All of the amounts disclosed in this press release are in U.S. dollars unless otherwise noted
TEL AVIV, Israel, Aug. 04, 2026 (GLOBE NEWSWIRE) -- Enlight Renewable Energy (NASDAQ: ENLT, TASE: ENLT) today reported financial results for the quarter ended June 30, 2026. 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 2Q26 financial results can be found on our IR website at https://enlightenergy.com/data/financial-reports/ ==============================================================================
Financial Highlights
3 months ending June 30, 2026
-- Total revenues and income1 of $210 million, an increase of 55% compared
to the same period last year.
-- Net income of $31 million, compared to $6 million in the same period last
year.
-- Adjusted EBITDA2 of $160 million, compared to $96 million in the same
period last year. Excluding a gain of approximately $17 million from the
follow-on sale of a 15% stake from the Sunlight cluster in the second
quarter of 2026, Adjusted EBITDA totaled $142 million, an increase of 50%
from the second quarter of 2025.
-- Cash flow from operating activities3 of about $84 million, an increase
of 37% compared to the same period last year.
6 months ending June 30, 2026
-- Total revenues and income of $409 million, an increase of 55% compared to
the same period last year.
-- Net income of $69 million, compared to $107 million in the same period
last year. Excluding a gain of approximately $81 million from the sale
of 44% stake from the Sunlight cluster in and deconsolidation in the
first quarter of 2025, net income increased by 160%, compared to $26
million in the comparable period.
-- Adjusted EBITDA of $314 million, compared to $227 million in the first
half of 2025. Excluding a gain of $42 million from the sale of 44% from
the Sunlight cluster in the first half of 2025, and a gain of $30 million
from follow-on sales of 26% from the Sunlight cluster during the first
half of 2026, Adjusted EBITDA amounted to $284 million in the first half
of 2026, an increase of 54% from the first half of 2025.
-- Operating cash flow of $185 million, an increase of 48% from the first
half of 2025.
(1) (Total revenues and income include revenues from the sale of electricity, as well as income from tax benefits from U.S. projects)
(2) (Adjusted EBITDA is a non-IFRS measure. Please refer to the appendices for the reconciliation to net income. 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)
(3) (Interest payments and receipts are classified as cash flows from financing and investing activities, respectively, instead of cash flows from operating activities. Adjustments were made to comparative figures due to a change in accounting policy; for further details, see Appendix No. 4)
Raising full-year guidance ranges
-- Revenues & income4 guidance increased to $790 to $820 million, up from
$755 to $785 million previously.
-- Adjusted EBITDA guidance increased to $565 to $585 million, up from $545
to $565 million previously.
-- The increase in guidance is primarily driven by strong first-half results,
attributed to strong project operational performance, higher electricity
prices in Europe and the depreciation of the USD. The increase in revenue
guidance exceeded the increase in Adjusted EBITDA guidance, reflecting
the growing contribution of our electricity trading operations in Israel,
which are characterized by low margins.
(4) (Total revenues and income include revenues from the sale of electricity along with income from tax benefits from US projects amounting to $160-180m.)
Summary of key financial results:
For the three months ended For the six months ended
---------------- ------------------------------ ----------------------------
June 30, June 30, June 30, June 30,
($ millions) 2026 2025 % change 2026 2025 % change
---------------- --------- --------- -------- -------- -------- --------
Revenues and
Income 210 135 55% 409 265 55%
Net Income 31 6 460% 69 107 (36%)
Net income
excluding the
Sunlight
transactions 31 6 460% 69 26 160%
Adjusted
EBITDA 160 96 67% 314 227 38%
Adjusted
EBITDA
excluding the
Sunlight
transactions 142 96 50% 284 185 54%
Cash Flow from
Operating
Activities 84 62 37% 185 125 48%
---------------- --------- --------- -------- -------- -------- --------
Adi Leviatan, CEO of Enlight Renewable Energy: "We are concluding another quarter of strong growth and consistent execution, with revenue increasing by 55%, significant improvements in profitability and cash flow generation, and robust performance across all of our operating regions. Our first-half results, together with the continued advancement of projects under construction and the expansion of our energy storage business, enable us to raise our 2026 revenue and Adjusted EBITDA guidance, as well as the run-rate revenues reflected in our mature projects and our year-end 2028 target.
At the same time, the successful completion of $2.6 billion financing for the CO Bar complex, the largest in our history, along with additional milestones achieved during the quarter, highlights Enlight's execution and financing capabilities and reflects the confidence of our financial partners.
We remain focused and disciplined in expanding our global portfolio and converting it into sustained high-growth performance while preserving long-term profitability. At the same time, we continue to strengthen our position as a leading energy platform across the markets in which we operate."
Portfolio Review
During the second quarter and through the date of this release, Enlight continued to expand its portfolio and advance projects through the various phases of development. As of the earning release date, Enlight's total portfolio is comprised of 21.8 GW of generation capacity and 74.6 GWh energy storage (totaling 43.1 FGW(5) ), representing an increase of 4.6% compared to the total portfolio at the release date of the first quarter of 2026 (41.2 FGW). The generation component increased by approximately 1.5% and the storage component increased by approximately 8% compared to the previous quarter, reflecting Enlight's strategy to lead in energy storage as a response to the market's increasing demand.
The mature component of the portfolio (operating projects, projects under construction, and projects in pre-construction) comprises of 6.4 GW of generation capacity and 20.5 GWh of storage capacity, totaling 12.3 FGW, compared to 11.6 FGW at the end of the previous quarter, an increase of 6%. Approximately 53% of the capacity is located in the U.S., 32% in Europe, and approximately 15% in MENA.
The advanced development and development components comprise of 15.4 GW of generation capacity and 54.1 GWh of storage capacity, totaling 30.8 FGW, an increase of 4% sequentially. Approximately 72% of the capacity is located in the U.S., 15% in MENA, and 13% in Europe.
(5) FGW (Factored GW) is the company's consolidated metric combining generation and storage capacity into a uniform figure based on the ratio of construction costs. Current weighted average construction cost ratio is 3.5 GWh of storage per 1 GW of generation: FGW = GW + GWh / 3.5.
The composition of Enlight's portfolio appears in the following table:
Annual revenues &
Component Status FGW income run rate ($m)
------------------------ ----------------------- ---- ---------------------
Operating Commercial operation 3.9 780-810
Under construction Under construction 4.5 840
0-12 months to start of
Pre-construction construction 3.9 660
------------------------ ----------------------- ---- ---------------------
Total Mature Portfolio 12.3 $2,300m
13-24 months to start
Advanced development of construction 7.8 -
24+ months to start of
Development construction 23.0 -
------------------------ ----------------------- ---- ---------------------
Total Portfolio 43.1 -
------------------------------------------------- ---- ---------------------
-- Operating component of the portfolio: 3.9 FGW
-- Approximately 41% of the operating component is in the U.S., 34%
in Europe, and 25% in Israel. 90% of operating capacity is
contracted under PPAs, of which approximately 24% is under
index-linked PPAs.
-- The operating portfolio generates annualized revenues and income
run rate of approximately $780 to $810 million. The increase in
run-rate revenues from operating assets is driven mainly by higher
revenues from electricity trade in Israel, good operational
performance in the Company's projects, higher electricity prices
and exchange rates fluctuations.
-- Under construction component of the portfolio: 4.5 FGW
-- This component increased quarter-over-quarter by approximately 500
FMW (approximately 12%),
-- The Bertikow project in Germany (storage capacity of 881 MWh)
started construction during the quarter.
-- As part of its strategy to expand energy storage capacity in
Europe, the Company acquired and commenced construction of two
energy storage projects in Finland, a key hub for data center
development. The projects have a combined storage capacity of 902
MWh, are expected to achieve commercial operation during the first
half of 2028 and are projected to generate an unlevered return6 of
19% to 20%.
-- The under-construction component includes six projects in the U.S.
(CO Bar Phases I-III, Country Acres, Crimson Orchard, and
Snowflake A) with a total capacity of 3.4 GW, seven projects in
Europe with an aggregate capacity of approximately 912 MW, and
projects in Israel with a total capacity of approximately 142 MW.
