Enlight Renewable Energy Reports First Quarter 2025 Financial Results
Enlight Renewable Energy (NASDAQ: ENLT) reported strong financial results for Q1 2025, with revenues reaching $130 million, up 39% year-over-year. The company achieved a significant 316% increase in net income to $102 million and an 84% growth in Adjusted EBITDA to $132 million.
Key highlights include the sale of 44% of the Sunlight cluster for $52 million, generating $42 million in Adjusted EBITDA and $97 million in pre-tax profit. The company secured $1.8 billion in financing through various means and maintains a portfolio of 19.2 GW generation capacity and 49.8 GWh storage. For 2025, Enlight expects total revenues between $490-510 million and Adjusted EBITDA of $360-380 million.
The company's procurement strategy has effectively mitigated exposure to U.S. import tariffs, with 80% of battery capacity supplied by Tesla and solar panels either domestically constructed or sourced outside China.
Enlight Renewable Energy (NASDAQ: ENLT) ha riportato risultati finanziari solidi per il primo trimestre del 2025, con ricavi pari a 130 milioni di dollari, in crescita del 39% rispetto all'anno precedente. L'azienda ha registrato un significativo aumento del 316% dell'utile netto a 102 milioni di dollari e una crescita dell'84% dell'EBITDA rettificato a 132 milioni di dollari.
I punti salienti includono la vendita del 44% del cluster Sunlight per 52 milioni di dollari, che ha generato 42 milioni di dollari di EBITDA rettificato e 97 milioni di dollari di profitto ante imposte. La società ha ottenuto finanziamenti per 1,8 miliardi di dollari tramite diverse modalità e mantiene un portafoglio con una capacità di generazione di 19,2 GW e uno stoccaggio di 49,8 GWh. Per il 2025, Enlight prevede ricavi totali tra 490 e 510 milioni di dollari e un EBITDA rettificato tra 360 e 380 milioni di dollari.
La strategia di approvvigionamento dell'azienda ha efficacemente ridotto l'esposizione ai dazi doganali statunitensi, con l'80% della capacità delle batterie fornita da Tesla e i pannelli solari prodotti localmente o provenienti da paesi diversi dalla Cina.
Enlight Renewable Energy (NASDAQ: ENLT) reportó sólidos resultados financieros para el primer trimestre de 2025, con ingresos que alcanzaron los 130 millones de dólares, un aumento del 39% interanual. La compañía logró un significativo incremento del 316% en el ingreso neto hasta 102 millones de dólares y un crecimiento del 84% en el EBITDA ajustado hasta 132 millones de dólares.
Los aspectos destacados incluyen la venta del 44% del clúster Sunlight por 52 millones de dólares, generando 42 millones de dólares en EBITDA ajustado y 97 millones de dólares en ganancias antes de impuestos. La empresa aseguró financiamiento por 1.8 mil millones de dólares mediante diversas vías y mantiene una cartera con una capacidad de generación de 19.2 GW y almacenamiento de 49.8 GWh. Para 2025, Enlight espera ingresos totales entre 490 y 510 millones de dólares y un EBITDA ajustado de 360 a 380 millones de dólares.
La estrategia de adquisiciones de la compañía ha mitigado eficazmente la exposición a los aranceles de importación de EE. UU., con el 80% de la capacidad de baterías suministrada por Tesla y paneles solares fabricados localmente o provenientes de fuera de China.
Enlight Renewable Energy (NASDAQ: ENLT)는 2025년 1분기 강력한 재무 실적을 보고했으며, 매출은 1억 3천만 달러로 전년 동기 대비 39% 증가했습니다. 회사는 순이익이 316% 증가하여 1억 200만 달러에 도달했으며, 조정 EBITDA는 84% 성장하여 1억 3,200만 달러를 기록했습니다.
주요 내용으로는 Sunlight 클러스터의 44%를 5,200만 달러에 매각하여 조정 EBITDA 4,200만 달러와 세전 이익 9,700만 달러를 창출한 점이 포함됩니다. 회사는 다양한 방식으로 18억 달러의 자금을 확보했으며, 19.2GW 발전 용량과 49.8GWh 저장 용량을 보유하고 있습니다. 2025년에는 총 매출 4억 9,000만~5억 1,000만 달러, 조정 EBITDA 3억 6,000만~3억 8,000만 달러를 예상합니다.
회사의 조달 전략은 미국 수입 관세 노출을 효과적으로 완화했으며, 배터리 용량의 80%는 테슬라가 공급하고 태양광 패널은 국내 생산 또는 중국 외 지역에서 조달되고 있습니다.
Enlight Renewable Energy (NASDAQ : ENLT) a publié de solides résultats financiers pour le premier trimestre 2025, avec un chiffre d'affaires atteignant 130 millions de dollars, en hausse de 39 % sur un an. La société a enregistré une augmentation significative de 316 % de son bénéfice net à 102 millions de dollars et une croissance de 84 % de son EBITDA ajusté à 132 millions de dollars.
Les points clés incluent la vente de 44 % du cluster Sunlight pour 52 millions de dollars, générant 42 millions de dollars d'EBITDA ajusté et 97 millions de dollars de bénéfice avant impôts. L'entreprise a obtenu un financement de 1,8 milliard de dollars par divers moyens et dispose d'un portefeuille comprenant une capacité de production de 19,2 GW et un stockage de 49,8 GWh. Pour 2025, Enlight prévoit un chiffre d'affaires total compris entre 490 et 510 millions de dollars et un EBITDA ajusté entre 360 et 380 millions de dollars.
