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WKN: A1CY4H | ISIN: IL0007200111 | Ticker-Symbol: N/A
NASDAQ
06.08.25 | 15:30
23,900 US-Dollar
+3,42 % +0,790
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Enlight Renewable Energy Ltd.: Enlight Renewable Energy Reports Second Quarter 2025 Financial Results

All of the amounts disclosed in this press release are in U.S. dollars unless otherwise noted

TEL AVIV, Aug. 06, 2025 (GLOBE NEWSWIRE) -- Enlight Renewable Energy (NASDAQ: ENLT, TASE: ENLT) today reported financial results for the second quarter of 2025 ending June 30, 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 2Q25 financial results can be found on our IR website at https://enlightenergy.co.il/data/financial-reports/

Financial Highlights

6 months ending June 30, 2025

  • Revenue and income of $265m, up 46% year over year
  • Net income of $107m, up 216% year over year
  • Adjusted EBITDA2 of $227, up 71% year over year
  • Cash flow from operations of $91m, unchanged year over year

3 months ending June 30, 2025

  • Revenues and income of $135m, up 53% year over year
  • Net Income of $6m, down 41% year over year1
  • Adjusted EBITDA2 of $96m, up 57% year over year
  • Cash flow from operations of $48m, down 15% year over year

__________________
1 An accounting reduction of $12m due to the impact of foreign exchange differentials on a dollar-denominated loan to a subsidiary, with no economic or cashflow effects on the Company.

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. Please refer to the reconciliation table in Appendix

Summary of key financial results for 2Q25 and 1H25

For the three months ended
For the six months ended
($ millions)30/06/202530/06/2024% change30/06/202530/06/2024% change
Revenues and Income1358853% 26518246%
Net Income69(41%) 10734216%
Adjusted EBITDA966157% 22713371%
Cash Flow from Operating Activities4856(15%) 91910%

Raising full year guidance ranges

  • On the back of strong 1H25 results, we are increasing full year 2025 guidance ranges. Revenue guidance rises to $520-535 million from $490-510 million previously, and Adjusted EBITDA guidance rises to $385-400 million from $360-380 million previously. This represents a 5.5% and 6.0% increase at the midpoint for both metrics, respectively.
  • A detailed analysis of financial results appears below.

Executive Leadership Changes

On October 1, 2025, Adi Leviatan will become the Company's Chief Executive Officer, succeeding Gilad Yavetz who was appointed as Enlight's full-time Executive Chairman of the Board. Yair Seroussi, our current Chairman of the Board, will serve as Vice Chairman of the Board.

Positive and more certain environment across all geographies

We believe that the terms of the recently passed reconciliation bill are favorable for the utility scale solar and storage segments, providing the large companies such as Enlight a window of significant growth opportunities. This is especially significant for our extensive portfolio of energy storage projects, which received longer eligibility for tax credits in the new bill. Europe and MENA markets continue to grow, with strong demand to both renewable energy generation and energy storage.

The roadmap which we first presented in May has begun to take shape, and the Company is advancing toward the start of construction of an additional 2 to 4 FGW for COD by the end of 2028. These projects are not currently included in our mature portfolio. Of these, between 1 to 2 FGW are expected to be built in the U.S. By the end of 2028, the total annual revenue run rate is expected to reach $1.9-2.2 billion.

"We are very pleased with another quarter of extremely strong results in our financial and operational results," said Gilad Yavetz, CEO of Enlight Renewable Energy. "The combination of strong execution, coupled with un-compromised business innovation, continues to bear fruit. In parallel we keep on strengthening our management infrastructure. We welcome Adi Leviatan to our strong and well-balanced leadership team. I'm honored and excited to take the role of executive chairman of the board as of October 1st. I'm confident that with Adi as the new CEO, Enlight will continue to break new grounds."

