Ellomay Capital Reports Results for the Three and Six Months Ended June 30, 2026
Rhea-AI Summary
Ellomay Capital (NYSE American: ELLO) reported Q2 2026 profit of approximately €70.5 million, versus a loss of about €8.4 million in Q2 2025, driven by a net gain of €94.8 million from the sale of its indirect interest in Ellomay Luzon Energy, which holds Dorad Energy.
Sale consideration totaled roughly NIS 560 million (about €167 million), generating a gross capital gain of €110.8 million and taxes of €16 million. Total assets rose to approximately €959.2 million at June 30, 2026, including about €166.8 million in cash and deposits. Q2 revenues increased to approximately €12.4 million from €11.3 million, and first-half 2026 revenues edged up to €21.1 million. However, Ellomay recorded a first-half loss from continuing operations of about €25 million and net financing expenses of roughly €32.6 million, mainly due to adverse NIS/euro exchange-rate movements. EBITDA for the first half climbed to approximately €90.6 million, largely reflecting the Dorad-related gain.
Positive
- Q2 2026 profit of approximately €70.5 million versus €8.4 million loss in Q2 2025
- Sale of Ellomay Luzon Energy stake generated net profit €94.8 million and gross capital gain of €110.8 million
- Received sale consideration of about NIS 560 million (~€167 million) for Ellomay Luzon Energy holdings
- Total assets increased to ~€959.2 million with cash and deposits of about €166.8 million at June 30, 2026
- First-half 2026 EBITDA €90.6 million versus €6.1 million in first-half 2025
- Four USA solar facilities connected to the grid and 38 MW of Italian solar fully operating as of the report
Negative
- Loss from continuing operations of approximately €25 million in first-half 2026 versus a €1.6 million loss a year earlier
- Net financing expenses of about €32.6 million in first-half 2026 versus €1 million, mainly from NIS/euro exchange-rate movements
- Net cash used in operating activities of approximately €3.7 million versus €5.1 million generated in first-half 2025
- General and administrative expenses increased to about €4.9 million from €3.4 million year over year in the first half
- Electricity price declines in Spain and Italy weighed on revenues despite higher production and new assets
News Explained
The completed May sale removed the Dorad-related holding and was followed by secured-debt repayment, while new solar and storage capacity remains in development.
The report confirms that Ellomay Capital completed the sale in
In connection with that completed sale, it repaid the Series E Secured Debentures, paying approximately
The company’s share of profits from that equity-accounted investee is now presented as discontinued operations, with prior periods adjusted accordingly, separating the sold asset’s results from continuing operations.
Beyond the sold asset, the company reports an approximately 264 MW solar portfolio that it owns outright; 210 MW has reached ready-to-build status, with construction scheduled to begin in the fourth quarter of
It also says it has signed an agreement to acquire a license for a 50 MW, four-hour battery-storage facility in northern Italy, while an additional 100 MW license remains under consideration.
The stated September
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jul 28 | Battery storage acquisition | Neutral | -3.5% | Agreement to acquire a ready-to-build battery energy storage project in northern Italy. |
| May 27 | First-quarter earnings | Negative | +1.3% | Quarterly revenue declined and the company reported a loss with lower EBITDA. |
| May 01 | Annual report filing | Neutral | +1.8% | Filed audited 2025 financial statements with adjustments to development costs and tax benefit. |
| Mar 31 | Full-year earnings | Positive | +5.3% | Reported full-year results alongside project updates and the Dorad holdings sale. |
| Mar 31 | Dorad financial statements | Positive | +5.3% | Published audited Dorad financial statements including revenue and operating profit. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent news reactions were mixed, with positive reactions following two March announcements while the negative Q1 earnings update also produced a positive reaction.
