase agreement with a 30-year term for solar generation and a 20-year term for energy storage with the Sacramento Municipal Utility District ("SMUD"). The Company also expects to conclude a tax equity transaction during the construction period.

On March 31, 2025, the Company, through its subsidiary Clenera Holdings, LLC, completed the financial closing for the Country Acres solar and energy storage project, As part of the financing arrangement, the Company secured debt financing commitments totaling approximately USD 773 million from a consortium of leading global banks, including BNP Paribas Securities Corp, Crédit Agricole, Natixis Corporate & Investment Banking, and Norddeutsche Landesbank Girozentrale (Nord/LB). Upon the project's commercial operation date ("COD"), a portion of the construction financing is expected to convert into a USD 376 million term loan, with the remainder expected to be repaid through tax equity financing.

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Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Bank and other financial institutions guarantees which were issued by the Company:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** Guarantees
 Issued in Connection with the Company's Projects in United States:

As of December 31, 2025, guarantees in connection with the Company's projects in the United States amounted to an aggregate of approximately USD 296.2 million, of which guarantees in the total amount of approximately USD 107 million were issued during 2025.

Subsequent to the reporting date, additional guarantees totaling approximately USD 101.7 million were issued in connection with the Company's U.S. projects.

The following guarantees represent the main guarantees provided for certain U.S. projects:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) PPA guarantee of USD 40
 million was issued for the Co Bar SRP project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) PPA guarantees in the aggregate amount of approximately
 USD 57.7
 million were issued for the Co Bar C project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) PPA guarantee of USD 40
 million was issued for the Co Bar D project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) A guarantee in the amount of USD 14
 million was issued in connection with the interconnection of the Thousand Lakes project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) LGIA guarantee in the amount of USD 12.4
 million was issued for the Gemstone project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) A guarantee in the amount of USD 35.6
 million was issued in connection with the financial close of the Country Acres project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Subsequent to the reporting date, PPA guarantees
 in the aggregate amount of approximately USD 18
 million were issued for the Crimson Orchard project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Subsequent to the reporting date, a PPA guarantee
 in the amount of USD 31.5
 million was issued for the Co Bar D project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Subsequent to the reporting date, a PPA guarantee
 in the amount of USD 32
 million was issued for the Co Bar SRP project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) Subsequent to the reporting
 date, an LGIA guarantee in the amount of USD 11.5
 million was issued for the Javelina project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** Guarantees
 Issued in Connection with the Company's Projects in Europe:

As of December 31, 2025, guarantees in connection with the Company's projects in Europe amounted to an aggregate of approximately EUR 79.9 million, of which guarantees in the total amount of approximately EUR 42.2 million were issued during 2025.

The following guarantees represent the main guarantees provided for certain European projects:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) A guarantee in the amount of EUR 14.3
 million was issued in connection with the financial re-close of the Gecama project in Spain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Two guarantees in the aggregate amount of approximately
 EUR 12
 million were issued for the Gecama Data Center project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Subsequent to the reporting date, a performance
 guarantee in the amount of EUR 6.1
 million was issued in connection with the Company's winning of a government tender in Italy for the Nardo project.

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Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Bank and other financial institutions guarantees which were issued by the Company: (Cont.)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)** Guarantees
 Issued in Connection with the Company's Projects in Israel:

As of December 31, 2025, guarantees in connection with the Company's projects in Israel amounted to an aggregate of approximately NIS 241 million, of which guarantees in the total amount of approximately NIS 129.3 million were issued during 2025.

The following guarantees represent the main guarantees provided for certain projects in Israel:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) High Voltage Storage Tender – performance
 guarantees provided to Noga in the amount of NIS 96.7
 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Yatir Forest land transaction – financial
 guarantees provided to the Israel Land Authority in the amount of NIS 33.3
 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Consumer supply agreements – financial guarantees
 provided to Noga in the aggregate amount of NIS 88.5
 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Subsequent to the reporting date, an additional
 consumer agreement – financial guarantee in the amount of NIS 18
 million was provided to Noga.

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Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Parent company guarantees:** 

In the Group's ordinary course of business, the Group provides, from time to time, guarantees to back and secure various undertakings, including to secure undertakings by virtue of financing agreements in respect of projects, guarantees to secure undertakings in respect of tenders for renewable energy projects, guarantees towards statutory authorities in respect of projects, etc.

Presented below are details regarding the significant guarantees which the Company provided:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) As
 part of acquiring the renewable energy company Clēnera in the United States, guaranties were given
 to secure the Company's undertakings towards the entrepreneurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Guaranty in connection with the purchase of an additional solar and energy storage portfolio in the United States on December 30, 2022 ("the
 Tranche III Projects") in favor of Parasol Renewable Energy Holdings LLC ("PREH") up to a total of $54 million
 and will be reduced by earn out paid in the future in connection with the Tranche III Projects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Parent guaranty in connection with Tax Equity for Apex in favor of CLI-HBAN Solar Trust , dated August
 12, 2022. This guaranty would become effective only if (1) Clenera Holdings failed to pay the obligations
 under its guaranty and (2) the Apex project company failed to perform its obligations and. This guaranty covers Clenera's tax indemnity obligations, certain operational obligations, and other obligations under the tax equity arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Sponsor
 Guaranty given by the Company (and Clenera Holdings, LLC) to MUFG Bank, Ltd., dated November 7, 2025. This guarantees certain Borrowers'
 obligations under the Snowflake debt financing agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) The
 following parental guaranties were issued with respect to Atrisco project:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Guaranty in connection with Tax Equity for Atrisco in favor of Bank of America dated November 17, 2023 (Atrisco PV). This guaranty was given to secure the obligations of the Class B Member, in accordance with Section 6.02 of the ECCA
 (breach of representation or warranty, among other things) and Section 9.01 of the LLCA (breach of representation or warranty, fraud,
 failure to maintain Reactive Power Capability, among other things) and all obligations of Class B Member under Section 12.03(b) of the
 LLCA (Class B deficit balance contribution obligation on liquidation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Guaranty in favor of HSBC dated December 13, 2023 in connection with debt for Atrisco PV. This guaranty was
 given to secure the Atrisco project Company's obligations under the Financing Agreement with respect to (1) Merchant Tail prepayment;
 (2) Module Testing prepayment; (3) Reactive Power indemnity; and (4) Reactive Power prepayment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Guaranty
 given by the Company to U.S. Bancorp Community Development Corporation, dated July 25, 2024 (Atrisco BESS - tax equity). This guarantees
 (a) Investor Indemnified Costs under the LLCA, and (b) all other obligations of the Obligors (including the Class B Member) under the
 ECCA, LLCA, Development Services and Construction Management Agreement, and Management Services Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) See
 GIA as specified in section (16).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) The following
 parental guaranties were issued with respect to CO Bar complex:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Letter
 of Indemnity, dated December 9, 2023, given by the Company in favor of Isreal Discount Bank Ltd. in connection with a letter of credit
 posted by Isreal Discount Bank as performance security with respect to certain obligations pursuant to the CO Bar 3 PPA, in the amount
 of $20
 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) See GIAs
 as specified in section (16).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Letter
 Agreement between Bank Hapoalim B.M. and Enlight Renewable Energy LLC dated as of September 3, 2021 (as amended from time to time). This
 letter agreement was entered into as a condition to Bank Hapoalim issuing letters of credit, which have been posted as performance security
 with respect to various PPA and LGIA obligations for the CO Bar 2, Crimson Orchard, Gemstone and Rustic Hills I projects, in the approximate
 aggregate amount of $88
 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Various
 guaranties provided by the Company to Bank Leumi, made as a condition to Bank Leumi issuing various letters of credit posted as performance
 security with respect to various PPA, financing agreement and LGIA obligations for Coggon, Country Acres, Hagerman Springs, Horsepen Branch,
 Reedy Creek and Rustic Hills I, in the approximate aggregate amount of $46 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) The
 following parental guaranties were issued with respect to Country Acres project:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Equity
 Commitment Letter given by the Company in favor of Tesla, Inc., dated December 9, 2024 (SPA B). This secures payment obligations of Country
 Acres Clean Power LLC under Sale and Purchase Agreement for purchase of batteries for the Country Acres project, in the approximate amount
 of $93 million
 (as such initial payment obligations are reduced by payment or modified by change order).

