TEL-AVIV, Israel, Aug. 18, 2026 (GLOBE NEWSWIRE) -- Ellomay Capital Ltd. (NYSE American; TASE: ELLO) ("Ellomay" or the "Company"), a renewable energy and power generator and developer of renewable energy and power projects in Europe, USA and Israel, today reported its unaudited interim consolidated financial results for the three and six-month periods ended June 30, 2026.
Financial Highlights
-- Total assets as of June 30, 2026 amounted to approximately EUR959.2
million (including approximately EUR113.5 million in cash and cash
equivalents and approximately EUR53.3 million in short term deposits),
compared to total assets as of December 31, 2025 of approximately
EUR843.5 million (including approximately EUR87.6 million in cash and
cash equivalents).
-- Revenues1 for the three months ended June 30, 2026 were approximately
EUR12.4 million, compared to revenues of approximately EUR11.3 million
for the three months ended June 30, 2025. Revenues for the six months
ended June 30, 2026 were approximately EUR21.1 million, compared to
revenues of approximately EUR20.1 million for the six months ended June
30, 2025.
-- Profit for the three months ended June 30, 2026 was approximately EUR70.5
million, compared to loss of approximately EUR8.4 million for the three
months ended June 30, 2025. Profit for the six months ended June 30, 2026
was approximately EUR58.3 million, compared to loss of approximately
EUR1.6 million for the six months ended June 30, 2025.
-- EBITDA for the three months ended June 30, 2026 was approximately EUR88.5
million, compared to EBITDA of approximately EUR3.2 million for the three
months ended June 30, 2025. EBITDA for the six months ended June 30, 2026
was approximately EUR90.6 million, compared to EBITDA of approximately
EUR6.1 million for the six months ended June 30, 2025. See below under
"Use of Non-IFRS Financial Measures" for additional disclosure concerning
EBITDA and the table on page 15 of this press release for a
reconciliation of these numbers to profit and loss.
-- In May 2026, the Company completed the sale of its indirect holdings in
Ellomay Luzon Energy Infrastructures Ltd. ("Ellomay Luzon Energy") for a
purchase price of approximately NIS 560 million (approximately EUR167
million). Consequently, the Company's share of profits of Ellomay Luzon
Energy, which was an equity accounted investee, after elimination of
intercompany transactions, was presented as discontinued operations and
results from prior periods were adjusted accordingly. In connection with
such sale, the Company recorded a net profit of EUR94.8 million
(representing a capital gain, gross, in the amount of EUR110.8 million,
net of taxes in the amount of EUR16 million, comprised of tax expense on
income of approximately EUR27.8 million and a tax benefit from the
utilization of losses of EUR11.8 million) in the three months ended June
30, 2026.In connection with such sale, in May 2026 the Company executed
an early repayment of its Series E Secured Debentures, which were secured
by a pledge on the Ellomay Luzon Energy shares. The principal of the
Series E Secured Debentures was NIS 165 million (approximately EUR46.5
million) and the aggregate repayment amount was approximately NIS 170
million (approximately EUR47.9 million), which includes accrued interest
and the early repayment fee.
Financial Overview for the Six Months Ended June 30, 2026
-- Revenues were approximately EUR21.1 million for the six months ended June
30, 2026, compared to approximately EUR20.1 million for the six months
ended June 30, 2025. The increase in revenues mainly resulted from
revenues generated by four solar facilities in the USA that were
connected to the grid during the second and third quarters of 2025 and
during the second quarter of 2026, and from increased production and
revenues from the Company's biogas facilities in the Netherlands,
partially offset by decreases in the electricity prices in Italy and
Spain commencing 2025 and during the first half of 2026.
-- Operating expenses were approximately EUR9.8 million for the six months
ended June 30, 2026, compared to approximately EUR9.2 million for the six
months ended June 30, 2025. The increase in operating expenses mainly
resulted from higher operating expenses of the Company's biogas
facilities in the Netherlands, reflecting their increased production, and
by the achievement of the preliminary acceptance certificate ("PAC") for
the Company's 18 MW Italian solar facility subsequent to June 30, 2025.
This increase was partially offset by a lower 7% Spanish tax on revenues
generated from electricity production due to a decrease in revenues as a
result of lower electricity prices. Depreciation and amortization
expenses were approximately EUR9.1 million for the six months ended June
30, 2026, compared to approximately EUR8.5 million for the six months
ended June 30, 2025.
-- Project development costs were approximately EUR0.8 million for the six
months ended June 30, 2026, compared to approximately EUR2.9 million for
the six months ended June 30, 2025. The decrease in project development
costs is mainly due to projects that reached "ready to build" ("RTB") or
"permission to operate" ("PTO") status, which resulted in the
commencement of capitalization of expenses related to such projects into
fixed assets.
-- General and administrative expenses were approximately EUR4.9 million for
the six months ended June 30, 2026, compared to approximately EUR3.4
million for the six months ended June 30, 2025. The increase in general
and administrative expenses is mainly due to higher payroll expenses, due
to payment bonuses to employees, higher insurance expenses, reflecting a
run-off insurance policy purchased in connection with the change of
control in the Company, and higher consulting expenses.
-- Other income was approximately EUR1.8 million for the six months ended
June 30, 2026, compared to approximately EUR1.4 million for the six
months ended June 30, 2025. The other income recognized during the six
months ended June 30, 2026 mainly resulted from the recognition of a
proportional share of deferred income related to tax credits in
connection with the Company's USA solar facilities. The other income
during the six months ended June 30, 2025 was recognized based on agreed
compensation expected to be received from the engineering, procurement
and construction ("EPC") contractor of two of the Company's USA solar
facilities for loss of income due to delays in construction.
-- Financing expenses, net was approximately EUR32.6 million for the six
months ended June 30, 2026, compared to financing expenses, net of
approximately EUR1 million for the six months ended June 30, 2025. The
change in financing expenses, net, was mainly attributable to higher
expenses resulting from exchange rate differences that amounted to
approximately EUR24.7 million for the six months ended June 30, 2026,
compared to income from exchange rate differences of approximately EUR5.6
million for the six months ended June 30, 2025, an aggregate change of
approximately EUR30.3 million. The exchange rate differences were mainly
recorded in connection with the New Israeli Shekel ("NIS") cash and cash
equivalents and the Company's NIS denominated debentures and were caused
by the 9.4% appreciation of the NIS against the euro during the six
months ended June 30, 2026, compared to a 4.2% devaluation of the NIS
against the euro during the six months ended June 30, 2025. The increase
in financing expenses, net also resulted from an increase of
approximately EUR1.6 million in interest expenses in connection with the
Company's debentures and financing expenses of approximately EUR1.2
million in connection with the early repayment of the Series E Secured
Debentures, partially offset by an increase of approximately EUR3.1
million in income resulting from revaluation of warrants.
