Initiation, Development and Operation of Renewable Energy Projects for the Generation and Storage of Electricity and Gas in a Range of Technologies Investors Presentation October 2023

Legal Disclaimer 2 Information regarding forward-looking statements This presentation contains forward-looking statements that involve material risks and uncertainties. All statements included in this presentation concerning our plans, other than statements involving historical facts, are forward-looking statements. Such forward-looking statements include forecast financial information. Such forward-looking statements regarding revenues, earnings, performance, strategies, prospects, expenses and other aspects of our businesses are based on current expectations, which are subject to risks and uncertainties, and based on the current government tariff, and/or commercial agreements pertaining to each project and the current or expected licenses and permits or each project. In addition, the details regarding projects included in this presentation, that are under advanced development or early-stage development, are based on current internal assessments of our management, and there is no certainty or assurance that we will be able to develop or complete those projects, since the development of such projects requires, among other things, approvals, land rights, permits and financing (both own capital and project financing). The use of certain words, including the words “assessment”, “project”, “intends”, “expects”, ”plans”, “believes”, “will” and similar expressions are aimed at identifying forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995 and the Israeli Securities Law, 1968. We may not achieve in practice the plans, intentions or expectations included in our forward-looking statements, and one should not place undue reliance on these forward-looking statements. There are various important factors, which might cause actual results or events to differ materially from those expressed or implied by our forward-looking statements, including changes in electricity prices and demand, regulatory changes, including extension of current or approval of new rules and regulations increasing the operating expenses of manufacturers of renewable energy in Spain and Italy, increases in interest rates and inflation, exchange rate fluctuations, changes in the supply and prices of resources required for the operation of the Company’s facilities (such as waste and natural gas) and in the price of oil, the impact of continued military conflict between Russia and Ukraine, delays in development, construction, or commencement of operations of the projects under development, technical and other disruptions in the operations or construction of the power plants owned by the Company, failure to obtain permits, whether on the designated time or at all, inability to achieve the financing required for development and construction of projects, climate changes, and general market, political and economic conditions in the countries in which the Company operates, including Israel, Spain, Italy and the United States. 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 that date and we do not undertake to revise any forward-looking statements, whether due to new information, future events or otherwise. 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, 2022, 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 filings, having received all such professional or other advice as it deems right or appropriate under the circumstances and not in reliance on the information contained in the presentation. By making this presentation available, we do not provide advice and make no recommendation to buy, sell or otherwise trade our shares or any other securities or investments whatsoever. We do not warrant that the information is complete or accurate, nor will we bear any liability for any damage or losses that might arise from any use of the information.This presentation and any information contained therein do not 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 US Securities Act of 1933, as amended, or an exemption therefrom. Securities will only be issued in Israel pursuant to a valid prospectus under the Israeli Securities Law, 1968 or an exemption from the prospectus requirements under this law. Historical facts and past operating results do not mean that future performance or results for any period whatsoever will necessarily match or exceed those of any previous year. This presentation and the information included therein are owned exclusively by the Company, and may not be published, distributed or used in any other way without first obtaining our express written approval. Use of Non-IFRS Financial Measures This presentation includes projected EBITDA, Adjusted EBITDA, FFO and Adjusted FFO, which are non-IFRS measures. EBITDA is defined as income before net finance expenses, taxes, depreciation and amortization, and FFO (funds from operations) is calculated by adding taxes and finance expenses to the EBITDA Despite the fact that the Company views the non-IFRS measures as important measures of comparative operational performance, these non-IFRS measures should not be viewed in isolation or as a substitute for net income or other statement of income or cash flow data prepared in accordance with IFRS as an indicator of profitability or liquidity. These non-IFRS measures do not take into consideration our obligations, including capital expenditure and restricted cash, and therefore are not necessarily indicative of amounts that may be available for discretionary use. In addition, FFO does not represent and is not an alternative to cash flow from operating activity as defined in 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 FFO in the same manner, and the presented measures 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 regarding the Company’s operational performance.The Company is unable to provide a reconciliation of these non-IFRS measures to net profit/loss on a forward-looking basis without unreasonably effort because items that impact these non-IFRS financial measures are not within the Company’s control and/or cannot be reasonably predicted. These items include, among others, exchange rate fluctuations, depreciation and amortization, other income, finance income, finance expenses and taxes on income. Such items may have a significant impact on the Company’s future financial results and the Company believes such a reconciliation for the projected results will not be meaningful. General