La stratégie d'approvisionnement de la société a efficacement réduit son exposition aux droits d'importation américains, avec 80 % de la capacité des batteries fournie par Tesla et des panneaux solaires fabriqués localement ou provenant de pays autres que la Chine.
Enlight Renewable Energy (NASDAQ: ENLT) meldete starke Finanzergebnisse für das erste Quartal 2025 mit einem Umsatz von 130 Millionen US-Dollar, was einem Anstieg von 39 % im Jahresvergleich entspricht. Das Unternehmen erzielte einen signifikanten 316%igen Anstieg des Nettogewinns auf 102 Millionen US-Dollar und ein 84%iges Wachstum des bereinigten EBITDA auf 132 Millionen US-Dollar.
Zu den wichtigsten Highlights zählt der Verkauf von 44 % des Sunlight-Clusters für 52 Millionen US-Dollar, der ein bereinigtes EBITDA von 42 Millionen US-Dollar und einen Vorsteuergewinn von 97 Millionen US-Dollar generierte. Das Unternehmen sicherte sich Finanzierungen in Höhe von 1,8 Milliarden US-Dollar auf verschiedenen Wegen und verfügt über ein Portfolio mit einer Erzeugungskapazität von 19,2 GW und einer Speicherkapazität von 49,8 GWh. Für 2025 erwartet Enlight einen Gesamtumsatz zwischen 490 und 510 Millionen US-Dollar sowie ein bereinigtes EBITDA von 360 bis 380 Millionen US-Dollar.
Die Beschaffungsstrategie des Unternehmens hat die Exponierung gegenüber US-Importzöllen effektiv gemindert, wobei 80 % der Batteriekapazität von Tesla geliefert werden und Solarmodule entweder im Inland hergestellt oder außerhalb Chinas bezogen werden.
- Revenue increased 39% YoY to $130 million
- Net income surged 316% YoY to $102 million
- Adjusted EBITDA grew 84% YoY to $132 million
- Successfully secured $1.8 billion in financing
- Sale of 44% Sunlight cluster stake generated $97 million pre-tax profit
- Effective mitigation of U.S. tariff exposure through strategic procurement
- 90% of 2025 electricity volumes secured through PPAs or hedges
- Lower electricity generation at European wind projects due to weaker wind volumes
- Blade malfunction at Bjornberget wind farm led to complete shutdown
- European segment revenues declined 13% YoY
Insights
Enlight reports exceptional Q1 with 316% net income growth, driven by asset sale and strong operational performance across diverse renewable portfolio.
Enlight Renewable Energy delivered impressive financial results for Q1 2025, with
A significant portion of this growth stemmed from the strategic sale of
The company has successfully secured
Enlight's portfolio shows significant scale and diversification. Their current operational portfolio of 3.0 FGW generates approximately
Looking forward, management has provided strong 2025 guidance with expected revenues and income between
Enlight's tariff-resistant procurement strategy and Tesla partnership demonstrate exemplary renewable sector risk management amid policy uncertainty.
Enlight's Q1 results highlight exceptional foresight in their procurement strategy, effectively mitigating exposure to increased U.S. import tariffs that have challenged many renewable developers. Their diversified supply chain approach has proven prescient, with solar panels for projects under construction either domestically produced or sourced from non-Chinese manufacturers, eliminating tariff exposure.
Particularly notable is their strategic partnership with Tesla, which supplies
The company's project development strategy shows sophisticated market understanding. Their "Connect and Expand" approach leverages existing grid infrastructure to develop adjacent projects, reducing both construction costs and interconnection risks – a critical advantage given the widespread grid connection bottlenecks plaguing the renewable sector.
Enlight's portfolio composition reflects evolving market demands, with significant storage components throughout their development pipeline. This positions them well for markets increasingly seeking dispatchable renewable resources rather than pure generation assets. Their development pipeline particularly emphasizes storage in the U.S. market, which grew by 5.6 FGW to accommodate increased demand.
The company's revenue security deserves attention, with
All of the amounts disclosed in this press release are in U.S. dollars unless otherwise noted
TEL AVIV, Israel, May 06, 2025 (GLOBE NEWSWIRE) -- Enlight Renewable Energy Ltd. (NASDAQ: ENLT, TASE: ENLT) today reported financial results for the first quarter of 2025 ending March 31, 2025. Registration links for the Company’s earnings English and Hebrew conference call and webcasts can be found at the end of this earnings release.
| The entire suite of the Company’s 1Q25 financial results can be found on our IR website at https://enlightenergy.co.il/data/financial-reports/ |
Financial Highlights
3 months ending March 31, 2025
- Revenues and income of
$130m , up39% year over year - Adjusted EBITDA1 of
$132m , up84% year over year - Net income of
$102m , up316% year over year - Cash flow from operations of
$44m , up24% year over year
| For the three months ended | |||
| ($ millions) | 31/03/2025 | 31/03/2024 | % change |
| Revenues and Income | 130 | 94 | |
| Net Income | 102 | 24 | |
| Adjusted EBITDA | 132 | 72 | |
| Cash Flow from Operating Activities | 44 | 35 | |
________________________
1 The Company is unable to provide a reconciliation of Adjusted EBITDA to Net Income on a forward-looking basis without unreasonable effort because items that impact this IFRS financial measure are not within the Company’s control and/or cannot be reasonably predicted. Please refer to the reconciliation table in Appendix 2
- In January 2025, the Company announced the sale of
44% of the Sunlight cluster of renewable energy projects in Israel for a consideration of$52m at a valuation of$119m , and deconsolidated the cluster from its balance sheet. The transaction added$42m to Adjusted EBITDA (actual consideration received less the book value of the associated assets) and$80m to net profit in the 1Q25 results. - A detailed analysis of financial results appears below
Impact of U.S. Tariffs on the Company’s Operations
Enlight’s procurement strategy has effectively mitigated significant exposure to increased U.S. import tariffs. The agreements and good relationships we have with our supply chain partners allow for a significant distribution of the impact of tariffs.
