Enlight Renewable Energy (ENLT) posts 46% 2025 growth and lifts 2026 outlook
Filing Impact
Filing Sentiment
Form Type
6-K
Rhea-AI Filing Summary
Enlight Renewable Energy delivered strong growth in 2025, with total revenues and income rising 46% to
Fourth-quarter 2025 showed similar momentum: revenues and income reached
The company’s portfolio expanded to 38 FGW, including 11.4 FGW in its mature component and 3.9 FGW already operating. Management guides for 2026 revenues and income of
Positive
- Strong 2025 financial performance: Revenues and income grew 46% to
$582m , net income rose 142% to$161m , and Adjusted EBITDA increased 51% to$438m , with similar double‑digit growth in Q4 2025. - Robust growth outlook: 2026 guidance calls for revenues and income of
$755‑785m and Adjusted EBITDA of$545‑565m , and the 11.4 FGW mature portfolio is expected to support a$2.1‑2.3bn run‑rate by year‑end2028 .
Negative
- None.
Insights
Enlight posts >40% growth, raises scale with aggressive build-out and strong 2026 outlook.
Enlight Renewable Energy delivered rapid expansion in 2025. Revenues and income grew 46% to
Fourth-quarter 2025 results reinforced this trend, with revenues and income of
The portfolio now totals 38 FGW, including 11.4 FGW in the mature component and 3.9 FGW operating. Management targets 2026 revenues and income of
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13A-16 OR 15D-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of February 2026
Commission File Number: 001-41613
Enlight Renewable Energy Ltd.
(Translation of registrant’s name into English)
13 Amal St., Afek Industrial Park
Rosh Ha’ayin, Israel
+ 972 (3) 900-8700
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
EXPLANATORY NOTE
On February 17, 2026, Enlight Renewable Energy Ltd. (the “Company”) issued a press release titled: “Enlight Renewable Energy Reports Fourth Quarter and Full
Year 2025 Financial Results” and will conduct a conference call using a presentation titled: “Enlight Earnings Presentation Fourth Quarter 2025.” Details of the conference call are provided in the press release. A copy of the press release, as well
as supplemental appendices containing further information regarding the Company’s financial results for the fourth quarter and full year ending December 31, 2025, and other operational updates, is furnished as Exhibit 99.1 herewith and a copy of the
presentation is furnished as Exhibit 99.2 herewith.
Incorporation by Reference
Other than as indicated below, the information in this Form 6-K (including in Exhibits 99.1 and 99.2) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the
Exchange Act.
The IFRS financial information contained in the (i) consolidated statements of financial position, (ii) consolidated statements of income and (iii) consolidated statements of cash flows included in
the press release attached as Exhibit 99.1 to this Report on Form 6-K is hereby incorporated by reference into the Company’s Registration Statement on Form S-8 (File No. 333-271297).
EXHIBIT INDEX
The following exhibit is furnished as part of this Form 6-K:
| Exhibit |
Description
|
| 99.1 |
Press Release of Enlight Renewable Energy Ltd., dated February 17, 2026, titled: “Enlight Renewable Energy Reports Fourth Quarter
and Full Year 2025 Financial Results”.
|
| 99.2 |
Enlight Earnings Presentation Fourth Quarter 2025.
|
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
Enlight Renewable Energy Ltd.
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Date: February 17, 2026
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By:
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/s/ Lisa Haimovitz
|
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Lisa Haimovitz
|
||
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VP General Counsel
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||
3
Exhibit 99.1
|
Earnings Release
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 |
ENLIGHT RENEWABLE ENERGY REPORTS
FOURTH QUARTER 2025 FINANCIAL RESULTS
All of the amounts disclosed in this press release are in U.S. dollars unless otherwise noted
TEL AVIV, ISRAEL, February 17, 2026 – Enlight Renewable Energy (NASDAQ: ENLT, TASE:
ENLT) today reported financial results for the fourth quarter of 2025 ending December 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 4Q25 financial results can be found on our IR website at https://enlightenergy.co.il/data/financial-reports/
Financial Highlights
12 months ending December 31, 2025
| • |
Revenues and income of $582m, up 46% year over year
|
| • |
Net income of $161m, up 142% year over year
|
| • |
Adjusted EBITDA1 of $438m, up 51% year over year
|
| • |
Cash flow from Operating activities2 of $283m, up 11% year over year
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3 months ending December 31, 2025
| • |
Revenues and income of $152m, up 46% year over year
|
| • |
Net income of $21m, up 153% year over year
|
| • |
Adjusted EBITDA of $99m, up 51% year over year
|
| • |
Cash flow from Operating activities of $75m, up 38% year over year
|
1 Adjusted EBITDA is a non-IFRS measure. Please refer to the reconciliation table in Appendix 2. The Company is unable to provide a reconciliation of Adjusted EBITDA to
Net Income on a forward-looking basis without unreasonable effort because items that impact this IFRS financial measure are not within the Company’s control and/or cannot be reasonably predicted.
2 Interest payments and receipts are classified as cash flows from financing and investing activities, respectively, rather
than as cash flows from operating activities. Adjustments were made for the years 2023–2025 following a change in accounting policy; for further details, see Appendix 4 in the Earning release
Summary of key financial results for 4Q25 and 2025
|
For the three months ended
|
For the twelve months ended
|
|||||
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($ millions)
|
Dec 31, 2025
|
Dec 31, 2024
|
% change
|
Dec 31, 2025
|
Dec 31, 2024
|
% change
|
|
Revenues and Income
|
152
|
104
|
46%
|
582
|
399
|
46%
|
|
Net Income
|
21
|
8
|
153%
|
161
|
66
|
142%
|
|
Adjusted EBITDA
|
99
|
65
|
51%
|
438
|
289
|
51%
|
|
Cash Flow from Operating Activities
|
75
|
54
|
38%
|
283
|
255
|
11%
|
2026 guidance
Financial guidance
| • |
Total revenues and income3 are expected to range between $755m and $785m, a 32% increase (at the midpoint) from 2025. Adjusted EBITDA is expected to range between $545m and $565m, a 27% increase (at the midpoint) from 2025.
|
Key assumptions underlying the forecast:
| • |
Approximately 90% of the electricity volumes expected to be generated in 2026 will be sold at fixed prices through PPAs or hedges.
|
| • |
Exchange rates are based on 2026 forward curves.
|
| • |
Of the projected revenues and income, 39% are expected to be denominated in USD, 34% in ILS, and 27% in EUR.
|
Construction and commissioning
| • |
Expected commissioning of 1.1 FGW4, added to the current operational component of the portfolio (3.9 FGW), representing approximately $137m of annualized revenues and income and $107m of annualized adjusted EBITDA.
|
| • |
In addition, the company estimates that during 2026 it will begin construction of projects totaling 3 to 4 FGW, leading to a total capacity under construction of 6.5 to 7.5 FGW.
|
| • |
The operating and under construction components of the portfolio are expected to total 10.4 to 11.4 FGW by the end of 2026, representing annualized revenues (year-end 2028) of $1.8 to $2 billion in full operation.
|
3 Total revenues and income include revenues from the sale of electricity along with income from tax benefits from US
projects amounting to $160-180m.
4 FGW (Factored GW) is the company’s consolidated metric combining generation and storage capacity into a uniform figure based on the ratio of construction costs.
Current weighted average construction cost ratio is 3.5 GWh of storage per 1 GW of generation: FGW = GW + GWh / 3.5.
Adi Leviatan, CEO of Enlight Renewable Energy: “Enlight concludes 2025 with strong results and clear execution momentum. This year, we once again demonstrated our strength in developing and
advancing a broad and diversified project portfolio from the development stages, through construction, grid connection and operations. As we enter 2026, the company expects another year of meaningful growth and strong execution momentum, with an
accelerated pace of construction and commissioning, alongside the development of new growth engines. As electricity demand surges and is expected to continue rising, renewable energy is the most cost effective and fastest solution to meet this
demand. Under these market conditions, Enlight is well positioned to continue to lead, with a proven global strategy and robust execution capabilities.”
Portfolio Review
This quarter Enlight continued to expand its portfolio and advance projects through the various phases of development. As of the earning release date, Enlight’s total portfolio is comprised of 20.6
GW of generation capacity and 61 GWh energy storage (totaling 38 FGW), an increase of 26% from the total portfolio of 30.2 FGW at the end of 2024. Of this, the mature component of the portfolio (including operating projects, projects under
construction or in pre-construction) contains 6.4 GW generation capacity and 17.5 GWh of storage (11.4 FGW in total), an increase of 33% from the mature component of 8.6 FGW at the end of 2024. Enlight’s mature storage component, a primary growth
engine for the company, has surged by 105% over the past 12 months.