Our Objectives Continued Growth Growth in the renewable energy activity from development to manufacturing - in Europe, USA, Israel A Profitable and Sustainable Company Generating a stable cash flow from renewable energy and energy storage assets with geographical distribution and in a range of technologies Financial policy Maintaining leverage ratios and balanced growth while maintaining financial resilience 3

Forecast Connection of the Projects to the Grid 2023 919 MW - existing 117 MW - Italy 100 MW - US 156 MW - Manara 302.8 MW - Italy Conected to grid 591 MW - existing 328 MW - Italy 464 MW - existing 41 MW - Italy 46 MW - US 40 MW - Israel 183 MW - Italy 156 MW - Manara, Israel 46 MW - US 40 MW - Israel Conected to grid Conected to grid Conected to grid Under construction or ready to build (RTB) Advanced development Preliminary stage development 2024 2025 2026 Israel USA Italy Spain 4

Key Events 2022-2023 Israel Klahim and Komemiyut projects - district committee approvals were received for the two projects - Klahim (14.8 MW PV + storage) and Komemiyut (21 MW PV + storage). Building licenses are expected soon; estimated commencement of construction - Q4-2023. Expansion of Dorad - Government resolution on the expansion of the power plant by 650 MW and receipt of the National Infrastructure Committee for the expansion. Dorad arbitration award - the arbitration award sets a USD 100 million refund to be paid from the defendants to dorad, plus USD 30 million interest (to date). Furthermore, the reimbursement of expenses in the amount of NIS 20 million to the plaintiffs was set. Issuance of debentures - at the total amount of NIS 220 million, at a fixed annual interest of 6.05% and average duration of 4.2 at the time of issue. USA Commencement of activities in Dallas, Texas - the development and preliminary construction works of solar projects near Dallas, Texas has commenced. The strategy is to build several of fields with a capacity of approximately 10 MW AC, located in close proximity to the demand areas. The first 50 MW DC are in advanced stages. Construction is axpected to start in Q4-2023. Italy First projects ready to connect - two first projects (20 MW PV) ready to connect to the grid. Further 105 MW commenced preliminary construction works. The Netherlands Improvement of the plants - complition of stage A of the improvement of the three plants, which includes the installation of CHP for self-production of electricity and thermal energy. 5

The Company’s activity in Texas, USA

New Activity of the Company - in Texas, USA Commencement of activities - 2023 - Ellomay Capital, through wholly-owned subsidiaries, started the development and soon expects to commence the construction of a backlog of photovoltaic projects located in the outskirts of Dallas, Texas. Multiple small projects in close proximity to the demand areas - the selected strategy - building multiple projects with a capacity of approximately 10 MW in close proximity to the demand areas. Optimal conditions for fast connection - these projects are expected to benefit from high availability of connection to the grid, a short licensing process and flexible regulation regarding the sale of electricity to the grid or to end customers. Tax benefit - the projects are expected to benefit from tax benefits of approximately 40% without selling the accelerated depreciation. Cash flow to the Company from the first day of operation - the projects are expected to benefit from a strong cash flow from the first day of operation. Advantages Commencement of activities and strategy 4 first projects with a capacity of approximately 50 MW Their development started in Q1-2023, and they are ready for construction. Their connection to the grid is expected to take place during 2024 Additional projects with an aggregate capacity of approximately 150 MW The Company has additional projects with a capacity of approximately 150 MW in early development stayes, expected to connect to the grid by the end of 2026 Scope as of today 7