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**Notes to the Financial Statements as of December 31, 2025**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Parent company guarantees: (Cont.)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amended
 and Restated Sponsor Guaranty given by the Company (and Clenera Holdings, LLC) to Natixis, New York Branch, dated April 25, 2025. This
 guaranties certain Borrowers' obligations under the debt financing agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) See
 guaranty as specified in section (8).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) The
 following parental guaranties were issued with respect to Roadrunner project:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Equity
 Commitment Letter given by Enlight Renewable Energy LLC in favor of Tesla, Inc., dated September 6, 2025 (SPA). This secures payment obligations
 of Roadrunner Battery Storage LLC under Sale and Purchase Agreement for purchase of batteries for the Roadrunner project, in the amount
 of $44.5
 million. Sponsor Guaranty given by the Company (and Clenera Holdings, LLC) to JPMorgan Chase Bank, National Association, dated September
 26, 2025. This is a guaranty of Class B Member's obligations under the LLCA and ECCA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Sponsor
 Guaranty given by the Company (and Clenera Holdings, LLC) to M&T Community & Environmental Development LLC and First-Citizens
 Bank & Trust Company, dated September 26, 2025. This is a guaranty of Class B Member's obligations under the LLCA and ECCA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) See
 guaranty as specified in section (9)(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) Guaranty
 given by the Company pursuant to that NatPay Program Participating Customer Agreement, dated July 7, 2025, by and among Natixis, New York
 Branch, Clenera Holdings, LLC and the Company This guaranties Clenera Holdings, LLC's obligations under the NatPay Program, a short
 term revolving credit facility with an outstanding balance of approximately $72M
 as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) Guaranty
 (as amendment from time to time) by the Company in favor of Credit Agricole Corporate and Investment Bank, guarantying the obligations
 of various Clenera entities pursuant to the Credit Agricole Bill of Exchange program (which in the aggregate had outstanding balances
 of approximately of $101M
 as of December 31, 2025).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) The
 following parental guaranties were issues with respect to the Snowflake A Project:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Sponsor
 Guaranty given by the Company (and Clenera Holdings, LLC) to MUFG Bank, Ltd., dated November 7, 2025. This guaranties certain Borrowers'
 obligations under the debt financing agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Equity
 Commitment Letter given by Enlight in favor of Tesla, Inc., dated June 30, 2025. This secures payment obligations of Snowflake Solar A
 LLC under Sale and Purchase Agreement for purchase of batteries for the Snowflake A project, in the approximate amount of $479
 million (as such initial payment obligations are reduced by payment or modified by change order).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) The
 following parental guaranties were issued with respect to Quail Ranch project:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Sponsor
 Guaranty given by the Company (and Clenera Holdings, LLC) to Natixis, New York Branch, dated April 10, 2025. This guaranties certain Borrowers'
 obligations under the debt financing agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Sponsor
 Guaranty given by the Company (and Clenera Holdings, LLC) to Wells Fargo Bank, N.A., dated October 31, 2025. This guaranties the Class
 B Member's obligations under the LLCA and ECCA.

F - 92

------

Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Parent company guarantees: (Cont.)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) The
 following parental guaranties were issues with respect to the Crimson Orchard Project:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Sponsor
 Guaranty given by the Company (and Clenera Holdings, LLC) to MUFG Bank, Ltd., dated March 12, 2026. This guarantees certain Borrowers'
 obligations under the Crimson Orchard debt financing agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Equity
 Commitment Letter given by the Company in favor of Tesla, Inc., dated September 25, 2025, to secure payment obligations of Crimson Orchard
 Solar LLC under Sale and Purchase Agreement for purchase of batteries for the Crimson Orchard project, in the approximate amount of $111 million
 (as such initial payment obligations are reduced by payment or modified by change order).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) General
 Indemnity Agreements (GIAs), entered into during 2023 to 2025 by and among several U.S. insurance companies, Clenera Holdings, LLC, Enlight
 Renewable Energy LLC, and the Company, for L/C and bonding facilities in the total capacity of $829
 million. From time to time, certain amounts under these facilities are utilized to secure performance obligations, mainly in connection
 with offtake agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) The
 Company issued several guarantees associated with the Gecama hybrid project in Spain:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Guaranty
 given by the Company in favor of the EPC contractor in the amount of approximately $18.5 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 following parental guarantee were issued to the turbine supplier with respect to Bjornberget wind project in Sweden. Currently this guarantee
 is limited to $19.6 million.
 This guaranty will expire earlier of: (1) the date upon which the company has paid under the guarantee an aggregate sum equal to the maximum
 aggregate liability; (2) when the last payment to the supplier under the contract has been credited to the account specified by the supplier
 in accordance with the terms of the contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) Guarantees
 of up to $36 million
 issued in 2022 in conjunction with a share purchase agreement of projects in Croatia, for the payment obligations under the contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) As
 part of the signing of the financing agreement with Raiffeisen Bank Zrt., for financing RAABA ACDC (Zalos) and RAABA Flow (Tapolca) projects
 in Hungary, the Company has provided on March 14, 2024 a guarantee in connection with all obligations and liabilities of RAABA ACDC kft.
 and RAABA Flow kft. (the Borrowers) under the SFA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) As
 part of the signing of the financing agreement with Bank Hapoalim, for financing 11 PV & storage projects in Israel, the Company has
 provided on November 29, 2023 the following guarantees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Guarantee
 in connection with all obligations and liabilities of Enlight – Finance, Limited Partnership (the Borrower) under the SFA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Guarantee
 in connection with all obligations and liabilities of the Company's Private Supplier (Enlight Enterprise, Limited Partnership) towards
 each of the Project Entities under each Private Supplier Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) As
 part of its activity as a power supplier in the Israeli market, the Company provides from time to time guarantees to secure the Company's
 Private Power Supplier (Enlight Enterprise, Limited Partnership) obligations towards commercial customers and project entities (power
 producers).

F - 93

------

Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Parent company guarantees: (Cont.)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) Guarantee of up to $21.5 million
 in connection with batteries and solar modules supply agreements for PV & storage projects in Israel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) As part of the signing of the financing agreement with Discount Bank,
 for the financing of a floating PV & storage project in Israel, the Company has provided on December 17, 2024 the following guarantees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Guarantee in connection with all obligations and liabilities
 of Enlight Floating Energy, Limited Partnership (the Borrower) under the SFA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Guarantee in connection with all obligations and liabilities of the Company's
 Private Supplier (Enlight Enterprise, Limited Partnership) towards the Project Entity under the Private Supplier Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) As part of our ongoing business as a power supplier in the Israeli market,
 the Company provides from time to time guarantees to secure the Company's Private Power Suppliers (Enlight Enterprise, Limited Partnership
 and Enlight Lilach, Limited Partnership) obligations towards commercial customers and project entities (power producers) .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) In addition, the Company has issued several parental guarantees as part
 of it regular course of business, in non-material amounts.

F - 94

------

Enlight Renewable Energy Ltd.

**Notes to the Financial Statements as of December 31, 2025**

------

#### Note 31 - Events After the End of the Reporting Period
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Commencement of commercial operations for Roadrunner Storage project** 

In January 2026, the Roadrunner energy storage project achieved commercial operation and is backed by a 20-year energy storage agreement (ESA) with the Arizona Electric Power Cooperative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Commencement of commercial operations for Quail Ranch Storage project** 

In January 2026, the Quail Ranch energy storage project achieved commercial operation and is backed by a 20-year energy storage agreement (ESA) with Public Service Company of New Mexico (PNM).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Completion of final development milestones for CO Bar project** 

In February 2026, the Company announced that it has reached key development milestones for the CO Bar Solar and Energy Storage Complex, located in Arizona, U.S. The CO Bar Complex comprises approximately 1.211 GW of solar generation capacity and 4.0 GWh of energy storage capacity across five stages.

During the reporting period, the Complex finalized its 1 GW AC Large Generator Interconnection Agreement and signed 20-year busbar energy storage agreements with Salt River Project for the standalone energy storage stages, securing offtake arrangements for the entire Complex.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Issuance of shares** 

On February 19, 2026, the Company completed an issuance of 6,002,416 ordinary Company shares, with a par value of NIS 0.1 each. The total (gross) consideration amounted to approximately NIS 1,320 million (USD 421.1 million).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** Crimson
 Orchard PV + Storage project in the United States - financial closing

In March 2026, the Company announced that its U.S. subsidiary, Clēnera Holdings, LLC, secured approximately $304 million in construction financing and term debt commitments for the Crimson Orchard project in Elmore County, Idaho. The financing commitments were provided by a group of leading global lenders: HSBC, ING Capital LLC, KeyBanc Capital Markets, and MUFG Bank, Ltd.