-- Energy storage projects (either standalone or paired with
generation assets) account for approximately 42% of the
under-construction component.
-- During the second quarter, financing for the CO Bar complex in
Arizona was successfully completed, totaling $2.6 billion. The
financing was provided by a consortium of seven leading global
financial institutions. The complex comprises five phases and
includes 1.2 GW of solar generation capacity and 4 GWh of energy
storage capacity. Total investment in the CO Bar complex is
expected to range between $2.9 billion and $3.0 billion, including
a term loan of approximately $1.7 billion. Tax equity proceeds are
estimated at about $1.5 billion.
-- The Company estimates that during the remainder of 2026 it
will begin construction of projects totaling approximately
2.7 FGW, such that 87% of the mature component is expected
to be either operating or under construction by the end of
2026.
-- The under-construction component is expected to contribute
approximately $840 million to the annual revenues and
income in their first full year of operation, compared to
$770 million in the previous quarter. The increase is
mainly attributable to the inclusion of the projects
mentioned above.
(6) (Calculated by dividing the projected EBITDA for the first full year of operations by the estimated net construction cost.)
-- Pre-construction component of the portfolio: 3.9 FGW
-- This component increased by approximately 220 FMW.
-- During the quarter, the Karpen Cluster in Romania was acquired,
with an aggregate storage capacity of 848 MWh. Commercial
operation is expected to commence in several phases during the
second half of 2028 and the first half of 2029. The portfolio is
expected to generate an unlevered return of 16.8% to 17.2%.
-- During the quarter, an additional energy storage project in
Finland, Kajo, was acquired, with a storage capacity of 542 MWh.
Commercial operation is expected during the first half of 2028,
and the project is expected to generate an unlevered return of
16.9%--17.3%.
-- In addition, projects in Israel and Hungary with an aggregate
capacity of approximately 56 FMW advanced to pre-construction.
-- The pre-construction component includes six projects in the U.S.
totaling 1.5 FGW, eleven projects in Europe totaling approximately
1.7 FGW, and projects in Israel totaling 0.7 FGW.
-- Storage projects account for 77% of total capacity.
-- Pre-construction projects are expected to contribute
approximately $660 million to the annual recurring revenues
and income in their first full year of operation, an
increase from $540 million in the previous quarter. The
increase is mainly attributable to the inclusion of the
projects mentioned above.
-- Advanced development component of the portfolio: 7.8 FGW
-- This component increased by 500 FMW sequentially.
-- During the quarter projects with an aggregate capacity of 324 FMW
in the U.S. (in SPP), 286 FMW in Poland and 245 FMW in Israel
transitioned from development to advanced development.
-- This component includes 5.5 FGW in the U.S., 1.2 FGW in Europe,
and 1.1 FGW in MENA.
-- Storage projects account for 48% of total capacity.
-- As of the date of this report, the entire advanced development
portfolio in the U.S. has successfully completed System Impact
Study process and has a high likelihood of securing grid
interconnection.
-- Approximately 5 FGW of U.S. capacity met Safe Harbor7 requirements
(approximately 91% of this component's capacity in the U.S.),
securing eligibility for tax benefits.
(7) (Securing Safe Harbor status and grid interconnection agreement do not guarantee the project's completion. Actual project completion is subject to meeting development milestones and market conditions)
-- Development component of the portfolio: 23 FGW
-- This component includes 16.9 FGW in the U.S., 3.4 FGW in MENA, and
2.7 FGW in Europe.
-- The main additions over the past three months include projects
totaling planned capacity of approximately 2 FGW in the U.S., of
which energy storage projects with aggregated capacity of 2.4 GWh
in PJM and projects with aggregated electricity generation
capacity of 478 MW and storage capacity of 1.4 GWh in CAISO. 240
MW planned electricity generation and 800 MWh of planned energy
storage capacity were added in WECC.
-- Storage projects account for approximately 51% of total capacity.
-- As of the earnings release date, 8.1 FGW (approximately 48% of
this component's capacity in the U.S.) successfully completed
System Impact Study and have a high likelihood of achieving grid
interconnection.
-- Approximately 6.4 FGW of U.S. capacity met Safe Harbor
requirements (approximately 38% of this component's capacity in
the U.S.), securing eligibility for tax benefits.
-- Under current U.S. legislation, energy storage projects that
commence construction by the end of 2033 are eligible for the full
value of available tax credits, with a gradual phase-down for
projects beginning construction during the following three years.
The Company currently has approximately 4.7 GW of energy storage
capacity in its portfolio that is expected to begin construction
over the coming years.
-- The Company expects to pursue similar tax credit eligibility for
future energy storage projects added to its portfolio, subject to
their commencement of construction within the applicable
qualification period.
With completion of the current mature portfolio by year-end 2028, Enlight's operating capacity is expected to reach approximately 12 FGW, and total annual revenues and income(8) run rate is expected to reach $2.2 to $2.3 billion by the end of 2028, reflecting a 41% compound annual growth rate between 2024 and 2028.
Project and Corporate Finance
During the first half of the year, the Company secured approximately $3.7 billion of financing sources (including project financing):
-- $2.6 billion financing for the CO-Bar complex, representing the largest
financing transaction in the Company's history.
-- Approximately $350 million raised through an expansion of Series G bonds
on the Tel Aviv Stock Exchange, at an interest rate of approximately 4.4%,
reflecting a spread of approximately 0.75% above comparable Israeli
government bonds.
-- Issuance of approximately 6 million shares, generating gross proceeds of
approximately $420 million.
-- $304 million financing secured for the Crimson Orchard project in Idaho,
U.S.
-- Follow-on transactions for the sale of additional stakes in the Sunlight
portfolio, generating proceeds of $38 million.
-- As of the balance sheet date, cash and cash equivalents at the "topco"8
level9 totaled $877 million. In addition, cash and cash equivalents held
by subsidiaries amounted to approximately $287 million.
-- As of the balance sheet date, the Company had available credit facilities
of $550 million, of which $132 million had been utilized.
-- As of the balance sheet date, the Company had approximately $1.7 billion
of Letter of Credit and Surety Bond facilities, of which $674 million had
been utilized.
8The expected growth in 2028 encompasses the Company's operations in all geographies. Expected growth relies on business plans which rely on development conditions and assumptions regarding electricity prices and are contingent on current trends known to the Company at this time; Expected Adjusted EBITDA margin of approximately 70%-80% (including tax benefits) for the years shown. The company's revenues from tax benefits are estimated at approximately 22-24% of the total revenues & income run rate for December 2026 and approximately 28-30% of the total revenues & income run rate for December 2027 and December 2028.
(9 Including Enlight Renewable Energy, headquarter companies in Europe and the U.S. and Clenera, and excluding other subsidiaries and project-linked entities.)
Financial Results Analysis
Revenues & Income by Segment
----------------------------------------------------------------------------
($ millions) For the three months ended For the six months ended
--------------- ----------------------------- ----------------------------
June 30, June 30, June 30, June 30,
Segment 2026 2025 % change 2026 2025 % change
MENA 77 53 46% 141 96 48%
Europe 52 48 9% 113 99 14%
U.S. 80 34 133% 154 69 122%
Other 1 0 - 1 1 -
Total
Revenues &
Income 210 135 55% 409 265 55%
Revenues & Income
In the second quarter of 2026, the Company's total revenues increased by 55% to approximately $210 million, compared to approximately $135 million in the corresponding quarter last year. Revenues from electricity sales grew by 43% to approximately $166 million.
The increase in revenues was primarily driven by new U.S. projects that commenced operations at the end of 2025, contributing approximately $20 million to the growth in electricity sales revenues. Foreign exchange fluctuations contributed an additional $13 million, electricity trading activities in Israel contributed $9 million, and higher power prices together with improved generation output contributed approximately $6 million to the increase in electricity sales revenues.
Tax credit income amounted to approximately $44 million, compared to approximately $19 million in the corresponding quarter last year. The increase was primarily attributable to new U.S. projects that commenced operations at the end of 2025, as well as additional tax credits recognized at the Atrisco project related to the use of domestic content, which became effective in the third quarter of 2025.