-- Tax benefit was approximately EUR9.4 million for the six months ended
June 30, 2026, compared to tax benefit of approximately EUR1.8 million
for the six months ended June 30, 2025. The change is mainly due to tax
benefit in the amount of EUR11.8 million resulting from the utilization
of current and carryforward losses in connection with the sale of the
investment in Ellomay Luzon Energy in May 2026. Such tax benefit was
partially offset by a decrease of approximately EUR2.4 million in
deferred tax asset recorded by one of the Company's Spanish facilities in
connection with the expected utilization of excess financing expenses.
Such decrease was due to a change in estimate in respect of the expected
utilization based on updated forecasts.
-- Loss from continuing operations was approximately EUR25 million for the
six months ended June 30, 2026, compared to a loss from continuing
operations of approximately EUR1.6 million for the six months ended June
30, 2025.
-- Profit from discontinued operation (net of tax) was approximately EUR83.3
million for the six months ended June 30, 2026, compared to profit from
discontinued operation (net of tax) of approximately EUR12 thousand for
the six months ended June 30, 2025. As noted above, the profit from
discontinued operations reflects the Company's share of profits of
Ellomay Luzon Energy, an equity accounted investee that was sold in May
2026.
-- Profit for the six months ended June 30, 2026 was approximately EUR58.3
million, compared to loss of approximately EUR1.6 million for the six
months ended June 30, 2025.
-- Total other comprehensive income was approximately EUR8.7 million for the
six months ended June 30, 2026, compared to total other comprehensive
loss of approximately EUR8.7 million for the six months ended June 30,
2025. The change in total other comprehensive income (loss) primarily
resulted from foreign currency translation adjustments due to the change
in the NIS/euro exchange rate, representing a change of approximately
EUR16.3 million. The change also resulted from an approximately EUR1.1
million changes in fair value of cash flow hedges.
-- Total comprehensive income was approximately EUR67 million for the six
months ended June 30, 2026, compared to total comprehensive loss of
approximately EUR10.3 million for the six months ended June 30, 2025.
-- EBITDA was approximately EUR90.6 million for the six months ended June
30, 2026, compared to approximately EUR6.1 million for the six months
ended June 30, 2025. See below under "Use of Non-IFRS Financial Measures"
for additional disclosure concerning EBITDA and the table on page 15 of
this press release for a reconciliation of these numbers to profit and
loss.
-- Net cash used in operating activities was approximately EUR3.7 million
for the six months ended June 30, 2026, compared to net cash generated
from operating activities of approximately EUR5.1 million for the six
months ended June 30, 2025. The change in net cash used in operating
activities mainly resulted from lower revenues from the Company's Italian
and Spanish solar facilities and increased expenditure, including
interest on Debentures and loans paid and an expense in connection with
the early repayment of the Series E Secured Debentures.
CEO Review First Half 2026
In the first half of 2026, the Company's revenues amounted to approximately EUR21.1 million, compared to revenues of approximately EUR20.1 million in the corresponding half last year. The increase in revenues was primarily attributable to the biogas activity in the Netherlands. Electricity prices in Spain during the first half were significantly lower compared to the corresponding half last year, while higher solar radiation increased output and partially offset the price decline. Electricity prices in Spain rose sharply after the balance sheet date, and we expect to see the impact in the third quarter. In Italy, prices are stable, although revenues declined half over half due to the transition to selling electricity under PPAs starting January 2026, compared to selling electricity at market prices in the corresponding half last year. The approximately 9% strengthening of the NIS against the euro during the half resulted in finance expenses of approximately EUR24.7 million in the first half of 2026, compared to finance income of approximately EUR5.6 million in the corresponding half last year resulting from the appreciation of the euro against the NIS. Net of exchange rate differences, finance expenses for the half amounted to approximately EUR2.3 million.
In the first quarter of 2026, an agreement was signed for the sale of the Company's 50% interest in Ellomay Luzon Energy Infrastructures Ltd., which holds a 33.75% interest in Dorad Energy Ltd., based on a Dorad valuation of NIS 4.4 billion. The transaction was completed in May 2026, and the Company received consideration of approximately NIS 560 million.
In Italy -- 38 MW solar (51% owned in partnership with Clal) is fully operating. An additional 10 MW project was connected to the grid after the balance sheet date. Construction works on additional projects with an aggregate capacity of 150 MW solar (also 51% owned in partnership with Clal) are partly in grid connection stages and partly in advanced construction, expected to be completed by the end of 2026. The remainder of the portfolio developed by the Company (100% owned) is approximately 264 MW solar, of which 210 MW have reached "ready to build" status as of the date hereof, and the rest are expected to receive permits in the near future. Construction of these 264 MW is scheduled to begin in the last quarter of 2026. Out of the 210 MW ready for construction, approximately 100 MW (2 projects) won the FER X tender, which guarantees a 20-year electricity sale contract at high prices. The Company is examining the establishment of battery-based electricity storage facilities in northern Italy. As part of this review, an agreement has been signed for the acquisition of a license with RTB status for a 50 MW peak per hour battery storage facility with 4 hours of storage capacity, and the possibility of acquiring an additional license for a 100 MW peak per hour facility with 4 hours of storage is also being considered.
In the USA -- the construction of the first five projects has been completed, of which four have been connected to the grid; the fifth project (Hillsboro, 14 MW) is expected to be connected to the grid in September 2026. The Company has begun construction of two additional projects of approximately 14 MW each in the Houston area, which are eligible for tax benefits under current regulation (a benefit of approximately 40%). Regulatory changes and uncertainty regarding tariff rates do not allow the Company to provide a forecast beyond the above, but the assumption is that the Company will find a way to continue developing and growing its portfolio in the USA in the near future.
