Ellomay Cap Stock Price, News & Analysis

Ellomay Capital reported financial results for Q3 2024, showing mixed performance. Total assets increased to €640M from €612.9M in December 2023. However, revenues declined to €31.8M for the nine months ended September 30, 2024, compared to €40.4M in the same period of 2023, mainly due to reduced electricity prices in Spain and fire damage near facilities.

The company's profit decreased to €3.3M for the nine months ended September 30, 2024, down from €10.4M in 2023. EBITDA also declined to €17.6M from €21.3M year-over-year. Notable developments include the sale of a 9MW solar plant in Talmei Yosef for €10.6M, progress in US solar projects totaling 49MW, and advancement in Italian operations with 20MW currently operating and 18MW awaiting grid connection.

Ellomay Capital (NYSE American; TASE: ELLO) has announced an extraordinary general meeting of shareholders scheduled for January 30, 2025, at 3:00 p.m. Israel time. The meeting will be held at the Company's offices in Tel Aviv, Israel. The sole agenda item is to approve the terms of service and compensation for Mr. Ben Sheizaf, the Company's Chairman of the Board.

Shareholders of record as of December 30, 2024, will be eligible to vote. The resolution requires a majority vote of ordinary shares present at the meeting. The company will mail proxy statements and cards around December 31, 2024. Shareholders can submit votes via proxy card by 11:00 a.m. Israel time on January 30, 2025, or through the Israel Securities Authority's electronic system up to six hours before the meeting.

Ellomay Capital (NYSE American; TASE: ELLO) reported the financial statements of Dorad Energy, in which it holds a 9.4% indirect stake. For Q3 2024, Dorad posted revenues of approximately NIS 1,096 million and an operating profit of NIS 270 million. The company noted that electricity demand is seasonal, with higher consumption during winter and summer seasons. Dorad acknowledged that the war situation in Israel, which began on October 7, 2023, has impacted its results but estimated the short-term business impact would be immaterial, though medium and long-term effects remain uncertain.

Ellomay Capital (NYSE American; TASE: ELLO) announced significant leadership changes as Shlomo Nehama steps down as Chairman of the Board after 16 years of service. The Board unanimously appointed Ben Sheizaf as new Board member and Chairman, serving until the Company's 2025 annual general meeting. Sheizaf, 67, brings extensive experience from the Israeli finance and insurance sectors, currently serving as CEO of B.P.O. and board positions at Isracard and Detelix Software Technologies He previously held senior positions at Phoenix Financial , including Deputy CEO and Head of Long-Term Savings Division.

Ellomay Capital (NYSE American; TASE: ELLO) reported financial results for Q2 2024:

• Total assets increased to €634.8 million as of June 30, 2024
• Revenues decreased to €11.2 million for Q2 2024 and €19.5 million for H1 2024
• Profit from continuing operations was €1.2 million for Q2 2024
• Loss from continuing operations was €3.4 million for H1 2024
• EBITDA decreased to €4.9 million for Q2 2024 and €6.5 million for H1 2024

The company experienced decreased revenues and profits mainly due to lower electricity prices in Spain. However, it made progress on solar projects in the US, Italy and Israel. The Dorad power plant in Israel saw increased profits. Ellomay's biogas plants in the Netherlands maintained high production levels.

Ellomay Capital (NYSE American; TASE: ELLO) has announced a significant development in its U.S. strategic growth plan. The company has entered into an agreement to sell and transfer Investment Tax Credits (ITCs) associated with four solar projects in Texas: Fairfield (13.4 MW), Malakoff (13.92 MW), Mexia (11.1 MW), and Talco (10.5 MW). The deal, executed with an experienced financial institution, is expected to generate approximately $19 million, representing about 32% of the expected total portfolio costs.

This transaction, facilitated under the Inflation Reduction Act's new transferability provisions, allows Ellomay to retain 100% of the operating profits from these projects. The funds will be disbursed after each project is placed in service and meets applicable requirements. Fairfield and Malakoff are expected to be operational by the end of Q4 2024, while Mexia and Talco are slated for completion by the end of Q2 2025.

Ellomay Capital (NYSE American; TASE: ELLO) has announced a significant milestone towards financing its 198 MW solar portfolio in Italy. The company's subsidiary, Ellomay Holdings Luxembourg Sarl, has entered into a commitment letter with a reputable European institutional investor for a Project Finance of up to €110 million.

The financing, subject to conditions, will be provided as a non-recourse merchant loan through senior secured notes, with a 23-year repayment term following financial closing. This Project Finance aims to fund the construction and related expenses of the Italian PV Portfolio, which includes operating, under-construction, and ready-to-build projects.

The commitment is contingent on executing detailed Project Finance documentation by December 31, 2024, and satisfactory completion of due diligence by the lender. Ellomay Capital cautions that the final execution and terms of the financing are not guaranteed.

Ellomay Capital (NYSE American; TASE: ELLO) reported the publication of financial statements for Dorad Energy , in which Ellomay indirectly holds approximately 9.4%. Key highlights for Dorad's Q2 2024 include:

- Unaudited revenues: approximately NIS 659 million
- Unaudited operating profit: approximately NIS 87.5 million

Dorad's demand for electricity is seasonal, with higher consumption in winter and summer. The company noted that the ongoing war situation in Israel, which started on October 7, 2023, has impacted its results, but the short-term effect is expected to be immaterial. However, Dorad is unable to assess the medium and long-term impacts due to the unpredictable nature of the conflict.

Ellomay Capital (NYSE American; TASE: ELLO), a renewable energy and power generator, held its 2024 Annual General Meeting (AGM) on July 25, 2024. Shareholders approved key proposals, including:

1. Reelection of four directors
2. Extension and fee update of the Management Services Agreement
3. Grant and extension of indemnification undertaking for certain office holders
4. Grant and extension of exemption for certain office holders
5. Reappointment of Somekh Chaikin as independent auditors

The proposals related to controlling shareholders (2, 3, and 4) required and received a special majority approval. These decisions reflect important governance and operational updates for Ellomay Capital.