Portfolio Review

This quarter we continued substantial advancement of projects through the various phases of our portfolio. Enlight's total portfolio is comprised of 20.0 GW of generation capacity and 53.4 GWh energy storage (totaling 35.3 FGW3), an increase of 17% from the total portfolio of 30.2 FGW at the end of 2024. Of this, the Mature portfolio component (including operating projects, projects under construction or pre-construction) contains 6.2 GW generation capacity and 10.3 GWh of storage (9.2 FGW), an increase of 7% from the Mature portfolio of 8.6 FGW at the end of 2024. The full composition of the portfolio appears in the following table:

ComponentStatusFGW3Annual revenues &
income run rate ($m)
OperatingCommercial operation3.1~5274
Under ConstructionUnder construction2.9~550
Pre-Construction0-12 months to start of construction3.2~450
Total Mature PortfolioMature9.2~1,500
Advanced Development13-24 months to start of construction6.0-
Development2+ years to start of construction20.1-
Total Portfolio 35.3-

3 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
4 Based on the midpoint of 2025 guidance.

  • Operating component of the portfolio: 3.1 FGW
    • During the second quarter, Bar-On floating PV and storage (67 FMW), located in Israel, entered into operation.
    • The operational portfolio generates annualized revenues and income of approximately $527 million, based on the midpoint rage of the 2025 guidance.
  • Under Construction component of the portfolio: 2.9 FGW
    • Consists mostly of four projects in the U.S. with a total capacity of 2.5 FGW.
    • During the second quarter, Snowflake A (1.1 FGW), located in Arizona, entered into under construction status.
    • Projects under construction are expected to contribute ~$550m to the annual revenues and income run rate during their first full year of operation.
  • Pre-construction component of the portfolio: 3.2 FGW
    • Significant new additions include Iftah HV (184 FMW), a stand alone storage project in Israel, and the expansion of the solar generation as well as the battery capacity at Nardo in Italy (192 FMW).
    • Pre-construction projects are expected to contribute ~$450m in revenues and income in their first full year of operations.

With the completion of the current Mature portfolio's pre-construction and under construction projects, Enlight's Mature portfolio operating capacity is expected to rise to 9.2 FGW and to generate an annualized revenue and income run rate of $1.5bn by 2028.

  • Advanced Development component of the portfolio component: 6.0 FGW
    • 5.1 FGW in the U.S., with 100% of the capacity having passed completion of the System Impact Study. The advanced development portfolio also includes 0.5 FGW in Europe and 0.4 FGW in MENA.
  • Development component of the portfolio: 20.1 FGW
    • 13.0 FGW in the U.S. with broad geographic presence, including the PJM, WECC, SPP and MISO regions. The development portfolio also includes 3.4 FGW in Europe and 3.7 FGW in MENA.

Roadmap to Revenues and Income Run-Rate of ~$2.0bn by 20285

Roadmap to Revenues and Income Run-Rate of ~$2.0bn by 2028

5 Expected Adjusted EBITDA margin of approximately 70%-80% 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 20-24% of the total revenue run rate for December 2025; approximately 22-26% of the total revenue run rate for December 2026, and approximately 28-33% of the total revenue run rate for December 2027 and December 2028.

Project and Corporate Finance

  • During the quarter, the Company secured $310m in financial closings for the Gecama hybridization project in Spain, which will add 225 MW solar generation and 220 MWh of energy storage capacity to the existing 329 MW wind farm.
  • As at the balance sheet date, the Company maintained $525m of credit facilities, of which $9m have been drawn. Cash and cash equivalents on our balance sheet rose to $480m from $387m at the end of 2024. In addition, we have approximately $1bn of LC and surety bond facilities supporting our global expansion, of which half was available for use at end of the quarter.

2025 Guidance

Construction and commissioning

  • Commencing construction on 4.8 FGW of capacity during 2025, (of which 2.9 FGW has already begun), and is expected to add approximately $827-869m in revenues and income run rate and approximately $726-763m in annualized EBITDA gradually through 2025-2028.
  • Out of the 4.8 FGW, we expect commissioning of 0.8 FGW toward the end of 2025, which is expected to add approximately $142-150m to annualized revenues and income and $123-129m to annualized EBITDA.

