Enlight Renewable Energy Ltd (ENLT) 2025 Q4 法說會逐字稿

Good day and thank you for standing by. Welcome to the Enlight Renewable Energy's fourth-quarter and full-year 2025 earnings call. Please be advised that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加 Enlight Renewable Energy 2025 年第四季及全年業績電話會議。請注意，今天的會議正在錄影。

I would now like to hand the conference over to Limor Zohar Megen, Director of Investor Relations. Please go ahead.

現在我將把會議交給投資者關係總監利莫爾·佐哈爾·梅根。請繼續。

Thank you, operator. Good morning, everyone, and thank you for joining the fourth-quarter and full-year 2025 earnings conference call for Enlight Renewable Energy. Before beginning this call, I would like to draw participants' attention to the following. Certain statements made on the call today, including, but not limited to, statements regarding business strategy and plan, our project portfolio, market opportunity, utility demand, and potential growth, discussions with commercial counterparties, and financing resources, pricing trends for material, progress of company projects, including anticipated timing of related approvals and project completion and anticipated production delays, expected impact from various regulatory developments, completion of development, the potential impact of the current conflict in Israel in our operations, and financial conditions and company action designed to mitigate such impact; and the company's future financial and operational results and guidance, including revenue and adjusted EBITDA, are forward-looking statements within the meaning of US Federal Securities laws, which reflect management's best judgment based on currently available information.

謝謝接線生。各位早安，感謝各位參加 Enlight Renewable Energy 2025 年第四季及全年財報電話會議。在開始本次通話之前，我想請各位參與者註意以下事項。今天電話會議上作出的某些陳述，包括但不限於有關業務戰略和計劃、我們的項目組合、市場機會、公用事業需求和潛在增長、與商業交易對手的討論、融資資源、材料價格趨勢、公司項目進展（包括相關審批和項目完成的預期時間以及預期的生產延誤）、各種監管發展帶來的預期影響、開發完成情況、以色列當前對我們的營運狀況以及未來對我們的財務狀況的影響和財務狀況的影響、財務狀況以及未來對我們當前財務狀況的影響； EBITDA）的陳述，均屬於美國聯邦證券法意義上的前瞻性陳述，反映了管理層基於當前可獲得資訊的最佳判斷。

We referenced certain project metrics in this earning call and additional information about such metrics can be found in our earnings release. These statements involve risks and uncertainties that may cause actual results to differ from our expectations. Please refer to our 2024 annual report filed with the SEC on March 28, 2025, and other filings for more information on the specific factors that could cause actual results to differ materially from our forward-looking statements. Although we believe these expectations are reasonable, we undertake no obligation to revise any statements to reflect changes that occur after this call.

我們在本次財報電話會議上提到了一些項目指標，有關這些指標的更多資訊可在我們的財報中找到。這些聲明涉及風險和不確定性，可能導致實際結果與我們的預期有所不同。有關可能導致實際結果與我們的前瞻性聲明存在重大差異的具體因素的更多信息，請參閱我們於 2025 年 3 月 28 日向美國證券交易委員會提交的 2024 年年度報告及其他文件。儘管我們認為這些預期是合理的，但我們不承擔任何義務修改任何聲明以反映本次通話後發生的變化。

Additionally, non-IFRS financial measures may be discussed on the call. These non-IFRS measures should be considered in addition to and not as a substitute for or in isolation from our results prepared in accordance with IFRS. Reconciliations to the most directly comparable IFRS financial measures are available in the earnings release and the earnings presentation for today's call, which are posted on our Investor Relations website.

此外，電話會議中可能會討論非國際財務報告準則下的財務指標。這些非 IFRS 指標應作為補充考慮，而不是替代或孤立地考慮我們根據 IFRS 編制的結果。與最直接可比較的 IFRS 財務指標的調節表可在盈利報告和今天電話會議的盈利演示文稿中找到，這些文件已發佈在我們的投資者關係網站上。

With me this morning are Gilad Yavetz, Executive Chairman and Co-Founder of Enlight; Adi Leviatan, CEO of Enlight; Nir Yehuda, CFO of Enlight; and Jared McKee, CEO of Clēnera. Adi will provide a summary of the business results and turn the call over to Jared for a review of our US activity. And then Nir will review the fourth quarter and year-end 2025 results. Our executive team will then be available to answer your questions.

今天早上和我在一起的有 Enlight 的執行主席兼聯合創始人 Gilad Yavetz；Enlight 的首席執行官 Adi Leviatan；Enlight 的首席財務官 Nir ​​Yehuda；以及 ClÄnera 的首席執行官 Jared McKee。Adi 將總結業務成果，並將電話轉交給 Jared，由他來回顧我們在美國的業務活動。然後，Nir 將回顧 2025 年第四季和全年業績。屆時我們的管理團隊將解答您的疑問。

I will now turn the call over to Adi Leviatan, CEO of Enlight. Adi, please begin.

現在我將把電話交給 Enlight 的執行長 Adi Leviatan。阿迪，請開始。

Good morning and good afternoon, everyone. Thank you for joining us to review Enlight's fourth quarter and full year 2025 results and business performance. 2025 was another record year for Enlight. Across the US, Europe, and Israel, our teams delivered exceptional performance as developers, builders, owners and operators of large-scale renewable energy and storage projects.

各位早安/下午好。感謝您參與本次活動，共同回顧 Enlight 2025 年第四季及全年業績及業務表現。 2025 年對 Enlight 而言又是創紀錄的一年。在美國、歐洲和以色列，我們的團隊作為大型再生能源和儲能專案的開發商、建造者、所有者和營運商，取得了卓越的表現。

Our results reflect best-in-class execution, disciplined capital allocation, and the strength of our diversified multi-technology global platform. We are operating in a uniquely favorable environment for the energy sector, structural tailwinds, reindustrialization, electrification, and rapidly rising power demand from data centers are driving unprecedented long-term growth across global electricity markets. These trends continue to reinforce the competitive edge of our technologies.

我們的業績反映了一流的執行力、嚴謹的資本配置以及我們多元化多技術全球平台的實力。我們正處於能源產業獨一無二的有利環境中，結構性利好因素、再工業化、電氣化以及資料中心電力需求的快速成長，正在推動全球電力市場前所未有的長期成長。這些趨勢不斷鞏固了我們技術的競爭優勢。

Enlight scale, portfolio depth, and proven execution position us to deliver fast, low-cost, clean energy where it is needed most. The fourth quarter capped an exceptional year. Revenue and income increased 46% year-over-year for both the quarter at $152 million and the full year at $582 million. Adjusted EBITDA in 2025 grew 51% to $438 million or 36% excluding the Sunlight sell-down.

