Keystone Infra Ltd.

Investor Presentation • Jun 30, 2025

KEYSTONE 2030 Leading Tomorrow's Infrastructures

Today's Agenda

Leading Tomorrow's Infrastructures

Market opportunity and growth strategy

Growth Platforms

Transportation I Energy I Communications

Closing Discussion

Company management and platform managers

Keystone Team

Roni Biram Chairman of the Board and Founder of Keystone

Gal Tofach Energy Platform Manager

Yochay Moshe Business Development, Energy

Dr. NavotBar CEO, Director and Founder of Keystone

Liran Avisar Communication Platform Manager

Matan Sayag Financial Controller

Rachel Segal Deputy to the CEO

Yael Meytes Legal Advisor

Dan Yuran Investment Manager

Leading Tomorrow's Infrastructures

01

Market opportunity and growth strategy

Transformations Shaping Tomorrow's Infrastructure¹

Electrified Future Electrification

Connected Future

Hyperconnectivity

Future in Motion Mobility

The information in the following slides contain forward-looking information based on information and data available to the company, including publications, reviews, and public research. See slide 83 below.

Electrified Future

Expected increase in electricity demand in developed countries¹

2024-2035 vs. 2010-2023

of electricity demand surge by new emerging needs¹

in the EU for 2024-2026

Electrified Future

Navigating a world where intermittent renewables deliver 50% of power generation

46%

2x

of global electricity expected from renewable energy sources in 2030

30% increase from 2023¹

Electricity production from renewable energy sources will double in the US and Europe

from 2024 to 2030¹

2030: Demand for Electricity Intensifies Significant Growth in Electricity Productionfrom intermittent sources

Electricity produced from natural gas establishes its position as a stable and essential transitional technology

Connected Future

Communication infrastructure is emerging as a mission-critical strategic asset

Driven by accelerating digitization and the proliferation of AI, IoT, and cloud technologies

How much data is transmitted in one minute?²

Video reels shown 138,900,000

Minutes of Teams meetings 5,900,000

Emails sent 251,100,000 Job applications submitted 9,000

1. Source: Ericsson.com Mobile data traffic outlook Link

2. Source: Selected examples from Statista publication on media usage per internet minute as of December 2024 Link

Hyperconnectivity

A Connected Future at an Accelerated Pace

Accelerated innovation requires robust and highly available infrastructure to support emerging technologies

Time Innovations Needed to Reach 50 million Users¹

Future in Motion - Israel

Rising urban density requires a shift toward high-quality, reliable public transportation systems

Approximately

1 MILLION

additional residents expected every 5 yearsby 2050 ¹

Tel Aviv metropolis is rated

16

of the ~400 most crowded cities in the world²

Estimated

of trips in cities are made by public transportation²

Green

1. Aaron Institute, Quality Transportation for 2040 Link

These simultaneous transformations create cross-sector opportunities

13

10x

An AI prompt consumes 10x more energy than a Google search¹

A 100-word AI prompt consumes

a bit more than a personal water bottle ²

1. Source : Based on a Goldman Sachs graph published by Reuters Link to publication

2. Based on a Washington Post publication from April 2024. Link to the Washington Post article, which worked with researchers from the University of California. Each GPT-4 prompt requires heavy computations performed in data center servers, consuming large amounts of electricity and water for cooling purposes. Electricity consumption for a single 100-word query by AI consumes 0.14 kWh of electricity and about 519 milliliters of water, slightly more than a personal half-liter water bottle.

AI COMMUNICATION ENERGY

Infrastructure need

• •Data Centers •Increased bandwidth capacity
• •Fiber optic deployment

Expected increase in global demand for electricity

RENEWABLE ENERGY

Acceleration of solar, wind, storage and grid transmission development

WATER

Private Sector Financing: The Key to Infrastructure-Driven Growth

Especially during governmental budgetary pressures¹

Budget deficit of 5.8%

as a percentage of GDP January 2025 A target of 4.4% for 2025

Private Sector Financing: The Key to Infrastructure-Driven Growth

Transportation and energy lead the infrastructure plan for growth

270 infrastructure projects 2025-2029¹

Investment of ~ \$94 billion in future transportation, energy and communication projects¹

Financing source for \$40 billion is not yet determined

1. Source: Infrastructure for Growth 2025, Prime Minister's Office, 01.05.2025 Update to the multi-year plan, link and analysis by the company for proposed future investments in transportation, energy, and communications.