In the Netherlands -- the license to increase production at the GGOT facility was received. The Company is in the final planning stages of the expansion project at GGOT, and the plan is to complete the project by the end of 2027. The two additional facilities are in advanced stages of receiving production increase licenses. The new regulation requiring the blending of green gas with fossil gas will commence in January 2027 (a one-year delay), however the targets for the first year have been increased. Agreements have been signed for the sale of green certificates issued in accordance with the new regulation at a price of approximately EUR1 per certificate. The blending obligation is expected to significantly increase the profitability of operations in the Netherlands under current production capacity. Following receipt of approvals to increase production quotas, the Company plans to increase production capacity from 16 million cubic meters of gas per year to approximately 24 million cubic meters of gas per year at the existing facilities. This is expected to lead to a material increase in revenues and profit.
In Israel -- at the Manara pumped storage project, works across the entire project site are progressing as planned. The Company is in negotiations with the Israeli Electricity Authority for compensation for delays and war-related damages at the Manara project. In parallel, the Company is awaiting the lenders' approval for the changes required to the financing agreement as a result of the war.
In Spain -- the Company operates the existing photovoltaic portfolio (335 MWh). The Company's development activity in Spain currently focuses on battery electricity storage, whereby at Ellomay Solar (28 MW solar) the construction of a 22.7 MW peak facility with 4 hours of battery storage is planned for January 2027. The Company is also advancing a battery storage project for Talasol (250 MW peak with 4 hours of battery storage). The high volatility in electricity prices in Spain stems from a surplus of renewable energy during transition seasons and during hours of green energy production. The solution to this problem is a significant increase in storage capacity, which is currently very limited in Spain.
Use of Non-IFRS Financial Measures
EBITDA is a non-IFRS measure and is defined as earnings before financial expenses, net, taxes, depreciation and amortization. The Company presents this measure in order to enhance the understanding of the Company's operating performance and to enable comparability between periods. While the Company considers EBITDA to be an important measure of comparative operating performance, EBITDA should not be considered in isolation or as a substitute for net income or other statement of operations or cash flow data prepared in accordance with IFRS as a measure of profitability or liquidity. EBITDA does not take into account the Company's commitments, including capital expenditures and restricted cash and, accordingly, is not necessarily indicative of amounts that may be available for discretionary uses. Not all companies calculate EBITDA in the same manner, and the measure as presented may not be comparable to similarly-titled measure presented by other companies. The Company's EBITDA may not be indicative of the Company's historic operating results; nor is it meant to be predictive of potential future results. The Company uses this measure internally as performance measure and believes that when this measure is combined with IFRS measure it add useful information concerning the Company's operating performance. A reconciliation between results on an IFRS and non-IFRS basis is provided on page 15 of this press release.
About Ellomay Capital Ltd.
Ellomay is an Israeli based company whose shares are registered with the NYSE American and with the Tel Aviv Stock Exchange under the trading symbol "ELLO". Since 2009, Ellomay focuses its business in the renewable energy and power sectors in Europe, USA and Israel.
To date, Ellomay has evaluated numerous opportunities and invested significant funds in the renewable, clean energy and natural resources industries in Israel, Italy, Spain, the Netherlands and USA, including:
-- Approximately 335.9 MW of operating solar power plants in Spain
(including a 300 MW solar plant in owned by Talasol, which is 51% owned
by the Company) and 51% of approximately 48 MW of operating solar power
plants in Italy;
-- Groen Gas Goor B.V., Groen Gas Oude-Tonge B.V. and Groen Gas Gelderland
B.V., project companies operating anaerobic digestion plants in the
Netherlands, with a green gas production capacity of approximately 3
million, 3.8 million and 9.5 million Nm3 per year, respectively;
-- 83.333% of Ellomay Pumped Storage (2014) Ltd., which is involved in a
project to construct a 156 MW pumped storage hydro power plant in the
Manara Cliff, Israel;
-- 51% of solar projects in Italy with an aggregate capacity of 150 MW that
are under construction;
-- Solar projects in Italy with an aggregate capacity of 210 MW that have
reached "ready to build" status; and
-- Solar projects in the Dallas Metropolitan area, Texas, USA with an
aggregate capacity of approximately 49 MW that are connected to the grid
and 14 MW that is awaiting connection to the grid.
For more information about Ellomay, visit http://www.ellomay.com.
Information Relating to Forward-Looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties, including statements that are based on the current expectations and assumptions of the Company's management. All statements, other than statements of historical facts, included in this press release regarding the Company's plans and objectives, expectations and assumptions of management are forward-looking statements. The use of certain words, including the words "estimate," "project," "intend," "expect," "believe" and similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company may not actually achieve the plans, intentions or expectations disclosed in the forward-looking statements and you should not place undue reliance on the Company's forward-looking statements. Various important factors could cause actual results or events to differ materially from those that may be expressed or implied by the Company's forward-looking statements, including changes in electricity prices and demand, regulatory changes increases in interest rates and inflation, 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 the war and hostilities in Israel and Gaza and between Israel and Iran, the impact of the continued military conflict between Russia and Ukraine, technical and other disruptions in the operations or construction of the power plants owned by the Company, inability to obtain the financing required for the development and construction of projects, increases in interest rates and inflation, changes in exchange rates, delays in development, construction, or commencement of operation of the projects under development, failure to obtain permits - whether within the set time frame or at all, climate change, 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 the Company's business are described in greater detail in the filings the Company makes from time to time with the Securities and Exchange Commission, including its Annual Report on Form 20-F. The forward-looking statements are made as of this date and the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Contact:
Kalia Rubenbach (Weintraub)
CFO
Tel: +972 (3) 797-1111
Email: hilai@ellomay.com
Ellomay Capital Ltd. and its Subsidiaries
Condensed Consolidated Interim Statements of Financial
Position
------------------------------------------------------------------------
June 30, December 31, June 30,
2026 2025 2026
Unaudited Audited Unaudited
--------- ------------ ----------------------
Convenience
Translation into US$
EUR in thousands in thousands*
----------------------- ----------------------
Assets
Current assets:
Cash and cash
equivalents 113,474 87,614 129,344
Short-term deposits 53,322 - 60,780
Restricted cash 590 656 673
Intangible asset from
green certificates 602 29 686
Trade and revenue
receivables 7,630 7,236 8,697
Other receivables 15,365 14,918 17,514
Derivatives 5,057 3,743 5,764
196,040 114,196 223,458
--------- ------------ ----------------------
Non-current assets
Investment in equity
accounted investee - 59,542 -
Fixed assets 654,974 566,876 746,578
Right-of-use asset 48,380 44,386 55,146
Restricted cash and
deposits 15,695 16,071 17,890
Deferred tax 9,652 11,914 11,002
Long term receivables 20,870 18,097 23,789
Derivatives 13,576 12,433 15,475
763,147 729,319 869,880
--------- ------------ ----------------------
Total assets 959,187 843,515 1,093,338
========= ============ ======================
Liabilities and Equity
Current liabilities
Current maturities of
long-term bank loans 45,481 17,235 51,842
Current maturities of
other long-term loans 6,124 3,666 6,980
Current maturities of
debentures 55,702 39,803 63,492
Trade payables 11,792 6,719 13,441
Other payables 18,204 16,633 20,751
Derivatives 1,534 675 1,749
Current maturities of
lease liabilities 950 844 1,083
Income tax payables 16,721 512 19,060
Warrants 2,062 5,929 2,350
158,570 92,016 180,748
--------- ------------ ----------------------
Non-current
liabilities
Long-term lease
liabilities 39,266 35,491 44,758
Long-term bank loans 298,808 272,388 340,599
Other long-term loans 60,688 58,457 69,176
Debentures 157,261 209,374 179,255
Deferred tax 3,478 3,170 3,964
Other long-term
liabilities 7,833 6,179 8,928
Derivatives 967 1,300 1,102
568,301 586,359 647,782
--------- ------------ ----------------------
Total liabilities 726,871 678,375 828,530
========= ============ ======================
Equity
Share capital 28,008 28,002 31,925
Share premium 96,757 96,585 110,289
Treasury shares (1,736) (1,736) (1,979)
Transaction reserve
with non-controlling
interests 14,763 14,757 16,828
Reserves 24,377 16,674 27,787
Retained earnings
(accumulated deficit) 48,198 (13,694) 54,939
--------- ------------ ----------------------
Total equity attributed
to shareholders of the
Company 210,367 140,588 239,789
Non-controlling
interest 21,949 24,552 25,019
Total equity 232,316 165,140 264,808
--------- ------------ ----------------------
Total liabilities and
equity 959,187 843,515 1,093,338
========= ============ ======================
* Convenience translation into US$ (exchange rate as at June 30, 2026: euro 1 = US$ 1.14)
Ellomay Capital Ltd. and its Subsidiaries
Condensed Consolidated Interim Statements of Profit
or Loss and Other Comprehensive Income (Loss)
----------------------------------------------------------------------------------
For the
year
For the three ended For the six
months ended June For the six months December months ended
30, ended June 30, 31, June 30,
------------------ ------------------
2026 2025 2026 2025 2025 2026
-------- -------- -------- -------- -------- -------------
Unaudited Audited Unaudited
-------------------------------------- --------
Convenience
Translation
EUR in thousands (except per share data) into US$*
------------------------------------------------ -------------
Revenues 12,419 11,276 21,084 20,136 42,827 24,033
Operating
expenses (4,771) (4,579) (9,848) (9,206) (19,408) (11,225)
Depreciation and
amortization
expenses (4,593) (4,250) (9,109) (8,488) (16,481) (10,383)
-------- -------- -------- -------- -------- -------------
Gross profit 3,055 2,447 2,127 2,442 6,938 2,425
Project
development
costs (435) (1,825) (810) (2,870) (2,649) (923)
General and
administrative
expenses (2,467) (1,722) (4,942) (3,384) (6,369) (5,633)
Other income 722 1,233 1,802 1,431 3,599 2,054
-------- -------- -------- -------- -------- -------------
Operating profit
(loss) 875 133 (1,823) (2,381) 1,519 (2,077)
Financing income
(expense) 834 (4,430) 1,428 7,051 2,876 1,628
Financing income
(expenses) in
connection with
derivatives and
warrants, net 3,048 815 3,540 439 (3,917) 4,035
Financing
expenses in
connection with
projects
finance (1,492) (1,602) (2,922) (2,976) (6,612) (3,331)
Financing
expenses in
connection with
debentures (2,578) (2,260) (6,530) (4,000) (8,316) (7,443)
Interest expenses
on minority
shareholder
loan (821) (454) (1,556) (930) (2,047) (1,774)
Other financing
expenses (23,371) (268) (26,560) (562) (9,342) (30,275)
Financing
expenses, net (24,380) (8,199) (32,600) (978) (27,358) (37,160)
-------- -------- -------- -------- -------- -------------
Loss before taxes
on income (23,505) (8,066) (34,423) (3,359) (25,839) (39,237)
Tax benefit 10,976 849 9,376 1,771 2,528 10,687
Loss for the
period from
continuing
operations (12,529) (7,217) (25,047) (1,588) (23,311) (28,550)
-------- -------- -------- -------- -------- -------------
Profit from
discontinued
operation (net
of tax) 83,036 (1,177) 83,334 12 16,930 94,989
-------------
Profit (loss) for
the period 70,507 (8,394) 58,287 (1,576) (6,381) 66,439
-------- -------- -------- -------- -------- -------------
Profit (loss)
attributable
to:
Owners of the
Company 72,335 (7,684) 61,892 310 (2,133) 70,549
Non-controlling
interests (1,828) (710) (3,605) (1,886) (4,248) (4,110)