Enlight 的規模、投資組合深度和成熟的執行力使我們能夠在最需要的地方提供快速、低成本的清潔能源。第四季為這非凡的一年畫上了圓滿的句點。本季營收和利潤年增 46%，達到 1.52 億美元，全年營收和利潤年增 46%，達到 5.82 億美元。2025 年調整後 EBITDA 成長 51% 至 4.38 億美元，若不計入 Sunlight 出售股份，則成長 36%。

In Q4 alone, adjusted EBITDA accelerated to $99 million, up 51%. With this strong finish, we exceeded our full year revenue and EBITDA guidance by 4% and 7%, respectively. The fourth quarter also capped another record year of execution during which we significantly expanded every component of our portfolio and advanced projects across all stages of development. Our total portfolio expanded 26% during 2025, growing by 7.8 factored gigawatt to reach 38 factored gigawatts. The mature portfolio grew 33% to 11.4 factored gigawatts, and the operating portfolio increased 30% in the past 12 months.

光是第四季度，調整後 EBITDA 就加速成長至 9,900 萬美元，增幅達 51%。憑藉這一強勁的收官表現，我們全年營收和 EBITDA 分別超出預期 4% 和 7%。第四季也為又一個創紀錄的執行年畫上了句號，在這一年中，我們大幅擴展了投資組合的每個組成部分，並推進了各個開發階段的項目。2025 年，我們的總投資組合成長了 26%，增加了 7.8 吉瓦，達到 38 吉瓦。成熟投資組合成長了 33%，達到 11.4 吉瓦（已計價），營運投資組合在過去 12 個月中成長了 30%。

In Q4, two major US projects, Quail Ranch and Roadrunner achieved COD ahead of schedule, delivering over 800 factored megawatts combined at approximately 13% unlevered returns. These additions doubled our US operating portfolio to 1.6 factored gigawatt, underscoring our ability to deliver large solar-plus-storage projects on time and with attractive economics. Our under-construction portfolio, a significant contributor to our short- and medium-term growth has doubled over the past year.

第四季度，美國兩大專案 Quail Ranch 和 Roadrunner 提前實現了商業運營，合計交付超過 800 兆瓦的裝置容量，無槓桿收益率約為 13%。這些新增項目使我們在美國的營運組合翻了一番，達到 1.6 吉瓦（按係數計算），凸顯了我們按時交付大型太陽能+儲能項目並實現可觀經濟效益的能力。過去一年，我們在建專案組合翻了一番，這是我們短期和中期成長的重要貢獻者。

During the past 12 months, we started construction on the projects totaling 2.6 factored gigawatts. This reflects our capability to systematically mitigate development risks and push projects towards maturity. The most significant addition during the quarter was CO Bar 1 and 2, with a capacity of almost 1 factored gigawatt. CO Bar is a 2.4 factored gigawatt flagship project. Our largest to date.

在過去的 12 個月裡，我們啟動了總裝置容量為 2.6 吉瓦的專案建設。這體現了我們系統性地降低開發風險並推動專案走向成熟的能力。本季最重要的新增項目是 CO Bar 1 和 2，容量接近 1 吉瓦。CO Bar 是一個裝機容量為 2.4 吉瓦的旗艦項目。迄今為止我們規模最大的一次。

It comprises of five and a total investment of $3 billion. It is expected to generate an unlevered return of more than 13% as a result of a well-executed connect and expand strategy.

它由五個部分組成，總投資額為30億美元。預計透過有效執行連接和擴張策略，該策略將產生超過 13% 的無槓桿收益。

Another notable project that started construction earlier in the year was Snowflake A, also in the US with a capacity of 1.1 factored gigawatt. We also added more than 2.5 factored gigawatts to our pre-construction portfolio over the past 12 months. The most notable additions were Phase 4 and 5 in the CO Bar complex with a combined capacity of 0.9 factored gigawatt. Advancing CO Bar is a major achievement for Enlight and for our US subsidiary, Clenera, and Jared will elaborate more on this shortly.

今年稍早開工的另一個值得關注的項目是 Snowflake A，該項目也位於美國，裝置容量為 1.1 吉瓦。在過去的 12 個月裡，我們還在建造前專案組合中增加了超過 2.5 吉瓦的裝置容量。其中最值得關注的是 CO Bar 綜合設施的 4 期和 5 期工程，總裝置容量為 0.9 吉瓦。推進 CO Bar 技術是 Enlight 和我們的美國子公司 Clenera 的重大成就，Jared 稍後將對此進行更詳細的闡述。

Our US platform continues to demonstrate best-in-class development expertise, providing strong visibility into our growth beyond 2028. 100% of preconstruction projects, 89% of advanced development and 53% of development projects have completed their system impact study, a critical step for interconnection certainty. We continued to proactively manage tax incentive eligibility in the US by safe harboring more than 4 factored gigawatts over the past quarter leading to more than 13 factored gigawatt that were eligible for tax equity investments before 2026.

我們的美國平台持續展現一流的開發實力，為我們2028年以後的成長提供了清晰的前景。 100%的施工前項目、89%的高階開發案和53%的開發案已完成系統影響研究，這是確保互聯互通的關鍵步驟。我們繼續積極主動管理美國的稅收優惠資格，在過去一個季度中，透過安全港措施將超過 4 吉瓦的已折算成吉瓦的能源項目納入其中，使得超過 13 吉瓦的已折算成吉瓦的能源項目在 2026 年之前符合稅收權益投資的條件。

We expect that all of our advanced development portfolio and up to 40% of our development portfolio will be safe harbored by June 2026. Energy storage remains a core pillar of our growth strategy. In Europe, the rapid growth in renewable energy generation capacity has not been matched by a corresponding build-out of storage capacity, creating a meaningful shortage of battery energy storage systems and a significant opportunity for fast growth supported by attractive returns.

我們預計到 2026 年 6 月，我們所有先進的開發項目組合以及高達 40% 的開發項目組合將獲得安全保護。儲能仍然是我們成長策略的核心支柱。在歐洲，再生能源發電能力的快速成長並未伴隨儲能能力的相應成長，導致電池儲能係統嚴重短缺，同時也為快速成長和可觀的回報提供了巨大的機會。

Our expansion momentum in Europe continued in the fourth quarter and into 2026 with the acquisition of Project Jupiter in Germany, a 2-gigawatt hour energy storage project paired with 150 megawatts of solar generation capacity expected to generate unlevered return of about 15%. This acquisition follows the acquisitions in Germany and Poland we disclosed in the previous quarter and further strengthens our position in the largest and one of the fastest-growing renewable markets in Europe.

在第四季度和 2026 年，我們在歐洲的擴張勢頭得以延續，收購了德國的木星項目，這是一個 2 吉瓦時的儲能項目，並配套 150 兆瓦的太陽能發電容量，預計將產生約 15% 的無槓桿回報率。繼上一季我們在德國和波蘭的收購後，此次收購進一步鞏固了我們在歐洲最大、成長最快的再生能源市場之一的地位。

Overall, during the year, we expanded our mature storage portfolio in Europe by 3.5 gigawatt hour. We are highly committed to continuing our expansion in Europe. Leveraging our expertise and execution capabilities to capture the significant opportunities in the market. Our mature storage portfolio globally reached 17.5 gigawatt hour. An increase of over 50% from the previous quarter and over 6 times its size, just 3 years ago.

