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    Mike McNulty • Deutsche Bank

    Mike McNulty's questions to Enlight Renewable Energy Ltd (ENLT) leadership

    Mike McNulty's questions to Enlight Renewable Energy Ltd (ENLT) leadership • Q2 2025

    Question

    Mike McNulty, on for Corinne Blanchard, asked about the contribution of favorable foreign exchange rates to the company's raised guidance and the underlying FX assumptions. He also inquired about the differences in component costs between the U.S. and other regions and the outlook for those costs in the U.S.

    Answer

    CEO Gilad Yavetz acknowledged a benefit from FX but attributed the guidance raise primarily to strong operational performance and execution, which he expects to continue. He explained that U.S. component costs are higher due to tariffs and the tax equity environment, which also increases BOP costs. He believes that any tariffs will ultimately be reflected in higher electricity prices and PPAs due to strong underlying demand.

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    Mike McNulty's questions to Enlight Renewable Energy Ltd (ENLT) leadership • Q2 2025

    Question

    Mike McNulty, on behalf of Corinne Blanchard from Deutsche Bank, asked about the specific contribution of foreign exchange (FX) tailwinds to the company's increased full-year guidance. He also inquired about the differences in component cost trends for batteries and modules between the U.S. and the rest of the world.

    Answer

    Gilad Yavetz (Co-Founder, CEO & Director) responded, acknowledging a benefit from FX but attributing the guidance raise primarily to strong underlying operational performance and execution, which he expects to continue. On component costs, Mr. Yavetz explained that while components are globally sourced, U.S. costs are higher due to tariffs and the tax equity environment, which also increases Balance of Plant (BOP) costs. He expressed confidence that any cost changes from tariffs would be reflected in electricity prices due to strong market demand.

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    Mike McNulty's questions to Enlight Renewable Energy Ltd (ENLT) leadership • Q2 2025

    Question

    Mike McNulty, on behalf of Corinne Blanchard from Deutsche Bank AG, asked for clarification on the contribution of favorable foreign exchange rates to the raised 2025 guidance. He also inquired about the differences in component cost trends, particularly for batteries and modules, between the U.S. and the rest of the world.

    Answer

    CEO Gilad Yavetz acknowledged a benefit from FX but emphasized that the guidance increase was primarily driven by strong underlying operational performance and execution. Regarding component costs, he explained that U.S. equipment costs are higher due to tariffs and the tax equity environment, which also leads to higher balance of plant (BOP) costs. However, he stated that these higher costs are reflected in higher electricity prices and PPAs, supported by strong demand.

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    Mike McNulty's questions to Clearway Energy Inc (CWEN) leadership

    Mike McNulty's questions to Clearway Energy Inc (CWEN) leadership • Q2 2025

    Question

    Mike McNulty, on behalf of Deutsche Bank, asked about the PPA for the Goat Mountain project, specifically how its terms with a hyperscaler customer might differ from contracts with traditional utility counterparties.

    Answer

    CEO Craig Cornelius explained that the current market dynamics allow for balanced risk-sharing in PPAs with all sophisticated customers, including hyperscalers. He emphasized that contracts are structured to account for risks like tariffs and tax credit variability, protecting project returns while delivering value to the customer.

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