Raising financial guidance ranges

  • Total revenues and income6 for 2025 are now expected to range between $520m and $535m, up 5.5% at the midpoint from the previous range of $490m to $510m.
  • Adjusted EBITDA7 for 2025 is expected to range between $385m and $400m, up 6% at the midpoint from the previous range of $360m to $380m.
  • Approximately 90% of the electricity volumes expected to be generated in 2025 will be sold at fixed prices through PPAs or hedges.

Financial Results Analysis

Revenues & Income by Segment
($ millions)For the three months ended
For the six months ended
Segment30/06/202530/06/2024% change30/06/202530/06/2024% change
MENA533840% 966645%
Europe484214% 99101(2%)
U.S.345526% 6910593%
Other03(93%) 15(77%)
Total Revenues & Income1358853% 26518246%

6 Total revenues and income include revenues from the sale of electricity along with income from tax benefits from US projects amounting to $70m-$80m.
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.

Revenues & Income

In the second quarter of 2025, the Company's total revenues and income increased to $135m, up from $88m last year, a growth rate of 53% year over year. This was composed of revenues from the sale of electricity, which rose 37% to $116m compared to $85m in the same period of 2024, as well as recognition of $19m in income from tax benefits, up 478% compared to $3m in 2Q24.

The Company benefited from the revenues and income contribution of newly operational projects. Since the second quarter of last year, 525 MW and 1,604 MWh of new projects were connected to the grid and began selling electricity, including three 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 $13m, followed by the Israel Solar and Storage Cluster, with $12m, while Pupin contributed $4m. In total, new projects contributed $30m to revenues from the sale of electricity. Recognition of tax benefit income increased by $16m due to the initial commissioning of Atrisco. Revenues and income for the quarter were distributed between MENA (40%); Europe (35%); and the US (25%).

Net Income

In the second quarter of 2025, the Company reported net income of $6 million, representing a 41% decrease from $9 million in the same period last year. This was primarily attributable to several factors: new projects contributed $15 million to net income, while a non-cash accounting reduction due to the impact of foreign exchange differentials on a dollar-denominated loan to a subsidiary resulted in a year-on-year decrease of $12 million. Additionally, other financial expenses increased by $8 million (all amounts stated after tax). Adjusting for the effects of foreign currency accounting reduction, net income amounted to $16m compared to $7m the same quarter last year, an increase of 110% year over year.

Adjusted EBITDA8

The Company's Adjusted EBITDA grew by 57% to $96m in the second quarter of 2025, compared to $61m for the same period in 2024. Of this increase, $50m was driven by the factors described above paragraphs. This was offset by an increase of $13m in COGS linked to the addition of new projects, and an increase of $3m in operating expenses.

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 Second Quarter 2025 Conference Call and Webcasts on Wednesday, August 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/BI46289c60b7164253aa692c51490ef8ad
    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/8u3xaw6u

  • 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_Fz0XzgWkRBKz4OA0OO7cnQ

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 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 six months ended
June 30
For the three months ended
June 30
2025 2024(*) 2025 2024(*)
USD in USD in USD in USD in
thousands thousands thousands thousands
Revenues 225,875 175,095 116,117 84,698
Tax benefits 38,972 6,526 18,861 3,262
Total revenues and income 264,847 181,621 134,978 87,960
Cost of sales (**) (56,484) (32,421) (29,846) (16,985)
Depreciation and amortization (71,017) (50,886) (37,228) (25,282)
General and administrative expenses (23,336) (18,142) (11,490) (9,283)
Development expenses (5,469) (4,542) (2,905) (2,124)
Total operating expenses (156,306) (105,991) (81,469) (53,674)
Gains from projects disposals 97,828 611 566 584
Other income (expenses), net 2,374 1,528 3,479 11
Operating profit 208,743 77,769 57,554 34,881
Finance income 8,166 15,065 1,471 7,000
Finance expenses (82,286) (49,311) (52,083) (29,818)
Total finance expenses, net (74,120) (34,246) (50,612) (22,818)
Profit before tax and equity loss 134,623 43,523 6,942 12,063
Share of loss of equity accounted investees (1,645) (449) (418) (305)
Profit before income taxes 132,978 43,074 6,524 11,758
Taxes on income (25,606) (9,130) (955) (2,299)
Profit for the period 107,372 33,944 5,569 9,459
Profit for the period attributed to:
Owners of the Company 95,815 24,806 1,357 8,043
Non-controlling interests 11,557 9,138 4,212 1,416
107,372 33,944 5,569 9,459
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 0.21 0.75 0.07
Diluted earnings per share 0.01 0.20 0.01 0.06
Weighted average of share capital used in the
calculation of earnings:
Basic per share 119,107,985 118,104,228 119,421,246 117,825,464
Diluted per share 127,192,179 123,092,306 129,204,402 125,866,004