總體而言，今年我們在歐洲的成熟儲能產品組合增加了 3.5 吉瓦時。我們堅定致力於持續拓展在歐洲的業務。憑藉我們的專業知識和執行能力，抓住市場中的巨大機會。我們成熟的全球儲能產品組合已達到 17.5 吉瓦時。與上一季相比成長超過 50%，是 3 年前規模的 6 倍多。

This expansion is yet another testament to Enlight's entrepreneurial DNA and our ability to recognize opportunities and act decisively. Our mature storage portfolio represents annual run rate revenues of approximately $1 billion. Nearly 50% of the revenue is currently reflected in our overall mature portfolio, positioning Enlight to benefit from power price fluctuations, optimization management, capacity services and ancillary grid services across markets.

此次擴張再次證明了 Enlight 的創業基因，以及我們識別機會並果斷行動的能力。我們成熟的儲存產品組合每年可帶來約 10 億美元的收入。目前，近 50% 的收入反映在我們整體成熟的產品組合中，這使得 Enlight 能夠從跨市場的電力價格波動、優化管理、容量服務和輔助電網服務中受益。

In Israel, we added meaningful storage capacity and continued to advance our solar-plus-storage build-out. Reinforcing local system flexibility and resilience. Over the past 12 months, high-voltage storage projects, totaling 1.35 gigawatt hour progressed from the advanced development portfolio to preconstruction.

在以色列，我們增加了重要的儲能容量，並繼續推動我們的太陽能+儲能建設。增強本地系統的靈活性和韌性。在過去 12 個月中，總計 1.35 吉瓦時的高壓儲能專案從高級開發階段推進到施工前階段。

In addition, during the quarter, we signed an agreement with Mivne, a leading Israeli real estate firm with more than 550 assets nationwide to supply electricity for approximately $500 million over 15 years and to form a partnership, which will develop energy storage facilities at Mivne Properties across the country. The agreement follows dozens of similar distributed storage agreements signed over the past 12 months with leading real estate companies and other organizations.

此外，本季我們與以色列領先的房地產公司 Mivne 簽署了一項協議，該公司在全國擁有 550 多項資產，我們將在 15 年內向其供應價值約 5 億美元的電力，並建立合作夥伴關係，在 Mivne Properties 位於全國各地的物業開發儲能設施。此前，該公司在過去 12 個月中與領先的房地產公司和其他組織簽署了數十份類似的分散式儲存協議。

We are also expanding our agrivoltaic presence in Israel with 49 deals signed only in the past 12 months, reflecting a future solar generation capacity of approximately 2 factored gigawatt and growing synergies between solar and agriculture. As I mentioned earlier, we see a step change in power demand from AI and data centers. Industry outlooks indicate US data center electricity consumption could roughly triple by the end of the decade. This demand must be met with scalable, cost-effective and clean energy, precisely where solar-plus-storage deliver superior levelized cost of electricity and time shifting capability.

我們也在擴大在以色列的農光合作用規模，僅在過去 12 個月就簽署了 49 項協議，這反映出未來太陽能發電能力約為 2 吉瓦，以及太陽能和農業之間日益增長的協同效應。正如我之前提到的，人工智慧和資料中心對電力的需求發生了巨大變化。產業展望表明，到本十年末，美國資料中心的電力消耗量可能會增長近三倍。必須以可擴展、經濟高效且清潔的能源來滿足這一需求，而太陽能+儲能恰恰能夠提供卓越的平準化電力成本和時間轉移能力。

Our development capabilities position Enlight to be a partner of choice for large utilities and corporates as this build-out accelerates. We will share additional details on our strategy and plans to capture the data center opportunity at our upcoming virtual investor event on March 9.

隨著建設的加速，我們的開發能力使 Enlight 成為大型公用事業公司和企業的首選合作夥伴。我們將於 3 月 9 日舉行的線上投資者活動中，分享更多關於我們抓住資料中心機會的策略和計劃的細節。

Looking forward, our strategy remains consistent and ambitious to triple the size of the business every 3 years by advancing high-quality projects through a derisked development funnel, while maintaining discipline on returns and capital structure. The continued growth of our operating portfolio and cash flow generation, combined with our differentiated global access to capital and execution capabilities enable us to further accelerate investment and Enlight's long-term growth.

展望未來，我們的策略依然是一貫的、雄心勃勃的，即透過降低風險的開發流程推進高品質項目，每 3 年將業務規模擴大三倍，同時保持對回報和資本結構的嚴格控制。我們營運組合和現金流的持續成長，加上我們差異化的全球資本獲取管道和執行能力，使我們能夠進一步加快投資和 Enlight 的長期成長。

Commensurate to this, I'm excited to share that 2026 will be a record year of construction for Enlight with the expected beginning of construction of 3 to 4 factored gigawatts resulting in a record level of approximately 7 factored gigawatts that will be under construction during the year. In fact, almost all of our current mature portfolio will be either income-generating or under construction during 2026. By the end of 2026, we expect to add about 1.1 factored gigawatt to our operational capacity, primarily in the fourth quarter of the year. That will contribute annual run rate revenue and income of $137 million and adjusted EBITDA of $109 million.

與此相符的是，我很高興地宣布，2026 年將是 Enlight 建設的創紀錄之年，預計將開工建設 3 至 4 吉瓦的發電項目，使當年在建發電項目總數達到創紀錄的約 7 吉瓦。事實上，我們目前幾乎所有成熟的投資組合在 2026 年都將要麼產生收入，要麼正在建設中。到 2026 年底，我們預計將增加約 1.1 吉瓦的營運產能，主要集中在該年的第四季。這將貢獻 1.37 億美元的年度營運收入和利潤，以及 1.09 億美元的調整後 EBITDA。

By year-end 2028, we expect to achieve 12 to 13 factored gigawatts of operating capacity, predicted to generate annual run rate revenue and income in the range of $2.1 billion to $2.3 billion. Over 11 factored gigawatts out of this capacity is in our mature portfolio. Underscoring the significant progress we made this year in increasing the visibility and certainty of our pipeline. Compared to our estimates in the previous quarter, 2028 revenue and income annual run rate increased by approximately $150 million and the planned capacity expanded by 1 factored gigawatt at the low end.

到 2028 年底，我們預計將實現 12 至 13 吉瓦的營運容量，預計每年將產生 21 億至 23 億美元的營運收入和利潤。其中超過 11 吉瓦的容量已納入我們成熟的資產組合。強調我們今年在提高產品管線的可見性和確定性方面取得的重大進展。與我們上一季的估計相比，2028 年的收入和利潤年運行率增加了約 1.5 億美元，計劃產能低端增加了 1 吉瓦。

The unlevered return on investment reflected in our under construction and preconstruction projects is expected to range from 12% to 13%, up from the 11% to 12% range we referenced last quarter, highlighting our continued focus on disciplined accretive growth. We now expect to deliver a return on equity of more than 18%.