The growth of the mature component stems primarily from the completion of development for the CO Bar complex, a mega-project and one of the largest in the US. Located in Arizona, the complex
comprises five phases with a total capacity of approximately 1.2 GW of solar generation and 4 GWh of energy storage capacity (approximately 2.4 FGW).
| • |
Enlight has completed the final development milestones for the project, including the signing of a 1 GW grid connection agreement and a long-term availability Energy Storage Agreement (ESA) for Phases 4 and 5, which have a combined
storage capacity of approximately 3.2 GWh (approximately 0.9 FGW). Following the achievement of these milestones, Phases 4 and 5 transitioned from the advanced development pipeline to the pre-construction pipeline, joining Phases 1 through
3 in the mature component of our portfolio. CODs are expected during the second half of 2027 and the first half of 2028.
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| • |
The total expected investment in the complex is estimated at $2,860 - $3,010 million, and $1,550–$1,630 million net of tax benefits. In its first full year of operation, the complex is expected to generate an EBITDA of approximately $209
- $219 million, with an unlevered project yield ranging from 13.1% to 13.5%. This yield demonstrates Enlight’s "Connect and Expand" strategy, which focuses on optimizing existing grid connection infrastructure and maximizing project
returns.
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As of the earnings release date, Enlight has met Safe Harbor requirements, securing eligibility for US tax benefits for a total capacity of 13.2 FGW. Of this total, 4.3 FGW secured Safe Harbor
status within the last three months. This capacity encompasses the entire mature component of the U.S. portfolio (6.4 FGW), as well as approximately 6.8 FGW of projects in the advanced development and development components. In addition, 18 FGW
with high likelihood to achieve grid interconnection, having completed the System Impact Study.
The composition of Enlight’s portfolio appears in the following table:
|
Component
|
Status
|
FGW
|
Annual revenues & income run rate5 ($m)
|
|
Operating
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Commercial operation
|
3.9
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~750-770
|
|
Under construction
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Under construction
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3.5
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~700
|
|
Pre-construction
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0-12 months to start of construction
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4.0
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~600
|
|
Total Mature Portfolio
|
Mature
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11.4
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~$2,050-2,070m
|
|
Advanced development
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13-24 months to start of construction
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6.4
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N/A
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Development
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2+ years to start of construction
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21.3
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N/A
|
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Total Portfolio
|
|
38.0
|
N/A
|
| • |
Operating component of the portfolio: 3.9 FGW
|
| o |
In the last twelve months, Enlight’s operating component expanded by 29%, primarily due to the commercial operation of Quail Ranch and Roadrunner (with aggregated capacity of 0.8 FGW) in the fourth quarter of 2025, doubling the
operational portfolio in the U.S.
|
| o |
Operating portfolio generates annualized revenues and income run rate of approximately $760m.
|
| • |
Under construction component of the portfolio: 3.5 FGW
|
| o |
During the last 12 months construction has commenced in projects with capacity totaling 2.6 FGW.
|
| o |
The under-construction component includes four major projects in the U.S. with a total capacity of 2.9 FGW, all benefit from long-term Busbar PPA agreements.
|
5 As of February 16, 2026 (“the Approval Date”).
The following projects in the U.S. advanced to the under-construction component:
| ■ |
Phases 1 and 2 in the CO Bar complex, totaling approximately 1 FGW advanced to under-construction.
|
| ■ |
Crimson Orchard in Idaho, U.S., with solar generation capacity of 120 MW and storage capacity of 400 MWh (approximately 230 FMW).
|
| ■ |
Another project that advanced to under-construction during 2025 is Snowflake A in Arizona, U.S., with solar generation capacity of 594 MW and storage capacity of 1,900 MWh (approximately 1.1 FGW). The project is expected to become
operational in the second half of 2027. This is the first phase of the Snowflake complex and its larger second phase is in the advanced development component. Both phases have a joint grid connection of 1 GW. Snowflake is an example of
Enlight’s Connect and Expand strategy, which drives lower risk and maximizes returns.
|
| o |
Under construction projects are expected to contribute ~$700m to annual revenues and income run rate during their first full year of operation.
|
| • |
Pre-construction component of the portfolio: 4 FGW
|
| o |
During the past 12 months projects with a capacity amounting to more than 2.5 FGW advanced to pre-construction.
|
| o |
Notable additions during the quarter:
|
| ■ |
Phases 4 and 5 of the CO Bar complex with storage capacity of 3.2 GWh (approximately 0.9 FGW) progressed from advanced development to pre-construction.
|
| o |
An agreement was signed for the acquisition of 51% from the Jupiter project in Germany (with an option to increase ownership to 60%), with an energy storage capacity of 2,000 MWh and solar generation of 150 MW (a total of 720 FMW). The
project has secured grid connection of 500 MW. The total investment in the project is expected to amount to $559 - $587 million and the first year EBITDA is expected to amount to $82 - 87 million, reflecting an unlevered return of
approximately 15%. The acquisition expands Enlight’s footprint in Germany, one of the world’s most attractive renewable energy markets.
|
| o |
Additional projects that were added to pre-construction in the past 12 months:
|
| ■ |
Bertikow, an 860 MWh (246 FMW) stand-alone storage project acquired in Germany, marking Enlight’s first project in the country.
|
| ■ |
Nardo Solar in Italy with Solar generation capacity of 100 MW. The project also includes storage capacity of 872 MWh (approximately 250 FMW) in pre-construction.
|
| ■ |
Edison, a 208 MWh (59 FMW) stand-alone storage project acquired in Poland.
|
| ■ |
1,350 MWh (386 FMW) high-voltage storage projects in Israel.
|
| o |
Pre-construction projects are expected to contribute ~$600m to the annual revenues and income run rate during their first full year of operation.
|
With the completion of the current mature portfolio by year-end 2028, Enlight’s operating capacity is expected to rise to 12-13 FGW and to generate an annualized revenues and
income run rate of $2.1-$2.3bn.
| • |
Advanced development component of the portfolio component: 6.4 FGW
|
| o |
4.6 FGW in the U.S., of which 2 FGW in follow-on projects as part of Enlight’s Connect and Expand strategy: Snowflake B (1.3 FGW) and Atrisco 2 (0.7 FGW).
|
| o |
89% of the capacity has met Safe Harbor requirements, securing eligibility for US tax benefits.
|
| o |
89% of the capacity have completed the System Impact Study, the key milestone in securing grid interconnection.
|
| o |
The advanced development portfolio also includes 1 FGW in Europe and 0.8 FGW in MENA.
|
| • |
Development component of the portfolio: 20.2 FGW
|
| o |
13.8 FGW in the U.S. with broad geographic presence, including the WECC, PJM, SPP and MISO regions. 53% and 19% of the capacity completed the System Impact Study and has achieved Safe Harbor, respectively.
|
| o |
The development portfolio also includes 2.7 FGW in Europe and 3.7 FGW in MENA.
|
Roadmap to Revenues and Income Run-Rate of ~$2.1-2.3bn by the end of 20286
Project and Corporate Finance
| • |
During 2025, the Company secured project finance from multiple sources:
|
| o |
Financial close totaling approximately $1.4bn of loans for the Snowflake A project (1.1 FGW).
|
| o |
Tax equity financing for the Roadrunner and Quail Ranch projects (0.8 FGW combined) totaling approximately $470m.
|
| o |
Completion of a $350m mezzanine loan with competitive margins of 2.7% - 3.2% above SOFR and flexible drawdown and repayment terms, supporting the development and operational needs of projects now under construction in the U.S.
|
| o |
Raising approximately $300m in share equity through a private placement to Israeli institutional investors and $245 million in debentures in the Tel Aviv Stock Exchange.
|
| o |
The sale of 44% of the Sunlight cluster generated cash flow of $50 million.
|
| • |
Cash and cash equivalents at the “topco” level7 were $217m as at the balance sheet date.
|
| • |
As of the balance sheet date, the Company maintained $525m of credit facilities, of which $162m has been drawn. In addition, of approximately $1.5bn of LC and surety bond facilities, $713m was drawn at end of the quarter.
|
6 Expected Adjusted EBITDA margin of approximately 70%-80% (including tax benefits) for the years shown. FGW (Factored GW)
is a consolidated metric combining generation and storage capacity into a uniform figure based on the ratio of construction costs. The company’s current weighted average construction cost ratio is 3.5 GWh of storage per 1 GW of generation: FGW =
GW + GWh / 3.5. The expected growth in 2028 encompasses the Company’s operations in all geographies. Expected growth relies on business plans which rely on development conditions and assumptions regarding electricity prices, and are contingent on
current trends known to the Company at this time; The company's revenues from tax benefits are estimated at approximately 19-23% of the total revenues & income run rate for December 2025; approximately 24-28% of the total revenue run rate for
December 2026, and approximately 28-33% of the total revenues & income run rate for December 2027 and December 2028.
