Core Viewpoint - Enlight Renewable Energy is set to release its financial results for Q4 and the full year ending December 31, 2025, on February 17, 2026, before market opening [1] Financial Results Release - The earnings release and additional investor materials will be available on the company's website prior to the conference call [2] - CEO Adi Leviatan and management will discuss the financial results and business outlook during the conference call, which will include a Q&A session [2] Conference Call Details - The English conference call will take place at 8:00 AM Eastern Time / 3:00 PM Israel Time [2] - Pre-registration is required to join the live conference call, and participants will receive a dial-in number and unique PIN upon registration [3] Webcast Information - A live webcast in Hebrew will be held at 6:00 AM Eastern Time / 1:00 PM Israel Time [4] - Pre-registration is also required for the Hebrew webcast [4] Company Overview - Enlight, founded in 2008, develops, finances, constructs, owns, and operates utility-scale renewable energy projects across solar, wind, and energy storage sectors [4] - The company operates in the United States, Israel, and 11 European countries, and has been publicly traded on the Tel Aviv Stock Exchange since 2010, completing its U.S. IPO in 2023 [4]

Market Performance - The Tel Aviv Stock Exchange experienced a decline, with the Tel Aviv 35 Index falling by 0.08% to 3,968.81 points, the Tel Aviv 125 Index decreasing by 0.85% to 3,987.85 points, and the BlueTech Global Index dropping by 0.10% to 698.43 points [1] - The All Bond corporate bond index decreased by 0.21% to 422.79 points, with total turnover amounting to NIS 3.84 billion in equities and NIS 5.91 billion in bonds [1] Foreign Exchange Rates - The representative shekel-dollar rate increased by 0.701% from Friday, reaching NIS 3.16/$, while the representative shekel-euro rate rose by 0.903% to NIS 3.676/€ [2] Top Gainers - Enlight Renewable Energy saw the largest gain on the Tel Aviv 35 Index, rising by 8.23%. Next Vision increased by 7.69%, and Elbit Systems Ltd. rose by 0.90%. Ormat Technologies Inc. and Bezeq Israel Telecommunications Company Ltd. also experienced gains of 1.13% and 2.17%, respectively [3] Top Losers - Nice recorded the largest decline on the Tel Aviv 35 Index, falling by 5.19%. ICL decreased by 1.95%, and Teva Pharmaceutical Industries Ltd. fell by 1.68%. Mizrahi Tefahot Bank and OPC Energy also saw declines of 1.81% and 1.16%, respectively [4]

Core Thesis - Enlight Renewable Energy Ltd (ENLT) is positioned as a strong player in the renewable energy sector, focusing on operational, cash-generating projects rather than speculative developments, with significant international expansion plans [2][5] Company Overview - ENLT operates a diversified platform across solar, wind, and energy storage, with a substantial footprint of approximately 20 gigawatts of multi-technology generation capacity and over 35 gigawatts of energy storage capacity in its development and operating pipeline [2][3] Financial Performance - The company reported a 46% year-over-year revenue growth in the third quarter, with net profit increasing by 33% to $32 million, leading management to raise full-year guidance [3] - Following earnings, the stock reached a 52-week high above $40, reflecting a year-to-date increase of approximately 125% [4] Market Position and Growth Potential - Analysts from firms such as UBS and Barclays see significant upside potential for ENLT, suggesting further appreciation over the next year despite potential short-term volatility due to geopolitical concerns and lower institutional ownership [5] - The rapid expansion of battery storage capacity from 2.1 gigawatt hours in 2022 to 11.8 gigawatt hours by Q3 2025 indicates the company's ability to meet growing grid-level storage demand [4]

Core Insights - Three stocks in the utilities sector are showing signs of being overbought, which may concern momentum-focused investors [1] Group 1: Stock Performance and Indicators - Enlight Renewable Energy Ltd (NASDAQ:ENLT) has an RSI value of 71.9, indicating it is overbought. The stock gained approximately 27% over the past month, closing at $50.35 [5] - Hawaiian Electric Industries Inc (NYSE:HE) has an RSI value of 71.1. The stock rose about 11% in the last five days, closing at $13.66 [5] - Ellomay Capital Ltd (NYSE:ELLO) has an RSI value of 75.5, also indicating it is overbought. The stock gained around 27% over the past month, closing at $28.40 [5] Group 2: Analyst Ratings and Price Targets - JP Morgan analyst Mark Strouse downgraded Enlight Renewable Energy from Neutral to Underweight, maintaining a price target of $35 [5] - Hawaiian Electric reached a $47.75 million shareholder settlement related to the Maui wildfires, which may have influenced its recent stock performance [5] - Ellomay Capital reported third-quarter earnings of 93 cents per share, an increase from 52 cents per share in the previous year [5]