我們在建設和預建項目中反映出的未槓桿投資回報率預計將在 12% 至 13% 之間，高於我們上季度提到的 11% 至 12% 的範圍，這凸顯了我們對穩健增值增長的持續關注。我們現在預計股本回報率將超過 18%。

Before I hand over the floor to Jared, I would like to reiterate the key takeaways. We delivered a strong finish to 2025. Exceeding guidance by growing revenues and EBITDA meaningfully and continue to rapidly expand and derisk our pipeline. We are positioned for a record construction year in 2026 and remain on track to reach 12 to 13 factored gigawatt of operating capacity by 2028 at attractive returns, supported mainly by our current mature portfolio and underpinned by disciplined returns.

在將發言權交給賈里德之前，我想重申幾個關鍵要點。我們為2025年畫下了圓滿的句點。透過顯著成長收入和 EBITDA，超越預期，並繼續快速擴張和降低我們的產品線風險。我們已做好準備，將在 2026 年迎來創紀錄的建設年，並預計在 2028 年實現 12 至 13 吉瓦的營運容量（已計入成本），並獲得可觀的回報，這主要得益於我們目前成熟的投資組合，並以穩健的回報策略為支撐。

With that, I will hand the call over to Jared.

接下來，我將把電話交給賈里德。

Thank you, Adi. In 2025, we continued to execute our growth strategy in the US We doubled our operational capacity to 1.6 factored gigawatts and we have close to 5 factored gigawatts of additional projects under construction or in preconstruction expected to come online by the end of 2028.

謝謝你，阿迪。2025年，我們繼續在美國執行成長策略。我們的營運能力翻了一番，達到1.6吉瓦，另有近5吉瓦的額外項目正在建設或處於建設前期，預計將於2028年底前投入運營。

In fact, a recent analysis by S&P placed us in the top 10 solar companies in the United States. In the fourth quarter of 2025, we commissioned two new co-located PV and battery facilities and have fully mobilized construction on three more. The Roadrunner solar and storage facility in Southeast Arizona has been successfully commissioned. This facility has a generation capacity of 290 megawatts and energy storage of 940-megawatt hours. We achieved an early COD on the PV portion of the project, bringing an earlier-than-expected revenues for the quarter.

事實上，標普最近的一項分析將我們列為美國十大太陽能公司之一。2025 年第四季度，我們投產了兩個新的光伏和電池一體化設施，並已全面啟動另外三個設施的建設。位於亞利桑那州東南部的 Roadrunner 太陽能和儲能設施已成功投入使用。該設施發電容量為 290 兆瓦，儲能容量為 940 兆瓦時。該項目的光伏部分實現了提前商業化運營，為本季度帶來了比預期更早的收入。

We also achieved COD on our Quail Ranch solar and storage facility. This includes the 128-megawatt PV site and 400-megawatt hour battery storage. These projects bring our operational portfolio in the US to 888 megawatts of generation and 2,540 megawatt hours of energy storage. Combined, these facilities are delivering enough energy to the grid to power over 220,000 American homes.

我們的 Quail Ranch 太陽能和儲能設施也實現了商業營運。其中包括128兆瓦的光電站和400兆瓦時的電池儲能係統。這些項目使我們在美國的營運組合達到 888 兆瓦發電量和 2,540 兆瓦時儲能容量。這些設施加起來向電網輸送的能源足以滿足超過 22 萬個美國家庭的用電需求。

We are in full construction on the first phases of two mega projects in the American Southwest, the Snowflake and CO Bar complexes. First, on the CO Bar complex, I am excited to announce that we have received full approval for the 1-gigawatt interconnection for the facility. The CO Bar project is a special project. and indicative of what the Clēnera team can accomplish through their development expertise, tenacity and grit.

我們正在美國西南部全面建造兩個大型計畫的第一階段，分別是 Snowflake 和 CO Bar 綜合體。首先，關於 CO Bar 綜合設施，我很高興地宣布，我們已經獲得了該設施 1 吉瓦併網的全面批准。CO Bar 專案是一個特殊的項目，它體現了 ClÄnera 團隊憑藉其開發專業知識、毅力和決心所能取得的成就。

The executed LGIA provides certainty on the interconnection and enabled a full construction mobilization. The construction team is mobilized in the first two phases of the project, CO Bar 1 and CO Bar 2. CO Bar 1 includes 254 megawatts of PV generation and 824-megawatt hours of battery storage with commercial operations scheduled for the second half of 2027. CO Bar 2, a 480-megawatt PV project anticipates commercial operations in the first half of 2028. We have also signed energy storage agreements with Salt River Project for the storage Phases, CO Bar 4 and 5.

已執行的LGIA為互聯互通提供了確定性，並實現了全面的施工動員。施工團隊已在工程的前兩個階段（CO Bar 1 和 CO Bar 2）投入使用。CO Bar 1 專案包括 254 兆瓦的光電發電和 824 兆瓦時的電池儲能，計劃於 2027 年下半年投入商業營運。CO Bar 2 是一個 480 兆瓦的光伏項目，預計將於 2028 年上半年投入商業運營。我們還與 Salt River Project 簽署了儲能協議，用於 CO Bar 4 和 5 的儲能階段。

With these energy storage agreements in place, the entire 1,211 megawatts of solar and 4,000 megawatt hours of battery, the CO Bar complex is fully subscribed. Full mobilization of the CO Bar 3, 4 and 5 projects totaling 473 megawatts of PV and 3,176 megawatt hours of BESS is targeted over the next 6 to 12 months with commercial operation anticipated between the second half of 2027 to the first half of 2028.

隨著這些儲能協議的達成，CO Bar 綜合設施的全部 1,211 兆瓦太陽能和 4,000 兆瓦時電池容量均已全部售罄。計劃在未來 6 至 12 個月內全面啟動 CO Bar 3、4 和 5 項目，總裝置容量為 473 兆瓦光伏發電和 3,176 兆瓦時電池儲能係統，預計將於 2027 年下半年至 2028 年上半年投入商業運營。

Moving on, Phase 1 of the Snowflake complex, Snowflake A includes 595 megawatts of PV and 1,900 megawatt hours of energy storage. The complex is located in Northeast Arizona, near the city of Holbrook. More than 300 skilled workers are mobilized on-site, advancing construction of the solar, battery, substation and transmission infrastructure. They have completed site mass grading installed about half of the PV and best piles and over a third of the racking.

接下來是雪花綜合體第一期工程，雪花A，包括595兆瓦的光伏發電和1900兆瓦時的儲能。該建築群位於亞利桑那州東北部，靠近霍爾布魯克市。超過 300 名技術工人已進駐現場，推進太陽能、電池、變電站和輸電基礎設施的建設。他們已完成場地平整工作，安裝了大約一半的光伏組件和樁基，以及超過三分之一的支架。

The civil work for the substation energy storage facility is complete, and we will be receiving shipments of batteries soon. Once operational, the two complexes will generate enough clean energy to power over 325,000 Arizona homes. These mega projects exemplify our belief that utility-scale solar can deliver clean, reliable energy, while advancing responsible land stewardship.