7 Including Enlight Renewable Energy, headquarter companies in Europe and the U.S. and Clenera, and excluding other subsidiaries and
project-linked entities.
Financial Results Analysis
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Revenues & Income by Segment
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||||||
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($ millions)
|
For the three months ended
|
For the twelve months ended
|
||||
|
Segment
|
Dec 31, 2025
|
Dec 31, 2024
|
% change
|
Dec 31, 2025
|
Dec 31, 2024
|
% change
|
|
MENA
|
49
|
34
|
44%
|
222
|
156
|
43%
|
|
Europe
|
55
|
50
|
10%
|
200
|
197
|
1%
|
|
U.S.
|
48
|
18
|
167%
|
159
|
37
|
333%
|
|
Other
|
0
|
2
|
(100%)
|
1
|
9
|
(84%)
|
|
Total Revenues & Income
|
152
|
104
|
46%
|
582
|
399
|
46%
|
Revenues & Income
In the fourth quarter of 2025, the Company’s total revenues and income increased to $152m, up from $104m last year, a growth rate of 46% year over year. This was composed of revenues from the sale
of electricity, which rose 33% to $124m compared to $104m in the same period of 2024, as well as recognition of $28m in income from tax benefits compared to $11m in 3Q24.
Most of the increase is attributed to newly operational projects. In the past 12 months 452 MW and 1,535 MWh of new projects were connected to the grid and began selling electricity. An addition
of $23 million is attributed to the Atrisco in the U.S which started operating at year-end 2024, while Roadrunner and Quail Ranch which started operating towards the end of 2025, contributed an addition of $8 million. In MENA, the increase in
electricity trade activity in Israel and an increase in the Genesis project output due to favorable wind conditions, contributed an increase of $8 million combined. In Europe, the Pupin project in Serbia, which started operating towards the end of
2024, contributed $5 million to the increase in revenue and income. Exchange rates fluctuations, mainly the depreciation of the US dollar against the shekel and the euro, contributed $7 million to the increase in revenue and income.
Net Income
In the fourth quarter of 2025, the Company reported a net income of $21m, compared to $8m in the same period last year, an increase of 153%. The growth is attributed to the growth in revenues and
income ($48 million), while exchange rates fluctuations contributed $7 million. These were partially offset by an increase of $13 million in operating expenses, an increase of $12 million in depreciation and amortization (mainly attributed to newly
recognized depreciation expenses in new projects), and an increase of $10 million in finance and tax expenses.
Adjusted EBITDA8
The Company’s Adjusted EBITDA grew by 51% to $99m in the fourth quarter of 2025, compared to $65m for the same period in 2024. Growth in revenues and income was offset by an
increase of $11m in cost of sales linked to the addition of new projects, and an increase of $3m in G&A and Development expenses.
8 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.
Conference Call Information
Enlight plans to hold its Fourth Quarter 2025 Conference Call and Webcasts on Tuesday, February 17, 2026, to review its financial results and business outlook in both English and
Hebrew. Management discussion on the Company’s financial results and business outlook will be followed by a question-and-answer session. Participants may join by conference call or webcast:
English Conference Call at 8:00am ET / 3:00pm Israel:
Please pre-register to join the live conference call:
https://register-conf.media-server.com/register/BI71bd607581334a0d815bc9804aaa1271
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/airnx7q2
Hebrew Webcast at 6:00am ET / 1:00pm Israel:
Please join the webcast at the following link:
https://enlightenergy-co-il.zoom.us/webinar/register/WN_0dDsbEwLSI2oMCd27K8MSQ
The press release with the financial results as well as the investor presentation materials will be accessible from the Company’s website prior to the conference call. An archived version of the
webcast will be available on the Company’s investor relations website at https://enlightenergy.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,
2024, filed with the Securities and Exchange Commission (the “SEC”), as may be updated in our other documents filed with or furnished to the SEC.
These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this press release. You should not put undue reliance
on any forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected
in the forward-looking statements will be achieved or will occur. Except as required by applicable law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or
otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
About Enlight
Founded in 2008, Enlight develops, finances, constructs, owns, and operates utility-scale renewable energy projects. Enlight operates across the three largest renewable segments today: solar, wind
and energy storage. A global platform, Enlight operates in the United States, Israel and 12 European countries. Enlight has been traded on the Tel Aviv Stock Exchange since 2010 (TASE: ENLT) and completed its U.S. IPO (Nasdaq: ENLT) in 2023.
Company Contacts
Limor Zohar Megen
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 year ended December 31
September 30 |
For the three months ended
December 31
|
|||||||||||||||
|
2025
|
2024
|
2025
|
2024
|
|||||||||||||
|
USD in
|
USD in
|
USD in
|
USD in
|
|||||||||||||
|
Thousands
|
thousands
|
thousands
|
thousands
|
|||||||||||||
|
Revenues
|
488,596
|
377,935
|
124,185
|
93,345
|
||||||||||||
|
Tax benefits
|
93,668
|
20,860
|
28,175
|
10,758
|
||||||||||||
|
Total revenues and income
|
582,264
|
398,795
|
152,360
|
104,103
|
||||||||||||
|
Cost of sales (*)
|
(134,381
|
)
|
(80,696
|
)
|
(38,542
|
)
|
(26,120
|
)
|
||||||||
|
Depreciation and amortization
|
(149,922
|
)
|
(108,889
|
)
|
(39,763
|
)
|
(30,912
|
)
|
||||||||
|
General and administrative expenses
|
(57,955
|
)
|
(38,847
|
)
|
(18,987
|
)
|
(12,693
|
)
|
||||||||
|
Development expenses
|
(12,190
|
)
|
(11,601
|
)
|
(3,817
|
)
|
(3,709
|
)
|
||||||||
|
Total operating expenses
|
(354,448
|
)
|
(240,033
|
)
|
(101,109
|
)
|
(73,434
|
)
|
||||||||
|
Gains from projects disposals
|
96,431
|
611
|
-
|
-
|
||||||||||||
|
Other income, net
|
7,931
|
16,162
|
2,146
|
1,305
|
||||||||||||
|
Operating profit
|
332,178
|
175,535
|
53,397
|
31,974
|
||||||||||||
|
Finance income
|
40,851
|
20,439
|
4,559
|
2,140
|
||||||||||||
|
Finance expenses
|
(164,730
|
)
|
(107,844
|
)
|
(28,273
|
)
|
(22,008
|
)
|
||||||||
|
Total finance expenses, net
|
(123,879
|
)
|
(87,405
|
)
|
(23,714
|
)
|
(19,868
|
)
|
||||||||
|
Profit before tax and equity loss
|
208,299
|
88,130
|
29,683
|
12,106
|
||||||||||||
|
Share of profit (loss) of equity accounted investees
|
(3,722
|
)
|
(3,350
|
)
|
182
|
(1,613
|
)
|
|||||||||
|
Profit before income taxes
|
204,577
|
84,780
|
29,865
|
10,493
|
||||||||||||
|
Taxes on income
|
(43,875
|
)
|
(18,275
|
)
|
(8,792
|
)
|
(2,121
|
)
|
||||||||
|
Profit for the period
|
160,702
|
66,505
|
21,073
|
8,372
|
||||||||||||
|
Profit for the period attributed to:
|
||||||||||||||||
|
Owners of the Company
|
132,104
|
44,209
|
14,263
|
5,156
|
||||||||||||
|
Non-controlling interests
|
28,598
|
22,296
|
6,810
|
3,216
|
||||||||||||
|
160,702
|
66,505
|
21,073
|
8,372
|
|||||||||||||
|
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
|
1.07
|
0.37
|
0.11
|
0.04
|
||||||||||||
|
Diluted earnings per share
|
1.00
|
0.36
|
0.10
|
0.04
|
||||||||||||
|
Weighted average of share capital used in the
|
||||||||||||||||
|
calculation of earnings:
|
||||||||||||||||
|
Basic per share
|
123,717,373
|
118,293,556
|
131,912,631
|
118,496,434
|
||||||||||||
|
Diluted per share
|
132,619,069
|
123,312,565
|
142,375,410
|
123,403,415
|
||||||||||||
(*) Excluding depreciation and amortization.