The future waits for no one

Those who are ready today will lead the way tomorrow

We Are Ready

Keystone's Journey

Strategic asset acquisition & portfolio development

Approx. \$135^MTotal Assets Drive I Ramat Hovav I CinturionI VID

2020

Keystone's Journey

Ready With a Solid Infrastructure

1. Total Assets based on financial reports as of 30.9.2024, including an additional investment in the Egged partnership that was completed in February 2025.

Solid Infrastructure for Growth

Diversified quality assets across high-demand sectors

65% Transportation

30% Energy

5%

Water & Communication

43% Egged 12% Egged Real-Estate² 7% Eranovum 3% Drive Group

12%IPM 11% Ramat Hovav 4% Hagit 3% Sunflower - Renewables

4% VID -Water desalination 1% Cinturion-Communication

Green

1. Estimated portion of real estate value owned by Egged, according to the value of real estate owned by Egged (gross) relative to Egged's total value.

Solid Infrastructure for Growth

Significant, diversified and predictable cash inflows

90%

of assets provide predictable cash inflows

\$67^M

Expected average annual cash inflow for 2023-2025

Expected Annual Cash Inflows 1,2 (\$ million)

Green

1. The forecast described in this graph regarding the expected cash inflows from the company's investments ("the Forecast") is considered forward-looking information. The Forecast is based on assumptions, assessments, and estimates of the company, which are derived from external valuations of portfolio assets received by the company, or from economic models prepared by external consultants or internal models prepared by the company and/or portfolio asset companies, including, among other things, assumptions regarding expected electricity rates, results of the Electricity Authority hearing and the System Manager's decision proposal, changes in relevant regulations, changes in market conditions, changes in the consumer price index, exchange rates, interest rates, gas prices, the extent of public transportation usage, winning tenders, market shares, efficiency and business development plans, debt cycles, and so forth. It is clarified that there is a high probability that the assumptions, assessments, and estimates underlying the Forecast will materialize differently than anticipated, and it is also clarified that the assumptions, assessments, and estimates included in forecasts based on internal models have not been examined by an external party who is not an employee of the company or portfolio asset company. Furthermore, it is possible that some of the expected cash inflows in some investments will remain for financing growth and business development, and there may also be different timing for distributions of cash inflows from portfolio companies. Additionally, distributions in portfolio companies are subject to, among other things, distribution tests and board decisions in each company. It should be clarified that the Forecast does not include investments that will be required, if required, in the company's investments. In light of the above, the company cannot assess or guarantee that the expected cash inflows from the company's investments will be as described in the Forecast, and therefore the Forecast does not constitute any commitment by the company to meet it or a representation of the company. The cash inflows do not include Sunflower, ERANOVUM, and Centurion, which are not incomeproducing assets.

2. In 2029, the ongoing debt service in the Keystone Egged partnership will end; a refinancing of the remaining bullet loan has been assumed for 2030.

Excess Returns Surpassing Risk Levels of

Cash-Generating Assets¹

1. The data in this slide was calculated based on information as of September 30, 2024, and does not include Sunflower, Eranovum, and Centurion, which are not income-producing assets.

2. Return calculation according to the investment cost, cash flows received until September 30, 2024, and expected future cash flows. This slide contains forward-looking information. See slide 83.

Value-Focused Investment and Enhancement Strategy¹ :

Value and cash inflows across all assets

Green

Green

1. Weighted Return on Equity Before Tax for 12 months (30.9.2023-30.9.2024) - Profit before tax divided by weighted equity before tax (shareholders' equity excluding deferred taxes, weighted over the period according to the financial report as of 30.9.2024).