Key Terms
ebitda financial
discontinued operations financial
equity accounted investee financial
preliminary acceptance certificate technical
ready to build technical
permission to operate regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
Records a net profit of
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
€959.2 million (including approximately€113.5 million in cash and cash equivalents and approximately€53.3 million in short term deposits), compared to total assets as of December 31, 2025 of approximately€843.5 million (including approximately€87.6 million in cash and cash equivalents). - Revenues1 for the three months ended June 30, 2026 were approximately
€12.4 million , compared to revenues of approximately€11.3 million for the three months ended June 30, 2025. Revenues for the six months ended June 30, 2026 were approximately€21.1 million , compared to revenues of approximately€20.1 million for the six months ended June 30, 2025. - Profit for the three months ended June 30, 2026 was approximately
€70.5 million , compared to loss of approximately€8.4 million for the three months ended June 30, 2025. Profit for the six months ended June 30, 2026 was approximately€58.3 million , compared to loss of approximately€1.6 million for the six months ended June 30, 2025. - EBITDA for the three months ended June 30, 2026 was approximately
€88.5 million , compared to EBITDA of approximately€3.2 million for the three months ended June 30, 2025. EBITDA for the six months ended June 30, 2026 was approximately€90.6 million , compared to EBITDA of approximately€6.1 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
€167 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€94.8 million (representing a capital gain, gross, in the amount of€110.8 million , net of taxes in the amount of€16 million , comprised of tax expense on income of approximately€27.8 million and a tax benefit from the utilization of losses of€11.8 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€46.5 million ) and the aggregate repayment amount was approximately NIS 170 million (approximately€47.9 million ), which includes accrued interest and the early repayment fee.
Financial Overview for the Six Months Ended June 30, 2026
- Revenues were approximately
€21.1 million for the six months ended June 30, 2026, compared to approximately€20.1 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
€9.8 million for the six months ended June 30, 2026, compared to approximately€9.2 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 lower7% 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€9.1 million for the six months ended June 30, 2026, compared to approximately€8.5 million for the six months ended June 30, 2025. - Project development costs were approximately
€0.8 million for the six months ended June 30, 2026, compared to approximately€2.9 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
€4.9 million for the six months ended June 30, 2026, compared to approximately€3.4 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
€1.8 million for the six months ended June 30, 2026, compared to approximately€1.4 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
€32.6 million for the six months ended June 30, 2026, compared to financing expenses, net of approximately€1 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€24.7 million for the six months ended June 30, 2026, compared to income from exchange rate differences of approximately€5.6 million for the six months ended June 30, 2025, an aggregate change of approximately€30.3 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 the9.4% appreciation of the NIS against the euro during the six months ended June 30, 2026, compared to a4.2% 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€1.6 million in interest expenses in connection with the Company’s debentures and financing expenses of approximately€1.2 million in connection with the early repayment of the Series E Secured Debentures, partially offset by an increase of approximately€3.1 million in income resulting from revaluation of warrants. - Tax benefit was approximately
€9.4 million for the six months ended June 30, 2026, compared to tax benefit of approximately€1.8 million for the six months ended June 30, 2025. The change is mainly due to tax benefit in the amount of€11.8 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€2.4 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
€25 million for the six months ended June 30, 2026, compared to a loss from continuing operations of approximately€1.6 million for the six months ended June 30, 2025. - Profit from discontinued operation (net of tax) was approximately
€83.3 million for the six months ended June 30, 2026, compared to profit from discontinued operation (net of tax) of approximately€12 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
€58.3 million , compared to loss of approximately€1.6 million for the six months ended June 30, 2025. - Total other comprehensive income was approximately
€8.7 million for the six months ended June 30, 2026, compared to total other comprehensive loss of approximately€8.7 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€16.3 million . The change also resulted from an approximately€1.1 million changes in fair value of cash flow hedges. - Total comprehensive income was approximately
€67 million for the six months ended June 30, 2026, compared to total comprehensive loss of approximately€10.3 million for the six months ended June 30, 2025. - EBITDA was approximately