Crimson Orchard is a co-located solar and energy storage project totaling 120 MW of solar power generation capacity and 400 MWh of energy storage capacity.

The project is backed by a 20-year busbar solar power purchase agreement and a 20-year energy storage tolling agreement with Idaho Power, providing long-term contracted revenues. The Company believes the project qualified for safe harbor status in 2025.

F - 95

------

## Exhibit 8.1

------

<u>Exhibit 8.1</u>

Subsidiaries of Enlight Renewable Energy Ltd.

---

| | |
|:---|:---|
| <u>NAME</u> | <u>STATE OR OTHER JURISDICTION OF INCORPORATION OR ORGANIZATION</u> |
| Elements Limited Partnership | Cayman |
| Vjetroelektrana Lukovac d.o.o. za Proizvodnju Električne Energije | Croatia |
| MO-BO energija d.o.o. | Croatia |
| S.E. ŠESTANOVAC d.o.o. | Croatia |
| AUREUS DALMATA d.o.o. | Croatia |
| SE Kolarina d.o.o. | Croatia |
| SE Raštević d.o.o. | Croatia |
| SE Benkovac d.o.o. | Croatia |
| AUREUS SOLIS d.o.o. | Croatia |
| BESS Bertikow GmbH | Germany |
| NEG Nordic Energies - Germany Verwaltungsgesellschaft GmbH (German GP) | Germany |
| NEG Nordic Energies - Germany GmbH & Co. KG | Germany |
| Megujulohaz Kft. | Hungary |
| Raaba ACDC KFT | Hungary |
| Raaba Green KFT | Hungary |
| Raaba Flow KFT | Hungary |
| Danuba Energies Kft. | Hungary |
| Iberian Energies Kft. | Hungary |
| Nordic Energies Kft. | Hungary |
| Enlight EU energies Kft. | Hungary |
| Movilim Renewable Energies EU Kft | Hungary |
| Enlight CREPAJA KFT | Hungary |
| Tullynamoyle Wind Farm 3 Limited | Ireland |
| Enlight Energy Ireland Limited | Ireland |
| Enlight Neot Smadar 2 (High Voltage Storage) - Limited Partnership | Israel |
| Enlight Kramim Limited Partnership | Israel |
| Karmey Haruah, Limited Partnership | Israel |
| Kadarim Enlight Solar, Limited Partnership | Israel |

---

------

---

| | |
|:---|:---|
| Enlight Kidmat Tzvi, Limited Partnership | Israel |
| Orsol Energy 3 (A.A) LP | Israel |
| Enlight Maccabi Limited Partnership | Israel |
| Mey Golan - Enlight Floating Energy 7 (Bney Israel 2) Limited Partnership | Israel |
| Mey Golan - Enlight Floating Energy 5 (Qunaitra) Limited Partnership | Israel |
| Enlight Sunlight - Perot Golan Renewable Energy, Limited Partnership | Israel |
| Mey Golan - Enlight Floating Energy 6 (Hamra), Limited Partnership | Israel |
| Eshkol Ella-,Kramim-Enlight, Limited Partnership | Israel |
| Eshkol Brosh - Idan-Enlight,Limited Partnership | Israel |
| Eshkol Zait - Zait Yarok - Enlight , L.P | Israel |
| Sde Nehemia-Enlight, Limited Partnership | Israel |
| Enlight Gonen Srorage Limited Partnership | Israel |
| Talmey Bilu Green Energies LTD | Israel |
| Mey Golan - Enlight Floating Energy, Limited Partnership | Israel |
| Mivtahim Green Energies LTD | Israel |
| Winds Valley, Limited Partnership | Israel |
| Orsun Energy 3, LP | Israel |
| Enlight Beit Ha-Shita Solar Energy, Limited Partnership | Israel |
| Enlight Nahal Oz Renewable Energy Limited Partnership | Israel |
| Enlight Eshkol Dekel Limited Partnership | Israel |
| Enlight Yonatan Storage Limited Partnership | Israel |
| A.N. Faran Solar Limited Partnership | Israel |
| Emek Habacha. Wind Energy Ltd. | Israel |
| Perot Hagolan – Enlight Limited Partnership | Israel |
| Eshkol Gefen-Barbur-Enlight ,Limited Partnership | Israel |
| Enlight Beit Shikma Limited Partnership | Israel |
| Ruach Beresheet Limited Partnership | Israel |
| Enlight Sde Nitzan LP | Israel |
| Enlight Maccabi 2 Limited Partnership | Israel |
| Enlight Revivim Ein Gedi Limited Partnership | Israel |
| E.N. Mahanayim Limited Partnership | Israel |
| The Iberian Wind, Limited Partnership | Israel |
| Enlight Reim Renewable Energy LP | Israel |
| E.A Avital Wind Energy LTD | Israel |
| Enlight Lavi LP | Israel |
| Mey Golan- Enlight Floating Energy 3 (Dvash) Limited Partnership | Israel |
| Enlight - management Spain LTD | Israel |
| Mey Golan - Enlight Floating Energy 2 Limited Partnership | Israel |
| Mey Golan - Enlight Floating Energy 4 (Shaabaniya) Limited Partnership | Israel |
| Enlight - Nir Akiva Limited Partnership | Israel |
| Enlight Baron Floating Energy Limited Partnership | Israel |

---

------

---

| | |
|:---|:---|
| Enlight Tamar LTD | Israel |
| Enlight Neot Smadar Energy Storage, Limited Partnership | Israel |
| E.A. SAPIR WIND ENERGY LTD | Israel |
| Enlight - management Sweden LTD | Israel |
| Ramat Magshimim Wind Farm – Agricultural Cooperative Ltd. \* | Israel |
| Nordic Wind, Limited Partnership | Israel |
| Enlight- Eshkol Mimun Green, Limited Partnership | Israel |
| Natur Wind Farm – Agricultural Cooperative Ltd. \* | Israel |
| Enlight-AVIRAM WIND'S INITIATIVES LTD | Israel |
| Mey Golan - Enlight management Ltd | Israel |
| Enlight- Yatir wind's Initiatives LTD | Israel |
| Ma'ale Gamla Wind Farm – Agricultural Cooperative Ltd \* | Israel |
| Enlight - Eshkol MIMUN, L.P | Israel |
| Enlight - Eshkol Ella Limited Partnership | Israel |
| Mavo Hama Wind Farm – Agricultural Cooperative Ltd \* | Israel |
| Movilim management Enlight M.A. Ltd. | Israel |
| Kanaf Wind Farm – Agricultural Cooperative Ltd \* | Israel |
| Enlight-Eshkol Brosh, Limited Partnership | Israel |
| Yonatan Wind Farm – Agricultural Cooperative Ltd \* | Israel |
| Enlight Eshkol Geffen Limited Partnership | Israel |
| A.E. SHIKMA WIND ENERGY LTD | Israel |
| Southern Alonei HaBashan Wind Farm – Agricultural Cooperative Ltd \* | Israel |
| Eshkol HAVAZELET - HALUTZYUT Enlight L.P | Israel |
| Avnei Eitan Wind Farm – Agricultural Cooperative Ltd \* | Israel |
| Enlight Eshkol Hadas Limited Partnership | Israel |
| Summer Flow, LP | Israel |
| Kadarim Enlight management LTD | Israel |
| Odem Wind Farm – Agricultural Cooperative Ltd \* | Israel |
| Enlight - Eshkol Mimun Blue Limited Partnership | Israel |
| M.A MOVILIM RENEWABLE ENERGIES, LIMITED PARNERSHIP | Israel |