2. The yield calculation is based on the distributions in 2024 presented above and in relation to the share price as of 29.10.2024.

3. Cumulative dividend sums the actual dividend distributions in 2022, 2023, and 2024 and includes distribution in January 2025.

Disciplined Financial Management

Maintaining a stable capital structure as a foundation for continuous value creation

Figures following the completion of debt raising and option exercise in Egged

A+/A	364 \$ M	39 % - כ	943 \$ M Total Assets2
Company rating/ A & B bond rating	Net Debt 1	LTV2

• 1. Net debt is based on the debt level as of 30.9.2024, plus debt raised during the period, debt repayments, income from assets, dividend distributions, and investment in the Egged partnership amounting to approximately \$158M.
• 1. The Total Assets and LTV were calculated based on assets and financial debt as of 30.9.2024, plus debt raised amounting to approximately \$145M (Series B bonds and credit facility utilization) and investment in the Egged partnership amounting to approximately \$158M. LTV of 27% as of 30.9.2024

Green

Ready with a Solid Infrastructure for Growth

Significant market opportunity

Diversified quality assets across high-demand sectors

Strong balance sheet and cash flow

Proven track record

The Keys to Our Continued Growth

Global Expansion

Value Creation & Enhancement

Transitioning to Specialized Infrastructure Platform Management

Specialized Platforms

Green

Platform Growth Strategy

Keystone's control of platforms

Professional management and knowledge base for each platform

Asset cash flow-based business development: prioritizing organic growth initiatives

Optimized funding structure for improved returns

Specialized Platforms

Management Framework

Specialized Management of 4 Platforms -5 Platforms

Infrastructure platforms in high-demand sector in Israel and abroad

Lean and Efficient Team

Public company management, investment oversight, and management of Keystone's strategy

Cash Inflows from Platforms¹

Sustainable debt service with LTV maintained below 50%, supporting consistent long-term dividend distribution

Target Returns

Focused on achieving double-digit yield

The Keys to Our Continued Growth

Global Expansion

Global Expansion

Strategic Advantages

Proven expertise and experience

Expansion based on existing global operations

Financial Advantages

Funding sources diversification

Access to advanced financing instruments

Global partner and investor network development

Diversification

Multi-regional and currency risk mitigation

Local Market Constraints

High-intensity competitive landscape

Premium asset scarcity

Regulatory growth barriers

The Keys to Our Continued Growth

Value Creation & Enhancement

Enhancement as a Powerful Engine for Continuous Growth Quality Assets Enhancements Increaseincash inflows Increase in value Decreased LTV Debt raising Growth through development & acquisitions Increase in cash inflows

Strategic Growth Road Map^¹

IPM –transition to Bilateral sales to private customers Sorekpower plant : Development & operation	Separation and real estate development Expanding operations in Europe	Renewable energy portfolio expansion	Hagit expansion New power plants on existing lands	Franchise tenders For transport infrastructure	Data centers IPM and Hagit

Doubling Equity by 2030^¹

Driving value creation through strategic platform development and expansion

Growth Platforms

Transportation I Energy I Communications Growth Strategy

Energy

Gal Tofach Energy Platform

Transportation & Real Estate Gilad Riklin CEO of Egged Group

Renewable Energy Shahar Ben Moyal CEO of Sunflower

Communication Liran Avisar Communication Platform

A Strong Position

2020

2021

IPM

451 MW

1,195 MW

Ramat Hovav

Strategic entry into natural gas-based electricity generation and development of a high-quality asset portfolio

Current State

3

Cash generating energy assets in Israel

In Operation Keystone Share

Under construction

Keystone Share

~ \$243^M

Asset Value

as of 30.9.2024

Annual EBITDA¹

1. EBITDA is based on 2023 data.

2. Keystone Energy will provide loans to finance 40% of the equity and guarantees required in connection with winning the tender for the construction of the power plant. After the power plant begins operation, the company will be entitled to convert part of the loans to rights in the group, at a rate of 40% of the equity rights and 49% of the voting rights, subject to obtaining the required approvals, including regulatory ones