Costs
- Solar panels for projects under construction are either domestically constructed or sourced from outside China and carry no tariff exposure
80% of battery capacity for projects under construction is supplied by Tesla, a supplier with high levels of domestic U.S. manufacturing
Revenues
- Negotiations for PPA price adjustments are now underway to account for higher tariff-related construction costs
“Enlight showed strong financial results for 1Q25, including
“The introduction of U.S. tariffs underscores how Enlight’s diversified procurement strategy in this market over the past two years has proven itself, effectively shielding us from cost increases. As a result, our U.S. projects now under construction, with total capex of
“Securing
Portfolio Review
- Enlight’s total portfolio is comprised of 19.2 GW of generation capacity and 49.8 GWh storage (33.4 FGW2)
- Of this, the Mature portfolio component (including operating projects, projects under construction or pre-construction) contains 6.1 GW generation capacity and 8.8 GWh of storage (8.6 FGW)
- Within the Mature portfolio component, the operating component has 2.5 GW of generation capacity and 1.9 GWh of storage (3.0 FGW)
The full composition of the portfolio appears in the following table:
| Component | Status | FGW2 | Annual revenues & income run rate ($m) | ||
| Operating | Commercial operation | 3.0 | ~5003 | ||
| Under Construction | Under construction | 1.8 | ~305 | ||
| Pre-Construction | 0-12 months to start of construction | 3.8 | ~615 | ||
| Total Mature Portfolio | Mature | 8.6 | 1,420~ | ||
| Advanced Development | 13-24 months to start of construction | 7 | - | ||
| Development | 2+ years to start of construction | 17.8 | - | ||
| Total Portfolio | 33.4 | - | |||
________________________
2 FGW (Factored GW) is a consolidated metric combining generation and storage capacity into a uniform figure based on the ratio of construction costs. The company’s current weighted average construction cost ratio is 3.5 GWh of storage per 1 GW of generation: FGW = GW + GWh / 3.5
3 Based on the midpoint of 2025 guidance.
- Operating component of the portfolio: 3 FGW
- The operational portfolio totals 3 GW of capacity is spread over three regions:
44% of the capacity is located in 7 European countries,29% is located in Israel, and27% in the U.S. 81% of the operational capacity sells electricity under PPA agreements, with29% of the power sold under inflation-linked PPAs.- The operational portfolio generates annualized revenues and income of approximately
$500 million .
- The operational portfolio totals 3 GW of capacity is spread over three regions:
- Under Construction component of the portfolio: 1.8 FGW
- Consists of three projects in the U.S. with a total capacity of 1.4 FGW; the Gecama Solar project in Spain with a capacity of 0.3 FGW; the solar and storage cluster in Israel; and the addition of storage capacity at project Bjornberget in Sweden. Approximately half of the cluster is expected to reach COD in 2025, with the rest expected to commission in 2026.
- Projects under construction are expected to contribute
$305m to the annual revenues and income run rate during their first full year of operation
- Pre-construction component of the portfolio: 3.8 FGW
- Two mega projects in the U.S., Snowflake and CO Bar, with a combined capacity of 2.6 FGW will begin construction in 2025 and are expected to contribute
$455m to revenues and income on an annualized basis. - Nardo, a stand alone storage project in Italy with a capacity of 0.25 FGW, is expected to begin construction in 2H25. The Pre-construction portion of the Mature portfolio includes additional projects in Israel, Hungary, and the US with a combined capacity of 0.9 FGW.
- Pre-construction projects are expected to contribute
$615m in revenues and income in their first full year of operations.
The under construction and pre-construction projects are expected to reach COD by the end of 2027, which is expected to boost operating capacity to 8.6 FGW and the annualized revenue and income run rate to$1.4b n.
- Two mega projects in the U.S., Snowflake and CO Bar, with a combined capacity of 2.6 FGW will begin construction in 2025 and are expected to contribute
- Advanced Development component of the portfolio component: 7 FGW
- 5.7 FGW in the U.S., with
100% of the capacity having passed completion of the System Impact Study, the most important study of the grid connection process, significantly de-risking the portfolio. - The U.S. pipeline includes several mega-projects, including the 1.4 FGW Cedar Island facility in Oregon and the 1.1 FGW Blackwater project in Virginia.
- The U.S. portfolio includes several follow-ons to Mature projects, such as Atrisco 2 (0.7 FGW), the energy storage expansion at CO-Bar (0.9 FGW), and Snowflake B (1.3 FGW).
- These projects reflect the Company's “Connect and Expand” strategy, leveraging existing grid infrastructure with the development of new ones, thereby reducing construction costs and project risks while improving project returns.
- 0.7 FGW in Europe, focused on Italy, Spain, and Croatia.
- 0.6 FGW in MENA, focused on solar and storage projects and stand alone storage facilities, including approximately 0.4 FGW that won availability tariffs as part of the Israel Electricity Authority's first high voltage storage availability tariff tender.
- 5.7 FGW in the U.S., with
- Development component of the portfolio: 17.8 FGW
- 12 FGW in the U.S. with broad geographic presence, including the PJM, WECC, SPP and MISO regions. The storage portion of the US portfolio has grown by 5.6 FGW to reflect greater demand for energy storage in this region.
- 3 FGW in Europe, focused on Italy, Spain, Croatia and entry into stand-alone storage operations in Poland.
