EX-99.3 4 exhibit_99-3.htm EXHIBIT 99.3

Exhibit 99.3
Integrated Developer, Owner and Operator of Renewable Energy Projects Investors Presentation December 2022

2 General: The information contained in this presentation is subject to, and must be read in conjunction with, all other publicly available information, including our Annual Report on Form 20-F for the year ended December 31, 2021, and other filings that we make from time to time with the SEC. Any person at any time acquiring securities must do so only on the basis of such person’s own judgment as to the merits or the suitability of the securities for its purpose and only based on such information as is contained in such public filings, after having taken all such professional or other advice as it considers necessary or appropriate in the circumstances and not in reliance on the information contained in the presentation. In making this presentation available, we give no advice and make no recommendation to buy, sell or otherwise deal in our shares or in any other securities or investments whatsoever. We do not warrant that the information is either complete or accurate, nor will we bear any liability for any damage or losses that may result from any use of the information. Neither this presentation nor any of the information contained herein constitute an offer to sell or the solicitation of an offer to buy any securities. No offering of securities shall be made in the United States except pursuant to registration under the U.S. Securities Act of 1933, as amended, or an exemption therefrom. No offering of securities shall be made in Israel except pursuant to an effective prospectus under the Israeli Securities Law, 1968 or an exemption from the prospectus requirements under such law. Historical facts and past operating results are not intended to mean that future performances or results for any period will necessarily match or exceed those of any prior year. This presentation and the information contained herein are the sole property of the Company and cannot be published, circulated or otherwise used in any way without our express prior written consent. Information Relating to Forward-Looking Statements: This presentation contains forward-looking statements that involve substantial risks and uncertainties. All statements included in this presentation , other than statements of historical facts, are forward-looking statements. Such forward looking statements include projected financial information. Such forward looking statements with respect to revenues, earnings, performance, strategies, prospects, income, expenses and other aspects of our business are based on current expectations that are subject to risks and uncertainties and are based on the current government tariff and/or commercial agreements relating to each project and on the current or expected licenses and permits of each project. In addition, the details, including projections, concerning projects that are under advanced development or early stage development that are included in the presentation are based on the current internal assessments of our management and there is no certainty or assurance as to our ability to advance or complete these projects, as the advancement of such projects requires, among other things, approvals, land rights, permits and financing (both equity and project financing). The use of certain words, including the words “estimate,” “project,” “intend,” “expect”, ”plan”, “believe,” “will” and similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Israeli Securities Law, 1968. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Various important factors could cause actual results or events to differ materially from those that may be expressed or implied by our forward-looking statements, including inability to obtain financing required for the development and construction of projects, changes in the market price of electricity and in demand for electricity, regulatory changes, including extension of current rules or approval of new rules and regulations increasing the operating expenses of manufacturers of renewable energy in Spain and Italy, increases in interest rates, inability to obtain permits, timely or at all, delays in the development, construction or commencement of operations of the projects under development, the impact of continued war between Russia and Ukraine, including its impact on electricity prices, the availability and prices of raw materials, components and equipment, and disruptions in supply, changes in the climate, the impact of the Covid-19 pandemic on our operations and projects, including in connection with steps taken by authorities in countries in which we operate, limited scope of projects identified for future development, our inability to reach the milestones required under the conditional license of the Manara project, fluctuations in exchange rates, changes in the supply and prices of resources required for the operation of our facilities (such as waste and natural gas) and in the price of oil, and technical and other disruptions in the operations or construction of the power plants we own. These and other risks and uncertainties associated with our business are described in greater detail in the filings we make from time to time with SEC, including our Annual Report on Form 20-F. The forward-looking statements are made as of this date and we do not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Disclaimers

Investor Highlights Financial and technological expertise Active in various markets and locations From development to operation Trusted by financial institutes and banks Renewable energy as a long term, adaptable business Ongoing growth with conservative leverage ratios Public company traded in TASE & NYSE American for 637M NIS as of December 28, 2022

Our Vision 4 To be ahead of the curve in green energy generation and storage technologies. To be a profitable and sustainable business based on enhanced financing strategies and advanced technological expertise. To provide comprehensive solutions, from development to operation, enabling a stable supply of renewable energy from varied sources. To protect the environment and benefit society by providing clean and cheap energy from renewable sources.