Net Income
The Company's net income for the second quarter of 2026 totaled $31 million, compared to $6 million in the corresponding quarter last year.
The $25 million increase was primarily driven by a $75 million increase in total revenues. This was partially offset by a $19 million increase in cost of revenues, mainly due to the expansion of electricity trading activities in Israel and the commencement of operations at new projects, a $10 million increase in depreciation and amortization expenses, an $8 million increase in general and administrative and development expenses, a $4 million increase in other expenses, primarily due to compensation for lost revenues received in the second quarter of 2025, and a $9 million increase in tax expenses.
Gross financing expenses increased by $18 million, primarily as a result of the commencement of operations at new projects. This was partially offset by a $7 million increase in financing income. In addition, during the corresponding period last year, the Company recorded $12 million of financing expenses related to foreign exchange adjustments.
Adjusted EBITDA
The Company's Adjusted EBITDA for the second quarter of 2026 amounted to approximately $160 million, compared to approximately $96 million in the corresponding quarter last year, representing an increase of 67%.
The increase compared to the second quarter of 2025 was primarily driven by a $75 million increase in revenues, partially offset by a $17 million increase in cost of revenues resulting from the commencement of operations of new projects and the expansion of electricity trading activities in Israel, a $6 million increase in general, administrative and development expenses (excluding share-based compensation expenses), and a $4 million decrease in other income.
Partially offsetting these factors, the follow-on sale of an additional 15% interest in the Sunlight portfolio contributed approximately $17 million to Adjusted EBITDA.
Conference Call Information
English Conference Call & Webcast at 8:00am ET / 3:00pm Israel:
Please pre-register to join the live conference call:
https://register-conf.media-server.com/register/BIa44c30056e064c77bfb6d11ba810306b
Upon registering, you will be emailed a dial-in number, direct passcode and unique PIN.
To join by webcast, which will feature a presentation, please use the following link:
https://edge.media-server.com/mmc/p/sk3hcqbs
Hebrew Webcast at 6:00am ET / 1:00pm Israel:
Please pre-register to join the live webcast:
https://enlightenergy-com.zoom.us/webinar/register/WN_Is-DMN7ETJ2-RR28wRf59A
The press release with the financial results as well as the investor presentation materials will be accessible from the Company's website prior to the conference call. An archived version of the webcast will be available on the Company's investor relations website at https://enlightenergy.com/info/investors/
Supplemental Financial and Other Information
We intend to announce material information to the public through the Enlight investor relations website at https://enlightenergy.com/info/investors, SEC filings, press releases, public conference calls, and public webcasts. We use these channels to communicate with our investors, customers, and the public about our company, our offerings, and other issues. As such, we encourage investors, the media, and others to follow the channels listed above, and to review the information disclosed through such channels. Any updates to the list of disclosure channels through which we will announce information will be posted on the investor relations page of our website.
Non-IFRS Financial Measures
This release presents Adjusted EBITDA, a non-IFRS financial metric, which is provided as a complement to the results provided in accordance with the International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS"). A reconciliation of the non-IFRS financial information to the most directly comparable IFRS financial measure is provided in the accompanying tables found at the end of this release.
We define Adjusted EBITDA as net income (loss) plus depreciation and amortization, share based compensation, finance expenses, taxes on income and share in losses of equity accounted investees, minus finance income and adjusted to eliminate any non-recurring portions of other income (expenses), net. compensation received in respect of contractual performance shortfalls and recorded in other income (expenses), net, is included in adjusted EBITDA. Such compensation represents income the company would have generated had the contractual performance levels been achieved. With respect to gains (losses) from asset disposals, as part of Enlight's strategy to accelerate growth and reduce the need for equity financing, the Company sells parts of or the entirety of selected renewable project assets from time to time, and therefore includes realized gains or losses from these asset disposals in Adjusted EBITDA. In the case of partial assets disposals, Adjusted EBITDA includes only the economic gain or loss attributable to the interest sold, calculated as the consideration received less the proportional book value attributable to such interest. Our management believes Adjusted EBITDA is indicative of operational performance and ongoing profitability and uses Adjusted EBITDA to evaluate the operating performance and for planning and forecasting purposes.
Non-IFRS financial measures have limitations as analytical tools and should not be considered in isolation or as substitutes for financial information presented under IFRS. There are a number of limitations related to the use of non-IFRS financial measures versus comparable financial measures determined under IFRS. For example, other companies in our industry may calculate the non-IFRS financial measures that we use differently or may use other measures to evaluate their performance. All of these limitations could reduce the usefulness of our non-IFRS financial measures as analytical tools. Investors are encouraged to review the related IFRS financial measure, Net Income, and the reconciliations of Adjusted EBITDA provided below to Net Income and to not rely on any single financial measure to evaluate our business.
Special Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding the Company's business strategy and plans, capabilities of the Company's project portfolio and the Company's expectation relating to projects, including their timeline, financing and the achievement of operational and financial objectives, market opportunity, utility demand and potential growth, discussions with commercial counterparties and financing sources, pricing trends for materials, progress of Company projects, including anticipated timing of related approvals and project completion and anticipated production delays, the Company's future financial results, expected impact from various regulatory developments and anticipated trade sanctions, expectations regarding wind production, electricity prices and windfall taxes, and expected Revenues, Income and Adjusted EBITDA guidance, the expected timing of completion of our ongoing projects, and the Company's anticipated cash requirements and financing plans , are forward-looking statements. The words "may," "might," "will," "could," "would," "should, " "expect," "plan," "anticipate," "intend," "target," "seek," "believe," "estimate," "predict," "potential," "continue," "contemplate," "possible, " "forecasts," "aims" or the negative of these terms and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions.
These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: our ability to site suitable land for, and otherwise source, renewable energy projects and to successfully develop and convert them into Operational Projects, as well as timing of construction of any project; availability of, and access to, interconnection facilities and transmission systems; our ability to obtain and maintain governmental and other regulatory approvals and permits, including environmental approvals and permits; construction delays, operational delays and supply chain disruptions leading to increased cost of materials required for the construction of our projects, as well as cost overruns and delays related to disputes with contractors; disruptions in trade caused by political, social or economic instability in regions where our components and materials are made; our suppliers' ability and willingness to perform both existing and future obligations; competition from traditional and renewable energy companies in developing renewable energy projects; potential slowed demand for renewable energy projects and our ability to enter into new offtake contracts on acceptable terms and prices as current offtake contracts expire; offtakers' ability to terminate contracts or seek other remedies resulting from failure of our projects to meet development, operational or performance benchmarks; exposure to market prices in some of our offtake contracts; various technical and operational challenges leading to unplanned outages, reduced output, interconnection or termination issues; the dependence of our production and revenue on suitable meteorological and environmental conditions, and our ability to accurately predict such conditions; our ability to enforce warranties provided by our counterparties in the event that our projects do not perform as expected; government curtailment, energy price caps and other government actions that restrict or reduce the profitability of renewable energy production; electricity price volatility, unusual weather conditions (including the effects of climate change, could adversely affect wind and solar conditions), catastrophic weather-related or other damage to facilities, unscheduled generation outages, maintenance or repairs, unanticipated changes to availability due to higher demand, shortages, transportation problems or other developments, environmental incidents, or electric transmission system constraints and the possibility that we may not have adequate insurance to cover losses as a result of such hazards; our dependence on certain operational projects for a substantial portion of our cash flows; our ability to continue to grow our portfolio of projects through successful acquisitions; changes and advances in technology that impair or eliminate the competitive advantage of our projects or upsets the expectations underlying investments in our technologies; our ability to effectively anticipate and manage cost inflation, interest rate risk, currency exchange fluctuations and other macroeconomic conditions that impact our business; our ability to retain and attract key personnel; our ability to manage legal and regulatory compliance and litigation risk across our global corporate structure; our ability to protect our business from, and manage the impact of, cyber-attacks, disruptions and security incidents, as well as acts of terrorism or war; changes to existing renewable energy industry policies and regulations that present technical, regulatory and economic barriers to renewable energy projects; the reduction, elimination or expiration of government incentives for, or regulations mandating the use of, renewable energy; our ability to effectively manage the global expansion of the scale of our business operations; our ability to perform to expectations in our new line of business involving the construction of PV systems for municipalities in Israel; our ability to effectively manage our supply chain and comply with applicable regulations with respect to international trade relations, the impact of tariffs on the cost of construction and our ability to mitigate such impact, sanctions, export controls and anti-bribery and anti-corruption laws; our ability to effectively comply with Environmental Health and Safety and other laws and regulations and receive and maintain all necessary licenses, permits and authorizations; our performance of various obligations under the terms of our indebtedness (and the indebtedness of our subsidiaries that we guarantee) and our ability to continue to secure project financing on attractive terms for our projects; limitations on our management rights and operational flexibility due to our use of tax equity arrangements; potential claims and disagreements with partners, investors and other counterparties that could reduce our right to cash flows generated by our projects; our ability to comply with increasingly complex tax laws of various jurisdictions in which we currently operate as well as the tax laws in jurisdictions in which we intend to operate in the future; our ability to obtain tax benefits and credits in the U.S. or other jurisdictions; the unknown effect of the dual listing of our ordinary shares on the price of our ordinary shares; various risks related to our incorporation and location in Israel, including the ongoing war in Israel, where our headquarters and some of our wind energy and solar energy projects are located; the costs and requirements of being a public company, including the diversion of management's attention with respect to such requirements; certain provisions in our Articles of Association and certain applicable regulations that may delay or prevent a change of control; and other risk factors set forth in the section titled "Risk factors" in our Annual Report on Form 20-F for the fiscal year ended December 31, 2025, filed with the Securities and Exchange Commission (the "SEC"), as may be updated in our other documents filed with or furnished to the SEC.
