ENLT 6-K
Enlight Renewable Energy Ltd. (ENLT)
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:
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. | ||
|---|---|---|
| Date: February 17, 2026 | By: | /s/ Lisa Haimovitz |
| Lisa Haimovitz | ||
| VP General Counsel |
3
Exhibit 99.1
| Earnings Release |  |
|---|
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 |
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| • | Net income of $161m, up 142% year over year |
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| • | Adjusted EBITDA^1^ of $438m, up 51% year over year |
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| • | Cash flow from Operating activities^2^ 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 |
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| • | Net income of $21m, up 153% year over year |
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| • | Adjusted EBITDA of $99m, up 51% year over year |
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| • | Cash flow from Operating activities of $75m, up 38% year over year |
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^1^ Adjusted EBITDA is a non-IFRS measure. Please refer to the reconciliation table in Appendix 2. The Company is unable to provide a reconciliation of Adjusted EBITDA to Net Income on a forward-looking basis without unreasonable effort because items that impact this IFRS financial measure are not within the Company’s control and/or cannot be reasonably predicted.
^2^ Interest payments and receipts are classified as cash flows from financing and investing activities, respectively, rather than as cash flows from operating activities. Adjustments were made for the years 2023–2025 following a change in accounting policy; for further details, see Appendix 4 in the Earning release
Summary of key financial results for 4Q25 and 2025
| For the three months ended | For the twelve months ended | |||||
|---|---|---|---|---|---|---|
| ($ 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 income^3^ 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. |
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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. | |
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| • | Exchange rates are based on 2026 forward curves. | |
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| • | Of the projected revenues and income, 39% are expected to be denominated in USD, 34% in ILS, and 27% in EUR. | |
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Construction and commissioning
| • | Expected commissioning of 1.1 FGW^4^, 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. | |
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| • | 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. | |
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| • | 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. | |
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^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<br>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<br>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<br>- $219 million, with an unlevered project yield ranging from 13.1% to 13.5%. This yield demonstrates Enlight’s "Connect and Expand" strategy, which focuses on optimizing existing grid connection infrastructure and maximizing project<br>returns. | |
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As of the earnings release date, Enlight has met Safe Harbor requirements, securing eligibility for US tax benefits for a total capacity of 13.2 FGW. Of this total, 4.3 FGW secured Safe Harbor status within the last three months. This capacity encompasses the entire mature component of the U.S. portfolio (6.4 FGW), as well as approximately 6.8 FGW of projects in the advanced development and development components. In addition, 18 FGW with high likelihood to achieve grid interconnection, having completed the System Impact Study.
The composition of Enlight’s portfolio appears in the following table:
| Component | Status | FGW | Annual revenues & income run rate^5^ ($m) |
|---|---|---|---|
| Operating | Commercial operation | 3.9 | ~750-770 |
| Under construction | Under construction | 3.5 | ~700 |
| Pre-construction | 0-12 months to start of construction | 4.0 | ~600 |
| Total Mature Portfolio | Mature | 11.4 | ~$2,050-2,070m |
| Advanced development | 13-24 months to start of construction | 6.4 | N/A |
| Development | 2+ years to start of construction | 21.3 | N/A |
| Total Portfolio | 38.0 | N/A | |
| • | Operating component of the portfolio: 3.9 FGW | ||
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| 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<br>operational portfolio in the U.S. | ||
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| o | Operating portfolio generates annualized revenues and income run rate of approximately $760m. | ||
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| • | Under construction component of the portfolio: 3.5 FGW | ||
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| o | During the last 12 months construction has commenced in projects with capacity totaling 2.6 FGW. | ||
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| 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. | ||
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^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). | |
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| ■ | 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<br>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<br>Enlight’s Connect and Expand strategy, which drives lower risk and maximizes returns. | |
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| o | Under construction projects are expected to contribute ~$700m to annual revenues and income run rate during their first full year of operation. | |
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| • | Pre-construction component of the portfolio: 4 FGW | |