- 2.8 FGW in MENA, focused on solar combined storage projects and stand-alone storage facilities.
Mature Portfolio Components Expected to Generate Annualized Revenues and Income of ~
________________________
4 Projection based on 2025 guidance, adding on total revenues and income (sales of electricity and tax benefits) of under construction and pre-construction projects
5 The company's revenues from tax benefits are estimated at approximately 20
Financing Activities
- During the quarter, the Company secured
$1b n in financial closings for the Country Acres and Quail Ranch projects, representing 830 FMW of combined capacity. - Along with the financial close on the 560 FMW Roadrunner project in December 2024, the financing for the second wave of U.S. projects in now complete, with a total of
$1.5b n raised. - Raising
$245m through the sale of Series G and H bonds to finance the Company's growth. - Sale of
44% of the Sunlight cluster for$52m cash at a valuation of$119m , generating Adjusted EBITDA of$42m (actual consideration received less associated book value of assets) and a pre-tax profit of$97m . - As of the balance sheet date, the Company maintained
$350m of revolving credit facilities, of which none have been drawn.
2025 Guidance
Construction and commissioning
- Expected commissioning of 0.9 FGW of capacity, which is expected to add approximately
$148 -152m to annualized revenues and income and$129 -133m annualized EBITDA, starting in 2026. - Starting construction on 2.9 FGW of capacity, which is expected to add approximately
$487 -495m in annualized revenues and income and approximately$428 -436m in annualized EBITDA gradually through 2026-2027.
Financial guidance
- Total revenues and income6 for 2025 are expected to range between
$490m and$510m . Of the projected revenues and income,38% are expected to be denominated in ILS,35% in EUR, and27% in USD. - Adjusted EBITDA7 for 2025 is expected to range between
$360m and$380m . - Approximately
90% of the electricity volumes expected to be generated in 2025 will be sold at fixed prices through PPAs or hedges.
________________________
6 Total revenues and income include revenues from the sale of electricity along with income from tax benefits from US projects amounting to
7 EBITDA is a non-IFRS financial measure. The Company is unable to provide a reconciliation of EBITDA to Net Income on a forward-looking basis without unreasonable effort because items that impact this IFRS financial measure are not within the Company’s control and/or cannot be reasonably predicted. Please refer to the reconciliation table in Appendix 2.
Financial Results Analysis
| Revenues & Income by Segment | |||
| ($ millions) | For the three months ended | ||
| Segment | 31/03/2025 | 31/03/2024 | % change |
| MENA | 42,867 | 28,474 | |
| Europe | 51,384 | 59,160 | ( |
| U.S. | 34,789 | 4,495 | |
| Other | 829 | 1,532 | ( |
| Total Revenues & Income | 129,869 | 93,661 | 39% |
Revenues & Income
In the first quarter of 2025, the Company’s total revenues and income increased to
The Company benefited from the revenues and income contribution of newly operational projects. Since the first quarter of last year, 576 MW and 1,526 MWh of new projects were connected to the grid and began selling electricity, including seven of the Israel Solar and Storage Cluster units in Israel, Atrisco in the U.S, Pupin in Serbia, and Tapolca in Hungary. The most important increases in revenue from the sale of electricity originated at Atrisco, which added
Offsetting this growth, the amount of electricity generated at our wind projects operating in Europe was lower compared to the same period last year mainly due to weaker wind volumes. In addition, generation at project Bjornberget in Sweden this quarter fell compared to last year due to a blade malfunction experienced at one of the site’s turbines. This prompted a complete shutdown of the wind farm, which is now in the process of gradually resuming operations. The Company recognized compensation of
Revenues and income were distributed between MENA, Europe, and the US, with
Net Income
In the first quarter of 2025, the Company’s net income amounted to
Adjusted EBITDA8
The Company’s Adjusted EBITDA grew by
________________________
8 Adjusted EBITDA is a non-IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income
Conference Call Information
Enlight plans to hold its First Quarter 2025 Conference Call and Webcasts on Tuesday, May 6, 2025 to review its financial results and business outlook in both English and Hebrew. Management will deliver prepared remarks followed by a question-and-answer session. Participants can join by dial-in or webcast:
- English Conference Call at 8:00am ET / 3:00pm Israel:
Please pre-register to join by conference call using the following link:
https://register-conf.media-server.com/register/BI2f3b7998abd744a590906d1adabe0ad1
Upon registering, you will be emailed a dial-in number, direct passcode and unique PIN.
- English Webcast at 8:00am ET / 3:00pm Israel:
Please register and join by webcast at the following link:
https://edge.media-server.com/mmc/p/z2k323sj
- Hebrew Webcast at 5:00am ET / 12:00pm Israel:
Please join the webcast at the following link:
https://enlightenergy-co-il.zoom.us/webinar/register/WN_8lhirHEnQLyQju1pvoxZGg
The press release with the financial results as well as the investor presentation materials will be accessible from the Company’s website prior to the conference call. Approximately one hour after completion of the live call, an archived version of the webcast will be available on the Company’s investor relations website at https://enlightenergy.co.il/info/investors/.
Supplemental Financial and Other Information
We intend to announce material information to the public through the Enlight investor relations website at https://enlightenergy.co.il/info/investors, SEC filings, press releases, public conference calls, and public webcasts. We use these channels to communicate with our investors, customers, and the public about our company, our offerings, and other issues. As such, we encourage investors, the media, and others to follow the channels listed above, and to review the information disclosed through such channels. Any updates to the list of disclosure channels through which we will announce information will be posted on the investor relations page of our website.