Our Objectives Energy Revolution as a Long-Term, Profitable Business Continuous Growth Growing our renewable energy and power generation activities from development to operation – in Europe and Israel Constant Cash Flow Creating continuous cash flow from various assets in diverse renewable energy and energy storage applications Monetary Policy Maintaining conservative leverage ratios and monetary strength

Business Development Roadmap Sold 49% of Talasol 2020 2021 Financial closing and start construction in Talasol Sold 22.6 MW Italian PV portfolio with profit of ~ 19Mil € Executed 2 Framework Agreements for the Development of 515 MW PV Projects in Italy Acquired remaining 49% of NL biogas projects Talasol connection to the grid (December 2020) Won 20 MW PV + storage in a quota tender process published by the Israeli Electricity Authority Project includes: 40 MWH DC power 80 MWH battery storage Acquired Gelderland biogas project in the Netherlands, with a permit to produce ~ 7.5 million Nm3 per year and actual production capacity of ~ 9.5 million Nm3 per year 2019 2022 Manara PSP, commencement of work of the EPC contractor (April 2021) Ellomay Solar 28 MW PV in Spain 90 % of construction completed 35 MW Italy PV ready for construction 87 MW project in Italy receive the authorizations required for the building and operation of the PV facility (AU) 437 MW PV in Italy in advanced development stage Ellomay Solar 28 MW PV in Spain connected to grid 20 MW PV in Italy under construction Talasol refinance at approximately 3% fixed interest rate with a term of 23 years, with approximately 75% leverage 180 MW PV in Italy received permits and are in ready to build status

Financial Forecast(in millions of Euro) The PV Plant located in Talmei Yosef, Israel is presented under the fixed asset model and not under the financial asset model as per IFRIC 12. Includes the Company's share in Dorad. The Company’s share in Dorad is presented based on expected distributions of profits and not on the basis of equity gain using the equity method The Talasol PV plant’s and the Manara PSP expected revenues, Adjusted EBITDA and Adjusted FFO include minority holdings Adjusted FFO is presented after projects and corporate financing and tax expenses The projections were prepared based on the assumption that new facilities in Italy will be financed up to 60% by project finance and the reminder will be financed using funds that will be raised mainly via the issuance by the Company of debentures to the public in Israel See appendix A for reconciliation and disclosure regarding the use of non-IFRS financial measures (1) Of total expected 352 MW, 63 MW are under advanced development Adjusted Revenues ~65 ~83 ~111 ~165 ~202 Adjusted EBITDA from projects ~39 ~53 ~86 ~136 ~154 Adjusted EBITDA ~32 ~46 ~79 ~129 ~147 Adjusted FFO from projects ~29 ~36 ~55 ~94 ~114 Adjusted FFO ~18 ~24 ~41 ~76 ~96 Net Profit ~3 ~7 ~19 ~38 ~39 Expected construction 352 MW PV (1) Expected construction 243 MW PV Expected construction 225 MW PV Expected construction 20 MW PV Expected construction 220 MW PV Expected commercial operation of the Manara PSP Clarification: The update to the previously published projected Financial forecast is mainly due to Higher Electricity and gas prices in Accordance with current projections. The projections are based on current timelines and plans. The actual Achievement of the timelines and Schedules is subject to many risks and uncertainties, some of which are not within the Company’s control

Development Projects – Growth Early StageDevelopment 800 MW Under Advanced Development 351 MW Under / Ready for Construction 356 MW Connected to the grid 444 MW Italy+ Spain +Israel - aggregated 800 MW PV Israel - 40 MW PV + Storage Italy - 311 MW PV Manara Cliff, Pumped Storage - 156 MW Italy - 200 MW PV Spain – 335.9 MW PV Israel - 9 MW PV Biogas - Netherlands Dorad Power Station

Diverse Green Energy Infrastructure Development, Construction, Operation Solar Energy | PV Waste to Energy | Bio Gas Clean Energy | Natural Gas Energy Storage | Pumped Storage 9