(*) The Consolidated Statements of Income have been adjusted to present comparable information for the previous period. For additional details please see Appendix 9.
(**) Excluding depreciation and amortization.

Consolidated Statements of Financial Position as of
June 30 December 31
2025 2024
USD in USD in
Thousands Thousands
Assets
Current assets
Cash and cash equivalents 480,459 387,427
Restricted cash 86,164 87,539
Trade receivables 78,329 50,692
Other receivables 66,244 99,651
Other financial assets 693 975
Assets of disposal groups classified as held for sale - 81,661
Total current assets 711,889 707,945
Non-current assets
Restricted cash 64,489 60,802
Other long-term receivables 65,046 61,045
Deferred costs in respect of projects 448,096 357,358
Deferred borrowing costs 280 276
Loans to investee entities 57,561 18,112
Investments in equity accounted investees 54,145 -
Fixed assets, net 4,747,284 3,699,192
Intangible assets, net 303,895 291,442
Deferred taxes assets 9,195 10,744
Right-of-use asset, net 217,783 210,941
Financial assets at fair value through profit or loss 79,043 69,216
Other financial assets 64,989 59,812
Total non-current assets 6,111,806 4,838,940
Total assets 6,823,695 5,546,885
Consolidated Statements of Financial Position as of (Cont.)
June 30 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 504,684 212,246
Trade payables 126,956 161,991
Other payables 338,492 107,825
Current maturities of debentures 25,414 44,962
Current maturities of lease liability 11,158 10,240
Other financial liabilities 12,935 8,141
Liabilities of disposal groups classified as held for sale - 46,635
Total current liabilities 1,019,639 592,040
Non-current liabilities
Debentures 609,172 433,994
Other financial liabilities 122,657 107,865
Convertible debentures 257,647 133,056
Loans from banks and other financial institutions 2,294,910 1,996,137
Loans from non-controlling interests 86,623 75,598
Financial liabilities through profit or loss 26,427 25,844
Deferred taxes liabilities 69,492 41,792
Employee benefits 1,495 1,215
Lease liability 220,938 211,941
Deferred income related to tax equity 372,446 403,384
Asset retirement obligation 93,806 83,085
Total non-current liabilities 4,155,613 3,513,911
Total liabilities 5,175,252 4,105,951
Equity
Ordinary share capital 3,344 3,308
Share premium 1,028,526 1,028,532
Capital reserves 81,575 25,273
Proceeds on account of convertible options 25,083 15,494
Accumulated profit 203,734 107,919
Equity attributable to shareholders of the Company 1,342,262 1,180,526
Non-controlling interests 306,181 260,408
Total equity 1,648,443 1,440,934
Total liabilities and equity 6,823,695 5,546,885
Consolidated Statements of Cash Flows
For the six months ended
June 30
For the three months ended
June 30
2025 2024 2025 2024
USD inUSD inUSD inUSD in
ThousandsThousandsThousandsThousands
Cash flows for operating activities
Profit for the period107,372 33,944 5,569 9,459
Income and expenses not associated with cash flows:
Depreciation and amortization71,017 50,886 37,228 25,282
Finance expenses, net71,073 33,766 48,685 22,280