---

------

---

| | |
|:---|:---|
| Enlight Eshkol Vered Limited Partnership | Israel |
| Ortal Wind & Energy – Agricultural Cooperative Ltd \* | Israel |
| Orsun 3 LTD | Israel |
| GreEnlight Wind, Limited Partnership | Israel |
| Alonei HaBashan Wind Farm – Agricultural Cooperative Ltd \* | Israel |
| Enlight - Eshkol Zait, Limited Partnership | Israel |
| Neve Ativ Wind Farm – Agricultural Cooperative Ltd \* | Israel |
| Kidmat Tzvi Wind Farm – Agricultural Cooperative Ltd \* | Israel |
| Enlight Renewable Energy Ltd. | Israel |
| Enlight Beit Ha-Shita management LTD | Israel |
| Enlight Movilim, Limited Partnership | Israel |
| Hadar- Enlight, Limited Partnership | Israel |
| Enlight - management Kosovo LTD | Israel |
| Ruah Avigail- Enlight, Limited Partnership | Israel |
| Ruah Hanan-Enlight, Limited Partnership | Israel |
| Enlight Faran management LTD | Israel |
| Enlight KIDMAT TZVI management LTD | Israel |
| Enlight Yanuach Wind Energy 1 LP | Israel |
| Enlight SHDEMA LTD | Israel |
| Enlight Yanuach Wind Energy 2 LP | Israel |
| Enlight Kisra Wind Energy LP | Israel |
| Enlight Eshkol HAVAZELET L.P | Israel |
| Hila-Enlight, Limited Partnership | Israel |
| Tlamim- Enlight Renewable Energy Limited Partnership | Israel |
| NETIC ENERGIES - ALTERNATIVE ELECTRICAL ENERGIES LTD | Israel |
| Enlight - SHIRA HOLDINGS LTD | Israel |
| Enlight Assets LTD | Israel |
| Nurit- Enlight Limited Partnership | Israel |
| Ruah Harduf- Enlight Limited Partnership | Israel |
| Tlamim Enlight LTD | Israel |

---

------

---

| | |
|:---|:---|
| Enlight - BEIT RIMON management LTD | Israel |
| ISRAELI WIND ENERGY A.R. LTD | Israel |
| Enlight Energy (M.F.N) Limited Partnership | Israel |
| Enlight KRAMIM management LTD | Israel |
| Enlight RAVIVIM LTD | Israel |
| Ruah Shikma- Enlight Limited Partnership | Israel |
| Enlight - Aveeram Enterprise, Limited Partnership | Israel |
| Enlight Lilach, Limited Partnership | Israel |
| Core Capital management LTD | Israel |
| Enlight Fruits Of The Sun Limited Partnership | Israel |
| Enlight Enterprise Limited Partnership | Israel |
| Enlight Ein Habesor management LTD | Israel |
| Enlight Ein Habesor Limited Partnership | Israel |
| Enlight Maccabi management Ltd. | Israel |
| Enlight - Finance Limited Partnership | Israel |
| Enlight Sde Nitzan management Ltd | Israel |
| Enlight Revivim Renewable Energy Limited Partnership | Israel |
| Enlight Revivim management LTD | Israel |
| Enlight Revivim Ein Gedi management Ltd. | Israel |
| E.N. Nir Akiva management LTD | Israel |
| Enlight - Agro Enterpeneurship General Partner LTD | Israel |
| Enlight - Agro Enterpeneurship, Limited Partnership | Israel |
| E.N. Mahanayim management LTD | Israel |
| Enlight Reim management Ltd. | Israel |
| Enlight Lavi management Ltd. | Israel |
| Mey Golan - Enlight Floating Energy 2 management Ltd. | Israel |
| Enlight Sunlight - Energy Projects Financing, Limited Partnership | Israel |
| Enlight - Ma'ale Gamla Storage, Limited Partnership | Israel |
| Enlight - Talmey Eliyahu Eenergy, Limited Partnership | Israel |
| Enlight - Ma'ale Gamla Storage management LTD | Israel |

---

------

---

| | |
|:---|:---|
| Enlight- Talmey Eliyahu Energy GP LTD | Israel |
| Enlight Nahal Oz GP LTD | Israel |
| Enlight Tzofar Energy (GP) LTD | Israel |
| Enlight Tzofar Energy, Limited Partnership | Israel |
| Mey Golan - Enlight Floating Energy 7 (Bney ISRAEL 2) management LTD | Israel |
| Enlight NEOT SMADAR ENERGY 2 (HIGH VOLTAGE STORAGE) General Partner LTD | Israel |
| Enlight Baron Energy LTD | Israel |
| Enlight Yonatan management LTD | Israel |
| Enlight Ohad management LTD | Israel |
| Enlight Ohad Storage Limited Partnership | Israel |
| Enlight Gonen Management LTD | Israel |
| Enlight Sunlight Financing Limited Partnership | Israel |
| Enlight General Partner (B.B.S.P) LTD | Israel |
| Enlight Sunlight Energy Limited Partnership | Israel |
| Enlight Sunlight management LTD | Israel |
| Super Power Electricity, Enlight Sunlight Financing Limited Partnership | Israel |
| Electra Power 2022 LTD | Israel |
| Danuba Power,Enlight Sunlight Financing Limited Partnership | Israel |
| Elements General Partner Limited Partnership | Israel |
| Enlight - Newmed Development, Limited Partnership | Israel |
| MED-Enlight GENERAL PARTNER 2023 LTD | Israel |
| Elements MC LTD | Israel |
| ELEMENTS GPGP LTD | Israel |
| Mey Golan - Enlight Initiation , Limited Partnership | Israel |
| YES-Enlight GENERAL PARTNER LTD | Israel |
| MidEnlight Tenders Limited Partnership | Israel |
| MIDEnlight TENDERS management LTD | Israel |
| Yes-Enlight Holdings, Limited Partnership | Israel |
| Mey Golan Enlight Floating Energy 3 management LTD | Israel |
| Mey Golan - Enlight Floating ENERGY 4 management LTD | Israel |

---

------

---

| | |
|:---|:---|
| Mey Golan - Enlight FLOATING ENERGY 5 management LTD | Israel |
| Enlight-Newmed Central Corporation, Limited Partnership | Israel |
| Enlight Local LTD | Israel |
| Enlight Sunlight - Golan Fruits Storage LTD | Israel |
| Mey Golan - Enlight Floating Energy 6 (Hamra) management LTD | Israel |
| Enlight Neot Smadar Energy management LTD | Israel |
| Enlight- Hazeka Wind (TEL ASSANIYA) LTD | Israel |
| STEL RENEWABLE ENERGIES S.R.L | Italy |
| GSA Green S.R.L | Italy |
| RDP S.R.L | Italy |
| EVO S.R.L | Italy |
| BST S.R.L | Italy |
| ANT S.R.L | Italy |
| Giraffe Ce 18 S.R.L | Italy |
| Green Bess SRL | Italy |
| Nardo Storage 1 S.R.L. | Italy |
| Berdea Green S.R.L. | Italy |
| Nardo Storage 2 S.R.L. | Italy |
| Haizea Green S.R.L. | Italy |
| ARGIA GREEN S.R.L. | Italy |
| EDURNE GREEN S.R.L. | Italy |
| ZERUA GREEN S.R.L. | Italy |
| Genzano Solar Energy S.r.l. | Italy |
| Gravina 2 San Felice Solar Energy S.r.l. | Italy |
| Montemilone Solar Energy S.r.l. | Italy |
| Marcellinara BESS S.r.l. | Italy |
| Giraffe CE 15 S.R.L | Italy |
| SOWI Kosovo L.L.C | Kosovo |
| PGEIF MasterHoldco S.ar.l | Luxembourg |
| Prime Green Energy Infrastructure Fund II S.A., SICAV-RAIF | Luxembourg |

---

------

---

| | |
|:---|:---|
| Prime Green Energy Infrastructure Fund S.A., SICAV-RAIF | Luxembourg |
| Balkan Energies Serbia 1 B.V. | Netherlands |
| Balkan Energies Serbia 2 B.V. | Netherlands |
| Balkan Energies Co-Operation U.A | Netherlands |
| Balkan Energies Croatia 1 B.V. | Netherlands |
| Sunren X sp. z o.o. | Poland |
| Sunren IV sp. z o.o. | Poland |
| Bess4 Poland I sp z.o.o | Poland |
| SUNREN VI sp z.o.o | Poland |
| PV LIPNICA sp. z o.o. | Poland |
| Enbat Myszków sp. z o.o. | Poland |
| ElectrawindsK-Wind D.o.o Kovačica | Serbia |
| Enlight K2-Wind d.o.o. Beograd-Novi Beograd | Serbia |
| Wind Park Crepaja d.o.o. Beogard | Serbia |
| Generacion Eolica Castilla La Mancha S.A. | Spain |
| Haro Solar 1, S.L. | Spain |
| Haro Solar 3, S.L. | Spain |
| Generacion Eólica Castilla La Mancha – Iberian Energy Spain, S.L | Spain |
| Enlight Energia Renovable ESPANA S.L. | Spain |
| Peral Solar 1, S.L. | Spain |
| Minglanilla Renovables 400KV AIE | Spain |
| Enlight Valparaiso Solar, Sociedad Limitada | Spain |
| Extrema Solar, Sociedad Limitada | Spain |
| Enlight Leon Solar, S.L. | Spain |
| Vindpark Malarberget i Norberg AB | Sweden |
| Björnberget Vindkraft AB | Sweden |
| Prime Swedish Wind Holding I AB | Sweden |
| Enlight Renewable Energy LLC | USA |
| Clenera Holdings LLC | USA |
| Admiral Land LLC | USA |