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| o | During the past 12 months projects with a capacity amounting to more than 2.5 FGW advanced to pre-construction. | |
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| o | Notable additions during the quarter: | |
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| ■ | 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. | |
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| 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<br>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<br>approximately 15%. The acquisition expands Enlight’s footprint in Germany, one of the world’s most attractive renewable energy markets. | |
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| o | Additional projects that were added to pre-construction in the past 12 months: | |
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| ■ | Bertikow, an 860 MWh (246 FMW) stand-alone storage project acquired in Germany, marking Enlight’s first project in the country. | |
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| ■ | 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. | |
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| ■ | Edison, a 208 MWh (59 FMW) stand-alone storage project acquired in Poland. | |
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| ■ | 1,350 MWh (386 FMW) high-voltage storage projects in Israel. | |
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| o | Pre-construction projects are expected to contribute ~$600m to the annual revenues and income run rate during their first full year of operation. | |
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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). | |
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| o | 89% of the capacity has met Safe Harbor requirements, securing eligibility for US tax benefits. | |
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| o | 89% of the capacity have completed the System Impact Study, the key milestone in securing grid interconnection. | |
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| o | The advanced development portfolio also includes 1 FGW in Europe and 0.8 FGW in MENA. | |
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| • | Development component of the portfolio: 20.2 FGW | |
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| 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. | |
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| o | The development portfolio also includes 2.7 FGW in Europe and 3.7 FGW in MENA. | |
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Roadmap to Revenues and Income Run-Rate of ~$2.1-2.3bn by the end of 2028^6^
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). | |
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| o | Tax equity financing for the Roadrunner and Quail Ranch projects (0.8 FGW combined) totaling approximately $470m. | |
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| 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. | |
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| 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. | |
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| o | The sale of 44% of the Sunlight cluster generated cash flow of $50 million. | |
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| • | Cash and cash equivalents at the “topco” level^7^ were $217m as at the balance sheet date. | |
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| • | 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, $713m was drawn at end of the quarter. | |
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^6^ Expected Adjusted EBITDA margin of approximately 70%-80% (including tax benefits) for the years shown. FGW (Factored GW) is a consolidated metric combining generation and storage capacity into a uniform figure based on the ratio of construction costs. The company’s current weighted average construction cost ratio is 3.5 GWh of storage per 1 GW of generation: FGW = GW + GWh / 3.5. The expected growth in 2028 encompasses the Company’s operations in all geographies. Expected growth relies on business plans which rely on development conditions and assumptions regarding electricity prices, and are contingent on current trends known to the Company at this time; The company's revenues from tax benefits are estimated at approximately 19-23% of the total revenues & income run rate for December 2025; approximately 24-28% of the total revenue run rate for December 2026, and approximately 28-33% of the total revenues & income run rate for December 2027 and December 2028.
^7^ Including Enlight Renewable Energy, headquarter companies in Europe and the U.S. and Clenera, and excluding other subsidiaries and project-linked entities.
Financial Results Analysis
| Revenues & Income by Segment | ||||||
|---|---|---|---|---|---|---|
| ($ 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 EBITDA^8^
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
Erica Mannion or Mike Funari
Sapphire Investor Relations, LLC
+1 617 542 6180
Appendix 1 – Financial information
Consolidated Statements of Income
| For the year ended December 31<br>September 30 | For the three months ended<br>December 31 | ||||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | ||||
| in | in | in | in | ||||
| Thousands | thousands | thousands | thousands | ||||
| Revenues<br><br>488,596 | 377,935 | 124,185 | 93,345 | ||||
| Tax benefits<br><br>93,668 | 20,860 | 28,175 | 10,758 | ||||
| Total revenues and income<br><br>582,264 | 398,795 | 152,360 | 104,103 | ||||
| Cost of sales (*)<br><br>(134,381 | ) | (80,696 | ) | (38,542 | ) | (26,120 | ) |
| Depreciation and amortization<br><br>(149,922 | ) | (108,889 | ) | (39,763 | ) | (30,912 | ) |
| General and administrative expenses<br><br>(57,955 | ) | (38,847 | ) | (18,987 | ) | (12,693 | ) |
| Development expenses<br><br>(12,190 | ) | (11,601 | ) | (3,817 | ) | (3,709 | ) |
| Total operating expenses<br><br>(354,448 | ) | (240,033 | ) | (101,109 | ) | (73,434 | ) |
| Gains from projects disposals<br><br>96,431 | 611 | - | - | ||||
