Energix Renewable Energies Ltd.

Investor Presentation • Nov 25, 2024

This document constitutes an unofficial translation of the original Hebrew document. The Hebrew version is the binding version. This translation was prepared for convenience purposes only.

Capital Market Presentation November 2024

Transition to accessible reporting on the Company's website - click here 1

General notes regarding the presentation

• This presentation was prepared by Energix Renewable Energies Ltd. (the "Company"). This presentation does not constitute an offer to buy or sell the Company's securities, or an invitation to receive any such offers, but rather is intended only for the presentation of information. The information which will be used in the presentation (the "Information") is presented for convenience purposes only, and should not form the basis for reaching any investment decisions, nor does it constitute any recommendation or opinion, or any alternative to the investor's discretion.
• The information provided in this presentation in connection with the analysis of the Company's activity constitutes a condensed summary only, and the Company bears no responsibility for any damages and/or losses whatsoever which may be incurred due to the use of this information. In order to obtain a full picture of the Company's activity, and of the risks faced by the Company, please review the annual report for 2023, the quarterly financial reports, as reported to the Israel Securities Authority, and the Company's routine reports through the MAGNA distribution website. The terms used in this presentation may be presented after segmentation, or at a different level of detail than presented in the Company's reports, or data may have been included which have not yet been included in the Company's reports, or which have not yet been presented in the same way as in this presentation, and which are correct according to the Company's best assessment as of the date of their presentation.
• It is clarified that the information provided in this presentation includes, from time to time, reference to forecasts, estimates, approximations, Macro-economic forecasts, developing trends in the energy market, changes in electricity prices and in produced quantities, revenue forecasts, calculations of forecasts, EBITDA and FFO and forecasts regarding dividends in 2023, development and construction of energy projects (projected timetables, construction costs, data regarding expected connection of facilities to power grids and future income) or other information pertaining to a future event or matter, which are uncertain to materialize, and which are not under the control of the Company and/or the Group, and which therefore constitute Forward-Looking Information, as this term is defined in section 32a of the Securities Law - 1968 ("Forward Looking Information").

• Accordingly, any reference in this presentation to "forward-looking information" means any forecast, estimate, approximation, or other information which refers to future events or matters, whose materialization is uncertain and which are not under the control of the Company and/or the Group. This information is based on knowledge which is available to the Company or to the Group as of the Approval Date of the Report, or on information which was published in external sources, and may change, inter alia, due to the effects of business-economic and regulatory factors, and the general risk factors which are characteristic of the Company's activity, and their materialization is therefore uncertain.

Accordingly, the actual results in respect of such information may differ significantly from the presented information or from the results which have been estimated on the basis of the information, or are implied by such information, and which are included in this presentation.

• The Company does not undertake to update and/or change any of these targets and/or estimates in order to reflect events and/or circumstances which occur after the date when this presentation was prepared.
• The Company's actual revenues are directly affected by changes in: 1. The prices of electricity and green certificates, which are determined according to their prices on the relevant exchanges, and which are directly affected by legislative activities and market forces; 2. By the exchange rates of the various currencies; 3. By weather conditions, sunlight intensity and wind quality in the various territories, and 4. By the availability and proper functioning of the Company's electricity production systems.
• The Company's estimates regarding forecasts were made in good faith, and based on the Company's accumulated past experience and professional know-how. This information is presented below for convenience purposes only, and does not constitute an alternative to information which has been given by the Company in its financial statements, or in connection therewith. For complete data regarding these forecasts, including the assumptions and the reference to forward looking information therein, see the Company's annual report as of December 31, 2023, which was published on March 6, 2024 (reference number: 2024-01-022716), and the Company's report for Q3, dated November 18, 2024 (reference number: 2024-01-616455)
• The following terms will have the meanings defined below when used in this presentation: Portfolio of mature projects - Includes commercially active projects, projects in which construction has been completed and which have been partially connected to the grid, projects under construction and projects in advanced development; Commercially active projects- Projects whose construction has been completed, and where the electricity produced therein is transmitted to the relevant power grid; Projects under construction or in pre-construction - Projects which are currently under construction, or in which construction is expected to begin in the near future; Projects in advanced development - Projects which the Company estimates can reach a financial closing or readiness for construction within the next 12 months, or projects in development which have won a guaranteed tariff; Projects in development - Projects in various stages of development which could mature into projects under construction, in which the Company has ties to the land, and in which the Company is working to obtain the permits and authorizations which are required for their construction.