Projects Summary(EUR Millions) Projects % Ownership License Capacity MW Expected Annual Revenues in 2023 Expected Annual Adjusted EBITDA in 2023 Expected Annual Adjusted FFO in 2023 Expected Debt as of December 31, 2022 Expected interest on loans in 2023 Expected principal repayment on bank loans in 2023 Expected Cash flow in 2023 Connected to the grid and operating Spain – Talasol PV (1) 51% 300 38 28 19 165 6.1 (2) 7.4 12 Spain – 4 PV 100% 2041 7.9 4.3 3.3 2.5 13.4 0.4 1.1 1.5 Spain – Ellomay Solar PV 100% 28 9 5.5 4.6 - - - 4.6 Israel – Talmei Yosef PV (3) 100% 2033 9 4.2 3.6 2.4 16 0.9 1.9 0.6 The Netherlands – Biogas 100% 2031 19 base load 17 4.1 3.8 10 0.3 2.3 1.5 Israel – Dorad (based on 2021 reports) (4) ~9.4% 2034 860(the company’s share is ~ 80) 52 12 - - - - 3 Total Installed 444 MW For 100% holding. The Company’s share is 51% Includes 1.2 EUR million interest on loans granted by the minority shareholders of Talasol The PV Plant located in Talmei Yosef, Israel is presented under the fixed asset model and not under the financial asset model as per IFRIC 12 (as it is presented in the Company’s financial statements) The figures represent the Company’s share See Appendix A for reconciliation and disclosure regarding the use of non-IFRS financial measures

Projects Summary(EUR Millions) * On an average basis for 100% holding. The Company’s share is ~ 83.34%. Based on the NIS/EUR exchange rate as of December 31, 2021 : NIS 3.5199/1 EUR. The Company will be required to raise additional funds in order to fulfill its development plans ** On an average basis for the first five years of operations. Projects % Ownership Expected timeline MWp/ MWp/h Expected Annual Revenues Expected Annual EBITDA Expected Annual FFO Expected Cost Under / Reay for Construction Israel – Manara Cliff 83.34 % Expected production start: 2026 156 74 (*) 33 (*) 23 (*) 476 Italy - PV 100% Expected production start: 2023-2024 200 40 (**) 36 (**) 26 (**) 213 Total Under / Ready for Construction 356 MW Under Development Israel - PV + Storage 100% Expected construction start: 2023-2024 40 Italy – PV Advanced Development 100% Expected construction start: 2024-2025 311 Italy & Spain & Israel PV Early stage development 100% 800 Total Under Development 1151 MW

12 Waste-to-Energy (Biogas) Projects G.G.GELDERLAND

Waste-to-Energy(Biogas) Projects See Appendix C for reconciliation and disclosure regarding the use of non-IFRS financial measures EUR Millions 2022 (E) 2023 (E) 2024 (E) 2025 (E) 2026 (E) Revenues 12.7 17 22.2 18 17.8 Cost of Sale (9.1) (10.3) (10.4) (10) (9.9) Gross Margin 3.6 6.7 11.8 8 7.9 Opex (2.6) (2.6) (2.8) (2.8) (2.8) EBITDA 1 4.1 9 5.2 5.1 Interest on bank loans (0.4) (0.3) (0.3) (0.2) (0.1) Taxes on income - - - - - Adjusted FFO 0.6 3.8 8.7 5 5

PSP MANARA View of the MAIN ENTRANCE PORTAL and LOW PRESSURE PORTAL LOWER RESERVOIR MAIN ENTRANCE TUNNEL Under construction

Israel - Manara CliffPumped storage project Location: Manara Cliff - Israel Ownership: Ellomay Capital Ltd.: 83.34 % AMPA Investments Ltd.: 16.66%* Plant type: pumped hydro storage plant * Sheva Mizrakot Ltd. holds 25% of the Manara project. 66.67% of Sheva Mizrakot is owned by Ampa Investments Ltd.(representing 16.66% of the Manara project) and the remaining 33.33% are indirectly owned by the Company (representing 8.34% of the Manara project). ** On an average basis for 100% holding per annum. The Company’s share is ~ 83.34%. Based on the NIS/EUR exchange rate as of December 31, 2021 : NIS 3.5199/1 EUR Total storage capacity ~ 1900 MWh Expected Capacity: 156 MW Expected Cost: ~ EUR 476M Commencement of construction works: April 2021 Expected Revenues **: ~ 74M EUR Expected EBITDA**: ~ 33M EUR

Manara Cliff - Upper Reservoir

Manara Cliff - Main Access Tunnel

Manara Cliff - Lower reservoir - Wick Drains

The Pumped Hydro Storage method stores energy in the form of gravitational potential energy of water, pumped from a lower elevation reservoir to a higher elevation. 365/24/7 Energy storage enables stable power delivery all day and all year round. Pumped Hydro StorageMarket Overview https://www.gminsights.com/industry-analysis/pumped-hydro-storage-market 2017: worth over USD 300 Billion 2024: Cumulative installation is set to exceed 200 GW