|
Consolidated Statements of Financial Position as of
|
|
|
|
|
December 31
|
December 31
|
|||||||
|
2025
|
2024
|
|||||||
|
USD in
|
USD in
|
|||||||
|
Thousands
|
Thousands
|
|||||||
|
Assets
|
||||||||
|
Current assets
|
||||||||
|
Cash and cash equivalents
|
528,497
|
387,427
|
||||||
|
Restricted cash
|
409,424
|
87,539
|
||||||
|
Trade receivables
|
95,118
|
50,692
|
||||||
|
Other receivables
|
62,286
|
99,651
|
||||||
|
Other financial assets
|
524
|
975
|
||||||
|
Assets of disposal groups classified as held for sale
|
-
|
81,661
|
||||||
|
Total current assets
|
1,095,849
|
707,945
|
||||||
|
Non-current assets
|
||||||||
|
Restricted cash
|
130,358
|
60,802
|
||||||
|
Other long-term receivables
|
64,349
|
61,045
|
||||||
|
Deferred costs in respect of projects
|
235,615
|
357,358
|
||||||
|
Deferred borrowing costs
|
1,749
|
276
|
||||||
|
Loans to investee entities
|
85,131
|
18,112
|
||||||
|
Investments in equity accounted investees
|
59,310
|
-
|
||||||
|
Fixed assets, net
|
6,281,418
|
3,699,192
|
||||||
|
Intangible assets, net
|
303,971
|
291,442
|
||||||
|
Deferred taxes assets
|
4,692
|
10,744
|
||||||
|
Right-of-use asset, net
|
225,495
|
210,941
|
||||||
|
Financial assets at fair value through profit or loss
|
83,582
|
69,216
|
||||||
|
Other financial assets
|
58,383
|
59,812
|
||||||
|
Total non-current assets
|
7,534,053
|
4,838,940
|
||||||
|
Total assets
|
8,629,902
|
5,546,885
|
||||||
|
Consolidated Statements of Financial Position as of (Cont.)
|
|
|
|
|
December 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
|
884,120
|
212,246
|
||||||
|
Trade payables
|
137,230
|
161,991
|
||||||
|
Other payables
|
405,741
|
107,825
|
||||||
|
Current maturities of debentures
|
173,571
|
44,962
|
||||||
|
Current maturities of lease liability
|
12,396
|
10,240
|
||||||
|
Other financial liabilities
|
16,147
|
8,141
|
||||||
|
Liabilities of disposal groups classified as held for sale
|
-
|
46,635
|
||||||
|
Total current liabilities
|
1,629,205
|
592,040
|
||||||
|
Non-current liabilities
|
||||||||
|
Debentures
|
477,315
|
433,994
|
||||||
|
Other financial liabilities
|
378,303
|
107,865
|
||||||
|
Convertible debentures
|
273,801
|
133,056
|
||||||
|
Loans from banks and other financial institutions
|
2,981,786
|
1,996,137
|
||||||
|
Loans from non-controlling interests
|
86,946
|
75,598
|
||||||
|
Financial liabilities through profit or loss
|
26,946
|
25,844
|
||||||
|
Deferred taxes liabilities
|
77,688
|
41,792
|
||||||
|
Employee benefits
|
1,645
|
1,215
|
||||||
|
Lease liability
|
231,135
|
211,941
|
||||||
|
Deferred income related to tax equity
|
370,734
|
403,384
|
||||||
|
Asset retirement obligation
|
99,460
|
83,085
|
||||||
|
Total non-current liabilities
|
5,005,759
|
3,513,911
|
||||||
|
Total liabilities
|
6,634,964
|
4,105,951
|
||||||
|
Equity
|
||||||||
|
Ordinary share capital
|
3,711
|
3,308
|
||||||
|
Share premium
|
1,319,716
|
1,028,532
|
||||||
|
Capital reserves
|
99,311
|
25,273
|
||||||
|
Proceeds on account of convertible options
|
25,380
|
15,494
|
||||||
|
Accumulated profit
|
240,023
|
107,919
|
||||||
|
Equity attributable to shareholders of the Company
|
1,688,141
|
1,180,526
|
||||||
|
Non-controlling interests
|
306,797
|
260,408
|
||||||
|
Total equity
|
1,994,938
|
1,440,934
|
||||||
|
Total liabilities and equity
|
8,629,902
|
5,546,885
|
||||||
|
Consolidated Statements of Cash Flows
|
|
|
|
|
|
For the year ended December 31
|
For the three months ended December 31
|
|||||||||||||||
|
2025
|
2024
|
2025
|
2024
|
|||||||||||||
|
USD in
|
USD in
|
USD in
|
USD in
|
|||||||||||||
|
Thousands
|
Thousands
|
Thousands
|
Thousands
|
|||||||||||||
|
Cash flows for operating activities
|
||||||||||||||||
|
Profit for the period
|
160,702
|
66,505
|
21,073
|
8,372
|
||||||||||||
|
Income and expenses not associated with cash flows:
|
||||||||||||||||
|
Depreciation and amortization
|
149,922
|
108,889
|
39,763
|
30,912
|
||||||||||||
|
Finance expenses, net
|
118,680
|
83,560
|
22,886
|
18,378
|
||||||||||||
|
Share-based compensation
|
10,470
|
8,360
|
5,423
|
2,333
|
||||||||||||
|
Taxes on income
|
43,875
|
18,275
|
8,792
|
2,121
|
||||||||||||
|
Tax benefits
|
(89,437
|
)
|
(20,860
|
)
|
(27,378
|
)
|
(10,758
|
)
|
||||||||
|
Other income, net
|
4,922
|
(4,352
|
)
|
10,707
|
(1,239
|
)
|
||||||||||
|
Company’s share in losses (profits) of investee partnerships
|
3,722
|
3,350
|
(182
|
)
|
1,613
|
|||||||||||
|
Gains from projects disposals
|
(96,431
|
)
|
(611
|
)
|
-
|
-
|
||||||||||
|
145,723
|
196,611
|
60,011
|
43,360
|
|||||||||||||
|
Changes in assets and liabilities items:
|
||||||||||||||||
|
Change in other receivables
|
(1,866
|
)
|
12,261
|
934
|
5,714
|
|||||||||||
|
Change in trade receivables
|
(27,366
|
)
|
(9,892
|
)
|
(1
|
)
|
(296
|
)
|
||||||||
|
Change in other payables
|
14,546
|
294
|
(13,859
|
)
|
321
|
|||||||||||
|
Change in trade payables
|
5,179
|
746
|
10,597
|
1,687
|
||||||||||||
|
(9,507
|
)
|
3,409
|
(2,329
|
)
|
7,426
|
|||||||||||
|
Income Tax paid
|
(14,270
|
)
|
(11,246
|
)
|
(4,177
|
)
|
(5,162
|
)
|
||||||||
|
Net cash from operating activities
|
282,648
|
255,279
|
74,578
|
53,996
|
||||||||||||
|
Cash flows for investing activities
|
||||||||||||||||
|
Sale (Acquisition) of consolidated entities, net
|
34,295
|
1,871
|
(3,537
|
)
|
3,720
|
|||||||||||
|
Changes in restricted cash and bank deposits, net
|
(378,648
|
)
|
29,959
|
(180,478
|
)
|
74,234
|
||||||||||
|
Purchase, development, and construction in respect of projects
|
(1,812,570
|
)
|
(899,257
|
)
|
(648,901
|
)
|
(220,288
|
)
|
||||||||
|
Interest receipts
|
14,795
|
12,684
|
4,874
|
4,879
|
||||||||||||
|
Loans provided and Investment in investees
|
(56,255
|
)
|
(26,531
|
)
|
(12,991
|
)
|
(11,330
|
)
|
||||||||
|
Repayment of loans to investees
|
30,815
|
87
|
-
|
24
|
||||||||||||
|
Loans provided to non-controlling interests
|
(297
|
)
|
-
|
-
|
-
|
|||||||||||
|
Payments on account of acquisition of consolidated company
|
(6,543
|
)
|
(32,777
|
)
|
904
|
(17,080
|
)
|
|||||||||
|
Purchase of long-term financial assets measured at fair value through profit or loss, net
|
(6,475
|
)
|
(14,719
|
)
|
(1,218
|
)
|
(2,515
|
)
|
||||||||
|
Net cash used in investing activities
|
(2,180,883
|
)
|
(928,683
|
)
|
(841,347
|
)
|
(168,356
|
)
|
||||||||
|
Consolidated Statements of Cash Flows (Cont.)
