Ellomay Capital Ltd.

under Recent Developments - Italian 198 MW Solar Portfolio Held Jointly with Clal. 145 C. Research and Development, Patents and Licenses, etc. We did not conduct any research and development activities in the years ended December 31, 2023, 2024 and 2025. D. Trend Information We operate in the Spanish, Italian and United States Solar markets, in the Netherlands waste-to-energy market and in the Israeli energy market through our five Solar Plants and the Talasol Solar Plant (of which we own 51%) in Spain, our three Solar Plants in Italy (of which we own 51%), our three Solar Plants in Texas, USA, our three WtE plants in the Netherlands, our ownership of 50% of the issued and outstanding shares of Ellomay Luzon Energy, our ownership of 83.333% of the Manara PSP and through several other projects under development in Italy, USA, Spain and Israel. Our operating Solar Plants are all fully operational and connected to the relevant national grids. However, as our operating Italian Solar Plants were connected to the grid during 2024 and in early 2025, and our operating US Solar Plants were connected to the grid during the second quarter of 2025, our results for 2023-2025 do not reflect a full three-years of operations of such plants. Our business and revenue growth from the markets in which we operate depends, among other factors, on payments received in accordance with applicable regulations and from the sale of the electricity produced by our plants and on seasonality and availability of raw materials.