Profit (loss) for
the period 70,507 (8,394) 58,287 (1,576) (6,381) 66,439
-------- -------- -------- -------- -------- -------------
Other
comprehensive
income (loss)
item
that after
initial
recognition in
comprehensive
income (loss)
were or will be
transferred to
profit or loss:
Foreign currency
translation
differences for
foreign
operations 14,016 490 16,518 (9,048) 2,517 18,829
Foreign currency
translation
differences for
foreign
operations that
were recognized
in profit or
loss (9,225) - (9,225) - - (10,515)
Effective portion
of change in
fair value of
cash flow
hedges 360 (1,630) 4,444 2,634 2,546 5,066
Net change in
fair value of
cash flow hedges
transferred to
profit or loss (2,364) (2,619) (3,032) (2,282) (2,734) (3,456)
Total other
comprehensive
income (loss) 2,787 (3,759) 8,705 (8,696) 2,329 9,924
-------- -------- -------- -------- -------- -------------
Total other
comprehensive
income (loss)
attributable
to:
Owners of the
Company 3,493 (1,898) 7,703 (8,855) 2,336 8,781
Non-controlling
interests (706) (1,861) 1,002 159 (7) 1,143
Total other
comprehensive
income (loss)
for the period 2,787 (3,759) 8,705 (8,696) 2,329 9,924
-------- -------- -------- -------- -------- -------------
Total
comprehensive
income (loss)
for the period 73,294 (12,153) 66,992 (10,272) (4,052) 76,363
======== ======== ======== ======== ======== =============
Total
comprehensive
income (loss)
attributable
to:
Owners of the
Company 75,828 (9,582) 69,595 (8,545) 203 79,330
Non-controlling
interests (2,534) (2,571) (2,603) (1,727) (4,255) (2,967)
Total
comprehensive
income (loss)
for the period 73,294 (12,153) 66,992 (10,272) (4,052) 76,363
-------- -------- -------- -------- -------- -------------
* Convenience translation into US$ (exchange rate as at June 30, 2026: euro 1 = US $ 1.14)
Ellomay Capital Ltd. and its Subsidiaries
Condensed Consolidated Interim Statements of Profit
or Loss and Other Comprehensive Income (Loss) (cont'd)
---------------------------------------------------------------------
For the
For the year
three months For the six ended For the six
ended June months ended December months ended
30, June 30, 31, June 30,
------------ --------------
2026 2025 2026 2025 2025 2026
---- ------ ------ ------ -------- -------------
Unaudited Audited Unaudited
---------------------------- -------- -------------
Convenience
EUR in thousands (except per share Translation
data) into US$*
-------------------------------------- -------------
Basic profit
(loss) per
share 5.25 (0.60) 4.49 0.02 (0.16) 5.12
Diluted profit
(loss) per
share 5.25 (0.60) 4.47 0.02 (0.16) 5.10
==== ====== ====== ====== ======== =============
Basic profit
(loss) per
share
continuing
operations 5.24 (0.51) (1.56) 0.02 (1.44) (1.77)
Diluted profit
(loss) per
share
continuing
operations 5.24 (0.51) (1.55) 0.02 (1.44) (1.77)
==== ====== ====== ====== ======== =============
Basic profit
per share
discontinued
operation 0.01 0.09 6.05 - 1.28 6.89
Diluted profit
per share
discontinued
operation 0.01 0.09 6.02 - 1.28 6.86
==== ====== ====== ====== ======== =============
* Convenience translation into US$ (exchange rate as at June 30, 2026: euro 1 = US$ 1.14)
Ellomay Capital Ltd. and its Subsidiaries
Condensed Consolidated Interim Statements of Changes
in Equity
-------------------------------------------------------------------------------------------------------------------------------------------
Non-
controlling Total
---------------------
Attributable to shareholders of the Company Interests Equity
------------------------------------------------------------------------------- ----------- --------
Translation
reserve Transaction
Retained earnings from reserve with
Share Share (accumulated Treasury foreign Hedging non-controlling
capital premium deficit) shares operations reserve interests Total
------- ------- --------------------- -------- ----------- ------- --------------- -------
EUR in thousands
------------------------------------------------------------------------------------------------------------------------
For the six
months ended
June 30, 2026
(unaudited):
Balance as at
January 1, 2026 28,002 96,585 (13,694) (1,736) 10,935 5,739 14,757 140,588 24,552 165,140
Profit (loss) for
the period - - 61,892 - - - - 61,892 (3,605) 58,287
Other
comprehensive
income (loss)
for the period - - - - 6,995 708 - 7,703 1,002 8,705
------- ------- --------------------- -------- ----------- ------- --------------- ------- ----------- --------
Total
comprehensive
income (loss)
for the period - - 61,892 - 6,995 708 - 69,595 (2,603) 66,992
Transactions
with owners of
the Company,
recognized
directly in
equity:
Proceeds from
transactions
with
non-controlling
interests - - - - - - 6 6 - 6
Options exercise 6 18 - - - - - 24 - 24
Share-based
payments - 154 - - - - - 154 - 154
Balance as at
June 30, 2026 28,008 96,757 48,198 (1,736) 17,930 6,447 14,763 210,367 21,949 232,316
======= ======= ===================== ======== =========== ======= =============== ======= =========== ========
For the six
months ended
June 30, 2025
(unaudited):
Balance as at
January 1, 2025 25,613 86,271 (11,561) (1,736) 8,446 5,892 5,697 118,622 10,663 129,285
Profit (loss) for
the period - - 310 - - - - 310 (1,886) (1,576)
Other
comprehensive
income (loss)
for the period - - - - (8,900) 45 - (8,855) 159 (8,696)
Total
comprehensive
income (loss)
for the period - - 310 - (8,900) 45 - (8,545) (1,727) (10,272)
Transactions
with owners of
the Company,
recognized
directly in
equity:
Sale of shares in
subsidiaries
from
non-controlling
interests - - - - - - 9,060 9,060 16,996 26,056
Issuance of
capital note to
non-controlling
interest - - - - - - - - 1,148 1,148
Share-based
payments - 4 - - - - - 4 - 4
Balance as at
June 30, 2025 25,613 86,275 (11,251) (1,736) (454) 5,937 14,757 119,141 27,080 146,221
======= ======= ===================== ======== =========== ======= =============== ======= =========== ========
Ellomay Capital Ltd. and its Subsidiaries
Condensed Consolidated Interim Statements of Changes
in Equity (cont'd)
--------------------------------------------------------------------------------------------------------------------------------
Non-
controlling Total
-----------
Attributable to shareholders of the Company interests Equity
--------------------------------------------------------------------- ----------- -------
Translation
reserve Transaction
from reserve with
Share Share Accumulated Treasury foreign Hedging non-controlling
capital premium deficit shares operations reserve interests Total
------- ------- ----------- -------- ----------- ------- --------------- -------