|
|
|
|
|
For the year ended December 31
|
For the three months ended December 31
|
|||||||||||||||
|
2025
|
2024
|
2025
|
2024
|
|||||||||||||
|
USD in
|
USD in
|
USD in
|
USD in
|
|||||||||||||
|
Thousands
|
Thousands
|
Thousands
|
Thousands
|
|||||||||||||
|
Cash flows from financing activities
|
||||||||||||||||
|
Receipt of loans from banks and other financial institutions
|
1,783,974
|
939,627
|
459,450
|
271,770
|
||||||||||||
|
Repayment of loans from banks and other financial institutions
|
(505,360
|
)
|
(699,584
|
)
|
(98,121
|
)
|
(439,614
|
)
|
||||||||
|
Interest paid
|
(86,860
|
)
|
(74,891
|
)
|
(31,327
|
)
|
(23,343
|
)
|
||||||||
|
Issuance of debentures
|
125,838
|
177,914
|
-
|
177,914
|
||||||||||||
|
Issuance of convertible debentures
|
114,685
|
-
|
-
|
-
|
||||||||||||
|
Repayment of debentures
|
(47,545
|
)
|
(26,016
|
)
|
-
|
-
|
||||||||||
|
Dividends and distributions by subsidiaries to non-controlling interests
|
(29,805
|
)
|
(25,536
|
)
|
(12,479
|
)
|
(1,641
|
)
|
||||||||
|
Proceeds from investments by tax-equity investors
|
440,484
|
410,845
|
312,789
|
366,520
|
||||||||||||
|
Repayment of tax-equity investment
|
(13,609
|
)
|
(839
|
)
|
(2,019
|
)
|
(839
|
)
|
||||||||
|
Deferred borrowing costs
|
(68,225
|
)
|
(21,639
|
)
|
(21,149
|
)
|
(15,771
|
)
|
||||||||
|
Receipt of loans from non-controlling interests
|
182
|
-
|
-
|
-
|
||||||||||||
|
Repayment of loans from non-controlling interests
|
(858
|
)
|
(2,960
|
)
|
-
|
(943
|
)
|
|||||||||
|
Increase in holding rights of consolidated entity
|
(1,392
|
)
|
(167
|
)
|
-
|
-
|
||||||||||
|
Issuance of shares
|
290,698
|
-
|
-
|
-
|
||||||||||||
|
Exercise of share options
|
53
|
15
|
8
|
1
|
||||||||||||
|
Repayment of lease liability
|
(8,580
|
)
|
(5,852
|
)
|
(581
|
)
|
(1,139
|
)
|
||||||||
|
Proceeds from investment in entities by non-controlling interest
|
12,799
|
179
|
-
|
-
|
||||||||||||
|
Net cash from financing activities
|
2,006,479
|
671,096
|
606,571
|
332,915
|
||||||||||||
|
Increase (Decrease) in cash and cash equivalents
|
108,244
|
(2,308
|
)
|
(160,198
|
)
|
218,555
|
||||||||||
|
Balance of cash and cash equivalents at beginning of period
|
387,427
|
403,805
|
679,827
|
208,791
|
||||||||||||
|
Changes in cash of disposal groups classified as held for sale
|
-
|
(5,753
|
)
|
-
|
(5,753
|
)
|
||||||||||
|
Effect of exchange rate fluctuations on cash and cash equivalents
|
32,826
|
(8,317
|
)
|
8,868
|
(3,545
|
)
|
||||||||||
|
Cash and cash equivalents at end of period
|
528,497
|
387,427
|
528,497
|
178,170
|
||||||||||||
Information related to Segmental Reporting
|
For the year ended December 31, 2025
|
||||||||||||||||||||||||
|
MENA
|
Europe
|
USA
|
Total reportable segments
|
Others
|
Total
|
|||||||||||||||||||
|
USD in thousands
|
||||||||||||||||||||||||
|
Revenues
|
222,388
|
199,763
|
64,911
|
487,062
|
1,534
|
488,596
|
||||||||||||||||||
|
Tax benefits
|
-
|
-
|
93,668
|
93,668
|
-
|
93,668
|
||||||||||||||||||
|
Total revenues and income
|
222,388
|
199,763
|
158,579
|
580,730
|
1,534
|
582,264
|
||||||||||||||||||
|
Segment adjusted EBITDA
|
189,304
|
159,015
|
142,567
|
490,886
|
1,034
|
491,920
|
||||||||||||||||||
|
Reconciliations of unallocated amounts:
|
||||||||||||||||||||||||
|
Headquarter costs (*)
|
(54,135
|
)
|
||||||||||||||||||||||
|
Intersegment profit
|
188
|
|||||||||||||||||||||||
|
Gains from projects disposals
|
54,597
|
|||||||||||||||||||||||
|
Depreciation and amortization and share-based compensation
|
(160,392
|
)
|
||||||||||||||||||||||
|
Operating profit
|
332,178
|
|||||||||||||||||||||||
|
Finance income
|
40,851
|
|||||||||||||||||||||||
|
Finance expenses
|
(164,730
|
)
|
||||||||||||||||||||||
|
Share in the losses of equity accounted investees
|
(3,722
|
)
|
||||||||||||||||||||||
|
Profit before income taxes
|
204,577
|
|||||||||||||||||||||||
| (*) |
Including general and administrative and development expenses (excluding depreciation and amortization and share based compensation).
|
Information related to Segmental Reporting
|
For the year ended December 31, 2024
|
||||||||||||||||||||||||
|
MENA
|
Europe
|
USA
|
Total reportable segments
|
Others
|
Total
|
|||||||||||||||||||
|
USD in thousands
|
||||||||||||||||||||||||
|
Revenues
|
155,693
|
197,143
|
15,748
|
368,584
|
9,351
|
377,935
|
||||||||||||||||||
|
Tax benefits
|
-
|
-
|
20,860
|
20,860
|
-
|
20,860
|
||||||||||||||||||
|
Total revenues and income
|
155,693
|
197,143
|
36,608
|
389,444
|
9,351
|
398,795
|
||||||||||||||||||
|
Segment adjusted EBITDA
|
123,724
|
165,385
|
33,539
|
322,648
|
4,141
|
326,789
|
||||||||||||||||||
|
Reconciliations of unallocated amounts:
|
||||||||||||||||||||||||
|
Headquarter costs (*)
|
(37,774(
|
|||||||||||||||||||||||
|
Intersegment profit
|
100
|
|||||||||||||||||||||||
|
Depreciation and amortization and share-based compensation
|
(117,249
|
)
|
||||||||||||||||||||||
|
Other incomes not attributed to segments
|
3,669
|
|||||||||||||||||||||||
|
Operating profit
|
175,535
|
|||||||||||||||||||||||
|
Finance income
|
20,439
|
|||||||||||||||||||||||
|
Finance expenses
|
(107,844
|
)
|
||||||||||||||||||||||
|
Share in the losses of equity accounted investees
|
(3,350
|
)
|
||||||||||||||||||||||
|
Profit before income taxes
|
84,780
|
|||||||||||||||||||||||
| (*) |
Including general and administrative and development expenses (excluding depreciation and amortization and share based compensation).
|
Information related to Segmental Reporting
|
For the three months ended December 31, 2025
|
||||||||||||||||||||||||
|
MENA
|
Europe
|
USA
|
Total reportable segments
|
Others
|
Total
|
|||||||||||||||||||
|
USD in thousands
|
||||||||||||||||||||||||
|
Revenues
|
49,208
|
55,260
|
19,455
|
123,923
|
262
|
124,185
|
||||||||||||||||||
|
Tax benefits
|
-
|
-
|
28,175
|
28,175
|
-
|
28,175
|
||||||||||||||||||
|
Total revenues and income
|
49,208
|
55,260
|
47,630
|
152,098
|
262
|
152,360
|
||||||||||||||||||
|
Segment adjusted EBITDA
|
29,002
|
41,586
|
44,396
|
114,984
|
(58
|
)
|
114,926
|
|||||||||||||||||
|
Reconciliations of unallocated amounts:
|
||||||||||||||||||||||||
|
Headquarter costs (*)
|
(16,359
|
)
|
||||||||||||||||||||||
|
Intersegment profit
|
16
|
|||||||||||||||||||||||
|
Depreciation and amortization and share-based compensation
|
(45,186
|
)
|
||||||||||||||||||||||
|
Operating profit
|
53,397
|
|||||||||||||||||||||||
|
Finance income
|
4,559
|
|||||||||||||||||||||||
|
Finance expenses
|
(28,273
|
)
|
||||||||||||||||||||||
|
Share in the losses of equity accounted investees
|
182
|
|||||||||||||||||||||||
|
Profit before income taxes
|
29,865
|
|||||||||||||||||||||||
| (*) |
Including general and administrative and development expenses (excluding depreciation and amortization and share based compensation).