Core Insights - 2025 marked the third consecutive year of double-digit increases on Wall Street, with a notable performance from Israeli stocks, although only about a quarter outperformed Wall Street indices [1] Company Performance - **Enlight Renewable Energy (Nasdaq: ENLT; TASE: ENLT)**: The company saw a stock increase of 162% in 2025, with a market cap rising from $2 billion at its IPO in 2023 to over $6 billion. It is recognized as one of the top companies in solar energy projects in the US [2] - **Pagaya (Nasdaq: PGY)**: The stock price increased by 143% in 2025, with a current market cap of $1.8 billion. The company turned a net profit earlier than expected this year, following a significant financial recovery [3][4] - **Tower Semiconductor Ltd. (Nasdaq: TSEM; TASE: TSEM)**: The chipmaker's stock rose by 135% in 2025, reaching a market cap of $13.6 billion, largely driven by the AI boom [5] - **JFrog (Nasdaq: FROG)**: The company experienced a 127% stock increase, with a market cap of $7.9 billion. The growth was fueled by strong third-quarter results and positive forecasts [6] - **Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT)**: The defense company saw a 125% increase in stock price, achieving a record market cap of $27 billion, supported by a significant order backlog and large international contracts [7]

Core Insights - Two stocks in the utilities sector are showing signs of being overbought, which may concern momentum-focused investors [1] Group 1: Enlight Renewable Energy Ltd (NASDAQ:ENLT) - JP Morgan analyst Mark Strouse downgraded Enlight Renewable Energy from Neutral to Underweight, maintaining a price target of $35 [5] - The stock has increased approximately 11% over the past five days, reaching a 52-week high of $44.01 [5] - The RSI value for ENLT is 72, indicating it is considered overbought [2][5] - On the latest trading day, shares of Enlight Renewable Energy rose by 3.9% to close at $43.44 [5] - The stock has a momentum score of 96.81 and a value score of 15.56 [5] Group 2: Kenon Holdings Ltd (NYSE:KEN) - Kenon reported quarterly earnings of 45 cents per share, a decrease from 81 cents per share in the same period last year [5] - The stock has gained around 13% over the past month, with a 52-week high of $64.85 [5] - The RSI value for KEN is 75.4, also indicating it is considered overbought [2][5] - On the latest trading day, shares of Kenon gained 0.7% to close at $64.73 [5]

Company Overview - Enlight Renewable Energy (NASDAQ:ENLT) is a significant player in the renewable energy sector, focusing on solar, wind, and energy storage projects since its establishment in 2008 [1] - The company has expanded its operations across the United States, Israel, and 11 European countries, positioning itself as a global developer and independent power producer [1] Stock Performance - As of November 17, 2025, ENLT's stock was trading at $37.46, reflecting a decrease of 0.35% or $0.13 on that day [2][3] - The stock's daily trading range has been between $35.94 and $38.19, with a yearly high of $39.62 and a low of $14.01, indicating volatility in its stock price [3] - Mizuho Securities set a price target of $27 for ENLT, suggesting an expected decrease of approximately 27.92% from the current trading price [2] Market Capitalization and Trading Volume - Enlight Renewable Energy has a market capitalization of approximately $4.51 billion, underscoring its significant size and influence in the renewable energy market [4] - The trading volume for ENLT is reported at 33,587 shares, indicating the stock's liquidity and investor interest [4] Upcoming Events - The company is scheduled to participate in two major investor conferences in December 2025, including the Mizuho Power, Energy and Infrastructure Conference on December 9 and the Wells Fargo 24th Annual Energy and Power Symposium on December 10, both in New York City [5]