變電站儲能設施的土木工程已經完成，我們很快就會收到電池。這兩個綜合設施投入運作後，將產生足夠的清潔能源，為超過 325,000 個亞利桑那州家庭供電。這些大型專案體現了我們的信念，即公用事業規模的太陽能可以提供清潔、可靠的能源，同時推動負責任的土地管理。

Early construction at CO Bar 1 and 2 removed hundreds of acres of invasive vegetation to be restored with native grasses, forms and flowers to enhance biodiversity. We are also funding a multiyear study to monitor large mammal migration around the complex, demonstrating the multidimensional opportunities our projects create in Arizona. We have also started construction at our Crimson Orchard project in Elmore County, Idaho. This project includes 120 megawatts of PV generation and 400-megawatt hours of energy storage. We expect it to be commissioned in the first half of next year.

CO Bar 1 和 2 的早期建設清除了數百英畝的入侵性植被，並用本地草、植物和花卉進行恢復，以增強生物多樣性。我們也資助了一項多年研究，以監測該區域周圍大型哺乳動物的遷徙情況，以展示我們的計畫在亞利桑那州創造的多維機會。我們在愛達荷州埃爾莫爾縣的 Crimson Orchard 計畫也已開始動工。該項目包括120兆瓦的光伏發電和400兆瓦時的儲能。我們預計明年上半年投入使用。

Once it is online, it will generate enough energy to power over 20,000 Idaho homes. The final project under construction is Country Acres, a 403-megawatt solar and 688-megawatt hour battery project near Sacramento. The mobilized construction crew is similar in size of Snowflake A with over 300 workers on site. They have completed site mass grading and installed nearly all PV and best piles along with half of the PV racking and a third of the modules. The site substation is about two-thirds complete. The project remains scheduled for commercial operations by year-end.

一旦投入使用，它將產生足夠的能源，為愛達荷州超過 20,000 戶家庭供電。目前正在建造的最後一個項目是 Country Acres，這是一個位於薩克拉門托附近的 403 兆瓦太陽能發電項目和 688 兆瓦時電池儲能項目。動員起來的施工隊伍規模與雪花 A 工程類似，現場有 300 多名工人。他們已完成場地平整工作，並安裝了幾乎所有的光伏組件和樁基，以及一半的光伏支架和三分之一的組件。該變電站已完成約三分之二。該項目仍計劃於年底前投入商業營運。

Briefly reflecting on 2025, I want to thank everyone at Enlight and Clēnera, as well as our customers, suppliers and contractors for their dedication and excellence throughout the year. We have once again demonstrated strong execution reinforcing the solid fundamentals of our energy market as utility and large load customers continue to seek new sources of generation. Global and US power demand is expected to grow by more than 80% between 2025 and 2028, and Clēnera and Enlight are well positioned with the financial strength, operational excellence, and mature projects to capitalize on this growth. In 2026, we will continue to build on this success and execute our US growth strategy.

展望 2025 年，我要感謝 Enlight 和 ClÄnera 的每一位員工，以及我們的客戶、供應商和承包商，感謝他們在過去一年的奉獻和卓越表現。我們再次展現了強大的執行力，鞏固了能源市場的穩固基本面，因為公用事業公司和大型負載客戶繼續尋求新的發電來源。預計 2025 年至 2028 年間，全球和美國的電力需求將增長 80% 以上，ClÄnera 和 Enlight 憑藉雄厚的財力、卓越的運營能力和成熟的項目，已做好充分準備，把握這一增長機遇。2026年，我們將繼續鞏固這項成功，並執行我們的美國成長策略。

I'll now turn the phone over to Nir.

現在我把電話交給尼爾。

Thank you, Jared. The fourth quarter of '25 has been a strong quarter for Enlight, mainly resulting from the operation of new projects in the US as we continue to materialize our growth plan.

謝謝你，賈里德。2025 年第四季對 Enlight 來說是一個強勁的季度，這主要得益於我們在美國開展的新項目，以及我們不斷推進成長計畫。

In the fourth quarter of '25, the company's total revenues and income increased to $152 million, up from $104 million last year, a growth rate of 46% year over year. This was compared of revenues from the sale of electricity, which amounted to $124 million, an increase of $31 million from the same period of '24, as well as recognition of $28 million in income from tax benefit, an increase of $70 million from Q4 '24.

2025 年第四季度，公司總營收和利潤增至 1.52 億美元，高於去年的 1.04 億美元，年增 46%。與此相比，電力銷售收入為 1.24 億美元，比 2024 年同期增加了 3,100 萬美元；此外，還確認了 2,800 萬美元的稅收優惠收入，比 2024 年第四季增加了 7,000 萬美元。

The growth in revenues from the sale of electricity is mainly attributed to newly operational projects, which contributed a total of $18 million to the growth in revenue. This project included Atrisco in New Mexico, which started commercial operation in December '24 and contributed about $11 million to sales of electricity, as well as Square Range in New Mexico and Roadrunner Arizona, which started commercial operations towards the end of '25 and contributed $2 million in the sale of electricity.

電力銷售收入的成長主要歸功於新投產的項目，這些項目總共為收入成長貢獻了 1800 萬美元。該項目包括位於新墨西哥州的 Atrisco，該公司於 2024 年 12 月開始商業運營，為電力銷售貢獻了約 1100 萬美元；以及位於新墨西哥州的 Square Range 和位於亞利桑那州的 Roadrunner，這兩家公司於 2025 年底開始商業運營，為電力銷售貢獻了 200 萬美元。

Additionally, Project Pupin in Serbia started commercial operation towards the end of '24 and contributed $5 million to the increase in sale of electricity compared to Q4 '24. Additional notable items include an increase of $7 million in the sale of electricity in Israel attributed to electricity trade activity and contribution of $7 million from exchange rate fluctuation, mainly the depreciation of the US dollar compared to the Israeli shekel and the euro.

此外，塞爾維亞的普平計畫於 2024 年底開始商業運營，與 2024 年第四季相比，為電力銷售額成長貢獻了 500 萬美元。其他值得注意的項目包括以色列電力銷售額增加 700 萬美元，歸功於電力貿易活動；以及匯率波動帶來的 700 萬美元貢獻，主要是美元對以色列新謝克爾和歐元的貶值。

The increase in income from tax benefit is mostly attributed to Atrisco, which contributed $11 million, of which $3 million is attributed to the eligibility for domestic content. Roadrunner and Quail Ranch contributed an aggregate amount of $6 million to income from tax benefit. Revenue and income was distributed between MENA, Europe and the US with 32% from Israel, 37% from Europe and 31% from the US The company's adjusted EBITDA grew by 51% to $99 million compared to $65 million for the same period in '24.