Non-IFRS Financial Measures
This release presents Adjusted EBITDA, a financial metric, which is provided as a complement to the results provided in accordance with the International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”). A reconciliation of the non-IFRS financial information to the most directly comparable IFRS financial measure is provided in the accompanying tables found at the end of this release.
We define Adjusted EBITDA as net income (loss) plus depreciation and amortization, share based compensation, finance expenses, taxes on income and share in losses of equity accounted investees and minus finance income and non-recurring portions of other income, net. For the purposes of calculating Adjusted EBITDA, compensation for inadequate performance of goods and services procured by the Company are included in other income, net. Compensation for inadequate performance of goods and services reflects the profits the Company would have generated under regular operating conditions and is therefore included in Adjusted EBITDA. With respect to gains (losses) from asset disposals, as part of Enlight’s strategy to accelerate growth and reduce the need for equity financing, the Company sells parts of or the entirety of selected renewable project assets from time to time, and therefore includes realized gains or losses from these asset disposals in Adjusted EBITDA. In the case of partial assets disposals, Adjusted EBITDA includes only the actual consideration less the book value of the assets sold. Our management believes Adjusted EBITDA is indicative of operational performance and ongoing profitability and uses Adjusted EBITDA to evaluate the operating performance and for planning and forecasting purposes.
Non-IFRS financial measures have limitations as analytical tools and should not be considered in isolation or as substitutes for financial information presented under IFRS. There are a number of limitations related to the use of non-IFRS financial measures versus comparable financial measures determined under IFRS. For example, other companies in our industry may calculate the non-IFRS financial measures that we use differently or may use other measures to evaluate their performance. All of these limitations could reduce the usefulness of our non-IFRS financial measures as analytical tools. Investors are encouraged to review the related IFRS financial measure, Net Income, and the reconciliations of Adjusted EBITDA provided below to Net Income and to not rely on any single financial measure to evaluate our business.
Special Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding the Company’s business strategy and plans, capabilities of the Company’s project portfolio and achievement of operational objectives, market opportunity, utility demand and potential growth, discussions with commercial counterparties and financing sources, pricing trends for materials, progress of Company projects, including anticipated timing of related approvals and project completion and anticipated production delays, the Company’s future financial results, expected impact from various regulatory developments and anticipated trade sanctions, expectations regarding wind production, electricity prices and windfall taxes, and Revenues and Income and Adjusted EBITDA guidance, the expected timing of completion of our ongoing projects, and the Company’s anticipated cash requirements and financing plans , are forward-looking statements. The words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “target,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible,” “forecasts,” “aims” or the negative of these terms and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions.
These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: our ability to site suitable land for, and otherwise source, renewable energy projects and to successfully develop and convert them into Operational Projects; availability of, and access to, interconnection facilities and transmission systems; our ability to obtain and maintain governmental and other regulatory approvals and permits, including environmental approvals and permits; construction delays, operational delays and supply chain disruptions leading to increased cost of materials required for the construction of our projects, as well as cost overruns and delays related to disputes with contractors; disruptions in trade caused by political, social or economic instability in regions where our components and materials are made; our suppliers’ ability and willingness to perform both existing and future obligations; competition from traditional and renewable energy companies in developing renewable energy projects; potential slowed demand for renewable energy projects and our ability to enter into new offtake contracts on acceptable terms and prices as current offtake contracts expire; offtakers’ ability to terminate contracts or seek other remedies resulting from failure of our projects to meet development, operational or performance benchmarks; exposure to market prices in some of our offtake contracts; various technical and operational challenges leading to unplanned outages, reduced output, interconnection or termination issues; the dependence of our production and revenue on suitable meteorological and environmental conditions, and our ability to accurately predict such conditions; our ability to enforce warranties provided by our counterparties in the event that our projects do not perform as expected; government curtailment, energy price caps and other government actions that restrict or reduce the profitability of renewable energy production; electricity price volatility, unusual weather conditions (including the effects of climate change, could adversely affect wind and solar conditions), catastrophic weather-related or other damage to facilities, unscheduled generation outages, maintenance or repairs, unanticipated changes to availability due to higher demand, shortages, transportation problems or other developments, environmental incidents, or electric transmission system constraints and the possibility that we may not have adequate insurance to cover losses as a result of such hazards; our dependence on certain operational projects for a substantial portion of our cash flows; our ability to continue to grow our portfolio of projects through successful acquisitions; changes and advances in technology that impair or eliminate the competitive advantage of our projects or upsets the expectations underlying investments in our technologies; our ability to effectively anticipate and manage cost inflation, interest rate risk, currency exchange fluctuations and other macroeconomic conditions that impact our business; our ability to retain and attract key personnel; our ability to manage legal and regulatory compliance and litigation risk across our global corporate structure; our ability to protect our business from, and manage the impact of, cyber-attacks, disruptions and security incidents, as well as acts of terrorism or war; changes to existing renewable energy industry policies and regulations that present technical, regulatory and economic barriers to renewable energy projects; the reduction, elimination or expiration of government incentives or benefits for, or regulations mandating the use of, renewable energy; our ability to effectively manage the global expansion of the scale of our business operations; our ability to perform to expectations in our new line of business involving the construction of PV systems for municipalities in Israel; our ability to effectively manage our supply chain and comply with applicable regulations with respect to international trade relations, the impact of tariffs on the cost of construction and our ability to mitigate such impact, sanctions, export controls and anti-bribery and anti-corruption laws; our ability to effectively comply with Environmental Health and Safety and other laws and regulations and receive and maintain all necessary licenses, permits and authorizations; our performance of various obligations under the terms of our indebtedness (and the indebtedness of our subsidiaries that we guarantee) and our ability to continue to secure project financing on attractive terms for our projects; limitations on our management rights and operational flexibility due to our use of tax equity arrangements; potential claims and disagreements with partners, investors and other counterparties that could reduce our right to cash flows generated by our projects; our ability to comply with increasingly complex tax laws of various jurisdictions in which we currently operate as well as the tax laws in jurisdictions in which we intend to operate in the future; the unknown effect of the dual listing of our ordinary shares on the price of our ordinary shares; various risks related to our incorporation and location in Israel, including the ongoing war in Israel, where our headquarters and some of our wind energy and solar energy projects are located; the costs and requirements of being a public company, including the diversion of management’s attention with respect to such requirements; certain provisions in our Articles of Association and certain applicable regulations that may delay or prevent a change of control; and other risk factors set forth in the section titled “Risk factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission (the “SEC”), as may be updated in our other documents filed with or furnished to the SEC.