Energix Renewable Energies

Vertically Integrated

From greenfield development to EPC and O&M. Management throughout the project's lifespan

A Global Company

Operating in the United States, Poland and Israel. Expertise and designated teams in each region

Strategic Collaborations

Tier 1 companies and financial institutions including:

Accelerated Growth

22% revenue CAGR over the last 5 years. Expected revenue growth of more than 3X by 2027*

High Growth and Financial Strength

Strategic plan goal of 4.3GW installed capacity in 2026 with no additional capital required*

Track Record

Accumulated knowledge and high-level execution

Unique DNA

Entrepreneurism and task-oriented approach to create added value

High-Quality Assets Portfolio

1.3GW+102MWh of installed capacity generating strong cash flows. Pipeline of 7GW+10.4GWh, ensuring future high growth*

*Forward looking statement

Major events in Q3 2024

Quarterly results 1,2

Revenue of Approx. NIS 216 million, growth of Approx. 38% relative to the corresponding quarter EBITDA of Approx. NIS 131 million, growth of Approx. 25% relative to the corresponding quarter

Update to 2024 opertional forecast ³ - Total revenue forecast of approximately NIS 890 million. Project level EBITDA of approximately NIS 750 million, and project level FFO of approximately NIS 550 million

US elections - Trump's win could affect the Company's operations in the United States, although an IRA repeal is unlikely

Financing transactions*

• Signing of a finance agreement for 2 wind farms in Poland at a total scope of PLN 830 million
• In advanced negotiations of signing a financing transaction valued at up to USD 340 million, including tax equity investment, to finance the E4 portfolio with a capacity of 210MWp
• In Negotiations for a financing transaction in the amount of approximately USD 400 million to finance the E5 portfolio of projects with a capacity of approximately 236MWp

Projects portfolio and construction works *

• Acquisition of a project in Ohio with a capacity of approximately 150MWp, in a consideration of approximately USD 19 million
• In Negotiations for the acquisition of additional projects, including a project of in a capacity of 290MWp in Virginia
• Transaction for the acquisition of a portfolio of projects in the United States - This transaction is currently being reconsidered due to the prolonged negotiations.
• Execution of construction works in a scope of 411MWp + 292MWh in all territories

Storage

• Israel Connection of another project from the PV+storage portfolio. To date, 26MWp + 102MWh have been connected
• Increasing the storage portfolio in Israel, especially focused on utilizing existing assets
• Poland Signing of an agreement with LG to supply equipment for the first standalone storage project
• Negotiations for a framework agreement with a leading equipment supplier, with an emphasis on receiving the domestic content bonus credit in the United States

* Forward-looking statement

5

1. The comparison to the corresponding quarter includes attribution of the relevant part of the compensation which was received due to the unwinding of fixed price transactions in Poland

2. For details regarding the adjustment of accounting EBITDA to EBITDA from projects, see slide 17 of the presentation

3. For additional details regarding the update to the forecast for 2024, see section 4.2 of the board of directors' report which was published on November 18, 2024 (reference number: 2024-01-616455)

US elections - Trump's win

Currently awaiting clarification of the intended policy. As of today, there is no impact on the company's operations in the US

• Safe Harbor no retroactive changes are expected and adjustment period ("Grandfathering") to complete current projects
  • According to market experts, the IRA will not be repealed, although changes could be made to the scope of benefits, and conditions for eligibility could be hardened
    • A major part of the tax benefits which are relevant to the Company are consistent with the Republicans' declared policies
      • The demand for clean energy today is at its highest level in history; however, due to the limited supply on the power grid, renewables are the fastest solution (in terms of time to market) to address the shortage
        • The market dynamics which are driving the demand for green energy, are not due to regulatory compliance, but rather the need of the corporate and large technology companies
        • Employment market the growth in the number of jobs in the renewable energy sector is double the rate in the the whole US employment market
          • Expected tightening of tariffs on Chinese products - the tightening of supply chain could create M&A opportunities for Energix