稅收優惠帶來的收入成長主要歸功於 Atrisco 公司，該公司貢獻了 1,100 萬美元，其中 300 萬美元歸因於其符合國內內容資格。Roadrunner 和 Quail Ranch 為國家稅收優惠貢獻了總計 600 萬美元的收入。該公司的收入和利潤分配在中東和北非地區、歐洲和美國，其中以色列佔 32%，歐洲佔 37%，美國佔 31%。該公司調整後的 EBITDA 成長了 51%，達到 9,900 萬美元，而 2024 年同期為 6,500 萬美元。

The increase in revenue was offset by an additional $12 million in cost of sales linked to new projects, while SG&A and project development expenses was by $3 million. Fourth quarter net income increased by $13 million compared to Q4 '24, amounted to $21 million. An increase of $34 million in EBITDA was partially offset by an increase of $12 million in depreciation and amortization attributed to the start of operation of new projects, as well as share-based compensation.

收入的成長被與新項目相關的額外 1,200 萬美元銷售成本所抵消，而銷售、一般及行政費用和項目開發費用為 300 萬美元。第四季淨利潤比 2024 年第四季增加了 1,300 萬美元，達到 2,100 萬美元。EBITDA 增加 3,400 萬美元，但部分被新專案開始營運導致的折舊和攤提增加 1,200 萬美元以及股權激勵所抵銷。

Additionally, net financial expenses increased by $4 million and tax expenses increased by $7 million. Enlight secured a significant amount of new funding due in '25. At the project level, we secured $2.9 billion of project finance, as well as tax equity in the amount of $470 million, and the mezzanine loan amounted to $350 million. At the corporate level, we raised $300 million in equity, $245 million in debenture, and $50 million in an asset sale. Altogether, since the beginning of '25 Enlight raised $4.3 billion, providing the financial underpinning for our ambitious expansion plan with particular focus on the US

此外，淨財務費用增加了 400 萬美元，稅費增加了 700 萬美元。Enlight 獲得了一筆將於 2025 年到期的巨額新資金。在專案層面，我們獲得了 29 億美元的專案融資，以及 4.7 億美元的稅收權益，夾層貸款金額為 3.5 億美元。在公司層面，我們透過股權融資籌集了 3 億美元，透過債券融資籌集了 2.45 億美元，並透過資產出售籌集了 5,000 萬美元。自2025年初以來，Enlight共籌集了43億美元資金，為我們雄心勃勃的擴張計畫提供了資金支持，尤其專注於美國市場。

In addition to these funds, we have $525 million of credit facility at several banks, of which $360 million was available for use at the balance sheet date. In addition, we have approximately $1.5 billion in LC and surety bond facility, supporting our global expansion, of which $790 million were available for use at the end of the quarter. This further increases our financial flexibility as well continue to deliver on our growth strategy.

除了這些資金外，我們在幾家銀行還有 5.25 億美元的信貸額度，其中 3.6 億美元在資產負債表日可供使用。此外，我們擁有約 15 億美元的信用證和擔保債券融資，以支持我們的全球擴張，其中截至本季末有 7.9 億美元可供使用。這將進一步增強我們的財務靈活性，並有助於我們繼續推動成長策略。

Moving to 2016 guidance. We expect revenues and income between $755 million and $785 million, and adjusted EBITDA between $545 million and $565 million, reflecting annual growth of 32% and 27% at the midpoint, respectively, compared to '25 results. Our revenues and income guidance for '26 includes recognition of an estimated $160 million to $180 million in income from US tax benefit. 90% of '26 generation output is expected to be sold at fixed prices, either through PPA or hedging of our total forecasted revenues and income, 39% are expected to be denominated in US

過渡到 2016 年指導原則。我們預期營收和利潤在 7.55 億美元至 7.85 億美元之間，調整後 EBITDA 在 5.45 億美元至 5.65 億美元之間，與 2025 年的業績相比，年增長率分別為 32% 和 27%（取中間值）。我們對2026年的收入和利潤預期包括確認約1.6億美元至1.8億美元的美國稅收優惠收入。預計2026年發電量的90%將以固定價格出售，出售方式包括購電協議(PPA)或對沖我們預測的總收入和利潤；預計其中39%將以美元計價。

dollars, including tax incentives, 34% in Israeli shekel and 27% in euros.

美元（含稅收優惠），34% 以以色列新謝克爾計價，27% 以歐元計價。

I will now turn the call over to the operator for questions.

現在我將把電話轉交給接線員，回答問題。

(Operator Instructions) Justin Clare, ROTH Capital Partners.

（操作員說明）賈斯汀·克萊爾，ROTH Capital Partners。

So I first wanted to just start out, you had increased your expected annualized revenue and income run rate for 2028 to $2.1 billion to $2.3 billion, up from the $1.9 billion to $2.2 billion. So just wondering if you could walk through the drivers of the increase in that outlook? How much of that was attributable to the acquisition of the Jupiter project in Germany? And then just more broadly, how should we think about the potential role of acquisitions and the growth strategy here and whether there could be additional opportunities to accelerate the 2028 growth or beyond as a result of M&A?

首先我想問的是，你們已將 2028 年的預期年化收入和利潤運行率從 19 億至 22 億美元提高到 21 億至 23 億美元。所以我想請您詳細解釋一下導致這種預期上升的因素？其中有多少是由於收購德國的木星計畫而實現的？更廣泛地說，我們應該如何看待收購和成長策略在這裡的潛在作用，以及併購是否會帶來更多加速 2028 年或以後成長的機會？

The acquisition of the Jupiter project contributed in and of itself. $150 million to the overall sum of the 2028 run rate revenues. In addition to that, CO Bar 4 and 5 were moved from the -- if you note that little dotted line on the 2028 annual revenue rate, it moved up from the advanced development into the preconstruction. So it moved into the 2.0 number, which did not extend the top range, but it does increase the level of certainty that it is now in the mature portfolio.

收購木星計畫本身就為2028年的總營運收入貢獻了1.5億美元。此外，CO Bar 4 和 5 也從——如果您注意到 2028 年年收入率上的那條小虛線，它已從高級開發階段移至預建階段。因此，它進入了 2.0 的區間，雖然沒有擴大上限，但確實提高了它現在屬於成熟投資組合的確定性。

And, Justin, just to also pick up on the second part of your question, we are always looking at opportunities also for acquisitions of projects and pipelines where it makes sense. Specifically, in the case of the storage markets in Europe, and specifically Project Jupiter in Germany, it is an opportunity to enter the market relatively quickly. That would be a reason why we would go for an acquisition of a project that is relatively mature. We are still a greenfield developer, but we do have the flexibility to acquire projects when we want to come into the market early, and you can see about the Jupiter project that they still -- it does not come at the expense of the project returns.

賈斯汀，關於你問題的第二部分，我們也一直在尋找合適的收購項目和管道的機會。具體來說，就歐洲的儲能市場而言，特別是德國的木星項目，這是一個相對快速進入市場的機會。這就是我們傾向於收購相對成熟的專案的原因之一。我們仍然是綠地開發商，但我們有靈活性，可以在想提前進入市場時收購項目，你可以看看木星項目，他們仍然——這並沒有以犧牲項目回報為代價。

As we mentioned in the presentation deck, it is a 15% unlevered project returns. So even when we acquire projects that are relatively mature, it does not come at the expense of the returns.