These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this press release. You should not put undue reliance on any forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by applicable law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
About Enlight
Founded in 2008, Enlight develops, finances, constructs, owns, and operates utility-scale renewable energy projects. Enlight operates across the three largest renewable segments today: solar, wind and energy storage. A global platform, Enlight operates in the United States, Israel and 10 European countries. Enlight has been traded on the Tel Aviv Stock Exchange since 2010 (TASE: ENLT) and completed its U.S. IPO (Nasdaq: ENLT) in 2023.
Company Contacts
Yonah Weisz
Director IR
investors@enlightenergy.co.il
Erica Mannion or Mike Funari
Sapphire Investor Relations, LLC
+1 617 542 6180
investors@enlightenergy.co.il
Appendix 1 – Financial information
| Consolidated Statements of Income | ||||
| For the three months ended at March 31 | ||||
| 2025 | 2024(*) | |||
| USD in | USD in | |||
| Thousands | Thousands | |||
| Revenues | 109,758 | 90,397 | ||
| Tax benefits | 20,111 | 3,264 | ||
| Total revenues and income | 129,869 | 93,661 | ||
| Cost of sales (**) | (26,638) | (15,436) | ||
| Depreciation and amortization | (33,789) | (25,604) | ||
| General and administrative expenses | (11,846) | (8,859) | ||
| Development expenses | (2,564) | (2,418) | ||
| Total operating expenses | (74,837) | (52,317) | ||
| Gains from projects disposals | 97,262 | 27 | ||
| Other income (expenses), net | (1,105) | 1,517 | ||
| Operating profit | 151,189 | 42,888 | ||
| Finance income | 6,695 | 8,065 | ||
| Finance expenses | (30,203) | (19,493) | ||
| Total finance expenses, net | (23,508) | (11,428) | ||
| Profit before tax and equity loss | 127,681 | 31,460 | ||
| Share of losses of equity accounted investees | (1,227) | (144) | ||
| Profit before income taxes | 126,454 | 31,316 | ||
| Taxes on income | (24,651) | (6,831) | ||
| Profit for the period | 101,803 | 24,485 | ||
| Profit for the period attributed to: | ||||
| Owners of the Company | 94,458 | 16,763 | ||
| Non-controlling interests | 7,345 | 7,722 | ||
| 101,803 | 24,485 | |||
| Earnings per ordinary share (in USD) with a par value of | ||||
| NIS 0.1, attributable to owners of the parent Company: | ||||
| Basic earnings per share | 0.80 | 0.14 | ||
| Diluted earnings per share | 0.75 | 0.14 | ||
| Weighted average of share capital used in the | ||||
| calculation of earnings: | ||||
| Basic per share | 118,783,541 | 117,963,310 | ||
| Diluted per share | 125,316,177 | 122,889,909 | ||
(*) The Consolidated Statements of Income have been adjusted to present comparable information for the previous period. For additional details please see Appendix 8.
(**) Excluding depreciation and amortization.
| Consolidated Statements of Financial Position as of | ||||
| March 31 | December 31 | |||
| 2025 | 2024 | |||
| USD in | USD in | |||
| Thousands | Thousands | |||
| Assets | ||||
| Current assets | ||||
| Cash and cash equivalents | 449,530 | 387,427 | ||
| Restricted cash | 82,692 | 87,539 | ||
| Trade receivables | 73,125 | 50,692 | ||
| Other receivables | 71,475 | 99,651 | ||
| Other financial assets | 405 | 975 | ||
| Assets of disposal groups classified as held for sale | - | 81,661 | ||
| Total current assets | 677,227 | 707,945 | ||
| Non-current assets | ||||
| Restricted cash | 59,964 | 60,802 | ||
| Other long-term receivables | 62,092 | 61,045 | ||
| Deferred costs in respect of projects | 392,119 | 357,358 | ||
| Deferred borrowing costs | 61 | 276 | ||
| Loans to investee entities | 32,329 | 18,112 | ||
| Investments in equity accounted investees | 49,303 | - | ||
| Fixed assets, net | 3,961,021 | 3,699,192 | ||
| Intangible assets, net | 293,035 | 291,442 | ||
| Deferred taxes assets | 8,023 | 10,744 | ||
| Right-of-use asset, net | 210,739 | 210,941 | ||
| Financial assets at fair value through profit or loss | 74,555 | 69,216 | ||
| Other financial assets | 63,903 | 59,812 | ||
| Total non-current assets | 5,207,144 | 4,838,940 | ||
| Total assets | 5,884,371 | 5,546,885 | ||
| Consolidated Statements of Financial Position as of (Cont.) | ||||
| March 31 | December 31 | |||
| 2025 | 2024 | |||
| USD in | USD in | |||
| Thousands | Thousands | |||
| Liabilities and equity | ||||
| Current liabilities | ||||
| Credit and current maturities of loans from banks and other financial institutions | 207,662 | 212,246 | ||
| Trade payables | 167,765 | 161,991 | ||
| Other payables | 101,928 | 107,825 | ||
| Current maturities of debentures | 23,049 | 44,962 | ||
| Current maturities of lease liability | 10,192 | 10,240 | ||
| Other financial liabilities | 5,777 | 8,141 | ||
| Liabilities of disposal groups classified as held for sale | - | 46,635 | ||
| Total current liabilities | 516,373 | 592,040 | ||
| Non-current liabilities | ||||
| Debentures | 549,517 | 433,994 | ||
| Other financial liabilities | 118,891 | 107,865 | ||
| Convertible debentures | 232,536 | 133,056 | ||
| Loans from banks and other financial institutions | 2,024,315 | 1,996,137 | ||
| Loans from non-controlling interests | 79,081 | 75,598 | ||
| Financial liabilities through profit or loss | 25,985 | 25,844 | ||
| Deferred taxes liabilities | 62,310 | 41,792 | ||