Connection to the Grid Net Investment Expected ITC Expected Cost Expected Annual EBITDA* Expected Annual Revenues Capacity in MW Expected Timetable % of Ownership Project Project Under Construction / Ready to Build EUR 9.1M EUR 4.5M EUR 13.6M EUR 1.18M EUR 1.45M 13 Commencement of production: 2024 100% Fairfield Project EUR 9.1M EUR 4.5M EUR 13.6M EUR 1.36M EUR 1.65M 13 Commencement of production: 2024 100% Malakoff Project EUR 18.2M EUR 9M EUR 27.2M EUR 2.54M EUR 3.10M 26 Total Under Construction / Ready to Build Under Development EUR 8.63M EUR 3.2M EUR 11.8M EUR 1M EUR 1.27M 10.5 Expected commencement of construction: 2024 100% Mexia Project EUR 7.72M EUR 3.2M EUR 10.9M EUR 0.81M EUR 1.1M 10 Expected commencement of construction: 2024 100% Talco Project EUR 16.35M EUR 6.4M EUR 22.7M EUR 1.81M EUR 2.37M 20.5 Total Under Development Projects in Texas Joint Development Agreement for building 46.5 MW solar Expected Capacity: 46.5 MW Expected date of commencement of construction: 26 MW - 2023 20.5 MW - 2024 Location: Dallas metropolitan area Expected Cost: EUR 50M Year on which the agreement was signed: 2023 Facility Type: 4 PV sites under distributed generation regulation EUR / USD conversion rate 1: 1.1 8 * EBITDA is a non-IFRS measure. The Company is unable to provide a reconciliation of EBITDA to net profit/loss on a forward-looking basis without unreasonable effort because items that impact these non-IFRS financial measures are not within the Company’s control and/or cannot be reasonably predicted. See slide 2.

Energy Generation from Waste (Biogas) the Netherlands

Projects of Waste-to-Energy (Biogas) * EBITDA and FFO are non-IFRS measures. The Company is unable to provide a reconciliation of EBITDA and FFO to net profit/loss on a forward-looking basis without unreasonable effort because items that impact these non-IFRS financial measures are not within the Company’s control and/or cannot be reasonably predicted. See slide 2. The Biogas Segment - Expected Results The Biogas Segment - Expected Data by Projects 2023 10 Project Expected Own Production of Electricity Expected Annual Gas Production Capacity Expected Revenues Expected EBITDA * Groen Gas Gelderland 1 MW 8.4 million cubic meters EUR 8.2M EUR 2.15M Groen Gas Oude – Tonge 0.6 MW 4 million cubic meters EUR 5.2M EUR 2.07M Groen Gas Goor 0.9 MW 3.2 million cubic meters EUR 5.2M EUR 2.08M In EUR million 2023 (E) 2024 (E) 2025 (E) 2026 (E) Revenues 18.6 16.2 16.8 17 Cost of sales (10.1) (9.9) (9.7) (9.6) Gross profit 8.5 6.3 7.1 7.4 Operating expenses (2.3) (2.8) (2.8) (2.8) EBITDA * 6.2 3.5 4.3 4.6 Interest on loans from banks (0.3) (0.3) (0.2) (0.1) Income tax - - - - FFO * 5.9 3.2 4.1 4.5 The Dutch government declared new a regulation that will come into force on January 1, 2025. Under the new regulation there will be a requirement to mix the gas sold in the Netherlands. The gas mixture shall be composed of 20% green gas and 80% natural gas. The green gas has to be sourced in the Netherlands. The new regulation is expected trigger a high demand for green gas and an increase in the prices of green gas and green certificates received from production of green gas. New regulation green gas - the Netherlands

Israel

The Company’s Activity in Israel Pumped Storage The construction of a pumped storage project Manara Cliff Capacity of 156 MWh, continuous operation for 12 hours Total 1,872 MW storage capacity The project can be extended to 220 MWh Solar + Storage Projects Development and construction of solar + storage projects with a capacity of 100 MW solar + 400 MW storage in batteries The Dorad Power Plant Holding in the Dorad Power Plant (9.375%). The power plant faces a potential significant expansion of its capacity from 850 MW to 1,500 MW 12

Pumped storage Manara Cliff - Under Construction The low pressure water tunnel The main entrance tunnel The main entrance tunnel Lower reservoir 13