EUR in thousands
-------------------------------------------------------------------------------------------------------------
For the year
ended
December 31,
2025 (audited):
Balance as at
January 1, 2025 25,613 86,271 (11,561) (1,736) 8,446 5,892 5,697 118,622 10,663 129,285
Loss for the year - - (2,133) - - -- - (2,133) (4,248) (6,381)
Other
comprehensive
income (loss)
for the year - - - - 2,489 (153) - 2,336 (7) 2,329
Total
comprehensive
income (loss)for
the year - - (2,133) - 2,489 (153) - 203 (4,255) (4,052)
Transactions
with owners of
the Company,
recognized
directly in
equity:
Sale of shares in
subsidiaries
from
non-controlling
interests - - - - - - 9,060 9,060 16,997 26,057
Options exercise 7 17 - - - - - 24 - 24
Issuance of
ordinary shares 2,382 10,281 - - - - - 12,663 - 12,663
Issuance of
capital note to
non-controlling
interests - - - - - - - - 1,147 1,147
Share-based
payments - 16 - - - - - 16 - 16
Balance as at
December 31,
2025 28,002 96,585 (13,694) (1,736) 10,935 5,739 14,757 140,588 24,552 165,140
------- ------- ----------- -------- ----------- ------- --------------- ------- ----------- -------
Ellomay Capital Ltd. and its Subsidiaries
Condensed Consolidated Interim Statements of Changes
in Equity (cont'd)
----------------------------------------------------------------------------------------------------------------------------------------
Non-
controlling Total
-------------------
Attributable to shareholders of the Company interests Equity
----------------------------------------------------------------------------- ----------- -------
Translation
reserve Transaction
Accumulated deficit from reserve with
Share Share (retained Treasury foreign Hedging Non-controlling
capital premium earnings) shares operations Reserve interests Total
------- ------- ------------------- -------- ----------- ------- --------------- -------
Convenience translation into US$ (exchange rate as
at June 30, 2026: euro 1 = US$ 1.14)
---------------------------------------------------------------------------------------------------------------------
For the six
months ended
June 30, 2026
(unaudited):
Balance as at
January 1, 2026 31,918 110,092 (15,610) (1,979) 12,464 6,542 16,821 160,248 27,986 188,234
Profit (loss) for
the period - - 70,549 - - - - 70,549 (4,110) 66,439
Other
comprehensive
income (loss)
for the period - - - - 7,974 807 - 8,781 1,143 9,924
------- ------- ------------------- -------- ----------- ------- --------------- ------- ----------- -------
Total
comprehensive
income (loss)
for the period - - 70,549 - 7,974 807 - 79,330 (2,967) 76,363
Transactions
with owners of
the Company,
recognized
directly in
equity:
Proceeds from
transactions
with
non-controlling
interests - - - - - - 7 7 - 7
Options exercise 7 21 - - - - - 28 - 28
Share-based
payments - 176 - - - - - 176 - 176
Balance as at
June 30, 2026 31,925 110,289 54,939 (1,979) 20,438 7,349 16,828 239,789 25,019 264,808
======= ======= =================== ======== =========== ======= =============== ======= =========== =======
Ellomay Capital Ltd. and its Subsidiaries
Condensed Consolidated Interim Statements of Cash
Flow
-----------------------------------------------------------------------------------
For the
year
For the three ended For the six
months ended June For the six months December months ended
30, ended June 30, 31, June 30
------------------- ------------------- -------- ------------
2026 2025 2026 2025 2025 2026
--------- -------- --------- --------
Unaudited Audited Unaudited
---------------------------------------- -------- ------------
Convenience
Translation
EUR in thousands into US$*
-------------------------------------------------- ------------
Cash flows from
operating
activities
Profit (loss) for
the period 70,507 (8,394) 58,287 (1,576) (6,381) 66,439
Adjustments for:
----------------
Financing
expenses, net 24,380 8,199 32,600 978 27,358 37,160
Profit from
settlement of
derivatives
contract - - - - 424 -
Profit from
discontinued
operations (110,804) - (110,804) - - (126,301)
Share of
(profits) loss
of equity
accounted
investee - 1,177 (298) (12) (16,930) (340)
Taxes on income
in connection
with the sale of
an equity
accounted
investee 27,785 - 27,785 - - 31,671
Depreciation and
amortization
expenses 4,593 4,250 9,109 8,488 16,481 10,383
Share-based
payment
transactions 154 - 154 4 16 176
Loss on early
redemption of
debentures (1,224) - (1,224) - - (1,395)
Change in trade
receivables and
other
receivables 1,516 1,207 (2,295) 7,385 5,883 (2,616)
Change in other
assets (196) (506) (196) (1,002) (713) (224)
Change in trade
payables 20 1,411 (80) 2,678 551 (91)
Change in other
payables 2,272 548 1,003 (4,810) (5,832) 1,143
Tax benefit (10,976) (849) (9,376) (1,771) (2,528) (10,687)
Income taxes paid 104 (27) (500) (27) (583) (571)
Interest received 616 993 1,325 1,344 2,160 1,510
Interest paid (6,002) (3,218) (9,231) (6,626) (17,470) (10,522)
(72,305) 13,185 (62,028) 6,629 8,817 (70,704)
--------- -------- --------- -------- -------- ------------
Net cash provided
by (used in)
operating
activities (1,799) 4,791 (3,741) 5,053 2,436 (4,265)
========= ======== ========= ======== ======== ============
Cash flows from
investing
activities
Acquisition of
fixed assets (55,193) (18,380) (66,408) (36,930) (97,828) (75,696)
Interest paid
capitalized to
fixed assets (832) (951) (1,806) (1,827) (4,052) (2,059)
Proceeds from a
sale of an
equity accounted
investee 167,503 - 167,503 - - 190,930
Advances on
account of
investments - - - - 547 -
Proceeds from
(investment in)
in restricted
cash, net 21,857 (10,473) 2,131 (9,166) 1,584 2,429
Investment in
short-term
deposits, net (55,025) 39,132 (55,025) - - (62,721)
Net cash provided
by (used in)
investing
activities 78,310 9,328 46,395 (47,923) (99,749) 52,883
========= ======== ========= ======== ======== ============
Cash flows from
financing
activities
Issuance of
warrants - 475 - 475 475 -
Cost associated
with long-term
loans (629) (399) (1,332) (1,057) (4,575) (1,518)
Proceeds from
issuance of
shares - - - - 12,663 -
Options exercise - - 24 - - 27
Sale of shares in
subsidiaries to
non-controlling
interests - 20,852 6 20,852 - 7
Proceeds from
minority
partners in the
Italian solar
portfolio - - - - 51,458 -
Payment of
principal of
lease
liabilities (235) (80) (541) (452) (1,548) (617)
Proceeds from
short-term
loans 11,194 17,434 24,338 17,434 - 27,742
Proceeds from
long-term loans 11,735 159 43,852 465 51,681 49,985
Repayment of
long-term loans (23,727) (4,961) (25,537) (6,753) (35,414) (29,109)
Repayment of