€90.6 million for the six months ended June 30, 2026, compared to approximately€6.1 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
€3.7 million for the six months ended June 30, 2026, compared to net cash generated from operating activities of approximately€5.1 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
In the first quarter of 2026, an agreement was signed for the sale of the Company’s
In Italy – 38 MW solar (
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
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
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) and51% 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, 2026 | December 31, 2025 | June 30, 2026 | ||||
| Unaudited | Audited | Unaudited | ||||
| € in thousands | Convenience Translation into US$ 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:
Ellomay Capital Ltd. and its Subsidiaries
| Condensed Consolidated Interim Statements of Profit or Loss and Other Comprehensive Income (Loss) | ||||||||||||
| For the three months ended June 30, | For the six months ended June 30, | For the year ended December 31, | For the six months ended June 30, | |||||||||
| 2026 | 2025 | 2026 | 2025 | 2025 | 2026 | |||||||
| Unaudited | Audited | Unaudited | ||||||||||
| € in thousands (except per share data) | Convenience Translation 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:
Ellomay Capital Ltd. and its Subsidiaries
| Condensed Consolidated Interim Statements of Profit or Loss and Other Comprehensive Income (Loss) (cont’d) | ||||||||||||
| For the three months ended June 30, | For the six months ended June 30, | For the year ended December 31, | For the six months ended June 30, | |||||||||
| 2026 | 2025 | 2026 | 2025 | 2025 | 2026 | |||||||
| Unaudited | Audited | Unaudited | ||||||||||
€ in thousands (except per share data) | Convenience Translation 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:
Ellomay Capital Ltd. and its Subsidiaries
| Condensed Consolidated Interim Statements of Changes in Equity | ||||||||||||||||||||
| Attributable to shareholders of the Company | Non- controlling | Total | ||||||||||||||||||
| Interests | Equity | |||||||||||||||||||
| Share capital | Share premium | Retained earnings (accumulated deficit) | Treasury shares | Translation reserve from foreign operations | Hedging reserve | Transaction reserve with non-controlling interests | Total | |||||||||||||
| € 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) | ||||||||||||||||||||
| Attributable to shareholders of the Company | Non- controlling | Total | ||||||||||||||||||
| interests | Equity | |||||||||||||||||||
| Share capital | Share premium | Accumulated deficit | Treasury shares | Translation reserve from foreign operations | Hedging reserve | Transaction reserve with non-controlling interests | Total | |||||||||||||
| € 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) | ||||||||||||||||||||
| Attributable to shareholders of the Company | Non- controlling | Total | ||||||||||||||||||
| interests | Equity | |||||||||||||||||||
| Share capital | Share premium | Accumulated deficit (retained earnings) | Treasury shares | Translation reserve from foreign operations | Hedging Reserve | Transaction reserve with Non-controlling interests | Total | |||||||||||||
Convenience translation into US$ (exchange rate as at June 30, 2026: | ||||||||||||||||||||
| 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 three months ended June 30, | For the six months ended June 30, | For the year ended December 31, | For the six months ended June 30 | |||||||||
| 2026 | 2025 | 2026 | 2025 | 2025 | 2026 | |||||||
| Unaudited | Audited | Unaudited | ||||||||||
| € in thousands | Convenience Translation 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:
Ellomay Capital Ltd. and its Subsidiaries
| Operating Segments (Unaudited) | |||||||||||||||||||||||
| Italy | Spain | USA | Netherlands | Israel | Total reportable | ||||||||||||||||||
| Subsidized | 28 MV | Total | |||||||||||||||||||||
| Solar | Plants | Solar | Talasol | Solar | Biogas | Dorad1 | Manara | segments | Reconciliations | consolidated | |||||||||||||
| For the six months ended June 30, 2026 | |||||||||||||||||||||||
| € 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 three months ended June 30, | For the six months ended June 30, | For the year ended December 31, | For the six months ended June 30, | |||||||||
| 2026 | 2025 | 2026 | 2025 | 2025 | 2026 | |||||||
| € in thousands | Convenience Translation into US$ in 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:
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
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
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 | ||
| € 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 quarters6 | 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
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 | ||
| € 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 quarters8 | 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
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 | ||
| € 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 quarters10 | 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
3 The amount of the debentures provided above includes an amount of approximately
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.