| Other income, net<br><br>7,931 | 16,162 | 2,146 | 1,305 | ||||
| Operating profit<br><br>332,178 | 175,535 | 53,397 | 31,974 | ||||
| Finance income<br><br>40,851 | 20,439 | 4,559 | 2,140 | ||||
| Finance expenses<br><br>(164,730 | ) | (107,844 | ) | (28,273 | ) | (22,008 | ) |
| Total finance expenses, net<br><br>(123,879 | ) | (87,405 | ) | (23,714 | ) | (19,868 | ) |
| Profit before tax and equity loss<br><br>208,299 | 88,130 | 29,683 | 12,106 | ||||
| Share of profit (loss) of equity accounted investees<br><br>(3,722 | ) | (3,350 | ) | 182 | (1,613 | ) | |
| Profit before income taxes<br><br>204,577 | 84,780 | 29,865 | 10,493 | ||||
| Taxes on income<br><br>(43,875 | ) | (18,275 | ) | (8,792 | ) | (2,121 | ) |
| Profit for the period<br><br>160,702 | 66,505 | 21,073 | 8,372 | ||||
| Profit for the period attributed to: | |||||||
| Owners of the Company<br><br>132,104 | 44,209 | 14,263 | 5,156 | ||||
| Non-controlling interests<br><br>28,598 | 22,296 | 6,810 | 3,216 | ||||
| 160,702 | 66,505 | 21,073 | 8,372 | ||||
| Earnings per ordinary share (in ) with a par | |||||||
| value of NIS 0.1, attributable to owners of the | |||||||
| parent Company: | |||||||
| Basic earnings per share<br><br>1.07 | 0.37 | 0.11 | 0.04 | ||||
| Diluted earnings per share<br><br>1.00 | 0.36 | 0.10 | 0.04 | ||||
| Weighted average of share capital used in the | |||||||
| calculation of earnings: | |||||||
| Basic per share<br><br>123,717,373 | 118,293,556 | 131,912,631 | 118,496,434 | ||||
| Diluted per share<br><br>132,619,069 | 123,312,565 | 142,375,410 | 123,403,415 |
All values are in US Dollars.
(*) Excluding depreciation and amortization.
| Consolidated Statements of Financial Position as of | |||
|---|---|---|---|
| December 31 | December 31 | ||
| --- | --- | --- | |
| 2025 | 2024 | ||
| in | 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 |
All values are in US Dollars.
| Consolidated Statements of Financial Position as of (Cont.) | |||
|---|---|---|---|
| December 31 | December 31 | ||
| --- | --- | --- | |
| 2025 | 2024 | ||
| in | in | ||
| Thousands | Thousands | ||
| Liabilities and equity | |||
| Current liabilities | |||
| Credit and current maturities of loans from<br><br>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 |
All values are in US Dollars.
| Consolidated Statements of Cash Flows | ||||||||
|---|---|---|---|---|---|---|---|---|
| For the year ended December 31 | For the three months ended December 31 | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2025 | 2024 | 2025 | 2024 | |||||
| in | in | in | 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 | ) |
All values are in US Dollars.
| Consolidated Statements of Cash Flows (Cont.) | ||||||||
|---|---|---|---|---|---|---|---|---|
| For the year ended December 31 | For the three months ended December 31 | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2025 | 2024 | 2025 | 2024 | |||||
| in | in | in | 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 |
All values are in US Dollars.
Information related to Segmental Reporting
| For the year ended December 31, 2025 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MENA | Europe | USA | Total reportable segments | Others | Total | |||||||
| 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 |
All values are in US Dollars.
| (*) | 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 | |||||||
| 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 |
All values are in US Dollars.
| (*) | 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 | ||||||||
| 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 |
All values are in US Dollars.
| (*) | 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 | |||||||
| 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 |
All values are in US Dollars.
| (*) | 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.<br>** Recognition of income related to lower earn-out payments offset by a revaluation in the value of financial assets. |
All values are in US Dollars.
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) |
All values are in US Dollars.
| ( 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) |
All values are in US Dollars.
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<br><br>(GWh) | Revenues and<br><br>income | Segment Adjusted<br><br>EBITDA* | Generation<br><br>(GWh) | Reported Revenue | Segment Adjusted<br><br>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<br><br>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<br><br>income | Segment Adjusted<br><br>EBITDA* | Reported Revenue | Segment Adjusted EBITDA* | Debt balance as of<br><br>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)<br><br>Consolidated Projects | Country | Generation and energy storage Capacity (MW/MWh( | Est.<br><br>COD | Est. Total<br><br>Project Cost | Tax credit benefit- Qualifying category | Tax credit benefit- Adders***** | Discounted Value of Tax Benefit*** | Est. Total<br><br>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-<br><br>H1 2028 | 612-644 | ITC | EC (10%) | 277-292 | 335-352 | 156 | 5%-<br><br>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%) +<br><br>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%) +<br><br>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/<br><br>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/<br><br>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)<br><br>Consolidated Projects | Country | Generation and energy storage Capacity (MW/MWh) | Est.<br><br>COD | Est. Total<br><br>Project Cost | Tax Credit Benefit | Est. Total<br><br>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-<br><br>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)<br><br>Additional Pre-Construction Projects | MW Deployment<br><br>MW/MWh | Est. Total<br><br>Project Cost | Tax Credit Benefit | Discounted Value of Tax Benefit*** | Est. Total<br><br>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)<br><br>Projects* | Est. Total<br><br>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 |
All values are in US Dollars.