debentures (48,627) (35,691) (63,941) (35,691) (35,691) (72,884)
Proceeds from
issuance of
debentures, net - - - 56,729 91,181 -
Proceeds from the
sale of tax
credits - - 3,980 - 10,160 4,537
Proceeds from
exercise of
options - - - - 24 -
Net cash provided
by (used in)
financing
activities (50,289) (2,211) (19,151) 52,002 140,414 (21,830)
========= ======== ========= ======== ======== ============
Effect of
exchange rate
fluctuations on
cash and cash
equivalents 3,554 (556) 2,357 (3,766) 3,379 2,687
Increase in cash
and cash
equivalents 29,777 11,352 25,860 5,366 46,480 29,475
Cash and cash
equivalents at
the beginning of
the period 83,697 35,148 87,614 41,134 41,134 99,869
--------- -------- --------- -------- -------- ------------
Cash and cash
equivalents at
the end of the
period 113,474 46,500 113,474 46,500 87,614 129,344
----------------- ========= ======== ========= ======== ======== ============
* Convenience translation into US$ (exchange rate as at June 30, 2026: euro 1 = US$ 1.14)
Ellomay Capital Ltd. and its Subsidiaries
Operating Segments (Unaudited)
------------------------------------------------------------------------------------------------------------------------------------------
Italy Spain USA Netherlands Israel
------- --------------------------- ------ ----------- -----------------
Total
Subsidized 28 MV reportable Total
Solar Plants Solar Talasol Solar Biogas Dorad(1) Manara segments Reconciliations consolidated
------- ---------- ------ ------- ------ ----------- -------- ------- ---------- --------------- ------------
For the six months ended June 30, 2026
-----------------------------------------------------------------------------------------------------------------------
EUR in thousands
-----------------------------------------------------------------------------------------------------------------------
Revenues 2,282 1,222 394 8,339 717 8,130 15,195 - 36,279 (15,195) 21,084
Operating
expenses (391) (214) (285) (1,959) (156) (6,842) (11,732) - (21,579) 11,731 (9,848)
Depreciation
expenses (974) (491) (476) (5,798) (866) (453) (1,454) - (10,512) 1,403 (9,109)
------- ---------- ------ ------- ------ ----------- -------- ------- ---------- --------------- ------------
Gross profit
(loss) 917 517 (367) 582 (305) 835 2,009 - 4,188 (2,061) 2,127
Project
development
costs (810)
General and
administrative
expenses (4,942)
Other income, net 1,802
------------
Operating profit
(loss) (1,823)
Financing income 1,428
Financing income
in connection
with derivatives
and warrants,
net 3,540
Financing
expenses in
connection with
projects
finance (2,922)
Financing
expenses in
connection with
debentures (6,530)
Interest expenses
on minority
shareholder
loan (1,556)
Other financing
expenses
Financing
expenses, net (26,560)
------------
Loss before taxes
on income from
continuing
operations (34,423)
Profit from
discontinued
operation (net
of tax)(1) 83,334
Segment assets as
at June 30,
2026 205,207 12,340 18,182 204,448 93,417 32,930 - 259,495 826,019 133,168 959,187
(_____________________________1) (As a result of the sale of the Company's indirect holdings in Ellomay Luzon Energy, the Company's share of profits of Dorad, was recognized only up to the date of signing of the sale agreement and presented as discontinued operations.)
Ellomay Capital Ltd. and its Subsidiaries
Reconciliation of Profit (Loss) to EBITDA (Unaudited)
-----------------------------------------------------------------------------
For the
year
For the three For the six ended For the six
months ended June months ended December months ended
30, June 30, 31, June 30,
----------------- ----------------
2026 2025 2026 2025 2025 2026
-------- ------- ------- ------- -------- --------------
Convenience
Translation
into US$ in
EUR in thousands thousands*
--------------------------------------------- --------------
Net profit
(loss) for
the period 70,507 (8,394) 58,287 (1,576) (6,381) 66,439
Financing
expenses,
net 24,380 8,199 32,600 978 27,358 37,160
Tax benefit (10,976) (849) (9,376) (1,771) (2,528) (10,687)
Depreciation
and
amortization
expenses 4,593 4,250 9,109 8,488 16,481 10,383
-------- ------- ------- ------- -------- --------------
EBITDA 88,504 3,206 90,620 6,119 34,930 103,295
* Convenience translation into US$ (exchange rate as at June 30, 2026: euro 1 = US$ 1.14)
Ellomay Capital Ltd. and its Subsidiaries
Information for the Company's Debenture Holders
Financial Covenants
Pursuant to the Deeds of Trust governing the Company's Series D, Series F and Series G Debentures (together, the "Debentures"), the Company is required to maintain certain financial covenants. For more information, see Items 4.A and 5.B of the Company's Annual Report on Form 20-F submitted to the Securities and Exchange Commission dated April 30, 2026, and below.
Net Financial Debt
As of June 30, 2026, the Company's Net Financial Debt, (as such term is defined in the Deeds of Trust of the Company's Debentures), was approximately EUR50.9 million (consisting of approximately EUR416.6(2) million of short-term and long-term debt from banks and other interest bearing financial obligations, approximately EUR217.7(3) million in connection with (i) the Series D Convertible Debentures issuance (in February 2021), (ii) the Series F Debentures issuance (in January, April, August and November 2024) and (iii) the Series G Debentures issuance (in February and December 2025), net of approximately EUR166.8 million of cash and cash equivalents, short-term deposits and marketable securities and net of approximately EUR416.6(4) million of project finance and related hedging transactions of the Company's subsidiaries).
Ellomay Capital Ltd. and its Subsidiaries
Information for the Company's Debenture Holders (cont'd)
Information for the Company's Series D Debenture Holders
The Deed of Trust governing the Company's Series D Debentures includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for the periods set forth in the Series D Deed of Trust is a cause for immediate repayment. As of June 30, 2026, the Company was in compliance with the financial covenants set forth in the Series D Deed of Trust as follows: (i) the Company's Adjusted Shareholders' Equity (as defined in the Series D Deed of Trust) was approximately EUR220.9 million, (ii) the ratio of the Company's Net Financial Debt (as set forth above) to the Company's CAP, Net (defined as the Company's Adjusted Shareholders' Equity plus the Net Financial Debt) was 18.7%, and (iii) the ratio of the Company's Net Financial Debt to the Company's Adjusted EBITDA(5) was 0.4.