正如我們在簡報中提到的，這是一個15%的無槓桿專案回報率。因此，即使我們收購的是相對成熟的項目，也不會影響收益。

Okay. Got it. Sounds good. And then just maybe shifting over to the safe harbor. You had indicated, I think, 13.2 factored gigawatts have currently been safe harbored.

好的。知道了。聽起來不錯。然後或許就轉移到安全港灣吧。我認為，您曾指出，目前已有 13.2 吉瓦的電力被安全轉移。

I think 4.3 over the last 3 months. So just at this point, can you talk about the potential to safe harbor additional capacity, is there a possibility to get beyond the 14 to 17 factored gigawatts targeted range. I'm just wondering if you could speak to any constraints.

我認為過去三個月是 4.3。那麼，在這一點上，您能否談談安全港額外容量的可能性，是否有可能超過 14 至 17 吉瓦的目標範圍？我只是想問您是否能談談任何限制條件。

Are you limited more by just the pipeline of projects that you have? Or are there any limitations in equipment access or interconnection progress or other factors?

你是否僅僅受限於手邊現有的專案儲備？或者，設備存取或互連進度方面是否存在任何限製或其他因素？

I will answer the question, and then I will also refer it onwards to Jared.

我會回答這個問題，然後我也會把它轉交給 Jared。

I will just answer that we do plan to still safe harbor, 0.5 to 3.5 factored gigawatt in this first half of 2026. And after that, of course, the safe harboring of PV solar projects will be capped. But safe harboring of energy storage projects is still available for 3 more years. So in that sense, we will be continuing to safe harbor specifically best so battery energy storage projects, but I will hand it over for Jared to complement my explanation.

我只想回答說，我們計劃在 2026 年上半年仍然保持 0.5 至 3.5 吉瓦的安全港容量。當然，在那之後，光伏太陽能專案的安全庇護範圍將會受到限制。但儲能計畫仍可享有3年的安全庇護。因此，從這個意義上講，我們將繼續特別為電池儲能項目提供安全港，但我會把解釋交給 Jared 來補充我的說明。

Yes. Thanks, Adi. We stand behind the 14 to 17 factored gigawatt range of safe harbor. As Adi mentioned, there are additional projects that we're looking at for 2026 that we'll be able to have full tax credits through 2030. The 14 to 17 factored gigawatt range is something that we're actually very proud of.

是的。謝謝你，阿迪。我們支援 14 至 17 吉瓦的安全港範圍（已考慮各種因素）。正如 Adi 所提到的，我們正在考慮 2026 年的其他項目，這些項目將能夠獲得全額稅收抵免，直至 2030 年。14 至 17 吉瓦的發電量範圍是我們非常引以為傲的成就。

It's been a significant undertaking from the team, as you all know, we include physical work of a significant nature, both off-site and offsite, offsite and on-site for our projects. And really, this gives us a very broad base to be able to pull from over the next four years as we're out there constructing and finishing our projects over the next four years.

如大家所知，這對團隊來說是一項意義重大的任務，我們的專案包括大量的現場和場外體力勞動。實際上，這為我們未來四年開展和完成專案提供了非常廣泛的基礎。

Mark Strouse, JPMorgan.

馬克‧斯特勞斯，摩根大通。

Just a follow-up -- just a follow-up on Justin's question there, just kind of given the outperformance in the stock that you've seen over the last several months, I understand that you're always looking at potential project acquisitions. But, just kind of curious how to think about the potential for kind of platform acquisitions. Are there other companies that you could potentially accretively acquire either to expand your capabilities, expand your geographic reach? Any comment there would be great.

我只是想跟進一下——就賈斯汀剛才的問題，鑑於過去幾個月股票的優異表現，我了解到你們一直在尋找潛在的項目收購機會。不過，我只是有點好奇該如何看待平台收購的可能性。是否有其他公司可以透過收購而實現增值，從而擴展自身能力或擴大地域覆蓋範圍？歡迎大家留言。

Thank you for the question. We are in a, I would say, potentially enviable position. We do have the flexibility and the ability to raise significant amounts of funds were liquid, we have various sources, including some that you've seen. I mean, that our projects are fully funded through 2028.

謝謝你的提問。我認為，我們目前所處的位置可以說是令人羨慕的。我們確實有靈活性和能力籌集大量資金，而且資金流動性強，我們有各種資金來源，包括一些你已經看到的。我的意思是，我們的專案資金已全部到位，可以持續到 2028 年。

So we're always looking at opportunities to acquire not only projects and platforms of projects, but also potentially if we need those missing capabilities also potentially more than that. And we will act accordingly in the various markets where we are operating, which is the US, Europe and Middle East, North Africa and approach these kinds of opportunities with great care for overall growth trajectory and for the shareholder value.

因此，我們一直在尋找機會，不僅收購專案和專案平台，而且如果我們需要那些缺失的能力，我們可能還會收購更多。我們將根據我們在美國、歐洲、中東和北非等各個市場的實際情況採取相應的行動，並非常謹慎地對待這些機會，以實現整體成長軌跡和股東價值。

Maheep Mandloi, Mizuho.

Maheep Mandloi，瑞穗銀行。

Congratulations on the quarter and the guidance here. And just going back to the question on safe harbor. With the new rules, the guidance, which came out last week, has that been more or less in line with expectations? Or does that change anything for you for safe harbor in the next few months here?

恭喜貴公司本季業績出色，並期待貴公司給予明確的指導意見。回到安全港問題上來。上週推出的新規和指導意見是否基本符合預期？或者，這是否會對您未來幾個月在這裡的安全港灣帶來任何影響？

Jared, do you want to take this one? I think it's regarding FEOC.

賈里德，你想接這個任務嗎？我認為這與FEOC有關。

Yes, I can take it, Adi. Just to confirm, this is the recent publication that was provided on FEOC did provide some clarifications regarding population methodology and the share of equipment originated from FEOC countries. They are in line with our previous guidelines and our estimates, and they help reduce uncertainty somewhat. The guidelines define the calculations, but they're still -- there's still more information that we expect to come.

是的，我可以接受，阿迪。為了確認，這是最近發布的關於 FEOC 的出版物，其中對人口統計方法和來自 FEOC 國家的設備份額做出了一些澄清。它們與我們先前的指導方針和估計相符，並有助於在一定程度上減少不確定性。指南中規定了計算方法，但目前仍有更多資訊需要公佈。

And so we do not expect any impact on our current estimations on our mature portfolio, as well as any projects, obviously, that we safe harbored already in 2025. As you know, those projects are not subject to FEOC. We don't expect a significant impact on any projects that we will safe harbor through the end of -- through the middle of this year, really, we do expect some additional guidance on FEOC.