|
Information related to Segmental Reporting
|
For the three months ended December 31, 2024
|
||||||||||||||||||||||||
|
MENA
|
Europe
|
USA
|
Total reportable segments
|
Others
|
Total
|
|||||||||||||||||||
|
USD in thousands
|
||||||||||||||||||||||||
|
Revenues
|
34,086
|
49,979
|
7,137
|
91,202
|
2,143
|
93,345
|
||||||||||||||||||
|
Tax benefits
|
-
|
-
|
10,758
|
10,758
|
-
|
10,758
|
||||||||||||||||||
|
Total revenues and income
|
34,086
|
49,979
|
17,895
|
101,960
|
2,143
|
104,103
|
||||||||||||||||||
|
Segment adjusted EBITDA
|
24,065
|
35,999
|
17,574
|
77,638
|
283
|
77,921
|
||||||||||||||||||
|
Reconciliations of unallocated amounts:
|
||||||||||||||||||||||||
|
Headquarter costs (*)
|
(12,690
|
)
|
||||||||||||||||||||||
|
Intersegment loss
|
(12
|
)
|
||||||||||||||||||||||
|
Depreciation and amortization and share-based compensation
|
(33,245
|
)
|
||||||||||||||||||||||
|
Operating profit
|
31,974
|
|||||||||||||||||||||||
|
Finance income
|
2,140
|
|||||||||||||||||||||||
|
Finance expenses
|
(22,008
|
)
|
||||||||||||||||||||||
|
Share in the losses of equity accounted investees
|
(1,613
|
)
|
||||||||||||||||||||||
|
Profit before income taxes
|
10,493
|
|||||||||||||||||||||||
| (*) |
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 year ended
|
|
For the three months
|
||||
|
December 31
|
ended December 31
|
|||||||
|
|
|
2025
|
|
2024
|
|
2025
|
|
2024
|
|
Net Income
|
|
160,702
|
66,505
|
21,073
|
8,372
|
|||
|
Depreciation and amortization
|
|
149,922
|
108,889
|
39,763
|
30,912
|
|||
|
Share based compensation
|
|
10,470
|
8,360
|
5,423
|
2,333
|
|||
|
Finance income
|
|
(40,851)
|
(20,439)
|
(4,559)
|
(2,140)
|
|||
|
Finance expenses
|
|
164,730
|
107,844
|
28,273
|
22,008
|
|||
|
Gains from projects disposals (*)
|
(54,597)
|
-
|
-
|
-
|
||||
|
Non-recurring other income, net (**)
|
-
|
(3,669)
|
-
|
-
|
||||
|
Share of losses of equity accounted investees
|
|
3,722
|
3,350
|
(182)
|
1,613
|
|||
|
Taxes on income
|
|
43,875
|
18,275
|
8,792
|
2,121
|
|||
|
Adjusted EBITDA
|
|
437,973
|
289,115
|
98,583
|
65,219
|
|||
|
* Profit from revaluation linked to partial sale of asset.
** Recognition of income related to lower earn-out payments offset by a revaluation in the value of financial assets.
|
||||||||
Appendix 3 – Debentures Covenants
Debentures Covenants
As of December 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 December 31, 2025, the company’s equity amounted to NIS 6,363 million (USD 1,995 million).
Net financial debt to net CAP
The ratio of standalone net financial debt to net CAP shall not exceed 70% for two consecutive financial periods so long as debentures F remain outstanding and shall not exceed 65% for two
consecutive financial periods so long as debentures C, D, G and H remain outstanding.
As of December 31, 2025, the net financial debt to net CAP ratio, as defined above, stands at 36%.
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 December 31, 2025, the net financial debt to EBITDA ratio, as defined above, stands at 5.4.
Equity to balance sheet
The standalone equity to total balance sheet ratio shall be maintained at no less than 20% ,25% and 28%, respectively, for two consecutive financial periods for as long as debentures F, debentures
C and D and debentures G and H remain outstanding.
As of December 31, 2025, the equity to balance sheet ratio, as defined above, stands at 58%.
Appendix 4 – Change in accounting policy
Until September 30, 2025, interest paid and interest received were presented within cash flows from operating activities in the Consolidated Statements of Cash Flows. In accordance with IAS 7 Statement of Cash Flows, entities are permitted to classify interest paid and interest received as operating, investing, or financing cash flows, provided that the selected classification is applied consistently
from period to period.
During the fourth quarter of 2025, management elected to change the classification of interest paid, including payments relating to interest rate swap (IRS) instruments to cash flows used in
financing activities, and interest received to cash flows from investing activities. Management believes that this change in presentation provides a more comprehensive view of the cost of financing the Company's operations and better reflects
management’s view of the financing nature of these transactions.
Accordingly, comparative information has been retrospectively adjusted to reflect this change in accounting policy in the Consolidated Statements of Cash Flows, as presented below:
|
($ thousands)
|
For the year ended
|
||||||
|
December 31, 2024
|
|||||||
|
|
|
As reported
|
|
Adjustment
|
|
As adjusted
|
|
|
Net cash from operating activities
|
|
193,072
|
62,207
|
255,279
|
|||
|
Net cash used in investing activities
|
|
(941,367)
|
12,684
|
(928,683)
|
|||
|
Net cash from financing activities
|
|
745,987
|
(74,891)
|
671,096
|
|||
|
Decrease in cash and cash equivalents
|
|
(2,308)
|
-
|
(2,308)
|
|||
|
($ thousands)
|
For the three months ended
|
||||||
|
December 31, 2024
|
|||||||
|
|
|
As reported
|
|
Adjustment
|
|
As adjusted
|
|
|
Net cash from operating activities
|
|
35,532
|
18,464
|
53,996
|
|||
|
Net cash used in investing activities
|
|
(173,235)
|
4,879
|
(168,356)
|
|||
|
Net cash from financing activities
|
|
356,258
|
(23,343)
|
332,915
|
|||
|
Decrease in cash and cash equivalents
|
|
(218,555)
|
-
|
(218,555)
|
|||
Appendix 5
a) Segment information: Operational projects
|
($ thousands)
|
12 Months ended December 31
|
3 Months ended December 31
|
|||||||||||||||
|
Operational Project Segments
|
Installed Capacity (MW)
|
Installed Storage (MWh)
|
Generation
(GWh) |
Revenues and
income
|
Segment Adjusted
EBITDA* |
Generation
(GWh) |
Reported Revenue
|
Segment Adjusted
EBITDA* |
|||||||||
|
2025
|
2024
|
2025
|
2024
|
2025
|
2024
|
2025
|
2024
|
2025
|
2024
|
2025
|
2024
|
||||||
|
MENA
|
676
|
819
|
1,461
|
1,297
|
222,388
|
155,693
|
144,516
|
123,724
|
303
|
285
|
49,208
|
34,086
|
29,002
|
24,065
|
|||
|
Europe
|
1,327
|
-
|
2,688
|
2,766
|
199,763
|
197,143
|
159,015
|
165,383
|
776
|
772
|
55,261
|
49,979
|
41,587
|
35,997
|
|||
|
USA
|
896
|
2,540
|
944
|
392
|
158,580
|
36,608
|
142,568
|
33,539
|
154
|
166
|
47,632
|
17,894
|
44,397
|
17,573
|
|||
|
Total Consolidated
|
2,899
|
3,359
|
5,093
|
4,455
|
580,731
|
389,444
|
446,099
|
322,646
|
1,233
|
1,223
|
152,101
|
101,959
|
114,986
|
77,635
|
|||
|
Unconsolidated
at Share
|
45
|
42
|
|||||||||||||||
|
Total
|
2,944
|
3,401
|
|||||||||||||||
| b) |
Operational Projects Further Detail
|
|
($ thousands)
|
|
12 Months ended December 31, 2025
|
3 Months ended December 31, 2025
|
||||||||||
|
Operational Project
|
Segment
|
Installed Capacity (MW)
|
Installed Storage (MWh)
|
Revenues and
income
|
Segment Adjusted
EBITDA*
|
Reported Revenue
|
Segment Adjusted EBITDA*
|
Debt balance as of
December 31, 2025
|
Ownership %**
|
||||
|
MENA Wind
|
MENA
|
316
|
-
|
92,798
|
|
20,115
|
|
516,669
|
49%
|
||||
|
MENA PV
|
MENA
|
360
|
819
|
129,590
|
|
29,093
|
|
567,684
|
85%
|
||||
|
Total MENA
|
676
|
819
|
222,388
|
144,516
|
49,208
|
29,002
|
1,084,353
|
|
|||||
|
Europe Wind
|
Europe
|
1,184
|
-
|
184,332
|
|
52,963
|
|
859,540
|
65%
|
||||
|
Europe PV
|
Europe
|
143
|
-
|
15,431
|
|
2,298
|
|
72,322
|
72%
|
||||
|
Total Europe
|
|
1,327
|
-
|
199,763
|
159,015
|
55,261
|
41,587
|
931,862
|
|
||||
|
USA PV
|
USA
|
894
|
2,540
|
158,580
|
|
47,632
|
|
921,400
|
100%
|
||||
|
Total USA
|
894
|
2,540
|
158,580
|
142,568
|
47,632
|
44,397
|
921,400
|
||||||
|
Total Consolidated Projects
|
2,899
|
3,359
|
580,731
|
446,099
|
152,101
|
114,986
|
2,937,615
|
||||||
|
Uncons. Projects at share
|
45
|
42
|
|
50%
|
|||||||||
|
Total
|
2,944
|
3,401
|
580,731
|
446,099
|
152,101
|
114,986
|
2,937,615
|
||||||
* EBITDA results included $13m in the 12 months ended December 25 and $2m in the 3 months ended December 25, of compensation recognized from Björnberget project
** Ownership % is calculated based on the project's share of total revenues
c) Projects under construction
|
($ millions)
Consolidated Projects
|
Country
|
Generation and energy storage Capacity (MW/MWh(
|
Est.