Spain – Talasol Acquired: 2017 Capacity: 300 MW Plant type: 1 PV plant Starting power production: December 2020 Location: Talaván, Cáceres, Spain Final Cost: 227M EUR Expected Annual Revenue*: EUR 29-30M * On an average annual basis. Forecast is provided for 100% holding (the Company’s share is 51%) Talasol 300 MW PV Plant

Framework Agreementsfor the Development of 1020 MW PV Projects in Italy Expected Capacity: 1,020 MW Expected construction: 20 MW – 2022 185 MW – 2023 243 MW – 2024 352 MW – 2025 220 MW – 2026 Location: Italy ExpectedCost: ~900-940 MIL EUR Signed: 2020 Plant type: Multi PV plants מחכה לתמונה איכותית

PV + Storage in Israel Tender winning date July 14, 2020 Location Israel Total installed capacity (MWh) –DC* 40 Total installed capacity (MWh, Calc.) –AC* 20 % of electricity through battery 19.7% Expected annual power production (MW) 72,771 Expected construction cost NIS 160 M Tariff (Ag) 19.90 License operation period (years) 23 * This capacity may include more then one project * Source: https://www.nrel.gov/research/publications.html

Key Balance Sheet Figures(EUR thousands) December 31, 2020 % OfBS December 31, 2021 % OfBS Cash and cash equivalent, deposits and marketable securities 76,719 17% 71,585 13% Financial Debt* 280,893 61% 356,194 65% Financial Debt, net* 204,174 44% 284,609 52% Property, plant and equipment net(mainly in connection with PV Operations) 264,095 57% 340,065 62% Investment in Dorad 32,234 7% 34,029 6% CAP* 405,919 88% 470,301 85% Total equity 125,026 27% 114,107 21% Total assets 460,172 100% 551,979 100% * See Appendix B for calculations ** The changes in the financial power swap that covers approximately 80% of the output of the Talasol PV Plant (the “Talasol PPA”) are recorded in the Company’s shareholders’ equity through a hedging reserve. The Talasol PPA experienced a high volatility due to the substantial increase in electricity prices in Europe and as of September 30, 2022, the total impact of the changes in fair value of the Talasol PPA amounted to an approximately €81.7 million decrease in the Company’s shareholders’ equity. The adjusted equity as defined under the deed of trust governing series C and Series D debentures amounts to approximately €135.7 million Sep 30, 2022 50,338 382,548 332,210 366,825 34,972 436,573 54,025** 596,844 % OfBS 8% 64% 56% 61% 6% 73% 9% 10100%0

Key Financial Ratios December 31, 2020 December 31, 2021 Sep 30, 2022 Financial Debt to CAP * 69% 76% 88% Financial Debt, net to CAP * 50% 61% 76% Adjusted Financial Debt, net to Adjusted CAP, net * 5.1% 34.5% 34.1% * See Appendix B for calculations

Summary Renewable energy industry enjoys favorable business prognosis and supportive regulation Competitive pricing, no need for governmental subsidizing High segmental and geographic diversity. Revenue not dependent on a specific project Long term agreements reduce demand market risk Value based financing policy with conservative leverage, high capital and investment ratios Continuous growth. Sustainable, proven business experience 21

