Genie Energy : Investor Presentation - March 2024

Genie Energy Ltd

(NYSE: GNE)

Investor Presentation

March 2024

Safe Harbor Statement

This presentation contains forward-looking statements. Statements that are not historical facts are forward-looking statements and such forward-looking statements are statements made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include:

• statements about Genie's and its divisions' future performance;
• projections of Genie's and its divisions' results of operations or financial condition; and
• statements regarding Genie's plans, objectives or goals, including those relating to its strategies, initiatives, competition, acquisitions, dispositions and/or its products and offerings.

Words such as "believe," "anticipate," "plan," "expect," "intend," "target," "estimate," "project," "predict," "forecast," "guideline," "aim," "will," "should," "likely," "continue" and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Readers are cautioned not to place undue reliance on these forward- looking statements and all such forward-looking statements are qualified in their entirety by reference to the following cautionary statements.

Forward-looking statements are based on Genie's current expectations, estimates and assumptions and because forward- looking statements address future results, events and conditions, they, by their very nature, involve inherent risks and uncertainties, many of which are unforeseeable and beyond the Genie's control. Such known and unknown risks, uncertainties and other factors may cause Genie's actual results, performance or other achievements to differ materially from the anticipated results, performance or achievements expressed, projected or implied by these forward-looking statements.

These factors include those discussed under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations in Genie's periodic filings made with the Securities and Exchange Commission.

Genie cautions that such factors are not exhaustive and that other risks and uncertainties may cause actual results to differ materially from those in forward-looking statements.

Forward-looking statements speak only as of the date they are made and are statements of Genie's current expectations concerning future results, events and conditions and Genie is under no obligation to update any of the forward-looking statements, whether as a result of new information, future events or otherwise.

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Genie Energy At A Glance

Genie is a leading provider of electricity, natural gas and green energy to retail and commercial customers in the U.S.

2023 Financial Highlights

$429M	34.1%
Revenue	Gross Margin
$6.27	~1.6%
Net Cash /share	Dividend Yield1
($0 Debt)
1Based on stock price as of 3/11/23

Genie Energy Ltd.

Genie Retail	Genie
Energy	Renewables
(GRE)	(GREW)

~4.9X

EV1/Adj. EBITDA

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Track Record of Driving Shareholder Returns

Experienced Management

Team/Board

CEO	Michael Stein
CFO	Avi Goldin
Chairman	Howard Jonas
Lead Ind. Dir.	Wesley Perry

* Based on market values as of 3/11/23 or as shown

Company	Market Value	Recent
		Market Value*

Genie Energy	10/28/11	$447
(NYSE: GNE)	(Spin-off)
IDT Corp	$53M	$956M
(NYSE: IDT)	(9/14/09)
IDW Media	9/14/09	$6M
(OTCBB: IDW)	(Spin-off)
Straight Path Communications	7/31/13	$2,164M
(sold to VZ
(formerly NYSE: STRP)	(Spin-off)
Feb'18)
Rafael Holdings	3/26/18	$41M
(NYSE: RFL)	(Spin-off)
Zedge	6/1/16	$46M
(NYSE American: ZDGE)	(Spin-off)
Total	$53M	$3,660M

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Investment Highlights

		Portfolio &	Strong Balance
Large market	Attractive	Risk	Sheet/Cash
Management	Flow Provide
opportunity	Growth Profile
Are	Strategic
		Differentiators	Flexibility

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LARGE MARKET

OPPORTUNITY

Our Opportunity:

Selling Electricity &

Natural Gas in De-

Regulated U.S.

Markets…

• GRE has a presence in 18/28 states + Washington D.C.
• Additional states considering de-regulation in various forms

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…And in Developing, Owning & Operating Solar Farms

Favorable Regulatory Environment

"In the next half decade, the long-term tax incentives and manufacturing provisions in the IRA provide the market certainty needed to boost expected solar deployment by 38% compared to pre-IRA projections."

- Solar Energy Industry Association, 2023

177GWdc*

Installed Capacity (through 4Q23)

>5%*	~53%*
% of Total US Electricity	of new grid capacity
Generation	(4Q23)
(through 4Q23)
*Solar Energy Industry Association

Community

7%

CAGR thru 2028*

Commercial

>600K	1%
Commercial Facilities	Penetration

Utility

Components

Supply chain issues receding

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ATTRACTIVE

GROWTH PROFILE

Our Organic Growth Strategy is…

Retail

Solar

• Take share in existing markets
• Opportunistically expand retail book geographically
• Introduce new products
• Focus on customer retention to manage churn
• Originate, develop, own & operate solar farms
• Differentiate solar through vertical integration

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