These statements reflect management's current expectations regarding future events and operating performance and speak only as of the date of this press release. You should not put undue reliance on any forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by applicable law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
About Enlight
Founded in 2008, Enlight develops, finances, constructs, owns, and operates utility-scale renewable energy projects. Enlight operates across the three largest renewable segments today: solar, wind and energy storage. A global platform, Enlight operates in the United States, Israel and 12 European countries. Enlight has been traded on the Tel Aviv Stock Exchange since 2010 (TASE: ENLT) and completed its U.S. IPO (Nasdaq: ENLT) in 2023.
Investor Contacts
Limor Zohar Megen
Director IR
investors@enlightenergy.com
Erica Mannion or Mike Funari
Sapphire Investor Relations, LLC
+1 617 542 6180
investors@enlightenergy.com
Appendix 1 -- Financial information
Consolidated Statements of Income
For the six months ended For the three months
June 30 ended June 30
------------------------ ------------------------
2026 2025 2026 2025
USD in USD in USD in USD in
thousands thousands thousands thousands
----------- ----------- ----------- -----------
Revenues 322,477 225,875 165,990 116,117
Tax benefits 86,807 38,972 43,701 18,861
----------- ----------- ----------- -----------
Total revenues
and income 409,284 264,847 209,691 134,978
----------- ----------- ----------- -----------
Cost of sales (*) (92,780) (56,484) (48,501) (29,846)
Depreciation and
amortization (98,106) (71,017) (47,384) (37,228)
General and
administrative
expenses (37,081) (23,336) (18,118) (11,490)
Development
expenses (8,689) (5,469) (4,690) (2,905)
----------- ----------- ----------- -----------
Total operating
expenses (236,656) (156,306) (118,693) (81,469)
----------- ----------- ----------- -----------
Gains from
projects
disposals 889 97,828 453 566
Other income
(expenses), net 3,681 2,374 (519) 3,479
----------- ----------- ----------- -----------
Operating profit 177,198 208,743 90,932 57,554
----------- ----------- ----------- -----------
Finance income 20,260 8,166 11,264 1,471
Finance expenses (104,554) (82,286) (60,371) (52,083)
----------- ----------- ----------- -----------
Total finance
expenses, net (84,294) (74,120) (49,107) (50,612)
----------- ----------- ----------- -----------
Profit before tax
and equity loss 92,904 134,623 41,825 6,942
Share of losses
of equity
accounted
investees (1,421) (1,645) (428) (418)
----------- ----------- ----------- -----------
Profit before
income taxes 91,483 132,978 41,397 6,524
Taxes on income (22,498) (25,606) (10,220) (955)
----------- ----------- ----------- -----------
Profit for the
period 68,985 107,372 31,177 5,569
----------- ----------- ----------- -----------
Profit for the
period
attributed to:
Owners of the
Company 53,442 95,815 29,369 1,357
Non-controlling
interests 15,543 11,557 1,808 4,212
----------- ----------- ----------- -----------
68,985 107,372 31,177 5,569
=========== =========== =========== ===========
Earnings per
ordinary share
(in USD) with a
par
value of NIS
0.1,
attributable to
owners of the
parent Company:
Basic earnings
per share 0.39 0.80 0.21 0.01
=========== =========== =========== ===========
Diluted earnings
per share 0.36 0.75 0.20 0.01
=========== =========== =========== ===========
Weighted average
of share capital
used in the
calculation of
earnings:
Basic per share 137,294,117 119,107,985 139,430,537 119,421,246
=========== =========== =========== ===========
Diluted per share 148,712,951 127,192,179 150,455,906 129,204,402
=========== =========== =========== ===========
.
(*) Excluding depreciation and amortization.
Consolidated Statements of Financial Position
as of
---------------------------------------------- ---------- -------------
June 30 December 31
2026 2025
---------- -----------
USD in USD in
Thousands Thousands
---------- -----------
Assets
Current assets
Cash and cash equivalents 1,163,734 528,497
Bank deposits 2,280 -
Restricted cash 122,735 409,424
Trade receivables 111,799 95,118
Other receivables 149,939 62,286
Other financial assets 1,223 524
---------- -----------
Total current assets 1,551,710 1,095,849
---------- -----------
Non-current assets
Restricted cash 133,009 130,358
Other long-term receivables 33,917 64,349
Deferred costs in respect of projects 378,466 235,615
Deferred borrowing costs 2,141 1,749
Loans to investee entities 91,852 85,131
Investments in equity accounted investees 36,027 59,310
Fixed assets, net 7,486,761 6,281,418
Intangible assets, net 318,289 303,971
Deferred taxes assets 4,223 4,692
Right-of-use asset, net 258,464 225,495
Financial assets at fair value through profit
or loss 109,061 83,582
Other financial assets 58,137 58,383
---------- -----------
Total non-current assets 8,910,347 7,534,053
---------- -----------
Total assets 10,462,057 8,629,902
========== ===========
Consolidated Statements of Financial Position as of
(Cont.)