Market Overview - The Tel Aviv Stock Exchange showed mixed results with the Tel Aviv 35 Index increasing by 0.12% to 3,451.39 points, while the Tel Aviv 125 Index decreased by 0.22% to 3,497.86 points, and the BlueTech Global Index fell by 0.49% to 594.70 points [1] - The All Bond corporate bond index rose by 0.05% to 419.75 points, with total turnover reaching NIS 3.83 billion in equities and NIS 5.11 billion in bonds [1] Foreign Exchange Market - The shekel-dollar rate was set 0.185% higher at NIS 3.241/$, while the shekel-euro rate decreased by 0.051% to NIS 3.759/€ [2] Company Performance - Elbit Systems Ltd. led the market with a significant rise of 6.97%, attributed to a major new deal, marking the largest increase on the Tel Aviv 35 Index [3] - Other notable gainers included Delek Group, which rose by 1.99%, Tower Semiconductor Ltd. with a 0.50% increase, Phoenix Financial up by 3.01%, and Enlight Renewable Energy rising by 2.21% [3] Decliners - Nice experienced the largest decline on the Tel Aviv 35 Index, falling by 2.23% [4] - Other banks that saw declines include Bank Leumi down by 1.17%, Bank Hapoalim down by 1.38%, Mizrahi Tefahot Bank down by 1.69%, and Israel Discount Bank down by 1.80% [4]

Core Insights - Enlight Renewable Energy is a leading global renewable energy developer and independent power producer, focusing on utility-scale projects in solar, wind, and energy storage [2]. Group 1: Company Overview - Enlight was founded in 2008 and has been publicly traded on the Tel Aviv Stock Exchange since 2010, completing its U.S. IPO in 2023 [2]. - The company operates in the United States, Israel, and 11 European countries, establishing a global platform for renewable energy development [2]. Group 2: Upcoming Events - Management is scheduled to participate in investor conferences on December 9 and December 10, 2025, in New York City [1][3]. - The conferences include the Mizuho Power, Energy and Infrastructure Conference and the Wells Fargo 24th Annual Energy and Power Symposium [3].

Financial Data and Key Metrics Changes - The company's total revenues increased to $165 million, up 46.7% year over year from $113 million [26] - Adjusted EBITDA grew by 23% to $112 million compared to $91 million for the same period in 2024 [28] - Net income rose by 33% to $32 million compared to $24 million last year [27] Business Line Data and Key Metrics Changes - Revenues from electricity sales increased by 27% to $139 million, driven by newly operational projects [26] - New projects contributed $22 million to revenues from electricity sales, with significant contributions from Atwisko, Reyes Project, Pupin, and Tapolca [27] - The energy storage segment is highlighted as a major growth engine, with a global mature storage portfolio reaching 11.8 gigawatt-hours [10] Market Data and Key Metrics Changes - Revenue distribution was 47% from Israel, 27% from Europe, and 26% from the U.S. [27] - The company secured $4.8 billion in project finance and corporate debt over the past 12 months, enhancing financial flexibility [30] Company Strategy and Development Direction - The company aims to triple its size every three years, with a projected annual revenue run rate of about $2 billion by the end of 2028 [17] - The strategy includes diversifying across geographies and technologies, with a focus on energy storage in Europe [56] - The company is positioned to benefit from the growing demand for renewable energy, particularly in the context of AI investments and data center energy consumption [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving updated guidance for 2025, expecting revenues between $555 million and $565 million [31] - The regulatory environment is improving, with recent tariff reductions expected to benefit operations [17] - The company anticipates continued growth in operating capacity, with a focus on mitigating risks related to interconnection and permitting [39] Other Important Information - The company raised its full-year 2025 guidance due to strong performance and increased visibility [8] - Significant projects include the Snowflake A project in Arizona, which is expected to generate approximately $130 million in revenue in its first year [11] Q&A Session Summary Question: How did solar and wind resource availability compare to typical seasonal assumptions? - Management noted additional wind in Israeli assets and solar performance was in line with expectations, with battery storage projects contributing additional revenues [33] Question: What enabled the acceleration in safe harboring projects? - The strategy involved significant physical work both onsite and offsite, allowing the company to complete 9 gigawatts of safe harboring this year [34][36] Question: What are the growth rates expected for operating capacity moving forward? - The company expects continued growth rates similar to past performance, with a large pool of projects to mitigate risks [37][39] Question: Can you discuss the EBITDA guidance and long-term targets? - The expectation for project-level EBITDA is always above 70%, with corporate adjustments affecting overall margins [47][48] Question: What is the current India tariff exposure and mitigation strategies? - The company is focused on sourcing PV cells from countries not subject to ongoing investigations, providing flexibility to mitigate country-specific risks [49][50] Question: Are the new projects in Europe part of a new strategy? - The projects in Europe are part of a diversified strategy, allowing the company to grow consistently across different markets [55]