Israel - Manara Cliff Pumped Storage Project Total storage capacity of 1,872 MWh * Sheva Mizrakot Ltd. holds 25% of the Manara project. 66.67% of Sheva Mizrakot Ltd. (representing 16.66% of the Manara project) are held by Ampa Investments Ltd. and the remaining 33.33% (representing 8.34%) are held indirectly by the Company ** On average in respect of a 100% stake. The Company’s stake is 83.34%. Based on the Euro/Shekel exchange rate as of December 31, 2022: NIS 3.753 / EUR 1. EBITDA is a non-IFRS measure. The Company is unable to provide a reconciliation of EBITDA to net profit/loss on a forward-looking basis without unreasonable effort because items that impact these non-IFRS financial measures are not within the Company’s control and/or cannot be reasonably predicted. See slide 2. 83.34%: Ellomay Capital Ltd. 16.66%*: Ampa Investments Ltd. Ownership 156 MW Option to expand to 220 MW Expected Capacity Pumped storage Facility Type EUR 438M ** Expected Cost Manara Cliff - Israel Location Commencement of work: April 2021 Expected completion: December 2026 Work Start and Expected End Date EUR 89M Expected Annual Revenues** EUR 42M Expected Annual EBITDA** 14

Dorad Power Plant In mid-2023, the Israeli government adopted a resolution to increase the power plant’s capacity by an additional 650 MW, and a building permit was received immediately thereafter from the National Infrastructure Committee. Construction is planned to take place in the area of the existing power plant At the end of June 2023, an arbitration award was received, which required some of the other partners in the plant to reimburse to Dorad USD 100 million + interest, at an aggregate amount of approximately USD 130 million The Israeli Electricity Authority’s resolution to change the demand hours clusters, which means the cancellation of the mid-peak hours and increasing the peak and off-peak hours, benefits the Dorad Power Plant Dual-use power plant with a capacity of 850 MW, composed of 12 jet turbines and 2 residual heat turbines (closed cycle) Regulatory changes that benefited Dorad Arbitral award in favor of Dorad Government resolution to expand the power plant Power plant’s current capacity and building 15

Development of Photovoltaic Projects in Israel 16 Project name Status Capacity Tariff per kWh License valid through Connection to the grid Talmei Yosef P.V Connected to grid and operational 9 MW NIS 1.07 CPI linked 2033 Komemiyut PV +storage Approved Urban Building Plan under financial closing 21 MW NIS 0.22 CPI linked 2048 Klahim PV + storage Approved Urban Building Plan under financial closing 14.8 MW NIS 0.22 CPI linked 2048 Talmei Yosef expansion P.V Urban Building Plan under approval 10 MW TBD Market regulation TBD Talmei Yosef high voltage storage Advanced planning stages 400 MW/H TBD Market regulation TBD Additional projects Early stages 46 MW TBD Market regulation TBD

Spain

Spain - Photovoltaic Projects Connected to the Grid 18 Project name Technology Capacity Radiation (P50) Tariff/ PPA Talasol(1) PV 300 MW 1,869 20% market price / 80% PPA Ellomay Solar PV 28 MW 1,909 Market price Seguisolar PV 1.248 MW 1,486 Subsidy EUR 0.22 kWh Rodríguez 1 PV 1.675 MW 1,533 Subsidy EUR 0.21 kWh Rodríguez 2 PV 2.691 MW 1,672 Subsidy EUR 0.21 kWh La Rinconada PV 2.275 MW 1,431 Subsidy EUR 0.20 kWh (1) 51% owned by the Company

Italy

Projects in Italy Geographic Deployment 199.6 MWp Friuli-Venezia Giulia 8 MWp Marche 139.1 MWp Piemonte 159.2 MWp Lazio 20