The following is a reconciliation between the Company's loss and the Adjusted EBITDA (as defined in the Series D Deed of Trust) for the four-quarter period ended June 30, 2026:
For the four-quarter period
ended June 30, 2026
Unaudited
---------------------------
EUR in thousands
---------------------------
Profit for the period 53,482
Financing expenses, net 58,980
Tax benefit (10,133)
Depreciation and amortization expenses 17,102
Share-based payments 166
Adjustment to data relating to projects with a
Commercial Operation Date during the four
preceding quarters(6) 210
Adjusted EBITDA as defined the Series D Deed of
Trust 119,807
Ellomay Capital Ltd. and its Subsidiaries
Information for the Company's Debenture Holders (cont'd)
Information for the Company's Series F Debenture Holders
The Deed of Trust governing the Company's Series F Debentures includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for the periods set forth in the Series F Deed of Trust is a cause for immediate repayment. As of June 30, 2026, the Company was in compliance with the financial covenants set forth in the Series F Deed of Trust as follows: (i) the Company's Adjusted Shareholders' Equity (as defined in the Series F Deed of Trust) was approximately EUR220.2 million, (ii) the ratio of the Company's Net Financial Debt (as set forth above) to the Company's CAP, Net (defined as the Company's Adjusted Shareholders' Equity plus the Net Financial Debt) was 18.8%, and (iii) the ratio of the Company's Net Financial Debt to the Company's Adjusted EBITDA(7) was 0.4.
The following is a reconciliation between the Company's loss and the Adjusted EBITDA (as defined in the Series F Deed of Trust) for the four-quarter period ended June 30, 2026:
For the four-quarter period ended
June 30, 2026
Unaudited
------------------------------------
EUR in thousands
------------------------------------
Profit for the period 53,482
Financing expenses, net 58,980
Taxes on income (10,133)
Depreciation and amortization expenses 17,102
Share-based payments 166
Adjustment to data relating to
projects with a Commercial Operation Date during the four preceding quarters(8) 210 Adjusted EBITDA as defined the Series F Deed of Trust 119,807
Ellomay Capital Ltd. and its Subsidiaries
Information for the Company's Debenture Holders (cont'd)
Information for the Company's Series G Debenture Holders
The Deed of Trust governing the Company's Series G Debentures includes an undertaking by the Company to maintain certain financial covenants, whereby a breach of such financial covenants for the periods set forth in the Series G Deed of Trust is a cause for immediate repayment. As of June 30, 2026, the Company was in compliance with the financial covenants set forth in the Series G Deed of Trust as follows: (i) the Company's Adjusted Shareholders' Equity (as defined in the Series G Deed of Trust) was approximately EUR220.2 million, (ii) the ratio of the Company's Net Financial Debt (as set forth above) to the Company's CAP, Net (defined as the Company's Adjusted Shareholders' Equity plus the Net Financial Debt) was 18.8%, and (iii) the ratio of the Company's Net Financial Debt to the Company's Adjusted EBITDA(9) was 0.4.
The following is a reconciliation between the Company's loss and the Adjusted EBITDA (as defined in the Series G Deed of Trust) for the four-quarter period ended June 30, 2026:
For the four-quarter period ended
June 30, 2026
Unaudited
------------------------------------
EUR in thousands
------------------------------------
Profit for the period 53,482
Financing expenses, net 58,980
Taxes on income (10,133)
Depreciation and amortization expenses 17,102
Share-based payments 166
Adjustment to data relating to
projects with a Commercial Operation
Date during the four preceding
quarters(10) 210
Adjusted EBITDA as defined the Series
G Deed of Trust 119,807
____________________________
(1) The revenues presented in the Company's financial results included in this press release are based on IFRS and do not take into account the adjustments included in the Company's investor presentation.
(2) The amount of short-term and long-term debt from banks and other interest-bearing financial obligations provided above, includes an amount of approximately EUR5.5 million costs associated with such debt, which was capitalized and therefore offset from the debt amount that is recorded in the Company's balance sheet.
(3) The amount of the debentures provided above includes an amount of approximately EUR3.4 million associated costs, which was capitalized and discount or premium and therefore offset from the debentures amount that is recorded in the Company's balance sheet. This amount also includes the accrued interest as at June 30, 2026 in the amount of approximately EUR1.3 million.
(4) The project finance amount deducted from the calculation of Net Financial Debt includes project finance obtained from various sources, including financing entities and the minority shareholders in project companies held by the Company (provided in the form of shareholders' loans to the project companies).
(5) The term "Adjusted EBITDA" is defined in the Series D Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company's operations, such as the Talmei Yosef PV Plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments, when the data of assets or projects whose Commercial Operation Date (as such term is defined in the Series D Deed of Trust) occurred in the four quarters that preceded the relevant date will be calculated based on Annual Gross Up (as such term is defined in the Series D Deed of Trust). The Series D Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company's undertakings towards the holders of its Series D Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under "Use of NON-IFRS Financial Measures."
(6) The adjustment is based on the results of solar plants in the USA that were connected to the grid and commenced delivery of electricity to the grid during the four quarters preceding June 30, 2026.
(7) The term "Adjusted EBITDA" is defined in the Series F Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company's operations, such as the Talmei Yosef PV Plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments, when the data of assets or projects whose Commercial Operation Date (as such term is defined in the Series F Deed of Trust) occurred in the four quarters that preceded the relevant date will be calculated based on Annual Gross Up (as such term is defined in the Series F Deed of Trust). The Series F Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company's undertakings towards the holders of its Series F Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under "Use of Non-IFRS Financial Measures."
(8) The adjustment is based on the results of solar plants in the USA that were connected to the grid and commenced delivery of electricity to the grid during the four quarters preceding June 30, 2026.
(9) The term "Adjusted EBITDA" is defined in the Series G Deed of Trust as earnings before financial expenses, net, taxes, depreciation and amortization, where the revenues from the Company's operations, such as the Talmei Yosef PV Plant, are calculated based on the fixed asset model and not based on the financial asset model (IFRIC 12), and before share-based payments, when the data of assets or projects whose Commercial Operation Date (as such term is defined in the Series G Deed of Trust) occurred in the four quarters that preceded the relevant date will be calculated based on Annual Gross Up (as such term is defined in the Series G Deed of Trust). The Series G Deed of Trust provides that for purposes of the financial covenant, the Adjusted EBITDA will be calculated based on the four preceding quarters, in the aggregate. The Adjusted EBITDA is presented in this press release as part of the Company's undertakings towards the holders of its Series G Debentures. For a general discussion of the use of non-IFRS measures, such as EBITDA and Adjusted EBITDA see above under "Use of Non-IFRS Financial Measures."
(10) The adjustment is based on the results of solar plants in the USA that were connected to the grid and commenced delivery of electricity to the grid during the four quarters preceding June 30, 2026.
Comments