| Employee benefits | 1,092 | 1,215 | ||
| Lease liability | 209,958 | 211,941 | ||
| Deferred income related to tax equity | 387,943 | 403,384 | ||
| Asset retirement obligation | 85,141 | 83,085 | ||
| Total non-current liabilities | 3,776,769 | 3,513,911 | ||
| Total liabilities | 4,293,142 | 4,105,951 | ||
| Equity | ||||
| Ordinary share capital | 3,323 | 3,308 | ||
| Share premium | 1,028,528 | 1,028,532 | ||
| Capital reserves | 49,890 | 25,273 | ||
| Proceeds on account of convertible options | 25,083 | 15,494 | ||
| Accumulated profit | 202,377 | 107,919 | ||
| Equity attributable to shareholders of the Company | 1,309,201 | 1,180,526 | ||
| Non-controlling interests | 282,028 | 260,408 | ||
| Total equity | 1,591,229 | 1,440,934 | ||
| Total liabilities and equity | 5,884,371 | 5,546,885 | ||
| Consolidated Statements of Cash Flows | ||||
| For the three months ended at March 31 | ||||
| 2025 | 2024 | |||
| USD in | USD in | |||
| Thousands | Thousands | |||
| Cash flows for operating activities | ||||
| Profit for the period | 101,803 | 24,485 | ||
| Income and expenses not associated with cash flows: | ||||
| Depreciation and amortization | 33,789 | 25,604 | ||
| Finance expenses, net | 22,388 | 11,486 | ||
| Share-based compensation | 1,710 | 3,117 | ||
| Taxes on income | 24,651 | 6,831 | ||
| Tax benefits | (20,111) | (3,264) | ||
| Other income (expenses), net | 1,105 | (134) | ||
| Company’s share in losses of investee partnerships | 1,227 | 144 | ||
| Gains from projects disposals | (97,262) | (27) | ||
| (32,503) | 43,757 | |||
| Changes in assets and liabilities items: | ||||
| Change in other receivables | (856) | (2,142) | ||
| Change in trade receivables | (20,376) | (16,909) | ||
| Change in other payables | 8,604 | (539) | ||
| Change in trade payables | 7,802 | 71 | ||
| (4,826) | (19,519) | |||
| Interest receipts | 2,512 | 2,928 | ||
| Interest paid | (22,298) | (15,624) | ||
| Income Tax paid | (1,075) | (798) | ||
| Net cash from operating activities | 43,613 | 35,229 | ||
| Cash flows for investing activities | ||||
| Sale (Acquisition) of consolidated entities, net | 36,223 | (1,388) | ||
| Changes in restricted cash and bank deposits, net | 8,176 | (4,988) | ||
| Purchase, development, and construction in respect of projects | (255,862) | (199,733) | ||
| Loans provided and Investment in investees | (7,430) | (11,284) | ||
| Repayments of loans from investees | 30,815 | - | ||
| Payments on account of acquisition of consolidated entity | (7,447) | (10,851) | ||
| Purchase of financial assets measured at fair value through profit or loss, net | (3,040) | (8,409) | ||
| Net cash used in investing activities | (198,565) | (236,653) | ||
| Consolidated Statements of Cash Flows (Cont.) | |||||
| For the three months ended at March 31 | |||||
| 2025 | 2024 | ||||
| USD in | USD in | ||||
| Thousands | Thousands | ||||
| Cash flows from financing activities | |||||
| Receipt of loans from banks and other financial institutions | 143,578 | 71,371 | |||
| Repayment of loans from banks and other financial institutions | (108,922) | (10,448) | |||
| Issuance of debentures | 125,838 | - | |||
| Issuance of convertible debentures | 114,685 | - | |||
| Repayment of debentures | (21,994) | (1,284) | |||
| Dividends and distributions by subsidiaries to non-controlling interests | - | (108) | |||
| Deferred borrowing costs | (35,199) | (2,682) | |||
| Repayment of loans from non-controlling interests | - | (955) | |||
| Increase in holding rights of consolidated entity | (1,392) | - | |||
| Exercise of share options | 11 | - | |||
| Repayment of lease liability | (4,058) | (3,671) | |||
| Proceeds from investment in entities by non-controlling interest | 7,732 | 152 | |||
| Net cash from financing activities | 220,279 | 52,375 | |||
| Increase (Decrease) in cash and cash equivalents | 65,327 | (149,049) | |||
| Balance of cash and cash equivalents at beginning of period | 387,427 | 403,805 | |||
| Effect of exchange rate fluctuations on cash and cash equivalents | (3,224) | (4,905) | |||
| Cash and cash equivalents at end of period | 449,530 | 249,851 | |||
Information related to Segmental Reporting
| For the three months ended at March 31, 2025 | |||||||||||
| MENA(**) | Europe(**) | USA | Total reportable segments | Others | Total | ||||||
| USD in thousands | |||||||||||
| Revenues | 42,867 | 51,384 | 14,678 | 108,929 | 829 | 109,758 | |||||
| Tax benefits | - | - | 20,111 | 20,111 | - | 20,111 | |||||
| Total revenues and income | 42,867 | 51,384 | 34,789 | 129,040 | 829 | 129,869 | |||||
| Segment adjusted EBITDA | 68,017 | 44,663 | 30,549 | 143,229 | 81 | 143,310 | |||||
| Reconciliations of unallocated amounts: | |||||||||||
| Headquarter costs (*) | (11,701) | ||||||||||
| Intersegment profit | 106 | ||||||||||
| Gains from projects disposals | 54,973 | ||||||||||
| Depreciation and amortization and share-based compensation | (35,499) | ||||||||||
| Operating profit | 151,189 | ||||||||||
| Finance income | 6,695 | ||||||||||
| Finance expenses | (30,203) | ||||||||||
| Share in the losses of equity accounted investees | (1,227) | ||||||||||
| Profit before income taxes | 126,454 | ||||||||||
(*) Including general and administrative and development expenses (excluding depreciation and amortization and share based compensation).