Trends

Growth in electricity demand and need for stable electricity generation¹

3%-3.5%

61%

Expected annual growth in electricity consumption

Expected increase in conventional generation (natural gas) 2023-2030

Israel's electricity generation capacity (GW)

Market Opportunity

Immediate need for additional conventional power plants by 2040¹

13

Combined Cycle Power plants

Structural change Reform 2.0

Opening the market to competition

1. Government Decision 2282 31.10.2024. Link to decision. Forward-looking information, see slide 83 below

Future Vision¹

A leading electricity producer that produces low-cost, clean and reliable electricity using the most advanced technologies

1. Forward-looking information, see slide 83 below

2. See footnote 2 on slide 46

Transportation and Real Estate

CEO of Egged Group Gilad Riklin

From a Cooperative Association to a Leading International Group

92

years

5 Synergetic and Growing Business Segments

59 % Public transportation in Israel

22 % Egged Properties (Real Estate)

11 % Public transportation in Europe

7% Egged Travel & Tour in Israel

1 % Light rail in Israel

1. The value of Egged company according to an external valuation as of June 30, 2024, which was attached to the company's financial statements for that date. As of September 30, 2024, the partnership value in the company's statements stands at approximately \$0.4M.

Egged Group by the Numbers

Annual Revenues

Annual licensing

Busses

^~800

31 Service centers 44 parking lots

Service lines in Israel

^~10,500

Employees

Growth Strategy

Comprehensive organizational efficiency

Core business expansion

Entry into new business areas

Workforce Restructuring

Phase out of two-thirds of senior, high-cost workforce, while pursuing this strategic direction

26% Second generation and personal contracts

Founders and first generation

2015 Founders and first generation

2024 Founders and first generation

Energy Efficiency

Accelerated transition to electric buses –cost effective¹

2 green cities: Dimona and Carmiel

Operational Efficiency

Increased integration of technology-based traffic map planning

Creating profit centers

Upgrading IT infrastructure

Outsourcing of non-core operations

Streamline operational framework for enhanced efficiency

Core Business Expansion- Europe

Examining entry into additional countries

Accelerated growth in operating revenues in Europe (\$M)

Consistent growth in % of km in Europe of the group's total

Core Business Expansion-Public Transportation

Growth in public transportation routes outside the operation agreement

Growth in Egged Europe and Derech Egged, alongside maximizing public transportation revenues in Israel

All-time record in km performance

Core Business Expansion-Service

Market leadership, increasing travel volume, and reduction of penalties

Ministry of Transportation Service Level Index H1 2024¹

1. Presentation of the leading companies in market share. Link to the report.

Move

Core Business Expansion-Service Centers & Tours

Opening the Service Centers for external customers

300%

Increase in revenues over the past 5 years

16

Service centers nationwide The largest chain in Israel

Egged Tours

Record revenues in 2024 with entry into new fields

Move

Expansion Into New Areas: The Light Rail

The Red Line in Gush Dan - first year operation data

Service km

Satisfaction

~ 116

Thousand Rides

Million validations

98.6%

Availability

Future Growth: Scaling Across New Verticals¹

Metro Future tender

Franchising Highway 5 and future Tenders/ BOT

Egged as a service company Leasing / import

Real Estate Platform Significant potential for value creation ~ \$330 million Fair value 30.6.2024 21 Prime location properties

~360dunams of land area

Move

Growth Drivers - Real Estate

Real estate separation from transportation into a dedicate specialized company

Enhancing existing assets and leveraging them as a growth financing source

1 1 1 1 --------
- - - 1 I -	-

Expanding the asset portfolio and strategic collaborations

Renewable Energy

Green

Shahar Ben Moyal CEO of Sunflower

Sunflower – Introduction

Specializes in renewable energy

Initiation, development, financing, construction & operation of wind, solar PV and storage projects

About \$13M average annual Cash flow¹

From a portfolio of yielding assets of about MW80 ~50MW in Poland and ~30MW in Israel

22.4% Public

5.0% 2.53% Gil Deutsch, 2.53% Roni Biram

Green

1. Based on the average cash flow from the company's ongoing operations for the years 2022-2024. 2. Holding structure as of February 13, 2025.