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
Fourth Quarter 2025 Earnings Presentation
This presentation 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 (the “Exchange Act”). All statements contained in this presentation other than statements of historical fact, including, without limitation, statements regarding Enlight Renewable Energy's (the "Company") business strategy and plans, capabilities of the Company’s project portfolio and achievement of operational objectives, market opportunity and potential growth, discussions with commercial counterparties and financing sources, pricing trends, progress of Company projects, including anticipated timing of related approvals and project completion, the Company’s future financial results, expected impact from various regulatory developments, including the IRA, Revenue and Income, EBITDA, and Adjusted EBITDA guidance, the expected timing of completion of our ongoing projects, macroeconomic trends, 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, tariffs and our ability to mitigate their impacts, 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 the 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 presentation. 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. Unless otherwise indicated, information contained in this presentation concerning the industry, competitive position and the markets in which the Company operates is based on information from independent industry and research organizations, other third- party sources and management estimates. Management estimates are derived from publicly available information released by independent industry analysts and other third-party sources, as well as data from the Company's internal research, and are based on assumptions made by the Company upon reviewing such data, and the Company's experience in, and knowledge of, such industry and markets, which the Company believes to be reasonable. In addition, projections, assumptions and estimates of the future performance of the industry in which the Company operates, and the Company's future performance are necessarily subject to uncertainty and risk due to a variety of factors, including those described above. These and other factors could cause results to differ materially from those expressed in the estimates made by independent parties and by the Company. Industry publications, research, surveys and studies generally state that the information they contain has been obtained from sources believed to be reliable, but that the accuracy and completeness of such information is not guaranteed. Forecasts and other forward-looking information obtained from these sources are subject to the same qualifications and uncertainties as the other forward-looking statements in this presentation. Non-IFRS Financial Metrics This presentation presents Adjusted EBITDA, a non-IFRS 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 between Adjusted EBITDA and Net Income, its most directly comparable IFRS financial measure, is contained in the tables below. 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. These items may include, but are not limited to, forward-looking depreciation and amortization, share based compensation, other income, finance income, finance expenses, share of losses of equity accounted investees and taxes on income. Such information may have a significant, and potentially unpredictable, impact on the Company’s future financial results. The trademarks included herein are the property of the owners thereof and are used for reference purposes only. Such use should not be construed as an endorsement of the products or services of the Company or the proposed offering. Legal disclaimer
1Revenues and income include revenues from the sale of electricity and income from tax benefits income from U.S. projects. 2Adjusted EBITDA is a non-IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income Excellent quarterly and full-year financial results - 46% growth in Revenues and Income¹ for the quarter and full year; 51% growth in Adjusted EBITDA² for the quarter and full year, outperforming guidance Execution momentum: Record operational capacity additions of ~900 FMW; record year for construction - 4.4 FGW under construction; mature portfolio component grew by 34% YoY, reaching 11.4 FGW New growth engines in 2025: Data Centers: Entry into development and operations via Ashalim flagship project; pursuing U.S. and EU opportunities Entry to Germany with the acquisitions of Bertikow and Jupiter projects, large scale storage assets 2026 is expected to mark a major step for Enlight - 10.4-11.4 FGW expected to be operating or under-construction by year end, representing an annual run-rate of ~$2bn in revenues and income, out of expected ARR of $2.1-$2.3bn by year-end 2028 2026 Guidance - Revenues and Income in the range of $755-785m and Adjusted EBITDA in the range of $545-565m, implying continued high growth Record 2025 performance; positioned for step-up growth in 2026