--------------------------------------------------------------------------
June 30 December 31
2026 2025
---------- -----------
USD in USD in
Thousands Thousands
---------- -----------
Liabilities and equity
Current liabilities
Credit and current maturities of loans from 566,257 884,120
banks and other financial institutions
Trade payables 78,457 137,230
Other payables 528,706 405,741
Current maturities of debentures 186,745 173,571
Current maturities of lease liability 13,142 12,396
Other financial liabilities 9,445 16,147
---------- -----------
Total current liabilities 1,382,752 1,629,205
---------- -----------
Non-current liabilities
Debentures 854,480 477,315
Other financial liabilities 172,810 378,303
Convertible debentures 287,992 273,801
Loans from banks and other financial
institutions 4,158,696 2,981,786
Loans from non-controlling interests 82,449 86,946
Financial liabilities through profit or loss 27,511 26,946
Deferred taxes liabilities 85,751 77,688
Employee benefits 2,096 1,645
Lease liability 265,505 231,135
Deferred income related to tax equity 596,401 370,734
Asset retirement obligation 100,623 99,460
---------- -----------
Total non-current liabilities 6,634,314 5,005,759
---------- -----------
Total liabilities 8,017,066 6,634,964
---------- -----------
Equity
Ordinary share capital 3,961 3,711
Share premium 1,743,180 1,319,716
Capital reserves 100,113 99,311
Proceeds on account of convertible options 24,994 25,380
Accumulated profit 293,465 240,023
---------- -----------
Equity attributable to shareholders of the
Company 2,165,713 1,688,141
Non-controlling interests 279,278 306,797
---------- -----------
Total equity 2,444,991 1,994,938
---------- -----------
Total liabilities and equity 10,462,057 8,629,902
========== ===========
Consolidated
Statements of Cash
Flows
For the six months ended For the three months ended
June 30 June 30
-------------------------- ----------------------------
2026 2025 2026 2025
---------- -------------
USD in USD in USD in USD in
Thousands Thousands Thousands Thousands
-------------- ---------- ------------- -------------
Cash flows for
operating
activities
Profit for the
period 68,985 107,372 31,177 5,569
Income and expenses
not associated with
cash flows:
Depreciation and
amortization 98,106 71,017 47,384 37,228
Finance expenses,
net 85,215 71,073 50,512 48,685
Share-based
compensation 10,042 2,994 4,941 1,284
Taxes on income 22,498 25,606 10,220 955
Tax benefits (79,764) (38,972) (39,014) (18,861)
Other income
(expenses), net (1,063) (2,374) 688 (3,479)
Company's share in
losses of investee
partnerships 1,421 1,645 428 418
Gains from projects
disposals (889) (97,828) (453) (566)
-------------- ---------- ------------- -------------
135,566 33,161 74,706 65,664
-------------- ---------- ------------- -------------
Changes in assets
and liabilities
items:
Change in other
receivables 289 (4,593) (1,747) (3,737)
Change in trade
receivables (20,153) (20,885) (18,676) (509)
Change in other
payables 19,631 21,470 23,657 12,866
Change in trade
payables (14,161) (2,650) (20,890) (10,452)
-------------- ---------- ------------- -------------
(14,394) (6,658) (17,656) (1,832)
-------------- ---------- ------------- -------------
Income Tax paid (5,359) (8,673) (3,774) (7,598)
-------------- ---------- ------------- -------------
Net cash from
operating
activities 184,798 125,202 84,453 61,803
-------------- ---------- ------------- -------------
Cash flows for
investing
activities
Sale (Acquisition)
of consolidated
entities, net (14,657) 33,018 (14,423) (3,205)
Sale of investee
entities 29,208 - 29,208 -
Changes in
restricted cash and
bank deposits, net 280,883 8,186 53,937 10
Purchase,
development, and
construction in
respect of
projects (1,332,696) (658,022) (723,463) (402,160)
Interest receipts
(*) 15,518 6,334 8,978 3,822
Loans provided and
Investment in
investees (28,320) (26,324) (8,912) (18,894)
Repayment of loans
to investees 22,504 30,815 8,134 -
Payments on account
of acquisition of
consolidated
company (7,874) (7,447) (7,874) -
Purchase of
long-term financial
assets measured at
fair value through
profit or loss,
net (24,999) (3,247) (22,735) (207)
-------------- ---------- ------------- -------------
Net cash used in
investing
activities (1,060,433) (616,687) (677,150) (420,634)
-------------- ---------- ------------- -------------
Consolidated
Statements of Cash
Flows (Cont.)
For the six months ended For the three months ended
June 30 June 30
-------------------------- ----------------------------
2026 2025 2026 2025
------------ ------------ ------------- -------------
USD in USD in USD in USD in
Thousands Thousands Thousands Thousands
------------ ------------ ------------- -------------
Cash flows from
financing
activities
Receipt of loans
from banks and
other financial
institutions 1,387,800 674,684 609,635 531,106
Repayment of loans
from banks and
other financial
institutions (601,846) (223,361) (71,388) (114,439)
Interest paid (*) (61,825) (40,387) (26,256) (18,089)
Issuance of
debentures 345,933 125,838 345,933 -
Issuance of
convertible
debentures - 114,685 - -
Repayment of
debentures - (21,994) - -
Dividends and
distributions by
subsidiaries to
non-controlling
interests (37,842) (8,682) (37,842) (8,682)
Proceeds from
investments by
tax-equity
investors 121,068 - - -
Repayment of
tax-equity
investment (5,837) (10,952) (3,850) (10,952)
Deferred borrowing
costs (51,410) (46,618) (39,636) (11,419)
Receipt of loans
from
non-controlling
interests 14 182 - 182
Repayment of loans
from
non-controlling
interests (3,539) - (3,539) -
Increase in holding
rights of
consolidated
entity - (1,392) - -
Issuance of shares 419,317 - - -
Exercise of share
options 35 30 18 19
Repayment of lease
liability (3,767) (5,803) (938) (1,745)
Proceeds from
investment in
entities by
non-controlling
interest - 12,799 - 5,067
------------ ------------ ------------- -------------
Net cash from
financing
activities 1,508,101 569,029 772,137 371,048
------------ ------------ ------------- -------------
Increase in cash and
cash equivalents 632,466 77,544 179,440 12,217
Balance of cash and
cash equivalents at
beginning of
period 528,497 387,427 978,761 449,530
Effect of exchange
rate fluctuations
on cash and cash
equivalents 2,771 15,488 5,533 18,712
------------ ------------ ------------- -------------
Cash and cash
equivalents at end
of period 1,163,734 480,459 1,163,734 480,459
============ ============ ============= =============
(*) See Appendix 4 for additional information regarding the change in presentation of interest receipts and interest paid
Information related to Segmental Reporting
For the six months ended June 30, 2026
---------------------------------------------------------
Total
reportable
MENA Europe USA segments Others Total
------- ------- ------- ---------- ------- ---------
USD in thousands
---------------------------------------------------------
Revenues 141,371 113,320 66,693 321,384 1,093 322,477
Tax
benefits - - 86,807 86,807 - 86,807
------- ------- ------- ---------- ------- ---------
Total
revenues
and
income 141,371 113,320 153,500 408,191 1,093 409,284
======= ======= ======= ========== ======= =========
Segment
adjusted
EBITDA 125,478 85,484 138,078 349,040 (1,400) 347,640
======= ======= ======= ========== ======= =========
Reconciliations of unallocated amounts:
Headquarter costs (*) (33,398)
Intersegment profit 9
Gains from projects disposals (**) (28,905)
Depreciation and amortization and share-based
compensation (108,148)
---------
Operating profit 177,198
---------
Finance income 20,260
Finance expenses (104,554)
Share of the losses of equity accounted investees (1,421)
---------
Profit before income taxes 91,483
=========
(*) Including general and administrative and development expenses (excluding depreciation and amortization and share based compensation).
(**) Reconciliation between EBITDA and operating profit reflecting the realization of revaluation gains from an asset revalued in 2025.
Information related to Segmental Reporting
For the six months ended June 30, 2025
-------------------------------------------------------
Total
reportable
MENA Europe USA segments Others Total
------- ------ ------ ---------- ------ --------
USD in thousands
-------------------------------------------------------
Revenues 95,637 99,184 30,008 224,829 1,046 225,875
Tax
benefits - - 38,972 38,972 - 38,972
------- ------ ------ ---------- ------ --------
Total
revenues
and
income 95,637 99,184 68,980 263,801 1,046 264,847
======= ====== ====== ========== ====== ========
Segment
adjusted
EBITDA 107,031 82,226 59,913 249,170 1,079 250,249
======= ====== ====== ========== ====== ========
Reconciliations of unallocated amounts:
Headquarter costs (*) (22,958)
Intersegment profit 127
Gains from projects disposals 55,336
Depreciation and amortization and share-based
compensation (74,011)
--------
Operating profit 208,743
--------
Finance income 8,166
Finance expenses (82,286)
Share of the losses of equity accounted investees (1,645)
--------
Profit before income taxes 132,978
========
(*) Including general and administrative and development expenses (excluding depreciation and amortization and share based compensation).
