Enlight Renewable Energy Ltd.

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

Thank you, Operator. Good morning, everyone, and thank you for joining the second quarter 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 plans, are 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 a 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 securities laws, which reflect management best judgment based on currently available information. We reference certain 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 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. 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 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 Enlight, Mir Yohuda, CFO of Enlight, Adam Pischel, CEO and co-founder of Clinera, and Jared McKee, incoming CEO of Clinera. Gilad will provide some opening remarks and then turn the call over to Adam and Jared for a review of our U.S. activity, and then to Nia for a review of our second quarter results. Our executive team will then be available to answer your questions.

Thank you for joining us today for Enlight's second quarter 2025 earnings call. We are pleased to report another strong quarter of results. Revenue and income grew by 53% compared to the same quarter last year, reaching 135 million. Adjusted EBITDA also increased by 57% to 96 million. Net income amounted to 6 million compared to 9 million in the same quarter last year, but mainly due to the accounting classification of a foreign currency shareholder loan impacted by exchange rate values. Given this momentum, we are raising our full year 2025 guidance ranges. Using the midpoint of these new ranges, revenues rise to 528 million from 500 million previously, and adjusted EBITDA rises to 393 million from 370 million previously. This represents a 5% to 6% increase at the midpoint for both metrics, respectively, and underscores confidence in our business outlook. The company is advancing with the roadmap, which we first presented in May, targeting an annual revenue run rate of roughly $2 billion by the end of 2028, roughly four times the 2025 revenues. Nir will provide a detailed financial review later in the call. We've also recently announced an expansion of Enlight executive leadership team. Adil Iviathan will take on the role of CEO of the company at the start of October, and I will transition to become the executive chairman of the board in full-time capacity. Yair Tsiroussi, who has served as chairman of the board for the past seven years, will assume the role of vice chairman. Following two decades of leadership roles with global corporations such as 3M and McKinsey & Co in Israel, China, and the US, Adi brings a wealth of experience to Enlight. Her addition to the executive team reinforces our core values of excellence and integrity and will contribute valuable management insight and best practices from a Fortune 100 company. I will continue to work closely with Adi, the board, and the leadership, as well as all the employees of Enlight, remaining fully committed to steering Enlight's future growth. The current market environment for the renewable energy sector across geographies is positive now. Fundamentals remain very strong as the electrification trend and especially AI are driving demand significantly beyond supply, leading to continuing increases in power prices. the cost of solar panels and energy storage equipment continues to decline, reaching historic lows. As a result, renewables are the most cost-effective method for generating electricity and are continuously increasing the gap versus conventional energy. With lower capex and higher power prices, we believe project returns will remain attractive in the regions we operate in. Specifically in the U.S., regulatory clarity and a supportive business environment create the runway for accelerated growth. We believe that the terms of the recently passed reconciliation bill are very favorable for the utility-scale solar and storage segments, providing the larger companies such as Enlight a window of significant growth opportunities. It allows Enlight to continue with our major expansion plan through 2028. Solar levelized cost of energy remains extremely price competitive compared to traditional power sources, especially in the southwest U.S., one of our prime development markets. Given the cost effectiveness of our projects, we believe we are well positioned to continue growing also beyond 2030 in a subsidy-free environment. Adam will give more detail on our U.S. project progress shortly. In Europe, we are seizing the energy storage opportunity. Given the high percentage of renewable within Europe's energy supply, we see very strong demand for storage. Cost of energy storage equipment are at historic lows. Coupled with high price arbitrage and ancillary services revenues, we expect to generate very attractive returns in the region. As a global frontrunner in energy storage, Enlight was early to identify the opportunity in this segment, and 7.8 gigawatt hour of our total portfolio comprises of energy storage projects in five countries in Europe, 3.6 gigawatt hour of which are expected to reach operations by 2028. Finally, we are breaking into new areas of growth also in Israel. Given Israel market dynamics and dependency on solar within the renewable sector, we see very strong need for energy storage in the country where we are the leading player and are expanding rapidly with 6.9 gigawatt hours of planned storage project in our advanced development and development portfolios. Following recent land reform, Agrosolar is taking large steps forward, and we are very early to secure dozens of land agreements for the segment. On the basis of our experience in Israel, we are positioned to pioneer the agrosolar revolution, also in other geographies worldwide with similar needs. We see demand for data centers in the coming years, and the important role that energy plays in developing and operating these assets. We are in the early stages of developing the land we recently acquired in the south of Israel for our first data center, a location surrounded by adjacent renewable energy sites. To summarize, this quarter we demonstrated robust financial results and raised our guidance, strengthened our senior leadership, and made tangible progress across our near and long-term growth plans positioning in light to continue outpacing the market in both growth and returns. Now, I'd like to turn the call over to Adam.