Financial Results - Continued Momentum in 4Q 2025
2025 Results: High Growth Rate in Revenues & Income, EBITDA and Net Profit 1Adjusted EBITDA is a non-IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income; 2Interest 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 2025 vs 2024, $m Revenues & income Adjusted EBITDA1 Cash flow from operations2 Net profit 2025 2024 2025 2024 2025 2024 2025 2024 Sale of 44% of the Sunlight cluster contributed $80m Sale of 44% of the Sunlight cluster contributed $42m 46% 51% 142% 11%
4Q 2025: 46% increase in revenues & income and 51% in Adjusted EBITDA 4Q25 vs 4Q24, $m 4Q25 4Q24 4Q25 4Q24 4Q25 4Q24 4Q25 4Q24 1Adjusted EBITDA is a non-IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income; 2Interest 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 46% 51% 153% 38% Revenues & income Adjusted EBITDA1 Cash flow from operations2 Net profit
1Revenues and income include revenues from the sale of electricity and income from tax benefits income from U.S. projects amounting to $94m; 2Adjusted EBITDA is a non-IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income Actual Revenues & Income1 ($m) Updated guidance range Adjusted EBITDA2 ($m) Actual Updated guidance range Fourth quarter outperformance drove 2025 guidance beat +4% From midpoint 438 582 +7% From midpoint 565 555 415 405
Business Plan Execution - Expanding and Advancing Enlight’s Project Portfolio
Earlier than expected commercial operation for two projects totaling 0.8 FGW, doubling U.S. operating portfolio New Mexico Location 128 MW + 400 MWh Capacity Operational Status $22-23m / $15-16m First YearRevenues / EBITDA 10.1%-10.5%1,2 Unlevered Return1 Quail Ranch Arizona Location 298 MW + 940 MWh Capacity Operational Status $51-54m / $40-42m First YearRevenues / EBITDA 13.9%-14.3%1,2 Unlevered Return1 Roadrunner 1Net construction costs assume receipt of certain ITC and PTC credits under the IRA and are net of the estimated value of these credits. PTC assumption is based on the project’s expected production and a yearly CPI indexation of 2%, discounted by 8% to COD. The relevant ITC rate is 40%. The net cost does not reflect the full tax equity investment, only the estimated value of the tax credits; 2Excluding tax benefits WECC (Non-CAISO) AZ NM TX CA NV OR WA UT CO WY ID MT Atrisco Apex
Construction commenced at the CO Bar complex, Enlight’s flagship project, with a capacity of 2.4 FGW and $3b investment CO Bar Complex – a five-phase flagship project Coconino Arizona Flagstaff, Arizona, USA Location 1,211 MW + 4,000 MWh Capacity H2 2027 - H1 2028 COD date 20 years, BUSBAR PPA with SRP & APS PPA duration and Counterparty $1,550-1,630m / $264-278m / $209-219m Net Capex1 / First Year Revenues / EBITDA 13.1-13.5% Unlevered Return1 Significant progress in the last quarter 1 GW grid interconnection agreement for the entire complex Construction2 commenced for Phases 1 and 2 of the complex, totaling 973 FMW Phases 4 and 5 advanced to “Pre-construction”2 status, totaling 907 FMW Energy Supply Agreement (ESA) executed for Phases 4 and 5, representing 50% of the complex’s annual revenues Continued advancement of Phase 3 toward construction, totaling 473 FMW Expansion of the complex as part of our Connect and expand strategy - follow-on projects significantly enhance total returns 1Net construction costs assume receipt of certain ITC and PTC credits under the IRA: 40% for the entire project (including a 10% Energy Community bonus); 2Enlight’s classification of projects in its pipeline is based on internal parameters. In practice, as noted in the Form 6‑K dated February 2, 2026, Phases 1 and 2 have moved to construction with workforce mobilization (“Mobilization”). Phases 3-5 have commenced certain construction activities, and full mobilization is expected within the next 12 months
Expanding presence in two of Europe’s fastest-growing energy storage markets In 4Q and throughout 2025, Enlight capitalized on this opportunity Continued growth in the German and Polish storage markets: Acquisition of 51% of the Jupiter project (Germany 150 MW + 2,000 MWh, expected to start construction in 2026) Acquisition of the Sokole project (Poland, 967 MWh in advanced development) This follows the acquisition of Bertikow in Germany and Edison in Poland (1.1 GWh) in 3Q 1Source: EMBER -2030 Global Renewable Target Tracker; 2Calculated as expected first full year EBITDA divided by project construction cost. 150 MW + 2,000 MWh 2H28 Expected COD $100-105m Expected first full year revenues Germany is Europe's largest renewable energy market1, with the highest renewable growth targets and supportive regulation By 2030, renewables are expected to supply 50-75% of generation in Enlight’s key European markets, creating high demand for storage solutions - a growth driver for Enlight Enlight identified the storage opportunity in Europe, particularly in Germany and Poland Energy generation from renewable sources1 2025 vs. 2030 targets, (Wind and solar, GW) $82-87m Expected first full year EBITDA Approx. 15% Unlevered return2 Jupiter Enlight is present in 4 out of the 5 largest growth markets in Europe 45% 42% 25% 13% 25% 46% 44% 26% 71% 43% 33% Current generation mix – Wind & Solar