Information related to Segmental Reporting
For the three months ended June 30, 2026
------------------------------------------------------
Total
reportable
MENA Europe USA segments Others Total
------ ------ ------ ------------ ------ --------
USD in thousands
------------------------------------------------------
Revenues 76,869 52,259 36,160 165,288 702 165,990
Tax benefits - - 43,701 43,701 - 43,701
------ ------ ------ ------------ ------ --------
Total
revenues
and income 76,869 52,259 79,861 208,989 702 209,691
====== ====== ====== ============ ====== ========
Segment
adjusted
EBITDA 66,703 38,900 72,044 177,647 (946) 176,701
====== ====== ====== ============ ====== ========
Reconciliations of unallocated amounts:
Headquarter costs (*) (16,441)
Gains from projects disposals (**) (17,003)
Depreciation and amortization and share-based compensation (52,325)
--------
Operating profit 90,932
--------
Finance income 11,264
Finance expenses (60,371)
Share of the losses of equity accounted investees (428)
--------
Profit before income taxes 41,397
========
(*) Including general and administrative and development expenses (excluding depreciation and amortization and share based compensation).
(**) Reconciliation between EBITDA and operating profit reflecting the realization of revaluation gains from an asset revalued in 2025.
Information related to Segmental Reporting
For the three months ended June 30, 2025
------------------------------------------------------
Total
reportable
MENA Europe USA segments Others Total
------ ------ ------ ------------ ------ --------
USD in thousands
------------------------------------------------------
Revenues 52,770 47,800 15,330 115,900 217 116,117
Tax benefits - - 18,861 18,861 - 18,861
------ ------ ------ ------------ ------ --------
Total
revenues
and income 52,770 47,800 34,191 134,761 217 134,978
====== ====== ====== ============ ====== ========
Segment
adjusted
EBITDA 39,014 37,563 29,364 105,941 998 106,939
====== ====== ====== ============ ====== ========
Reconciliations of unallocated amounts:
Headquarter costs (*) (11,257)
Intersegment profit 21
Gains from projects disposals 363
Depreciation and amortization and share-based compensation (38,512)
--------
Operating profit 57,554
--------
Finance income 1,471
Finance expenses (52,083)
Share of the losses of equity accounted investees (418)
--------
Profit before income taxes 6,524
========
(*) Including general and administrative and development expenses (excluding depreciation and amortization and share based compensation).
Appendix 2 - Reconciliations between Net Income to
Adjusted EBITDA
($ thousands) For the six months For the three months
ended June 30 ended June 30
2026 2025 2026 2025
Net Income 68,985 107,372 31,177 5,569
Depreciation
and
amortization 98,106 71,017 47,384 37,228
Share based
compensation 10,042 2,994 4,941 1,284
Finance income (20,260) (8,166) (11,264) (1,471)
Finance
expenses 104,554 82,286 60,371 52,083
Gains from
projects 28,905 17,003
disposals (**) (55,336) (*) (**) (363) (*)
Share of losses
of equity
accounted
investees 1,421 1,645 428 418
Taxes on income 22,498 25,606 10,220 955
Adjusted EBITDA 314,251 227,418 160,260 95,703
* Net profit from deconsolidation and revaluation
following the partial sale of an asset (Sunlight cluster).
** Contribution to Adjusted EBITDA from the sale of
an additional stake in the deconsolidated asset (Sunlight
cluster). For more information regarding the composition
of Adjusted EBITDA, refer to the description appearing
in the "Non-IFRS financial measures" section of this
press release.
Appendix 3 -- Debentures Covenants
Debentures Covenants
As of June 30, 2026, the Company was in compliance with all of its financial covenants under the indenture for the Series C, D, F, G and H Debentures, based on having achieved the following in its consolidated financial results:
Minimum equity
The company's equity shall be maintained at no less than NIS 375 million so long as debentures F remain outstanding, NIS 1,250 million so long as debentures C and D remain outstanding, and USD 600 million so long as debentures G and H remain outstanding.
As of June 30, 2026, the company's equity amounted to NIS 7,280 million (USD 2,445 million).
Net financial debt to net CAP
The ratio of standalone net financial debt to net CAP shall not exceed 70% for two consecutive financial periods so long as debentures F remain outstanding and shall not exceed 65% for two consecutive financial periods so long as debentures C, D, G and H remain outstanding.
As of June 30, 2026, the net financial debt to net CAP ratio, as defined above, stands at 33%.
Net financial debt to EBITDA
So long as debentures F remain outstanding, standalone financial debt shall not exceed NIS 10 million, and the consolidated financial debt to EBITDA ratio shall not exceed 18 for more than two consecutive financial periods.
For as long as debentures C and D remain outstanding, the consolidated financial debt to EBITDA ratio shall not exceed 15 for more than two consecutive financial periods.
For as long as debentures G and H remain outstanding, the consolidated financial debt to EBITDA ratio shall not exceed 17 for more than two consecutive financial periods.
As of June 30, 2026, the net financial debt to EBITDA ratio, as defined above, stands at 5.5.
Equity to balance sheet
The standalone equity to total balance sheet ratio shall be maintained at no less than 20% ,25% and 28%, respectively, for two consecutive financial periods for as long as debentures F, debentures C and D and debentures G and H remain outstanding.
As of June 30, 2026, the equity to balance sheet ratio, as defined above, stands at 57%.
Appendix 4 -- Change in accounting policy
Until September 30, 2025, interest paid and interest received were presented within cash flows from operating activities in the Consolidated Statements of Cash Flows. In accordance with IAS 7 Statement of Cash Flows, entities are permitted to classify interest paid and interest received as operating, investing, or financing cash flows, provided that the selected classification is applied consistently from period to period.
During the fourth quarter of 2025, management elected to change the classification of interest paid, including payments relating to interest rate swap $(IRS)$ instruments to cash flows used in financing activities, and interest received to cash flows from investing activities. Management believes that this change in presentation provides a more comprehensive view of the cost of financing the Company's operations and better reflects management's view of the financing nature of these transactions.
Accordingly, comparative information has been retrospectively adjusted to reflect this change in accounting policy in the Consolidated Statements of Cash Flows, as presented below:
($ thousands) For the six months ended
June 30, 2025
As reported Adjustment As adjusted
Net cash from operating
activities 91,149 34,053 125,202
Net cash used in investing
activities (623,021) 6,334 (616,687)
Net cash from financing
activities 609,416 (40,387) 569,029
Increase in cash and cash
equivalents 77,544 - 77,544
($ thousands) For the three months ended
June 30, 2025
As reported Adjustment As adjusted
Net cash from operating
activities 47,536 14,267 61,803
Net cash used in investing
activities (424,456) 3,822 (420,634)
Net cash from financing
activities 389,137 (18,089) 371,048
Increase in cash and cash
equivalents 12,217 - 12,217
Appendix 5
a) Segment information: Operational projects