Italy Projects Table RTB Ready to build EIA Underwent an Environmental Impact Assessment, awaiting final approval by committees STMG Approval of connection to the grid 21 Project Status MW Radiation Expected annual capacity P50 Geographical region Expected date of grid connection Ello 1 Ready for connection 14.8 1,726 25,543 Lazio 10/2023 Ello 2 Ready for connection 5.0 1,702 8,424 Lazio 10/2023 Ello 3 At MITE 15.5 1,580 24,427 Piemonte 06/2025 Ello 4 RTB 15.1 1,675 25,226 Lazio 08/2024 Ello 5 RTB 87.3 1,830 159,841 Lazio 02/2025 Ello 7 RTB 54.8 1,450 79,417 Piemonte 11/2025 Ello 8 EIA received 82.5 1,423 117,326 Friuli-Venezia Giulia 03/2026 Ello 9 RTB 8.0 1,618 12,944 Marche 07/2024 Ello 10 RTB 18.0 1,642 30,618 Lazio 09/2024 Ello 11 EIA received 96.1 1,423 136,750 Friuli-Venezia Giulia 11/2025 Ello 12(Ello 5 Ext.) STMG accepted. Request to open National EIA submitted 19.0 1,830 34,772 Lazio 11/2025 Ello 13 STMG accepted 21.0 1,580 33,180 Piemonte 10/2025 Ello 14 STMG accepted 23.3 1,580 36,861 Piemonte 02/2026 Ello 15 STMG accepted, during the AU process 10.0 1,580 15,768 Piemonte 02/2025 Ello 16 STMG accepted. project under review of the National EIA 14.5 1,580 22,910 Piemonte 10/2025 Ello 17 STMG accepted 11.0 1,423 15,653 Friuli-Venezia Giulia 04/2026 Ello 18 STMG accepted, EIA screening approved. Next step AU process 10.0 1,423 14,230 Friuli-Venezia Giulia 04/2025 Total 505.7 MWp 793,891 MWh/y

Financial Data

The PV facility located in Talmei Yosef, Israel, is presented under the property, plant and equipment model rather than under the financial asset model in accordance with IFRIC 12 Including the Company’s share in Dorad. The Company’s share in Dorad is presented based on expected distributions rather than on capital gain in accordance with the equity method The expected revenues, the adjusted EBITDA and the adjusted FFO of the Talasol PV facility include minority interests Adjusted FFO is presented after finance expenses in respect of project financing, bonds and tax expenses The forecasts were prepared based on the assumption that up to 60% of the financing of new facilities in Italy will be project financing, and the remaining investment shall be funded by funds that will be raised mainly by issuing the Company’s dwbentures to the public in Israel * Adjusted EBITDA and Adjusted FFO are non-IFRS measures. The Company is unable to provide a reconciliation of Adjusted EBITDA and Adjusted FFO to net profit/loss on a forward-looking basis without unreasonable effort because items that impact these non-IFRS financial measures are not within the Company’s control and/or cannot be reasonably predicted. See slide 2. Financial Forecast | in EUR million Clarification: The forecast published in the past was revised mainly due to a decline in electricity and gas prices in accordance with the current forecast. The Company’s forecast is based on current plans and time tables, the compliance with which is subject to many risks and uncertainties, some of which are not under the Company’s control. 2026 2025 2024 2023 2026 2025 2024 2023 2026 2025 2024 2023 Adjusted Revenues Adjusted EBITDA from Projects * Adjusted FFO from Projects * 2026 (E) 2025(E) 2024(E) 2023(E) in millions € 191 110 71 64 Adjusted Revenues 139 83 48 42 Adjusted EBITDA from Projects * 132 76 41 35 Adjusted EBITDA * 98 56 31 33 Adjusted FFO from Projects * 79 38 17 20 Adjusted FFO * 23

Summary Table of Projects - Financial Data | in EUR million In respect of a 100% stake. Company’s share constitutes 51% Excluding EUR 1.2 million in interest on loans advanced by minority interests of Talasol The PV facility located in Talmei Yosef, Israel, is presented under the property, plant and equipment model rather than under the financial asset model in accordance with IFRIC 12 The data represent the Company’s share (9.375%) The facilities are expected to be connected to the grid in October 2023, and therefore the data does not represent a full year of operation * Adjusted EBITDA and Adjusted FFO are non-IFRS measures. The Company is unable to provide a reconciliation of Adjusted EBITDA and Adjusted FFO to net profit/loss on a forward-looking basis without unreasonable effort because items that impact these non-IFRS financial measures are not within the Company’s control and/or cannot be reasonably predicted. See slide 2. 24 Projects % Ownership License Capacity In Megawatt (MW) Expected Annual Revenues in 2023 Expected Adjusted EBITDA in 2023 * Expected Adjusted FFO in 2023 * Expected Debt as of December 31 2023 Expected Interest on Loans in 2023 Expected Repayment of Principal of Bank Loans in 2023 Connected to the Grid and Operating Spain PV Talasol (1) 51% Indefinite 300 28 22.1 13.5 159.4 7.4 7.4 Spain PV Rodríguez 1&2 100% 2041 4.366 1.3 1.1 0.7 7 0.2 0.6 Spain PV Seguisolar 100% 2041 1.248 0.6 0.3 0.2 1.8 0.1 0.2 Spain PV La Rinconada 100% 2041 2.275 0.8 0.5 0.4 3.6 0.1 0.3 Spain PV Ellomay Solar 100% Indefinite 28 4.5 3 2.9 Italy - PV(5) Ello 1&2 100% Indefinite 19.8 1.7(5) 1.6(5) 1.3(5) Israel - PV (3) Talmei Yosef 100% 2033 9 4.3 3.6 2.2 13.9 1.1 2 The Netherlands - Biogas 3 Projects 100% 2031 19 Base load 18.6 6.3 5.9 9.5 0.4 1.6 Israel - (based on 2022 reports) (4) Dorad 9.375% 2034 850 Company’s share - 80 63 14.7 9.9 63.5 4.2 6.8 Total Installed 463.7 MW No project finance in place No project finance in place