1Operating, under construction, and pre-construction projects. 2Revenues and income includes revenues from the sale of electricity and income from tax benefits. 12 Project Atrisco (1,200 MWh), New Mexico, U.S. Mature portfolio1 storage capacity – 6.5x in 3 years Representing 48% of the mature Portfolio expected revenues 4Q25 additions: 2025 Adv. dev 2025 Dev. 2025 total portfolio storage capacity +2,000 MWh Battery storage capacity (GWh) 86% CAGR $950-1,000m annual rev. & income2 run rate +455 MWh +3,176 MWh 33.4 10.0 61.0 ~50% expansion in the Mature Storage Portfolio in 4Q: from 11.8 GWh to 17.5 GWh +75 MWh
11.4 FGW Components of the Mature Portfolio Under construction 3.5 FGW Pre-construction 4.0 FGW Advanced development 6.4 FGW Development 20.2 FGW Operational 3.9 FGW1 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. Total portfolio FGW 38 Enlight’s global portfolio totals 38 FGW, including 11.4 FGW in the mature portfolio FGW = GW + GWh / 3.5
Start of 4Q25 Operational Pre-construction Advanced development Development Under const. 1FGW (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. 116 FMW 368FMW 808 FMW 1,208 FMW 907 FMW 110 FMW 27 FMW 282 FMW 234FMW Record portfolio advancement in the quarter across multiple geographies and development stages
11.4 FGW Components of the Mature Portfolio In addition, over 100 MW IT Data center in Ashalim is not included in the portfolio 19% Op’ing 3.9 FGW1 Under const. 3.5 FGW Pre-construction 4.0 FGW Advanced development 6.4 FGW Development 20.2 FGW 1FGW (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. Today Acquisitions in Europe with a focus on stand-alone storage 808 FMW 368FMW 721 FMW 45 FMW 1,208 FMW 116 FMW 907 FMW 110 FMW 276 FMW 282 FMW 27 FMW 234FMW Record portfolio advancement in the quarter across multiple geographies and development stages
~$2 billion Expected revenues & income of the Mature portfolio, an increase of $400 million from the prior quarter $750-770m Revenues & income Begins construction in 2028+ In addition, over 100 MW IT Data center in Ashalim is not included in the portfolio Commence operations in 2026-27 Begins construction in the next 12 months Begins construction in the next 13-24 months ~$700m Revenues & income ~$600m Revenues & income Operational 3.9 FGW1 Under construction 3.5 FGW Pre-construction 4.0 FGW Advanced development 6.4 FGW Development 20.2 FGW The Mature portfolio is expected to generate $2bn of revenues & income 1FGW (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.
17.9 FGW Completed System Impact Study 13.2 FGW Safe Harbored ~4.3 FGW secured during the last 3m ~0.5-3.5 FGW Potential Safe Harbor additions during 1H 2026 Portfolio category Capacity (FGW) % Completed System Impact Study % Secured Safe Harbor1 Additional capacity expected to Safe Harbor by June 2026 Operating 1.6 100% 100% - Under construction 2.9 100% 100% - Pre-construction 2.0 100% 100% - Advanced development 4.6 89% 89% 11% Development 13.8 53% 19% up to ~22% Total portfolio 24.9 18 FGW of U.S. capacity with high likelihood to achieve grid interconnection, 13.2 secured Safe Harbor 1Securing Safe Harbor status and grid interconnection agreement do not guarantee the project's completion. Actual project completion is subject to meeting development milestones and market conditions
2026 Outlook
2026 Business Plan: Project CODs & construction momentum, expanding growth engines 1FGW (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; 2Adjusted EBITDA is a non-IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income; Approximately 1.1 FGW1 are expected to reach COD, implying approximately $137 million addition to annualized revenue and income and $109 million to annualized EBITDA2 2026 is expected to be a step-change year in construction: 3-4 FGW are expected to begin construction during 2026, including CO Bar 3-5, Jupiter and Bertikow 6.5-7.5 FGW are expected to be under construction during 2026, supporting an increase in annual revenues and income from $0.8bn at year-end 2025 to ~$2bn by year-end 2028 Significant growth expected in the mature portfolio during the year Expanding operation in data centers 2026 outlook: CODs and mega-projects construction in various geographies