COD |
Est. Total
Project Cost |
Tax credit benefit- Qualifying category
|
Tax credit benefit- Adders*****
|
Discounted Value of Tax Benefit***
|
Est. Total
Project Cost net of tax benefit
|
Capital Invested as of December 31, 2025
|
Est. Equity Required (%)
|
Equity Invested as of December 31, 2025
|
Est. First Full Year Revenue*********
|
Est. First Full Year EBITDA****
|
Ownership %*
|
|
Country Acres
|
USA
|
403/688
|
Q4 2026
|
800-842
|
ITC
|
DC (10%)
|
401-422
|
399-420
|
596
|
0%-10%********
|
91
|
61-65
|
48-50
|
100%
|
|
Co Bar 1
|
USA
|
258/824
|
H2 2027-
H1 2028
|
612-644
|
ITC
|
EC (10%)
|
277-292
|
335-352
|
156
|
5%-
10%
|
156
|
91-96
|
73-77
|
100%
|
|
Co Bar 2
|
USA
|
128/0
|
605-637
|
PTC
|
EC (10%)
|
279-293
|
326-344
|
100%
|
||||||
|
Crimson Orchard
|
USA
|
120/400
|
Q2 2027
|
326-342
|
ITC
|
EC (10%) +
DC (10% BESS only) |
166-175
|
160-167
|
28
|
0%-10%********
|
28
|
27-28
|
20-21
|
100%
|
|
Snowflake A
|
USA
|
600/1,900
|
H2 2027
|
1,506-1,584
|
ITC
|
EC (10%) +
DC (10% BESS only) |
769-808
|
737-776
|
408
|
0%-10%********
|
159
|
124-131
|
100-105
|
100%
|
|
Gecama Solar
|
Spain
|
227/220
|
Q4 2026
|
218-229
|
-
|
-
|
-
|
218-229
|
158
|
23%-28%
|
158
|
43-45
|
35-37
|
72%
|
|
Sestanovac
|
Croatia
|
23/75
|
Q4 2026
|
37-39
|
-
|
-
|
-
|
37-39
|
0
|
30%-40%
|
0
|
6-7
|
5
|
100%
|
|
Tapolca Bess
|
Hungary
|
0/140
|
Q4 26
|
22-23
|
-
|
-
|
-
|
22-23
|
0
|
45%
|
0
|
8-9
|
7
|
100%
|
|
Bjornberget – BESS
|
Sweden
|
0/100
|
Q3 2026
|
24-26
|
-
|
-
|
-
|
24-26
|
16
|
100%
|
16
|
4
|
3
|
55%
|
|
Israel Construction
|
Israel
|
4/222
|
2026
|
53-56
|
-
|
-
|
-
|
53-56
|
10
|
30%-40%
|
10
|
3
|
2
|
71%
|
|
Total Consolidated Projects
|
|
2,109/
4,569
|
|
4,203-4,422
|
|
|
1,892-1,990
|
2,311-2,432
|
1,372
|
|
618
|
368-389
|
293-308
|
|
|
Unconsolidated Projects at share*******
|
Israel
|
13/274
|
Q1 2026- Q1 2027
|
63-66
|
-
|
-
|
-
|
63-66
|
48
|
15%-20%
|
48
|
10-11
|
6-7
|
53%
|
|
Total
|
|
2,122/
4,843
|
|
4,266-4,488
|
|
|
1,892-1,990
|
2,374-2,498
|
1,420
|
|
666
|
378-400
|
299-316
|
d) Pre-Construction Projects (due to commence construction within 12 months of the Approval Date)
|
($ millions)
Consolidated Projects |
Country
|
Generation and energy storage Capacity (MW/MWh)
|
Est.
COD |
Est. Total
Project Cost |
Tax Credit Benefit
|
Est. Total
Project Cost net of tax benefit |
Capital Invested as of December 31, 2025
|
Est. Equity Required (%)
|
Equity Invested as of December 31, 2025
|
Est. First Full Year Revenue *********
|
Est. First Full Year EBITDA****
|
Ownership %*
|
||
|
Qualifying Category
|
Adders*****
|
Discounted Value of Tax Benefit***
|
||||||||||||
|
Co Bar 3
|
United States
|
473/0
|
H2 2027-
H1 2028 |
607-639
|
PTC
|
EC (10%)
|
276-290
|
331-349
|
16
|
5%-10%
|
16
|
173-182
|
136-142
|
100%
|
|
Co Bar 4+5
|
United States
|
0/3,176
|
1,041-1,094
|
ITC
|
EC (10%)
|
481-506
|
560-588
|
|||||||
|
Nardo
|
Italy
|
104/872
|
H1 2028
|
233-245
|
-
|
-
|
-
|
233-245
|
11
|
35%
|
11
|
31-33
|
26-28
|
100%
|
|
Jupiter
|
Germany
|
150/2,000
|
H2 2028
|
559-587
|
-
|
-
|
-
|
559-587
|
0
|
35%
|
0
|
100-105
|
82-87
|
51%
|
|
Bertikow
|
Germany
|
0/860
|
H2 2027
|
160-168
|
-
|
-
|
-
|
160-168
|
6
|
15%-25%
|
6
|
48-51
|
42-44
|
50%
|
|
Israel HV storage******
|
Israel
|
0/1,350
|
H2 2028
|
243-256
|
-
|
-
|
-
|
243-256
|
16
|
20%
|
16
|
14-15
|
5-6
|
100%
|
|
($ millions)
Additional Pre-Construction Projects |
MW Deployment
MW/MWh
|
Est. Total
Project Cost |
Tax Credit Benefit
|
Discounted Value of Tax Benefit***
|
Est. Total
Project Cost net of tax benefit |
Capital Invested as of September 30, 2025
|
Est. Equity Required (%)
|
Equity Invested as of September 30, 2025
|
Est. First Full Year Revenue *********
|
Est. First Full Year EBITDA****
|
Ownership %*
|
|||
|
2026
|
2027
|
2028
|
Qualifying Category
|
Adders*****
|
||||||||||
|
United States
|
-
|
128/0
|
439/0
|
925-973
|
ITC
|
DC (10%) & EC (10%)**
|
465-488
|
460-485
|
50
|
10%-20%
|
50
|
66-70
|
51-53
|
100%
|
|
Europe
|
-
|
0/221
|
0/208
|
77-81
|
-
|
-
|
-
|
77-81
|
1
|
45%-50%
|
1
|
18-19
|
15-16
|
84%
|
|
MENA
|
0/35
|
4/422
|
38/68
|
207-218
|
-
|
-
|
-
|
207-218
|
11
|
35%-45%
|
11
|
29-31
|
18-19
|
86%
|
|
Total Consolidated Projects
|
0/35
|
132/643
|
477/276
|
4,052-4,261
|
1,222-1,284
|
2,830-2,977
|
111
|
|
111
|
479-506
|
375-395
|
|||
|
Unconsolidated Projects at share*******
|
-
|
0/55
|
0/14
|
14-15
|
-
|
-
|
-
|
14-15
|
1
|
15%-20%
|
1
|
3
|
1-2
|
56%
|
|
Total Pre-Construction
|
1,336MW +9,281MWh
|
4,066-4,276
|
1,222-1,284
|
2,844-2,992
|
112
|
|
112
|
482-509
|
376-397
|
|||||
* The legal ownership share for all U.S. projects is 90%, but Enlight invests 100% of the equity in the project and entitled to 100% of the project distributions until full
repayment of Enlight's capital plus a preferred return
** Rustic hills 1+2 - DC (10%) + EC (10%); Coggon - DC (10%); Gemstone - DC (10%);
*** Value of tax benefits under the IRA: The PTC value is estimated based on the project’s expected annual production and a yearly CPI indexation of
2%, discounted by 8% to COD. In assessing the value of the ITC, a step-up adjustment was made to reflect the full value of the tax credits, thus lowering net construction costs and enhancing the valuation and return of the project. The actual
value attributed to tax benefits in a tax equity transactions may differ from the value presented, subject to the structure of the transaction and prevailing market conditions.