Summary Table of Projects under Development/Construction Financial Data | in EUR million * EBITDA and FFO are non-IFRS measures. The Company is unable to provide a reconciliation of EBITDA and FFO to net profit/loss on a forward-looking basis without unreasonable effort because items that impact these non-IFRS financial measures are not within the Company’s control and/or cannot be reasonably predicted. See slide 2. ** On average in respect of a 100% stake. The Company’s stake is 83.34%. Based on the Euro/Shekel exchange rate as of December 31, 2022: NIS 3.753 / EUR 1 *** On average for the first five years of operation The Company will be required to raise further funds in order to implement its development plans Projects % of Ownership Expected Timetable Capacity In Megawatt (MW) Expected Annual Revenues Expected Annual EBITDA * Expected Annual FFO * Expected Cost Under construction / ready to build Israel - Manara Cliff 83.34% Connection to the grid: 2026 156 89 (**) 41.9 (**) 31.4 (**) 438 Israel PV + storage 100% Connection to the grid: 2024 40 4 2 0.9 48 USA - PV 100% Connection to the grid: 2024 46.5 5 4 4 50 Italy - PV 100% Connection to the grid: 2024 183.2 33(***) 28(***) TBD 187 Total Under Construction / Ready to Build 425.7 MW In Advanced Development Italy - PV 100% Commencement of construction: 2025 302.8 In Preliminary Development Development PV: In Italy, Spain, Israel and USA 100% 800 Total Under Development 1,102.8 MW 25

Key Balance Sheet Data | in EUR thousand * See Appendix A for calculations ** The changes in the fair value of the financial hedge transaction covering 80% of the capacity of the Talasol PV facility (”Talasol PPA”) are recognized in the Company’s equity through a hedge reserve. The hedge transaction experienced significant volatility due to the significant increase in electricity prices in Europe, and as of December 31, 2022 the overall effect of the changes in the fair value of the Talasol PPA amounted to approximately EUR 46.2 million decline in the Company’s equity. The adjusted equity in accordance with its definition in the deeds of trust of the company’s debentures is EUR 129.230 million as of December 31, 2022. 26 On December 31, 2020 % of total assets On December 31, 2021 % of total assets December 31, 2022 % of total assets June 30, 2023 % of total assets Cash and cash equivalents, deposits and marketable securities 76,719 17% 71,585 13% 49,294 9% 74,877 12% Financial debt* 280,893 61% 356,194 65% 384,291 67% 426,877 71% Financial debt, net* 204,174 44% 284,609 52% 334,997 58% 352,000 58% Net property, plant, and equipment(mainly in connection with the PV activity) 264,095 57% 340,897 62% 365,756 63% 380,849 63% Investment in Dorad 32,234 7% 34,029 6% 30,029 5% 29,345 6% CAP* 405,919 88% 470,301 85% 467,368 81% 545,717 90% Total shareholders equity 125,026 27% 114,107 21% 83,077 ** 14% 118,840 Total adjusted shareholders equity 114,788 25% 129,778 23.5% 129,230 21.6% 125,494 Total assets 460,172 100% 551,979 100% 576,157 100% 604,603

