Enlight Renewable Energy Ltd.

Good day and thank you for standing by. Welcome to the Enlite first quarter 2025 earnings call. Please be advised that today's conference is being recorded. I would now like to hand the conference over to Jona Weiss, Director IR. Please go ahead.

Thank you, operator. Good morning, everyone, and thank you for joining our first quarter 2025 earnings conference call for Enlite 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 plans, our project portfolio, market opportunity, utility demand and potential growth, discussions with commercial counterparties and financing sources, pricing trends for materials, 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 conflicts in Israel on operations and financial conditions and company actions 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 U.S. federal security laws, which reflect management's best judgment based on currently available information. We reference certain project metrics in this earnings 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, followed 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 to be reasonable, we undertake no obligation to revise any statements to reflect changes that occur after this call. 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 webpage. With me this morning are Gilad Yavetz, CEO and co-founder of Nite, Nir Yehuda, CFO of Nite, and Adam Pichel, CEO and co-founder of Clonera. Gilad will provide some opening remarks, and then we'll turn the call over to Adam for a review of our U.S. activity, and then to Nir for a review of our first quarter results. Our executive team will then be available to answer your questions.

Thank you for joining us today for Enlight First Quarter 2025 Earnings Call. We are pleased to report strong financial results for the quarter. Revenue and income grew by 39% compared to the same quarter last year, reaching $130 million. Adjusted EBITDA also increased by 84% to $132 million. These results support our full year guidance ranges of 490 to 510 million in revenues and 360 to 380 million in adjusted EBITDA, which remain unchanged, reflecting the resilience of our combined developer and IPP business model. A significant contributor this quarter was the Sunlight transaction, which added 42 million to adjusted EBITDA and 97 million to pre-tax profit. Nir will provide more details on our financial performance later in the call. During the quarter, we made good progress with our extension plans. In the U.S., our next wave of projects remain on schedule. Construction on Quail Ranch and Road Runner is advancing, and they are expected to begin operations by the end of this year, followed by Country Acres in the second half of 2026. Together, these projects will add 820 MW of generation capacity and 2 GWh of storage upon COD, with expected total revenues and income of approximately $250 million and EBITDA of $219 million during their first year of operations. We also reached an important milestone by securing the financial close for Country Acres and Quail Ranch during the quarter, joining the Financial Close for the Roadrunner at the end of last year. We've raised a total of $1.5 billion in financing at favorable terms for these three projects over the past couple of months, despite recent US trade policy changes that created market uncertainty. This demonstrates our strong ability to access the capital we need to support our growth. Looking ahead to the second quarter, We plan to start construction on CO-BAR and Snowflake, two U.S. megaprojects with a combined capacity of 2.6 factored gigawatts and with expected combined total revenues and income of approximately $450 million and EBITDA of $400 million during their first year of operations. As part of its global strategy, Enlight has worked to build a diversified and resilient supply chain for the equipment used in its projects. As a result, the recent introduction of trade tariffs in the US has no material impact on our project economics. Our solar panels are either domestically sourced or are imported from countries other than China, and we use Tesla as our main battery supplier, which produces a large portion of their equipment domestically, and therefore has relatively lower tariff exposure. On a broader scale, we are also confident in our ability to negotiate with equipment suppliers as well as adjust our PPAs to market conditions. Adam will give more detail on our US project progress and tariff impact in a moment. In Europe, we are seeing rising demand for energy storage and our development strategy is leveraging this trend We are also studying construction on 1.3 GWh of energy storage this year in Italy, Spain, and Sweden. We also entered the standalone energy storage market in Poland with 3.2 GWh now under development. In Israel, we advance our position in two key growth areas, data centers and standalone storage. We won a state land tender for Israel's first integrated data center and renewable energy complex at Hashalim. We plan to build a 100 megawatt IT data center at an expected investment of $1 billion. This project is strategically important as demand for computing power is rapidly growing in Israel. We also strengthened our leadership in Israel's deregulated electricity market by winning a 1.9 GWh bid in Israel's first standalone energy storage capacity tender, further solidifying our 50% market share in this sector. In summary, this quarter combines strong financial performance with continued progress delivering on our near-term project and long-term expansion plans. Our robust supply chain continues to shield us from changes in the U.S. tariff and trade policy. This resilience allows Enlight to continue executing on its strategy of tripling company growth every three years. Now, I'd like to turn the call over to Adam.