From Solar Pioneering in Israel to a Growing Green Energy Platform

Strategic Focus¹

Initiation and Early Development 1,000MW+ 10%-20%

Advanced Development 100MW-500MW 50%-70%

Construction and Near-Term Operation >100MW 20%-30%

Strong Foundation Delivering Powerful Results

Net Debt (\$M)²

^{102 87 81}

31.12.22 31.12.23 30.9.24

EBITDA (\$M)

Cash Reserve(\$M)

Capitalization Ratio³

1. The revenues presented for 2023 are after deduction due to the price cap in Poland amounting to approximately \$12.9M . Without the price cap, gross revenues would have been approximately \$49.6M. In 2021, 2022, and 2024, there was no price cap 2. Net debt is excluding cash and accounting effects resulting from Purchase Price Allocation (PPA) as stated.

2. The graph refers to gross debt excluding accounting effects resulting from Purchase Price Allocation (PPA).

Poland

Accelerated growth targets while leveraging existing assets¹

Expected EBITDA Development

Expected Installed Capacity Development

Israel

Steps for enhancing and growing the portfolio¹

Enhancement and expansion of systems

1.2 MW ROI -3-4 years Land rights extension by ~ 20 years

~30 Energy services: Rooftop portfolio of

MW

5MW are operating , ~ 6MW under construction, and 19 MW under development

MW In early 2025 and 2026 ~10 Self-development of:

^~\$21^M MIVNE Transaction

Proceeds from the sale of rooftop portfolio

Map of Opportunities

Examining attractive business opportunities¹

Focusing activities in Poland While examining opportunities in additional markets in Europe¹

The Power of Execution

Accelerating Growth

Impressive results and achievements that establishes the foundation for accelerated growth in Poland and Israel in the coming years and subsequently in additional markets

Ambitious yet Gradual Strategy

Renewable energy is here to stay Sunflower is here to grow and generate continuous value

Committed to Creating Value

A lean headquarter with an experienced, decisive team that is agile in advancing opportunities that match the company's dimensions and resources

Communication

Keystone Communication

Comm

Platform Liran Avisar

Information Traffic in Accelerated Growth

Need for communication infrastructure that enables high bandwidth and speed¹

5.5 Billion

Internet users 67% of the world's population²

5x-9x

Expected growth in global bandwidth demand 2024-2033³

^~4.6X

Expected surge in Data Centers capacity in Israel 2023 - 2030⁴

• 1. This slide contains forward-looking information. See slide 83.
• 1. Statista Portal link
• 1. Global Network Traffic Report, October 2023, Nokia link
• 1. Analysis by TASC Consulting and 11 Streams, April 2024, The Marker, link to publication

Future Vision¹

Future Vision¹

Investment Principles

• Investment in infrastructure components

• Investment in B2B business

• Interfaces between platform assets

• Local base, global vision

• This slide contains forward-looking information. See slide 83.

03 Closing Discussion

Leading Tomorrow's Infrastructures

Legal Disclaimer

This presentation is an English translation of the Hebrew version of Keystone Infra Ltd.'s presentation forthe Investor Conference in February 2025 that was published on February 19, 2025 (the "Hebrew Version"). The Hebrew version is the binding version and the only version having legal effect. The English translation has been created for the purpose of convenience only and has no binding force. In the event of any discrepancy between the Hebrew Version and this translation, the Hebrew Version shall prevail.

This presentation and the information contained herein do not constitute investment advice, a recommendation, an opinion, an offer, or an invitation to invest or purchase securities of Keystone Infra Ltd. ("the Company"). It is not intended to be a "public offer" or "public sale" of any kind. Additionally, this presentation should not be considered a substitute for investment advice or investment marketing that takes into account the unique data and needs of any individual or investor, nor does it replace the judgment of a potential investor.