---

------

---

| | |
|:---|:---|
| Admiral Solar LLC | USA |
| Apex Solar LLC | USA |
| Atrisco BESS SF LLC | USA |
| Atrisco Class B HoldCo LLC | USA |
| Atrisco Class B HoldCo Parent LLC | USA |
| Atrisco Energy Storage Bond Holder LLC | USA |
| Atrisco Energy Storage LLC | USA |
| Atrisco Solar Bond Holder LLC | USA |
| Atrisco Solar Class B Member LLC | USA |
| Atrisco Solar II LLC | USA |
| Atrisco Solar LLC | USA |
| Atrisco Solar SF LLC | USA |
| Atrisco Storage Class B Member LLC | USA |
| Atrisco Storage TE HoldCo LLC | USA |
| Bear Island Battery Storage LLC | USA |
| Bear Island Solar LLC | USA |
| Beaver Dam Solar LLC | USA |
| Bennett Solar B LLC | USA |
| Blackwater Solar LLC | USA |
| Boon Solar LLC | USA |
| Buckley Solar LLC | USA |
| Cedar Island B LLC | USA |
| Cedar Island Solar LLC | USA |
| Clenera Battery Holdco LLC | USA |
| Clenera DevCo II, LLC | USA |
| Clenera DevCo Intermediate LLC | USA |
| Clenera DevCo, LLC | USA |
| Clenera Holdings, LLC | USA |
| Clenera LandCo, LLC | USA |
| Clenera Operating Holdco LLC | USA |

---

------

---

| | |
|:---|:---|
| Clenera OperatingCo II LLC | USA |
| Clenera OperatingCo II Parent LLC | USA |
| Clenera OperatingCo III LLC | USA |
| Clenera OperatingCo III Parent LLC | USA |
| Clenera OperatingCo LLC | USA |
| Clenera Snowflake Land LLC | USA |
| Clenera Tech Center Holdings LLC | USA |
| Clenera-Apex Land LLC | USA |
| Clenera, LLC | USA |
| CO Bar Interconnection LLC | USA |
| CO Bar Solar A LLC | USA |
| CO Bar Solar B LLC | USA |
| CO Bar Solar C LLC | USA |
| CO Bar Solar D Energy Storage LLC | USA |
| CO Bar Solar D LLC | USA |
| CO Bar Solar E LLC | USA |
| CO Bar Solar Energy Storage LLC | USA |
| CO Bar Solar F LLC | USA |
| CO Bar Solar G LLC | USA |
| CO Bar Solar H LLC | USA |
| CO Bar Solar I LLC | USA |
| CO Bar Solar J LLC | USA |
| CO Bar Solar K LLC | USA |
| CO Bar Solar LLC | USA |
| Coggon Solar LLC | USA |
| Country Acres Class B HoldCo LLC | USA |
| Country Acres Class B Member LLC | USA |
| Country Acres Clean Power LLC | USA |
| Country Acres TE HoldCo LLC | USA |

---

------

---

| | |
|:---|:---|
| CRE- Atrisco II New Mexico LLC | USA |
| CRE- Beaver Dam Kentucky LLC | USA |
| CRE- Quail Ranch ESS New Mexico LLC | USA |
| CRE- Snowflake Echo Arizona LLC | USA |
| CRE-Admiral Virginia LLC | USA |
| CRE-Apex Montana LLC | USA |
| CRE-Atrisco ESS New Mexico LLC | USA |
| CRE-Atrisco New Mexico LLC | USA |
| CRE-Bear Island ESS Virginia LLC | USA |
| CRE-Bear Island Virginia LLC | USA |
| CRE-Bennett B Idaho LLC | USA |
| CRE-Blackwater Virginia LLC | USA |
| CRE-Boon Indiana LLC | USA |
| CRE-Cedar Island Oregon LLC | USA |
| CRE-CO Bar A Arizona LLC | USA |
| CRE-CO Bar Arizona LLC | USA |
| CRE-CO Bar B Arizona LLC | USA |
| CRE-CO Bar C Arizona LLC | USA |
| CRE-CO Bar D Arizona LLC | USA |
| CRE-CO Bar D ESS Arizona LLC | USA |
| CRE-CO Bar E Arizona LLC | USA |
| CRE-CO Bar ESS Arizona LLC | USA |
| CRE-CO Bar F Arizona LLC | USA |
| CRE-CO Bar G Arizona LLC | USA |
| CRE-CO Bar H Arizona LLC | USA |
| CRE-CO Bar I Arizona LLC | USA |
| CRE-CO Bar J Arizona LLC | USA |
| CRE-CO Bar K Arizona LLC | USA |
| CRE-Coggon Iowa LLC | USA |

---

------

---

| | |
|:---|:---|
| CRE-Country Acres California LLC | USA |
| CRE-Crimson Orchard ESS Idaho LLC | USA |
| CRE-Crimson Orchard Idaho LLC | USA |
| CRE-Drumwright Virginia LLC | USA |
| CRE-Fountain Springs Colorado LLC | USA |
| CRE-Gemstone Michigan LLC | USA |
| CRE-Headwaters Montana LLC | USA |
| CRE-Horizon ESS Colorado LLC | USA |
| CRE-Horsepen Branch Virginia LLC | USA |
| CRE-Horseshoe Bend Texas LLC | USA |
| CRE-Javelina Arizona LLC | USA |
| CRE-Javelina ESS Arizona LLC | USA |
| CRE-Lolo Idaho LLC | USA |
| CRE-Lone Butte Arizona LLC | USA |
| CRE-Ocotillo Arizona LLC | USA |
| CRE-Pachuta A Mississippi LLC | USA |
| CRE-Quail Ranch New Mexico LLC | USA |
| CRE-Reedy Creek Virginia LLC | USA |
| CRE-Roadrunner Arizona LLC | USA |
| CRE-Roadrunner ESS Arizona LLC | USA |
| CRE-Rustic Hills II Indiana LLC | USA |
| CRE-Rustic Hills Indiana LLC | USA |
| CRE-Scissortail Oklahoma LLC | USA |
| CRE-Snowflake A Arizona LLC | USA |
| CRE-Snowflake Arizona LLC | USA |
| CRE-Snowflake B Arizona LLC | USA |
| CRE-Snowflake C Arizona LLC | USA |
| CRE-Snowflake D Arizona LLC | USA |

---

------

---

| | |
|:---|:---|
| CRE-Snowflake E Arizona LLC | USA |
| CRE-Snowflake F Arizona LLC | USA |
| CRE-Snowflake G Arizona LLC | USA |
| CRE-Snowflake H Arizona LLC | USA |
| CRE-Snowflake I Arizona LLC | USA |
| CRE-Snowflake J Arizona LLC | USA |
| CRE-Snowflake K Arizona LLC | USA |
| CRE-Snowflake L Arizona LLC | USA |
| CRE-Solstice ESS Oklahoma LLC | USA |
| CRE-Solstice Oklahoma LLC | USA |
| CRE-South Bennett Idaho LLC | USA |
| CRE-Swift Creek North Carolina LLC | USA |
| CRE-Thundering Springs Georgia LLC | USA |
| CRE-Upland Dillon Argenta Montana LLC | USA |
| CRE-Willis River Virginia LLC | USA |
| Crimson Orchard Class B Holdco LLC | USA |
| Crimson Orchard Class B Member LLC | USA |
| Crimson Orchard Energy Storage LLC | USA |
| Crimson Orchard Solar LLC | USA |
| Crimson Orchard TE Holdco LLC | USA |
| Drumwright Mill Tech Center LLC | USA |
| Fountain Springs Solar LLC | USA |
| Gemstone Solar LLC | USA |
| GratiSol LLC | USA |
| Headwaters Solar LLC | USA |
| Horizon BESS LLC | USA |
| Horseshoe Bend Solar LLC | USA |
| Horsepen Branch Solar LLC | USA |