(**) Due to the Company's organizational restructuring, the Chief Operation Decision Maker (CODM) now reviews the group’s results by segmenting them into three business units: MENA (Middle East and North Africa), Europe, and the US. Consequently, the Central/Eastern Europe and Western Europe segments have been consolidated into the "Europe" segment, the Israel segment has been incorporated into the MENA segment, and the Management and Construction segment has been excluded. The comparative figures for the three months ended March 31, 2024, have been updated accordingly.
Information related to Segmental Reporting
| For the three months ended at March 31, 2024 | |||||||||||
| MENA | Europe | USA | Total reportable segments | Others | Total | ||||||
| USD in thousands | |||||||||||
| Revenues | 28,474 | 59,160 | 1,231 | 88,865 | 1,532 | 90,397 | |||||
| Tax benefits | - | - | 3,264 | 3,264 | - | 3,264 | |||||
| Total revenues and income | 28,474 | 59,160 | 4,495 | 92,129 | 1,532 | 93,661 | |||||
| Segment adjusted EBITDA | 24,528 | 50,707 | 3,122 | 78,357 | 668 | 79,025 | |||||
| Reconciliations of unallocated amounts: | |||||||||||
| Headquarter costs (*) | (7,606) | ||||||||||
| Intersegment profit | 190 | ||||||||||
| Depreciation and amortization and share-based compensation | (28,721) | ||||||||||
| Operating profit | 42,888 | ||||||||||
| Finance income | 8,065 | ||||||||||
| Finance expenses | (19,493) | ||||||||||
| Share in the losses of equity accounted investees | (144) | ||||||||||
| Profit before income taxes | 31,316 | ||||||||||
(*) Including general and administrative and development expenses (excluding depreciation and amortization and share based compensation).
Appendix 2 - Reconciliations between Net Income to Adjusted EBITDA
| ($ thousands) | For the three months ended at | ||||||||
| March 31, 2025 | March 31, 2024 | ||||||||
| Net Income | 101,803 | 24,485 | |||||||
| Depreciation and amortization | 33,789 | 25,604 | |||||||
| Share based compensation | 1,710 | 3,117 | |||||||
| Finance income | (6,695) | (8,065) | |||||||
| Finance expenses | 30,203 | 19,493 | |||||||
| Gains from projects disposals (*) | (54,973) | - | |||||||
| Share of losses of equity accounted investees | 1,227 | 144 | |||||||
| Taxes on income | 24,651 | 6,831 | |||||||
| Adjusted EBITDA | 131,715 | 71,609 | |||||||
| * Profit from revaluation linked to partial sale of asset. | |||||||||
Appendix 3 – Debentures Covenants
Debentures Covenants
As of March 31, 2025, the Company was in compliance with all of its financial covenants under the indenture for the Series C, D, F, G and H Debentures, based on having achieved the following in its consolidated financial results:
Minimum equity
The company's equity shall be maintained at no less than NIS 375 million so long as debentures F remain outstanding, NIS 1,250 million so long as debentures C and D remain outstanding, and USD 600 million so long as debentures G and H remain outstanding.
As of March 31, 2025, the company’s equity amounted to NIS 5,916 million (USD 1,591 million).
Net financial debt to net CAP
The ratio of standalone net financial debt to net CAP shall not exceed
As of March 31, 2025, the net financial debt to net CAP ratio, as defined above, stands at
Net financial debt to EBITDA
So long as debentures F remain outstanding, standalone financial debt shall not exceed NIS 10 million, and the consolidated financial debt to EBITDA ratio shall not exceed 18 for more than two consecutive financial periods.
For as long as debentures C and D remain outstanding, the consolidated financial debt to EBITDA ratio shall not exceed 15 for more than two consecutive financial periods.
For as long as debentures G and H remain outstanding, the consolidated financial debt to EBITDA ratio shall not exceed 17 for more than two consecutive financial periods.
As of March 31, 2025, the net financial debt to EBITDA ratio, as defined above, stands at 8.
Equity to balance sheet
The standalone equity to total balance sheet ratio shall be maintained at no less than
As of March 31, 2025, the equity to balance sheet ratio, as defined above, stands at
An infographic accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/94346603-d361-4e84-aabc-62db3e22c10c
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