Share-based compensation2,994 4,085 1,284 968
Taxes on income25,606 9,130 955 2,299
Tax benefits(38,972) (6,526) (18,861) (3,262)
Other income (expenses), net(2,374) 432 (3,479) 566
Company's share in losses of investee partnerships1,645 449 418 305
Gains from projects disposals(97,828) (611) (566) (584)
33,161 91,611 65,664 47,854
Changes in assets and liabilities items:
Change in other receivables(4,593) (4,352) (3,737) (2,210)
Change in trade receivables(20,885) 3,072 (509) 19,981
Change in other payables21,470 860 12,866 1,399
Change in trade payables(2,650) (856) (10,452) (927)
(6,658) (1,276) (1,832) 18,243
Interest receipts6,334 5,366 3,822 2,438
Interest paid(40,387) (33,793) (18,089) (18,169)
Income Tax paid(8,673) (4,783) (7,598) (3,985)
Net cash from operating activities91,149 91,069 47,536 55,840
Cash flows for investing activities
Sale (Acquisition) of consolidated entities, net33,018 (1,388) (3,205) -
Changes in restricted cash and bank deposits, net8,186 (15,370) 10 (10,382)
Purchase, development, and construction in respect of projects(658,022) (461,801) (402,160) (262,068)
Loans provided and Investment in investees(26,324) (14,216) (18,894) (2,932)
Repayment of loans to investees30,815 - - -
Payments on account of acquisition of consolidated company(7,447) (10,851) - -
Purchase of long-term financial assets measured at fair value through profit or loss, net(3,247) (11,340) (207) (2,931)
Net cash used in investing activities(623,021) (514,966) (424,456) (278,313)
Consolidated Statements of Cash Flows (Cont.)
For the six months ended June 30For the three months ended June 30
2025 2024 2025 2024
USD inUSD inUSD inUSD in
ThousandsThousandsThousandsThousands
Cash flows from financing activities
Receipt of loans from banks and other financial institutions674,684 330,449 531,106 259,078
Repayment of loans from banks and other financial institutions(223,361) (77,197) (114,439) (66,749)
Issuance of debentures125,838 - - -
Issuance of convertible debentures114,685 - - -
Repayment of debentures(21,994) (1,284) - -
Dividends and distributions by subsidiaries to non-controlling interests(8,682) (3,450) (8,682) (3,342)
Deferred borrowing costs(46,618) (5,378) (11,419) (2,696)
Repayment of loans from non-controlling interests- (1,000) - (45)
Increase in holding rights of consolidated entity(1,392) (167) - (167)
Repayment of tax-equity investment(10,952) - (10,952) -
Receipt of loans from non-controlling interests182 - 182 -
Exercise of share options30 13 19 13
Repayment of lease liability(5,803) (4,117) (1,745) (446)
Proceeds from investment in entities by non-controlling interest12,799 179 5,067 27
Net cash from financing activities 609,416 238,048 389,137 185,673
Increase (Decrease) in cash and cash equivalents77,544 (185,849) 12,217 (36,800)
Balance of cash and cash equivalents at beginning of period387,427 403,805 449,530 249,851
Effect of exchange rate fluctuations on cash and cash equivalents15,488 (9,165) 18,712 (4,260)
Cash and cash equivalents at end of period480,459 208,791 480,459 208,791