Morgan Stanley- "Election Implications" November 6, 2024 https://www.reuters.com/business/energy https://www.pv-tech.org/pain-points-trump-2-0-us-solar/ 7

Trends in the US renewable energy market

PPA prices

The demand for clean energy, relative to the lack of supply, support the continued increase of PPA prices, particularly on the PJM grid

Nuclear energy

Basis risk

The gap in electricity prices (positive/negative) between the facility's actual connection point ("Node") and the point where accounts are settled ("Hub") in power purchase agreements with corporate customers

Solutions like SMR are not yet economically feasible, and regulatory difficulties remain. In any case, time to market will be 2035 at the earliest. According to estimates, even if the planned capacity is connected, it will not suffice to serve all of the demand.

Postponement of PJM availability tender

PJM's load growth forcast, derived from the demand for electricity mainly from data centers, predicts growth an additional 10GW by the end of 2026. These figures support a high level of capacity prices in the near future*

Trends in the US renewable energy market

	636MWp Connected projects
PV in the United States Connected projects, projects under construction and in development	Connected projects		Projects in pre-construction / under construction		Projects in advanced development	Projects in development
	Photovoltaic VA1-VA2 portfolio of projects	Photovoltaic E3 portfolio of projects	Photovoltaic E4 portfolio of projects	Photovoltaic E5 portfolio of projects	Photovoltaic Projects in Virginia and Pennsylvania	Photovoltaic	Storage
Capacity (MWh/MW)	224	412	210	236	304	4,300	5,900
Construction cost NIS millions	569 (2)	1,333 (2)	530-610* (2)	580-680* (2)	830-920* (2)	(1) In accordance with the projected results for 2024* (2) The construction cost represents cost to third parties, including financing expenses during the construction period, tax payments in respect of profits from development and construction, less the tax equity partner's investment in respect of the tax benefit (ITC)
Income* NIS NIS millions	59 - 54 (1)	150 - 140 (3)	80-86 (3)	86-92 (3)	137 - 129 (3)
Gross profit * NIS millions	47 - 43 (1)	124 - 118 (3)	64-68 (3)	74-78 (3)		(3) Projected results for first full year of operation 40-50%	The figures in this slide are based on a ITC of

* Future data based on the Company's estimates, constituting forward-looking statement. The financial figures are based on an exchange rate of NIS 3.71 to USD 1

9

Poland

Wind Farm Financing - Banie 1+2 and Iława*

• Territory Poland
• Technology Wind
• Capacity 119MW
• Commencement of operations 2015
• Total construction cost 795M PLN
• Cash distribution to date 1.3B PLN
• External Financing 830 PLN**
• Total cash generated to date ~2.25B PLN
• August 2024 Refinance Deal
• 3 banks syndication Led by Santander
• Total consideration of up to 830M Zloty
• Term 11 years
• Wibor + 1.8%-2%
• Use of proceeds equity investments in the company's global project development, bridge loan repayment

** Net proceeds from recently signed 830M PLN financing deal after bridge loan repayment * Data As of 30/9/2024

314MW Connected projects
		Connected projects	Projects under construction		Advanced development		Projects in development
Wind and PV in Poland Connected projects, projects under construction and in development	Wind	PV	Photovoltaic	Storage	Wind	Photovoltaic	Photovoltaic	Wind	Storage
Capacity (MWh/MW)	301	13	30	48	68	95	340	760	400 2,100
Construction cost NIS millions	1,579	34	80-95	*55-75	420-440*	*260-280	(1) In accordance with the projected results for 2024* (2) Projected results for first full year of operation (3) Based on the forward prices for 2025
Revenue * Annual, NIS Millions	515-535 (1)	3 (1)	10-14 (2)	11-15 (2)	85-95 (2,3)	1133--1543 (2,3)
Gross Profit * Annual, NIS Millions	450-470 (1)	3 (1)	8-10 (2)	6-10 (2)