因此，我們預計不會對我們目前對成熟投資組合的估計產生任何影響，顯然也不會對我們在 2025 年安全實施的任何專案產生影響。如您所知，這些項目不受聯邦工程和營運委員會 (FEOC) 的約束。我們預計，對於我們將在今年年底至年中期間予以保護的任何項目，不會產生重大影響；但我們確實預計 FEOC 會提供一些額外的指導。

Got it. Got it. And you guys kind of talked about almost $1 billion of cash, I think, between the HOLDCO and the subsidiaries and unrestricted restricted cash. So the question is more on the capital plan for equity needs. Does the cash on hand fund your projects through 2028, or how should we think about equity needs for '28 and potentially even post '28 as well?

知道了。知道了。你們好像談到了控股公司及其子公司之間的近 10 億美元現金，以及不受限制的受限現金。所以問題比較在於滿足股權需求的資本計畫。手頭上的現金是否足以支持你們的專案到 2028 年？或者我們應該如何考慮 2028 年甚至 2028 年以後的股權需求？

I'm going to ask our Chief Corporate Development Officer, Itay Banayan to take the question.

我將請我們的首席企業發展長伊泰·巴納揚來回答這個問題。

o yes, the -- we have all of the available sources in our hands to fund the growth that we're presenting through the end of 2028. So if you'll see in the presentation, we're showing that we have a significant amount of projects already under construction as part of the mature portfolio, and these were already funded, obviously, and a significant portion that we're expecting to start construction this year.

哦，是的，我們掌握了所有可用的資源，可以為我們在 2028 年底之前實現的成長提供資金。因此，正如您在簡報中看到的，我們展示了我們成熟的項目組合中已經有大量正在建設中的項目，這些項目顯然已經獲得資金，而且我們預計其中很大一部分將在今年開工。

So basically, almost all of our mature portfolio will be either generating or under construction this year. And all of the sources needed to take us through the business plan towards the end of '28 are already available. On the corporate level, obviously, some of the projects will need to do the project level financing, which is a part of the ordinary of doing business, but the corporate side we are fully funded.

所以基本上，我們成熟的投資組合中幾乎所有項目今年都將投入營運或正在建設中。完成 2028 年底的商業計劃所需的所有資料都已經到位。在公司層面，顯然有些專案需要進行專案融資，這是正常商業活動的一部分，但公司方面我們已經獲得了充足的資金。

(Operator Instructions) Michael Mcnulty, Deutsche Bank.

（操作員說明）麥可‧麥克納爾蒂，德意志銀行。

My first question relates to partial asset sales. Obviously, you did that last year with the Sunlight cluster. Can you touch on your expectations of partial asset sales into 2026, if anything is embedded in guidance? And then what we would need to see for that to happen.

我的第一個問題與部分資產出售有關。顯然，你們去年就用陽光星系團做過類似的事。您能否談談您對2026年之前部分資產出售的預期，如果有的話，相關指導意見中是否有相關內容？那麼，我們需要看到什麼才能促成此事呢？

Thank you for the question, Mike. I will refer this one to our Chief Corporate Development Officer, Itay Banayan.

謝謝你的提問，麥克。我會將此事轉交給我們的首席企業發展長伊泰‧巴納揚 (Itay Banayan)。

Mike, so we've mentioned it several times before. It is part of our strategy to contemplate minority sales or sell-downs of some of our projects where it makes sense and where it's accretive to the company. We have a lot of flexibility on our sources. So it did contribute to the numbers in 2025, and we don't see it as a one-time event.

麥克，我們之前已經多次提到這件事了。在我們的策略中，我們會考慮出售或減持部分專案的少數股權，前提是這樣做對公司有利，並且能夠增加公司收益。我們在貨源方面擁有很大的彈性。所以它對 2025 年的數據有所貢獻，我們並不認為這是一次性事件。

We think it will be part of the ordinary course of doing business. And also, when you can see on the road map to 2028, we are increasing -- gradually increasing the weighted average of our holding in our portfolio. We're going all the way to 91%. So there is a lot of meat on the bone. And when it will make sense, we might do like additional transactions like the one we did in Israel in '25.

我們認為這將是正常商業運作的一部分。此外，從 2028 年路線圖可以看出，我們正在逐步增加——逐步增加我們在投資組合中的持股加權平均值。我們的目標是達到 91%。所以這其中還有很多值得探討的地方。當時機成熟時，我們可能會進行類似 2025 年在以色列進行的那種額外交易。

Okay. That's helpful. And then my second question is a lot of the expansion in 2026 is weighted towards the latter half, I believe, 4Q. So with your overall guidance, can you talk about the key drivers of the growth within your guidance given a lot of the capacity is weighted towards the back half?

好的。那很有幫助。我的第二個問題是，我認為 2026 年的大部分擴張都集中在下半年，也就是第四季。鑑於大部分產能都集中在後半段，您能否結合您的整體指導，談談您指導下成長的關鍵驅動因素？

Thank you for the question again, Mike. So the US projects that we just connected in Q4 of 2025, Quail Ranch and Roadrunner are going to have their first full year of revenues in 2026. So -- and as you stated correctly, the projects we're connecting in 2026 will mostly -- I mean, they will have their full year of revenues in 2027. Thankfully, we are, I mean, well diversified across different geographies, different projects, different technologies.

再次感謝你的提問，麥克。因此，我們在 2025 年第四季啟動的美國計畫 Quail Ranch 和 Roadrunner 將在 2026 年迎來它們的第一個完整財年。所以——正如您所說，我們在 2026 年連接的項目大多——我的意思是，它們將在 2027 年實現全年的收入。值得慶幸的是，我們的業務在不同的地域、不同的專案、不同的技術領域都實現了良好的多元化。

And so in addition to the ones I just mentioned in the US, there's also a very significant projects in Israel that are also -- have also been connected in 2025 and will have their first year of full revenues, project called Bar-On, which is a floating PV plus storage. So we have projects in Europe that we're also working on that will be connected earlier in the year. So overall, that is what's contributing to the growth in revenues and EBITDA in 2026.

因此，除了我剛才提到的美國項目之外，以色列也有一個非常重要的項目，該項目也已於 2025 年併網，並將於第一年實現全面盈利，該項目名為 Bar-On，是一個漂浮式光伏加儲能項目。所以，我們在歐洲也有一些計畫正在進行中，這些計畫將在今年稍早與歐洲計畫對接。因此，總體而言，這就是推動 2026 年營收和 EBITDA 成長的因素。

There are no further questions. I will now hand the call back to Adi for closing remarks.

沒有其他問題了。現在我將把電話交還給阿迪，請他作總結發言。

We would like to thank you very much for supporting us for dialing into this call for asking questions. We highly appreciate the engagement with all of you, and we look forward to continuing to deliver excellent results and to see you in the next quarter. Thank you.

非常感謝各位撥入本次電話會議並提出問題，給予我們支持。我們非常感謝各位的積極參與，期待繼續取得優異的成績，並期待在下一季與大家再次相聚。謝謝。

Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.

謝謝。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。