Key Financial Ratios * See Appendix A for calculations Company’s Debt 27 December 31, 2020 December 31, 2021 December 31, 2022 June 30, 2023 Ratio of financial debt to CAP* 69% 76% 82% 78% Ratio of net financial debt to net cap 50% 61% 72% 65% Ratio of adjusted net financial debt to adjusted CAP* 5.1% 34.5% 32.6% 34.7% Debentures traded on the Tel Aviv Stock Exchange Par Value (NIS) Annual Interest Duration (as of August 2023) Series C 286,402,400 3.55% 1.32 Series D 62,000,000 1.2% 3.29 Series E 220,000,000 6.05% 3.6 The project finance in the European subsidiaries bears fixed interest. The project finance of the pumped storage project Manara Cliff is protected by a tariff linkage mechanism. The Company has a Baa1.il rating with a stable outlook.

Appendix A - Leverage Ratios | EUR thousand Use of non-IFRS financial measures The Company defines financial debt as loans and borrowings plus bonds (current liabilities), finance lease liabilities, long-term bank loans, bonds (non-current liabilities), net financial debt, as financial debt less cash and cash equivalent less investments held for trading less short-term deposits and CAP as equity, plus financial debt. The Company presents these measures in order to improve the understanding of its leverage ratios and loans. Although the Company views those measures as an important measure of leverage, they should not be viewed in isolation or as a substitute for long-term loans or other balance sheet data that were prepared in accordance with IFRS as a measure of leverage. Not all companies calculate those measuers in the same manner, and the presented measures may not be comparable to similarly-titled measures presented by other companies. Leverage ratios based on the Company’s balance sheet * The presented debt amounts do not include related costs that were capitalized, and are therefore offset against the debt amount ** As defined in the deeds of trust of Series C, D and E. Leverage ratios based on net adjusted financial debt and net adjusted equity 28 In EUR thousand December 31, 2020 December 31, 2021 December 31, 2022 June 30, 2023 Current liabilities Current maturities of long-term bank loans 10,232 126,180 12,815 12,020 Current maturities of other long-term loans 4,021 16,401 10,000 5,000 Bonds 10,600 19,806 18,714 35,635 Non-current liabilities Long-term bank loans 134,520 39,093 229,466 242,364 Other long-term loans 49,396 37,221 21,582 27,915 Bonds 72,124 117,493 91,714 103,943 Financial debt (A) 280,893 356,194 384,291 426,877 Less: Cash and cash equivalents (66,845) (41,229) (46,458) (73,870) Marketable securities (1,761) (1,946) (2,836) - Short term deposits (8,113) (28,410) 0 (1,007) Net financial debt (B) 204,174 284,609 334,997 352,000 Total equity (C) 125,026 114,107 83,077 118,840 Financial debt (A) 280,893 356,194 384,291 426,877 CAP (D) 405,919 470,301 467,368 545,717 Financial debt to CAP (A/D) 69% 76% 82% 78% Net financial debt (B/D) 50% 61% 72% 65% In EUR thousand December 31, 2020 December 31, 2021 December 31, 2022 June 30, 2023 Financial debt Loans from banks (*) 144,752 165,654 246,463 258,978 Other long-term loans 53,417 53,622 31,582 32,915 Bonds (*) 82,724 139,664 111,911 141,447 Other interest-bearing liabilities 9,702 3,996 - - Financial debt (A) 290,595 362,936 389,956 433,340 Less: Financing of projects and other hedging-related transactions (207,739) (223,272) (278,045) (291,893) Cash and cash equivalents (66,845) (41,229) (46,458) (73,870) Marketable securities (1,761) (1,946) (2,836) - Short term deposits (8,113) (28,410) - (1,007) Adjusted net financial debt (A) (**) 6,137 68,079 62,617 66,570 Total equity 125,026 114,107 83,077 118,840 Add (deduct): Changes in the fair value of hedges regarding electricity prices (PPA) (10,238) 15,671 46,153 6,654 Total adjusted equity (B) (**) 114,788 129,778 129,230 125,494 Net adjusted CAP (C) 120,925 197,857 191,847 192,064 Adjusted net financial debt to adjusted net CAP (A/C) 5.1% 34.5% 32.6% 34.7%

Thank you For further information Ran Fridrich, CEO | ranf@ellomay.com Kalia Rubenbach, CFO | kaliaw@ellomay.com www.ellomay.com