2022 (E) 2023 (E) 2024 (E) 2025 (E) 2026 (E) Revenues ~59 ~77 ~105 ~158 ~195 The Company’s share in Dorad's distributions of profits ~3 ~3 ~3 ~4 ~4 Adjustment to fixed asset model in connection with the PV Plant located in Talmei Yosef ~3 ~3 ~3 ~3 ~3 Adjusted Revenues ~65 ~83 ~111 ~165 ~202 Net income for the period, adjusted as set forth in the notes below ~3 ~7 ~19 ~38 ~39 Financing expenses ~13 ~18 ~29 ~35 ~37 Taxes on income (tax benefit) ~2 ~4 ~9 ~18 ~19 Depreciation ~14 ~17 ~22 ~38 ~52 Adjusted EBITDA ~32 ~46 ~79 ~129 ~147 Interest on bank loans, debentures and others ~(12) ~(18) ~(29) ְְ~(35) ְְ~(33) Taxes on income paid in cash ~(2) ~(4) ~(9) ~(18) ~(18) Adjusted FFO ~18 ~24 ~41 ~76 ~96 Adjusted EBITDA ~32 ~46 ~79 ~129 ~147 G&A corporate ~5 ~5 ~5 ~5 ~5 Project development costs ~2 ~2 ~2 ~2 ~2 Adjusted EBITDA from projects ~39 ~53 ~86 ~136 ~154 Adjusted FFO ~18 ~24 ~41 ~76 ~96 G&A corporate ~5 ~5 ~5 ~5 ~5 Project development costs ~2 ~2 ~2 ~2 ~2 Interest on debentures ~4 ~5 ~7 ~11 ~11 Adjusted FFO from projects ~29 ~36 ~55 ~94 ~114 Appendix A – Adjusted Revenue, Adjusted EBITDA and Adjusted FFO Use of NON-IFRS Financial Measures Adjusted Revenues, Adjusted EBITDA and Adjusted FFO are non-IFRS measures. EBITDA is defined as earnings before financial expenses, net, taxes, depreciation and amortization and FFO (funds from operations) is calculated by adding tax and financing expenses to EBITDA. The Company uses the terms “Adjusted Revenues,” “Adjusted EBITDA” and “Adjusted FFO” to highlight the fact that in the calculation of these non-IFRS financial measures the Company presents the revenues from the Talmei Yosef PV plant under the fixed asset model and not under IFRIC 12, presents its share in Dorad based on distributions of profit and not on the basis of equity gain using the equity method and includes the financial results of Talasol for the period prior to achievement of PAC that were not recognized in the profit and loss statement based on accounting rules. The Company presents these measures in order to enhance the understanding of the Company’s operating performance and to enable comparability between periods. While the Company considers these non-IFRS measures to be important measures of comparative operating performance, these non-IFRS measures should not be considered in isolation or as a substitute for net income or other statement of operations or cash flow data prepared in accordance with IFRS as a measure of profitability or liquidity. These non-IFRS measures do not take into account our commitments, including capital expenditures and restricted cash and, accordingly, are not necessarily indicative of amounts that may be available for discretionary uses. In addition, Adjusted FFO does not represent and is not an alternative to cash flow from operations as defined by IFRS and is not an indication of cash available to fund all cash flow needs, including the ability to make distributions. Not all companies calculate Adjusted Revenues, Adjusted EBITDA or Adjusted FFO in the same manner, and the measures as presented may not be comparable to similarly-titled measures presented by other companies. The Company uses these measures internally as performance measures and believes that when these measures are combined with IFRS measures they add useful information concerning the Company’s operating performance. We cannot, without unreasonable effort, forecast the financial results of Dorad, which are included in our financial results as an equity accounted investee, as Dorad’s results are based on items that cannot be predicted, including demand, indexation effects and natural gas costs. In addition, items included in our projected net profit (loss) and in the projected reconciliation, are impacted by items that are difficult to predict in advance and are not within our control, including, but not limited to, foreign exchange rate fluctuations, equity compensation costs, impairment and (gain) loss on sale of businesses. Therefore, the items included in the reconciliation are included based on our current estimates and information known to us. A reconciliation between measures on an IFRS and non-IFRS basis is provided in this slide. Reconciliation of Net Income to Adjusted EBITDA & Adjusted FFO (in € millions) The PV Plant located in Talmei Yosef, Israel is presented under the fixed asset model and not under the financial asset model as per IFRIC 12. The Company’s share in Dorad is presented based on distributions of profits and not on the basis of equity gain using the equity method The expected revenues, Adjusted EBITDA and FFO of the Talasol PV plant include minority holdings Adjusted FFO is presented after projects and corporate financing and tax expenses