Information related to Segmental Reporting

For the six months ended June 30, 2025
MENA Europe USA Total reportable
segments(**)
Others Total
USD in thousands
Revenues95,637 99,184 30,008 224,829 1,046 225,875
Tax benefits- - 38,972 38,972 - 38,972
Total revenues and income95,637 99,184 68,980 263,801 1,046 264,847
Segment adjusted EBITDA107,031 82,226 59,913 249,170 1,079 250,249
Reconciliations of unallocated amounts:
Headquarter costs (*)(22,958)
Intersegment profit127
Gains from projects disposals55,336
Depreciation and amortization and share-based compensation(74,011)
Operating profit208,743
Finance income8,166
Finance expenses(82,286)
Share in the losses of equity accounted investees(1,645)
Profit before income taxes132,978

(*) 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 Management and Construction segment has been excluded. The comparative figures for the six-month and three-month periods ending June 30, 2024, have been updated accordingly.

Information related to Segmental Reporting

For the six months ended June 30, 2024
MENA Europe USA Total reportable
segments
Others Total
USD in thousands
Revenues66,041 101,123 3,431 170,595 4,500 175,095
Tax benefits- - 6,526 6,526 - 6,526
Total revenues and income66,041 101,123 9,957 177,121 4,500 181,621
Segment adjusted EBITDA54,873 83,253 7,831 145,957 2,291 148,248
Reconciliations of unallocated amounts:
Headquarter costs (*)(15,629)
Intersegment profit121
Depreciation and amortization and share-based compensation(54,971)
Operating profit77,769
Finance income15,065
Finance expenses(49,311)
Share in the losses of equity accounted investees(449)
Profit before income taxes43,074

(*) 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 June 30, 2025
MENA Europe USA Total reportable segments Others Total
USD in thousands
Revenues52,770 47,800 15,330 115,900 217 116,117
Tax benefits- - 18,861 18,861 - 18,861
Total revenues and income52,770 47,800 34,191 134,761 217 134,978
Segment adjusted EBITDA39,014 37,563 29,364 105,941 998 106,939
Reconciliations of unallocated amounts:
Headquarter costs (*)(11,257)
Intersegment profit21
Gains from projects disposals363
Depreciation and amortization and share-based compensation(38,512)
Operating profit57,554
Finance income1,471
Finance expenses(52,083)
Share in the losses of equity accounted investees(418)
Profit before income taxes6,524

(*) 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 June 30, 2024
MENA Europe USA Total reportable
segments
Others Total
USD in thousands
Revenues37,567 41,963 2,200 81,730 2,968 84,698
Tax benefits- - 3,262 3,262 - 3,262
Total revenues and income37,567 41,963 5,462 84,992 2,968 87,960
Segment adjusted EBITDA30,345 32,546 4,709 67,600 1,623 69,223
Reconciliations of unallocated amounts:
Headquarter costs (*)(8,023)
Intersegment loss(69)
Depreciation and amortization and share-based compensation(26,250)
Operating profit34,881
Finance income7,000
Finance expenses(29,818)
Share in the losses of equity accounted investees(305)
Profit before income taxes11,758

(*) 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 six months For the three months
ended June 30 ended June 30
2025 2024 2025 2024
Net Income (loss) 107,372 33,944 5,569 9,459
Depreciation and amortization 71,017 50,886 37,228 25,282
Share based compensation 2,994 4,085 1,284 968
Finance income (8,166) (15,065) (1,471) (7,000)
Finance expenses 82,286 49,311 52,083 29,818
Gains from projects disposals (*) (55,336) - (363) -
Share of losses of equity accounted investees 1,645 449 418 305
Taxes on income 25,606 9,130 955 2,299
Adjusted EBITDA 227,418 132,740 95,703 61,131
* Profit from revaluation linked to partial sale of asset.

Appendix 3 - Debentures Covenants

Debentures Covenants

As of June 30, 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 June 30, 2025, the company's equity amounted to NIS 5,559 million (USD 1,648 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 June 30, 2025, the net financial debt to net CAP ratio, as defined above, stands at 40%.

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 June 30, 2025, the net financial debt to EBITDA ratio, as defined above, stands at 7.

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 June 30, 2025, the equity to balance sheet ratio, as defined above, stands at 53%.

Appendix 4 - Foreign exchange rate sensitivities

Enlight operates generation facilities in Israel, Europe, and the US, and records revenues and income in multiple currencies. As of the end of 2Q25, the Company's revenues and income sensitivity to fluctuations in foreign exchange rates for FY25 is as follows:

  • A 5% change in the USD/ILS exchange rate would result in a ~$5m change in revenues
  • A 5% change in the USD/EUR exchange rate would result in a ~$5m change in revenues
  • A 5% change in the USD/EUR and the USD/ILS exchange rate would result in a ~$11m change in revenues

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/73a1e0a1-4d88-48ca-94e8-b6184863f736


© 2025 GlobeNewswire (Europe)
Zeitenwende! 3 Uranaktien vor der Neubewertung
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