---

------

---

| | |
|:---|:---|
| Javelina Battery Storage LLC | USA |
| Javelina Solar LLC | USA |
| Lolo Solar LLC | USA |
| Lone Butte Solar LLC | USA |
| Ocotillo Solar LLC | USA |
| Pachuta Solar A LLC | USA |
| Quail Ranch BESS SF LLC | USA |
| Quail Ranch Class B HoldCo LLC | USA |
| Quail Ranch Class B Member LLC | USA |
| Quail Ranch Energy Storage Bond Holder LLC | USA |
| Quail Ranch Energy Storage LLC | USA |
| Quail Ranch Solar Bond Holder LLC | USA |
| Quail Ranch Solar LLC | USA |
| Quail Ranch Solar SF LLC | USA |
| Quail Ranch TE HoldCo LLC | USA |
| Reedy Creek Solar LLC | USA |
| Roadrunner Battery Storage LLC | USA |
| Roadrunner BESS SF LLC | USA |
| Roadrunner Class B HoldCo LLC | USA |
| Roadrunner Class B HoldCo Parent LLC | USA |
| Roadrunner II LLC | USA |
| Roadrunner Solar Class B Member LLC | USA |
| Roadrunner Solar LLC | USA |
| Roadrunner Solar SF LLC | USA |
| Roadrunner Solar TE HoldCo LLC | USA |
| Roadrunner Storage Class B Member LLC | USA |
| Roadrunner Storage TE HoldCo LLC | USA |
| Rustic Hills Solar II LLC | USA |

---

------

---

| | |
|:---|:---|
| Rustic Hills Solar LLC | USA |
| Scissortail Solar LLC | USA |
| Snowflake A Class B Holdco LLC | USA |
| Snowflake A Class B Member LLC | USA |
| Snowflake A TE Holdco LLC | USA |
| Snowflake Interconnection LLC | USA |
| Snowflake Solar A LLC | USA |
| Snowflake Solar B LLC | USA |
| Snowflake Solar C LLC | USA |
| Snowflake Solar D LLC | USA |
| Snowflake Solar E LLC | USA |
| Snowflake Solar Echo LLC | USA |
| Snowflake Solar F LLC | USA |
| Snowflake Solar G LLC | USA |
| Snowflake Solar H LLC | USA |
| Snowflake Solar I LLC | USA |
| Snowflake Solar J LLC | USA |
| Snowflake Solar K LLC | USA |
| Snowflake Solar L LLC | USA |
| Snowflake Solar LLC | USA |
| Solstice Battery Storage LLC | USA |
| Solstice Solar LLC | USA |
| South Bennett Solar LLC | USA |
| Swift Creek Solar LLC | USA |
| Thundering Springs Solar LLC | USA |
| Upland Dillon Argenta Solar LLC | USA |
| Willis River Solar LLC | USA |

---

\* Informal English translation from Hebrew.<br>

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## Exhibit 11.1

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#### Exhibit 11.1
![](image0.jpg)

**Insider Trading Compliance Policy and Procedures** 

As a dual-listed company with ordinary shares traded in the U.S. and Israel, the Company (as defined below) is subject to both U.S. Federal and state laws and Israeli Securities Law-1968 and regulations promulgated thereunder. These laws and regulations prohibit trading in the securities of a company while in possession of material nonpublic information and in breach of a duty of trust or confidence. These laws also prohibit anyone who is aware of material nonpublic information from providing this information to others who may trade. Violating such laws can undermine investor trust, harm the reputation and integrity of Enlight Renewable Energy Ltd. (together with its subsidiaries, the "**<u>Company</u>**"), and result in dismissal from the Company or even serious criminal, administrative and civil charges against the individual and the Company. The Company reserves the right to take whatever disciplinary or other measure(s) it determines in its sole discretion to be appropriate in any particular situation, including disclosure of wrongdoing to governmental authorities.

#### Persons Covered and Administration of Policy
This Insider Trading Compliance Policy and Procedures (this "**<u>Policy</u>**") applies to all officers<sup>1</sup>, members of the board, employees and service providers of the Company. Individuals subject to this Policy are responsible for ensuring that all family members (spouse/partner, sibling, parent, child or descendant of the spouse/partner or spouse/partner of any of these) or other members of their household comply with this Policy. This Policy also applies to any entities controlled by individuals subject to the Policy, including any corporations, limited liability companies, partnerships or trusts, and transactions by these entities should be treated for the purposes of this Policy as if they were for the individual's own account. The Company may determine that this Policy applies to additional persons with access to material nonpublic information. Officers, members of the board, employees and service providers, together with any other person designated as being subject to this Policy by the Compliance Officer or his or her designee (the "**<u>Compliance Officer</u>**"), are referred to collectively as "**<u>Covered Persons</u>**<u>.</u>"

Questions regarding the Policy should be directed to the Compliance Officer, who is responsible for the administration of this Policy.

------

<sup>1</sup> For purposes of this Policy, "***officer***" has the meaning of the term in Rule 16a-1(f) under Exchange Act of 1934, as amended, which means the Company's president, principal financial officer, principal accounting officer (or, if there is no such accounting officer, the controller), any vice-president of the Company in charge of a principal business unit, division or function (such as sales, administration or finance), any other officer who performs a policy-making function, or any other person who performs similar policy-making functions for the Company.

------

#### Policy Statement
No Covered Person shall purchase or sell any type of security while in possession of material nonpublic information relating to the security or the issuer of such security in breach of a duty of trust or confidence, whether the issuer of such security is the Company or any other company. In addition, if a Covered Person is in possession of material nonpublic information about other publicly-traded companies, such as suppliers, customers, competitors or potential acquisition targets, the Covered Person may not trade in such other companies' securities until the information becomes public or is no longer material. Further, no Covered Person shall purchase or sell any security of any other company, including another company in the Company's industry, while in possession of material nonpublic information if such information is obtained in the course of the Covered Person's employment or service with the Company.

In addition, Covered Persons shall not directly or indirectly communicate material nonpublic information to anyone outside the Company (except in accordance with the Company's policies regarding confidential information) or to anyone within the Company other than on a "need-to-know" basis.

The sale of securities by a "Critical Insider"<sup>2</sup> in the Company within three months from the date such person purchased such securities, or the purchase of securities by such person within three months from the date such person sold them, is considered in Israel as prima facie evidence that insider information was utilized in the transactions. Therefore, a Critical Insider who purchased or sold Company securities is not permitted to sell or purchase securities as applicable (either those securities such insider sold or bought, or other Company securities) for at least three months from the date of the original purchase or sale.

A Covered Person shall not hold Company securities in a portfolio managed by a portfolio manager with discretionary authority over such portfolio. As elsewhere, the responsibility for complying with the restrictions under this Policy is borne by each Covered Person.

*"*<u>Securities</u>*"* includes shares, bonds, notes, debentures, derivatives, options, warrants, equity and other convertible securities, as well as derivative instruments.

------

<sup>2</sup> For purposes of this policy, "**Critical Insider**" is defined as (i) a director, general manager, deputy general manager, accountant and internal auditor and any person holding such position even if their job title is different, as well as any person who is a major shareholder of the Company (including a shareholder who owns more than 5% of the Company); (ii) a family member of one of the persons listed in section (i) above; (iii) a corporation under the control of one of the persons listed in sections (i) or (ii) above.

------

*"*<u>Purchase</u>*"* and *"*<u>sale</u>*"* are defined broadly under the federal securities law. *"*Purchase*"* includes not only the actual purchase of a security, but also any contract to purchase or otherwise acquire a security. *"*Sale*"* includes not only the actual sale of a security, but also any contract to sell or otherwise dispose of a security. These definitions extend to a broad range of transactions, including conventional cash-for-shares transactions, conversions, the exercise of share options, transfers, gifts, and acquisitions and exercises of warrants or puts, calls, pledging and margin loans, or other derivative securities, in each case whether the person doing such transaction is acting for his or her own benefit or for the benefit of another, even if such person is acting through an agent or trustee.

This Policy does not apply to the vesting of restricted stock, or the exercise of a tax withholding right under which a person elects to have the Company withhold shares of stock to satisfy tax withholding requirements on the vesting of any restricted stock. This Policy does apply, however, to any market sale of restricted stock.

The laws and regulations concerning insider trading are complex, and Covered Persons are encouraged to seek guidance from the Compliance Officer prior to considering a transaction in Company securities.