($ thousands) 6 Months ended June 30 3 Months ended June 30
Operational Installed Installed
Project Capacity Storage Generation Revenues and Segment Adjusted Generation Segment Adjusted
Segments (MW) (MWh) (GWh) income EBITDA(1) (GWh) Reported Revenue EBITDA(1)
2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025
MENA 676 947 766 695 141,371 95,636 92,439 64,387 393 378 76,869 52,769 49,247 38,637
Europe 1,327 - 1,483 1,353 113,321 99,184 85,484 82,226 623 649 52,260 47,800 38,900 37,563
USA 896 2,540 1,013 519 153,499 68,980 138,078 59,913 599 310 79,860 34,191 72,044 29,364
--------------- --------- --------- ----- ----- ------- ------- ------- ------- ----- ----- ------- ------- ------- -------
Total
Consolidated 2,899 3,487 3,262 2,567 408,191 263,800 316,002 206,526 1,615 1,337 208,989 134,760 160,192 105,564
--------- ----- ----- ------- ------- ------- ------- ----- ----- ------- ------- ------- -------
Unconsolidated
at Share 28 47
--------- --------------------------------------------------------------------------------------------------
Total 2,927 3,534
--------------- --------- --------- --------------------------------------------------------------------------------------------------
b) Operational Projects Further Detail
6 Months ended June 3 Months ended June
($ thousands) 30, 2026 30, 2026
Debt
balance
Installed Installed Revenues Segment Segment as of
Operational Capacity Storage and Adjusted Reported Adjusted June 30,
Project Segment (MW) (MWh) income EBITDA(1) Revenue EBITDA(1) 2026 Ownership %(2)
MENA Wind MENA 316 - 56,745 26,763 623,803 49%
MENA PV MENA 360 947 84,626 50,106 638,053 84%
-------------- -------- --------- --------- -------- --------- -------- --------- --------- --------------
Total MENA 676 947 141,371 92,439 76,869 49,247 1,261,856
------------------------ --------- --------- -------- --------- -------- --------- --------- --------------
Europe Wind Europe 1,184 - 103,994 45,548 808,285 65%
Europe PV Europe 143 - 9,327 6,712 71,490 73%
-------------- -------- --------- --------- -------- --------- -------- --------- --------- --------------
Total Europe 1,327 - 113,321 85,484 52,260 38,900 897,775
------------------------ --------- --------- -------- --------- -------- --------- --------- --------------
USA PV USA 894 2,540 153,499 79,860 785,440 100%
-------------- -------- --------- --------- -------- --------- -------- --------- --------- --------------
Total USA 894 2,540 153,499 138,079 79,860 72,045 785,440
------------------------ --------- --------- -------- --------- -------- --------- --------- --------------
Total Consolidated
Projects 2,899 3,487 408,191 316,002 208,989 160,192 2,927,070
------------------------ --------- --------- -------- --------- --------- --------------
Uncons. Projects at
share 28 47 50%
------------------------ --------- --------- -------- --------- --------- --------------
Total 2,927 3,534 408,191 316,002 208,989 160,192 2,927,070
1. For the 6 month ended June 2026, EBITDA included $1.5m of compensation
recognized from Bjorenberget and excluded $30m from Sunlight sale and $3m
of compensation from Emek; For the 6 month ended June 2025 EBITDA
exculded $42m from Sunlight sale
2. Ownership % is calculated based on the project's share of total revenues
c) Projects under construction
Generation Est. Total Capital Equity
and energy Tax credit Discounted Project Invested Est. Invested
($ millions) storage Est. Total benefit- Tax credit Value of Cost net of as of Equity as of Est. First Est. First
Consolidated Capacity Est. Project Qualifying benefit- Tax tax June 30, Required June 30, Full Year Full Year
Projects Country (MW/MWh) COD Cost category Adders(3) Benefit(2) benefit 2026 (%) 2026 Revenue(4) EBITDA(4,5) Ownership %(1)
Q4
Country Acres USA 403/688 2026 814-855 ITC DC (10%) 399-419 415-436 681 0%-10%(6) 91 62-65 48-50 100%
--------------- -------- ---------- ----- ----------- ---------- --------------- ----------- ----------- -------- ---------- -------- ---------- ----------- --------------
H2
Co Bar 1 USA 258/824 2027- 636-669 ITC EC (10%) 300-315 336-354 427 0%-10%(6) 244 124-130 97-102 100%
--------------- -------- ---------- ----------- ---------- --------------- ----------- ----------- -------- ---------- -------- ---------- ----------- --------------
H1
Co Bar 2+3 USA 953/0 2028 1,215-1,277 PTC EC (10%) 547-575 668-702 100%
--------------- -------- ---------- ----- ----------- ---------- --------------- ----------- ----------- -------- ---------- -------- ---------- ----------- --------------
EC (10%) + DC
H1 (10% BESS
Crimson Orchard USA 120/400 2027 319-335 ITC only) 164-173 155-162 111 0%-10%(6) 34 27-28 20-21 100%
--------------- -------- ---------- ----- ----------- ---------- --------------- ----------- ----------- -------- ---------- -------- ---------- ----------- --------------
H2
Snowflake A USA 594/1,900 2027 1,397-1,469 ITC EC (10%)(11) 627-659 770-810 892 0%-10%(6) 159 123-130 101-106 100%
--------------- -------- ---------- ----- ----------- ---------- --------------- ----------- ----------- -------- ---------- -------- ---------- ----------- --------------
Finland H1
BESS(10) Finland 0/902 2028 173-182 - - - 173-182 12 15%-25% 12 47-49 34-35 51%
--------------- -------- ---------- ----- ----------- ---------- --------------- ----------- ----------- -------- ---------- -------- ---------- ----------- --------------
H1
Bertikow Germany 0/881 2028 187-197 - - - 187-197 10 20%-30% 10 37-38 31-32 50%
--------------- -------- ---------- ----- ----------- ---------- --------------- ----------- ----------- -------- ---------- -------- ---------- ----------- --------------
Q4
Gecama Solar Spain 227/220 2026 197-207 - - - 197-207 153 23%-28%(7) 153 36-38 29-31 72%
--------------- -------- ---------- ----- ----------- ---------- --------------- ----------- ----------- -------- ---------- -------- ---------- ----------- --------------
Q4
Sestanovac Croatia 23/75 2026 35-36 - - - 35-36 16 15%-25% 16 7 5-6 100%
--------------- -------- ---------- ----- ----------- ---------- --------------- ----------- ----------- -------- ---------- -------- ---------- ----------- --------------
Tapolca Bess Hungary 0/140 Q4 26 21-22 - - - 21-22 15 45% 15 7 6-7 100%
--------------- -----
Bjornberget -- Q3
BESS Sweden 0/100 2026 24-25 - - - 24-25 18 100% 18 3 2 55%
--------------- -------- ---------- ----- ----------- ---------- --------------- ----------- ----------- -------- ---------- -------- ---------- ----------- --------------
Q3
26-
Israel Q1
Construction Israel 7/256 27 41-43 - - - 41-43 16 20%-30% 16 9-10 5 68%
--------------- -------- ---------- ----- ----------- ---------- --------------- ----------- ----------- -------- ---------- -------- ---------- ----------- --------------
Total Consolidated 2,585/
Projects 6,386 5,059-5,317 2,037-2,141 3,022-3,175 2,352 769 481-505 378-397
------------------------- ---------- ----- ----------- ---------- --------------- ----------- ----------- -------- ---------- -------- ---------- ----------- --------------
Q3
Unconsolidated 2026-
Projects at Q1
share(10) Israel 13/171 2027 35-37 - - - 35-37 36 15%-20% 36 6-7 5 52%
--------------- -------- ---------- ----- ----------- ---------- --------------- ----------- ----------- -------- ---------- -------- ---------- ----------- --------------
2,598/
Total 6,557 5,094-5,354 2,037-2,141 3,057-3,212 2,388 805 487-512 383-402
d) Pre-Construction Projects (due to commence construction within 12 months of the Approval Date)
Est.