1FGW (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. Construction Momentum: almost the entire mature portfolio operational or under construction in 2026 11.4 Mature Portfolio Component Under construction Will begin construction in ‘26 ~3-4 3.5 ~6.5-7.5 2026 plan: FGW1 by status - operational or under construction In addition to 3.9 FGW operational, 6.5-7.5 FGW expected to be under construction during 2026, of which 3.5 FGW have already began construction 90-100% of the mature portfolio: operating or under construction in 2026 Fully ramped operation of the mature portfolio is expected to position Enlight for an expected ARR of over $2 billion by year-end 2028
2026 Guidance Revenues & Income of $755-785m; Adjusted EBITDA of $545-565m Assumptions Exchange rates are based on 2026 forward3 curves Revenue breakdown by currency: 39% in USD, 34% in ILS, 27% in EUR Approximately 90% of production to be sold at fixed prices through hedges or PPA agreements 2026 guidance ($m) Revenues and income1 2026 guidance Adjusted EBITDA2 ($m) 565 545 785 755 438 582 2025 2025 1Total revenues include electricity sales revenue as well as tax benefit revenues from U.S. projects estimated $160-180m; 2Adjusted EBITDA is a non-IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income; 3Source: Bloomberg +32% at Midpoint +27% at Midpoint
Enlight’s strong and consistent growth momentum is expected to continue in 2026 Revenues & Income1 ($m) Adjusted EBITDA2 ($m) 39% CAGR 40% CAGR 1Revenues and income include revenues from the sale of electricity and income from tax benefits income from U.S. projects; 2Adjusted EBITDA is a non-IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income
Business Plan: 3X growth in 3 years, reaching a revenue run-rate of over $2 billion1 by end-2028 1Based on 2026 guidance added to revenues & income (sale of electricity, tax benefits) of projects in the under construction and pre-construction portions of the Mature portfolio, and advanced development projects with an expected COD in 2028
Additional details in the appendix Declining weighted average cost of capital Rising electricity prices Demand for electricity is soaring, driven by growth in data centers and AI Attractive equipment costs (panels and batteries) Regulatory clarity in the U.S. The business environment supports continued growth with high returns
Electricity demand for data centers (US)TWh 2023 2024 Additional demand starting 2026 2025 2026 2027 2028 2029 2030 Massive annual increase in incremental electricity demandTWh Tech-Energy deals 65% $4.75bn Acquired by $650mn A Data center complex was acquired by 22% CAGR Additional demand in 2025 20% of a Data center development JV Tech giants Capex investments $bn 60% CAGR AI requires accelerated development of data centers, increasing electricity demand Source: McKinsey & Company, Morgan Stanley Research
ARR1 expected to exceed $2bn by year-end 2028, with rising share of project ownership Mature portfolio run‑rate expectations rose by ~$400m this quarter, accounting for ~90% of the 2028 plan 1Expected Adjusted EBITDA margin of approximately 70%-80% (including tax benefits) for the years shown; 2FGW (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; 3The 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; 4The company's revenues from tax benefits are estimated at approximately 22-26% of the total revenue run rate for December 2026, and approximately 27-31% of the total revenues & income run rate for December 2027 and December 2028. Mature portfolio: 11.4 FGW Mature portfolio: $2bn Weighted average of Enlight’s share of revenues and income Annual recurring revenues & income run rate roadmap1,3,4 ($bn) Global operating capacity roadmap2,3 (FGW) 43% CAGR 42% CAGR 77% 91% 86% 87% 91%
Average historic return on operating assets (3.9 FGW) above 15% Under construction and pre-construction projects (7.5 FGW) maintain high returns: Sustaining 3X growth rate every three years with ROE above 18% ~12-13% Unlevered project returns EBITDA1 First year expected ~$700m Expected net Capex2 ~$5,350m = Reflects a return on equity of above 18% After leverage 1Projected results do not include tax benefits; 2Net construction costs assume receipt of certain ITC and PTC credits under the IRA and are net of the estimated value of these credits. 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 has been made to reflect the full value of the tax credits, thus lowering net construction costs and enhancing the value and return of the project. The actual value attributed to tax benefits in a tax equity transaction may differ from the value presented, subject to the structure of the transaction and prevailing market conditions.