* Forward-looking statement based on the Company's estimates and constituting forward-looking statement Financial data based on a PLN/NIS exchange rate of 0.93

	330MW Connected projects
Connected projects			Projects under construction / in pre-construction	Projects in development
Wind and PV in Israel Connected projects, projects under construction and in development	Photovoltaic	ARAN Project (1)	Photovoltaic First competitive process for ultra high voltage systems	Photovoltaic including integrated storage (5)	Photovoltaic (including integrated storage)	Storage
Capacity (MWh/MW)	330 (4)	104	87	111 (346MWh) (6)	370	2,400
Construction cost NIS millions	1,200	750 – 650*	280 – 240*	620 – 580*	(1) Regarding the ARAN project - Company's share in cash flows: 100%. The Company holds an ownership stake of 80.5%. As of the Approval Date of the Report, the construction works on the project have not yet been resumed. (2) In accordance with the projected results for 2024* (3) Projected results for first full year of operation (4) Including approximately 9MWp in which construction has been completed and which are pending commercial operation (5) In accordance with the power purchase agreements with the providers and sale to the customer at a CPI-linked fixed tariff, for 23 years after the date of commercial operation (6) As of the publication date of the report, Approx. 102mwh + 26MWp has been connected out of the total capacity
* Revenue Annual, NIS Millions	160 - 150 (2)	101 - 93 (3)	26 - 22 (3)	67 - 62 (3)
* Gross Profit Annual, NIS Millions	123 - 115 (2)	83 - 77 (3)	16-20 (3)	54 - 50 (3)

* Forward-looking statement based on the Company's estimates and constituting forward-looking statement

Financial data

Development of the Company's Operating Results (NIS Millions)

* The Company updated its operational forecasts for 2024. The figures in parentheses refer to the previous forecast. For additional details regarding the update to the forecast for 2024, including the update to the forecast of installed capacity as of the end of August 2024, which the Company reported in August 2024, see section 4.2 of the board of directors' report which was published on November 18, 2024 (reference number: 2024-01-616455)

* The forecast for 2024 constitutes forward-looking statement

1,400MW + 189MWh

Adjustment to Project Level EBITDA

Analysis of project level EBITDA which is used by the Company to calculate its operating results in accordance with its forecast data, as specified in slide 16*

	Q3/24	Q3/23	Q1-Q3/2024	Q1-Q3/2023	2023
Reported EBITDA	130,940	105,144	453,853	358,777	479,541
Lease expenses (IFRS 16)	(5,719)	(5,136)	(19,756)	(15,048)	(20,185)
Development expenses	14,383	1,027	31,486	7,124	16,881
Other income / expenses	(6,832)	(858)	(18,804)	(858)
General and administrative	39,327	23,109	94,972	68,089	91,564
Prohect Level EBITDA	172,099	123,286	541,751	418,084	567,801

* The comparison to the corresponding quarter includes attribution of the relevant part of the compensation which was received due to the unwinding of fixed price transactions in Poland

Financing and capital structure figures in NIS millions

67%

33%

Financial flexibility and risk management

œ	A 1

In negotiations for financing the E4 and E5 project portfolios in the total amount of approximately USD 740 million

Signing of project finance for the 2 wind farms in Poland in the amount of PLN 830 million

Foreign currency risks management policy - Maximum exposure of up to 20% of capital, per individual currency

Dividend of 40 agorot for 2024, distributed quarterly

Equity to debt ratio as of September 30, 2024

* Net debt, not including liability to the tax equity partner in the United States ** Forward-looking statement 18

Financing and capital structure

Figures are in NIS millions as of September 30, 2024

Power purchase agreements As of the approval date of the report

The Company signed power purchase agreements, hedge agreements and won tariff tenders to create optimization between leveraging the high price environment in the operating markets and reducing the exposure to price volatility in the medium term

• Sale under hedge or price
• Fixed in accordance with power purchase agreement
• Sale at market prices
• Sale in accordance with strategic collaboration agreement

A BREAKTHROUGH GLOBAL GREEN UTILITY ( "GGU "), COMMITTED TO OUR FUTURE ON THE PLANET