Note 8 - Investments in Investee Entities

Consolidated entities:

Business combinations

Signing of an agreement to acquire a company in the solar energy and energy storage segment in the United States - Clēnera LLC

On August 2, 2021, the Company acquired 90.1% of the holdings in Clēnera LLC (hereinafter: “Clēnera”), for a total value of up to USD 433 million.

Transaction structure

The Company, through a wholly controlled American subsidiary, acquired the seller’s holdings, while the two founders will maintain a minority stake of 9.9%.

The consideration for the transaction is comprised of upfront payments and future performance-dependent payments that will be determined in accordance with a gradual, performance-based (“Earn Out”) payment mechanism, which will gradually decrease according to the projects’ respective years of commercial operation, until 2025.

5 years after the closing of the transaction, the founders will be given the opportunity to exercise a put option in respect of their holdings in Clēnera, in accordance with an agreed-upon mechanism.

Update of the liabilities in respect of Earn Out consideration and put option in connection with the transaction to acquire Clēnera LLC

According to changes in the Company’s estimations regarding the projected operation date of a limited number of projects and according to an update to the agreement signed on December 2022, the Company reduced the estimations for the value of the Earn Out consideration in the amount of approximately USD 8.8 million and USD 28.8 million in 2024 and 2023 respectively, and reduced the value in respect of the put option in the amount of approximately USD 0.3 million and USD 5.9 million in 2024 and 2023 respectively.

The total impact amounted to approximately USD 9.1 million and USD 34.7 million in 2024 and 2023 respectively, included in “Other income net” in the Consolidated statements of income.

As of 2025, the Company no longer has Earn Out consideration liability in the Consolidated Statements of Financial Position.

Details of material consolidated entities which are held by the Company:

Entity name	Country of incorporation	Effective stake in equity interests consolidated entity
		As of December 31
		2025		2024
		%		%
Eshkol Havatzelet - Halutziot - Enlight L.P. (hereinafter: “Halutziot”)	Israel		90		90
Mivtachim Green Energies Ltd. (hereinafter: “Mivtachim”)	Israel		100		100
Talmei Bilu Green Energies Ltd. (hereinafter: “Talmei Bilu”)	Israel		100		100
Emek HaBacha Wind Energy Ltd. (hereinafter: “Emek HaBacha”)	Israel		40.85		40.85
Ruach Beresheet L.P. (hereinafter: “Ruach Beresheet”)	Israel		54		54
Enlight Sde Nitzan L.P., Enlight Ein Habesor L.P., Enlight Maccabi L.P., Enlight Maccabi 2 L.P., Enlight Revivim Ein Gedi L.P., Orsan Energy 3 L.P., A.N. Faran Solar L.P., Enlight Reim Renewable Energy L.P., A.N Mahanim L.P., Enlight Lavi L.P. (altogether hereinafter: "PV+Storage ")	Israel		50.1-100		50.1-100
Enlight Baron Floating Energy L.P.	Israel		100		100
Enlight Enterprise L.P.	Israel		100		100
Enlight Finance L.P.	Israel		100		100
Vjetroelektrana Lukovac d.o.o (Co-Op subsidiary, hereinafter: “Lukovac”)	Croatia		50.1		50.1
EW-K-Wind d.o.o (Co-Op subsidiary, hereinafter: “EWK”)	Serbia		50.1		50.1
SOWI Kosovo LLC (hereinafter: “SOWI”)	Kosovo		60		60
Vindpark Malarberget I Norberg AB (hereinafter: “Picasso”)	Sweden		68.8		68.8
Generacion Eolica Castilla La Mancha Sl (hereinafter: “Gecama”)	Spain		71.99		71.99
Björnberget Vindkraft AB (R) (hereinafter: “Bjornberget”)	Sweden		55.18		55.18
Enlight K2-Wind doo Belgrade-Novi Belgrade (hereinafter: "Pupin")	Serbia		100		100
Clēnera LLC an American holding company that fully owns PV and storage projects entities in the US	USA		90.1		90.1

Subsidiaries entities in which the non-controlling interests are material:

This section includes details regarding subsidiaries, as of the date of the relevant statement of financial position, whose non-controlling interests constitute at least 5% of the capital attributed to the owners of the Company and/or where the profit (loss) in the relevant year which is attributed to non-controlling interests constitutes at least 10% (in absolute values) of the profit (loss) attributed to owners in the relevant year.

Data from the financial statements of companies whose functional currency is a foreign currency - assets and liabilities were translated according to the relevant representative exchange rates as of December 31. Results and cash flow items were translated according to the average exchange rates during the year.

As of December 31, 2025, the Company has no non-controlling interests that meet the threshold for reporting as material non-controlling interests.

	As of December 31, 2024												For the year ended December 31, 2024
Partnership / investee	Rate of ownership rights held by non-controlling interests %		Balance of non-controlling interests		Current assets		Non-current assets		Current liabilities		Non-current liabilities		Revenues		Profit		Profit attributed to non-controlling interests		Cash flows from operating activities		Cash flows from investing activities			Cash flows from financing activities			Total change in cash and cash equivalents
			USD in thousands

Co-Op (holding Lukovac and EWK)		49.90		31,772		13,992		210,210		19,057		141,732		49,663		20,328		6,911		36,062		(3,075	)		(39,175	)		(6,188	)

The Iberian Wind (holding Gecama)		28.01		64,259		39,219		379,149		21,920		159,978		65,832		26,357		6,012		41,946		(5,792	)		(26,897	)		9,257

	As of December 31, 2023												For the year ended December 31, 2023
Partnership / investee	Rate of ownership rights held by non-controlling interests %		Balance of non-controlling interests		Current assets		Non-current assets		Current liabilities		Non-current liabilities		Revenues		Profit		Profit attributed to non-controlling interests		Cash flows from operating activities		Cash flows from investing activities			Cash flows from financing activities			Total change in cash and cash equivalents
			USD in thousands

Co-Op (holding Lukovac and EWK)		49.9		35,556		26,611		229,483		20,632		170,832		49,211		19,946		8,304		29,451		(130	)		(28,064	)		1,257