#### Blackout Periods
No board member, officer or employee (as well as any individual or entity covered by this Policy by virtue of their relationship to such board member, officer or employee) shall purchase or sell any security of the Company during a blackout period or during any other trading suspension declared by the Company.

Regarding a board member, an officer and any employee listed on <u>Schedule I</u>, as amended from time to time, (as well as any individual or entity covered by this Policy by virtue of their relationship to such board member, officer or employee), the blackout period shall commence on the 15th calendar day of the last month of any fiscal quarter of the Company.

Regarding an employee, who is not listed on <u>Schedule I</u>, as amended from time to time, (as well as any individual or entity covered by this Policy by virtue of their relationship to such an employee), the blackout period shall commence 30 or 40 calendar days prior to the public announcement of the Earnings Release for the 1-3 fiscal quarters or 4 fiscal quarter, respectively, preceding said release.

The blackout period shall terminate following the completion of the second full trading day after the public announcement of the Earnings Release for such fiscal quarter at the end of any other trading halt period declared by the company.

A "trading day" is a day on which U.S. national stock exchanges and the Tel Aviv Stock Exchange, as applicable, are open for trading. If, for example, the Company were to make an announcement on Monday *prior* to 9:30 a.m. Eastern Time, then the blackout period would terminate *after* the close of trading on Tuesday. If an announcement was made on Monday after 9:30 a.m. Eastern Time, then the blackout period would terminate after the close of trading on Wednesday. If you have any question as to whether information is publicly available, please direct an inquiry to the Compliance Officer.

------

If the Company's chief financial officer believes that material financial information is present that justifies advancing the start date of the quarterly blackout period, the chief financial officer may determine to advance the start date of the blackout period. In such case, the Compliance Officer will inform all board members, officers and employees<u> </u>of the<u> </u>revised start date of the blackout period.

A Covered Person who holds options to purchase ordinary shares that expire during a blackout period and wishes to exercise them during the blackout period shall apply in writing to the Company's general counsel, providing all necessary details for the matter to be considered. The general counsel will examine the request and determine whether the options can be exercised and under what conditions. Such Covered Person shall not make a transaction in Company securities before receiving written approval from the General Counsel.

The prohibitions on trading during a blackout period do not apply to:

• *bona fide* gifts of the Company's securities, unless the individual making the gift knows, or is reckless in not knowing, the recipient intends to sell the securities while the donor is in possession of material nonpublic information about the Company; or

<br> • purchases or sales of the Company's securities made pursuant to a plan adopted to comply with the Exchange Act Rule 10b5-1 ("<u>Rule 10b5-1</u>").

Exceptions to the blackout period policy, including to the individuals subject to blackout periods, may be approved by the Compliance Officer or - in the case of exceptions for board members - by the Board of Directors.

In addition to quarterly blackout periods, the Compliance Officer may recommend that board members, officers, employees, service providers or others suspend trading in Company securities during other times because of developments that have not yet been disclosed to the public. The Compliance Officer will inform relevant persons, of the start and end dates of such blackout periods. Subject to the exceptions noted above, all of those individuals affected should not trade in the Company's securities while the suspension is in effect, and should not disclose to others that the Company has suspended trading.

------

#### Preclearance of Trades by Members of the Board, Officers and Employees
All transactions in the Company's securities by members of the board, officers, and employees listed on <u>Schedule II</u> (each, a "<u>Preclearance Person</u>") must be precleared by the Compliance Officer, or the Chief Financial Officer for transactions by the Compliance Officer. Preclearance should not be understood to represent legal advice by the company that a proposed transaction complies with the law.

A request for preclearance must be in writing, should be made at least two business days in advance of the proposed transaction, and should include the identity of the Preclearance Person, a description of the proposed transaction, the proposed date of the transaction, and the number of shares or other securities involved. In addition, the Preclearance Person must execute a certification that he or she is not aware of material nonpublic information about the Company. The Compliance Officer, or the Chief Financial Officer for transactions by the Compliance Officer, shall have sole discretion to decide whether to clear any contemplated transaction. All trades that are precleared must be effected within five business days of receipt of the preclearance. A precleared trade (or any portion of a precleared trade) that has not been effected during the five business day period must be submitted for preclearance determination again prior to execution. Notwithstanding receipt of preclearance, if the Preclearance Person becomes aware of material nonpublic information, or becomes subject to a blackout period before the transaction is effected, the transaction may not be completed. Transactions under a previously established Rule 10b5-1 Trading Plan that has been preapproved in accordance with this Policy are not subject to further preclearance.

None of the Company, the Compliance Officer, or the Company's other employees will have any liability for any delay in reviewing, or refusal of, a request for preclearance.

#### Material Nonpublic Information
Information is considered "<u>material</u>" if there is a substantial likelihood that a reasonable investor would consider it important in making a decision to buy, sell, or hold a security, or if the information is likely to have a significant effect on the market price of the security. Material information can be positive or negative, and can relate to virtually any aspect of a company's business or to any type of security, debt, or equity. Also, information that something is likely to happen in the future—or even just that it may happen—could be deemed material.

Examples of material information may include (but are not limited to) information about:

<br> • corporate earnings or earnings forecasts;

<br> • possible mergers, acquisitions, tender offers, or dispositions;

<br> • major new product or project developments;

<br> • important business developments, such as developments regarding strategic collaborations;

<br> • management or control changes;

<br> • significant financing developments including pending public sales or offerings of debt or equity securities;

<br> • defaults on borrowings;

------

<br> • bankruptcies;

<br> • cybersecurity or data security incidents; and

<br> • significant litigation or regulatory actions.

Information is "<u>nonpublic</u>" if it is not available to the general public. In order for information to be considered "<u>public</u>," it must be widely disseminated in a manner that makes it generally available to investors in a Regulation FD-compliant method, such as through a press release, a filing with the U.S. Securities and Exchange Commission (the "<u>SEC</u>") or a Regulation FD-compliant conference call. The Compliance Officer shall have sole discretion to decide whether information is public for purposes of this Policy.

The circulation of rumors, even if accurate and reported in the media, does not constitute public dissemination. In addition, even after a public announcement, a reasonable period of time may need to lapse in order for the market to react to the information. Generally, the passage of two full trading days following release of the information to the public, is a reasonable waiting period before such information is deemed to be public.

#### Post-Termination Transactions
With the exception of the pre-clearance requirement, this Policy - including the restrictions related to the blackout periods – will continue to apply to transactions in the Company's securities for 3 months after termination of service to the Company (in the case of an employee - 3 months from the date of termination of the employer-employee relationship with the company).

If an individual is in possession of material non-public information at the time of termination of their services, that individual may not trade in the Company's securities until the later of the completion of the second full trading day after the public release of quarterly earnings data following such individual's termination of service with the Company or the time when that information has otherwise become public.

If an individual is exposed to material nonpublic information after termination of services to the Company in connection with the position such individual previously held in the Company, such individual may not trade in the Company's securities until that information has become public or is no longer material.

#### Prohibited Transactions
The Company has determined that there is a heightened legal risk and the appearance of improper or inappropriate conduct if persons subject to this Policy engage in certain types of transactions. Therefore, Covered Persons shall comply with the following policies with respect to certain transactions in the Company's securities.

------

*Short Sales*

Short sales of the Company's securities are prohibited by this Policy. Short sales of the Company's securities, or sales of shares that the insider does not own at the time of sale, or sales of shares against which the insider does not deliver the shares within 20 days after the sale, evidence an expectation on the part of the seller that the securities will decline in value, and, therefore, signal to the market that the seller has no confidence in the Company or its short-term prospects.

*Options*

Transactions in puts, calls, or other derivative securities involving the Company's equity securities, on an exchange, on an over-the-counter market, or in any other organized market, are prohibited by this Policy. A transaction in options is, in effect, a bet on the short-term movement of the Company's shares and, therefore, creates the appearance that a Covered Person is trading based on material nonpublic information. Transactions in options, whether traded on an exchange, on an over-the-counter market, or any other organized market, also may focus a Covered Person's attention on short-term performance at the expense of the Company's long-term objectives.

*Hedging Transactions*

Hedging transactions involving the Company's securities, such as prepaid variable forward contracts, equity swaps, collars and exchange funds, or other transactions that hedge or offset, or are designed to hedge or offset, any decrease in the market value of the Company's equity securities, are prohibited by this Policy. Such transactions allow the Covered Person to continue to own the covered securities, but without the full risks and rewards of ownership. When that occurs, the Covered Person may no longer have the same objectives as the Company's other shareholders.