**** EBITDA is a non-IFRS financial measure. This figure represents consolidated EBITDA for the project and excludes the share of project distributions to tax equity partners, as
well as ITC and PTC proceeds. These components of the tax equity transaction may differ from project to project, are subject to market conditions and commercial terms agreed upon reaching financial close
*****The Energy Community (EC) Adder provides extra credits for renewable energy projects in areas impacted by fossil fuel reliance or economic transition. The Domestic
Content (DC) Adder rewards projects using U.S.-manufactured components, promoting local job creation and supply chain growth
******Two high voltage projects with total capacity of 1,350MWh. Estimated revenue for the first 5 years is $14-15m million per year. From year 6, the projects will move to a
deregulated market, with revenue expected to be $55 million per year
******* All numbers, beside equity invested, reflects Enlight share only
******** The required equity during construction is estimated at 10% and is expected to decrease to 0% at COD
********* Revenue and EBITDA for the first year of U.S. projects as presented above do not include income from tax benefits
| e) |
Additional information on tax equity investments
|
|
Tax equity investment
|
Tax equity partner's share of project tax credits, cash flows, and taxable income
|
|||||||
|
($ millions)
Projects* |
Est. Total
Project Cost |
Upfront tax equity investment
|
Tax credit proceeds during the project's operation ("pay-go")
|
Share of ITC/PTC tax credit allocated to tax equity partner
|
Share of taxable income initial period
|
Duration of initial period for share of taxable income (years)
|
Share in project cash flow initial period (second period)
|
Duration of initial period for share in project cash flow (years)
|
|
Atrisco PV
|
369
|
198
|
55
|
Confidential
|
Confidential
|
Confidential
|
17.5% (5%)
|
10
|
|
Atrisco BESS
|
458
|
266
|
-
|
Confidential
|
Confidential
|
Confidential
|
23% (7%)
|
5
|
|
Quail Ranch
|
274
|
131
|
18
|
99%
|
99%
|
10
|
10% (5%)
|
10
|
|
Roadrunner
|
621
|
337
|
55
|
99%
|
99%
|
5-10
|
10%-12% (5%)
|
10
|
* Apex financing was structured as a sale and leaseback and therefore not included in the table above
Appendix 6 – cash and cash equivalents
|
($ thousands)
|
December 31, 2025
|
||||
|
Cash and Cash Equivalents:
|
|
|
|
||
|
Enlight Renewable Energy Ltd, Enlight EU Energies Kft and Enlight Renewable LLC excluding subsidiaries (“Topco”)
|
325,305
|
||||
|
Subsidiaries
|
|
|
|
203,192
|
|
|
Deposits:
|
|||||
|
Short term deposits
|
|
|
|
-
|
|
|
Restricted Cash:
|
|||||
|
Projects under construction
|
|
|
|
409,424
|
|
|
Reserves, including debt service, performance obligations and others
|
130,358
|
||||
|
Total Cash
|
|
|
1,068,279
|
||
Appendix 7 – Corporate level (TopCo) debt
|
($ thousands)
|
December 31, 2025
|
|
Debentures:
|
|
|
Debentures
|
650,886*
|
|
Convertible debentures
|
273,801
|
|
Loans from banks and other financial institutions:
|
|
|
Credit and short-term loans from banks and other financial institutions
|
-
|
|
Loans from banks and other financial institutions
|
116,555
|
|
Total corporate level debt
|
1,041,242
|
* Including current maturities of debentures in the amount of 174,617
Appendix 8 – Functional Currency Conversion Rates:
The financial statements of each of the Company’s subsidiaries were prepared in the currency of the main economic environment in which it operates (hereinafter: the “Functional Currency”). For the
purpose of consolidating the financial statements, results and financial position of each of the Group’s member companies are translated into the Israeli shekel (“NIS”), which is the Company’s Functional Currency. The Group’s consolidated financial
statements are presented in U.S. dollars (“USD”).
FX Rates to USD:
|
Date of the financial statements:
|
Euro
|
NIS
|
|
As of 31th December 2025
|
1.17
|
0.31
|
|
As of 31th December 2024
|
1.14
|
0.27
|
| Average for the 3 months period ended: | ||
|
December 2025
|
1.16
|
0.31
|
| December 2024 |
1.07
|
0.27
|
Exhibit 99.2
FAQ
How did Enlight Renewable Energy (ENLT) perform financially in full-year 2025?
Enlight posted strong 2025 results, with total revenues and income rising 46% to $582 million and net income increasing 142% to $160.7 million. Adjusted EBITDA reached $438.0 million, up 51%, reflecting new projects entering operation and higher income from U.S. tax benefits.
What were Enlight Renewable Energy’s (ENLT) key fourth-quarter 2025 results?
In Q4 2025, Enlight’s total revenues and income climbed 46% to $152.4 million, while net income rose to $21.1 million from $8.4 million. Adjusted EBITDA increased 51% to $98.6 million, supported by newly operational projects and higher recognized tax-benefit income.
How fast are Enlight Renewable Energy’s (ENLT) regional segments growing?
In 2025, MENA revenues and income grew to $222.4 million (up 43%), Europe to $199.8 million (up 1%), and the U.S. to $158.6 million (up 333%). Segment Adjusted EBITDA reached $189.3 million in MENA, $159.0 million in Europe, and $142.6 million in the U.S.
What 2026 financial guidance has Enlight Renewable Energy (ENLT) provided?
For 2026, Enlight expects total revenues and income of $755‑785 million and Adjusted EBITDA of $545‑565 million. This guidance implies continued strong growth versus 2025 levels of $582 million in revenues and income and $438 million in Adjusted EBITDA.
How large is Enlight Renewable Energy’s (ENLT) project portfolio and mature component?
As of the earnings release, Enlight’s total portfolio was 38 FGW, combining generation and storage capacity. The mature component, including operating, under‑construction and pre‑construction assets, totaled 11.4 FGW, while operating projects alone accounted for 3.9 FGW of capacity.
Is Enlight Renewable Energy (ENLT) in compliance with its debenture covenants?
Yes. As of December 31, 2025, the company reports compliance with all financial covenants on its Series C, D, F, G and H debentures. Equity stood at $1,995 million, the net financial debt to net CAP ratio was 36%, and net financial debt to EBITDA was 5.4.
What is Enlight Renewable Energy’s (ENLT) cash and debt position at year-end 2025?
At December 31, 2025, Enlight held total cash, deposits and restricted cash of $1,068.3 million, including $325.3 million at the corporate level. Corporate-level debt comprised debentures and loans totaling about $1,041.2 million, alongside substantial project-level financing.
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