Appendix
EU Expanding presence in Germany (Jupiter, 2,000 MWh+150MW) and Poland (Sokole, 967 MWh) with strategic storage assets. Nardo Italy - securing PPA for most of the PV project and receiving final construction permits Securing grid connection permits for battery storage projects in Poland for additional 0.8 GWh, bringing the total to 2 GWh Continued progress of greenfield projects in Italy, Poland and other regions MENA Receiving construction permits for Ohad High Voltage storage project (645 MWh) Continuing development and connection expansion of Ashalim project Signed 18 agreements in the Agrivoltaic sector this quarter, totaling 49 agreements (2 FGW) it the last 12 months Reached 2 electricity‑supply agreements between Enlight Enterprise and large local companies Achievements during the 4th quarter U.S. Completed development of the CO Bar complex, totaling 2.4 FGW: receiving grid‑interconnection approval and finalizing all PPAs Operating portfolio doubled with the additions of Roadrunner (567 FMW) and Quail Ranch (242 FMW) Start of construction in Co Bar 1+2 (973 FMW) and Crimson Orchard (234 FMW) Mature Portfolio expansion by 907 FMW: Co Bar 4+5 entered Pre-Construction phase Additional 4.3 FGW of Safe Harbor for U.S. projects, reaching 13.2 FGW in total
“Connect & Expand” strategy maximizes interconnection potential and returns Advantages of “Connect & Expand” utilizing existing infrastructure saves construction costs utilizing existing interconnect reduces development risks Adding energy storage to existing projects Rapid growth with high returns Strategy focus: Identifying and acquiring significant grid interconnections, leveraging them to build additional projects on the same site, while maximizing returns EU+MENA 1.1 GW + 6.9 GWh 3.1 FGW USA 0.2 GW + 1.4 GWh 0.7 FGW 3.8 FGW of expansions at existing projects planned for construction in 2025-27 Shortening time to COD
Graph, scale Generation, MW Storage, MWh Portfolio definitions Operational, under construction and pre-construction (expected to start construction within 12 months) Mature Component Projects which are expected to begin construction within 13 to 24 months of the Approval Date Advanced Phase The rest of the projects in development process Development Phase Portfolio Snapshot – 38 FGW within Total Portfolio Note: Portfolio information as of February 16, 2026 (“the Approval Date”); Projects that are not consolidated in our financial statements are reflected at their proportional share Advanced Phase Under Construction Operational Pre-Construction Mature Phase Projects Development Phase Total Portfolio 0-12 months until start of construction 13-24 months until start of construction 2,944 6,402 1,336 9,281 2,122 33,281 10,152 60,957 17,525 4,843 10,713 3,457 20,572 3,401 + + + + + + + 38 FGW 11.4 FGW
1CBRE, McKinsey & Company, Data Center Demand Model (2025 projection); 2McKinsey & Company AI applications as the main growth driver – 3.5X by 2030 Global growth in data centers1 Rising U.S. data center power demand2 Data centers represent up to 40% of the total increase in U.S. electricity demand by 2030 Growing data center capacity drives demand for electricity U.S. data center energy consumption TWh Share of total U.S. power demand 3.7% 11.7% Global data center capacity growth GW The U.S. data center’s electricity consumption is expected to triple, reaching approximately 12% of total electricity used by 2030.
1Ember, IEA. 2 U.S. Energy Information Administration, S&P Global Increasing demand for electricity in the U.S.2 Electricity’s share of total energy consumption is steadily increasing Soaring global demand for power1 The rate of growth of electricity demand has risen in recent years. Electricity’s share of total energy consumption is expected to rise from 21% today to 27% by 2030 in a conservative scenario, and to exceed 30% in net-zero emissions scenarios TWh Net zero emissions scenario 3.1% CAGR 2000 2010 2020 2030E 2005 2015 2025E Data centers and AI drive the growth in electricity generation Demand for electricity is rising globally U.S. Electricity Generation TWh Increased use of home electrical appliances Improved energy efficiency Demand from electrification, onshoring of industry, data centers & AI Among the factors driving growth: increased industrial activity in the U.S.; surge in data center buildout; the growing use of advanced AI models. E E
Forecast for global energy storage equipment prices Source: Energy Storage System Cost Survey 2024 – Bloomberg NEFm 4-hour Energy Storage System. BOS - Includes electrical infrastructure, containers, thermal management system, fire suppression devices, battery operation monitoring system and sensors. Unprecedented declines in equipment input costs Major historic declines in the solar panel and battery costs Source: Bloomberg 2020 2035E 2025E 2030E $ per kilowatt-hour, (real 2025)
LCOE - Levelized Cost of Electricity1 Attractive renewables production costs in the U.S. $ / MWh 2Regional solar and storage LCOE Enlight’s main market in the U.S. 1Wood Mackinze April 2025 ; 2By selected representative states: PJM - Virginia , CAISO - California, ERCOT - Texas, WECC – Arizona; 3 LEVELTEN Energy 3Q 2025 PPA Price Index NA Solar energy and storage offer the cheapest solution Increasing spreads between equipment costs and electricity prices PPA pricing in the U.S.3 A shortage of projects leads to rising prices Solar +99%1Q21 – 4Q25
Reconciliation between Net Income to Adjusted EBITDA ($ thousands) For the year ended For the three months ended Dec 31, 2025 Dec 31, 2024 Dec 31, 2025 Dec 31, 2024 Net Income (loss) 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.