The presentation was prepared to provide general information, and the information contained herein is presented for convenience and in a summary form only. The presentation is not exhaustive and does not purport to cover all data concerning the Company* and its activities or all the information that may be relevant for making any decision regarding investment in the Company's securities. To obtain a full picture of the Company's activities, including the risks involved, one must review the Company's prospectus, its periodic reports, and its regular disclosures to the Israel Securities Authority and the Tel Aviv Stock Exchange, including but not limited to, the Company's annual report for 2023, the report for the third quarter of 2024, and the immediate reports published by the Company, all prior to making any decision regarding investment in the Company's securities. It should be noted that past performance is not necessarily indicative of future results.

Furthermore, this presentation includes information based, among other things, on the Company's plans, objectives, estimates, and forecasts, which should be treated with caution.

The information presented in the presentation is based on information included by the Company in its prospectus, annual report for 2023, the report for the third quarter of 2024, and its immediate and periodic reports. However, additional data that is non-material, including data presented differently in characterization, editing, or segmentation relative to the data published to the public, may be included in the presentation. It should be noted that some of the data in this presentation is unaudited or reviewed.

For the avoidance of doubt, the Company's business strategy presented in this presentation is correct as of the date of the presentation and may change in the future. It is clarified that the Company does not undertake to update or amend this presentation or to update or amend the data, forecasts, or estimates included herein.

This presentation, including the information contained in slides 6-10, 12, 15-17, 26, 27, 40, 41, 47-50, 56-57, 63, 69, 70, 72, 73-76, 78-80, among others, contains forward-looking information as defined in the Securities Law, 1968 ("Securities Law"). Such information includes, among other things, forecasts, objectives, estimates, and various projections, including information presented through illustrations, graphs, or tables relating to future events or matters, the realization of which is uncertain and not within the control of the Company. Such information is based on the Company's subjective assessment or on public data that the Company has not independently verified and therefore is not responsible for their accuracy. Additionally, some of the information is based on economic models or valuations prepared by external consultants or internal models prepared by the Company and/or its portfolio companies, which include, among other things, assumptions regarding expected electricity rates, changes in the Consumer Price Index, exchange rates (USD/EUR), interest rates, gas prices, the volume of public transportation traffic, success in tenders, market shares, efficiency plans, and business development, debt refinancing, and distribution, among others. The data presented regarding Sunflower Renewable Investments Ltd. is taken from the investor presentation published on December 23, 2024 (reference number 2024-01-626478) and may be presented with changes in color and form.

The realization or non-realization of the forward-looking information mentioned above will be influenced, among other things, by factors that cannot be assessed in advance and are not within the Company's control, and therefore there is no certainty that they will materialize, and they may materialize differently, even significantly, from how they are presented in this presentation. Additionally, the Company's intentions regarding dividend distributions are based on facts and data known to the Company as of this date and on the Company's current expectations and assessments regarding future developments in the Company's investments and activities. The realization of the Company's assessments is not certain as they are subject to external influences that cannot be assessed in advance, including a case where any of the Company's investments lose value significantly, thereby reducing the distributable profits, or where the Company's investments yield cash flows significantly lower than the Company's estimates, among others.

Given the current uncertainty regarding the development of the war, its scope, duration, and impacts, the Company's management cannot assess the future impact of the war on the operational results, financial condition, cash flows, and financial stability of the Company and the entities it holds.

Additionally, the presentation may include data and assessments based on external sources that were not independently verified by the Company, and therefore the Company is not responsible for their accuracy, however it believes them to be reasonable.

Dollar (\$) amounts included in the presentation are presented in the Hebrew Version in NIS and are converted for purposes of convenience based on an exchange rate of NIS 3.71 as of 30.9.2024 and have been rounded for convenience purposes only. In case of any discrepancy, the official amounts in Shekels included in the Hebrew Version shall prevail.