*Margin Accounts and Pledging*

Individuals are prohibited from pledging Company securities as collateral for a loan, purchasing Company securities on margin (i.e., borrowing money to purchase the securities), or placing Company securities in a margin account. This prohibition does not apply to cashless exercises of share options under the Company's equity plans, nor to situations approved in advance by the Compliance Officer.

*Partnership Distributions*

Nothing in this Policy is intended to limit the ability of an investment fund, venture capital partnership or other similar entity with which a board member is affiliated to distribute Company securities to its partners, members, or other similar persons. It is the responsibility of each affected board member and the affiliated entity, in consultation with their own counsel (as appropriate), to determine the timing of any distributions, based on all relevant facts and circumstances, and applicable securities laws.

------

#### Rule 10b5-1 Trading Plans
The trading restrictions set forth in this Policy, other than those transactions described under "<u>Prohibited Transactions</u>," do not apply to transactions under a previously established contract, plan or instruction to trade in the Company's securities entered into in accordance with Rule 10b5-1 (a "<u>Trading Plan</u>") that:

<br> • has been submitted to and preapproved by the Compliance Officer;

<br> • includes a "Cooling Off Period" for

<br> o members of the board and officers that extends to the later of 90 days after adoption or modification of a Trading Plan or two business days after filing the Form 20-F covering the fiscal quarter in which the Trading Plan was adopted, up to a maximum of 120 days; and

<br> o employees and any other persons, other than the Company, that extends 30 days after adoption or modification of a Trading Plan;

• for members of the board and officers, includes a representation in the Trading Plan that such individual is (1) not aware of any material nonpublic information about the Company or its securities; and (2) adopting the Trading Plan in good faith and not as part of a plan or scheme to evade Rule 10b-5;

• has been entered into in good faith at a time when the individual was not in possession of material nonpublic information about the Company and not otherwise in a blackout period, and the person who entered into the Trading Plan has acted in good faith with respect to the Trading Plan;

• either (1) specifies the amounts, prices, and dates of all transactions under the Trading Plan; or (2) provides a written formula, algorithm, or computer program for determining the amount, price, and date of the transactions, and (3) prohibits the individual from exercising any subsequent influence over the transactions; and

<br> • complies with all other applicable requirements of Rule 10b5-1.

The Compliance Officer may impose such other conditions on the implementation and operation of the Trading Plan as the Compliance Officer deems necessary or advisable. Individuals may not adopt more than one Trading Plan at a time except under the limited circumstances permitted by Rule 10b5-1 and subject to preapproval by the Compliance Officer.

An individual may only modify a Trading Plan outside of a blackout period and, in any event, when the individual does not possess material nonpublic information. Modifications to and terminations of a Trading Plan are subject to preapproval by the Compliance Officer and modifications of a Trading Plan that change the amount, price, or timing of the purchase or sale of the securities underlying a Trading Plan will trigger a new Cooling-Off Period.

------

The Company reserves the right to publicly disclose, announce, or respond to inquiries from the media regarding the adoption, modification, or termination of a Trading Plan and non-Rule 10b5-1 trading arrangements, or the execution of transactions made under a Trading Plan. The Company also reserves the right from time to time to suspend, discontinue, or otherwise prohibit transactions under a Trading Plan if the Compliance Officer or the Board of Directors, in its discretion, determines that such suspension, discontinuation, or other prohibition is in the best interests of the Company.

Compliance of a Trading Plan with the terms of Rule 10b5-1 and the execution of transactions pursuant to the Trading Plan are the sole responsibility of the person initiating the Trading Plan, and none of the Company, the Compliance Officer, or the Company's other employees assumes any liability for any delay in reviewing and/or refusing to approve a Trading Plan submitted for approval, nor the legality or consequences relating to a person entering into, informing the Company of, or trading under, a Trading Plan.

#### Interpretation, Amendment, and Implementation of this Policy
The Compliance Officer shall have the authority to interpret and update this Policy and all related policies and procedures. In particular, such interpretations and updates of this Policy, as authorized by the Compliance Officer, may include amendments to or departures from the terms of this Policy, to the extent consistent with the general purpose of this Policy and applicable securities laws.

Actions taken by the Company, the Compliance Officer, or any other Company personnel do not constitute legal advice, nor do they insulate you from the consequences of noncompliance with this Policy or with applicable securities laws.

#### Certification of Compliance
All members of the board, officers, employees and others subject to this Policy may be asked periodically to certify their compliance with the terms and provisions of this Policy.

------

<u>Schedule I</u>

#### Individuals Subject to Special Periods of Trading Blackouts
All of members of the board, officers, and employees who hold a position in the finance, investor relations (IR/PR) or company secretariat units, as well as the Chief of Staff of the Chairman of the Board or of the CEO.

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<u>Schedule II</u>

#### Individuals Subject to Preclearance Requirement
All the directors and officers and employees to be subject to preclearance requirement

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## Exhibit 12.1

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#### Exhibit 12.1

#### CERTIFICATION PURSUANT TO RULES 13a-14(a) AND 15d-14(a) UNDER

#### THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO

#### SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Adi Leviatan, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this annual report on Form 20-F of Enlight Renewable Energy Ltd.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The company's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evaluated the effectiveness of the company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosed in this report any change in the company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company's auditors and the audit committee of the company's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: March 30, 2026 |  |  |
|  | By: | /s/ Adi Leviatan |
|  |  | Adi Leviatan |
|  |  | Chief Executive Officer |
|  |  | (Principal Executive Officer) |

---

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## Exhibit 12.2

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#### Exhibit 12.2

#### CERTIFICATION PURSUANT TO RULES 13a-14(a) AND 15d-14(a) UNDER

#### THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO

#### SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Nir Yehuda, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this annual report on Form 20-F of Enlight Renewable Energy Ltd.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The company's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Evaluated the effectiveness of the company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disclosed in this report any change in the company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company's auditors and the audit committee of the company's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: March 30, 2026 | By: | /s/ Nir Yehuda |
|  |  | Nir Yehuda |
|  |  | Chief Financial Officer |
|  |  | (Principal Financial Officer) |

---

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## Exhibit 13.1

------

#### Exhibit 13.1

#### CERTIFICATION PURSUANT TO<br> 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO<br> SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Annual Report on Form 20-F of Enlight Renewable Energy Ltd. (the "Company") for the year ended December 31, 2025 (the "Report"), I, Adi Leviatan, Chief Executive Officer of the Company, do hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: March 30, 2026 | By: | /s/ Adi Leviatan |
|  |  | Adi Leviatan |
|  |  | Chief Executive Officer |
|  |  | (Principal Executive Officer) |

---

*A signed original of this written statement required by Section 906 has been provided to Enlight Renewable Energy Ltd. and will be retained by Enlight Renewable Energy Ltd. and furnished to the Securities and Exchange Commission or its staff upon request.*

------

## Exhibit 13.2

------

#### Exhibit 13.2

#### CERTIFICATION PURSUANT TO<br> 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO<br> SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Annual Report on Form 20-F of Enlight Renewable Energy Ltd. (the "Company") for the year ended December 31, 2025 (the "Report"), I, Nir Yehuda, Chief Financial Officer of the Company, do hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: March 30, 2026 | By: | /s/ Nir Yehuda |
|  |  | Nir Yehuda |
|  |  | Chief Financial Officer |
|  |  | (Principal Financial Officer) |

---

*A signed original of this written statement required by Section 906 has been provided to Enlight Renewable Energy Ltd. and will be retained by Enlight Renewable Energy Ltd. and furnished to the Securities and Exchange Commission or its staff upon request.*

------

## Exhibit 15.1

####  

#### Exhibit 15.1
![](image00001.jpg)

Somekh Chaikin

17 Ha'arba'a Street, PO Box 609

KPMG Millennium Tower

Tel Aviv 6100601, Israel

+972 3 684 8000

#### Consent of Independent Registered Public Accounting Firm
We consent to the incorporation by reference in the registration statement (No. 333-271297) on Form S-8 of our report dated March 30, 2026, with respect to the consolidated financial statements of Enlight Renewable Energy Ltd. and the effectiveness of internal control over financial reporting.

---

| |
|:---|
| /s/ Somekh Chaikin |
| Somekh Chaikin |
| Member Firm of KPMG International |
| Tel Aviv, Israel |
| March 30, 2026 |

---

------