All of the amounts disclosed in this press release are in U.S. dollars unless otherwise noted
TEL AVIV, Israel, Nov. 12, 2025 (GLOBE NEWSWIRE) -- Enlight Renewable Energy (NASDAQ: ENLT, TASE: ENLT) today reported financial results for the third quarter of 2025 ending September 30, 2025. Registration links for the Company's earnings English and Hebrew conference call and webcasts can be found at the end of this earnings release.
The entire suite of the Company's 3Q25 financial results can be found on our IR website at https://enlightenergy.co.il/data/financial-reports/ ==========================================================================
Financial Highlights
9 months ending September 30, 2025
-- Revenue and income of $430m, up 46% year over year -- Net income of $140m, up 140% year over year -- Adjusted EBITDA1 of $339m, up 52% year over year -- Cash flow from operations of $162m, up 3% year over year
3 months ending September 30, 2025
-- Revenues and income of $165m, up 46% year over year -- Net Income of $32m, up 33% year over year -- Adjusted EBITDA1 of $112m, up 23% year over year -- Cash flow from operations of $71m, up 7% year over year
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(1 The Company is unable to provide a reconciliation of Adjusted EBITDA to Net Income on a forward-looking basis without unreasonable effort because items that impact this IFRS financial measure are not within the Company's control and/or cannot be reasonably predicted. Please refer to the reconciliation table in Appendix 2.)
Summary of key financial results for 3Q25 and 9M25
For the three months ended For the nine months ended
------------- --------------------------------
($ millions) 30/09/2025 30/09/2024 % change 30/09/2025 30/09/2024 % change
------------- ---------- ---------- -------- ---------- ---------- --------
Revenues
and
Income 165 113 46% 430 295 46%
Net Income 32 24 33% 140 58 140%
Adjusted
EBITDA 112 91 23% 339 224 52%
Cash Flow
from
Operating
Activities 71 66 7% 162 158 3%
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Raising full-year guidance ranges
-- On the back of strong 9M25 results, we are increasing full year 2025
guidance ranges. Revenue guidance rises to $555-565m from $520-535m
previously, and Adjusted EBITDA guidance rises to $405-415m from
$385-400m previously. This represents a 6.0% and 4.5% increase at the
midpoint for both metrics, respectively. The increase in guidance and the
narrowing of the range reflect our confidence in the continued robust
growth across all parts of our business.
-- A detailed analysis of financial results appears below.
Adi Leviatan, CEO of Enlight Renewable Energy: "The third quarter financial results reflect impressive achievements above our expectations, underscoring the Company's strength, the dedication of team, and our focused business strategy. Enlight is well positioned for continued accelerated global growth, capitalizing on opportunities in the renewable energy market, which continues to benefit from favorable fundamentals. We will continue to operate with innovation and responsibility to develop the clean energy sector and strengthen our position as a leading player in the global energy market."
Portfolio Review
This quarter we continued to expand our portfolio and advance our projects through the various phases of development. Enlight's total portfolio is comprised of 20.4 GW of generation capacity and 58.1 GWh energy storage (totaling 37.0 FGW(2) ), an increase of 23% from the total portfolio of 30.2 FGW at the end of 2024. Of this, the Mature portfolio component (including operating projects, projects under construction or in pre-construction) contains 6.2 GW generation capacity and 11.8 GWh of storage (9.6 FGW in total), an increase of 12% from the Mature portfolio of 8.6 FGW at the end of 2024.
Enlight has achieved safe harbor status for its entire U.S. Mature portfolio (5.6 FGW), as well as for an additional 3.3 FGW of projects in its Advanced Development and Development portfolios. An additional 5-8 FGW of projects are expected to achieve safe harbor status by July 2026, of which 2-4 FGW are expected to be safe harbored by the end of this year.
The composition of Enlight's portfolio appears in the following table:
Annual revenues &
income run rate(4)
Component Status FGW(3) ($m)
--------------------- --------------------- ------ --------------------
Operating Commercial operation 3.1 560
Under Construction Under construction 2.9 550
0-12 months to start
Pre-Construction of construction 3.6 500
--------------------- --------------------- ------ --------------------
Total Mature
Portfolio Mature 9.6 $1,610m
Advanced 13-24 months to start
Development of construction 6.1 -
2+ years to start of
Development construction 21.3 -
--------------------- --------------------- ------ --------------------
Total Portfolio 37.0 -
-------------------------------------------- ------ --------------------
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2 FGW (Factored GW) is a consolidated metric combining generation and storage capacity into a uniform figure based on the ratio of construction costs. The company's current weighted average construction cost ratio is 3.5 GWh of storage per 1 GW of generation: FGW = GW + GWh / 3.5 3 FGW (Factored GW) is a consolidated metric combining generation and storage capacity into a uniform figure based on the ratio of construction costs. The company's current weighted average construction cost ratio is 3.5 GWh of storage per 1 GW of generation: FGW = GW + GWh / 3.5 4 As of as of November 11, 2025 ("the Approval Date").
-- Operating component of the portfolio: 3.1 FGW
-- The operational portfolio generates annualized revenues and income
run rate of approximately $560m.
-- Under Construction component of the portfolio: 2.9 FGW
-- Contains four major projects in the U.S. with a total capacity of
2.5 FGW.
-- Of these, projects Roadrunner and Quail Ranch are expected to
reach COD by the end of 2025. Roadrunner has already begun testing
and electrification procedures.
-- Projects under construction are expected to contribute $550m to
the annual revenues and income run rate during their first full
year of operation.
-- Pre-construction component of the portfolio: 3.6 FGW
-- Three significant additions were made to this component of the
portfolio during the quarter:
-- Bertikow, a 246 FMW stand-alone storage project acquired in
Germany, marking the Company's first project in this
country.
-- Edison, a 59 FMW stand-alone storage project acquired in
Poland.
-- Neot Smadar, a 184 FMW stand-alone storage project located
in Israel.
-- Pre-construction projects are expected to contribute $500 in
revenues and income in their first full year of operations.
-- Project CO-Bar (1.4 FGW) has obtained an LGIA and is waiting for
approvals before execution and construction.
-- Pre-construction projects are expected to contribute $500m to the
annual revenues and income run rate during their first full year
of operation.
With the completion of the current Mature portfolio's pre-construction and under construction projects, Enlight's operating capacity is expected to rise to 9.6 FGW and to generate an annualized revenue and income run rate of $1.6bn by the end of 2028.
-- Advanced Development component of the portfolio component: 6.1 FGW
-- 5.1 FGW in the U.S., with 100% of the capacity having passed
completion of the System Impact Study. The advanced development
portfolio also includes 0.7 FGW in Europe and 0.3 FGW in MENA.
-- Development component of the portfolio: 21.3 FGW
-- 14.6 FGW in the U.S. with broad geographic presence, including the
PJM, WECC, SPP and MISO regions. The development portfolio also
includes 2.7 FGW in Europe and 4.0 FGW in MENA.
Roadmap to Revenues and Income Run-Rate of $2.0bn by the end of 2028(5)
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November 12, 2025 06:15 ET (11:15 GMT)
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