Appendix B – Leverage Ratios Use of NON-IFRS Financial Measures The Company defines Financial Debt as loans and borrowings plus debentures (current liabilities) plus finance lease obligations plus long-term bank loans plus debentures (non-current liabilities), Financial Debt, Net as Financial Debt minus cash and cash equivalent minus investments held for trading minus short-term deposits and CAP as equity plus Financial Debt. The Company presents these measures in order to enhance the understanding of the Company’s leverage ratios and borrowings. While the Company considers these measures to be an important measure of leverage, these measures should not be considered in isolation or as a substitute for long-term borrowings or other balance sheet data prepared in accordance with IFRS as a measure of leverage. Not all companies calculate these measures in the same manner, and the measure as presented may not be comparable to similarly-titled measures presented by other companies. . Leverage ratios according to adjusted net financial debt and adjusted net equity € thousands 31/12/2020 31/12/2021 30/9/2022 Current liabilities Current maturities of long term bank loans (10,232) (126,180) (12,417) Current maturities of long term loans (4,021) (16,401) (10,000) Debentures (10,600) (19,806) (19,785) Non-current liabilities Long-term bank loans (134,520) (39,093) (219,658) Other long-term loans (49,396) (37,221) (21,697) Debentures (72,124) (117,493) (98,991) Financial Debt (A) (280,893) (356,194) (382,548) Less: Cash and cash equivalents (66,845) (41,229) (48,487) Marketable Securities (1,761) (1,946) (1,851) Short term deposits (8,113) (28,410) - Financial Debt, net (B) (204,174) (284,609) (332,210) Total equity (C) (125,026) (114,107) (54,025) Financial Debt (A) (280,893) (356,194) (382,548) CAP (D) (405,919) (470,301) (436,573) Financial Debt to CAP (A/D) 69% 76% 88% Financial Debt, net to CAP (B/D) 50% 61% 76% € thousands 31/12/2020 31/12/2021 30/9/2022 Financial Debt Bank loans (*) 144,752 165,654 235,871 Other long-term loans 53,417 53,622 31,697 Debentures (*) 82,724 139,664 120,490 Other interest bearing liabilities 9,702 3,996 - Financial Debt (A) 290,595 362,936 388,058 Less: Project finance and related hedging transactions (207,739) (223,272) (267,568) Cash and cash equivalents (66,845) (41,229) (48,487) Marketable Securities (1,761) (1,946) (1,851) Short term deposits (8,113) (28,410) - Adjusted Financial Debt, net (A) (**) 6,137 68,079 70,152 Total equity 125,026 114,107 54,025 Add (deduct): Changes in the fair value of electricity price hedge transactions (PPA) 10,238 15,671 81,682 Total Adjusted equity (B) (**) 114,788 129,778 135,707 Adjusted CAP, net (C) 120,925 197,857 205,859 Adjusted Financial Debt, net to Adjusted CAP, net (A/C) 5.1% 34.5% 34.1% * Debt amounts presented not including associated costs which were capitalized and therefore offset from the debt amount ** As defined in the Series C and D Deed of Trust Leverage ratios according to the Company's balance sheet

Appendix C – Biogas EBITDA and Adjusted FFO Use of NON-IFRS Financial Measures EBITDA and Adjusted FFO are non-IFRS measures. EBITDA is defined as earnings before financial expenses, net, taxes, depreciation and amortization and FFO (funds from operations) is calculated by adding tax and financing expenses to EBITDA. The Company uses the term “Adjusted FFO” to highlight the fact that the financing expenses presented in the calculation of Adjusted FFO exclude interest on inter-company loans. The Company presents these measures in order to enhance the understanding of the Company’s bio gas operations and to enable comparability between periods. While the Company considers these non- IFRS measures to be important measures of comparative operating performance, these non-IFRS measures should not be considered in isolation or as a substitute for net income or other statement of operations or cash flow data prepared in accordance with IFRS as a measure of profitability or liquidity. These non-IFRS measures do not take into account our commitments, including capital expenditures and restricted cash and, accordingly, are not necessarily indicative of amounts that may be available for discretionary uses. In addition, Adjusted FFO does not represent and is not an alternative to cash flow from operations as defined by IFRS and is not an indication of cash available to fund all cash flow needs, including the ability to make distributions. Not all companies calculate EBITDA or Adjusted FFO in the same manner, and the measures as presented may not be comparable to similarly-titled measures presented by other companies. The Company uses these measures internally as performance measures and believes that when these measures are combined with IFRS measures they add useful information concerning the Company’s operating performance. A reconciliation between measures on an IFRS and non-IFRS basis is provided in this slide. Reconciliation of Biogas Net Income to EBITDA & Adjusted FFO (in € millions) 2022 (E) 2023 (E) 2024 (E) 2025 (E) 2026 (E) Net Income (loss) for the period (1.9) 1.2 6.1 2.4 2.4 Financing Expenses, net 0.4 0.3 0.3 0.2 0.1 Taxes on Income - - - - - Depreciation 2.5 2.6 2.6 2.6 2.6 EBITDA 1 4.1 9 5.2 5.1 Interest on bank loans (0.4) (0.3) (0.3) (0.2) (0.1) Taxes on Income - - - - - Adjusted FFO 0.6 3.8 8.7 5 5

THANK YOU For further Info Ran Fridrich, CEO| ranf@ellomay.com Kalia Rubenbach, CFO | kaliaw@ellomay.com www.ellomay.com