Total
Generation Project Capital Equity
and energy Cost Invested Est. Invested
($ millions) storage Est. Total net of as of Equity as of Est. First Est. First
Consolidated Capacity Est. Project tax June 30, Required June 30, Full Year Full Year
Projects Country (MW/MWh) COD Cost Tax Credit Benefit benefit 2026 (%) 2026 Revenue(4) EBITDA(4,5) Ownership %(1)
------------- -------- ---------- ------- ----------- ------- -------- -------- -------- ---------- ----------- --------------
Discounted
Value of
Qualifying Tax
Category Adders(3) Benefit(2)
------------- -------- ---------- ------- ----------- ---------- --------- ---------- ------- -------- -------- -------- ---------- ----------- --------------
EC (10%)
+ DC
Co Bar 4+5 USA 0/3,176 H1 2028 1,044-1,098 ITC (10%) 604-635 440-463 19 0%-10% 19 124-131 102-108 100%
------------- ------- ----------- ---------
Nardo Italy 104/872 2029 234-246 - - - 234-246 11 30% 11 39-41 32-33 100%
------------- ------- ----------- ---------
Jupiter Germany 150/2,166 H2 2028 538-566 - - - 538-566 7 35% 7 95-100 78-82 51%
------------- -------- ---------- ------- ----------- ---------- --------- ---------- ------- -------- -------- -------- ---------- ----------- --------------
H2
2028-H1
Karpen Romania 0/848 2029 154-162 - - - 154-162 3 25%-35% 3 31-33 26-28 100%
------------- -------- ---------- ------- ----------- ---------- --------- ---------- ------- -------- -------- -------- ---------- ----------- --------------
Kajo Finland 0/542 H1 2028 106-111 - - - 106-111 0 20% 0 25-26 18-19 51%
------------- -------- ---------- ------- ----------- ---------- --------- ---------- ------- -------- -------- -------- ---------- ----------- --------------
Ohad HV
storage(9) Israel 0/675 H2 2028 117-123 - - - 117-123 15 20% 15 9 5 100%
------------- -------- ---------- ------- ----------- ---------- --------- ---------- ------- -------- -------- -------- ---------- ----------- --------------
Neot Smadar
HV
storage(9) Israel 0/675 H1 2029 115-121 - - - 115-121 5 20% 5 7 3 100%
------------- -------- ---------- ------- ----------- ---------- --------- ---------- ------- -------- -------- -------- ---------- ----------- --------------
Est. Total Capital Equity
($ millions) Discounted Project Invested Est. Invested
Additional Est. Total Value of Cost net of as of Equity as of Est. First Est. First
Pre-Construction MW Deployment Project Tax tax June 30, Required June 30 Full Year Full Year
Projects MW/MWh Cost Tax Credit Benefit Benefit(2) benefit 2026 (%) 2026 Revenue(4) EBITDA(4,5) Ownership %(1)
Qualifying
2027 2028 2029 Category Adders(3)
DC (10%)
& EC
United States 128/0 184/0 255/0 883-929 ITC (10%)(8) 439-462 444-467 53 10%-20% 53 61-65 48-50 100%
----------------- ----- ----------- ---------
Europe 0/316 0/208 - 94-99 - - - 94-99 3 30%-100% 3 20-21 15-16 87%
----------------- ------- ------- ----- ----------- ---------- --------- ----------- ----------- -------- -------- -------- ---------- ----------- --------------
MENA 5/526 86/356 - 301-316 - - - 301-316 14 20%-40% 14 59-62 21-22 95%
----------------- ------- ------- ----- ----------- ---------- --------- ----------- ----------- -------- -------- -------- ---------- ----------- --------------
Total
Consolidated
Projects 133/842 270/564 255/0 3,586-3,771 1,043-1,097 2,543-2,674 131 131 470-495 358-378
----------------- ------- ------- ----- ----------- ---------- --------- ----------- ----------- -------- -------- -------- ---------- ----------- --------------
Unconsolidated
Projects at
share(10) 0/26 0/7 - 5 - - - 5 1 15%-20% 1 1 1 56%
Total
Pre-Construction 912MW +10,393MWh 3,591-3,776 1,043-1,097 2,548-2,679 132 132 471-496 359-379
1) The legal ownership share for all U.S. projects is 90%, but Enlight invests 100% of the equity in the project and entitled to 100% of the project distributions until full repayment of Enlight's capital plus a preferred return
2) Value of tax benefits under the IRA: The PTC value is estimated based on the project's expected annual production and a yearly CPI indexation of 2%, discounted by 8% to COD. In assessing the value of the ITC, a step-up adjustment was made to reflect the full value of the tax credits, thus lowering net construction costs and enhancing the valuation and return of the project. The actual value attributed to tax benefits in a tax equity transaction may differ from the value presented, subject to the structure of the transaction and prevailing market conditions.
3) The Energy Community $(EC)$ Adder provides extra credits for renewable energy projects in areas impacted by fossil fuel reliance or economic transition. The Domestic Content $(DC)$ Adder rewards projects using U.S.-manufactured components, promoting local job creation and supply chain growth
4) Revenue and EBITDA for the first year of U.S. projects as presented above do not include income from tax benefits
5) EBITDA is a non-IFRS financial measure. This figure represents consolidated EBITDA for the project and excludes the share of project distributions to tax equity partners, as well as ITC and PTC proceeds. These components of the tax equity transaction may differ from project to project, are subject to market conditions and commercial terms agreed upon reaching financial close
6) The required equity during construction is estimated at 10% and is expected to decrease to 0% at COD
7) Gecama Solar's debt is held under Gecama Wind. As of June 30, 2026, the solar project had $41m USD drawn
8) Rustic hills 1+2 - DC (10%) + EC (10%); Coggon - DC (10%); Gemstone - DC (10%);
9) Two high voltage projects with total capacity of 1,350MWh. Estimated revenue for the first 5 years is $14-15m million per year. From year 6, the projects will move to a deregulated market, with revenue expected to be $55 million per year
10) All numbers, beside equity invested, reflects Enlight share only
11) In the previous quarter, the Snowflake A BESS project was presented as expected to be eligible for the Domestic Content ("DC") Adder. The project will not meet the applicable requirements for the DC adder. However, the removal of the DC adder is offset by significant savings capital expenditure of the new alternative equipment resulting in a negligible impact on the project's economics
e) Additional information on tax equity investments
Tax equity partner's share of project tax credits,
Tax equity investment cash flows, and taxable income
------------- ------- ------------------------------------ ---------------------------------------------------
Duration
of
Duration of initial
Tax credit Share of initial Share in period
proceeds ITC/PTC tax Share of period for project cash for share
Est. during the credit taxable share of flow initial in
Total Upfront project's allocated to income taxable period project
($ millions) Project tax equity operation tax equity initial income (second cash flow
Projects* Cost investment ("pay-go") partner period (years) period) (years)
------------- ------- ---------- ---------- ------------ ------------ ------------ ------------ ---------
Atrisco PV 369 198 55 Confidential Confidential Confidential 17.5% (5%) 10
------------- ------- ---------- ---------- ------------ ------------ ------------ ------------ ---------
Atrisco BESS 458 266 - Confidential Confidential Confidential 23% (7%) 5
------------- ------- ---------- ---------- ------------ ------------ ------------ ------------ ---------
Quail Ranch 274 131 18 99% 99% 10 10% (5%) 10
------------- ------- ---------- ---------- ------------ ------------ ---------
Roadrunner 621 337 55 99% 99% 5-10 10%-12% (5%) 10
------------- ------- ---------- ---------- ------------ ------------ ------------ ------------ ---------
* Apex financing was structured as a sale and leaseback and therefore not included in the table above
Appendix 6 -- cash and cash equivalents
($ thousands) June 30, 2026 Cash and Cash Equivalents: Enlight Renewable Energy Ltd, Enlight EU Energies Kft and Enlight Renewable LLC excluding subsidiaries ("Topco") 876,801 ------------------------------------------------------ ------------- Subsidiaries 286,933 ---------------------------------------------------------- ------------- Deposits: --------------------------------------------------- --- ------------- Short term deposits 2,280 ---------------------------------------------------------- ------------- Restricted Cash: --------------------------------------------------- --- ------------- Projects under construction 122,735 ---------------------------------------------------------- ------------- Reserves, including debt service, performance obligations and others 133,009 Total Cash 1,421,758
Appendix 7 -- Corporate level (TopCo) debt
($ thousands) June 30, 2026 Debentures: ----------------------------------------------------------- ------------- Debentures 1,041,225* ----------------------------------------------------------- ------------- Convertible debentures 287,992 ----------------------------------------------------------- ------------- Loans from banks and other financial institutions: ----------------------------------------------------------- ------------- Credit and short-term loans from banks and other financial institutions 67,665 ----------------------------------------------------------- ------------- Loans from banks and other financial institutions 116,659 ----------------------------------------------------------- ------------- Total corporate level debt 1,513,541
* Including current maturities of debentures in the amount of 186,745
Appendix 8 -- Functional Currency Conversion Rates:
The financial statements of each of the Company's subsidiaries were prepared in the currency of the main economic environment in which it operates (hereinafter: the "Functional Currency"). For the purpose of consolidating the financial statements, results and financial position of each of the Group's member companies are translated into the Israeli shekel ("NIS"), which is the Company's Functional Currency. The Group's consolidated financial statements are presented in U.S. dollars ("USD").
FX Rates to USD:
Date of the financial statements: Euro NIS
---------------------------------------
As of 30th June 2026 1.14 0.34
---- ----
As of 30th June 2025 1.13 0.28
---- ----
Average for the 3 months period ended:
---------------------------------------
June 2026 1.16 0.34
---- ----
June 2025 1.17 0.30
---- ----
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4e9351f7-7d30-4523-aa37-c0f12939ee6e
Comments